The table below lists the top 100 US BSL CLO managers, ranked by their US BSL CLO assets under management (as opposed to CLO liabilities) as at 31 March 2025.
The table below shows the list of US MM CLO managers, ranked by their US MM CLO assets under management (rather than CLO liabilities) as at 31 March 2025.
Last week’s BWIC lists included four majority equity trades according to SCI BWIC data, with cover bids ranging from the single digits to the high 40s. These levels implied an average equity IRR of around 6.6% for primary investors, assuming an issue price of $95. The trades comprised two 2017 vintage deals, one from 2018, and one from 2022.
Of the 80 largest US CLO managers, 18 have a highly favourable CLO AUM breakdown by reinvestment period (RP), with less than 5% of their total US CLO AUM outside of RPs.
A sample of 1,405 US BSL CLO deals (vintage 2013–2023) is included in this study. Deals with a collateral pool...
A sample of 492 EU CLO deals (vintage 2013–1H 2024) is included in this study. Deals with a collateral pool...
With the rally in loan prices, the number of US BSL CLO deals with negative equity NAV has declined from 317 to 168 since 21 April 2025. Among single-B tranches, the number with a market value over-collateralisation (MVOC) below 100% has fallen from 169 to 126 over the same period.
In year-to-date 2025 and throughout 2024, managers have, on average, broadly tracked the loan index across all three inception-to-date annualised metrics: total return, market value (MV) return, and interest return. The benchmark loan index used is the Morningstar LSTA U.S. B/BB Ratings Loan Index. Nonetheless, several managers—such as OHA, Golub Capital, and UBS AM—have continued to distinguish themselves with above-average inception-to-date alpha since 2020, while others have consistently lagged behind the index.
Since January 2020, OHA has generated impressive, above-average inception-to-date total return alpha, driven by its consistent focus on minimising portfolio losses. This approach relies on rigorous, ongoing credit research and the regular application of that analysis to portfolio re-optimisation. The manager’s investment strategy is built on the belief that close collaboration across industry teams and integrated access to all asset classes within leveraged finance provide a robust foundation for research and portfolio construction.
US CLO Manager Report: Elmwood Asset Management
The manager has built its investment strategy around the synergy between its BSL and direct lending businesses, maintaining a clear focus on areas where it holds a competitive edge. Guided by the principle of prioritising quality over quantity, the manager is not subject to the pressures of public shareholders to rapidly grow assets under management. Instead, it remains steadfastly focused on making prudent, long-term investment decisions—each and every day—that safeguard investors’ capital.
