# ![@ExcessDefaults Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::1656404200161710080.png) @ExcessDefaults ExcessDefaults

ExcessDefaults posts on X about insurance, $jxn, $eqh, flow the most. They currently have [-----] followers and [---] posts still getting attention that total [-----] engagements in the last [--] hours.

### Engagements: [-----] [#](/creator/twitter::1656404200161710080/interactions)
![Engagements Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1656404200161710080/c:line/m:interactions.svg)

- [--] Week [---] -83%
- [--] Month [-----] -88%
- [--] Months [-------] +208%
- [--] Year [-------] -14%

### Mentions: [--] [#](/creator/twitter::1656404200161710080/posts_active)
![Mentions Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1656404200161710080/c:line/m:posts_active.svg)

- [--] Month [--] -78%
- [--] Months [--] +90%
- [--] Year [---] -64%

### Followers: [-----] [#](/creator/twitter::1656404200161710080/followers)
![Followers Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1656404200161710080/c:line/m:followers.svg)

- [--] Week [-----] -0.20%
- [--] Month [-----] +1%
- [--] Months [-----] +17%
- [--] Year [-----] +48%

### CreatorRank: undefined [#](/creator/twitter::1656404200161710080/influencer_rank)
![CreatorRank Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1656404200161710080/c:line/m:influencer_rank.svg)

### Social Influence

**Social category influence**
[finance](/list/finance)  [stocks](/list/stocks)  [currencies](/list/currencies)  [cryptocurrencies](/list/cryptocurrencies)  [countries](/list/countries)  [financial services](/list/financial-services)  [technology brands](/list/technology-brands)  [automotive brands](/list/automotive-brands)  [premier league](/list/premier-league)  [travel destinations](/list/travel-destinations) 

**Social topic influence**
[insurance](/topic/insurance), [$jxn](/topic/$jxn), [$eqh](/topic/$eqh), [flow](/topic/flow), [investment](/topic/investment), [$ares](/topic/$ares) #18, [athene](/topic/athene), [$apo](/topic/$apo), [$bx](/topic/$bx), [$gqgax](/topic/$gqgax)

**Top accounts mentioned or mentioned by**
[@brettwalden](/creator/undefined) [@ceclallowance](/creator/undefined) [@deadliftcapital](/creator/undefined) [@arrakisglobal](/creator/undefined) [@iceburghcapital](/creator/undefined) [@rhunterh](/creator/undefined) [@425lb](/creator/undefined) [@tangiblevalue](/creator/undefined) [@dumbalphaa](/creator/undefined) [@tomsmith839](/creator/undefined) [@blondesnmoney](/creator/undefined) [@tangentstyle](/creator/undefined) [@cap1talcap1tal](/creator/undefined) [@largecaptrader1](/creator/undefined) [@viggykrishnan](/creator/undefined) [@yungmetronome](/creator/undefined) [@jerrycurlan](/creator/undefined) [@yenoms](/creator/undefined) [@private35271288](/creator/undefined) [@shidellian](/creator/undefined)

