1、Direct Lending UpdatePortfolio Valuation and Fund Advisory ServicesSummer 2024FIRST LIENFIRST LIENSOFR+550 bpsMedian Coupon for Newly Issued Loans in Q1 202499.0%Weighted AverageLoan Price11.48%Average Yield1.4%Nonaccrual Rate53.2%Implied Recovery Rate For Loans on Nonaccrual Status-50 bps QoQ+28 Qo

2、Q-33 bps QoQUnchanged QoQ-60 bps QoQSECOND LIENSECOND LIENSOFR+775 bpsMedian Coupon for Newly Issued Loans in Q1 202497.3%Weighted AverageLoan Price13.85%Average Yield$347.6BAggregate Fair Valueof Investments Held inBDC Portfolios32,911Aggregate Numberof Investments Held inBDC PortfoliosUnchanged Qo

3、Q+41 bps QoQ-24 bps QoQ+$36.0B QoQ+2,796 QoQ2Source:Advantage Data.9.2%9.0%9.3%8.8%8.6%8.4%8.1%7.8%7.8%7.7%7.8%8.7%10.2%11.2%11.6%11.8%11.9%11.8%11.5%11.0%10.9%12.0%11.2%10.7%10.2%9.9%9.5%9.3%9.1%9.2%10.5%12.1%13.7%14.1%14.4%14.2%14.1%13.9%7.0%8.0%9.0%10.0%11.0%12.0%13.0%14.0%15.0%Q319Q419Q120Q220Q3

4、20Q420Q121Q221Q321Q421Q122Q222Q322Q422Q123Q223Q323Q423Q124First LienSecond LienRefinancing Activity Kept Yields in Check3 Refinancing and repricing activity picked up steam with more than$13 billion of direct lending loans refinanced with broadly syndicated loans through April 2024.To remain competi

5、tive,existing private credit loans have increasingly been repriced with tighter spreads closer to those available in the broadly syndicated market.The gap between BSL spreads and private credit spreads narrowed from 212.5 bps in 2023 to just 100 bps in Q1 2024 for sponsor-backed borrowers rated B-.A

6、verage first lien yields across BDC portfolios decreased from 11.81%in Q4 2023 to 11.48%in Q1 2024.On a year-over-year basis,first lien yields decreased by 11 bps since Q1 2023.Average second lien yields decreased from 14.10%in Q4 2023 to 13.85%in Q1 2024.On a year-over-year basis,second lien yields