CLO

Franklin BSP Realty Trust, Inc. Announces First Quarter 2024 Results

Retrieved on: 
Monday, April 29, 2024
Commercial Building & Real Estate, Construction & Property, REIT, CLO, International, Common, Acceleration, Risk, Depreciation, Domestic, Webcast, Growth, Disclosure, CECL, Wild Arms, EPS, Lisp (programming language), Share repurchase, Bank statement, GAAP, Bank

Franklin BSP Realty Trust, Inc. (NYSE: FBRT) (“FBRT” or the “Company”) today announced financial results for the quarter ended March 31, 2024.

Key Points: 
  • Franklin BSP Realty Trust, Inc. (NYSE: FBRT) (“FBRT” or the “Company”) today announced financial results for the quarter ended March 31, 2024.
  • The Company's core portfolio at the end of the quarter consisted of 145 loans with an aggregate principal balance of approximately $5.2 billion.
  • As of March 31, 2024, the Company had six loans on its watch list, all of which are risk rated a four.
  • The Company published a supplemental earnings presentation for the quarter ended March 31, 2024 on its website to provide additional disclosure and financial information.

Virtus Investment Partners Announces Financial Results for First Quarter 2024

Retrieved on: 
Friday, April 26, 2024
Asset Management, Professional Services, Finance, CLO, ETF, Investment, Acquisition

Institutional sales of $1.7 billion increased 47% from $1.2 billion in the prior quarter.

Key Points: 
  • Institutional sales of $1.7 billion increased 47% from $1.2 billion in the prior quarter.
  • Open-end fund sales of $3.5 billion increased 18% from $2.9 billion reflecting higher sales in almost all investment strategies.
  • Net income attributable to Virtus Investment Partners, Inc., as adjusted, per diluted share was $5.41, a decrease of 11% from $6.11 in the prior quarter.
  • The effective tax rate, as adjusted, of 26% compared with 27% in the prior quarter.

KBRA Releases Research – Structured Credit Trend Watch: CLO Issuance in Bloom—First Quarter Record for Middle Market

Retrieved on: 
Wednesday, April 24, 2024
Banking, Professional Services, Finance, Uncertainty, Environment, CLO, Yoy, Overalls

Collateralized loan obligation (CLO) issuance has blossomed in the first quarter (Q1) of 2024 despite a higher for longer interest rate environment.

Key Points: 
  • Collateralized loan obligation (CLO) issuance has blossomed in the first quarter (Q1) of 2024 despite a higher for longer interest rate environment.
  • Leveraged loan volume and refinancing activity is up significantly year-over-year (YoY), and structured credit transactions, including broadly syndicated loan and middle market CLO deals, had a tremendous first quarter, with the latter experiencing a record for the period.
  • Nearly $50 billion in total issuance volume was recorded through Q1 for a 40% increase YoY.
  • In this report, we provide an overview of the overall structured credit market, including new issue deal volume, benchmark spread levels, notable transactions, and other trends through Q1 2024.

Sycamore Tree Capital Partners Closes Fifth CLO at $504 Million; Resets, Extends and Upsizes STCP CLO 3 to $525 Million

Retrieved on: 
Wednesday, April 24, 2024
Asset Management, Professional Services, Finance, Goldman Sachs, CLO, LLP, Insurance, STCP, Dechert, Fund, Trust, Lisp (programming language)

Sycamore Tree Capital Partners (“Sycamore Tree”), a specialist asset manager with private and alternative credit investment expertise, today announced the closing of STCP CLO 2024-5, Ltd. (“STCP CLO 5” or “the Fund”), the Firm’s fifth and largest new issue collateralized loan obligation since launching its CLO platform in July of 2021.

Key Points: 
  • Sycamore Tree Capital Partners (“Sycamore Tree”), a specialist asset manager with private and alternative credit investment expertise, today announced the closing of STCP CLO 2024-5, Ltd. (“STCP CLO 5” or “the Fund”), the Firm’s fifth and largest new issue collateralized loan obligation since launching its CLO platform in July of 2021.
  • The Fund has a two-year reinvestment period, includes a one-year non-call period and features a senior triple-A spread of S+142 bps.
  • Goldman Sachs acted as the Fund’s underwriter and Dechert, LLP served as counsel to Sycamore Tree.
  • “We greatly appreciate their trust and support.”
    Additionally, the reset, extension and upsize of Sycamore Tree’s third CLO (“STCP CLO 3”) has also closed.

