This report, our first on US loan trends, presents data from the leveraged loans reviewed by the US legal team at 9fin during the second quarter of 2025.

First, here are a few notes on our sample (the “Q2 Loans”):

• The statistics we present below are based on new credit agreements in the NY market, not incremental transactions and other amendments to agreements from prior years
• We have also excluded any investment grade loans, private credit loans, REIT loans and project finance loans
• Finally, we have also excluded a handful of deals for which final documents have not been made available

In presenting data on the Q2 Loans, we focus in particular on debt incurrence and leakage through restricted payments and investments. Also, in most sections below and for purposes of comparison, we present data for both the (i) full Q2 Loan data set (which includes both sponsored and non-sponsored loans) and (ii) sponsored loans only data set.

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