Loan modifications have been jumping according to data from CRED iQ and are on track to expand beyond the record in 2023.

As of the end of May 2024, about $22 billion in loans received modifications by lenders. Just in 2024, there were $9 billion in modifications, "placing 2024 squarely on a path to a record-setting year of loan modifications." In 2023, the total modifications were $16.8 billion. The average monthly volume of modifications was $1.8 billion, with April seeing the highest volume of $3 billion.

"Nearly half of the modification types (46.2%) compiled from CRED iQ loan data fell into the Maturity Date Extension category," they wrote. "CRE CLO loans continued to dominate the loan modifications by deal type with YTD cumulative balances of $4 billion, representing 44% of all modifications in 2024. The SBLL deal type notched a second-place finish at $3.3 billion (36.4%) YTD through May, followed by conduit loans with YTD totals of $1.6 billion (17.4%)."