# Flat Rock Global - Alternative Credit Manager

> Founded in 2016, Flat Rock is an employee-owned boutique credit manager guided by the principles that put our beliefs into action.

> Generated by All in One SEO Pro v5.0.4, this is an llms.txt file, used by LLMs to index the site.

## Sitemaps

- [XML Sitemap](https://flatrockglobal.com/sitemap.xml): Contains all public & indexable URLs for this website.

## Posts

- [Why Are Recoveries Down?](https://flatrockglobal.com/why-are-recoveries-down/): Why First-Lien Leveraged Loan Recoveries Are Down First-lien leveraged loans have historically been attractive for a simple reason: when a company defaults, lenders have usually recovered a meaningful portion of their investment. When I began working for CLO managers in 2000, we expected about an 80% recovery in a default. In most cases, interest income
- [#41, Josef Pschorn, Fixed + Floating Podcast](https://flatrockglobal.com/41-josef-pschorn-fixed-floating-podcast/): In Episode 41 of the CLO Investor Podcast, Shiloh Bates joins Josef Pschorn of the Fixed + Floating Podcast for an in-depth discussion of today’s CLO market. They explore recent CLO equity performance, the self-healing mechanism, loan defaults and recoveries, liability management exercises, and the relative opportunities in broadly syndicated and private credit CLOs. Like
- [What are Interval Funds?](https://flatrockglobal.com/what-are-interval-funds/)
- [What are CLO ETFs?](https://flatrockglobal.com/what-are-clo-etfs/)
- [Captive CLO Equity Funds](https://flatrockglobal.com/captive-clo-equity-funds/)
- [Why Private Credit CLOs?](https://flatrockglobal.com/why-private-credit-clos-2/)
- [Are CLO BB Notes Misrated?](https://flatrockglobal.com/are-clo-bb-notes-misrated-2/)
- [#40 Part 2, Chris Gilbert, Co-Head of Securitized Products, Natixis](https://flatrockglobal.com/40-part-2-chris-gilbert-co-head-of-securitized-products-natixis/): This episode is part two of Shiloh Bates’ conversation with Chris Gilbert, Co-head of the Securitized Products Group at Natixis. Where the first part covered CLO debt ratings, this episode digs into CLO refinancings and resets — comparing the two options, walking through the economics and payback analysis on refis, and discussing how resets let
- [Why Has CLO Equity Traded Down?](https://flatrockglobal.com/why-has-clo-equity-traded-down/)
- [#39 Part 1, Chris Gilbert, Co-Head of Securitized Products, Natixis](https://flatrockglobal.com/39-part-1-chris-gilbert-co-head-of-securitized-products-natixis/): In this episode of the CLO Investor Podcast, Shiloh Bates sits down with Chris Gilbert, Co-Head of Securitized Products at Natixis, to explore how CLO debt tranches are rated and examine proposed methodology changes from Fitch and Moody’s. The discussion breaks down the mechanics behind CLO ratings, the potential impact of updated rating criteria on
- [Are CLO BB Notes Misrated?](https://flatrockglobal.com/are-clo-bb-notes-misrated/): How are CLO debt notes rated? NRSROs consider the loans' underlying ratings, likely recovery rate in default, and correlation of loan defaults in the portfolio.
- [#38, Sam Garza, Portfolio Manager, DoubleLine](https://flatrockglobal.com/38-sam-garza-portfolio-manager-doubleline/): 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
- [#37, David Altenhofen, Head of Credit Management, Accunia Credit Management](https://flatrockglobal.com/37-david-altenhofen-head-of-credit-management-accunia-credit-management/): David Altenhofen, Head of Credit Management at Accunia Credit Management, joins The CLO Investor podcast to compare the US and European CLO markets, digging into topics like manager selection and alpha, CLO equity’s recent struggles, software loan exposure, and a rare European CLO single-B default. Like & Subscribe: Amazon Music | Apple Podcasts | Spotify
- [#36, Laila Kollmorgen, Global Head of CLO Tranche Investing, MetLife Investment Management](https://flatrockglobal.com/36-laila-kollmorgen-global-head-of-clo-tranche-investing-metlife-investment-management/): Laila Kollmorgen, Global Head of CLO Tranche Investing at MetLife Investment Management, joins The CLO Investor podcast to discuss her investment approach across the CLO capital structure and the products her team manages. Laila shares why she currently sees compelling opportunities in CLO equity, junior BBBs, and AAAs, while offering insights on software credit risk,
- [#35, Cyrus Moshiri, Head of Structured Credit, New Mountain Capital](https://flatrockglobal.com/35-cyrus-moshiri-head-of-structured-credit-new-mountain-capital/): Cyrus Moshiri, Head of Structured Credit at New Mountain Capital, joins The CLO Investor podcast to discuss how New Mountain is differentiated from other private credit businesses, if private credit is as attractive as it used to be, the risk in software industry loans, and loan default rates in general. Like & Subscribe: Amazon Music
- [#34, Chris York, Partner, SLR Capital](https://flatrockglobal.com/34-chris-york-partner-slr-capital/): Chris York, Partner at SLR Capital, joins the CLO Investor Podcast to discuss the evolving landscape for BDCs and private credit, including publish BDC discounts, software loan risk, tender activity, and where risk-adjusted opportunities remain as the cycle matures. Like & Subscribe: Amazon Music | Apple Podcasts | Spotify
- [Why Private Credit CLOs?](https://flatrockglobal.com/why-private-credit-clos/): Why Private Credit CLOs? April 2026 We believe private credit loan exposure can be compelling when accessed through CLOs. The CLO structure enhances diversification, defensiveness, leverage efficiency, and liquidity in ways that direct lending funds cannot easily replicate. 1. Diversification In private credit, where individual credit outcomes can vary significantly, diversification is a powerful risk
