Allocators Swap BCRED Redemptions for Discounted BXSL
Allocators are funding a logical switch trade: Redeeming BCRED at NAV to buy $BXSL at an -11% discount to NAV. Look for this dynamic to occur between every other private credit fund with both a non-traded and listed BDC.
Pick the Right Sale Type for Your Exit Goals
How much of your business do you want to sell? Should you pursue a minority, majority, or full sale transaction? Founders looking to exit or raise capital have to decide which is the best path to achieve your goals, both...
VITL's Low-Return Claim Clashes with $100M Buyback
A slide from the $VITL December 2025 Investor Day, which ranked capital returns as their lowest investment priority; two months later, announced a $100 million repurchase authorization, which would require debt issuance. https://t.co/IAg2QWKbrE
Arab Sovereign Funding Spurs Soft Power Concerns in $110B Deal
Paramount’s $110 Billion Warner Bros. Deal Backed by Arab Sovereign Funds Raises Soft Power Concerns https://t.co/YAzJc52Fgq
Higher Tender Price Rewards Elliott, Not Governance
Toyota Fudosan (6201 JP) “The increase in the tender offer price is something of a win for stewardship as Elliott made a fair bit of money for its clients... But it’s not necessarily a big win for governance.” https://t.co/QEBKuTMAj4
Blackstone’s Jon Gray Offers SaaS Loans at 98¢
it’s your promotion year at Blackstone and Jon Gray calls and asks if you wanna buy some SaaS loans at 98 cents: https://t.co/7xdf7c8YNt https://t.co/CvnV13BVpL
Databricks Files Audited GAAPs, Signals IPO Preparation
Databricks today disclosed audited GAAP financials. That's the sort of thing a company does when it's prepping to go public.
Musk's X, XAI to Repay $
*ELON MUSK'S X, XAI PLAN TO PAY BACK $17.5 BILLION OF DEBT Looks like private credit* is good again *actually BSL but the media gets it wrong all the time so who cares
System Glitch Hides Form D—Perfect Filing Window
Good time to file a Form D that you don't want seen, since the system has been returning "file not found" all day.
Massive M&A Spree: Premium Deals Across Sectors
Today's M&A notes - $WBD to be acquired by $PSKY for $31.00, 147.2% premium, $110bn - $AES to be acquired by GIP / EQT / CalPERS / QIA for $15.00, 35.5% premium, $33.4bn - $ASCU.to to be acquired by $HBM.to for 0.242x shares,...
LBO Debt Market Faces $20B Nerve‑Testing Stress Test
The LBO debt market is freaking out. Here comes a $20B test of nerves https://t.co/MiXTnEB2pK
Cohere Poised to Become AI Powerhouse, IPO Possible
Is Cohere the Next AI Powerhouse? I sat down with co-founder Nick Frosst to talk about enterprise models, why chat changed everything, and whether an IPO is on the horizon. Watch Here: https://youtu.be/JqGAQMYwuzQ?si=JS3OpcK1egyIAeFg
Use a 1.5× DSCR to Fund $2‑3M Deals
The one number that unlocks business acquisition finance: DSCR — Debt Service Coverage Ratio Formula: EBITDA ÷ Annual Debt Repayments Lenders want ≥ 1.5x What this means: For every $1 you owe the bank, the business earns $1.50. Find a business with $500K EBITDA? You can service...
Retiring Owners Value Trust over Price in Exits
What retiring business owners actually want: • To know their staff will be looked after • To feel proud of who they sell to • A clean exit with no complications • Someone who "gets" their industry • Monthly payments that feel like a pension Notice...
Monday Marks Final Day of Tender Offer
Re-upping this. Monday is the last day of the current tender offer. Maybe I'll put out an English version, but it's in my Cui Bono piece on Smartkarma last week.
Only 35 of 198 Indian IPOs Prove Winners
2 years, 198 IPOs, just 35 winners: The brutal math of India’s IPO boom https://t.co/Q7NlR0Lbzw Download Economic Times App to stay updated with Business News - https://t.co/3wu61tGNFD
Capital Comes Last: Build Board, Seller, Structure First
"You need money to buy a business." False. What you actually need: • A credible board (free to recruit) • A seller motivated to exit • A structure they say yes to • 1,000 cold calls worth of persistence Capital is the last variable. Not the first.
