THE BIG READ: Thoma Bravo to KKR to Deeper Junk. OTIC's Biggest Software Loss Was Modeled at 74. The Market Priced at 33 - Part I
The Software Loan That Rotted Inside OTIC
The Unicus Investor
The Unicus Investor newsletter invites you to seek investment value by taking the less crowded path. We offer insights from our industry sources and relevant, consumable bites of investment insights.
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A Winning Demographic Story or Nah?
Per Freddie Mac’s latest performance data for its K securitization series for May, $330.73M has been lost thus far on a program which started in 2009 and originated $636.85B in loans supporting assisted living, garden apartments, independent living, mid-rise apartments, retirement homes and student housing.
Nvidia's 'Circle-Jerk' Backstop Has a Precedent. Ask Who Was Left Holding the Paper.
What broke the circle in the past?
PIK Your Poison: Blue Owl's (OBDC) Version - I
OBDC’s borrower map, the nesting problem, and what happens to the companies at the end of the chain when the funds get redeemed
Surfing the Cycle
I am tired of listening to the economic nightmare we are enduring compared to the GFC.
Delay, Deny, Defend, and Private Credit- II
Nobody denies an annuity. This is the life insurance version, and it works on the loans instead of the claims.
Debt, a Gateway Drug: Someone Has to Hold the First Loss
Blue Owl bought more than 17% of all risk sold in the new-issue CMBS market in the first quarter. Pension plans, the fastest-growing lending segment, hold under 1% of it.
Duration Is Not a Defense - I
Private credit inside life insurers, and why a thirty-year promise doesn't make a seven-year loan any safer - Duh!
How Deep Does the Mac and Cheese Go?
FROM A 'BLAH BOWL' TO THE INSURANCE-CREDIT ARCHITECTURE
BlackRock Is (NOT) Wall Street's Designated Adult - As BDEBT Highlights The Problem & The Hypocrisy
UNMASKING THE MARKS
The NVIDIA BOOBY-TRAP?
NVIDIA gets paid in cash. Someone holds the IOU. It might be you.
Debt, Disasters and Disgust
Buckle Up: 42nd Street and the Debt Behind the Largest Conversion in New York