Unicus

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Unicus

Unicus

@UnicusResearch

An independent short-only invst. research firm. X is Not Fin Advise. Short: https://t.co/ofRJpAEMjI Macro Credit: https://t.co/zJJixDTTDn

Ridgefield, CT انضم Mart 2021
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Unicus
Unicus@UnicusResearch·
🚩Two days ago we shared what is unravelling with market Financial Solutions. Atlas SP, Credit Suisse's old securitization unit reborn under Apollo, provided £400m in warehouse financing to MFS. It is worthy to mention that 20 of 34 execs listed on Atlas SP's website came from Credit Suisse. Atlas has now declared default on two warehouses and is pursuing legal action after allegations of double-pledged collateral. We continue to mention that FBG, Tricolor, Primalend were not isolated. Now, we have MFS. We suspect a fourth one is brewing. See below.
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Unicus@UnicusResearch

🚩MFS was accused of double pledging collateral and other managerial mishaps and lost access to their bank financing. Here we go, again. When FBG and Tricolor happened, we said: our sources said double pledging happens with other lenders as well. We called for auditing all the loan pool (not just sample) to clear the lenders of double pledging. Until then, we are skeptical that most lenders engage in double pledging. Credit side is screwed.

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Unicus@UnicusResearch·
7. We have been covering NDFIs and shadow banking for 5+ years. The $1.4T number in the chart above is not the risk. The risk is what's inside it and how little transparency exists when it starts to move... We track the private credit and credit here for Confidential Insights members only: contrarianunicus.substack.com/p/14-trillion-… Our BNPL LENDX's analysis to be published soon.
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Unicus@UnicusResearch·
6. Bank stocks are already pricing some of this. KBW Nasdaq Bank Index: down 11%+ since January 1, 2026. S&P 500: down ~3% over the same period. The market is not treating this as contained.
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Unicus@UnicusResearch·
🚨It is important to understand the how much banks are allocating to Non-Depository Financial Institutions (NDFIs - private credit comes under NDFIs). Everyone talks about private credit risk as if banks are on the sidelines. They're not. Overall, the largest banks dominate this space, as institutions with over $500 billion in assets accounted for 68.20% of NDFI loans held. Here is what the data actually shows. 🧵
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Unicus@UnicusResearch

🚨 Banks in trouble. Private credit in trouble. All at the same time, is not a coincidence.🧵 Early this month, the FDIC released data that shows that as of end of 2025, banks in the U.S. lent approximately over $1.4 trillion to NDFIs. In just 15 years, bank lending to NDFIs has grown 2,320%. The private credit is a major subset of the NDFIs.

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Unicus@UnicusResearch·
Ha!
Insolvent Cap LLC@insolventXBT

@UnicusResearch @thejobchick 1960's: we are deeply sorry to let go of our hardworking teams 1980s: times are tough and we are making the best choice 2000s: layoffs are a part of doing business 2020s: fuck you and die 2026: please come back babe, we messed up, I miss you, I love you

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Unicus@UnicusResearch·
@r8limit Thank you. It’s easier to parse the data this dense with some coding.
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Unicus@UnicusResearch·
🚩🚩UPDATE: This is a problem. Stone Ridge's LENDX fund consists of tens and thousands of BNPL loans ranging from $5-$2000. Most appear to be in default. The PDF is 8000+ pages. Our analysts are reviewing only for one BNPL firm, for now. Now, we are determined to publish our analysis by Friday on substack just for one BNPL loan pool. Why? because we want everyone to be aware. These turds are in retirement account.
Unicus@UnicusResearch

🚩BREAKING: Stone Ridge's LENDX fund just told investors it would honor only 11% of redemption requests. (WSJ) That means for every $100 investors wanted out, they got $11. Here's what's actually inside the fund. 🧵

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Leyla
Leyla@LeylaKuni·
2010 Regulators: “Let’s make it really hard for banks to do business” -> private credit eats banks’ lunch 2026 “Cracks in private credit” Regulators: “Let’s loosen bank regulations and see what happens”
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Unicus@UnicusResearch·
$BAC's new strategy, BABO (Bank of America Always Backs Out?) in real time. Yesterday: The US bank, $BAC, has told clients that European companies are among the ‘most exposed to private credit shocks’ and named 17 financial stocks to short. Two hours ago: BofA apologises for bet against European private credit. US bank says recommendation has been withdrawn ‘based on a review of new information’ YOU CAN'T MAKE THIS UP.
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Unicus@UnicusResearch

This is funny

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HoundAdvice
HoundAdvice@D8vidSmith·
@UnicusResearch Many income funds are loaded with BLPL. We exited income funds last year after we discovered it and a material amount of subprime ABS of a company we want nothing to do with.
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