{"id":3299,"date":"2023-01-26T15:47:00","date_gmt":"2023-01-26T15:47:00","guid":{"rendered":"https:\/\/alterdomus.com\/?post_type=insights&#038;p=3299"},"modified":"2025-05-23T14:51:14","modified_gmt":"2025-05-23T13:51:14","slug":"presenting-a-fresh-perspective-on-assessing-credit-losses-of-clo-portfolios","status":"publish","type":"insights","link":"https:\/\/alterdomus.com\/insight\/presenting-a-fresh-perspective-on-assessing-credit-losses-of-clo-portfolios\/","title":{"rendered":"Presenting a fresh perspective on assessing credit losses of CLO portfolios"},"content":{"rendered":"\n<div class=\"wp-block-filter-blocks-container filter-article-header-container filter-article-news has-ffeec-8-background-color has-background\"><div class=\"filter-container\" style=\"background-color:#ffeec8\"><div class=\"filter-container-background-image\" style=\"background-position:center center;background-repeat:no-repeat;background-size:cover\"><\/div><div class=\"container\"><div class=\"filter-container--inner filter-block-wrapper\">\n<div class=\"wp-block-filter-blocks-section is-style-standard\"><div class=\"filter-section\"><div class=\"filter-section--inner\">\n<p class=\"has-large-font-size\" style=\"margin-bottom:var(--wp--preset--spacing--xl)\">News<\/p>\n\n\n<h1 style=\"margin-bottom:var(--wp--preset--spacing--m);\" class=\"wp-block-post-title has-huge-font-size\">Presenting a fresh perspective on assessing credit losses of CLO portfolios<\/h1>\n\n\n<hr class=\"wp-block-separator has-text-color has-filter-primary-color has-alpha-channel-opacity has-filter-primary-background-color has-background is-style-default\" style=\"margin-top:var(--wp--preset--spacing--2-xl);margin-bottom:var(--wp--preset--spacing--m)\"\/>\n\n\n\n<div class=\"wp-block-columns filter-article-meta-container is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-3333c3a8 wp-block-group-is-layout-flex\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-4b827052 wp-block-group-is-layout-flex\">\n<p style=\"margin-top:0;margin-bottom:0\">Rudolph Bunja<\/p>\n\n\n\n<p class=\"mt-1 has-constantia-font-family has-xsmall-font-size\" style=\"margin-top:0;margin-bottom:0\">Head of Portfolio Credit Risk<\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><div class=\"has-text-align-right wp-block-post-date has-small-font-size\"><time datetime=\"2023-01-26T15:47:00+00:00\">26 January 2023<\/time><\/div><\/div>\n<\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-filter-blocks-container filter-article-content-container\"><div class=\"filter-container\"><div class=\"filter-container-background-image\" style=\"background-position:center center;background-repeat:no-repeat;background-size:cover\"><\/div><div class=\"container\"><div class=\"filter-container--inner filter-block-wrapper\">\n<div class=\"wp-block-filter-blocks-section is-style-standard\"><div class=\"filter-section\"><div class=\"filter-section--inner\"><figure style=\"height:250px;\" class=\"wp-block-post-featured-image\"><img fetchpriority=\"high\" decoding=\"async\" width=\"2560\" height=\"1440\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-data-reflected-on-spectacles-scaled.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Data reflected in eyeglasses, symbolizing analysis and expertise in fund administration services.\" style=\"border-radius:32px;height:250px;object-fit:cover;\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-data-reflected-on-spectacles-scaled.jpg 2560w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-data-reflected-on-spectacles-300x169.jpg 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-data-reflected-on-spectacles-1024x576.jpg 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-data-reflected-on-spectacles-768x432.jpg 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-data-reflected-on-spectacles-1536x864.jpg 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-data-reflected-on-spectacles-2048x1152.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/figure>\n\n\n<p>As structured finance market participants are aware, notes issued by collateralized loan obligations (CLOs) introduce varying credit exposures to the underlying corporate leverage loan portfolio based on the relevant notes\u2019 cashflow priority. This therefore offers investors the opportunity to participate in this asset class based on their own risk and cash flow preferences.<\/p>\n\n\n\n<p>An assessment of how the underlying risk is distributed across the notes is fundamental for investors and other market participants. Obviously where that risk comes to bare and CLO credit losses are incurred, there are challenges to estimate and allocating that loss. To explore this complex issue and to come to an understanding of the outcome of credit loss, we ask two fundamental questions:<\/p>\n\n\n\n<p>Firstly, how is the total portfolio credit loss allocated across the CLO\u2019s notes? And, secondly, what is the total loss of the underlying portfolio that is to be allocated to the CLO\u2019s notes?