Summer 2014 Fund Finance Market Review

On July 22nd and 23rd, we held our annual Fund Finance Mid-Year Market Update Panels, this year in Los Angeles and San Francisco (the “Market Updates”). Based on our experiences and the views expressed by the panelists at the Market Updates, capital call subscription credit facilities have continued their positive credit performance and growth momentum in the first half of 2014. Below we set forth our views of the current market trends and developments likely to be relevant for the remainder of 2014.