On January 12, the Fed, the FDIC, and the OCC released their 2025 Shared National Credit Program report, presenting quantitative data on large syndicated loans shared by federally supervised institutions. The agencies reported that total shared national credit (SNC) commitments rose 6 percent to $6.91 trillion, while outstanding balances reached $3.36 trillion. The number of borrowers and facilities also increased, according to the report.

Notably, special mention and classified commitments, which indicate potential or existing credit weaknesses, totaled $592.9 billion, representing 8.6 percent of all commitments. Nonaccrual commitments, signaling loans with serious repayment concerns, climbed 30.4 percent from the previous review. The report also highlighted trends in leveraged lending, with commitments in this category rising to $3.08 trillion and non-pass leveraged loans totaling $477.4 billion. The report showed ownership of SNC commitments remained concentrated among U.S. banks, foreign banking organizations, and other investors, with U.S. banks holding 44.6 percent of total commitments.