*Ranking EU CLO Managers by Equity Performance (Updated)*

Based on a detailed review of 596 EU CLO deals, this study highlights which managers have delivered standout equity results across vintages. Redding Ridge AM and Bridgepoint Credit lead the way, with several others also ranking in the top quartile. Out of the 596 deals in the sample, 251 adopt a vertical risk retention structure and 345 a first-loss risk retention structure. Overall, first-loss deals have outperformed their vertical counterparts. For instance, the median vertical equity tranche ranks at the 46th percentile, compared with the median first-loss equity tranche at the 54th percentile. Twenty-eight EU CLO managers have both vertical and first-loss deals under management. Of these, 18 saw their first-loss deals outperform their vertical deals on average, while 10 experienced stronger performance from their vertical deals.