Bank holdings of structured finance securities backed by business loans declined slightly in the fourth quarter, although several institutions grew their portfolios. (Includes data table.)

The private credit market, led by nonbank lending activity, is projected to reach $2.8 trillion by the end of 2028.

Refinance and reset activity accounted for 56% of the record $532 billion of CLO issued last year, including a number of deals restructured for the second or third time. (Includes two data tables.)