Andy

Teapot Dome II

Marquette scored 52 in the first half. Where’s this been all year, fellas?

The ICE shootings are a tipping point Donald Trump's approval on immigration has collapsed 17 points since taking office, and support for abolishing Immigration and Customs Enforcement has swung 50 points since Sept. 2024.

Tough couple of months for the people trying to optimize Democratic strategy to win the last election instead of the next one

www.gelliottmorris.com/p/trumps-imm...

Don spoiling my purchasing power this summer by sending EURUSD to 1.2025. Good thing I already locked in my lodging with @vandyglobal.bsky.social

And this gets to the heart of what’s going on in private credit today. PE sponsor shops that have direct lending/leveraged finance businesses see anything structured as asset-based. Caveat emptor!

This isn’t asset-based anymore than a CLO is asset-based. Just because it’s structured to allow a ratings agency to rate some portion of what is in essence a loan to a subprime borrower doesn’t mean it is asset-based private credit

Most of the platforms have restructured or were written down. Perch was one but also Thrasio, Razor, Branded, Heyday, Boosted Commerce and Berlin Brands. The products were mostly commoditized consumer goods with basically no secondary market. If things got bad, borrowing base moved around = No bueno

While Apollo calls this asset-backed credit, it’s really just corporate lending to small businesses with structure. Value in these deals (most were 202-22 vintage) relied on platform rankings, ad spend and continued growth, not durable liquidate-able assets

I’ll say a few things about the VPC deal in question here and it gets to the heart of a lot going on in private credit

Instead of reading what some Black Rifle Coffee addict thinks about *literally* anything, read the reflections (obliquely on Minneapolis) from 3/75’s former commander mkloepper2025.substack.com/p/an-informe...

Huge payday for Bruce Richards

CVC strikes $1.6bn deal for US private credit group Marathon Acquisition will significantly expand CVC’s credit business as it targets ‘fast-growing’ US market

CVC buying Marathon giftarticle.ft.com/giftarticle/...

Dollar getting sold hard this morning in Asia

I love climbing and Alex Honnold is a generational talent.

But turning ‘Free Solo’ into a brand is a terrible idea and I don’t think anyone should be glamorizing soloing for a viewing audience

dang I was just there yesterday

in this specific case, it was substantially Edmentum re-org equity, Renovo write-down to zero, BLKMM 21-8 CLO is having issues and a couple of Amazon aggregators (those have been blowing up everywhere)

time for BLK to inject some fresh equity if they want to keep this thing alive

Brisk out there

JPM says EM local bond funds brought in their biggest weekly haul in almost 5 years, north of $1.3B

cuck if you buck

oooof bringing shame on the 502nd, where line officers were once appropriately not permitted to carry sidearms because “you never bring a 9mm to a rifle fight”

bsky.app/profile/awma...

Marco Rubio stay losing!

This is an iconic run from a Heisman winner in the biggest moment he’s seen yet

Leicester winning the Prem has gotta be in the conversation but that’s probably it

Happy synthetic Saturday, you guys

BEAR DOWN!

I think Brady’s gotten better as the year’s gone on but agree no one holds a candle to Romo

Happy Saturday, you guys. Braised asparagus with parm, (Matt) Hasselbeck au gratins, ribeyes, young but delicious claret

nice seats