CIFC's asset quality deteriorated (surprised negatively) with gross stage 3 assets increased to 6.79% vs 3.96% QoQ (3.34% YoY). Also, restructured assets increased to 5.4% of loan book; higher than its peers which is the key concern. However, Management is quite confident of recovery in coming quarters which is visible in improvement in collection efficiency; July at 114% vs June at 101% vs May at 84%. Further, Covid-19 related provisions stood at 1.0% of AUM which should support credit cost for FY22. NIMs remain stable at 7.6% QoQ. AUM growth declined to 7% YoY (16% FY21) led by slower growth in disbursements (up 1% YoY) and higher repayments. NII...