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Flat Rock Global

4 statements across 1 episodes · 2 bullish · 0 bearish · 1 people on the record · first statement Apr 11, 2024 by Shiloh Bates · said 5 times in 1 episodes since 2024 · across every show →

Mentions by year

brought up most by Ted Seides (3), Shiloh Bates (1)

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2024 5 mentions in 1 episode

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Everything said about Flat Rock Global, oldest first

Apr 11, 2024 positive
Assertion Supported
Only about 6% of CLOs have historically generated a negative IRR
“So by our math, it's about six percent of CLOs that have had negative IRR.”
Shiloh Bates Apr 11, 2024 ▶ 23:10 Shiloh Bates – CLO Investing at Flat Rock Global (EP.379)
Apr 11, 2024 bullish
Assertion Supported
BB-rated CLO debt currently yields over 12% with minimal defaults
“Today, because CLO BBs are floating rate, and because the Fed has hiked so much, we're getting yields in the 12% plus area, and defaults have been really, really minimal.”
Shiloh Bates Apr 11, 2024 ▶ 12:41 Shiloh Bates – CLO Investing at Flat Rock Global (EP.379)
Apr 11, 2024
Assertion Supported
CLO AUM grew from $6 billion in 1998 to $1 trillion today
“So there was basically about six billion in AUM when I joined. And there was six different CLO managers. And today there's really over a trillion in CLO AUM and about a hundred different active CLO managers.”
Shiloh Bates Apr 11, 2024 ▶ 3:45 Shiloh Bates – CLO Investing at Flat Rock Global (EP.379)
Apr 11, 2024 neutral
Assertion Partly supported
30-year average annual default rate on CLO loans is about 2%
“You can look back 30 years, and by our estimate, the default rate in CLOs is about two percent.”
Shiloh Bates Apr 11, 2024 ▶ 11:15 Shiloh Bates – CLO Investing at Flat Rock Global (EP.379)
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