Management characterized the fourth quarter as the most challenging environment for CLO equity since mid-2022, driven by elevated credit dispersion and ongoing coupon spread compression. Performance was pressured by a 'bifurcated' market where weaker credits underperformed while stronger borrowers refinanced at tighter yield spreads, reducing excess interest for CLO equity. The fund limited NAV losses to approximately 9%, outperforming the peer median of negative 14% for the full year by maintaining a ...