CLO

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.

Brightwood Capital Advisors Closed Second Largest Middle Market CLO of 2024 at $707 Million

Retrieved on: 
Tuesday, April 2, 2024
Finance, Consulting, Banking, Professional Services, Insurance, CLO, Growth, Health, Transport, AAA, Investment, KeyBank, Telecommunications

Brightwood Capital Advisors, LLC, a private credit firm, announced that it has closed Brightwood Capital MM CLO 2024-2 Ltd., a $707 million collateralized loan obligation (“CLO”).

Key Points: 
  • Brightwood Capital Advisors, LLC, a private credit firm, announced that it has closed Brightwood Capital MM CLO 2024-2 Ltd., a $707 million collateralized loan obligation (“CLO”).
  • This CLO represents the second largest new issue middle-market CLO this year, bringing the firm’s year-to-date issuance to $862 million and positioning Brightwood as one of the top three largest middle-market issuers year-to-date, representing over 10% of total middle-market issuance.
  • This also marks Brightwood’s seventh CLO since 2019, bringing the firm’s total CLO issuance to over $3.5 billion.
  • Brightwood closed on AAA through BB securities from third party investors including insurance companies, banks and asset managers.

Sean P. Griffin Named LSTA Executive Director

Retrieved on: 
Monday, April 1, 2024
Banking, Professional Services, Finance, CLO, LSTA, Griffin, J.P. Morgan & Co.

The Loan Syndications and Trading Association (“LSTA”), the trade association for the corporate loan market in the United States, today announced that Sean P. Griffin has been named Executive Director of the organization.

Key Points: 
  • The Loan Syndications and Trading Association (“LSTA”), the trade association for the corporate loan market in the United States, today announced that Sean P. Griffin has been named Executive Director of the organization.
  • Griffin joins the LSTA from J.P. Morgan Securities, where he was Managing Director responsible for the global primary CLO business, focusing on the origination, structuring, and distribution of CLO transactions for issuer-clients.
  • Griffin succeeds Lee M. Shaiman, 68, who will be retiring after he serves for a period as a senior advisor to the LSTA.
  • LSTA Board of Directors Co-Chairs David Lerner of Shenkman Capital and Alexander Stromberg of Barclays, said, “On behalf of the entire Board, we are delighted to welcome Sean Griffin aboard to lead the LSTA.

GoldenTree Asset Management Announces $1.3 Billion in Commitments for Third CLO Equity Fund

Retrieved on: 
Monday, April 1, 2024
Asset Management, Professional Services, Finance, CLO, Partner (business rank), GoldenTree Asset Management, CBO, Lisp (programming language), Insurance, RIAS, AUM, IRR, Fund, GLM, AAA

GoldenTree Asset Management (“GoldenTree”), a global asset management firm with over $54 billion in assets under management, today announced the closing of $1.3 billion in commitments on its third CLO strategy (“GLM III” or the “Fund”).

Key Points: 
  • GoldenTree Asset Management (“GoldenTree”), a global asset management firm with over $54 billion in assets under management, today announced the closing of $1.3 billion in commitments on its third CLO strategy (“GLM III” or the “Fund”).
  • GLM III is a continuation of the GoldenTree Loan Management (“GLM”) program that began in 2016, bringing aggregate commitments across the entire GLM program (i.e., GLM I, II, and III) to over $2.625 billion.
  • “Demand for our CLO equity has increased as investors recognize the value it can create within their portfolio,” she continued.
  • GoldenTree founded the GLM program to enhance the firm’s already top-quartile track record in CLO equity by taking a unique approach to CLO execution, optimizing both the strategy’s assets and liabilities.

XAI Octagon Floating Rate & Alternative Income Trust Declares its Monthly Common Shares Distribution and Quarterly Preferred Shares Dividend

Retrieved on: 
Monday, April 1, 2024
Banking, Professional Services, Finance, CLO, Capital loss, Sale, Form 1099, Trust, Investment, Calendar, Life insurance

Shareholders should not assume that the source of a distribution from the Trust is net income or profit.

Key Points: 
  • Shareholders should not assume that the source of a distribution from the Trust is net income or profit.
  • The Trust’s net investment income and capital gain can vary significantly over time; however, the Trust seeks to maintain more stable common share monthly distributions over time.
  • GAAP”), and, as a result, there may be significant differences between the Trust’s GAAP income and its taxable income.
  • Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments.

