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@LeylaKuni "Liquidity bottleneck exhibit X This chart shows net asset value in old funds (old = XX years for buyout XX for VC and XX for real estate and private credit)"
X Link @LeylaKuni 2025-09-15T21:35Z 14.3K followers, 1471 engagements

"The First Brands story is getting wilder by the minute:"
X Link @LeylaKuni 2025-10-09T18:11Z 14.3K followers, 74.1K engagements

"Does anyone know how Apollo did this FT mentions a bespoke credit default swap against First Brands debt - but Apollo was on the disqualified lender list @junkbondanalyst @junkbondinvest @pvtcreditguy"
X Link @LeylaKuni 2025-10-09T19:58Z 14.3K followers, 76.4K engagements

"PE fund manager when you ask why they are rolling out a third continuation fund"
X Link @LeylaKuni 2025-09-25T22:02Z 14.2K followers, 3455 engagements

"There are 19000 private equity funds in the US. There are 14000 McDonalds in the US. How are there more private equity funds than McDonalds Thats actually crazy right"
X Link @LeylaKuni 2025-10-02T16:16Z 14.2K followers, 9598 engagements

"From the 2021 SEC Chair Gensler's testimony : "There are more than 18000 private equity funds a XX percent increase over the last five years.""
X Link @LeylaKuni 2025-10-03T15:54Z 14.2K followers, 3206 engagements

"So in 2022 you cashed out your 401(k) to invest in Sunbelt multifamily with a GP you met on Instagram Yes Dave And now they are asking for more of your money Thats correct Dave"
X Link @LeylaKuni 2025-10-08T23:57Z 14.2K followers, 5058 engagements

"Here's the recap if you missed the earlier episodes: - $11B+ in liabilities - $2.3B in funds vanished - Exposure across CLOs (not the biggest worry tbh) direct loans and trade finance where that $2.3B hole sits Major exposure: - Jefferies Point Bonita Capital $715M tied to First Brands - UBS OConnor $500M exposure - Raistone XX% of its revenue came from First Brands Offbalance-sheet financing & shell entities: -the company used affiliates like Carnaby Capital and Eagle Casting Holdings to borrow - this obfuscated the true amount of leverage - XX% implied interest rates on short-term borrowing"
X Link @LeylaKuni 2025-10-09T18:47Z 14.2K followers, 67.6K engagements

"Ive waited 40+ years to say this but if I look familiar - its because youve seen me on TV"
X Link @LeylaKuni 2025-10-10T19:00Z 14.2K followers, 62.8K engagements

"@DiMartinoBooth @Bloomberg @apolloglobal for anyone wondering how Apollo shorted the debt there are some good comments here:"
X Link @LeylaKuni 2025-10-11T16:27Z 14.2K followers, 16.7K engagements

"check this out: this private equity fund (anyone want to guess the name) bought more pieces of a portfolio company they already own from an affiliate fund for $293M and immediately marked it up by $12.8M on their books. they also bought $318M of other companies from an affiliate (another fund run by the same firm) and marked those up XX% immediately. Both parties are the same asset manager lol"
X Link @LeylaKuni 2025-09-20T15:50Z 14.2K followers, 18.8K engagements

"🚨 Apollo is getting creative again. Theyre using an SPV (special purpose vehicle) to sell highly rated debt backed by stakes in their credit funds. Did you catch it These are stakes in the FUNDS themselves not the underlying loan portfolios. Tomato / tom-AH-toh Leyla. Who cares There is a difference however: - Private credit loans are the equivalent of junk bonds (they don't get high credit ratings) - But debt issued out of SPVs tied to fund stakes can be structured to achieve investment-grade ratings (per Bloomberg) - That means insurers get exposure to private credit without the heavy"
X Link @LeylaKuni 2025-09-22T15:57Z 14.2K followers, 88.2K engagements

"Lord there is no end to bright ideas. So this guy owns some Rembrandts and doesnt want to sell from what it sounds like. The assets being what they are there is no income but a bunch of cash is tied up. So he came up with a brilliant plan: fractionalize and IPO a non-controlling stake. He gets to cash out but keeps the art on his wall and degens who cant tell a Vermeer from Degas can speculate from the comfort of their mothers basement 🤦♀"
X Link @LeylaKuni 2025-09-29T20:28Z 14.2K followers, 4111 engagements

"This book is absolute gold"
X Link @LeylaKuni 2025-10-04T21:40Z 14.3K followers, 108.7K engagements

"There is a guy on LinkedIn who claims to have lost $500K on a CRE deal. His solution: he built a custom GPT that does institutional-level DD If you comment DD he can give you access to his chatbot so you can start losing money too 😂"
X Link @LeylaKuni 2025-10-10T03:28Z 14.3K followers, 10.8K engagements

"This is a good thread and some interesting points about public/private credit. Here's the POV from the seat of a retail investor (let's assume one that has access to both): X. We don't know who the good managers are. Most of our wealth managers/RIAs don't know either. The sales brochures all look the same. X. None of the financials filed with the SEC provide any detail into the granular level of the financial health of underlying borrowers. X. There is absolutely no way to tell whether the diligence done by any given lender is better than that of another lender. So let me ask you guys a"
X Link @LeylaKuni 2025-10-12T15:36Z 14.3K followers, 43K engagements

"Great screener thank you The XX years weeds out most of what's out there. I'm a little dubious about NAV mark ups from principal growth - I'm seeing a number of BDCs buy loans in the secondary market and mark them up using the practical expedient rule. Immediate boost to NAV but who knows what those loans will sell for. Maybe using a XX year horizon takes care of this issue - the funds that have been around that long have a history of either holding till payoff or refinance"
X Link @LeylaKuni 2025-10-12T16:33Z 14.2K followers, 1227 engagements

