Senior Credit Officer Opinion Survey

73) Over the Past Three Months, How Have Liquidity and Functioning in the Cmbs Market Changed?\| Answer Type: Deteriorated Somewhat Quarterly, Not Seasonally Adjusted, ALLQ73EONR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-03-27 Q4 2011 to Q1 2025

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 2025-09-25 Q4 2011 to Q3 2025

74) Over the Past Three Months, How Have the Terms Under Which Consumer Abs (for Example, Backed by Credit Card Receivables or Auto Loans) 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, ALLQ74A4TCNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-03-27 Q4 2011 to Q1 2025

74) Over the Past Three Months, How Have the Terms Under Which Consumer ABS (for Example, Backed by Credit Card Receivables or Auto Loans) 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, SFQ74A4TCNR
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 2025-09-25 Q4 2011 to Q3 2025

70) Over the Past Three Months, How Have the Terms Under Which Cmbs Are Funded Changed?\| A. Terms for Average Clients \| 4. Collateral Spreads over Relevant Benchmark (Effective Financing Rates). \| Answer Type: Eased Considerably Quarterly, Not Seasonally Adjusted, ALLQ70A4ECNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-03-27 Q4 2011 to Q1 2025

70) Over the Past Three Months, How Have the Terms Under Which CMBS Are Funded Changed?\| A. Terms for Average Clients \| 4. Collateral Spreads Over Relevant Benchmark (Effective Financing Rates). \| Answer Type: Eased Considerably Quarterly, Not Seasonally Adjusted, SFQ70A4ECNR
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 2025-09-25 Q4 2011 to Q3 2025

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, ALLQ56A4TCNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-03-27 Q4 2011 to Q1 2025

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 2025-09-25 Q4 2011 to Q3 2025

74) Over the Past Three Months, How Have the Terms Under Which Consumer Abs (for Example, Backed by Credit Card Receivables or Auto Loans) Are Funded Changed?\| A. Terms for Average Clients \| 4. Collateral Spreads over Relevant Benchmark (Effective Financing Rates). \| Answer Type: Tightened Somewhat Quarterly, Not Seasonally Adjusted, ALLQ74A4TSNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-03-27 Q4 2011 to Q1 2025

74) Over the Past Three Months, How Have the Terms Under Which Consumer ABS (for Example, Backed by Credit Card Receivables or Auto Loans) Are Funded Changed?\| A. Terms for Average Clients \| 4. Collateral Spreads Over Relevant Benchmark (Effective Financing Rates). \| Answer Type: Tightened Somewhat Quarterly, Not Seasonally Adjusted, SFQ74A4TSNR
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 2025-09-25 Q4 2011 to Q3 2025

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, ALLQ05TCNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-03-27 Q3 2011 to Q1 2025

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 2025-09-25 Q3 2011 to Q3 2025

74) Over the Past Three Months, How Have the Terms Under Which Consumer ABS (for Example, Backed by Credit Card Receivables or Auto Loans) Are Funded Changed?\| A. Terms for Average Clients \| 4. Collateral Spreads Over Relevant Benchmark (Effective Financing Rates). \| Answer Type: Remained Basically Unchanged Quarterly, Not Seasonally Adjusted, SFQ74A4RBUNR
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 2025-09-25 Q4 2011 to Q3 2025

74) Over the Past Three Months, How Have the Terms Under Which Consumer Abs (for Example, Backed by Credit Card Receivables or Auto Loans) Are Funded Changed?\| A. Terms for Average Clients \| 4. Collateral Spreads over Relevant Benchmark (Effective Financing Rates). \| Answer Type: Remained Basically Unchanged Quarterly, Not Seasonally Adjusted, ALLQ74A4RBUNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-03-27 Q4 2011 to Q1 2025

8) Considering the Entire Range of Transactions Facilitated by Your Institution for Such Clients, How Has the Use of Financial Leverage by Hedge Funds Changed Over the Past Three Months?\| Answer Type: Increased Somewhat Quarterly, Not Seasonally Adjusted, CTQ08ISNR
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 2025-09-25 Q3 2011 to Q3 2025

8) Considering the Entire Range of Transactions Facilitated by Your Institution for Such Clients, How Has the Use of Financial Leverage by Hedge Funds Changed over the Past Three Months?\| Answer Type: Increased Somewhat Quarterly, Not Seasonally Adjusted, ALLQ08ISNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-03-27 Q3 2011 to Q1 2025

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 \| 2. Increased Willingness of Your Institution to Take on Risk. \| Answer Type: 2nd Most Important Quarterly, Not Seasonally Adjusted, ALLQ31B22MINR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-03-27 Q1 2012 to Q1 2025

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 \| 2. Increased Willingness of Your Institution to Take on Risk. \| Answer Type: 2nd Most Important Quarterly, Not Seasonally Adjusted, CTQ31B22MINR
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 2025-09-25 Q1 2012 to Q3 2025

33) Considering the Entire Range of Transactions Facilitated by Your Institution for Such Clients, How Has the Use of Financial Leverage by Separately Managed Accounts Established with Investment Advisers Changed Over the Past Three Months?\| Answer Type: Increased Somewhat Quarterly, Not Seasonally Adjusted, CTQ33ISNR
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 2025-09-25 Q4 2011 to Q3 2025

33) Considering the Entire Range of Transactions Facilitated by Your Institution for Such Clients, How Has the Use of Financial Leverage by Separately Managed Accounts Established with Investment Advisers Changed over the Past Three Months?\| Answer Type: Increased Somewhat Quarterly, Not Seasonally Adjusted, ALLQ33ISNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-03-27 Q4 2011 to Q1 2025

