CLO restructuring and refinance activity fell significantly in the second quarter from the booming levels of the previous six months, but new issuance saw strong growth. (Includes data tables.)

JPMorgan Chase remained the top bank investor in CLO at the end of the first quarter of 2025, though its portfolio was down 10% from the prior period. (Includes data table.)

While new production of CLOs backed by broadly-syndicated loans and middle-market loans fell sharply in the first quarter, issuance of CRE deals increased significantly. Nearly two-thirds of CLO activity were reset transactions. (Includes two data tables.)

Bank holdings of structured finance securities backed by business loans declined slightly in the fourth quarter, although several institutions grew their portfolios. (Includes data table.)

The private credit market, led by nonbank lending activity, is projected to reach $2.8 trillion by the end of 2028.

Refinance and reset activity accounted for 56% of the record $532 billion of CLO issued last year, including a number of deals restructured for the second or third time. (Includes two data tables.)

With record levels of new CLO coming to market over the past six months, commercial banks have stayed on the sidelines, allowing their CLO portfolios to slowly decline. (Includes data table.)

A whopping $91.6 billion of existing CLO deals were reset and refinanced during the third quarter, lifting year-to-date volume to $184.8 billion. While issuance of new CLO deals is also up strongly from 2023, third-quarter volume was down.

Although bank holding companies keep most of their CLO investments in held-to-maturity accounts, the value of CLO classified as available-for-sale was up slightly in the second quarter. (Includes data table.)

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