**Top assets mentioned**
[Jackson Financial Inc. (JXN)](/topic/$jxn) [Equitable Holdings, Inc. (EQH)](/topic/$eqh) [Ares Management, Corp. (ARES)](/topic/$ares) [Apollo Global Management, Inc. (APO)](/topic/$apo) [Blackstone, Inc. (BX)](/topic/$bx) [Brookfield Business Partners L.P.Limited Partnership Units (BBU)](/topic/$bbu) [OneMain Holdings, Inc. (OMF)](/topic/$omf) [KKR & Co, Inc. (KKR)](/topic/$kkr) [Brookfield Asset Management Inc (BAM)](/topic/$bam) [Fidelis Insurance Holdings Limited (FIHL)](/topic/$fihl) [Corebridge Financial, Inc. (CRBG)](/topic/$crbg) [Brighthouse Financial, Inc. (BHF)](/topic/$bhf) [GammaSwap (GS)](/topic/$gs) [F&G Annuities & Life, Inc. (FG)](/topic/$fg) [BlackCoin (BLK)](/topic/$blk) [Carlyle Group, Inc. (CG)](/topic/$cg) [BlackRock Inc (BLK)](/topic/blackrock) [Vinci Partners Investments Ltd. (VINP)](/topic/$vinp) [PRiVCY (PRIV)](/topic/$priv) [Simon Property Group Inc (SPG)](/topic/$spg) [Barings BDC, Inc. (BBDC)](/topic/$bbdc) [Lincoln National Corporation (LNC)](/topic/$lnc) [Patria Investments Ltd. (PAX)](/topic/$pax) [Blue Owl Capital, Inc. (OWL)](/topic/$owl) [Brookfield Corporation (BN)](/topic/$bn) [TPG Inc. (TPG)](/topic/$tpg) [Enterprise Products Partners, LP. (EPD)](/topic/$epd)
### Top Social Posts
Top posts by engagements in the last [--] hours

"I love ETF innovation that fractionalizes institutional stuff. Found out about $BOXX yesterday; while not for me (feel like there is some sort of credit or execution risk that exists) I love it"  
[X Link](https://x.com/ExcessDefaults/status/1657115000530677760)  2023-05-12T20:06Z [----] followers, [--] engagements


"$EQH not exiting (floating rate) VA anytime soon feel strongly about optty"  
[X Link](https://x.com/ExcessDefaults/status/1657122006033395712)  2023-05-12T20:34Z [----] followers, [---] engagements


"Sum of parts always attractive but rarely works $EQH"  
[X Link](https://x.com/ExcessDefaults/status/1657122296975478785)  2023-05-12T20:35Z [----] followers, [--] engagements


"Who is the asset manager now"  
[X Link](https://x.com/ExcessDefaults/status/1659190283475783682)  2023-05-18T13:32Z [---] followers, [---] engagements


"gl shorting these"  
[X Link](https://x.com/ExcessDefaults/status/1678420915691081728)  2023-07-10T15:08Z [----] followers, [---] engagements


"There is an $SPG premium outlets near me and it's at least 1/3 empty and feels like a piece of shit"  
[X Link](https://x.com/ExcessDefaults/status/1686432592193810432)  2023-08-01T19:01Z [---] followers, [---] engagements


"* yes I own some $SPG"  
[X Link](https://x.com/ExcessDefaults/status/1686432676012859392)  2023-08-02T02:03Z [---] followers, [--] engagements


"Everything seemingly gets to a nice return at Brookfield"  
[X Link](https://x.com/ExcessDefaults/status/1690350367438147584)  2023-08-12T13:11Z [---] followers, [---] engagements


"Area man who manages $50M doesn't know the difference between NAV loans against portfolio companies and GP entity"  
[X Link](https://x.com/ExcessDefaults/status/1691477038115524609)  2023-08-15T15:48Z [---] followers, 12K engagements


"more like will they pursue long term corporate planning or abandon and go back to 100% opportunistic"  
[X Link](https://x.com/ExcessDefaults/status/1691890287344595112)  2023-08-16T19:10Z [---] followers, [---] engagements


"Captive clo equity investors feeling really good"  
[X Link](https://x.com/ExcessDefaults/status/1691904635949428881)  2023-08-16T20:07Z [---] followers, [---] engagements


"Is it fair to call clo equity cash flows a residual feature recurring cash flow 🤷♂"  
[X Link](https://x.com/ExcessDefaults/status/1691904888748519590)  2023-08-16T20:08Z [---] followers, [---] engagements


"@rhunterh @stressed_assets Is the AM basically a single LP vehicle for prem figuratively speaking"  
[X Link](https://x.com/ExcessDefaults/status/1692199483504013578)  2023-08-17T15:39Z [---] followers, [--] engagements


