Neuberger Berman Loan Advisers LLC

Neuberger Berman Loan Advisers LLC (NBLA) acts as the named collateral manager for collateralized loan obligations (CLOs) and related warehouse, origination and trading activities, and it holds Retention Interests as well as Preferred Return and Performance Notes issued by certain CLOs. The firm manages discretionary CLO collateral for pooled vehicles offered principally in private placements to qualified institutional buyers and qualified purchasers, reporting about $4.93 billion in discretionary assets under management as of December 31, 2025.

NBLA’s investment decisions are made under a board-governed structure with an Investment Committee that has delegated day‑to‑day authority and operates a series structure separating CLO management, EU/UK origination and risk‑retention activities. The firm relies on formal agreements with Neuberger Berman affiliates—most notably a Sub‑Advisory Agreement and a Staff and Services Agreement with Neuberger Berman Investment Advisers LLC—which provide research, credit analysis, middle/back‑office support and shared employees to implement a credit‑focused process for non‑investment‑grade loan assets.

NBLA’s operating model is notable for its embeddedness in the broader Neuberger Berman platform: it is affiliated with a registered broker‑dealer (NBBD) that is also registered as a municipal securities dealer and provides AML services, and its sub‑advisor and other affiliates hold commodity and CPO/CTA registrations. Those affiliations, the firm’s practice of holding retention and incentive interests in CLOs, and the side‑by‑side roles of shared employees create operational linkages and potential conflicts that the brochure says are managed through written policies, allocation procedures and governance oversight.