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Op-Ed: Psychology was a factor in managers’ reluctance to sell out of First Brands

Dagmara Michalczuk, Creditflux, 20 October 2025

As investors we aim to be rational, but these testing times warrant a look at CLO manager decision-making through the lens of behavioural finance, which seeks to explain why investors may sometimes make sub-optimal decisions.

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Op-Ed: As the US CLO market grows, lower quality loans and increased volatility create new challenges

Dagmara Michalczuk, Creditflux, 23 September 2025

As we turn the page on summer, it is natural to pause to consider the road US CLOs have travelled thus far. This being my first column, it also seems apt to reflect on the evolution of the asset class over the past 20 years — not as a sentimental walk down memory lane, but as a prologue for understanding my views of the forces shaping the markets today.

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Dagmara Michalczuk, Co-CIO, spoke with David Graubard at CreditSights about navigating the current CLO markets

CreditSights, 24 April, 2025

Dagmara noted the value of carefully constructed portfolios as well as tactical investment timing seeking to capture opportunities that may be created by elevated asset price volatility.

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  • Tetragon Credit Income Partners announces total Tetragon Credit Income III commitments of $430 million

    1 March 2019

  • TCI CAPITAL MANAGEMENT LLC (TCICM) CLOSES TCI-FLATIRON CLO 2018-1 LTD.

    1 January 2019

  • Tetragon Credit Income Partners III Ltd. (TCIP III) announces completion of the first close of Tetragon Credit Income III L.P.

    26 December 2017

  • TCI CAPITAL MANAGEMENT II LLC (TCICM II) CLOSES TCI-FLATIRON CLO 2017-1 LTD.

    13 November 2017

  • TCI CAPITAL MANAGEMENT LLC (TCICM) CLOSES TCI-SYMPHONY CLO 2017-1 LTD.

    11 August 2017

  • TCI CAPITAL MANAGEMENT LLC (TCICM) CLOSES TCI-CENT CLO 2017-1 LTD.

    23 July 2017

  • Tetragon Credit Income Partners (TCIP) announces completion of the final close of Tetragon Credit Income II LP

    20 June 2017

  • Tetragon Credit Income Partners (TCIP) announces completion of the fourth close of Tetragon Credit Income II LP

    26 January 2017

  • TCI CAPITAL MANAGEMENT LLC (TCICM) CLOSES TCI-CENT CLO 2016-1 LTD.

    21 December 2016

  • TCI CAPITAL MANAGEMENT LLC (TCICM) CLOSES TCI-SYMPHONY CLO 2016-1 LTD.

    29 September 2016

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