Private Credit Crash Already Evident in BDC NAV Discounts
Many calling/hoping for a crash in private credit. While loan performance has mostly been ok, secondary prices tell a different story. A crash has already happened in the listed BDC market, with NAV discounts previously only seen during Covid and the GFC,...
KORE Deal Surprises: 85% Bid Jump, 100% Return
Expected a $KORE definitive agreement to be struck. Did not expect an 85% bump to the original $5/shr bid. Over 100% total return since Nov'25. Remaining spread to the $9.25/share bid is just ~3%. One of the most unexpected M&A outcomes I’ve...
Friday's Roundup: Sunway IPO, Plot, Profit Swings
Summary of Major News on Friday, 27 February 2026:  1. Sunway Healthcare’s Historic IPO and IJM Corp Bid Update 2. Alleged Plot to Topple the Government Uncovered 3. Petronas Faces 18% Profit Drop Amid Oil Price Slump 4. CIMB Reports Earnings Growth and...
Malaysia’s Economy Faces Geopolitical Shock and Record IPO
Major news to track on February 27, 2026: 1. The Friday Power-Play: Malaysia's Economy in the Crosshairs A critical convergence of geopolitics and capital is reshaping Malaysia’s financial landscape this morning. From high-stakes Cabinet decisions on US tariffs to the largest...
Record $7 B Reverse Break Fee Tops All Deals
We have a new record, folks. $PSKY's now friendly acquisition of $WBD comes with a $7 billion reverse break fee - the largest in history. https://t.co/GNoyWI0tl0
Global Collaboration Chronicles Historic Deal Battle
Takes a global effort to tell one of the most incredible deal battles in modern history With @DanielThomasLDN @mroliverbarnes and Chris Grimes https://t.co/OfRP3RBlGV https://t.co/Wx8RaqAIv0
Private Credit’s Worst Deals: Aggregators, Roll‑ups, Soccer, Education
The worst segments of private credit (hint: it's not software*): Amazon aggregators Dental roll-ups Veterinary roll-ups Soccer teams Education *except for Pluralsight, which may be the worst private credit deal of all time
SPAC IPOs Raise $10B in First Two Months
Just two months into the year and there have been 51 SPAC IPOs, which have raised a total of more than $10 billion, exceeding the total blank check IPO issuance in all of 2024. https://t.co/qkcICZwFet
Generate Biomed IPO Marks AI‑Driven Protein Breakthrough
This morning @generate_biomed celebrated its IPO on the @NasdaqExchange. We founded Generate at @FlagshipPioneer in 2018, asking: What if we could generate novel protein therapeutics using generative AI tools – without relying on traditional trial-and-error discovery? Today’s IPO is a major...
AI‑Biotech IPO Slumps 23% on Opening Day
A leader of this next wave of AI-focused biotechs has completed its IPO, a milestone tarnished by a brutal first few hours of trading. Day 1 for $GENB: -23% https://t.co/u3WQcDD3jL
JPMorgan, Not Stripe, Seen as Viable PayPal Buyer
.@ShenLucinda argues that Stripe isn't a logical buyer for PayPal. But JPMorgan may be. https://t.co/5mg3m05s44
Company Secures Record Private Funding Amid Cofounder Lawsuit
Remarkable that a company raises largest private round ever, while in the midst of being sued by a cofounder who also happens to be the world' richest man.
Revenue Growth Trumps Profit as Companies Form Interlinked Borg
I take @sama point on circular dealmaking concerns -- that the revenue growth is key metric. And will leave profit concerns for another day. But also true that these companies are becoming something of a borg. If one goes down, it's...
OpenAI Poised for $10 B Infusion, $850 B Valuation
As noted in Axios Pro Rata: OpenAI expected to add another $10 billion to the round, which would bring it to $120b at an $850b post-money valuation. Would be from sovereigns and other fin investors (including existings). https://t.co/xDMSkiZRiR
Private Credit BDCs Plunge From Premium to Deep Discount
In just 12 months, private credit went from red hot to ice cold One year ago, the average BDC traded at a +6.2% premium to NAV Now, the average BDC trades at nearly a -20% discount to NAV, a level only exceeded...
