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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.
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.
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.
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.
OHA Credit Funding 17-R (Oak Hill Advisors, L.P.) sets new records in the US BSL CLO 2.0 market: BB at 425 bps (tightest on record), AAA at 114.7 bps, and an AAA–BB pricing differential of 310.3 bps — also a record low.