"@rhunterh @stressed_assets Kinda wonder if ffh takes out kw at some point"  
[X Link](https://x.com/ExcessDefaults/status/1692199881702838464)  2023-08-17T15:41Z [---] followers, [---] engagements


"You too can be a PE secondaries investor and get rekt"  
[X Link](https://x.com/ExcessDefaults/status/1693639965299667384)  2023-08-21T15:03Z [---] followers, [---] engagements


"I do always like this slide"  
[X Link](https://x.com/ExcessDefaults/status/1694727417875849542)  2023-08-24T15:04Z [---] followers, [---] engagements


"When your distressed fund ends up in distresstales from retail private investing"  
[X Link](https://x.com/ExcessDefaults/status/1696853278095491231)  2023-08-30T11:52Z [---] followers, [---] engagements


"Oh cool adjusting cap rates +17% is probably conservative right"  
[X Link](https://x.com/ExcessDefaults/status/1699385362915762432)  2023-09-06T11:33Z [---] followers, [----] engagements


"oh yeah this seasonal or a bit of real spice"  
[X Link](https://x.com/anyuser/status/1701310687593578764)  2023-09-11T19:04Z [--] followers, [---] engagements


"@distressedbr think you meant patria Good to know they set conservative targets"  
[X Link](https://x.com/ExcessDefaults/status/1701336381925044719)  2023-09-11T20:46Z [---] followers, [--] engagements


"@brett_walden with surrender less of a thing for PRT do you need to hold much cash vs paying benefits with income and maturities"  
[X Link](https://x.com/ExcessDefaults/status/1701554146208313630)  2023-09-12T11:11Z [---] followers, [---] engagements


"@largecaptrader1 @ConorNeu who knows but their forward facing marketing is running the playbook on how to run and blow up a levered financial"  
[X Link](https://x.com/ExcessDefaults/status/1702099164048351361)  2023-09-13T23:17Z [---] followers, [--] engagements


"Insuranceco funding solutions hit sheet:"  
[X Link](https://x.com/ExcessDefaults/status/1703360780278661524)  2023-09-17T10:50Z [---] followers, [---] engagements


"@CapitalCap1tal @willis_cap was first recommended to me by a Canadian nuff said"  
[X Link](https://x.com/ExcessDefaults/status/1704865513099444637)  2023-09-21T14:29Z [---] followers, [--] engagements


"Alts ownership in life insurance panel (2022) with big Bill Wheeler"  
[X Link](https://x.com/ExcessDefaults/status/1705191801228079541)  2023-09-22T12:06Z [---] followers, [---] engagements


""dont know if anybody gets into the insurance business on purpose. Its always a bit of an accident." ha"  
[X Link](https://x.com/ExcessDefaults/status/1705193352629809430)  2023-09-22T12:12Z [---] followers, [--] engagements


"AUM figures without context lack comparative insight. Example(s): Only $175B of the $450B Apollo yield platform is alpha seeking AUM rest is "no alpha left in public markets" liquid credit. Brookfield quotes total enterprise value as AUM instead of standard AUM etc"  
[X Link](https://x.com/ExcessDefaults/status/1705938599752175635)  2023-09-24T13:33Z [----] followers, [----] engagements


"General points on Japanese annuity market"  
[X Link](https://x.com/ExcessDefaults/status/1706320224016867580)  2023-09-25T14:50Z [---] followers, [---] engagements


"Block on equity investor psychology. Can't say that I don't fall into this trap at times"  
[X Link](https://x.com/ExcessDefaults/status/1707041502483066997)  2023-09-27T14:36Z [----] followers, [---] engagements


"Remember how he said credit facilities for PC were disappearing"  
[X Link](https://x.com/ExcessDefaults/status/1729178548219572257)  2023-11-27T16:41Z [---] followers, [---] engagements


