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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 Katılım Mart 2021
1.5K Takip Edilen38.6K Takipçiler
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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
Unicus@UnicusResearch·
8. Consumer sentiment: 56.6 in February. A year ago, it was 64.7. That 12.5% collapse happened before the Iran conflict intensified. Be in the know. Here, we discuss what is happening, where we are headed, and why the consumers are not fine, and what they could do about it: contrarianunicus.substack.com/p/vibecession-…
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Unicus
Unicus@UnicusResearch·
7. FinTech lenders now hold 52.4% of all outstanding unsecured personal loan balances. - FinTechs fund through private credit: forward flow agreements, warehouse facilities, structured certificates. We discuss this in our other work. - Blue Owl alone has moved nearly $6 billion through one LendingClub program since 2023. -Stone Ridge LENDX: $2.4 billion private credit interval fund. Holds loans from Affirm, LendingClub, Upstart, Block, Stripe.
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Unicus
Unicus@UnicusResearch·
🚩Vibecession II: Yes, it is a real word. We reviewed the latest data. - Auto delinquencies fell in February. - Bankcard delinquencies fell. The media noted both and moved on. What a JOKE. Were they reading the wrong numbers? Here is what actually happened in February:🧵
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Imelda M
Imelda M@ImeldaM89173797·
@Todd_Sykon @UnicusResearch They did not. And they said they didnt get any commision. Fees when we first talked were .90% then it turned out to be 1.3% made it sound like any other fund. I wont do that again. Thank X for the advance chatter.
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Unicus
Unicus@UnicusResearch·
Our DMs are open. If anyone’s financial advisor asked or coerced them to invest in PC funds over the past year, let us know. If you prefer email, you can reach us at: laks@unicusresearch.com.
MrsG217602@MrsG217602

@ImeldaM89173797 @UnicusResearch Our advisor had us in 6 PC funds. Like you, had I not listened to alternative financial news, I wouldn't have worried. We've been trying to get out since Q4 2025. Still have a little more to go, but we've made good progress. Part of that progress was a new financial advisor!

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Unicus
Unicus@UnicusResearch·
Another one… Who holds financial advisors accountable?
MrsG217602@MrsG217602

@ImeldaM89173797 @UnicusResearch Our advisor had us in 6 PC funds. Like you, had I not listened to alternative financial news, I wouldn't have worried. We've been trying to get out since Q4 2025. Still have a little more to go, but we've made good progress. Part of that progress was a new financial advisor!

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Unicus
Unicus@UnicusResearch·
@SpecialSitsNews Fair point, Jay. Fair point. We’ve to catch up. It has been a while
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Unicus@UnicusResearch·
Horror stories… Who’s going to hold the financial advisor’s accountable?
Imelda M@ImeldaM89173797

@UnicusResearch I hired an advisor. They put me in Apollo last fall. a month later I started seeing rumbling about cockroaches. I said get me out. He scoffed at me. I started the process to get out in December. I got out 2nd week of Feb in the nick of time. The returns for 6 months were 2%

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Unicus
Unicus@UnicusResearch·
@leadlagreport That’s when it might happen. Or not. Or maybe. Japan rug pull when no one is expecting it.
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Michael A. Gayed, CFA
Michael A. Gayed, CFA@leadlagreport·
This is the first weekend in a crisis where Black Monday isn’t trending. Interesting…
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Unicus
Unicus@UnicusResearch·
Now this…
Negligible Capital@negligible_cap

*OAKTREE WILL MEET 8.5% PRIVATE CREDIT FUND REDEMPTIONS IN FULL Oaktree Strategic Credit Fund is honoring all redemptions, with $BN providing $80B “The Oaktree fund will repurchase 6.8% of its own shares, while Brookfield agreed to buy an additional 1.7% from a single investor in ‘a show of support’ for the strategy, Oaktree said” Howard Marks leading by example. Maybe if $OWL did this for $OBDC instead of forcing a 30% capital return to all investors by selling $1.4B of the good loans near par to 3 companies (one of which to an insurance company owned by $OWL, so related party sale that they tried to hide), then this private credit run wouldn’t have been as big of an issue

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Keşfet

@MrsG217602 @Todd_Sykon @ImeldaM89173797 @SpecialSitsNews @leadlagreport @elonmusk @BarackObama @taylorswift13