In March 2025, the Fed released the Senior Credit Officer Opinion Survey on Dealer Financing Terms, revealing that credit terms in securities financing and over-the-counter derivatives markets remained largely unchanged between December 2024 and February 2025. The survey highlighted that a small number of dealers eased price terms for real estate investment trusts trading, apparently due to competition, while demand for the funding of equities demand and funding of agency residential mortgage-backed securities increased. Additionally, liquidity and functioning in the non-agency residential mortgage-backed securities market improved somewhat, while liquidity and functioning for all other asset classes included in the survey remained stable.