- [Captive CLO Equity Funds with Shiloh Bates](https://flatrockglobal.com/captive-clo-equity-funds-with-shiloh-bates/): Captive CLO Equity Funds One structural challenge for CLO equity investors in the years ahead is the growing prevalence of captive CLO equity funds, which purchased a substantial majority of the equity in CLOs created last year. A third party CLO investor is not tied to deals from one CLO manager. Rather, they seek
- [#33, Drew Sweeney, Co-Head of Global Credit, TCW](https://flatrockglobal.com/33-drew-sweeney-co-head-of-global-credit-tcw/): Drew Sweeney, Co-Head of Global Credit of TCW, joins The CLO Investor podcast for a second time to discuss loans to software businesses at a time when AI-displacement risk is elevated. We discuss the question of if declining software valuations and cash flows will be severe enough to impair first lien loans. Like & Subscribe:
- [#32, John Kim, CEO and Co-Founder, Reckoner Capital](https://flatrockglobal.com/32-john-kim-ceo-and-co-founder-reckoner-capital/): John Kim, CEO and Co-Founder of Reckoner Capital, joins The CLO Investor podcast to discuss the launch of innovative CLO ETFs, including leveraged and reinvesting structures. The conversation also covers broader trends in the CLO market, risk considerations, and how institutional and retail investors may think about CLO debt today. Like & Subscribe: Amazon Music
- [#31, Serhan Secman, Global Head of CLOs, Napier Park](https://flatrockglobal.com/31-serhan-secman-global-head-of-clos-napier-park/): Serhan Secman, Global Head of CLOs at Napier Park, joins The CLO Investor podcast to discuss the CLO investing business, inefficiencies in the market and the three factors that negatively effected CLO equity in 2025. Like & Subscribe: Amazon Music | Apple Podcasts | Spotify
- [Webinar Protected](https://flatrockglobal.com/webinar-protected/): Flat Rock Global CEO Robert Grunewald and CIO Shiloh Bates provided a collateralized loan obligation (CLO) market update in a webinar on April 14, 2025. They discussed CLO BB notes and CLO equity, plus market volatility, tariffs, and global uncertainty. They also reviewed some fundamentals, including the CLO self-healing mechanism. Note that the webinar is
- [Capital Allocators Podcast: Ryan Ripp on Accessing CLOs through Interval Funds](https://flatrockglobal.com/capital-allocators-podcast-ryan-ripp-on-accessing-clos-through-interval-funds/): Ryan Ripp, the Chief Operating Officer of Flat Rock Global, joins the Capital Allocators podcast for a general, educational discussion on interval funds and their role within the retail alternatives landscape. They dive into operational mechanics for a daily NAV, ongoing liquidity management, and service provider coordination that is different than the traditional private fund
- [Capital Allocators Podcast: Shiloh Bates on CLO Investing](https://flatrockglobal.com/capital-allocators-podcast-shiloh-bates-on-clo-investing/): Shiloh Bates, Chief Investment Officer of Flat Rock Global, joined the Capital Allocators podcast for a general discussion on CLOs, private credit market structure, and macroeconomic considerations. Click here to listen to the podcast. This podcast, hosted by Capital Allocators, is provided for information and educational purposes only and does not constitute investment advice,
- [Market Volatility and Flat Rock Funds Webinar Replay](https://flatrockglobal.com/market-volatility-and-flat-rock-funds-webinar-replay/): In a webinar on April 14, 2025, Flat Rock Global leaders discussed market volatility, private credit, CLO BB notes, and CLO equity. Watch the replay.
- [Shiloh Bates and InsuranceAUM.com - CLO BBs and Equity](https://flatrockglobal.com/shiloh-bates-and-insuracneaum-com-clo-bbs-and-equity/): 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
- [Macro Hive Podcast: Shiloh Bates on the Growth in Private Credit and CLOs](https://flatrockglobal.com/macro-hive-podcast-shiloh-bates-on-the-growth-in-private-credit-and-clos/): Shiloh Bates, Flat Rock Global’s Chief Investment Officer, joins the Macro Hive podcast to discuss industry concentration in CLOs, the growth in private credit, and much more. Click here to listen to the podcast. This podcast is hosted by Macro Hive and is provided for informational and educational purposes only. It does not constitute investment
- [#9 Drew Sweeney, Senior Portfolio Manager, TCW](https://flatrockglobal.com/podcast-the-clo-investor-episode-9/): Shiloh Bates talks to Drew Sweeney of TCW about loan documentation quality in the broadly syndicated loan market.
- [Collateralized Loan Obligations (CLOs) 101](https://flatrockglobal.com/podcast-the-clo-investor-episode-1/): Collateralized Loan Obligation (CLO) Investing 101. What is a CLO? What is CLO Equity? What are CLO BB notes? Learn more about CLOs in the CLO Investor Podcast.
- [#2 Derek Russo, CLO Investor, Flat Rock Global](https://flatrockglobal.com/podcast-the-clo-investor-episode-2/): In the CLO Investor Podcast, Episode 2, Shiloh Bates and Derek Russo discuss refis and resets, CLO issuance, and explore other opportunities in the CLO market.
- [#3 David Williams, CLO Banker, Scotia Bank](https://flatrockglobal.com/podcast-the-clo-investor-episode-3/): CLO Issuance, refis and resets, profitability, and opportunities and challenges in the CLO market are just a few of the topics in The CLO Investor odcast.