<\/p>\n\n\n\n<p>Based on our analysis, we find that:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The first loss equity tranche absorbs most of the estimated portfolio credit losses.<\/li>\n\n\n\n<li>Estimating portfolio credit losses is as much an art as a science and is subject to significant judgment.<\/li>\n\n\n\n<li>Excess interest and other structural deal features could materially reduce the estimated portfolio credit loss and the allocation of such losses across the CLO\u2019s notes \u2013 translation: the answers to the questions above could vary substantially once excess interest and structural deal features are considered.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-large-font-size\"><strong>A Simple Example to Demonstrate CLO&nbsp;Complexities<\/strong><\/p>\n\n\n\n<p>In order to illustrate both the complexities of estimating portfolio credit losses and how the estimated loss distribution of an underlying pool of leveraged loans may be allocated across a CLO\u2019s capital structure, we have created a simple example. To begin, we assume a static portfolio of loans that is well diversified, with certain homogeneous characteristics (e.g., credit quality, maturity, seniority) and has a total par amount equal to the amount of CLO notes issued.&nbsp;<\/p>\n\n\n\n<p>Furthermore, we assume the CLO has a simple capital structure with three classes of notes (Class A, B, and equity) paid in order of straight sequential seniority. For simplicity, we ignore interest payments and discounted cashflows. We assume no interest on the collateral, nor on the CLO\u2019s tranches.<\/p>\n\n\n\n<p>This assumption is an important building block to gain a good understanding of how losses are measured and allocated to the CLO\u2019s tranches. These assumptions will ensure that the total credit loss of the portfolio will equal the aggregate credit losses allocated to the CLO\u2019s tranches.<\/p>\n\n\n\n<p>Relaxing these assumptions, which may be considered for possible future research, is relevant since excess interest is typically available to a CLO where the cash flow priority rules serve first to reduce the amount of portfolio credit loss that is allocated to the notes and secondly reorder the allocation of the remaining losses.<\/p>\n\n\n\n<p>Thus, to a certain extent, our simplified CLO is a \u2018worst case scenario\u2019 for the notes. In our stylized example, the only credit enhancement for the CLO\u2019s notes is through overcollateralization (OC) based on the par amount of the underlying loans, similar in structure to a <a href=\"https:\/\/alterdomus.com\/insight\/understanding-the-impact-of-excess-interest-on-clo-portfolios\/\">CLO overcollateralization test<\/a>. In this case, the total amount of principal that can be distributed across the tranches is equal to those received on the loans. By extension, the total credit losses of the underlying portfolio are equal to the credit losses that are allocated to the CLO\u2019s tranches in our simplified case.<\/p>\n\n\n\n<p>Equation #1: Losses Allocated to the CLO Tranches = Total Portfolio Credit Loss<\/p>\n\n\n\n<p>Importantly, as you read on, we\u2019ll introduce an extended equation that represents the true nature of CLOs by incorporating excess interest.<\/p>\n\n\n\n<p class=\"has-large-font-size\"><strong>How are Portfolio Credit Losses Allocated?<\/strong><\/p>\n\n\n\n<p>Figure 1 displays a hypothetical portfolio loss distribution where the thresholds along the x-axis indicate the relevant notes\u2019 amount of credit enhancement based on the capital structure. Each notes\u2019 probability of loss and EL are indicated by the curve exceeding its amount of credit enhancement and the cumulative probability within each notes\u2019 thresholds, respectively. The maximum amount of loss is equal to the total amount of notes.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Presenting-a-fresh-perspective-on-assessing-credit-losses-of-CLO-portfolios-Image-1-1024x576.png\" alt=\"\" class=\"wp-image-3313\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Presenting-a-fresh-perspective-on-assessing-credit-losses-of-CLO-portfolios-Image-1-1024x576.png 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Presenting-a-fresh-perspective-on-assessing-credit-losses-of-CLO-portfolios-Image-1-300x169.png 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Presenting-a-fresh-perspective-on-assessing-credit-losses-of-CLO-portfolios-Image-1-768x432.png 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Presenting-a-fresh-perspective-on-assessing-credit-losses-of-CLO-portfolios-Image-1-1536x864.png 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Presenting-a-fresh-perspective-on-assessing-credit-losses-of-CLO-portfolios-Image-1.png 1921w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>As to be expected, the more senior the note, the lower the likelihood of loss which is indicated by the \u2018tail\u2019, whereas the equity absorbs most of the CLO portfolio\u2019s EL as we see in Figure 1. In actuality, the equity absorbs over 95% of the total loss in this example. Note also that the ELs across the notes is equal to the EL of the underlying pool. So, here\u2019s our first insight:<\/p>\n\n\n\n<p><em>Equity tranche absorbs the vast majority of portfolio losses<\/em><\/p>\n\n\n\n<p class=\"has-large-font-size\"><strong>How are Portfolio Credit Losses Estimated?