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Data Drop: CLOs Inside Reinvestment Period Account for 86% of Global CLO Assets Under Management

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The U.S. broadly syndicated loan CLO market sits at $1.05 trillion of assets under management, according to Octus data, of which 87% is within their CLO’s reinvestment period. Across the Atlantic, total European CLO AUM is around €328 billion, of which 82.8% is still within reinvestment.

The CLO reinvestment period represents the flexibility a CLO has to continue to trade loans in its portfolio after ramp-up. Investors particularly favor CLOs inside their reinvestment period as they can still actively deploy capital and thereby mitigate risks, while those outside the reinvestment period suffer from adverse selection as good loans pay off and defaults mount on the remainder. Resets enable reinvestment periods to be extended beyond their initial term, typically around five years.

In the U.S., of the 20 largest mangers, Elmwood and Oak Hill both have no outstanding CLOs outside of their reinvestment periods, managing $26.1 billion and $21.1 billion of CLO AUM respectively. Among the top 20 European managers, BSP has the highest ratio of CLO AUM inside the reinvestment period to outside the reinvestment period, with its entire CLO portfolio of €7.9 billion inside its reinvestment period.

Around €100.3 billion, or 36.9% of the €271.8 billion total European CLO AUM inside reinvestment comes from paper newly issued in 2026, including new, reset and refinanced deals. Total U.S. new issuance accounts for around $313.1 billion, or 34.2% of the $914.9 billion AUM that is still inside its reinvestment period.

For managers with at least some out-of-reinvestment assets, outside of the European top 20 Brigade and King Street have the highest ratio of inside-RP to outside-RP assets at 13.7x and 13.1x, respectively. In the U.S., Trimaran and GoldenTree have 39.5x and 23.5x respectively.

Data as of Oct.21, 2026

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