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

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.

Co-Chief Investment Officer, Dagmara Michalczuk spoke with Hugh Minch for the Octus Radio podcast

Apple Podcasts, 3 June, 2024

They discussed the changes in the CLO market since 2023, the impact of tightening spreads and the evolving investor landscape.

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  • 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

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

    15 August 2016

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