- [#4 Ivo Turkedjiev, Broadly Syndicated CLO Manager, New Mountain Capital](https://flatrockglobal.com/podcast-the-clo-investor-episode-4/): The CLO Investor podcast episode 4 covers CLO topics like credit investing, loan recoveries, and the path to building a successful management platform.
- [#5 Tom Davidson, Managing Editor, Creditflux](https://flatrockglobal.com/podcast-the-clo-investor-episode-5/): CLO education, current opportunities in the CLO market, and CLO equity risk adjusted returns are among the topics covered in ep. 5 of The CLO Investor podcast.
- [#6 Paul Nikodem, CLO Researcher, Nomura Securities](https://flatrockglobal.com/podcast-the-clo-investor-episode-6/): Each CLO has a manager whose job is to pick the loans and to keep the CLO passing its many tests. Learn more about the process in The CLO Investor podcast.
- [#7 Patrick Wolfe, Head of U.S. Middle Market CLOs, BlackRock](https://flatrockglobal.com/podcast-the-clo-investor-episode-7/): Learn more about the current state of middle market loans, the risks for CLO investors in today's economy, and more in ep. 7 of The CLO Investor podcast
- [#8 John Kerschner, Head of U.S. Securitized Products, Janus Henderson](https://flatrockglobal.com/podcast-the-clo-investor-episode-8/): Shiloh Bates welcomes John Kerschner, Head of U.S. Securitized Products and a Portfolio Manager for JAAA at Janus Henderson, to the podcast.
- [#10 Allan Schmitt, Head CLO Banker, Wells Fargo](https://flatrockglobal.com/podcast-the-clo-investor-episode-10/): Allan Schmitt, Head CLO Banker at Wells Fargo talks to Shiloh Bates about rated feeders, a new flavor of CLO that is growing in popularity.
- [#11 John Timperio, Global Financial Practice Co-Head, Dechert](https://flatrockglobal.com/podcast-the-clo-investor-episode-11/): How are CLOs regulated? What’s new in regulatory issues for CLOs? John Timperio, the co-head of Dechert’s global Finance practice joins The CLO Investor podcast
- [#12 Ted Goldthorpe, Head of Credit, BC Partners](https://flatrockglobal.com/podcast-the-clo-investor-episode-12/): Flat Rock Global CIO Shiloh Bates talks to Ted Goldthorpe, Head of Credit at BC Partners, about private credit and business development companies.
- [#13 Stephen Anderberg, U.S. CLOs Sector Lead, Standard & Poor's Global Ratings](https://flatrockglobal.com/podcast-the-clo-investor-episode-13/): How are CLOs rated? What are the trends in upgrades and downgrades and defaults? How have CLO ratings have performed relative to thecorporate rating system.
- [#14 Lauren Basmadjian, Global Head of Liquid Credit, Carlyle](https://flatrockglobal.com/podcast-the-clo-investor-episode-14/): Lauren Basmadjian, Carlyle’s Global Head of Liquid Credit, joins The CLO Investor podcast to discuss CLO spreads, loan defaults and recoveries, and more.
- [#15 Bilal Nasir, Head of CLO Trading, Bank of Montreal](https://flatrockglobal.com/podcast-the-clo-investor-episode-15/): How can investors use “risk profiles” to evaluate CLO investment opportunities? If you’ve ever wondered about the ins and outs of CLO trading, listen to this.
- [#16, Chris Gilbert, Head CLO Banker, Natixis](https://flatrockglobal.com/podcast-the-clo-investor-episode-16/): Chris Gilbert, Head CLO Banker at Natixis, joins The CLO Investor podcast, to discuss underwriting broadly syndicated and middle market CLOs.
- [#17, Mike Comparato, Head of Real Estate, Benefit Street Partners](https://flatrockglobal.com/podcast-the-clo-investor-episode-17/): Learn the differences between commercial real estate (CRE) CLOs and the more common CLOs backed by corporate loans that are Flat Rock’s specialty.
- [#18, Pratik Gupta, Head of CLO Research, Bank of America Securities](https://flatrockglobal.com/podcast-the-clo-investor-episode-18/): Pratik Gupta, the CLO Research Head at Bank of America Securities, talks about collateralized loan obligation (CLO) research on The CLO Investor podcast
- [#19, Stephanie Setyadi, Partner, Ivy Hill Asset Management](https://flatrockglobal.com/clo-business-case-studies/): The CLO Investor podcast episode 19 with Stephanie Setyadi of Ivy Hill Asset Management includes case studies about the businesses found in middle market CLOs.
- [#20, Himani Trivedi, Head of Structured Credit, Nuveen](https://flatrockglobal.com/collateralized-loan-obligations-clos-and-tariffs/): In episode 20 of The CLO Investor podcast, host Shiloh Bates talks to Nuveen’s Head of Structured Credit, Himani Trivedi, about how CLO managers navigate volatile markets. They discuss how tariffs and macro uncertainty affect portfolio construction, the use of warehouses, and how to identify opportunity in market dislocations. Himani also shares the detailed framework
- [#21, Brian Nolan, Head of European CLO Structuring, PGIM](https://flatrockglobal.com/european-clos-and-u-s-clos/): Brian Nolan, Head of European CLO Structuring at PGIM, joins The CLO Investor podcast to discuss European CLOs and how they differ from US CLOs.
- [#22, Amir Vardi, Head of Structured Credit, UBS Asset Management](https://flatrockglobal.com/clo-market-inefficiencies/): Amir Vardi, Head of Structured Credit at UBS Asset Management, joins The CLO Investor podcast to discuss CLO market inefficiencies, CLO debt versus CLO equity, and more.
