CLO

KBRA Releases Research – CRE CLO Distress and Loan Modification Rates Soar

Retrieved on: 
Tuesday, February 27, 2024
Banking, Professional Services, Finance, CRE, CLO, Growth, KBRA, Research, Insurance, Lisp (programming language), Risk, Bank

KBRA releases research on commercial real estate (CRE) collateralized loan obligation (CLO) distress and loan modification rates.

Key Points: 
  • KBRA releases research on commercial real estate (CRE) collateralized loan obligation (CLO) distress and loan modification rates.
  • A review of CRE CLO loans originated prior to 2023 shows clear deterioration, with the distressed loan rate up nearly 4x from the end of 2022, to 5.4%.
  • Multifamily, which represents about 70% of the aggregate outstanding loan balance, performed better, with a distress rate of 4.3% and modification rate of 12.7%.
  • The worsening CRE CLO loan performance has been influenced by higher interest rates and challenged business plans, especially among multifamily and office properties that make up over 80% of the outstanding loans.

Palmer Square Capital BDC Inc. Announces Fourth Quarter and Fiscal Year Ended 2023 Financial Results

Retrieved on: 
Wednesday, February 28, 2024
Professional Services, Finance, IPO, CLO, NAV, Investment, Palmer Square, PSBD, Security (finance)

At the end of fiscal year 2023, all debt and short-term investments were income producing, and there were no loans on non-accrual status.

Key Points: 
  • At the end of fiscal year 2023, all debt and short-term investments were income producing, and there were no loans on non-accrual status.
  • For the fourth quarter of 2023, the principal amount of new investments funded was $85.3 million across 30 new investments.
  • For the full year ended December 31, 2023, the principal amount of new investments funded was $273.7 million across 67 investments.
  • To participate in the earnings call, participants should register online at the Palmer Square Investor Relations website .

KBRA Releases SFVegas 2024 Conference: Monday Recap

Retrieved on: 
Tuesday, February 27, 2024
Banking, Professional Services, Finance, CLO, ABS, Security (finance), CMBS, KBRA, SFA, RMBS, SF, National Economic Council

KBRA releases a Monday recap of the SF Vegas 2024 conference held on February 25-28.

Key Points: 
  • KBRA releases a Monday recap of the SF Vegas 2024 conference held on February 25-28.
  • The event was well attended, and reportedly had a record 8,800 registrants.
  • Later in the morning, Securities and Exchange (SEC) commissioner Hester Peirce and former Director of the National Economic Council Gary Cohn each participated in fireside chats.
  • The afternoon was allocated to several breakout panel sessions focused on the ABS, CLO, CMBS, and RMBS markets.

Columbia Threadneedle Enters CLO Equity Investment Agreement with Jefferies-led Consortium

Retrieved on: 
Monday, February 26, 2024
Asset Management, Professional Services, Finance, Ameriprise Financial, CLO, Research, Consortium, Columbia Threadneedle Investments, Lisp (programming language), Security (finance)

Columbia Threadneedle Investments (“Columbia Threadneedle”) today announced that it has entered into a strategic investment agreement to grow its CLO platform with a consortium of investors arranged by Jefferies (“the Consortium”) that includes Columbia Threadneedle’s parent company, Ameriprise Financial.

Key Points: 
  • Columbia Threadneedle Investments (“Columbia Threadneedle”) today announced that it has entered into a strategic investment agreement to grow its CLO platform with a consortium of investors arranged by Jefferies (“the Consortium”) that includes Columbia Threadneedle’s parent company, Ameriprise Financial.
  • The Consortium will commit equity capital that will support the issuance of multiple CLOs over the next several years.
  • The agreement builds on an established relationship between Jefferies and Columbia Threadneedle’s CLO platform and will support a model for CLO formation designed to establish Columbia Threadneedle as a serial CLO issuer and further grow its fixed income franchise.
  • Columbia Threadneedle manages over $238 billion in fixed income assets across a range of single and multi-sector strategies.

GoldenTree Asset Management Announces Closing of $449 Million CLO Under GLM Strategy

Retrieved on: 
Monday, February 26, 2024
Banking, Asset Management, Professional Services, Finance, GLM, Investment, Wells Fargo, CLO, Morgan Stanley, Lisp (programming language), BofA Securities, AAA, GoldenTree Asset Management, Appellate court

GLM III, LP (“GLM III”) and its affiliated investment manager GoldenTree Asset Management LP (along with other affiliated investment managers “GoldenTree”), announced the closing of a $449 million collateralized loan obligation (“CLO”) to be managed by GLM III.

Key Points: 
  • GLM III, LP (“GLM III”) and its affiliated investment manager GoldenTree Asset Management LP (along with other affiliated investment managers “GoldenTree”), announced the closing of a $449 million collateralized loan obligation (“CLO”) to be managed by GLM III.
  • With the closing of this CLO, GoldenTree Loan Management US CLO 19 (“GLM US CLO 19”), GoldenTree has issued 25 CLOs totaling over $14 billion under its GLM CLO strategy.
  • Since its inception in January 2017, the GLM strategy was intended to be compliant with applicable Risk Retention regulations.
  • GLM US CLO 19 will initially be backed by a 96% ramped $434 million portfolio of primarily senior secured loans as of closing and will have a five-year reinvestment period and a two-year non call period.

TCW Closes $400 Million CLO, Adding to Strong Growth in Alternative Credit

Retrieved on: 
Monday, February 26, 2024
Banking, Asset Management, Professional Services, Finance, CLO, Growth, TCW, AUM, Trust, Jefferies Group, TCW Group, Lisp (programming language), Partnership

TCW now manages 11 CLOs with over $4.5 billion of dedicated CLO assets under management (AUM) and over $6.5 billion of broadly syndicated loans.

