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September 2025

CLO monthly insights 

Access the latest data from U.S. Bank

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This month’s highlights

CLO collateral performance continues to be resilient in the face of tariffs and uncertain interest rate policy. BSL Junior OC cushions improved four basis points to 4.53% as Caa bucket levels decreased nine basis points to 4.53%. Elevated refinancing activity continues into 2025 with 31 CLOs refi/reset in July (219 refi/resets YTD), the highest monthly total since March, as tighter spreads make it advantageous. There was one new loan issuer default in August across U.S. Bank trusteed BSL CLOs, Alvaria Holdco, with only $10 million in exposure across 32 CLOs.

August’s warehouse remained steady:

136 open warehouses in the U.S., up three from last month
• +17 new warehouses
• -14 warehouses: 12 closed into CLOs, 1 went to fund a refinancing, 1 did not securitize

53 open warehouses in Europe, down two from last month

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