Last month, GlobeSt.com reported on Arbor Realty Trust's non-performing loans, an event that had made CRED iQ sit up and consider CRE collateralized loan obligations, or CLOs.
CRED iQ typically doesn't consider CRE CLO deals from its regular delinquency reports. But it decided to take a "deep dive" into CRE CLOs to understand what might be happening with other CRE CLO issuers. The answer in short: "Arbor is not alone."
There were $80 billion in CRE CLO loans. The "vast majority" used floating-rate loans with three-year terms. There were also optional term extensions, depending on qualifying financial conditions. Since 2019, big issuers included MF1, Arbor, LoanCore, Benefit Street Partners, Bridge Investment Group, FS Rialto, and TPG.
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