"Q323 fixed and variable ytd sales (limra)"  
[X Link](https://x.com/ExcessDefaults/status/1730794730110452154)  2023-12-02T03:43Z [---] followers, [----] engagements


"So who is moving reinsurance vehicles from Bermuda to Cayman"  
[X Link](https://x.com/ExcessDefaults/status/1732498718237299147)  2023-12-06T20:34Z [---] followers, [----] engagements


"GA in the arena trying things. I presume a complex deal to structure given splicing of long-term care risks"  
[X Link](https://x.com/ExcessDefaults/status/1734345846408511987)  2023-12-11T22:54Z [---] followers, [---] engagements


"Full article:"  
[X Link](https://x.com/ExcessDefaults/status/1734345848165953658)  2023-12-11T22:54Z [---] followers, [---] engagements


"Prior commentary on LTC potential on old handle"  
[X Link](https://x.com/ExcessDefaults/status/1734346359770345517)  2023-12-11T22:56Z [---] followers, [---] engagements


"dogpile https://www.ft.com/content/a4d2867f-0c3d-4e0d-aaba-d11f60af8592 https://www.ft.com/content/a4d2867f-0c3d-4e0d-aaba-d11f60af8592"  
[X Link](https://x.com/ExcessDefaults/status/1735447206319264098)  2023-12-14T23:50Z [----] followers, [----] engagements


""all economics of the transaction will be effective as of January [--] 2024." As indicated elsewhere economic benefits of captive apply to existing book and future flow"  
[X Link](https://x.com/ExcessDefaults/status/1735734383062212667)  2023-12-15T18:51Z [---] followers, [--] engagements


""txn will provide for the cession from JXN to Brooke Re of liabilities associated with certain guaranteed benefit riders under our VA contracts and similar products of JXN (market risk benefits)" So upstream co will hold a mutual fund and captive holds typical VA risks"  
[X Link](https://x.com/ExcessDefaults/status/1735734384194621504)  2023-12-15T18:51Z [---] followers, [--] engagements


""Brooke Re will utilize a modified GAAP approach primarily related to market risk benefits" I believe this is key as LDTI is in effect here - so MRB volatility will be muted vs using a stat based approach"  
[X Link](https://x.com/ExcessDefaults/status/1735734385251586449)  2023-12-15T18:51Z [---] followers, [--] engagements


"Unclear to me if the captive is considered an off balance sheet item or on-balance sheet. But if they explicitly outlined $500m of uneconomic call buying in [----] with a smaller and less in the money portfolio I would expect savings going forward to be material"  
[X Link](https://x.com/ExcessDefaults/status/1735734389831766301)  2023-12-15T18:51Z [---] followers, [---] engagements


"@brett_walden @DumbAlphaa @TangibleValue $500 is the estimated call spend figure ($800 is what they have guided to in the past as normal course capital generation) but as @DumbAlphaa mentioned - $500 may be light today given book size and as @TangibleValue mentioned any savings may be muted by rate hedging at captive"  
[X Link](https://x.com/ExcessDefaults/status/1736018651764167057)  2023-12-16T13:41Z [---] followers, [---] engagements


"LSE sentiment continuing to drag along the ocean floor"  
[X Link](https://x.com/ExcessDefaults/status/1736740741366550534)  2023-12-18T13:30Z [---] followers, [---] engagements


"Imagine investing in the following: * Many billions annual revenue * Very profitable and high ROE * Multi thousand person teams * Offered at 5-7x * Global *** Levered black boxes"  
[X Link](https://x.com/ExcessDefaults/status/1737107674939191320)  2023-12-19T13:48Z [---] followers, [---] engagements


"Fidelis token repo"  
[X Link](https://x.com/ExcessDefaults/status/1737844014286803298)  2023-12-21T14:34Z [---] followers, [---] engagements


"@Cap1talCap1tal A wise man once said:"  
[X Link](https://x.com/ExcessDefaults/status/1743408946868785461)  2024-01-05T23:07Z [---] followers, [--] engagements


