The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
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Public BDCs show massive valuation discrepancies on identical syndicated club loans
“There's some obvious ones where you see, let's just say public BDCs that own the same club deal, the same loan. One BDC versus another, or two or three versus a fourth BDC, there's a massive variance, in a second lien especially, where you're like, wait, the f…”
Certain private credit loans drop from par to zero in one quarter
“Then you have micro situations where loans are getting marked from hundred to zero in one quarter.”
Interval funds must prove total illiquidity to secure SEC exemption for gating
“The bar to gate is really high. You literally need an SEC exemption, and that's not because prices are low. You have to show the SEC, I don't have any liquidity.”
SaaS stress is driving sharp CLO equity underperformance
“It reminds me today where you just had one or two sectors having a lot of stress like we have today and the SAS with respect to levered loans, and we're seeing it in CLO equity has way underperformed. The relative loan market, because all of the damage has bee…”
Boaz Weinstein's hostile takeover bid for Sculptor Capital failed after six months
“We went through that process. I'd never been in a hostile takeover situation. The bidding group was super interesting people that he's friends with. That took six months, and we didn't win.”
JPMorgan Chase marked down valuations on some software loans
“JP Morgan marked down some software loans as far as their bank lender.”