Major M&A Moves: NATL, KORE, RNA/NVS Deals Announced
Today's M&A notes $NATL to be acquired by $BCO for $30.00 cash + 0.1574x shares, 22.6% premium, $6.6 billion $KORE to be acquired by Searchlight Capital / Abry Partners for $9.25 cash per share, 132.4% premium, $726 million $RNA / $NVS deal closed https://t.co/J7D2HirSUh
Biotech IPOs Surge with $400M Offering
New: Generate caps a strong month for #biotech IPOs with $400M offering https://t.co/HzslZOPcwM by @gwendolynawu $GENB $AZN $AMGN #IPO
My December Take on the Netflix‑Warner Bros. Deal
Here’s what I wrote back in December, the day after the Netflix deal with WBD was announced: https://t.co/aiNBd98ACC
Triple Win: Netflix, WBD, and Paramount All Profit
As I wrote months ago, there was only one “win win win” here … 1) Netflix gets the break fee 2) WBD gets even more money from Para 3) Para gets the bone it wants
Paramount Ups Bid, Netflix Faces Critical Decision
Axios Pro Rata on Feb. 11: "It feels like the next act already has been written. The 'Davids' get over themselves, Paramount raises its bid and then Netflix has a decision to make."
Warner Says Paramount Offer Outpaces Netflix, Challenges Sarandos
WBD says Paramount bid > Netflix. Mr Sarandos, the ball is now in your court.
Warner Backs Paramount's Superior Offer, NLFX Should Exit
*WARNER BROS. SAYS PARAMOUNT OFFER IS 'SUPERIOR PROPOSAL' Seems like a good opportunity for $NLFX to graciously bow out of the $WBD bidding war and take the break fee paid for by $PSKY
Balancing Rates Drives Predictable Credit Cycles
In order to have successful capital markets, you see the same things happen again and again. Since one man’s debts are another man’s assets, you have to keep interest rates not so high that they crush the debtor, without having them...
Fast 7-Year Auction Turn; Feb Extension Increases Friday
It will be a quick turn from today's 7y auction to month end tomorrow. Reminder Feb duration extension will be larger Friday as it always is in a refunding month.
Wall Street Fears Both AI Overload and AI Scarcity
How is Wall Street simultaneously afraid of too much AI and not enough AI? 👇
From 54% Analyst Returns to World's Largest Hedge Fund
This top II-ranked PC sell-side analyst made +54% per year from 1995–1999 running $15B … then founded a hedge fund that briefly became the largest in the world.
Nasdaq Bends Index Rules to Lure SpaceX IPOs
Nasdaq is contorting its own index rules to court the IPOs of SpaceX et al, and @thekrazykobra brings the 🔥 https://t.co/ExpsatLZ6h https://t.co/VjWaHmMJYd
NTLA Floods Market with 6M New Shares, Cash‑burn Evident
$NTLA looks like they ran the ATM for nearly 6M new shares since last quarterly earnings? As I expected. Absolute cash furnace. Their runway guidance was always mathematically implausible without raising like this.
Revolut IPO Sparks Unprecedented Fintech VC Liquidity
We are going to see previously unheard of liquidity in fintech VC following the @Revolut IPO. "The firm is targeting a valuation of at least $150 billion through any listing." https://t.co/mos6kPJDYO
Investors Question Netflix's Push for WBD Amid Skepticism
Netflix CEO Ted Sarandos will say he looks long term, but if Netflix ups its bid for WBD, investors who clearly are skeptical about the deal — even as is — may get even more concerned: why does Netflix want...
Anthropic Launches Claude Cowork for Banking with Data Plugins
Anthropic is taking its magic tricks to financial services.... Claude Cowork for banking. - Plugins tailored for investment banking, private equity, equity research, and wealth management. - Integrations with financial data providers like FactSet, MSCI, S&P Global, and LSEG. https://t.co/pRISD6broy
Blackstone's Medallia Loan Downgrade Erases $5B Equity
Surprised no journalists have read $BXSL's 10-K filed this am, but I'll front run them with the story: Blackstone marked the Medallia loan at 78 in Q4, down from 82 in Q3. It's safe to say the PE sponsor's (and co-investors') $5...
From Sole Female Math Major to $10T Leader
She started as the only female math major in her class. Now she runs a $5T global platform at JPMorgan. Next stop: $10T AUM.