On the left hand side, we show PE middle market deal activity by their backing status. With the onset of the pandemic, deals in 2020, clearly dropped off slightly; however, 2021 data paints a more optimistic picture. Total deal value is just under half of its long-term average after only 1 quarter. On the right chart, we show the average amount of capital called, as a percentage of fund size, among middle market PE funds, As you can see, the boom in PE activity since the onset of the pandemic has coincided with above average capital calls.