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August 2025

CLO monthly insights 

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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. Junior OC cushions were down two basis points as Caa bucket levels increasing eight basis points to 4.62%. Elevated refinancing activity continues into 2025 with 41 CLOs refi/reset in July (188 refi/resets YTD), the highest monthly total since March, as tighter spreads make it advantageous. There were four new loan issuer defaults in July across U.S. Bank trusteed CLOs. The largest default was Del Monte Foods, Inc. held in 97 CLOs with $125 million of exposure.

July’s warehouse remained steady:

133 open warehouses in the U.S., no change from last month
• +17 new warehouses
• -19 warehouses: 16 closed into CLOs, 1 went to fund a refinancing

55 open warehouses in Europe, up five from last month

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