- [#24, Alex Navin, Managing Director, Performance Trust Capital Partners, LLC](https://flatrockglobal.com/clo-equity-spreads-loan-defaults-and-beyond/): Alex Navin, Managing Director, Performance Trust Capital Partners, LLC, joins The CLO Investor podcast to discuss the year for CLO equity on multiple fronts: leveraged loan defaults, spread compressions, potential Fed Rate cuts, and the growth in CLO debt EFTs. Like & Subscribe: Amazon Music | Apple Podcasts | Spotify TRANSCRIPT Shiloh Bates: Hi, I’m
- [#23, Melissa Brady, Senior Director, Alvarez & Marsal](https://flatrockglobal.com/private-credit-loans-and-trends/): Melissa Brady, Senior Director at Alvarez & Marsal, joins The CLO Investor podcast to discuss the performance of private credit loans, why some credit managers may have different marks than others, and other trends in private credit. Like & Subscribe: Amazon Music | Apple Podcasts | Spotify TRANSCRIPT Shiloh Bates: Hi, I’m Shiloh Bates, and
- [#25, Jonathan Horowitz, Partner & Head of Structured Liabilities, Fortress Investment Group](https://flatrockglobal.com/credit-trends-clo-strategies/): Jonathan Horowitz, Partner & Head of Structured Liabilities at Fortress Investment Group, joins the CLO Investor Podcast to discuss the pros and cons of using bank leverage vs. CLOs, credit trends in broadly syndicated and private credit loans, and the lack of new issue loan supply in general. Like & Subscribe: Amazon Music | Apple
- [#26, Sean Griffin, CEO, LSTA](https://flatrockglobal.com/u-s-loan-regulations-and-lsta/): Sean Griffin, CEO of the LSTA, joins The CLO Investor podcast to discuss regulatory wins that the LSTA has had and what key issues they are focused on today. Like & Subscribe: Amazon Music | Apple Podcasts | Spotify TRANSCRIPT Shiloh Bates: Hi, I’m Shiloh Bates, and welcome to the CLO Investor Podcast. CLO stands
- [#27, Mike Hatley, Senior Advisor, Rothschild & Co.](https://flatrockglobal.com/understanding-clo-performance-through-market-cycles/): Mike Hatley, Senior Advisor at Rothschild & Co., joins The CLO Investor podcast to discuss a brief history of CLOs and various downturns in the loan market. Like & Subscribe: Amazon Music | Apple Podcasts | Spotify TRANSCRIPT Hi, I’m Shiloh Bates, and welcome to the CLO Investor Podcast. CLO stands for Collateralized Loan
- [#28, Greg Borenstein, Portfolio Manager, Ellington Credit Company](https://flatrockglobal.com/clos-earns-evolution-mezzanine-vs-equity-and-market-realities/): Greg Borenstein, Portfolio Manager of Ellington Credit Company, ticker: EARN, joins The CLO Investor podcast to discuss EARN’s conversion from a morgage REIT, the backdrop for CLO equity and mezzanine, and why CLO equity captive funds are negative for the CLO market. Like & Subscribe: Amazon Music | Apple Podcasts | Spotify TRANSCRIPT Hi,I’m
- [#29, Brad Larson, Head of U.S. Global Credit Financing, CIBC](https://flatrockglobal.com/inside-clo-banking-teams-issuance-and-execution/): Brad Larson, Head of US Global Credit Financing at CIBC, joins The CLO Investor podcast to discuss the opportunity he saw in CLOs in 2010, what creates a good CLO banking team, and why CLOs are easier to create today vs. a decade ago. Like & Subscribe: Amazon Music | Apple Podcasts | Spotify
- [#30, Shiloh Bates, 2025 CLO Recap](https://flatrockglobal.com/30-shiloh-bates-2025-clo-recap/): Shiloh Bates, the Chief Investment Officer of Flat Rock Global, provides a concise recap of the 2025 CLO market. This episode breaks down record issuance, strong CLO debt performance, and the headwinds that weighed on CLO equity. Like & Subscribe: Amazon Music | Apple Podcasts | Spotify TRANSCRIPT Hi, I’m Shiloh Bates, and welcome to
- [CLO Equity in 2025 with Shiloh Bates](https://flatrockglobal.com/clo-equity-in-2025-with-shiloh-bates/): Shiloh Bates, Flat Rock Global’s Chief Investment Officer, was interviewed by CreditSights to discuss why CLO equity underperformed in 2025. In the interview, he explains how elevated loan defaults, declining asset spreads, and higher required return assumptions combined to pressure CLO equity returns, while emphasizing that these challenges were cyclical rather than structural. Bates also
- [Video: Interval Fund Basics](https://flatrockglobal.com/interval-fund-basics-by-shiloh-bates/): What is an interval fund? How is an interval fund different from other investment vehicles? Flat Rock Global CIO Shiloh Bates explains interval funds and why he thinks interval funds are growing in popularity. TRANSCRIPT Hi. I’m Shiloh Bates and I’m the CIO of Flat Rock Global. Today I want to talk to you guys
- [Video: CLO Investing Overview](https://flatrockglobal.com/video-clo-investing-overview/): What is a CLO (Collateralized Loan Obligation)? How do CLOs work? What are the different types of CLOs? Flat Rock Global CIO Shiloh Bates answers these questions and more in this webinar replay. TRANSCRIPT Hi everybody, I’m Shiloh Bates. I’m the CIO of Flat Rock Global, and today I’m going to walk you guys through an educational
- [Shiloh Bates Discusses CLO’s to Ramp Up Mid Market Loan Holdings](https://flatrockglobal.com/shiloh-bates-discusses-clos-to-ramp-up-mid-market-loan-holdings/): Creditflux: CLO Managers to Ramp Up Mid-Market Loan Holdings
- [Alternatives Watch 2022 Outlook: Flat Rock Global](https://flatrockglobal.com/alternatives-watch-2022-outlook-flat-rock-global/): Flat Rock Global Founder and CEO Robert Grunewald discusses trends within private credit markets with Alternatives Watch for its AW Outlook series.
