An analysis of Quebec academic libraries' direct reciprocal borrowing statistics from 2005 to 2010 reveals that the physical distance separating universities plays an important role in determining the amount of direct reciprocal borrowing activity conducted between institutions. Significant statistical correlations were also seen between the amount of direct reciprocal borrowing/lending as well as institution size and library collection size. Given their proximity, Montreal-area libraries have a higher ratio of direct reciprocal borrowing activity compared to interlibrary loan consortial borrowing activity, whereas libraries located outside of Montreal have higher interlibrary loan activity compared to direct reciprocal borrowing. It was found that institutions' net lender and borrower status can shift depending on whether one is looking at direct reciprocal borrowing versus interlibrary loan activity. An exploratory social network analysis of direct reciprocal borrowing among Quebec academic libraries was performed, and it affirmed the important role of physical distance in determining direct reciprocal borrowing activity. Language may also play a role in affecting the amount of direct reciprocal borrowing. (Contains 2 tables and 5 figures.)