Middle Market & Private Credit – 3/23/2026

Software Deferrable Exposure Rising in U.S. Middle Market CLOs

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Technology-software assets in deferrable asset exposure are increasing within U.S. middle market (MM) collateralized loan obligations (CLOs) under Fitch’s surveillance. Selected indentures have also evolved their definitions of “Deferrable Obligation”. These trends drive elevated aggregate deferrable exposure in MM CLOs.