- [Flat Rock Global’s Opportunity Fund (FROPX) Takes the Top Spot in Performance Rankings](https://flatrockglobal.com/flat-rock-globals-opportunity-fund-fropx-takes-the-top-spot-in-performance-rankings/): The Flat Rock Opportunity Fund (FROPX) claims a top-performing spot in 2021
- [Robert Grunewald quoted in new CAIA Association Article on Interval Funds](https://flatrockglobal.com/robert-grunewald-quoted-in-new-caia-association-article-on-interval-funds/): See Article here
- [Flat Rock Global: It’s not a great time for a two-year non-call on a new-issue deal](https://flatrockglobal.com/flat-rock-global-its-not-a-great-time-for-a-two-year-non-call-on-a-new-issue-deal/): Flat Rock Global CIO Shiloh Bates discusses CLO equity performance with LevFin Insights.
- [Shiloh Bates Discusses Private Investment Opportunities in an Interval Fund](https://flatrockglobal.com/shiloh-bates-discusses-private-investment-opportunities-in-an-interval-fund/): Flat Rock Global's CIO on the potential advantages of the interval fund structure, plus attractive risk-adjusted returns in middle market credit, CLO equity.
- [Flat Rock Opportunity Fund (FROPX) Announces $0.35 Special Distribution](https://flatrockglobal.com/flat-rock-opportunity-fund-fropx-announces-0-35-special-distribution/): Flat Rock Opportunity Fund (FROPX) announces a special distribution payable May 18, 2022.
- [Flat Rock Global Launches a New Interval Fund, the Flat Rock Enhanced Income Fund](https://flatrockglobal.com/flat-rock-global-launches-a-new-interval-fund-the-flat-rock-enhanced-income-fund/): See the article here
- [Flat Rock Core Income Fund Announces Distribution Increase](https://flatrockglobal.com/flat-rock-core-income-fund-announces-distribution-increase/): Flat Rock Global's Board of Directors Approves Increase in Monthly Distribution See the article here
- [Flat Rock Enhanced Income Fund Declares First Monthly Distributions](https://flatrockglobal.com/flat-rock-enhanced-income-fund-declares-first-monthly-distributions/): Flat Rock Global's Board of Trustees declared its first monthly distributions for the new Flat Rock Enhanced Income Fund (FRBBX) See the article here
- [Current Interest Rate Environment Contributes to Distribution Increases for Two Flat Rock Global Funds](https://flatrockglobal.com/current-interest-rate-environment-contributes-to-distribution-increases-for-two-flat-rock-global-funds/): Flat Rock Global announces an increase in the distribution rates for two of its funds, the Flat Rock Core Income Fund (CORFX) and Flat Rock Enhanced Income Fund (FRBBX), effective the fourth quarter of 2023. Read Article Here
- [Insights from a CLO Expert](https://flatrockglobal.com/insights-from-a-clo-expert/): Flat Rock Global CIO Shiloh Bates discusses CLO market opportunities , CLO education, and more at the Creditflux CLO Symposium in London
- [The Resurgence of the CLO Marketplace](https://flatrockglobal.com/the-resurgence-of-the-clo-marketplace/): Flat Rock Global CIO Shiloh Bates talks to Barry Hortz about the opportunities and risks in the collateralized loan obligations (CLO) marketplace; the origins of the CLO Equity Index; the significance of the interval fund structure; and his book, CLO Investing with an Emphasis on CLO Equity and BB Notes. Read Article Here
- [CLO Investing: Would You Buy It?](https://flatrockglobal.com/clo-investing-would-you-buy-it/): Flat Rock Global CIO Shiloh Bates joined the Creditflux CLO Investor Summit in New York. He describes his CLO investment process and key factors he considers.
- [Interval Funds a Compelling Option for Retail Investors](https://flatrockglobal.com/interval-funds-a-compelling-option-for-retail-investors/): Flat Rock Global CIO Shiloh Bates spoke with LevFin Insights reporter Krista Giovacco about interval funds as an investment option for retail investors. Interval funds provide daily share prices and allow investors to redeem or add shares at specific intervals. They also provide daily share prices and offer greater liquidity and accessibility to retail investors.
- [Here's Why CLO Products are Taking Off](https://flatrockglobal.com/heres-why-clo-products-are-taking-off/): Flat Rock Global CIO Shiloh Bates spoke with InvestmentNews about why CLOs, CLO products, and private equity products may be of interest to investors.
- [Private Credit and CLO Investing](https://flatrockglobal.com/private-credit-and-clo-investing/): Shiloh Bates joins The InvestmentNews Podcast to discuss the surging popularity of private credit and CLO investing.
