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July 2025

CLO monthly insights 

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This month’s highlights

CLO collateral performance continues to be resilient in the face of economic uncertainties. Junior OC cushions were up five basis points despite Caa bucket levels increasing 29 basis points to 4.54%. Elevated refinancing activity continues into 2025 with 15 CLOs refi/resets in June (145 refi/resets YTD) as tighter spreads make it advantageous. There were five new loan issuer defaults in June across U.S. Bank trusteed CLOs. The largest default was Quest Software US Holdings held in 89 CLOs with $80 million of exposure.

June’s warehouse activity continued to pick up:

133 open warehouses, up 14 from last month
• +25 new warehouses
• -19 warehouses: 17 closed into CLOs, 1 evergreen warehouse was dissolved and 1 warehouse merged into a new warehouse


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