Clipper Acquisitions Corp.'s assets under management (AUM) declined about 8% over the first quarter of 2022, and we expect market volatility over the next 12 months to erode AUM further. We expect leverage to remain higher than our previous expectations due to declining revenue generation as well as higher personnel expenses related to bonus payments for an executive departure in 2021. We therefore revised our outlook on Clipper to stable from positive and affirmed our 'BB+' issuer credit and secured debt ratings. The stable outlook reflects our expectations that leverage will remain 2.0x-3.0x in the next 12 months and that modest net outflows will continue for the remainder of the year. On June 23, 2022, S&P Global Ratings revised its
