Senior Credit Officer Opinion Survey

5) Over the Past Three Months, How Has Your Use of Nonprice Terms (for Example, Haircuts, Maximum Maturity, Covenants, Cure Periods, Cross-Default Provisions, or Other Documentation Features) with Respect to Hedge Funds Across the Entire Spectrum of Securities Financing and OTC Derivatives Transaction Types Changed, Regardless of Price Terms?\| Answer Type: Tightened Considerably Quarterly, Not Seasonally Adjusted, CTQ05TCNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-06-25 Q3 2011 to Q1 2025 Number of Respondents 2025-06-26 to 2026-03-26 Q3 2011 to Q1 2026

73) Over the Past Three Months, How Have Liquidity and Functioning in the CMBS Market Changed?\| Answer Type: Deteriorated Somewhat Quarterly, Not Seasonally Adjusted, SFQ73EONR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-06-25 Q4 2011 to Q1 2025 Number of Respondents 2025-06-26 to 2026-03-26 Q4 2011 to Q1 2026

Net Percentage of Respondents Reporting Increased Use of Leverage by: Hedge Funds Quarterly, Not Seasonally Adjusted, EXHE2C1Q8NP
Units Release Dates Observation Period Number of Respondents 2025-09-25 to 2026-03-26 Q3 2011 to Q1 2026

67) Over the Past Three Months, How Has Demand for Funding of Non-Agency RMBS by Your Institution's Clients Changed?\| Answer Type: Increased Considerably Quarterly, Not Seasonally Adjusted, SFQ67ICNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-06-25 Q4 2011 to Q1 2025 Number of Respondents 2025-06-26 to 2026-03-26 Q4 2011 to Q1 2026

66) Over the Past Three Months, How Have the Terms Under Which Non-Agency RMBS Are Funded Changed?\| A. Terms for Average Clients \| 2. Maximum Maturity. \| Answer Type: Eased Considerably Quarterly, Not Seasonally Adjusted, SFQ66A2ECNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-06-25 Q4 2011 to Q1 2025 Number of Respondents 2025-06-26 to 2026-03-26 Q4 2011 to Q1 2026

70) Over the Past Three Months, How Have the Terms Under Which CMBS Are Funded Changed?\| A. Terms for Average Clients \| 3. Haircuts. \| Answer Type: Tightened Considerably Quarterly, Not Seasonally Adjusted, SFQ70A3TCNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-06-25 Q4 2011 to Q1 2025 Number of Respondents 2025-06-26 to 2026-03-26 Q4 2011 to Q1 2026

43) Over the Past Three Months, How Have Initial Margin Requirements Set by Your Institution with Respect to OTC Interest Rate Derivatives Changed?\| B. Initial Margin Requirements for Most Favored Clients, as a Consequence of Breadth, Duration, And/or Extent of Relationship. \| Answer Type: Increased Somewhat Quarterly, Not Seasonally Adjusted, OTCDQ43BISNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-06-25 Q4 2011 to Q1 2025 Number of Respondents 2025-06-26 to 2026-03-26 Q4 2011 to Q1 2026

56) Over the Past Three Months, How Have the Terms Under Which High-Yield Corporate Bonds Are Funded Changed?\| A. Terms for Average Clients \| 4. Collateral Spreads Over Relevant Benchmark (Effective Financing Rates). \| Answer Type: Tightened Considerably Quarterly, Not Seasonally Adjusted, SFQ56A4TCNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-06-25 Q4 2011 to Q1 2025 Number of Respondents 2025-06-26 to 2026-03-26 Q4 2011 to Q1 2026

43) Over the Past Three Months, How Have Initial Margin Requirements Set by Your Institution with Respect to OTC Interest Rate Derivatives Changed?\| B. Initial Margin Requirements for Most Favored Clients, as a Consequence of Breadth, Duration, And/or Extent of Relationship. \| Answer Type: Remained Basically Unchanged Quarterly, Not Seasonally Adjusted, OTCDQ43BRBUNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-06-25 Q4 2011 to Q1 2025 Number of Respondents 2025-06-26 to 2026-03-26 Q4 2011 to Q1 2026

