CIFC's reported higher profitability than expected, led by better AUM growth (13% YoY vs 10%YoY Q1FY21) and improvement in NIMs. NIMs improved surprisingly by 120bps QoQ led by change in product mix and lower cost of funds. As of 28th Oct, 95% of moratorium customers paid at least one EMI, which is positive for asset quality. Asset quality improved with Stage 3 assets declined by 36bps QoQ to 3% led by better collections and recovery. AUM growth bounced back to 13% YoY (10% Q1FY21) led by lower repayments and better disbursements. NII grew by 23% YoY led by improvement in NIMs; PPoP grew by 45% YoY. We revised the estimates of AUM growth at 10% vs 8%...