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CLO portfolio tops $3 billion; RVK estimates $130 million income return for 2026
Summary
RVK told Commissioners the CLO portfolio exceeded $3 billion and produced double-digit one- and three-year returns; the firm estimates about $130 million in income distributions for 2026 (≈4.3%). RVK warned valuations look high and staff flagged monitoring and opportunistic adjustments.
Jason Samansky of RVK presented the Commissioners of the Land Office with the quarterly investment performance report, saying the total portfolio value is now over $3 billion and that the CLO captured double-digit returns over the past year and three-year lookback.
Samansky noted the U.S. stock market’s recent gains had been concentrated in technology names sometimes called the "Magnificent 7," though market breadth was widening in 2026. "When you start looking at the level of the metrics of the stock market, I'm sure we've all heard the term 'the stock market looks expensive,'" he said, referring to valuation ratios such as price-to-earnings versus historical averages. He told the Commission staff would monitor opportunities and share them with the investment committee when appropriate.
RVK reported the CLO’s growth objective — to grow at a real rate net of fees that keeps up with inflation — has been met over short- and long-term horizons. The firm cited a long-term return near 7% over the last ten years and said distributions had reached a high-water mark of $126 million in 2025; RVK estimated an income return for 2026 of about $130 million, roughly 4.3% of portfolio value.
Secretary Dan Whitmarsh opened the presentation and asked for questions; none were raised during the session. The presentation was informational and required no Commission vote.
