A look at the proposed Octagon-to-King Street sub-adviser change at the XAI Floating Rate & Alternative Income Trust (NYSE: XFLT), what actually drove the fund’s losses, and why the proxy fight targets the wrong manager. I want to thank my intern, Ryan Carnicelli, a rising junior at Indiana University, for his help in pulling this information together for me. See biography on the website. LinkedIn – Ryan Carnicelli Summary — Key Takeaways XFLT’s poor record is real — NAV is d

CLO Equity Funds Score Card - June 24, 2026 CLOInvestor.com · Thanks to my new intern, Ryan Carnicelli, a rising junior Business Major at Indiana University, for his help pulling this information together. See his bio on the website. CLO equity fund stocks performed terribly over the last 30 days — on average these funds are down 13%, with OCCI leading the pack at a negative 26% stock return. EIC is the outlier, down only 50bps. Underlying leveraged loan performance and CLO e

ECC’s Q1 2026 results were more in line with expectations than OXLC’s results. · NII of $0.20 was $0.01 below consensus expectation · Future quarterly dividend of $0.18 is declared through Q3 2026 · Current Stock price is $4.03, up $0.06 or 15bps · Dividend coverage is strong NII/Dividend (111.1%) and Recurring $ Flows/Dividend (261.1%), both historically strong. · ECC’s underlying loan Market Value down from 97% in Q4 2025 to 95% Q1 2026 is a po

Revised OXLC Q1 2026 results were worse than expected: o NII was down 27.0% o NAV was down 32% driven by unrealized losses of $3.91 o April’s NAV of $11.27 was up almost 7% o Only slightly bright spot that CNII only fell 7% to $1.03, which clearly covers the monthly dividends declared of $0.20. Dividend coverage ratios are still very strong (CNII/Dividend is 172% and NII/Dividend is 90%). o OXLC stock is down 4% this morning – I guess the market wasn’t impressed.

Tomorrow is a big day for the CLO equity funds, most are reporting Q1 2026 results. See list below: CCIF Q1 2026 CC May 20, 2026, 10:00am ECC Q1 2026 CC May 19, 2026, 10:00am 1-877-407-0789 EIC Q1 2026 CC, May 19, 19, 2026 1 877-704-4453 OXLC Q1 2026 (FYE) CC May 19, 2026, 9:00am 1 800-715-9871 PDCC Q1 2026 CC May 19, 2026, 11:00am 1-877-407-9208 PDCC Q1 2026 CC May 27, 2026, 2:00pm 1 800-715-9871 OCCI and XFLT haven’t announced when they will host their Q1 2026 financial

As I stated in my April 28th blog post, CLO equity prices were up 10% from their March lows. Based upon my calculations, CLO equity pricing was up between 8% - 11%. This is the first month that these funds’ NAVs have been up for quite a while. Hopefully, we have hit bottom, and things will get better, albeit probably slowly. One of the main purposes for me to start this website is to provide my readers with knowledge and understanding of the CLO markets so you feel more co

Last week I published an article on how I belived that all the drama surrounding private credit was overblown and that the markets were overly punishing Private Credit Managers' stocks. Today Blue Owl published its Q1 2026 financial results and they were relatively strong, beating expectations. Bloomberg Article: Blue Owl's Asset Growth Meets Estimates Amid Direct Lending Slump I know there is still along way to go for these stocks since they are still down down between 15% -

On Monday and Tuesday, I attended the Dealcatalyst/LSTA CLO conference in NYC. It was great to run into so many of my friends and fellow CLO geeks. This is the first of several articles I intend to write about what was discussed at the conference. Some of the other topics I plan to write about: My friend Carlos Maymi AI Software fears – overblown? Captive CLO Equity Funds – good for the leverage loan and CLO markets? I am not sure of the answer but there was a huge diverg

One thing great about having your own website and blog is that I can write about anything I want. I just published an article on how Private Credit Managers stocks are starting to recovery after all the doomscrolling that occured earliet this year. Now I get to write about my favorite subject, THE STEELER!!! And yes, I am a typical abnoxious fans that thinks the NFL world revolves around Pittsburgh - and today it actually does. Pittsburgh is hosting the 2026 NFL Draft - Ca

