The firm issues one of the first non-bank collateralized loan obligations.

Under Mr. Dondero and Mr. Okada’s management, PAMCO issued one of the first non-bank collateralized loan obligations (CLO), pioneering the CLO market. Since then, the firm (which later became Highland) has structured and monitored over $30 billion of CLOs/CDOs and continues to be one of the largest CLO managers in the world.