Agencies Issue 2025 Shared National Credit Program Report

Why It Matters

The data highlight lingering credit risk in leveraged‑loan markets and signal where banks and regulators must focus risk‑management efforts.

Key Takeaways

• Portfolio grew 6% to $6.9 trillion
• Non‑pass loans fell to 8.6% of commitments
• U.S. banks hold 45% of SNC commitments
• Leveraged loans represent 81% of non‑pass loans
• Growth driven by new commitments, not credit improvement

Pulse Analysis

The Shared National Credit (SNC) program, a joint supervisory tool used by the Fed, FDIC, and OCC, publishes an annual snapshot of large syndicated loans that span multiple institutions. The 2025 report, covering loans originated through June 30, 2025, shows the portfolio expanding to $6.9 trillion across 6,857 borrowers, a 6 percent rise from the prior year. While the overall credit risk remains classified as moderate, the data reveal that U.S. banks now account for 45 percent of total commitments, underscoring their central role in the syndicated‑loan market.

A notable trend is the decline in “non‑pass” loans—those flagged as special mention or classified—to 8.6 percent of commitments, down from 9.1 percent in 2024. However, the reduction stems largely from fresh loan issuance rather than substantive improvements in borrower creditworthiness. Leveraged loans dominate the risk profile, comprising nearly half of all SNC commitments and representing 81 percent of non‑pass exposures. This concentration amplifies sensitivity to rising interest rates and macro‑economic headwinds, especially for borrowers with weaker balance sheets.

For banks and investors, the report signals a need for heightened monitoring of leveraged‑loan concentrations and stress‑testing scenarios. Regulators may intensify scrutiny on institutions with sizable SNC exposures, particularly where non‑pass loans are disproportionately high. The modest dip in risk indicators should not breed complacency; instead, it highlights the importance of proactive risk management as the credit cycle evolves. Looking ahead, any acceleration in interest‑rate hikes or economic slowdown could reverse the modest gains, prompting tighter underwriting standards across the syndicated‑loan market.

Agencies issue 2025 Shared National Credit Program report

Joint Press Release · Federal Reserve Board, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency · January 12, 2026

Federal bank regulatory agencies today released the 2025 Shared National Credit (SNC) report that indicates credit risk associated with large, syndicated bank loans remains moderate. Credit risk trends continue to reflect the effects of borrowers' ability to manage higher interest expenses and other macroeconomic factors.

The 2025 report reflects the examination of SNC loans originated on or before June 30, 2025. The reviews focused on leveraged loans and stressed borrowers from various industry sectors and assessed aggregate loan commitments of $100 million or more that are shared by multiple regulated financial institutions.

The 2025 SNC portfolio included 6,857 borrowers, totaling $6.9 trillion in commitments, an increase of 6 percent from a year ago. The percentage of loans that deserve management's close attention (“non‑pass” loans rated “special mention” and “classified”) decreased to 8.6 percent of total commitments from 9.1 percent in 2024. The decline is primarily due to growth in new commitments rather than an underlying improvement in credit quality. U.S. banks hold 45 percent of all SNC commitments. However, they only hold 22 percent of non‑pass loans, down slightly from the prior year. Nearly half of total SNC commitments are leveraged, and leveraged loans comprise 81 percent of non‑pass loans.

Media Contacts

Federal Reserve Board – Karolina Kalset, (202) 452‑2955

Federal Deposit Insurance Corporation – Julianne Fisher Breitbeil, (202) 898‑6895

Office of the Comptroller of the Currency – Monica McCoy, (202) 649‑6870

Last Update: January 12, 2026