What is the total size of the CLO market as at 31 December 2025?
The total CLO market stood at US$1.53 trillion on a collateral AUM basis, comprising US$993 billion in US BSL CLOs, US$200 billion in US MM CLOs, and the equivalent of US$339 billion in EU CLOs.
Collateral AUM is used as the measure of market size rather than CLO liability notional. As deals season, par is typically eroded through trading activity and defaults. Moreover, lower mezzanine tranches are often issued at a discount in more volatile market conditions, and equity tranches are generally priced at a discount.
How many of the largest managers account for approximately 50% of each market?
The 22 largest US BSL CLO managers together represent just over 50% of the US BSL CLO market, while the seven largest US MM CLO managers account for close to half of the US MM segment. In Europe, the 18 largest EU CLO managers comprise 50% of the market.
What share of the market do the top 10 managers represent?
Focusing on the top 10 managers, the 10 largest US BSL managers account for 16.8% of their market, compared with a notably higher 59.6% for the 10 largest US MM managers. In the European CLO market, the 10 largest managers represent 32.7% of the market.
What proportion of the market is controlled by the top 10% of managers?
In terms of platform counts across managers, there are 132 US BSL CLO platforms, 50 US MM CLO platforms, and 71 EU CLO platforms with at least US$0.4 billion of AUM.
The top decile of managers by size accounts for 34.2% of the US BSL market, 40.8% of the US MM market, and 25.1% of the European CLO market.
How many CLO managers have at least US$10 billion of CLO AUM?
Across regions, 45 managers had at least US$10 billion of CLO AUM spanning their US and EU businesses, with 28 managing at least US$10 billion as at 31 December 2025.
What to expect ahead?
Looking ahead, several large US CLO managers with no current EU CLO AUM are expected to bring EU CLO deals to market in 2026, potentially increasing competition and gradually reshaping the European manager landscape.
Related articles:
Full League Table: Global CLO Manager Rankings by Collateral AUM (As at 31 December 2025)
US CLO Manager Collateral AUM Full Ranking Table (As of December 31, 2025)
League Table: Full List of EU CLO Managers by Collateral AUM and Trends (As at 31 December 2025)
US BSL CLO Manager Collateral AUM Full Ranking Table (As of December 31, 2025)
US MM CLO Manager League Table: CLO Collateral Assets Under Management as of December 31, 2025
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The information, research, data, research-related opinions, observations, and estimates contained in this document have been compiled or arrived at by CLO Research Group, based upon sources believed to be reliable and accurate, and in good faith, but in each case without further investigation. None of CLO Research Group or its service providers; authorised personnel, or their directors make any expressed or implied presentation or warranty, nor do any of such persons accept any responsibility or liability as to the accuracy, timeliness, completeness, or correctness of such sources and the information, research, data, research related opinions, observations and estimates contained in this document. All information, research, data, research-related opinions, observations, and estimates in this document are in draft form as of the date of this document and remain subject to change and amendment without notice. Neither CLO Research Group nor any of their third-party providers shall be subject to any damages or liability for any errors, omissions, incompleteness, or incorrectness of this document. This article is not and should not be construed as an offer, or a solicitation of an offer, to buy or sell securities and shall not be relied upon as a promise or representation regarding the historical or current position or performance of any of the deals or issues mentioned in it.