- [CLO Market Update with Shiloh Bates](https://flatrockglobal.com/clo-market-update-with-shiloh-bates/): Flat Rock Global CIO Shiloh Bates talks to Giovanni Amodeo, Chief Influencers Officer at ION Analytics about Collateralized Loan Obligation (CLO) markets, CLO equity, and BB notes. DISCLOSURES References to interest rate moves are based on Bloomberg data. Any mentions of specific companies are for reference purposes only and are not meant to describe the investment
- [Why Advisors Might Consider CLOs](https://flatrockglobal.com/why-advisors-might-consider-clos/): In an interview with InvestmentNews, Flat Rock Global CIO Shiloh Bates explains why financial advisors may want to consider Collateralized Loan Obligations (CLOs) in client portfolios. Read the Article DISCLOSURES 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
- [Why Invest in Interval Funds?](https://flatrockglobal.com/why-invest-in-interval-funds/): Interval funds are a type of closed-end fund. They offer more liquidity than traditional closed-end funds and less liquidity than open-end mutual funds.
- [Recession Avoided, Private Credit Wins, and Other Predictions for 2024](https://flatrockglobal.com/recession-avoided-private-credit-wins-and-other-predictions-for-2024/): What's ahead in 2024? Private credit will outperform, unique investment opportunities will be found in CLO BB notes and CLO equity.
- [Private Credit and CLOs in a Declining Rate Environment](https://flatrockglobal.com/private-credit-and-clos-in-a-declining-rate-environment/): SOFR serves as the base rate for private credit and CLOs. Declining SOFR may have different effects on private credit loans, CLO BBs, and CLO equity.
- [Podcast: Shiloh Bates on the CLO Investing Opportunity](https://flatrockglobal.com/podcast-shiloh-bates-on-clo-investing-opportunity/): Flat Rock Global CIO Shiloh Bates reviews some CLO (Collateralized Loan Obligation) basics and shares potential CLO investing opportunities in a recent podcast.
- [Key Questions Regarding How to Use the Flat Rock Global Funds in Portfolio Allocation](https://flatrockglobal.com/key-questions-regarding-how-to-use-the-flat-rock-global-funds-in-portfolio-allocation/): Key considerations for adding private credit, middle market CLO BBs, and CLO equity into client portfolios as part of a diversified strategy.
- [Private Credit, CLO Equity and BB Notes, and the Growth of CLO ETFs](https://flatrockglobal.com/key-questions-from-flat-rock-global-clients-in-2024/): Among the top client questions for 2024: Is private credit a bubble? What is the outlook for CLO equity in an environment where defaults have been increasing?
- [Key Questions about Private Credit, CLOs](https://flatrockglobal.com/key-questions-from-clients-in-2023/): Client questions, answered. Is private credit a bubble? Can borrowers afford higher interest rates? What about refis/CLO extensions? Lower loan issuance?
- [Illuminating Credit Agreements](https://flatrockglobal.com/illuminating-credit-agreements/): This overview explores private credit, including financial covenants, the importance of EBITDA, unrestricted subsidiaries, and middle market opportunities.
- [Podcast: Demystifying CLO Myths](https://flatrockglobal.com/podcast-demystifying-clo-myths/): Flat Rock Global CIO Shiloh Bates discusses CLOs (Collateralized Loan Obligations) with Macro Hive CEO Bilal Hafeez on the Hive Podcast. Learn more about characteristics of different CLO tranches, CLO issuance, and the self-healing mechanism, to name a few. Listen Now DISCLOSURESThe performance data quoted in the podcast represents past performance. Current performance may be
- [Flat Rock Nominated for the Creditflux Manager Awards 2021](https://flatrockglobal.com/flat-rock-nominated-for-the-creditflux-manager-awards-2021/): Get PDF here
- [Shiloh Bates on CLO Logjam](https://flatrockglobal.com/shiloh-bates-on-clo-logjam/): Get PDF here
- [Flat Rock Completes Hat Trick](https://flatrockglobal.com/flat-rock-completes-hat-trick/): Get PDF here
- [Robert Grunewald Discusses Busiest Month for CLO’s](https://flatrockglobal.com/robert-grunewald-discusses-busiest-month-for-clos/): Get PDF here
- [Robert Grunewald on Direct Lending](https://flatrockglobal.com/robert-grunewald-on-direct-lending/): See Article here
- [Common Mistakes in CLO Equity and BB Note Investing](https://flatrockglobal.com/common-mistakes-in-clo-equity-and-bb-note-investing/): Collateralized Loan Obligation (CLO) Equity is the riskiest tranche of a CLO, but also has the highest return potential, while notes rated BB are usually the CLO’s junior-most debt tranche. Both securities have attractive fundamentals, but it’s important to realize that these securities have some distinct features from other asset classes. Several key differences revolve
- [Dividend Payouts and Covenant Breaches: Do Middle Market Lenders have the Upper Hand?](https://flatrockglobal.com/dividend-payouts-and-covenant-breaches-do-middle-market-lenders-have-the-upper-hand/): When assessing the creditworthiness of senior secured corporate loans, we find that middle market loans are often more favorable to lenders than broadly syndicated loans due to the higher likelihood that these loans have leverage covenants which offer lenders better protection from an aggressive dividend policy, as well as a stronger negotiating position if the
- [The Underperformance of CLO Risk Retention Funds](https://flatrockglobal.com/the-underperformance-of-clo-risk-retention-funds/): On October 21, 2014, the final rules implementing the credit risk retention requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act were issued (the “U.S. Risk Retention Rule”). U.S. Risk Retention Rule required a CLO manager or affiliate to retain not less than 5% of the credit risk of the assets collateralizing the
- [Shiloh Bates Discusses Why SPAC Acquisitions Help Drive CLO Returns](https://flatrockglobal.com/shiloh-bates-discusses-why-spac-acquisitions-help-drive-clo-returns/): See Article here
- [Shiloh Bates Discusses Why SPACs May Be a Boon to CLO Equity Returns](https://flatrockglobal.com/shiloh-bates-discusses-why-spacs-may-be-a-boon-to-clo-equity-returns/): See Article here
- [Creditflux 2020 Manager Awards Video](https://flatrockglobal.com/creditflux-2020-manager-awards-video/): Flat Rock Global is proud to be the recipient of this year's Creditflux Managers Award for Best CLO Fund. In this video, see Flat Rock Managing Director Shiloh Bates give his acceptance speech, along with commentary from the Creditflux team.