Sculptor Launches Captive CLO Equity Platform with Anchor Commitment from Rithm Capital

Retrieved on: 
Thursday, April 18, 2024
Asset Management, Professional Services, Finance, CLO, Sculpture, Investment, Partnership, Growth, Andrew Kohut, Lisp (programming language), RITM, Multimedia, Security (finance)

Sculptor Capital Management, Inc. (“Sculptor”) today announced the launch of Sculptor Loan Financing Partners, the firm’s captive CLO equity investment platform, anchored by a commitment from Rithm Capital Corp. (NYSE: RITM; “Rithm”).

Key Points: 
  • Sculptor Capital Management, Inc. (“Sculptor”) today announced the launch of Sculptor Loan Financing Partners, the firm’s captive CLO equity investment platform, anchored by a commitment from Rithm Capital Corp. (NYSE: RITM; “Rithm”).
  • View the full release here: https://www.businesswire.com/news/home/20240418699670/en/
    Sculptor also today announced the close of a $406 million US CLO, Sculptor CLO XXXII (“CLO 32”).
  • A controlling equity stake in CLO 32 was pre-placed to Rithm through the Sculptor Loan Financing Partners platform, with a diverse group of leading global institutions invested in the minority equity and rated notes.
  • The significant demand we received from third-party investors for CLO 32 reinforces the benefits of our decision to launch a captive CLO equity platform.”
    “We are excited to support the expansion of Sculptor’s Institutional Credit Strategies through our commitment to the firm’s CLO equity platform,” said Michael Nierenberg, Chairman, Chief Executive Officer, and President of Rithm Capital.

University of Phoenix and Manpower Release Case Study on Building Skills Pathway for Employees

Retrieved on: 
Wednesday, April 10, 2024
Consulting, University, Education, Professional Services, Other Consumer, Training, Research, Consumer, Science, Human Resources, Continuing, ManpowerGroup, CLO, Learning, University of Phoenix, Workplace, Employment, Curriculum, Human resources, Associate, Workforce, Nursing

The case study provides a closer look at University of Phoenix alliance with Manpower on the shared efforts to support Manpower associates in gaining new skills and expanding career opportunities.

Key Points: 
  • The case study provides a closer look at University of Phoenix alliance with Manpower on the shared efforts to support Manpower associates in gaining new skills and expanding career opportunities.
  • The case study shares insights on this approach to workforce development through the Manpower Acceleration Program, designed in a collaborative approach in which University of Phoenix created short, skill-focused classes that prepared Manpower associates to pursue career opportunities.
  • Graduates from the program receive certificates of achievement and one college credit that can be applied to a University of Phoenix degree.
  • The University has issued over 450,000 badges since September 2021, for skills obtained in undergraduate, graduate, and professional development courses.

Celebrating Excellence: Announcing the winners of the Totara Awards 2024

Retrieved on: 
Tuesday, April 16, 2024
CLO, Learning, Workplace, Creativity, Partner, Auction

BRIGHTON, England, April 16, 2024 /PRNewswire-PRWeb/ -- Totara, a global leader in flexible learning technology solutions, is proud to announce the winners of the 2024 Totara Awards. These annual awards recognise the most groundbreaking implementations of Totara technology worldwide, using learning and development in service of business and organisational goals.

Key Points: 
  • Totara is delighted to announce the winners of the Totara Awards 2024.
  • BRIGHTON, England, April 16, 2024 /PRNewswire-PRWeb/ -- Totara, a global leader in flexible learning technology solutions, is proud to announce the winners of the 2024 Totara Awards.
  • I extend my warmest congratulations to all the winners of the 2024 Totara Awards."
  • For more information about the Totara Awards 2024 and to view the full list of winners, please visit http://www.totara.com

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.