Author’s note: I wrote this article yesterday but for technical reasons, I had to wait until today to publish it. Unfortunately, these funds are having a terrible day, they are all down about 5%. Blackstone posted its Q1 2026 earnings and on the surface, the numbers look pretty good. Today I watched Nuveen’s webinar: “Cutting through the noise: What are credit markets actually telling us.” Nuveen webinar Cutting Through the Noise You can watch it on demand. They had severa

Breaking News - Per a leading CLO trader, CLO equity pricing up around 10% off early March lows!!! April NAVs should be up around 5%. Challenges Spread compression continues Big story - Are CLO Equity Captive Funds good for the leverage loan and CLO markets? 70% of CLO equity for 2025 new CLO issuance deals came from Captive CLO Equity Funds. Historically, when loan spreads dropped too much, new CLO issuance slowed down until loan spreads widened out. Debatable if current low

CLO Equity Funds have performed well over the last month - up between 6% - 21%. CLO equity funds’ NAVs somewhat stabilized in March, with projected change in the fair value of investments down between (1.9)% - (8.7)%, which was a drastic improvement from overall Q1 reductions of between (10.1)% - (31.9)%. EIC’s and XFLT’s Q1 2026 NAVs of (10.0)% and (16.5)% were down the least. This make sense since EIC's largest investment is in BB CLO debt (65%) and XFLT's largest investm

I was glad to see that predicted ECC NAV of $4.16 was so accurate. Having insights into CLO equity pricing between NAV announcements will help investors understand the risks involved with investing in CLO equity funds. It is helpful that XFLT posts a daily NAV but there are limitations to using its NAV as guide because around 50% of its assets are in liquid loans that mask the changes to market movements in its CLO equity portfolio. OXLC should announce its March NAV soon

CLOInvestor.com created spreadsheet Sound Point Meridian Capital CLO equity fund (“SPMC”) just published its Q4 2026 estimated financial results and NAV (period end March 31, 2026). www.soundpointmeridiancap.com/NAV Q4 2026 Estimated NII and Realized Losses : SPMC’s reported estimated Q4 2026 NII was $0.33, down 25% ($0.44) from Q3 2026, and 50% ($0.66) from Q4 2025. The massive year over year drop in NII was mainly caused by SPMC’s portfolio average effective yield which w

https://www.youtube.com/watch?v=mk8Ie_Cutno The following is a summary of 9Fin sponsored CLO Manager Roundtable - Making Sense of Market Volitality. Poo2025 was an excellent year for leverage loan credit quality; aPhowever, tightening loan spreads and high prices made it difficult for CLO managers to create value for their equity investors. The recent volatility in the loan markets has provided CLO managers with the opportunity to buy strong names in beaten sectors

I reached out to several colleagues in the CLO industry this month to try to figure out how CLO equity performed in March. Most of the people I talked to thought the market had stabilized but there was not a lot activity in the secondary CLO Equity market. Just yesterday, I was able to talk to a close friend and he said that the CLO equity market is probably down 2% - 5%, which makes sense to me. XFLT publishes a daily NAV and it was relatively flat for the month - only do

I reached out to several colleagues in the CLO industry this month to try to figure out how CLO equity performed in March. Most of the people I talked to thought the market had stabilized but there was not a lot activity in the secondary CLO Equity market. Just yesterday, I was able to talk to a close friend and he said that the CLO equity market is probably down 2% - 5%, which makes sense to me. XFLT publishes a daily NAV and it was relatively flat for the month - only do

CLO equity funds were one of the most hated investments in 2025 and into 2026 — even more than private credit. While almost every asset class enjoyed tremendous returns in 2025, CLO equity funds (CCIF, ECC, PDCC, OCCI, OXLC, SPMC and XFLT) were down between 15% (XFLT) and 57% (ECC), while the S&P 500, NASDAQ, and Russell 2000 were up 18%, 20%, and 13%, respectively. And 2026 isn't getting any better — stocks are down an additional 10% (ECC) to 29% (XFLT). I am going to focus

CLO equity funds were one of the most hated investments in 2025 and into 2026 — even more than private credit. While almost every asset class enjoyed tremendous returns in 2025, CLO equity funds (CCIF, ECC, PDCC, OCCI, OXLC, SPMC and XFLT) were down between 15% (XFLT) and 57% (ECC), while the S&P 500, NASDAQ, and Russell 2000 were up 18%, 20%, and 13%, respectively. And 2026 isn't getting any better — stocks are down an additional 10% (ECC) to 29% (XFLT). I am going to focus