US BSL CLO Managers Ranked by MVOC (BB) as of February 12, 2026
A sample of 1,714 US BSL CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 55% are excluded.
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A sample of 1,714 US BSL CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 55% are excluded.
Below are tables presenting the MVOC (AAA-B) and EQ NAV of US BSL CLO deals by vintage, based on asset prices as of February 12, 2026.
Looking at discounted BSL CLO BB tranches traded via BWICs since 8 January 2026, the tables below summarise DM cover levels, grouped by manager tiering and MVOC, for deals with reinvestment periods ending in 2029/30 and 2026/27.
US CLOs’ aggregate exposure to the Central Parent (ADP/CDK Global) term loan stands at approximately USD 2.4 billion, ranking it as the 51st largest underlying exposure across the US CLO universe. As of 12 February 2026, across 1,250 US CLO deals managed by 76 managers, the average deal-level exposure stands at approximately 36 bps.
For an emerging manager, this represents a notable and rapid move toward top-tier status — at least across the AA/BBB/BB tranches — within a relatively short period of time. The progression likely reflects consistently clean portfolios characterized by very low WARF and tight WAS levels. The manager’s strategy of maintaining very clean portfolios, which has proven effective, could serve as a useful case study for other emerging CLO managers seeking to achieve competitive liability prints within a relatively short timeframe.
Managers may achieve a tight BB print where the new issue portfolio carries a tight WAS and is viewed as clean. More broadly, new issue BB tranche pricing can serve as a useful barometer of a manager’s debt performance, particularly when assessed against MVOC metrics.
The findings outlined in this article suggest that risks within the software sector remain largely idiosyncratic, rather than reflective of broad-based performance trends in the EU CLO market.
A sample of 580 EU CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 60% are excluded. Market Value Over-Collateralization (MVOC), for instance, at the BB tranche level, is calculated by dividing the collateral market value (MV) by the sum of CLO liabilities (AAA to BB). MVOC is a key point-in-time metric for valuing CLO-rated tranches, widely tracked by participants in both primary and secondary markets.
Below are tables presenting the MVOC (AAA-B) and EQ NAV of EU CLO deals by vintage, based on asset prices as of 9 February 2026.
As of 9 February 2026, the arbitrage metric for non-short-dated US CLOs has improved, reflecting a widening four-week moving-average loan discounted spread alongside tight liability prints. At approximately 173 bps, this has returned to levels last seen in early July 2025.
A sample of 1,719 US BSL CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 55% are excluded. On an MVOC basis, US BSL CLO managers including Allstate, CVC Credit, Oak Hill Advisors, L.P., TP Birch Grove, and Onex Credit rank favourably among managers with a minimum of 11 deals in the sample, indicating comparatively strong performance in the current market.
The analysis covers 1,719 US BSL CLO deals across vintages from 2012 to 1H 2025, excluding deals with a collateral pool factor below 55%. Based on asset prices as at 5 February 2026, the overall median below-80 exposure stood at 4.7%, which is elevated from a CLO equity perspective. Such exposures are typically penalised in cashflow modelling, weighing on CLO equity valuations.
Below are tables presenting the MVOC (AAA-B) and EQ NAV of US BSL CLO deals by vintage, based on asset prices as of February 5, 2026.
US CLOs’ aggregate exposure to the Skopima Consilio Parent LLC term loan is approximately USD 1.365 billion, placing it among the top 200 holdings across all US CLOs. As of 5 February 2026, 799 US CLO deals, managed by 55 managers, reported an average deal-level exposure of around 47 bps.
US CLOs’ overall exposure to Smartbear Software term loan is approximately USD 428.3 million. As of 5 February 2026, 249 US CLO deals, managed by 14 managers, reported an average deal-level exposure of around 36 bps.
