Figure 5. Re昀椀nancing Main Driver of Issuance Figure 6. Di昀昀erences in Credit Spreads & Lending Activity Figure 5. Source: Carlyle Analysis; BAML Credit Market Chartbook, March 2024. There is no guarantee any trends will continue. Figure 6. 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. 6