CLO

PennantPark Completes PennantPark CLO IX, LLC, Continuing the Growth of PennantPark’s CLO Platform

Retrieved on: 
Monday, April 1, 2024
CLO, Debt, Fund, CIBC, Growth, Sale, Security (finance)

“This transaction reinforces PennantPark’s ability to access attractive, long-term financing well matched to the lower risk nature of the underlying assets we originate.

Key Points: 
  • “This transaction reinforces PennantPark’s ability to access attractive, long-term financing well matched to the lower risk nature of the underlying assets we originate.
  • With the closing of PennantPark CLO IX, PennantPark now manages approximately $2.8 billion in CLO assets, and we look forward to continued growth with the support of our current and new investors.”
    The Fund will retain all the Subordinated Notes through a consolidated subsidiary.
  • The reinvestment period for the term debt securitization ends in April 2026 and the Debt is scheduled to mature in April 2034.
  • The proceeds from the Debt will be used to repay a portion of the Fund’s $250 million secured credit facility.

GCM Grosvenor Expands Credit Team with Two New Hires

Retrieved on: 
Thursday, March 28, 2024
RMBS, CLO, Structuring, Knowledge, Blue, Head, Risk assessment, Investment, CDO, GCM, GCMG, GCM Grosvenor, The Carlyle Group, Financial services

These strategic hires underscore GCM Grosvenor's commitment to providing world class credit investment solutions.

Key Points: 
  • These strategic hires underscore GCM Grosvenor's commitment to providing world class credit investment solutions.
  • GCM Grosvenor's credit team leverages its extensive expertise to invest across the entire credit liquidity spectrum in direct, fund, co-investment and secondary investments.
  • Before joining GCM Grosvenor, Ingles held senior positions at The Carlyle Group and PointState Capital, where he managed credit portfolios across various sectors.
  • "GCM Grosvenor is delighted to welcome Brandon Cahill and Scott Ingles to our credit team," said Fred Pollock, Chief Investment Officer of GCM Grosvenor.

Ellington Residential Declares Monthly Common Dividend

Retrieved on: 
Monday, April 8, 2024
Construction & Property, REIT, CLO, Nature, Trustee, Government, Annual report, Property management

Ellington Residential (NYSE: EARN) (the "Company") today announced that its Board of Trustees has declared a monthly common dividend of $0.08 per share, payable on May 28, 2024 to shareholders of record as of April 30, 2024.

Key Points: 
  • Ellington Residential (NYSE: EARN) (the "Company") today announced that its Board of Trustees has declared a monthly common dividend of $0.08 per share, payable on May 28, 2024 to shareholders of record as of April 30, 2024.
  • This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
  • Examples of forward-looking statements in this press release include statements regarding the Company's payment of dividends.
  • This release and the information contained herein do not constitute an offer of any securities or solicitation of an offer to purchase securities.

Palmer Square Capital Launches European CLO Index

Retrieved on: 
Monday, April 8, 2024
Data Analytics, Professional Services, Finance, CLO, Statistics, Index, Lisp (programming language), Security (finance)

Palmer Square Capital Management, a credit-focused asset management firm with over $30 billion in assets, has announced the launch of an index designed to benchmark the European collateralized loan obligation market.

Key Points: 
  • Palmer Square Capital Management, a credit-focused asset management firm with over $30 billion in assets, has announced the launch of an index designed to benchmark the European collateralized loan obligation market.
  • The Palmer Square CLO EUR Debt Index is a rules-based observable pricing and total return index for European CLO debt.
  • It is the first broadly available CLO manager provided index for European CLO debt.
  • Market participants who are not current Palmer Square clients and are interested in accessing the data should reach out to Palmer Square to set up a trial.

Adams Street Partners Raises $1 Billion for First Middle Market CLO

Retrieved on: 
Tuesday, April 9, 2024
Finance, Banking, Professional Services, Asset Management, Insurance, CLO, AEL, Private credit, Partnership, Knowledge, Equity, ASP, AUM, Partner, Summa, Security (finance)

The Private Credit team of Adams Street Partners , LLC (“Adams Street”), a private markets investment firm with more than $58 billion in assets under management, today announced the final closing of a $1 billion middle market collateralized loan obligation (“CLO”), ASP Summa.

