The CLO Investor Podcast

Shiloh Bates, the Chief Investment Officer of Flat Rock Global, provides a concise recap of the 2025 CLO market. This episode breaks down record issuance, strong CLO debt performance, and the headwinds that weighed on CLO equity.

Brad Larson, Head of US Global Credit Financing at CIBC, joins The CLO Investor podcast to discuss the opportunity he saw in CLOs in 2010, what creates a good CLO banking team, and why CLOs are easier to create today vs. a decade ago.

Greg Borenstein, Portfolio Manager of Ellington Credit Company, ticker: EARN, joins The CLO Investor podcast to discuss EARN's conversion from a morgage REIT, the backdrop for CLO equity and mezzanine, and why CLO equity captive funds are negative for the CLO market.

Mike Hatley, Senior Advisor at Rothschild & Co., joins The CLO Investor podcast to discuss a brief history of CLOs and various downturns in the loan market.

Sean Griffin, Executive Director of the LSTA, shares his extensive background in CLO structuring and the syndication market. He highlights significant regulatory victories, such as the risk retention repeal, and clarifies the implications of the Kirshner case on loan classification. Sean discusses the smooth LIBOR-to-SOFR transition and the LSTA's focus on enhancing education and operations in private credit. He also touches on member engagement strategies and the future landscape of CLO issuance.

Jonathan Horowitz, Partner and Head of Structured Liabilities at Fortress Investment Group, shares his 30 years of expertise in structured credit and CLO markets. He dives into the trade-offs between bank leverage and CLOs, revealing how the CLO market is currently more cost-effective yet volatile. Jonathan also discusses the low supply of new loans, the implications of Fed rate cuts on demand, and stresses the importance of alignment in CLO management. He offers insights on pricing trends in private credit and highlights Fortress's active role in loan restructurings.

Alex Navin, Managing Director, Performance Trust Capital Partners, LLC, joins The CLO Investor podcast to discuss the year for CLO equity on multiple fronts: leveraged loan defaults, spread compressions, potential Fed Rate cuts, and the growth in CLO debt EFTs.

Melissa Brady, Senior Director at Alvarez & Marsal, joins The CLO Investor podcast to discuss the performance of private credit loans, why some credit managers may have different marks than others, and other trends in private credit.

Amir Vardi, Head of Structured Credit at UBS Asset Management, offers a deep dive into the world of CLOs. He discusses market inefficiencies and contrasting dynamics between CLO debt and equity. Vardi critiques the current modeling assumptions, urging investors to rethink their strategies amidst evolving conditions. He highlights the importance of data analysis and diversification in investment approaches while sharing insights on managerial choices that can make or break outcomes in structured credit. A must-listen for anyone eyeing market shifts!

Brian Nolan, Head of European CLO Structuring at PGIM, shares his expertise on the nuances of European CLOs versus their U.S. counterparts. He discusses the complexities of structuring these financial instruments, emphasizing regulatory impacts and the importance of collaboration. Nolan also highlights the challenges European investors face, including access and ESG considerations. Furthermore, he simplifies key financial terminology, covering developments like the shift from LIBOR to SOFR and discusses risk management strategies within the CLO landscape.