"Someone sell this man a buffered annuity before he hurts himself"  
[X Link](https://x.com/ExcessDefaults/status/1743486663245037616)  2024-01-06T04:16Z [---] followers, [---] engagements


"@yungmetronome If only we could be so lucky 🥂"  
[X Link](https://x.com/ExcessDefaults/status/1750213231757635772)  2024-01-24T17:45Z [---] followers, [--] engagements


"@Cap1talCap1tal @MadsCapital Old enough to remember him trying to justify EBITDA to equity market cap as a reasonable metric"  
[X Link](https://x.com/ExcessDefaults/status/1753443502233649457)  2024-02-02T15:41Z [---] followers, [--] engagements


"@Private35271288 @tm1979687735172 - As recently as [----] they had a model bust (bless the jr analyst's heart) that caused a meaningful capital raise - As recently as '20 they were all in on individual annuities and went [---] to focus on RILA - Csuite was canned in 20/21 - RBC swings to date have been massive"  
[X Link](https://x.com/ExcessDefaults/status/1754503077481292047)  2024-02-05T13:51Z [---] followers, [---] engagements


"Wasn't this guy short BDCs on the idea that their underlying credit facilities were going to disappear"  
[X Link](https://x.com/ExcessDefaults/status/1755256436177973436)  2024-02-07T15:45Z [----] followers, [---] engagements


"Is the growth an output of good execution or an input target to aim for"  
[X Link](https://x.com/ExcessDefaults/status/1755264277987131424)  2024-02-07T16:16Z [---] followers, [---] engagements


"@TangibleValue If you put this side by side w jxn jxn generates more cash smaller mkt cap lower lev catalysts mkt leader in va clean backbook etc. Why even bother w lnc but for a short vs jxn"  
[X Link](https://x.com/ExcessDefaults/status/1756534303952179207)  2024-02-11T04:23Z [---] followers, [---] engagements


"Sometimes a blind dog finds a bone $JXN"  
[X Link](https://x.com/ExcessDefaults/status/1760417133870391344)  2024-02-21T21:32Z [---] followers, [----] engagements


"Couple quick thoughts on reading through. As expected mgmt pursued a "consistent and disciplined" approach to reg change vs fireworks show to push share price. $JXN Sometimes a blind dog finds a bone $JXN https://t.co/6xMJJJnA6d Sometimes a blind dog finds a bone $JXN https://t.co/6xMJJJnA6d"  
[X Link](https://x.com/ExcessDefaults/status/1760443743147315611)  2024-02-21T23:17Z [---] followers, [----] engagements


"RILA offset continues"  
[X Link](https://x.com/ExcessDefaults/status/1760714490642092040)  2024-02-22T17:13Z [---] followers, [---] engagements


"$930M in surplus capital at JNLIC over 425% min target"  
[X Link](https://x.com/ExcessDefaults/status/1760714492525334849)  2024-02-22T17:13Z [---] followers, [---] engagements


"Releasing capital back to the balance sheet that shouldn't issue equity down here $FIHL"  
[X Link](https://x.com/ExcessDefaults/status/1761021854792474997)  2024-02-23T13:35Z [---] followers, [---] engagements


"@Private35271288 Feeling pretty good about my VA exposure https://t.co/BShgrUmoht Feeling pretty good about my VA exposure https://t.co/BShgrUmoht"  
[X Link](https://x.com/ExcessDefaults/status/1761850351890911426)  2024-02-25T20:27Z [---] followers, [---] engagements


"@brett_walden @jerrycurlan Pod you posted (thx) mentioned only one player that offered RILA w GLWB. Obv its EQH. Prob a long road to catch them. https://retirementincomejournal.com/article/equitable-launches-rila-with-income-benefit/ https://retirementincomejournal.com/article/equitable-launches-rila-with-income-benefit/"  
[X Link](https://x.com/ExcessDefaults/status/1761945387257221598)  2024-02-26T02:44Z [----] followers, [---] engagements