- [The Last Tranche Podcast with Flat Rock's Bates: mid-market CLO equity proves advantageous in crisis](https://flatrockglobal.com/the-last-tranche-podcast-with-flat-rocks-bates-mid-market-clo-equity-proves-advantageous-in-crisis/): In this episode of The Last Tranche, Creditflux's Hugh Minch sits down with Flat Rock Global managing director Shiloh Bates. Topics include launching a new CLO fund, the advantage of middle market CLOs in a crisis, and how some risk retention fund investors' equity positions have underperformed. This edition of The Last Tranche is made
- [Shiloh Bates Comments on Annual Record CLO Sales](https://flatrockglobal.com/shiloh-bates-comments-on-annual-record-clo-sales/): See Article here
- [CORFX Named One of 10 Interval Funds Yielding Over 10%](https://flatrockglobal.com/corfx-named-one-of-10-interval-funds-yielding-over-10/): See Article here
- [CEO Robert Grunewald on the Money Life Podcast](https://flatrockglobal.com/ceo-robert-grunewald-on-the-money-life-podcast/): CEO Robert Grunewald on The Money Life Podcast was featured on this podcast: https://moneylifeshow.libsyn.com/market-timer-sees-horrible-market-ahead-for-2024

## Pages

- [Home](https://flatrockglobal.com/): Flat Rock Global offers alternative credit strategies, seeking steady income and capital preservation for RIAs, Family Offices, and Institutions.
- [Flat Rock Opportunity Fund (FROPX)](https://flatrockglobal.com/flat-rock-opportunity-fund/): The Flat Rock Opportunity Fund (FROPX) offers exposure to a highly diversified pool of first lien loans through CLO Equity with the goal of generatingincome.
- [About Us](https://flatrockglobal.com/about-us/): About Flat Rock Global A BOUTIQUE EMPLOYEE-OWNED CREDIT MANAGER Founded in 2016 An Innovative Approach to Alternative Investments Our goal is the growth of client income and long-term capital appreciation. A Track Record of Innovative Investment Solutions Our Story 2016 Investors should consider the investment objectives, risks, and charges and expenses of the Fund before
- [CLO Educational Videos](https://flatrockglobal.com/clo-educational-videos/): CLO Educational Videos DefaultDateAuthor DefaultDateAuthor DefaultAscendingDescending CLO Educational Videos What are CLO ETFs? 10/01/26 Contact Us
- [CLO Equity Index](https://flatrockglobal.com/clo-equity-index/): Access previous quarter commentary and key characteristics of the Flat Rock CLO Equity Returns Index, as well as the index construction methodology.
- [FROPX Fund Financials](https://flatrockglobal.com/fropx-fund-financials/): Annual & Semi Annual Reports
- [FRBBX Fund Financials](https://flatrockglobal.com/frbbx-fund-financials/): Annual & Semi Annual Reports FRBBX Fund Financials FRBBX 06/30/26 Semi-Annual Report Click here FRBBX 3/31/26 Schedule of Investments Click here FRBBX 12/31/25 Annual Report Click here FRBBX 9/30/25 Schedule of Investments Click here FRBBX 2025 Semi-Annual Report Click here FRBBX Historical Distributions Click here FRBBX 2024 Annual Report Click here FRBBX 2024 Semi-Annual Report
- [CORFX Fund Financials](https://flatrockglobal.com/corfx-fund-financials/): Annual & Semi Annual Reports CORFX Fund Financials CORFX 06/30/26 Semi-Annual Report Click here CORFX 3/31/26 Schedule of Investments Click here CORFX 12/31/25 Annual Report Click here CORFX 9/30/25 Schedule of Investments Click here CORFX 2025 Semi-Annual Report Click here CORFX Historical Distributions Click here CORFX 2024 Annual Report Click here CORFX 2024 Semi-Annual Report
- [Flat Rock Core Income Fund (CORFX)](https://flatrockglobal.com/core-income-fund/): The Flat Rock Core Income Fund (CORFX) provides exposure to investments focused on first lien, floating rate loans, to middle market companies.
- [Flat Rock Enhanced Income Fund (FRBBX)](https://flatrockglobal.com/flat-rock-enhanced-income-fund-frbbx/): The Flat Rock Enhanced Income Fund (FRBBX) invests in the junior debt tranches of CLOs and seeks exposure to private credit with protection against loss
- [Glossary](https://flatrockglobal.com/glossary/): Secured overnight financing rate, SOFR, is a broad measure of the cost of borrowing cash overnight, collateralized by Treasury securities. The global financial Crisis, GFC, was a period of extreme stress in the global financial markets and banking systems between mid-2007 and early 2009. Credit ratings are opinions about credit risk for long term issues
- [About CLOs](https://flatrockglobal.com/about-clo-equity/): Learn about what is a CLO, CLO equity funds, CLO BBs. Start investing in CLO funds.
