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.
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