This week, the CRED iQ research team revisited our CRE CLO rankings analysis.  Our research team explored aggregated data by issuer to uncover opportunities and risks within this hot sector. Our inaugural report was published on March 1st.  

We wanted to understand the percentage breakdown of delinquency and overall distress within these major CRE CLO issuers’ portfolios, and then measure the scale of those portfolios and their associated rankings within the group.  Some core measures of our study include:

  • Current Outstanding Deal Balance
  • Total Delinquency Rates
  • CRED iQ’s Overall Distressed Rates

With updated April 30, 2024 remittance data, CRED iQ evaluated the Top 20 CRE CLO issuers and their performance.  Nine of the 20 Issuers saw increased levels of delinquency, (including Ready Capital, Varde Partners, Argentic, and MF1) while another 9 (including Greystone, ACRE, Starwood, TPG, and Arbor) saw reduced delinquency percentages.  Another two issuers remained flat over the period (Fortress and Prime). 

Ready Capital and Varde Partners carried the highest overall delinquency percentages of all issuers at a whopping 18.9% and 18.7%, respectively.  Fortress is not far behind at 15.5%. Ready Capital’s delinquency jumped from 7.9% to 18.9% since our original analysis from March 1st (January 2024 data).  Varde Partners delinquency rate also surged from 6.2% to 18.7%.  On the positive side, Ladder Capital and Blackstone logged delinquency percentages of 0% with LoanCore Capital at sub 1%.   

When factoring specially serviced loans, along with any loan that is 30 days past due or worse, CRED iQ calculates an overall distress rate.  Ready Capital, Varde Partners, Fortress, Starwood, and Argentic have the highest rates of distress. The Overall Distress Ranking chart is below:

MF1 continued its reign as atop the current deal balance outstanding ranking with $11.4 billion, followed at a distance by Arbor, FS Rialto, Benefit Street Partners, and Ready Capital. 

Here is the full list of Top 20 CRE CLO issuers:

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About CRED iQ

CRED iQ is a commercial real estate data, analytics, and valuation platform providing actionable intelligence to CRE and capital markets investors. Subscribers use the platform to identify valuable leads for leasing, lending, refinancing, distressed debt, and acquisition opportunities.

The platform also offers a highly efficient valuation engine which can be leveraged across all property types and geographies. Our data platform is powered by over $2.0 trillion in transactions and data covering CRE, CMBS, CRE CLO, Single Asset Single Borrower (SASB), and all of GSE / Agency.