Key Points: 
  • The Private Credit team of Adams Street Partners , LLC (“Adams Street”), a private markets investment firm with more than $58 billion in assets under management, today announced the final closing of a $1 billion middle market collateralized loan obligation (“CLO”), ASP Summa.
  • The CLO is a first for Adams Street and was structured in partnership with American Equity Investment Life Insurance Company (“American Equity Life”) (NYSE: AEL), a leading issuer of fixed index annuities.
  • “Adams Street’s first CLO represents a significant milestone for our private credit business,” said Bill Sacher , Partner & Head of Private Credit at Adams Street.
  • Adams Street and American Equity Life entered into a $2 billion joint venture partnership in 2021 to co-develop insurer capital-efficient products in middle market credit.

Greystone Closes $425 Million Healthcare CLO

Retrieved on: 
Monday, March 18, 2024
CLO, Goldman Sachs, CRE, Corporate finance, Capital market, Bridge, Nursing, UBS, Freddie Mac, HUD, Fannie Mae, J.P. Morgan & Co., Property management

NEW YORK, March 18, 2024 (GLOBE NEWSWIRE) -- Greystone , a leading national commercial real estate finance company, today announced the closing on March 15, 2024 of Greystone CRE Notes 2024-HC3, a $425 million Commercial Real Estate Collateralized Loan Obligation (CRE CLO) backed exclusively by bridge loans provided by Greystone Monticello on healthcare-related properties.

Key Points: 
  • NEW YORK, March 18, 2024 (GLOBE NEWSWIRE) -- Greystone , a leading national commercial real estate finance company, today announced the closing on March 15, 2024 of Greystone CRE Notes 2024-HC3, a $425 million Commercial Real Estate Collateralized Loan Obligation (CRE CLO) backed exclusively by bridge loans provided by Greystone Monticello on healthcare-related properties.
  • Greystone CRE Notes 2024-HC3 marks Greystone’s sixth overall CRE CLO and the industry’s third-ever CRE CLO comprised solely of healthcare assets, particularly skilled nursing, assisted living, memory care, and independent living facilities, the first two being closed by Greystone in 2018 and 2021.
  • This latest collateral pool for Greystone CRE Notes 2024-HC3 comprises 13 whole loans and 9 participations totaling $397 million that Greystone originated, secured by mortgages on 51 properties in 19 states.
  • Greystone will invest the remaining $28 million of CRE CLO proceeds over the next 180 days into comparable mortgage loan assets.

Mount Logan Capital Inc. Announces Fourth Quarter and Fiscal 2023 Financial Results

Retrieved on: 
Thursday, March 14, 2024
Sentinel, NEO, CLO, American Express, Income Tax Act, PwC, Growth, MLC, Insurance, EPS, Business, Acquisition, University, Galaxy Digital, Commerce, TSX, Investment, Silicon, Silicon Valley Bank, Policy, Corporation, Cryptocurrency

TORONTO, March 14, 2024 (GLOBE NEWSWIRE) -- Mount Logan Capital Inc. (NEO: MLC) (the “Company” or “Mount Logan”) announced today its financial results for the fourth quarter and fiscal year ended December 31, 2023. All amounts are stated in United States dollars, unless otherwise indicated. The financial results have been adjusted for the adoption of IFRS 17 Insurance Contracts (“IFRS 17”) which became effective January 1, 2023.

Key Points: 
  • The financial results have been adjusted for the adoption of IFRS 17 Insurance Contracts (“IFRS 17”) which became effective January 1, 2023.
  • Fourth quarter asset management revenues excludes $1.3 million of management fees associated with Mount Logan’s management of the assets of Ability Insurance Company (“Ability”), a wholly-owned subsidiary of the Company, during the fourth quarter of 2023, which increased by 82% as compared to the fourth quarter 2022 of $0.7 million.
  • Ability’s total assets managed by Mount Logan increased to $537.1 million for fiscal 2023, up $200.2 million from fiscal 2022 managed assets of $336.9 million.
  • Adjusted basic EPS was $(0.44) for the 2023 fiscal year, a decrease of $(2.74) from $2.30 for the 2022 fiscal year.

