ExcessDefaults

@iBladesi Mikey getting the full alt asset mgr treatment he always wanted ;)

Yeah. and more at 8.65. 🥀 it's been a long time since I've had this thing drag me. It was so pleasant in 2025. Now my biggest detractor YTD.

$RITM getting smoked proper now. for the umteenth day in a row. Mike needs to do something shareholder friendly at this point (he prob won't). tho they are off their usual schedule for declaring pfds and common dists. a penny hike would be funny.

@yenoms @shortbus_ace I'm a dumb guy but anyone have pause that everyone is pivoting to MF + industrial?

@yenoms @shortbus_ace bot a little here just to feel something

The selling in CRE mREITs is fascinating.. This includes names where buybacks have been conducted at these levels, including $TRTX and $KREF. I bot both today. Granted, some CRE mREIT buybacks have turned out to be horrible decisions, namely $RC and $GPMT

@iBladesi Now you’re just showing off your setup ;)

The stone ridge port is so large they had to split the filings into pieces. and it still gives my computer a headache. A nice diversified bucket of loans from affirm, upstart, achieve, stripe.. Really something else lol. Never loaded multiple 95mb HTML files in tabs before.

If this instrument is structured as equity with an IG debt return - how does this go on an insurance balance sheet? Collateral loan against JV interest to get naic1/2 or sits in sched BA? realtyincome.com/investors/pres…

@OnlyAssets Hha. Where you been HAO? Hope all is well.

@ExcessDefaults Will probably run once you sell but no C-Corp conversion unlike FTAI which opens it up to floooowwwsssss

I shouldn't be in ARLP but bot in covid and still sitting on it, time to sell? or am I bout to pull an FTAI and sell before it 20x's on me.

@west4thstreet @BigJohn043 Feeling I need to give this exercise in jeans thing a try

@BigJohn043 Marketing rule was indeed good but is, in fact, just as loose as standards on pasteurizing milk now or exercising in jeans - clearyenforcementwatch.com/2025/03/sec-st…

This is just the wrong way to think about this. First, IRRs are absolutely real numbers. If you take all of the capital calls and distributions for a fund you run an IRR and you get the returns that fund is giving you when they have your capital. It is just factual. Now there is a very real issue that you don't know the timing of those calls and distributions. So how do you deal with that? If you are an institution and you are invested in 20+ funds it isn't a big issue. They will end up averaging out and you can get a pretty good prediction of the cash flows. You also have a credit line so if you do have a cash need you can borrow for a time. There is also nothing magic about the target portion of the portfolio that is privates. No one gets it dead on. If you are an individual, don't invest in privates if you can't do multiple funds. It should also be a smallish portion of your portfolio. You also should have a credit line and you can always size down the portion of your portfolio that is liquid. If you need liquidity sell of a bit of the S&P500 or whatever. You aren't just going to keep that money in an account earning 7% or something. That is silly. FWIW, I generally don't recommend individuals invest in PE. It has nothing to do with the returns and everything to do with the fact that it is pretty tax inefficient. PE sells every 3-7 years creating a taxable even. Private credit is even worse. And what you will find is that most institutional buyers of PE aren't tax payers - endowments, foundations, pension funds, etc....

@dpolehn Same, for freakin t-ball.

Our Little League is asking for 3 different documents to prove residency and school attendance. Is this overkill?

how does one make sense of this chart? no shade.

@LPInvestor NICHX was the cash equivalent and they got skidmarked in like 24/25 on that one.

@ExcessDefaults CCLFX is the #1 favorite investment by far on all the HNW, Doctor, Dentist forums. These nuts were using it as a cash equivalent... and are now in panic/justification mode...

Cliffwater discussion on dentist forum getting spicy - v interesting bc all between a sizable group that all hold position in it.

sick sharpe and beta

Wasn't so long ago that negative realized credit losses were a thing, right?

@placeholder_v01 So what?

@ExcessDefaults Just did my own math on $TSLX using Gemini and IR website ("portfolio" section discloses PE entity names). I got $1.9B fair value of software holdings vs. $3.3B in investments at fair value (57%) Granted, this includes some payments and healthcare tech, but something is up

"Here's prop knowledge on TSLX from a hedge fund guy- it's crazy!" TSLX: Here's our software # recategorized.

@iBladesi @west4thstreet @yenoms how does one trust a guy who ran the whole mortgage securitization engine at bear right off a cliff?

@west4thstreet @yenoms thank you.

Soapbox alert …$RITM $RPT Mike has continuously said he wants to build a worldclass investment organization.. You get that through trust, not AUM gobbling.. With the stocks crushed, now is the time to build trust with buybacks or insider purchases.

@shidellian depends on the impact...

Is AG 55 impact priced in yet or no? @ExcessDefaults

@iBladesi leon:

$FOA Thank you, Matthew. Everyone needed that sec.gov/Archives/edgar…

@tangentstyle reddit.com/r/deeplearning…

@tangentstyle sadly already prob way out dated: