Hello, I'm Ted Sides, and this is Capital Allocators.

This show is an open exploration of the people and process behind capital allocation.

Through conversations with leaders in the money game, we learn how these holders of the keys to the

kingdom allocate their time and their capital. You can join our mailing list and access premium

content at capital allocators.com. All opinions expressed by TED and podcast guests are

solely their own opinions and do not reflect the opinion of capital

allocators or their firms.

This podcast is for informational purposes only and should not be relied upon as a basis

for investment decisions.

Clients of capital allocators or podcast guests may maintain positions and securities discussed

on this podcast.

My guest on today's sponsored insight is Shiloh Bates, the chief investment officer at Flat Rock Global,

an alternative credit manager specializing in the junior tranches of CLOs. Last year, Shiloh published

CLO investing, a comprehensive review of the structure, payoff rules, and historical performance of the space.

Our conversation covers Shaila's 25 years spent in and around the space, an overview of the market,

characteristics of CLOs, attractiveness of CLO equity relative to other credit opportunities,

and Flat Rock's approach to investing in CLO

equity and double Bs.

Before we get going, it's springtime in New York, and that means it's time for Yankee baseball.

Like each of the last 53 years, I've started dreaming about a perfect season with the Yankees

finishing 162 and 0. Now, that's never come remotely close in the history of Major League

Baseball, and it never will. But after watching the Yankees sweep the Astros on the road,

...