Independent CLO Research You Can Trust
There is a significant divergence in exposure to loans priced below 80 among EU CLO managers, ranging from 1.4% to 24.1%. In contrast, the variation among US CLO managers is considerably narrower, ranging from 2.1% to 13.1%.
Equity performance remains one of the most closely watched measures of CLO manager performance, given its importance to a broad range of stakeholders. A manager that consistently delivers for equity investors may be better positioned to attract equity capital for future deals, which in turn can support continued issuance and the further growth of its CLO platform.
Recently, CLO Research published an overlap optimisation model covering almost all outstanding US BSL, middle-market and EU CLO deals. Users can use the model to optimise their CLO investment positions and minimise overlap risk.
I’m pleased to be moderating at the Structured Credit Investor CLO 100 event on 4 March in London. Specifically, I will be moderating the sessions on CLO manager dispersion and manager and portfolio tiering. I believe these topics will be particularly relevant in the current climate.
Please see below a selection of articles highlighting manager-level exposure to some of the more challenging credits.
The table below shows the 30 largest US CLO managers (BSL + MM), ranked by their US CLO assets under management (rather than CLO liabilities), in USD billions as of 31 December 2025.
The table below lists the 30 largest US BSL CLO managers, ranked by their 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. Collateral AUM is used instead of CLO liabilities, as liability notionals would overstate the actual AUM.
What is the total size of the CLO market as at 31 December 2025? The total CLO market stood at...
CLO managers are operating in a loan market where pricing discipline appears largely absent. A significant proportion of loans continues...
The CLO market has reached yet another milestone in terms of collateral AUM, surpassing US$1.5 trillion as at 30 September...
The CLO market reached another milestone in collateral AUM, hitting US$1.5 trillion as at 30 September 2025.
Please see the table below for the top 10 largest EU CLO managers and their collateral AUM trends since 2017 (rather than CLO liabilities), based on data from PitchBook and Intex.
The table below lists the 30 largest US BSL CLO managers, ranked by their US CLO collateral AUM (as opposed to CLO liabilities), in USD billions as of September 30, 2025. Collateral AUM is used instead of CLO liabilities, as liability notionals would overstate the actual AUM.
The table below shows the 15 largest global CLO managers, ranked by their CLO assets under management (rather than liabilities), in USD billions as of 30 June 2025.
The table below shows the 15 largest global CLO managers, ranked by their CLO assets under management (rather than liabilities), in USD billions as of 31 March 2025.
