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At the end of 2024, 24 CLOs had exposure to at least one defaulted or deferring issuer. The average exposure in middle market (MM) CLOs rose to 1.1%, up from 0.7% in the previous quarter, while remaining unchanged from the same period last year. In December, six new defaulted or deferring issuers were reported across eight MM CLOs, these issuers contributing to a combined exposure rate of 0.7% to 1.4% across these transactions. Additionally, one prior defaulted issuer emerged and another one was removed from the Fitch-rated CLOs in December.
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European mid-market direct lending margins have seen consistent compression over recent years but recorded a slight increase in the second quarter of 2026…
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Reversion to the Mean
Climbing toward the average is a very different story than surpassing it.