56) Over the Past Three Months, How Have the Terms Under Which High-Yield Corporate Bonds Are Funded Changed?\| B. Terms for Most Favored Clients, as a Consequence of Breadth, Duration And/or Extent of Relationship \| 4. Collateral Spreads Over Relevant Benchmark (Effective Financing Rates). \| Answer Type: Tightened Somewhat Quarterly, Not Seasonally Adjusted, SFQ56B4TSNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-06-25 Q4 2011 to Q1 2025 Number of Respondents 2025-06-26 to 2026-03-26 Q4 2011 to Q1 2026

43) Over the Past Three Months, How Have Initial Margin Requirements Set by Your Institution with Respect to OTC Interest Rate Derivatives Changed?\| B. Initial Margin Requirements for Most Favored Clients, as a Consequence of Breadth, Duration, And/or Extent of Relationship. \| Answer Type: Decreased Somewhat Quarterly, Not Seasonally Adjusted, OTCDQ43BDSNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-06-25 Q4 2011 to Q1 2025 Number of Respondents 2025-06-26 to 2026-03-26 Q4 2011 to Q1 2026

78) Over the Past Three Months, How Has the Volume of Mark and Collateral Disputes Relating to Lending Against Each of the Following Collateral Types Changed?\| E. Non-Agency RMBS. \| Answer Type: Decreased Considerably Quarterly, Not Seasonally Adjusted, SFQ78EDCNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-06-25 Q4 2011 to Q1 2025 Number of Respondents 2025-06-26 to 2026-03-26 Q4 2011 to Q1 2026

39) Over the Past Three Months, How Has the Volume of Mark and Collateral Disputes with Clients of Each of the Following Types Changed?\| D. Mutual Funds, ETFs, Pension Plans, and Endowments. \| Answer Type: Increased Somewhat Quarterly, Not Seasonally Adjusted, CTQ39DISNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-06-25 Q4 2011 to Q1 2025 Number of Respondents 2025-06-26 to 2026-03-26 Q4 2011 to Q1 2026

Net Percentage of Respondents Tightening Nonprice Terms to: Nonfinancial Corporations Quarterly, Not Seasonally Adjusted, EXHE1C6Q36NP
Units Release Dates Observation Period Number of Respondents 2025-09-25 to 2026-03-26 Q4 2011 to Q1 2026

59) Over the Past Three Months, How Have Liquidity and Functioning in the High-Yield Corporate Bond Market Changed?\| Answer Type: Remained Basically Unchanged Quarterly, Not Seasonally Adjusted, SFQ59RBUNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-06-25 Q4 2011 to Q1 2025 Number of Respondents 2025-06-26 to 2026-03-26 Q4 2011 to Q1 2026

39) Over the Past Three Months, How Has the Volume of Mark and Collateral Disputes with Clients of Each of the Following Types Changed?\| B. Hedge Funds. \| Answer Type: Decreased Considerably Quarterly, Not Seasonally Adjusted, CTQ39BDCNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-06-25 Q4 2011 to Q1 2025 Number of Respondents 2025-06-26 to 2026-03-26 Q4 2011 to Q1 2026

13) To the Extent That the Price or Nonprice Terms Applied to Trading REITs Have Tightened or Eased Over the Past Three Months (as Reflected in Your Responses to Questions 11 and 12), What Are the Most Important Reasons for the Change?\| A. Possible Reasons for Tightening \| 7. Less-Aggressive Competition from Other Institutions. \| Answer Type: Somewhat Important (DISCONTINUED) Quarterly, Not Seasonally Adjusted, CTQ13A7SINR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-06-25 Q3 2011 to Q4 2011 Number of Respondents 2025-06-26 to 2025-06-26 Q3 2011 to Q4 2011

59) Over the Past Three Months, How Have Liquidity and Functioning in the High-Yield Corporate Bond Market Changed?\| Answer Type: Deteriorated Considerably Quarterly, Not Seasonally Adjusted, SFQ59TNNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-06-25 Q4 2011 to Q1 2025 Number of Respondents 2025-06-26 to 2026-03-26 Q4 2011 to Q1 2026

60) Over the Past Three Months, How Have the Terms Under Which Equities Are Funded (Including Through Stock Loan) Changed?\| A. Terms for Average Clients \| 4. Collateral Spreads Over Relevant Benchmark (Effective Financing Rates). \| Answer Type: Tightened Somewhat Quarterly, Not Seasonally Adjusted, SFQ60A4TSNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-06-25 Q4 2011 to Q1 2025 Number of Respondents 2025-06-26 to 2026-03-26 Q4 2011 to Q1 2026

