Of the initial $17.5bn of debt offered though the program, just over $4bn remains. This marks a 75% paydown or payoff by borrowers.

Due to rate hikes throughout 2022 and 2023, the average rate on MSLP debt is up 520 bps from the initial 3.1% that borrowers calculated at origination. 

Borrowers face their second 15% principle paydown in 2024, with the 70% bullet payment kicking in over the next 18 months. 

Not including loan write-downs and impairments, the federal reserve has realized a total loss of ~$1.19bn net of subsequent recoveries.