February 2026 CLO Docs in Review

In this monthly trend report we feature a sample of recent transactions we analysed as well as a review of a direct lending CLO.

Below is a sample of transaction reviews based on the final offering circulars from February 2026:

• CIFC European Funding CLO III, Fair Oaks Loan Funding V and Arini European CLO VIII.

Direct Lending CLO:

• Following the issuance of Ares European Direct Lending CLO II and as a sample, we are resharing our review of Ares European Direct Lending CLO 1.

Trends Report:

• Exclusion of Excess Par Obligations from Collateral Quality Tests: The concept is nowadays rarely found in European CLO documentation and, when it appears at the preliminary stage, is typically removed during marketing.

To access the sample reviews or the trend report, please see links in the full report.

To access the full report, please login/register.