<\/strong> <\/p>\n\n\n\n<p>The weighted average probability of default (\u2018PD\u2019) and loss given defaults, which are represented by the credit quality of the pool, define the mean of Figure 1, while the shape of Figure 1 is based on various diversification elements (e.g., issuer\/sector exposure). Estimation of these variables is not an easy task.<br><br>For example, what PD should be used to map to a credit quality of a borrower? Also, what duration should be assumed (e.g., stated maturity or expected life) as historical default rates indicate that default rates and credit losses increase with time horizons. This leads us to the second challenge in performing this analysis \u2013 namely, what is the assumed credit loss of the underlying CLO?<\/p>\n\n\n\n<p>To a casual reader, the expected credit loss of the underlying portfolio may simply be the product of the average PD of the underlying collateral multiplied by the average loss rate. But let\u2019s be a bit more precise by referencing historical credit loss observations[1].<br><br>Table 1 below shows cumulative default rates for corporate debt over a 5-year, 6-year and 7-year horizon for select speculative grade ratings. We have highlighted the B1 row, as an example, assuming our stylized CLO consists of B1-rated corporate issuers.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Presenting-a-fresh-perspective-on-assessing-credit-losses-of-CLO-portfolios-Image-2-1024x576.png\" alt=\"\" class=\"wp-image-3314\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Presenting-a-fresh-perspective-on-assessing-credit-losses-of-CLO-portfolios-Image-2-1024x576.png 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Presenting-a-fresh-perspective-on-assessing-credit-losses-of-CLO-portfolios-Image-2-300x169.png 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Presenting-a-fresh-perspective-on-assessing-credit-losses-of-CLO-portfolios-Image-2-768x432.png 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Presenting-a-fresh-perspective-on-assessing-credit-losses-of-CLO-portfolios-Image-2-1536x864.png 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Presenting-a-fresh-perspective-on-assessing-credit-losses-of-CLO-portfolios-Image-2.png 1921w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Using a 7-year weighted average life (\u2018WAL\u2019) and a B1 rating the expected default rate is roughly 15.44%. Assuming an average recovery of 50%, this would translate into an expected loss rate of 7.72% (15.44% * 50% loss rate). Note that recovery rates are also subject to change depending on market conditions. For simplicity, in this paper we assume that recovery rates are fixed at 50%.<\/p>\n\n\n\n<p>Historically, a 50% recovery rate for a first lien senior secured loan is a conservative estimate &#8211; especially since in our stylized example we assume that the portfolio loans are rated one rating sub-category higher than the PD rating. However, the assumption of which WAL and which PD to use is not that simple.<\/p>\n\n\n\n<p><em>Why not use the actual WAL and actual WARF?<\/em><br><br>CLOs are subject to a WAL test. Practically speaking, CLO managers endeavor to actively manage the portfolio such that there is a cushion between the portfolio\u2019s&nbsp;<em>actual<\/em>&nbsp;WAL and the test level. Like the WAL test, CLOs typically have an average credit quality test (Weighted Average Rating Factor or \u2018WARF\u2019).<\/p>\n\n\n\n<p>In this example, we can assume the test has been set to the B1 rating level. CLO managers will also endeavor to manage their portfolio to maintain a cushion between the&nbsp;<em>actual<\/em>&nbsp;WARF and the test level. As a result, CLOs will typically be managed to have true PDs that are lower than those indicated by their test levels.<\/p>\n\n\n\n<p>Further reducing the WAL of a CLO portfolio are underlying corporate loan prepayments \u2013 both scheduled and unscheduled. Prepayments would further reduce the WAL of the portfolio, which by extension reduces PD and credit losses.<br><\/p>\n\n\n\n<p><em>Which combination of WARF,&nbsp;WAL, and WAS to use?<\/em><br><br>CLOs typically allow managers the flexibility to offset collateral quality test cushions. The WARF tests, for example, will often vary based on the Weighted Average Spread (\u2018WAS\u2019) and other portfolio characteristics. These tradeoff opportunities are often documented in a dynamic matrix within the CLO.<br><br>Excess spread is often a critical component of the CLO. These tradeoff options, illustrated in Table 2[2] below, give us some hints about the reduction in the EL of the portfolio after considering the effects of excess spread, or WAS.