Ok. Let's see how long they make this $600M last. I'm giving it 90 days.

A warehouse full of turd sandwiches.

Do what they do, not what they say.

BREAKING 🚨: Commercial Real Estate Office CMBS Delinquency Rate jumps to 11.8%, the highest level in history 👀

Austin, Texas had the greatest drop in average home value among the top metros in the country since the last market peak. The former tech boomtown, which had meteoric growth during the pandemic, has suffered a 23.6% decline in home values. -By Wolf Richter for WOLF STREET.

$LOW $HD Are trading back at their 2022 levels again. What a ride and yet nothing to show for it.

$MSFT

That worked out.

The US syndicated loan market just wrapped its second straight underwhelming month, posting tepid gains amid signs that investors are adopting a more risk-off stance: ·        The asset class returned 0.36% in November, up from October but lower than any other month since April,

15% of private credit borrowers aren’t generating enough operating profit to cover interest costs, per Goldman Sachs, $GS.

The collapse of First Brands’ DIP financing (about $1.1B iirc) is a story that needs more attention. All I can figure is that FB was a Madoff-level fraud *and* the actual business of selling retail auto parts has fallen off a cliff. (that last part has broad implications)

Higher rates broke private equity. 🔨 Exits are frozen. Distributions are lagging. Fundraising is at the weakest level in a decade. 2026 will look similar until M&A recovers.

That's one way to mark to magic 🪄

The US private equity market is frozen: Private equity firms have sold 321 companies year-to-date, putting the market on track for its weakest year since 2009. This is despite the number of companies held in private equity portfolios standing at a record 12,899. By comparison,

First of many.

Landlord Harwood offloads fifth building, Harwood No. 3, to TPG in sell-off at signature district in Dallas, Texas. In addition to the 5 sales, Harwood handed back the keys to Harwood No. 4 in April and lost Harwood No. 1 in November. Spear Street Capital took back Harwood

Can confirm-first hand-that crit/clas loan portfolios are exploding at the largest banks. Despite Fat Nixon and his delusions to the contrary, his policies are killing MM companies that were doing well under the previous admin.

Is this a “canary-in-the-coalmine” moment, similar to August 2007? This question will be on the mind of some investors and policymakers this morning as they assess the news that, quoting the FT, the “private credit group Blue Owl will permanently restrict investors from

Remember this scene in The Big Short? Jamie Shipley and Charlie Geller have bet everything against the housing market. They've been bleeding for months, wondering if they're wrong. Then they flip on CNN and see it: New Century Financial - the second-largest subprime lender

Cracks in the US private credit market are widening: Investors requested a record -$14.0 billion in redemptions from private credit funds in Q1 2026. This is up +146% from -$5.7 billion in Q4 2025 and +278% higher than the -$3.7 billion in the full year 2024. Meanwhile, just