Portman Ridge Finance Corporation Announces Fourth Quarter and Full Year 2023 Financial Results

Retrieved on: 
Wednesday, March 13, 2024
Joint Ventures, CLO, Certified Public Accountant, AQR Capital, University, PwC, Central Florida, Credit control, Joint venture, Policy, NAV, Par, Controller, Treasurer, American Institute, Investment, NII, Share repurchase, Total, Cryptocurrency

NEW YORK, March 13, 2024 (GLOBE NEWSWIRE) -- Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or “Portman Ridge”) announced today its financial results for the fourth quarter and full year ended December 31, 2023.

Key Points: 
  • Reports Strong Year-Over-Year Performance with Total Investment Income of $76.3 Million, an Increase of 9.6% and Net Investment Income of $34.8 Million
    NEW YORK, March 13, 2024 (GLOBE NEWSWIRE) -- Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or “Portman Ridge”) announced today its financial results for the fourth quarter and full year ended December 31, 2023.
  • Total investment income for the fourth quarter of 2023 was $17.8 million, a decrease of $0.8 million as compared to $18.6 million for the fourth quarter of 2022 and a decrease of $0.8 million as compared to $18.6 million for the third quarter of 2023.
  • Core investment income1, excluding the impact of purchase price accounting, for the fourth quarter of 2023 was $17.7 million, unchanged from the fourth quarter of 2022 and a decrease of $0.6 million as compared to $18.3 million for the third quarter of 2023.
  • The increase in NII in the fourth quarter of 2023 was the result of a one-time expense reimbursement from the Company’s investment adviser.

KBRA Releases Research – European Securitisation: Positive Trend Continues

Retrieved on: 
Thursday, April 4, 2024
Banking, Professional Services, Finance, RMBS, CLO, KBRA, Q2, Mobile phone

KBRA UK (KBRA) releases a report on the European securitisation markets.

Key Points: 
  • KBRA UK (KBRA) releases a report on the European securitisation markets.
  • European securitisation markets recorded a strong start to the year as prime UK residential mortgage-backed securities (RMBS) issuers provided a positive jump in issuance with their return to market.
  • Newly circulated transaction volumes outpace the prior year’s first quarter, with EUR29.5 billion in Q1 2024 versus EUR23.7 billion in Q1 2023.
  • CLO volumes have returned, with EUR11.3 billion in Q1 2024 versus EUR6.7 billion in Q1 2023.

Digimarc Appoints Accomplished B2B SaaS Legal Executive George Karamanos as Chief Legal Officer

Retrieved on: 
Thursday, April 4, 2024
Professional Services, Public Policy, Government, Law Enforcement, Emergency Services, Security, Technology, Legal, Software, CLO, Growth, ARR, General counsel, Corporation, AppDynamics, EVRYTHNG, Cisco, IP, Intellectual property, Multimedia, DMRC

Digimarc Corporation (NASDAQ: DMRC), the pioneer and global leader in digital watermarking technologies, today announced that former ZipHQ Chief Legal Officer and seasoned deal strategy and operations leader George Karamanos has joined the company as Chief Legal Officer (CLO).

Key Points: 
  • Digimarc Corporation (NASDAQ: DMRC), the pioneer and global leader in digital watermarking technologies, today announced that former ZipHQ Chief Legal Officer and seasoned deal strategy and operations leader George Karamanos has joined the company as Chief Legal Officer (CLO).
  • View the full release here: https://www.businesswire.com/news/home/20240404600773/en/
    George Karamanos, former ZipHQ Chief Legal Officer and seasoned deal strategy and operations leader has joined Digimarc as Chief Legal Officer (CLO).
  • The company is revolutionizing the digital transformation journey for companies across industries and sectors, worldwide,” said George Karamanos, Digimarc’s Chief Legal Officer.
  • Meyer served as Digimarc's Chief Legal Officer through the company’s integration of EVRYTHNG, enabling the smooth consolidation of its operations and transformation of Digimarc to a software-as-a-service business.