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In terms of industry exposure, the median deal has approximately 7.5% and 1.9% exposure to the software and IT services sectors, respectively, based on S&P’s industry classification, and 0% exposure to software and IT services names trading below 80.
Below are tables presenting the MVOC (AAA-B) and EQ NAV of EU CLO deals by vintage, based on asset prices as of 23 February 2026.
A sample of 1,705 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 20, 2026. Around 15% of deals from the seasoned 2012–2021 vintages are showing MVOC below 100% at the BB level. This increases to approximately 33% at the single-B level. Over the same vintages, roughly 19% of deals are reporting negative equity NAVs.
US CLOs’ overall exposure to Tempo Acquisition (Alight Solutions) term loan is approximately USD 1.436 billion. As of 20 February 2026, 969 US CLO deals, managed by 65 managers, reported an average deal-level exposure of around 37 bps.
Over the last twelve months, according to SCI BWIC data, around US$56.2 billion of US BSL CLO tranches were placed on BWIC. AAA tranches accounted for close to US$29.0 billion of notional, followed by equity tranches at US$8.3 billion and BB tranches at US$7.2 billion, as shown in the table below. Single-B tranches remain the least liquid segment of the capital structure.
The table below shows the average annualised prepayment rates for each seasoned manager in the first, second, third, fourth and fifth years of the post-reinvestment period (post-RP). The sample includes deals that had exited their reinvestment periods by 31 December 2024.
The table below shows the full list of CLO managers, ranked by their global CLO collateral AUM in USD billions as at 31 December 2025. A number of large US CLO managers with no current EU CLO AUM are expected to issue EU CLO deals in 2026.
The table below presents the full ranking of US CLO managers by collateral AUM, together with a breakdown of their BSL and MM AUM, based on data as of December 31, 2025.
The table below lists all EU CLO managers, ranked by their EU CLO collateral AUM (rather than CLO liabilities), expressed in EUR billions, together with their share of the €289.3 billion market as of December 31, 2025. The 18 largest managers collectively account for 50% of the market.
The table below sets out the full ranking of US MM CLO managers by US MM CLO collateral AUM (rather than CLO liabilities), expressed in USD billions, together with their share of the USD 200.3 billion market as of December 31, 2025.
The table below sets out the full ranking of US BSL CLO managers by US BSL CLO collateral AUM (rather than CLO liabilities), expressed in USD billions, together with their share of the USD 993.1 billion market as of December 31, 2025. The 22 largest US BSL CLO managers collectively account for just over 50% of the market.
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.
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.