9) Considering the Entire Range of Transactions Facilitated by Your Institution for Such Clients, How Has the Availability of Additional (and Currently Unutilized) Financial Leverage Under Agreements Currently in Place with Hedge Funds (for Example, Under Prime Broker, Warehouse Agreements, and Other Committed but Undrawn or Partly Drawn Facilities) Changed Over the Past Three Months?\| Answer Type: Decreased Somewhat Quarterly, Not Seasonally Adjusted, CTQ09DSNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-06-25 Q3 2011 to Q1 2025 Number of Respondents 2025-06-26 to 2026-03-26 Q3 2011 to Q1 2026

Net Percentage of Respondents Reporting an Improvement in Liquidity and Functioning in the Underlying Markets for: CMBS Quarterly, Not Seasonally Adjusted, EXHE3C5Q73NP
Units Release Dates Observation Period Number of Respondents 2025-09-25 to 2026-03-26 Q4 2011 to Q1 2026

62) Over the Past Three Months, How Have the Terms Under Which Agency RMBS Are Funded Changed?\| B. Terms for Most Favored Clients, as a Consequence of Breadth, Duration And/or Extent of Relationship \| 4. Collateral Spreads Over Relevant Benchmark (Effective Financing Rates). \| Answer Type: Remained Basically Unchanged Quarterly, Not Seasonally Adjusted, SFQ62B4RBUNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-06-25 Q4 2011 to Q1 2025 Number of Respondents 2025-06-26 to 2026-03-26 Q4 2011 to Q1 2026

37) To the Extent That the Price or Nonprice Terms Applied to Nonfinancial Corporations Have Tightened or Eased Over the Past Three Months (as Reflected in Your Responses to Questions 35 and 36), What Are the Most Important Reasons for the Change?\| A. Possible Reasons for Tightening \| 7. Less-Aggressive Competition from Other Institutions. \| Answer Type: First In Importance Quarterly, Not Seasonally Adjusted, CTQ37A7MINR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-06-25 Q1 2012 to Q1 2025 Number of Respondents 2025-06-26 to 2026-03-26 Q1 2012 to Q1 2026

46) Over the Past Three Months, How Have Initial Margin Requirements Set by Your Institution with Respect to OTC Credit Derivatives Referencing Securitized Products (Such as Specific ABS or MBS Tranches and Associated Indexes) Changed?\| B. Initial Margin Requirements for Most Favored Clients, as a Consequence of Breadth, Duration, And/or Extent of Relationship. \| Answer Type: Increased Considerably Quarterly, Not Seasonally Adjusted, OTCDQ46BICNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-06-25 Q4 2011 to Q1 2025 Number of Respondents 2025-06-26 to 2026-03-26 Q4 2011 to Q1 2026

31) To the Extent That the Price or Nonprice Terms Applied to Separately Managed Accounts Established with Investment Advisers Have Tightened or Eased Over the Past Three Months (as Reflected in Your Responses to Questions 29 and 30), What Are the Most Important Reasons for the Change?\| B. Possible Reasons for Easing \| 7. More-Aggressive Competition from Other Institutions. \| Answer Type: First In Importance Quarterly, Not Seasonally Adjusted, CTQ31B7MINR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-06-25 Q1 2012 to Q1 2025 Number of Respondents 2025-06-26 to 2026-03-26 Q1 2012 to Q1 2026

79) Over the Past Three Months, How Has the Duration and Persistence of Mark and Collateral Disputes Relating to Lending Against Each of the Following Collateral Types Changed?\| B. High-Yield Corporate Bonds. \| Answer Type: Increased Somewhat Quarterly, Not Seasonally Adjusted, SFQ79BISNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-06-25 Q4 2011 to Q1 2025 Number of Respondents 2025-06-26 to 2026-03-26 Q4 2011 to Q1 2026

Net Percentage of Respondents Increasing Resources and Attention to Management of Concentrated Exposure to: Dealers Quarterly, Not Seasonally Adjusted, EXHE1C1Q1NP
Units Release Dates Observation Period Number of Respondents 2025-09-25 to 2026-03-26 Q2 2010 to Q1 2026