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Presenting-a-fresh-perspective-on-assessing-credit-losses-of-CLO-portfolios-Image-3-1024x683.png\" alt=\"\" class=\"wp-image-3315\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Presenting-a-fresh-perspective-on-assessing-credit-losses-of-CLO-portfolios-Image-3-1024x683.png 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Presenting-a-fresh-perspective-on-assessing-credit-losses-of-CLO-portfolios-Image-3-300x200.png 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Presenting-a-fresh-perspective-on-assessing-credit-losses-of-CLO-portfolios-Image-3-768x512.png 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Presenting-a-fresh-perspective-on-assessing-credit-losses-of-CLO-portfolios-Image-3-1536x1024.png 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/Presenting-a-fresh-perspective-on-assessing-credit-losses-of-CLO-portfolios-Image-3.png 1921w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>For example, assume a CLO with a given diversity of 50, the WARF could be as low as 2091 (with a WAS of 2.95%) and as high as 2904 (with a WAS of 3.95%). The difference translates into a one third reduction in the portfolio\u2019s WARF and EL due to excess interest of 100bps &#8211; excess interest matters!<\/p>\n\n\n\n<p>This example highlights the importance of excess spread in estimating ELs for the CLO\u2019s notes. Excess interest reduces the amount of CLO portfolio losses that are allocated to the notes \u2013 a topic for possible future research. Which leaves us with the following further insights:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Estimating CLO portfolio principal credit losses is very difficult to assess and could change dynamically.<\/li>\n\n\n\n<li>Excess interest reduces the total losses to the CLO\u2019s tranches \u2013 i.e., total losses allocated to the tranches is less than the total portfolio<br>credit losses.<\/li>\n<\/ul>\n\n\n\n<p>The last insight allows us to update Equation #1 with Equation #2 below, which is more accurate in estimating net portfolio losses that are to be absorbed by the CLO\u2019s notes.<\/p>\n\n\n\n<p>Equation #2: Losses Allocated to CLO Tranches = Total Portfolio Credit Losses &#8211; Excess Interest<\/p>\n\n\n\n<p class=\"has-large-font-size\"><strong>Items for considerations<\/strong><\/p>\n\n\n\n<p>In contrast to the above stylized example where we demonstrated some of the fundamental challenges in measuring credit losses, CLOs are more complex. They include intricate cashflow waterfalls that segregate interest and principal collections, which incorporate key structural features (e.g., OC tests) within the cashflow waterfall that can have implications for the notes.<\/p>\n\n\n\n<p>An assessment of these features, which is beyond the scope of this paper, would be part of a more comprehensive analysis of portfolio losses and allocation of those losses to CLO notes. We would expect that these features to reduce the CLO\u2019s portfolio losses and to skew the allocation of the reduced losses to favor the more senior notes.<\/p>\n\n\n\n<p class=\"has-large-font-size\"><strong>In Conclusion<\/strong><\/p>\n\n\n\n<p>Estimating credit losses for a CLO portfolio is not an easy task. Various assumptions need to be made, including the appropriate WAL and PD (or WARF). With simple and reasonable assumptions, we\u2019ve shown that estimated portfolio loss rates could vary significantly. Allocation of losses across the tranches adds another layer of complexity though we showed that the equity tranche will bear the brunt of the portfolio losses \u2013 over 95% in our stylized CLO.<\/p>\n\n\n\n<p>CLOs incorporate features that could further reduce the underlying portfolio losses and change the allocation of those losses. We described how excess interest reduces portfolio credit losses that are allocated to the tranches, and that structural features such as OC tests can reduce the amount of the loss that is allocated to the non-equity tranches. In summary, we conclude that:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The first loss equity tranche absorbs most of the estimated portfolio credit losses.<\/li>\n\n\n\n<li>Estimating portfolio credit losses is as much an art as a science and is subject to significant judgment.<\/li>\n\n\n\n<li>Excess interest and other structural deal features could materially reduce the estimated portfolio credit loss and the allocation of such losses across the CLO\u2019s tranches.