Morningstar Houlihan CLO Indexes, to be introduced later this year, are designed to improve transparency and consistency in rapidly growing but still underserved market for CLO indexes, data, and research.

Morningstar, Inc. (NASDAQ:MORN), a leading provider of independent investment insights and market data, today announced a strategic collaboration with leading global investment bank Houlihan Lokey (NYSE:HLI) to develop a new suite of daily valuation indexes to help investors measure and invest in collateralized loan obligations (CLOs).

Through this new initiative, Morningstar Indexes will work with Houlihan Lokey’s Portfolio Valuation and Fund Advisory Services team to develop the Morningstar Houlihan CLO Indexes. The index series will combine Morningstar’s design and governance with Houlihan Lokey’s valuation framework and credit market expertise to address the growing need for reliable benchmarks in the rapidly expanding CLO market.

CLOs have evolved in the last decade from a niche structured product into a trillion-dollar global asset class, driven by growing investor demand for yield, floating-rate exposure, and diversified credit alternatives. Industry experts estimate that the global CLO market, which has grown into more than $1.5 trillion in assets, could exceed $3 trillion in investor assets by 2030.*

As the market has expanded, however, the availability of consistent benchmarks and transparent, frequent pricing has not kept pace, making it harder for investors to assess performance and risk with confidence. The new indexes will establish a new benchmark standard for the CLO market, enabling investors to better assess performance, manage risk, and navigate an increasingly important segment of private credit.

Sanjay Arya, head of innovation for Morningstar Indexes, commented: "We’re thrilled to join forces with Houlihan Lokey, the market leader in valuations for illiquid assets and a recognized authority in CLO pricing and credit market analytics, to address a clear investor need. Alongside our existing category leading leveraged loan indexes, this collaboration will enable Morningstar to introduce a new family of benchmarks in one of the fastest-growing segments of private credit and bring more transparency to private markets."

Dr. Cindy Ma, managing director and global head of portfolio valuation and fund advisory services for Houlihan Lokey, commented: "The growth of the CLO market, a highly specialized asset class, has outpaced the development of high-quality investor tools. As complexity and assets rise, data, transparency, and advanced analytics are becoming critical competitive differentiators for investors operating in this market. We’re excited to work with Morningstar Indexes to better serve the rapidly growing CLO investor market."

About Morningstar Indexes

Morningstar Indexes was built to keep up with the evolving needs of investors—and to be a leading-edge advocate for them. Morningstar's rich heritage as a transparent, investor-focused leader in data and research uniquely equips Morningstar Indexes to support individuals, institutions, wealth managers and advisors in navigating investment opportunities across all major asset classes, styles, and strategies. In February 2026, the acquisition of CRSP brought the CRSP Market Indexes – benchmarks for over $3 trillion in US equities – into the Morningstar Indexes family. Additionally, CRSP’s Research Data Products, renowned for their academic rigor, historical depth and accuracy, further enhances Morningstar’s equity research and data capabilities. This powerful combination unites two trusted sources of market insight, reinforcing a shared commitment to transparency, quality and investor-focused solutions. Please visit indexes.morningstar.com for more information.

About Houlihan Lokey

Houlihan Lokey, Inc. is a leading global investment bank recognized for delivering independent strategic and financial advice to corporations, financial sponsors, and governments. With uniquely deep industry expertise, broad international reach, and a partnership approach rooted in trust, the firm provides innovative, integrated solutions across mergers and acquisitions, capital solutions, financial restructuring, and financial and valuation advisory. Our unmatched transaction volumes provide differentiated, data-driven perspectives that help our clients achieve their most critical goals. To learn more about Houlihan Lokey, please visit HL.com.

Houlihan Lokey’s Portfolio Valuation and Fund Advisory Services practice is a leading advisor to many of the world’s largest asset managers who rely on our (i) strong reputation with regulators, auditors, and investors; (ii) private company, structured product, and derivative valuation experience; and (iii) independent voice.

About Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $370 billion in assets under management and advisement (AUMA) as of March 31, 2026. The Company operates through wholly- or majority-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company.

*Source: Bank of America and The Business Research Company

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Tim Benedict, +1 203 339-1912, tim.benedict@morningstar.com

Louis Hogan, + 44 73454 40330, louis.hogan@morningstar.com

John Gallagher (Houlihan Lokey), +1 917 331 1580, jgallagher@HL.com

Morningstar Indexes & Houlihan Lokey to Launch Daily Valued Index Suite for the Collateralized Loan Obligation (CLO) Market.