72) Over the Past Three Months, How Has Demand for Term Funding with a Maturity Greater Than 30 Days of Cmbs by Your Institution's Clients Changed?\| Answer Type: Increased Considerably Quarterly, Not Seasonally Adjusted, ALLQ72ICNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-03-27 Q4 2011 to Q1 2025

72) Over the Past Three Months, How Has Demand for Term Funding with a Maturity Greater Than 30 Days of CMBS by Your Institution's Clients Changed?\| Answer Type: Increased Considerably Quarterly, Not Seasonally Adjusted, SFQ72ICNR
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 2025-09-25 Q4 2011 to Q3 2025

66) Over the Past Three Months, How Have the Terms Under Which Non-Agency RMBS Are Funded Changed?\| A. Terms for Average Clients \| 1. Maximum Amount of Funding. \| Answer Type: Eased Somewhat Quarterly, Not Seasonally Adjusted, SFQ66A1ESNR
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 2025-09-25 Q4 2011 to Q3 2025

66) Over the Past Three Months, How Have the Terms Under Which Non-Agency Rmbs Are Funded Changed?\| A. Terms for Average Clients \| 1. Maximum Amount of Funding. \| Answer Type: Eased Somewhat Quarterly, Not Seasonally Adjusted, ALLQ66A1ESNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-03-27 Q4 2011 to Q1 2025

39) Over the Past Three Months, How Has the Volume of Mark and Collateral Disputes with Clients of Each of the Following Types Changed?\| G. Nonfinancial Corporations. \| Answer Type: Increased Somewhat Quarterly, Not Seasonally Adjusted, CTQ39GISNR
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 2025-09-25 Q4 2011 to Q3 2025

39) Over the Past Three Months, How Has the Volume of Mark and Collateral Disputes with Clients of Each of the Following Types Changed?\| G. Nonfinancial Corporations. \| Answer Type: Increased Somewhat Quarterly, Not Seasonally Adjusted, ALLQ39GISNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-03-27 Q4 2011 to Q1 2025

25) To the Extent That the Price or Nonprice Terms Applied to Insurance Companies Have Tightened or Eased Over the Past Three Months (as Reflected in Your Responses to Questions 23 and 24), What Are the Most Important Reasons for the Change?\| B. Possible Reasons for Easing \| 1. Improvement in Current or Expected Financial Strength of Counterparties. \| Answer Type: 2nd Most Important Quarterly, Not Seasonally Adjusted, CTQ25B12MINR
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 2025-09-25 Q1 2012 to Q3 2025

25) To the Extent That the Price or Nonprice Terms Applied to Insurance Companies Have Tightened or Eased over the Past Three Months (as Reflected in Your Responses to Questions 23 and 24), What Are the Most Important Reasons for the Change?\| B. Possible Reasons for Easing \| 1. Improvement in Current or Expected Financial Strength of Counterparties. \| Answer Type: 2nd Most Important Quarterly, Not Seasonally Adjusted, ALLQ25B12MINR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-03-27 Q1 2012 to Q1 2025

18) 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 Mutual Funds, Etfs, Pension Plans, and Endowments Across the Entire Spectrum of Securities Financing and Otc Derivatives Transaction Types Changed, Regardless of Price Terms?\| Answer Type: Eased Considerably Quarterly, Not Seasonally Adjusted, ALLQ18ECNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-03-27 Q4 2011 to Q1 2025

18) 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 Mutual Funds, ETFs, Pension Plans, and Endowments Across the Entire Spectrum of Securities Financing and OTC Derivatives Transaction Types Changed, Regardless of Price Terms?\| Answer Type: Eased Considerably Quarterly, Not Seasonally Adjusted, CTQ18ECNR
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 2025-09-25 Q4 2011 to Q3 2025

23) Over the Past Three Months, How Have the Price Terms (for Example, Financing Rates) Offered to Insurance Companies as Reflected Across the Entire Spectrum of Securities Financing and Otc Derivatives Transaction Types Changed, Regardless of Nonprice Terms?\| Answer Type: Remained Basically Unchanged Quarterly, Not Seasonally Adjusted, ALLQ23RBUNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-03-27 Q4 2011 to Q1 2025

23) Over the Past Three Months, How Have the Price Terms (for Example, Financing Rates) Offered to Insurance Companies as Reflected Across the Entire Spectrum of Securities Financing and OTC Derivatives Transaction Types Changed, Regardless of Nonprice Terms?\| Answer Type: Remained Basically Unchanged Quarterly, Not Seasonally Adjusted, CTQ23RBUNR
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 2025-09-25 Q4 2011 to Q3 2025

56) Over the Past Three Months, How Have the Terms Under Which High-Yield Corporate Bonds Are Funded Changed?\| A. Terms for Average Clients \| 1. Maximum Amount of Funding. \| Answer Type: Remained Basically Unchanged Quarterly, Not Seasonally Adjusted, ALLQ56A1RBUNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-03-27 Q4 2011 to Q1 2025

56) Over the Past Three Months, How Have the Terms Under Which High-Yield Corporate Bonds Are Funded Changed?\| A. Terms for Average Clients \| 1. Maximum Amount of Funding. \| Answer Type: Remained Basically Unchanged Quarterly, Not Seasonally Adjusted, SFQ56A1RBUNR
Units Release Dates Observation Period Number of Respondents 2022-12-22 to 2025-06-25 Q4 2011 to Q1 2025