The graph below shows how much the retirement of equity (via buybacks, LBOs and merger activity) exceeds the issuance of equity (through offerings of new shares).
Indeed, there is reason to hope that the trust may be able to trim debt through profitable property sales or issuance of new equity (which would benefit existing shareholders if diminished risk and lower interest cost can more than offset the impact of additional outstanding shares).
While retail and institutional investors continue to put money to work in the space in early February, CLO issuance was slowing as narrower loan spreads nicked equity arbitrage.