- [CLO Investor Presentation - February 22, 2022](https://flatrockglobal.com/clo-investor-presentation-february-22-2022/): CLO Equity: An Untapped Investment Opportunity with Founder & CEO Robert Grunewald & CIO, Shiloh Bates An educational overview of Collateralized Loan Obligations (CLOs) covering what is a CLO, CLO construction and diversification within these structures. Also, learn why CLO Equity has historically produced an attractive return, how the self-healing mechanism works within CLOs and
- [Q4 Credit Market Update](https://flatrockglobal.com/q4-credit-market-update/): In this webinar, Flat Rock Global's Heather Madden and CIO Shiloh Bates discuss how declining rates affect the leveraged loan market, CLO BBs, and CLO equity.
- [Podcasts](https://flatrockglobal.com/podcasts/): Podcasts All Podcast DefaultDateAuthor DefaultDateAuthor DefaultAscendingDescending Podcast #41, Josef Pschorn, Fixed + Floating Podcast 10/09/26 2 3 Get in Touch with Flat Rock Contact Us
- [Resource Center](https://flatrockglobal.com/resource-center/): Access Flat Rock Global’s robust library of insights and educational resources about the value of alternative investments as part of a diversified portfolio.
- [Learn More](https://flatrockglobal.com/learn-more/): Which strategy is right for your clients? Learn more about the Flat Rock Enhanced Income Fund, Flat Rock Core Income Fund, and Flat Rock Opportunity Fund.
- [CLO Insights](https://flatrockglobal.com/clo-insights-flat-rock-global/): Get the latest CLO market insights from Flat Rock Global, including articles, videos, and the latest episodes of The CLO Investor podcast.
- [CLO Investing Book](https://flatrockglobal.com/clo-investing-book/): Flat Rock Global CIO Shiloh Bates wrote the book on CLOs. Learn more about CLO investing, CLO equity, BB notes, and the CLO self-healing mechanism.
- [CLO Investing – With an Emphasis on CLO Equity & BB Notes](https://flatrockglobal.com/clo-investing-by-shiloh-bates/): Learn all you need to know about collateralized loan obligations, CLO equity, and BB notes, and how to incorporate CLOs into your investment strategy.
- [The CLO Investor Podcast](https://flatrockglobal.com/the-clo-investor-podcast/): Learn more about CLO investing from the experts Flat Rock Global CIO Shiloh Bates explores collateralized loan obligations (CLO) basics and discusses CLO industry insights with key market players in this podcast. Be sure to subscribe to listen to the latest episodes. Subscribe to be notified about new podcasts and insightful articles from Flat Rock
- [CLO Glossary](https://flatrockglobal.com/clo-glossary/): Glossary of Terms. Investing in CLOs and private credit involves navigating a range of concepts. These key terms aim to help investors understand these areas.
- [Flat Rock Core Income Fund (CORFX)](https://flatrockglobal.com/flat-rock-core-income-fund-corfx/): Flat Rock Core Income Fund (CORFX) Seeking to Build Steady, Consistent Income CORFX Highlights The Flat Rock Core Income Fund (CORFX) provides exposure to investments focused on first lien, floating rate loans, to middle market companies. The Fund’s objective is the preservation of capital while generating current income from its debt investments and seeking to
- [Privacy Policy](https://flatrockglobal.com/privacy-policy/): Privacy Policy FLAT ROCK CORE INCOME FUND PRIVACY NOTICE (Rev. Oct. 2020) FACTS WHAT DOES FLAT ROCK CORE INCOME FUND DO WITH YOUR PERSONAL INFORMATION? Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell
- [About Us trash](https://flatrockglobal.com/about-us-trash/): Meet Flat Rock Global’s team of experienced investment professionals and learn more about our focus on niche strategies in the credit market.
- [Elementor #85010](https://flatrockglobal.com/elementor-85010/): Podcast #41, Josef Pschorn, Fixed + Floating Podcast 10/09/2026 Shiloh Bates Read More Insights Why Are Recoveries Down? 10/08/2026 Shiloh Bates Read More CLO Educational Videos What are CLO ETFs? 10/01/2026 Shiloh Bates Read More Podcast #40 Part 2, Chris Gilbert, Co-Head of Securitized Products, Natixis 09/17/2026 Shiloh Bates Read More CLO Educational Videos Why
- [Contact Us](https://flatrockglobal.com/contact-us/): Schedule a call with the Flat Rock Global team to learn more about how our strategies can help your clients achieve their investment objectives.
- [Educational Videos](https://flatrockglobal.com/educational-videos/): Educational Videos Introduction to CLO Equity Why First Lien? Why a Decline in Loans Could Be Beneficial
- [Project Fleri](https://flatrockglobal.com/project-fleri/): Flat Rock Global Partners with Project Fleri in Support of Their School Lunch Program for Haitian children “Thank you Flat Rock Global for your generosity in supporting the needs of Haitian children struggling with the effects of extreme poverty.” – Emily Booth, Founder & Executive Director “Too many Haitian children are trapped in a cycle

## Categories

- [Uncategorized](https://flatrockglobal.com/category/uncategorized/)
- [News](https://flatrockglobal.com/category/news/): The Flat Rock Global News section includes press releases and press clips related to fund distributions, CLO market commentary, and more.
- [Insights](https://flatrockglobal.com/category/insights/): Insights from Flat Rock Global's thought leaders aim to provide thoughtful commentary on CLO markets, CLO investing, private credit, and interval funds.
- [Educational Videos](https://flatrockglobal.com/category/educational-videos/): Flat Rock Global videos featuring CLO investing basics, including how CLOs work and the different types of CLOs, and an interval fund primer,
- [Podcast](https://flatrockglobal.com/category/podcast/)
- [CLO Educational Videos](https://flatrockglobal.com/category/clo-educational-videos/)

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