Beach Point Closes Third CLO Totaling $404.5 Million

SANTA MONICA, Calif., June 3, 2024 /PRNewswire/ -- Beach Point CLO Management LLC, an affiliate of Beach Point Capital Management LP (collectively "Beach Point"), has announced the closing of Sandstone Peak III Ltd., its third Collateralized Loan Obligation (CLO). Sandstone Peak III closed at $404.5 million, bringing the firm's total CLO AUM to $1.26 billion.

Sandstone Peak III represents Beach Point's first U.S. new issue CLO of the year. The deal received broad support from a diverse range of new and existing investors. The CLO was arranged by JP Morgan and has 2-year non-call period and a 5-year reinvestment period.

Beach Point Portfolio Manager and head of High Yield and Senior Loan Strategies Sinjin Bowron said, "The closing of Sandstone Peak III represents significant progress in further establishing Beach Point's presence and reputation among CLO managers. Several tranches were oversubscribed from both new and returning investors, which we believe is a testament to the deal's success and the tireless efforts from our team."

About Beach Point

Beach Point is a multi-strategy investment manager specializing in credit-related investments. The firm employs a flexible, value-oriented and risk-controlled approach. As of March 31, 2024, Beach Point manages $16.7 billion in AUM on behalf of a predominately institutional client base. Headquartered in Santa Monica, CA, Beach Point also has offices in New York, London and Dublin.

Press Contact

Beach Point Capital Management LP
Prosek Partners
Josh Clarkson
203.273.7935 / [email protected]

SOURCE Beach Point Capital Management