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Shiloh Bates and InsuranceAUM.com – CLO BBs and Equity

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Shiloh Bates, Flat Rock Global’s Chief Investment Officer, joins Stewart Foley’s InsuranceAUM.com podcast, to unpack the fundamentals of CLOs, how they function in the credit markets, and why they matter for insurance and institutional investors. The conversation dives into 2025 market conditions, including elevated default rates, relative value across CLO equity and debt, and where Shiloh sees opportunity emerging. Along the way, Shiloh shares his career path, investment philosophy, and practical guidance on how investors can deepen their understanding of CLO investing.

Click here to listen to the full podcast.

This podcast is provided for information and educational purposes only and does not constitute investment advice, an offer to sell, or a solicitation of an offer to buy any securities. Any views expressed are those of the guest as of the date of recording and are subject to change. References to returns, yields, default rates, or market outlooks are illustrative, not guarantees of future performance, and may not reflect actual investor experience. Past performance is not indicative of future results.

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Shiloh Bates

Shiloh Bates, CFA joined Flat Rock Global in 2018 and is a Partner and Chief Investment Officer. Prior to that, he was a Managing Director at Benefit Street Partners. During his 20-year career, Mr. Bates has worked for several CLO managers and has been one of the largest investors in CLO securities. He wrote the book, CLO Investing with a focus on CLO Equity and BB Notes. He is also the host of the CLO Investor Podcast. Shiloh has a BA from Virginia Tech in Political Science, an MA in Public Policy from Harvard University, an MA in Financial Mathematics from the University of Chicago, and an MA in Statistics from Columbia University. He was also a specialist in psychological warfare in the US Army Reserves.

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