Thad รีทวีตแล้ว
Thad
213 posts
@immohammadkaif @AdamSchefter tell me a good recipe for homemade chicken parm
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@AdamSchefter Steelers moving up and getting their guy 👀 aggressive move, let’s see if it pays off. Colts stack some extra picks in the process. Win-win depending on who’s taken at 47.
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Steelers trading up to 47, also receiving 249 from the Colts for picks 53, 135, and 237.
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@TMTLongShort Medallia deal was bad far before this tweet and AI became a hot topic though
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5b wiped* not 8b. The Thoma Bravo mark up was never real
The difference between the two numbers is mark-to-model
Nick Nemeth (Mispriced Assets)@NickNemo17
Thoma Bravo turned in the key on Medallia. $6.4B of equity wiped. It now carries $3B in debt against $200M of EBITDA. Blackstone had $1.5b of the debt across their nearly identical retail facing credit funds marked it most recently at 60.3c. It's now a zero. Credit @JulianKlymochko here. In Dec, BDCs had the following marks on their books: Apollo: 73¢ Monroe ( $MRCC): 77.57¢ Blackstone ( $XSL + $BCRED): 77.75¢ HPS: 77.99¢ FS KKR ( $FSK): 78.73¢ Onex: 79.20¢ Antares: 82.86¢ Blended BDC consensus: 77.80¢ on $1.97B of par. I had it at 55-60c. It's now equity. AND I'm generously giving it 5x EBITDA. Over 8 Billion was wiped. Poof. "And it's gone." If that is on Athene's balance sheet for 100M and rated BBB, the reserve just went from ~$1.6M to $30M. Medallia had no FCF (clearly). Still has EBITDA. ALL of this underwriting is done on adj. EBITDA coverage. There's MAYBE 200M liquidation value here. Of course, the 3B in debt was unrated by the S&P, Fitch, or Moodys. ------------------------- The following is possibly tangential but definitely relevant: 1/ $BCRED runs a separate middle-market private credit CLO series — the Delaware-only "MML" deals: BCRED CLO 2023-1, 2024-1, 2024-2, 2025-1 LLC. Those pools hold unitranche / direct lending paper. One of those is the likely home of Medallia paper BCRED has securitized. The $1.5 number I said they have exposure to may be low. Reminder, although Blackstone and chief salesman Jon Gray say that they only have 25-26% exposure to software, that's underreported. Most of business services and Healthcare IT is also software. When you include leverage that converts to 55-60%. % of NAV is the key. ^some of business services that is not software, but is still threatened by AI like accounting roll-ups. 2/ Thoma Bravo Credit ABS, is rated AAA/AA/A/BBB/BB by KBRA, 32 obligations, my audit sample includes Aprimo, Command Alkon, QAD -- all Thoma Bravo portfolio companies. The same firm originating the equity, the debt, the ABS, and the collateral management. Rated investment grade. Get ready for more.
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Idea for KG: offer a 30% payout bump for PM for the three years following a move to the miami office, 50% bump for that PMs analysts who move with them, a one year transition period where Citadel provides location flexibility, free enrollment in citadel-backed K-12, Citadel pays for moving services, and pushes BD to put similar incentives for all incremental new hires with Citadel offering to buy existing NY/NJ/CT home from new hires at existing market price to ease the transition.
Then citadel subsidizes sellside marketing in miami and starts its own series of quarterly mgmt conferences in partnership with millennium.
Offers to cut garden leave period for miami based PMs as an extra incentive.
Make. It. Work.
We need NY’s stranglehold on finance to die.
Enough is enough.
Shoot the fucking hostage.
John LeFevre@JohnLeFevre
Mamdani declaring war on Ken Griffin proves how obtuse, fanatical, or simply dumb he is. Citadel employs ~5,000 people in NYC. Mean compensation: ~$2M per Median: ~400K per If Griffin takes them to Miami, it would be catastrophic for the New Yorkers Mamdani claims to champion - bars, restaurants, small businesses, support jobs, etc... not to mention philanthropy, secondary/spillover spending, and the obvious tax revenue hit...
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There's a steel company in northern Japan trading at 30 cents on the dollar. 19.5% free cash flow yield. 3x EBITDA. They've been bending metal since 1938 and nobody cares because it's not a semiconductor stock.
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@RealCandaceO @LauraLoomer So true! Lmao. The architexture of her brain has me in a kerfluffle
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@LauraLoomer 😂You clearly have no idea how lawsuits work. You also have no idea what the function of a trust is or how dual citizenship is obtained. The only thing you have loomered is your piss poor IQ.
I genuinely laugh reading your tweets.
Keep going!
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Lawyers who have sued @RealCandaceO need to inquire about which assets Candace Owens and her husband George Farmer may be hiding inside the Battery Lane Trust. She doesn’t want people knowing about this trust, because she knows she has defamed both Brigitte Macron and Erika Kirk/ many @TPUSA employees.
Candace is being sued for defamation and a trust is how she would hide her assets from the Macrons and @MrsErikaKirk if Erika were to sue her.
I’m not a lawyer, but I would encourage the Macrons to attach Battery Lane Trust to their lawsuit against Candace first thing Monday morning.
And quickly!
Before Candace pulls her assets out and puts them in another trust or entity. It’s illegal to move money and assets around in the middle of a lawsuit when you have to disclose your assets… so if Candace tries to do that, she will be held accountable by the courts. @EmmanuelMacron
Battery Lane Trust.
I have all the receipts for the Macrons, Erika Kirk and everyone else who has sued Candace Owens for her vicious lies, cyber stalking and harassment.
Loomered 💅
Laura Loomer@LauraLoomer
Hey @RealCandaceO Can you tell me more about “Battery Lane Trust?” Have you disclosed this trust in your lawsuit with the Macrons? Are you using this trust to hide assets so you can continue smearing people with your lies? I’m going to make sure the Macrons know about this Trust…
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@Neo__Hq I loved tate for a long time. Then he joined the everything in the world in Jews fault crowd. Maybe just maybe he can redeem himself. He's legit in a lot of ways, just gotta get rid of his jew derangement syndrome
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@sunky004 @brockpierson Bro you really are tellin me this dude isn’t annoying and if you think he is you’re racist? Lmao
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@brockpierson Because he is not doing drugs, related to gangs, on list of sex offenders as expected of a black guy???
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This is the most annoying person on the internet
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It appears @ericswalwell's new atty has the same proclivities as her new client.
Sara Azari@azarilaw
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Megan Rapinoe and Sue Bird are separating as a couple, they announced on social media.
"This hasn't been an easy decision, but it's one we've made together," they shared.
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@Cernovich If I had known this entire time that he was partying in St Tropez on a yacht with hot young chicks he might have won my support
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Anyone who uses the word “mog” should be euthanized. Brain rotting mental illness.
yoxic@yoxics
Clavicular influenced 60 Minutes interviewer to use "maxxing" and "mogging" terms mid interview 😭 60 Minutes: "would you say you're looks mogging me right now?" Clav: "you're just gigafar away on a laptop screen so I wouldn't be able to say"
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Apologize for what exactly?
73-9 and THEY LIED@CuffsTheLegend
a lot of these bums in basketball media need to apologize to Bronny James 🫵🏽
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BACK-TO-BACK NO. 1 PICKS FOR THE HUSKIES 💙
Azzi Fudd joins Paige Bueckers in Dallas 👏
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