Key Points: 
  • TCW now manages 11 CLOs with over $4.5 billion of dedicated CLO assets under management (AUM) and over $6.5 billion of broadly syndicated loans.
  • Over the past four years, TCW has more than doubled its alternative credit assets under management.
  • Across TCW’s private credit platform, private asset-backed finance business, CLO liabilities and CLO AUM, TCW now manages nearly $20 billion in alternative credit products.
  • As previously announced, TCW recently entered into a strategic CLO equity investment partnership with Lakemore Partners Ltd., a leading private credit investment firm, to support the growth of TCW’s CLO platform.

Eagle Point Income Company Inc. Announces Fourth Quarter and Full Year 2023 Financial Results

Retrieved on: 
Thursday, February 22, 2024
Banking, Asset Management, Professional Services, Finance, EIC, Investment, NAV, CLO, GAAP, History, EICA, NII, Bank

Eagle Point Income Company Inc. (the “Company”) (NYSE: EIC, EICA, EICB) today announced financial results for the quarter and full year ended December 31, 2023 and certain additional activity through February 15, 2024.

Key Points: 
  • Eagle Point Income Company Inc. (the “Company”) (NYSE: EIC, EICA, EICB) today announced financial results for the quarter and full year ended December 31, 2023 and certain additional activity through February 15, 2024.
  • “Eagle Point Income Company capped off an outstanding 2023 with another quarter of strong cash flows and growing net assets,” said Thomas P. Majewski, Chairman and Chief Executive Officer.
  • We grew our net asset value per share by over 2% for the quarter and 11% for the full year.
  • For the fiscal year ended December 31, 2023, the Company recorded GAAP net income of $29.3 million.

Eagle Point Credit Company Inc. Announces Fourth Quarter and Year-End 2023 Financial Results

Retrieved on: 
Thursday, February 22, 2024
Banking, Asset Management, Professional Services, Finance, ECC, Investment, NAV, CLO, ECCW, ECCV, GAAP, ECCC, Lisp (programming language), NII, Bank

Eagle Point Credit Company Inc. (the “Company”) (NYSE: ECC, ECCC, ECC PRD, ECCF, ECCV, ECCW, ECCX) today announced financial results for the quarter and fiscal year ended December 31, 2023 and certain additional activity through February 15, 2024.

Key Points: 
  • Eagle Point Credit Company Inc. (the “Company”) (NYSE: ECC, ECCC, ECC PRD, ECCF, ECCV, ECCW, ECCX) today announced financial results for the quarter and fiscal year ended December 31, 2023 and certain additional activity through February 15, 2024.
  • Our portfolio generated strong cash flows each quarter and we sourced attractive investments for the Company throughout the year,” said Thomas P. Majewski, Chief Executive Officer.
  • Net asset value (“NAV”) per common share of $9.21 as of December 31, 2023, compared to $9.33 as of September 30, 2023.
  • The common stock issuance resulted in $0.03 per share of NAV accretion for the quarter ended December 31, 2023.

Carlyle Credit Income Fund Announces First Quarter 2024 Financial Results and Declares 5.63% Increase to Monthly Common Dividends

Retrieved on: 
Thursday, February 29, 2024
CLO, GAAP, Fund, Lisp (programming language), Investment, Financial services

NEW YORK, Feb. 29, 2024 /PRNewswire/ -- Carlyle Credit Income Fund ("we," "us," "our," "CCIF" or the "Fund") (NYSE: CCIF) today announced its financial results for its first quarter ending December 31, 2023.

Key Points: 
  • NEW YORK, Feb. 29, 2024 /PRNewswire/ -- Carlyle Credit Income Fund ("we," "us," "our," "CCIF" or the "Fund") (NYSE: CCIF) today announced its financial results for its first quarter ending December 31, 2023.
  • The full detailed presentation of the Fund's first quarter 2024 financial results can be viewed on the Fund's website carlylecreditincomefund.com/investor-dashboard.
  • With the successful deployment of the portfolio, we are increasing the monthly common dividend to 10.5 cents per share.
  • The monthly dividend represents an annualized yield of 15.91% based on closing share price of $7.92 on February 28, 2024.

GLOBAL CLEAN ENERGY, INC. CONTINUES EXPANDING MANAGEMENT TEAM

Retrieved on: 
Thursday, February 29, 2024
Cornell University, CFO, Acquisition, Principal, Barings Bank, SVP, OTC, Culture, Martha Plimpton, Carbon, Stock, CLO, Engineering, Associate, Psychology, Gibson Dunn, Security (finance), DeBevoise, Cornell Law School, Environment

HOUSTON, Feb. 29, 2024 /PRNewswire/ -- Global Clean Energy, Inc. (OTC PINK: GCEI), a developer of green technology projects is expanding its management team by partnering with an affiliate of C2 Industrial Group to build, develop and manage sustainable clean energy projects in various forms while reducing negative carbon emissions or footprints.

Key Points: 
  • HOUSTON, Feb. 29, 2024 /PRNewswire/ -- Global Clean Energy, Inc. (OTC PINK: GCEI), a developer of green technology projects is expanding its management team by partnering with an affiliate of C2 Industrial Group to build, develop and manage sustainable clean energy projects in various forms while reducing negative carbon emissions or footprints.
  • The current management team includes George Azimov, President and Chris Boll, Chief Revenue Officer and Director.
  • The team from GCEI are committed to delivering superior products and services that exceed customers expectations, fostering a culture of innovation, and contributing positively to the communities it serves.
  • Global Clean Energy Inc. will not republish revised forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.