Ellington Residential Announces Strategic Transformation

Retrieved on: 
Monday, April 1, 2024
Professional Services, Residential Building & Real Estate, Finance, Construction & Property, Asset Management, REIT, CLO, Growth, Environment, Trustee, Lisp (programming language), Nature, Investment, Annual report, EARN, RIC, Government, Security (finance)

Ellington Residential Mortgage REIT (NYSE: EARN) (the “Company”) today announced that its Board of Trustees has unanimously approved a strategic transformation of its investment strategy to focus on corporate collateralized loan obligations (“CLOs”).

Key Points: 
  • Ellington Residential Mortgage REIT (NYSE: EARN) (the “Company”) today announced that its Board of Trustees has unanimously approved a strategic transformation of its investment strategy to focus on corporate collateralized loan obligations (“CLOs”).
  • In connection with its strategic transformation, the Company has decided to revoke its REIT election for tax year 2024.
  • In light of the strategic transformation, the Company will reschedule its 2024 annual meeting of shareholders.
  • We believe that this strategic transformation will greatly enhance our ability to grow book value per share over time and unlock additional value for our shareholders.

KBRA Releases Research – Fourth-Quarter 2023 Business Development Company (BDC) Ratings Compendium

Retrieved on: 
Thursday, March 28, 2024
Banking, Professional Services, Insurance, Finance, CLO, Pressure, SPV, Environment, FV, PIK, KBRA, BDC, Compendium, NII, Quarter, Growth, Federal, Bank

KBRA releases its Business Development Company Ratings Compendium, which looks at results for the quarter ended December 31, 2023, and offers a review of perpetual continuously offered non-traded BDCs as well as recent industry developments.

Key Points: 
  • KBRA releases its Business Development Company Ratings Compendium, which looks at results for the quarter ended December 31, 2023, and offers a review of perpetual continuously offered non-traded BDCs as well as recent industry developments.
  • The performance of KBRA-rated BDCs remained stable in 4Q23 with solid credit metrics, including comfortable liquidity considering near-term maturities, low non-accruals, and appropriate leverage overall.
  • KBRA will be monitoring BDC’s non-accrual rates and other signs of portfolio stress, as most underlying borrowers only began to experience the full impact of rate hikes in late 2023.
  • Growth was targeted toward perpetual-life BDCs that raised mostly retail capital and newly formed BDCs that raised significant institutional capital in 2023.

CIFC’s CLO Initiative for Change Makes Third Donation; Marks Second Donation to TEAK Fellowship

Retrieved on: 
Wednesday, March 27, 2024
Consulting, Personal Finance, Professional Services, Philanthropy, Other Philanthropy, DEI (Diversity, Equity and Inclusion), Asset Management, Other Professional Services, Fund Raising, Foundation, Finance, CLO, Organization, Partnership, Education, Equity, Mentorship, Life, Student, Black Girl, Cayman, RBC Capital Markets, Management

For this donation, CIFC has partnered with the deal parties of its latest CLO, CIFC Funding 2024-II, including RBC Capital Markets, Appleby (Cayman) Ltd, Allen & Overy LLP, and Milbank LLP, to make a collective contribution of $225,000 to the TEAK Fellowship (“TEAK”).

Key Points: 
  • For this donation, CIFC has partnered with the deal parties of its latest CLO, CIFC Funding 2024-II, including RBC Capital Markets, Appleby (Cayman) Ltd, Allen & Overy LLP, and Milbank LLP, to make a collective contribution of $225,000 to the TEAK Fellowship (“TEAK”).
  • This donation is the second $225,000 financial contribution CIFC’s CLO Initiative for Change has made to TEAK, a free, outcomes-driven academic and career access program for students located in New York City, and builds upon CIFC’s existing partnership with the organization.
  • This workshop, which CIFC will host again this summer, coupled with the CLO Initiative for Change’s second financial contribution to TEAK, will allow TEAK to continue to unlock access to outstanding education and transformative experiences for students.
  • Today’s donation to TEAK is the third donation made on behalf of the program and the second donation to TEAK by the program.