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We then aggregate all the different types of lenders holding the loan based on the “days since origination” distribution Source: Shared National Credit, Refinitiv LPC DealScan, National Information Center, LPC Collateral, CreditFlux, MorningStar, Emerging Portfolio Fund Research, various Securities and Exchange Commission filings (such as ADV filings), Investment and Pensions Europe, Pitchbook, SNL Financial, and the Employee Benefits Security Administration. Given that the SNC data is a snapshot of loan holdings at quarter end, and loans were issued at different points throughout the quarter, we can gauge the speed in which these leveraged term loans are sold off to various lenders after origination. We take all loans originated within a particular quarter and group them into buckets based on when in the quarter they were originated. This gives us an idea of which types of lenders are holding the loans closer to or farther away from the origination date. Figure 4 provides a glimpse of how loans are sold off, on average, from banks to various different types of investors in the leveraged term loan market within the first three months of issuance. The left panel shows only non-investment grade loans and the right panel shows loans with spread greater than 225 basis points.