"Drop everything and move here immediately. Go into debt if you have to"
X Link @LeylaKuni 2025-10-12T19:34Z 14.3K followers, 186.6K engagements

"@Chicagomike666 Thats the one downside of Denver: skiing is too far (2+ hour drive). I heard amazing things about SLC - and skiing is more accessible"
X Link @LeylaKuni 2025-10-12T20:32Z 14.3K followers, 2015 engagements

"So in 2021 you lent money at SOFR + XXX with zero covenants Yes Dave. And now theyre paying interest in kind Thats correct Dave"
X Link @LeylaKuni 2025-10-13T15:38Z 14.3K followers, 57.4K engagements

"Hold on hold on hold on. Youre using proceeds from Fund II to buy out Fund Is stake in the same asset We call that a continuation vehicle. That is fucking crazy. No it is not. Its awesome"
X Link @LeylaKuni 2025-10-14T20:58Z 14.3K followers, 267.1K engagements

"private credit in 2021 Vs private credit in 2025"
X Link @LeylaKuni 2025-10-15T18:50Z 14.3K followers, 4010 engagements

"OpenAI / Broadcom deal explained 🤌 (From @matt_levine)"
X Link @LeylaKuni 2025-10-15T20:40Z 14.3K followers, 2110 engagements

"How insurance companies look at upper tranches of CLOs with a X% yield"
X Link @LeylaKuni 2025-10-16T16:27Z 14.3K followers, 1650 engagements

"Like it or not private markets are coming to a retirement plan near you. This interview is the clearest explanation Ive yet seen on how this will happen: DC plans represent $12.5T of the market Allocations to alts could reach 1015% within a decade Are you doing the math XX% of $XXXX trillion is $1.3T - XX% of the entire US private credit market today. Grab the link here:"
X Link @LeylaKuni 2025-10-16T20:35Z 14.3K followers, 16.9K engagements

"@rhunterh not according to Goldman lol"
X Link @LeylaKuni 2025-10-16T20:47Z 14.2K followers, XXX engagements

"Nobody asked but heres my opinion: X. All this is going to get stuffed into target date funds. Few people will notice (do you 🫵 know whats in your 401k) X. This is a huge boon for asset managers: they will now have a HUGE pool of long term capital that doesnt ask questions. X. Fees are going to be a thing of beauty (and I dont mean for you retail investor) X. On the positive side a XX% allocation wont move the needle one way or another for the retiree. Will this sleeve outperform a public index net of fees 🤷♀ youll find out when you retire. Will it generate great fee income for asset"
X Link @LeylaKuni 2025-10-16T21:37Z 14.3K followers, 14.6K engagements

"@gkamstra I wonder what Bogle would have said"
X Link @LeylaKuni 2025-10-16T21:56Z 14.2K followers, XXX engagements

"At this rate $JEF's dividend will pay a higher yield than its loan book by the end of the month"
X Link @LeylaKuni 2025-10-16T22:41Z 14.3K followers, 13.2K engagements

"So the borrower had negative EBITDA pledged the same collateral to three other lenders and you gave them a PIK toggle loan"
X Link @LeylaKuni 2025-10-17T15:27Z 14.3K followers, 115K engagements

"@AnAppealToHeav8 Thats when the borrower can elect to not pay interest and instead add it to the loan balance"
X Link @LeylaKuni 2025-10-17T15:31Z 14.3K followers, 2119 engagements

"2 years later. so you invested $200k in this fund yes Dave and they told you its all senior secured debt thats correct Dave"
X Link @LeylaKuni 2025-10-17T20:07Z 14.3K followers, 15.2K engagements

"Blast from the past. I found a pitch deck from Dec'21: - Single asset multifamily syndication early 2000 vintage. - Entry cap rate on purchase price XXX% (2.9% on cost). you read that right. - X classes of equity and exit cap rate of X% - XX% LTC bridge debt SOFR+3%ish looked it up a bunch of contractor liens recorded this year looks to be owned by the same group still"
X Link @LeylaKuni 2025-10-18T00:30Z 14.3K followers, 4565 engagements

"Genuine question and I hope to get a good discussion out of it -- those in the cockroach camp who think stuff is starting to hit the fan with private credit/banking/over-levered PE-backed companies -- -- how are you planning to make money on this What's the trade"
X Link @LeylaKuni 2025-10-18T02:34Z 14.3K followers, 21.3K engagements

"@EllliotttB will tell you all the ways you'll underperform by allocating to public REITs But I'll pound the table with @Mr_Neutral_Man anyways - your odds of getting wiped out in a public REIT are close to X Your odds of getting wiped out with some IT/doctor/dentist cowboy who decided to start syndicating deals in TX in 2021 are probably close to 50%"
X Link @LeylaKuni 2025-10-18T02:44Z 14.3K followers, 7860 engagements

"@tieyournumbers Thats preserving money 😁 How does one actually make money on this"
X Link @LeylaKuni 2025-10-18T03:21Z 14.3K followers, 1944 engagements

"I know a guy who allocated a lot of money to a hedge fund back in the day. It was one of the stellar performers that churned out double-digit returns for two decades. The best part: total luck. The guy had no idea what he was doing. He thinks he was Buffett tho"
X Link @LeylaKuni 2025-10-18T15:21Z 14.3K followers, 18.6K engagements

"Regional banks discovering private credit yields"
X Link @LeylaKuni 2025-10-18T18:26Z 14.3K followers, 35.6K engagements

"@Restructuring__ @AswathDamodaran's substack:"
X Link @LeylaKuni 2025-10-19T01:08Z 14.3K followers, XXX engagements