Levels are calculated from the amount of loans outstanding to nonfinancial business as reported in the Shared National Credit Program (SNC). Loans from foreign entities and the following domestic entities: banks, bank holding companies, credit unions, finance companies, GSEs pension funds, and REITs are excluded because they are included elsewhere in the FFA. Beginning in 2010:Q4, quarterly levels are taken from SNC and adjusted upwards by 20% to account for underreporting. Between 2001 and 2010, annual levels were taken from SNC and data on institutional syndicated loan issuance from LPC (by subscription) was used to estimate quarterly levels and adjust for underreporting. Unadjusted flow is the change in the level; data for the most recent ten years show no significant seasonality.