Figure 9. Banks Serve as Market Conduits Figure 10. Recent Trends in Banks’ Operating Income Figure 9. Source: Carlyle Analysis; “The U.S. Syndicated Term Loan Market: Who holds what and when?” Fed Notes, November 2019; Pitchbook, LCD Database, March 2024. There is no guarantee any trends will continue. Figure 10. Source: Carlyle Analysis; Federal Deposit Insurance Corporation, March 2024. There is no guarantee any trends will continue. 9