Understanding the Warehouse Phase in CLOs

If a Collateralised Loan Obligation (CLO) were a play, the warehouse phase would be the dress rehearsal – essential, chaotic, and occasionally panic inducing. It’s the part nobody sees – the bit that stops opening night collapsing in chaos.

We’ve mentioned warehouses before in Cash Flow CLOs and Launching a Private Credit CLO, but this time we’re putting them centre stage. Because while they might sound like somewhere you’d store old office furniture, warehouses in the CLO world are where the real work begins.