JPMorgan Chase remained the largest bank CLO investor despite a modest decline in its portfolio during the fourth quarter of 2025. (Includes data table.)

In collateralized fund obligations, general partners typically purchase the fund assets of limited partners, allowing the GPs to add leverage and the LPs to diversify their holdings and gain liquidity.

Reset and refinance deals accounted for nearly 60% of last year’s bumper crop of CLOs that totaled more than $607 billion. (Includes two data tables.)