The UK has been the main source of European private debt deal volume. Source: Deloitte Private Debt Deal Tracker, Spring 2024(Past performance is no guarantee of future results.)

New CLO issuance in Europe this year is outpacing 2023 by a wide margin. Source: Pitchbook | LCD(Past performance is no guarantee of future results.)

The prospect of lower interest rates has boosted new CLO issuance at a record pace. Source: CreditFlux(Past performance is no guarantee of future results.)

Refinancings by direct lenders returned last quarter to outweigh BSL takeouts. Source: PitchBook LCD, data through June 30, 2024(Past performance is no guarantee of future results.)

Among a basket of traded credit strategies, leveraged loans are showing well. Source: The Daily Shot(Past performance is no guarantee of future results.)

Consumers gloomy, but keep pushing stock prices higher. Source: Bloomberg, The Conference Board(Past performance is no guarantee of future results.)

Private capital fundraising for the first quarter was predominantly for direct lending. Source: Preqin Pro(Past performance is no guarantee of future results.)

Middle market direct lending spreads per unit of leverage consistently higher than large caps. Source: LSEG LPC(Past performance is no guarantee of future results.)

Distributions to LPs are severely hampered by slower M&A activity since Covid. Source: Ares Management, Goldman Sachs(Past performance is no guarantee of future results.)

Lower earnings activity is not always synchronized with worse economic performance. Source: Nuveen Multi-Asset, Bloomberg monthly S&P trailing 12 month EPS YoY; National Bureau of Economic Research Economic Recession Indicator from Jan ’54 Mar ‘24(Past performance is no guarantee of future results.)