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-filter-primary-color has-alpha-channel-opacity has-filter-primary-background-color has-background\"\/>\n\n\n\n<p>[1]Default statistics are obtained from Moody\u2019s latest Annual Default Study dated February 8, 2002 &#8211;&nbsp;<a href=\"https:\/\/www.moodys.com\/researchdocumentcontentpage.aspx?docid=PBC_1316376\">researchdocumentcontentpage.aspx (moodys.com)<\/a><br>[2]&nbsp;<a href=\"https:\/\/www.moodys.com\/researchdocumentcontentpage.aspx?docid=PBC_1316376\" target=\"_blank\" rel=\"noreferrer noopener\">See Morningstar CLO Commentary: Dynamic Matrix Provides Increased Transparency to CLO Market Participants, September 2017<\/a><\/p>\n\n\n\n<div class=\"wp-block-group filter-social-sharing-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<ul class=\"wp-block-outermost-social-sharing has-normal-icon-size has-icon-color is-style-logos-only is-content-justification-center is-layout-flex wp-container-outermost-social-sharing-is-layout-598f35b6 wp-block-social-sharing-is-layout-flex\" style=\"margin-top:var(--wp--preset--spacing--3-xl)\"><li style=\"color: #073540; \" class=\"outermost-social-sharing-link outermost-social-sharing-link-linkedin has-filter-primary-color wp-block-outermost-social-sharing-link\">\n\t<a 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href=\"https:\/\/alterdomus.com\/insight\/operational-equity-powered-by-technology\/\" aria-label=\"Click to read Operational equity, powered by technology\"><\/a> <\/div>\n<\/article>\n<article class=\"filter-single-insight-item\">\n  <div class=\"filter-single-insight-item-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"615\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-1024x615.png\" class=\"attachment-large size-large\" alt=\"\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-1024x615.png 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-300x180.png 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-768x461.png 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3.png 1386w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/div>\n  <div class=\"filter-single-insight-item-inner\">\n    <div class=\"filter-primary-post-term\"> Analysis<span class=\"dot\"><\/span>November 24, 2025 <\/div>\n    <h4 class=\"filter-single-insight-item-title\">Illiquid, Not Inaccessible: How Fund Operations are Catching Up with Investor Demand<\/h4>\n    <div class=\"filter-single-insight-item-link wp-block-buttons is-layout-flex\">\n      <div class=\"wp-block-button is-style-arrow\"> <a href=\"https:\/\/alterdomus.com\/insight\/illiquid-not-inaccessible-how-fund-operations-are-catching-up-with-investor-demand\/\" class=\"wp-block-button__link has-filter-secondary-color has-text-color wp-element-button\">Read article<\/a> <\/div>\n    <\/div>\n    <a class=\"stretched-link\" href=\"https:\/\/alterdomus.com\/insight\/illiquid-not-inaccessible-how-fund-operations-are-catching-up-with-investor-demand\/\" aria-label=\"Click to read Illiquid, Not Inaccessible: How Fund Operations are Catching Up with Investor Demand\"><\/a> <\/div>\n<\/article>\n<article class=\"filter-single-insight-item\">\n  <div class=\"filter-single-insight-item-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-1024x683.jpg\" class=\"attachment-large size-large\" alt=\"\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-1024x683.jpg 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-300x200.jpg 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-768x512.jpg 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-1536x1024.jpg 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-2048x1366.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/div>\n  <div class=\"filter-single-insight-item-inner\">\n    <div class=\"filter-primary-post-term\"> Analysis<span class=\"dot\"><\/span>November 6, 2025 <\/div>\n    <h4 class=\"filter-single-insight-item-title\">Bridging the ABOR\/IBOR Gap: \nWhat Endowments and Foundations Operations Leaders Really Need<\/h4>\n    <div class=\"filter-single-insight-item-link wp-block-buttons is-layout-flex\">\n      <div class=\"wp-block-button is-style-arrow\"> <a href=\"https:\/\/alterdomus.com\/insight\/bridging-the-abor-ibor-gap-what-endowments-and-foundations-operations-leaders-really-need\/\" class=\"wp-block-button__link has-filter-secondary-color has-text-color wp-element-button\">Read article<\/a> <\/div>\n    <\/div>\n    <a class=\"stretched-link\" href=\"https:\/\/alterdomus.com\/insight\/bridging-the-abor-ibor-gap-what-endowments-and-foundations-operations-leaders-really-need\/\" aria-label=\"Click to read Bridging the ABOR\/IBOR Gap: \nWhat Endowments and Foundations Operations Leaders Really Need\"><\/a> <\/div>\n<\/article>\n            <\/div>\n<\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":1579,"template":"","cat-insight-type":[19],"cat-sectors":[],"cat-services":[],"class_list":["post-3299","insights","type-insights","status-publish","has-post-thumbnail","hentry","cat-insight-type-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v26.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Presenting a fresh perspective on assessing credit losses of CLO portfolios - Alter Domus<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/alterdomus.com\/insight\/presenting-a-fresh-perspective-on-assessing-credit-losses-of-clo-portfolios\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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