Chatham Asset Management, LLC

Chatham Asset Management primarily serves institutional investors through pooled investment vehicles, investor funds and sub‑advisory arrangements, and acts as collateral manager for a CLO managed by a recently formed subsidiary. The firm runs credit‑focused strategies that emphasize high‑yield bonds, leveraged loans, credit derivatives and event‑driven or distressed opportunities across the capital structure.

Chatham’s investment process blends top‑down industry review with bottom‑up fundamental credit analysis and an overlay of technical trading assessment to identify mispricings and time entries and exits; portfolios are actively traded and positioned long or short across debt and equity tranches. For its CLOs, investment selections are made by a dedicated investment committee and sector analysts, with daily monitoring of positions and risk exposures.

Noteworthy disclosures in the brochure include a 2023 SEC settlement arising from certain rebalancing trades that resulted in disgorgement, prejudgment interest, civil penalties and restrictions, an uncommon regulatory event for firms in this category. The firm also discloses potential conflicts including payment to third‑party solicitors and participation in broker‑sponsored capital‑introduction events (endorsement‑style arrangements), arrangements with related Forza entities managed by a family member of firm leadership, and negotiated side‑letter terms for large investor funds; CTM’s CLO management activity is recent and has limited prior CLO operating history.