Quarterly U.S. CRE CLO Report: Signs of Life in New Issuance; Modifications Swell Amid Rising Financing Costs and a Slowing Economy

Q2 2023 commercial real estate collateralized loan obligation issuance remained slow with two transactions, SGCP 2023-FL5 and RCMF 2023-FL12, totaling $994 million. The Q2 2023 issuance volume represents a decline of 89.0% from Q2 2022, which was the last strong quarter of issuance before the rise in interest rates. Q2 2022 saw 10 transactions that totaled nearly $8.7 billion.