How have higher interest rates affected your work in direct lending and acquisition financing specially in regards to PE M&A

I know it increases cost of capital and the technical stuff but I'm asking for specific examples of the impact on actual deals you've been on and the work you have been doing recently. Is it more competitive or easier now to pick lenders for your cap table? Is the focus on pricing or are there other facets that determine if a sponsor goes with certain lenders? For folks on the direct lending / private credit side - how has your job changed from 12 months ago? How would you describe the current credit cycle? More PM work because there are more distressed portfolio companies? Or more aggressive selling because returns are higher? I'm Interviewing for a credit analyst role at a direct lender and I don't really know what the lending environment is like right now? I'm trying to get myself into the mindset of the interviewers so I can prepare accordingly. Thanks