In this episode of the CLO Investor Podcast, Shiloh Bates sits down with Sam Garza, Portfolio Manager at DoubleLine, to discuss the evolving CLO market. They explore why CLO debt continues to offer attractive relative value, the challenges facing CLO equity investors, the rise of captive CLO equity funds, and the difference between broadly syndicated and private credit CLOs. The conversation also covers software loan exposure, the impact of AI on credit markets, higher-for-longer interest rates, and proposed rating agency changes that could reshape CLO structures and investor protections.

#38, Sam Garza, Portfolio Manager, DoubleLine

The CLO Investor Podcast

Hi, I'm Shiloh Bates and welcome to the CLO Investor Podcast. CLO stands for Collateralized Loan Obligations, which are securities backed by pools of leveraged loans. In this podcast, we discuss current news in the CLO industry and I get to interview key market players.

The content here is for informational purposes only and should not be taken as legal, business, tax or investment advice, or be used to evaluate any investment or security. The views expressed in this podcast are those of the guest and do not necessarily reflect the views of Flat Rock Global or its affiliates. Today I'm speaking with Sam Garza, a Portfolio Manager at DoubleLine, where he oversees macro asset allocation and the CLO team.

We discuss return premiums and CLO debt, captive CLO equity funds, software loans, and newly proposed rating criteria changes for CLO debt, which could lower the amount of equity subordination required for a given rating. Some housekeeping items I'm always looking for interesting guests to have on the podcast. Email us at info at flatrockglobal.com if you'd like to come on.

And if you're enjoying the podcast, please remember to share, like, and follow. And now, my conversation with Sam Garza. Sam, thanks for coming on the podcast. Thank you for having me, Shiloh. So how did you end up in the CLO business? Well, I've been on the buy side since 2000.

I originally started at TCW on the agency mortgage desk, and then we started a credit structure product team, which I quickly joined a couple years later. At one point early on, this is going back 25 years, I was the only one that knew how to use Intex.

#38, Sam Garza, Portfolio Manager, DoubleLine

Read the full transcript

The candid version is on a podcast,
not the earnings call.

#38, Sam Garza, Portfolio Manager, DoubleLine

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.