"@jerrycurlan @brett_walden A bit out of my league here but I think in isolation assuming good underwriting RILA causes more cap strain than VA (with fixed being most cap intensive) but not quite the story when you have a large existing VA book and add buffered (not floored) annuities to it"  
[X Link](https://x.com/ExcessDefaults/status/1762104839306412432)  2024-02-26T13:18Z [---] followers, [--] engagements


"There's not an identical North American analogue for what Vinci is trying to do for the BRL retirement system as the setups are different. Curious how this plays out"  
[X Link](https://x.com/ExcessDefaults/status/1762111290347237766)  2024-02-26T13:44Z [---] followers, [---] engagements


"These EFC guys either have the wrong entity type to do what they want to do or are just not that good or both So what discount should be assigned I wouldn't jump in right away unless it's 18%+ discount to start. 'Shareholder base' takes distribution cuts very seriously. even if there is evidence of earnings power coming back. We'll see. So what discount should be assigned I wouldn't jump in right away unless it's 18%+ discount to start. 'Shareholder base' takes distribution cuts very seriously. even if there is evidence of earnings power coming back. We'll see"  
[X Link](https://x.com/ExcessDefaults/status/1762270874206617747)  2024-02-27T00:18Z [---] followers, [---] engagements


"Summary of VRS "insurance" arm:"  
[X Link](https://x.com/ExcessDefaults/status/1763258112805617791)  2024-02-29T17:41Z [----] followers, [---] engagements


"Insurance portion doesn't do any traditional life insurance guarantees - is merely an entity that is required / regulated to perform asset allocation for pensions - and is one fee stream on AUM. Other VRS fee stream is fund specific fees w higher for private and lower for pub"  
[X Link](https://x.com/ExcessDefaults/status/1763260891934704109)  2024-02-29T17:52Z [---] followers, [---] engagements


"Context on Brazilian private pension reform open / closed pension architecture and customer and asset allocation push vs product led solutions"  
[X Link](https://x.com/ExcessDefaults/status/1763265137069420860)  2024-02-29T18:09Z [---] followers, [---] engagements


"@TomSmith839 I'm playing around. We all know Torsten's KPIs for comp are traffic / marketing metrics vs getting things right. Can't imagine anyone serious takes uses his stuff as a basis for any capital allocation"  
[X Link](https://x.com/ExcessDefaults/status/1763585978311319788)  2024-03-01T15:23Z [---] followers, [--] engagements


"Oh $EPD released a letter to shareholders"  
[X Link](https://x.com/ExcessDefaults/status/1763620445532938561)  2024-03-01T17:40Z [---] followers, [---] engagements


"Pause cap return increases and lay the pipe on more bulk annuity purchases pls"  
[X Link](https://x.com/ExcessDefaults/status/1763633800813412661)  2024-03-01T18:33Z [---] followers, [---] engagements


"95% IG.but 50% BBB or non-rated. "NRSRO rating was assigned based on the following criteria: (a) the equivalent S&P rating when the security is rated by one NRSRO" "NRSRO ratings available for the periods presented were S&P Fitch Moodys **DBRS and Kroll**.""  
[X Link](https://x.com/ExcessDefaults/status/1764287120997507415)  2024-03-03T13:50Z [---] followers, [--] engagements


"But it's cool as long as Marc Rowan says "we don't take credit risk" I'll just ignore this"  
[X Link](https://x.com/ExcessDefaults/status/1764287227851681871)  2024-03-03T13:50Z [---] followers, [---] engagements


"Pantheon private credit secondaries pricing over time"  
[X Link](https://x.com/ExcessDefaults/status/1765009878865826170)  2024-03-05T13:42Z [---] followers, [---] engagements


"@brett_walden Posting for buyout / RE / Venture reference"  
[X Link](https://x.com/ExcessDefaults/status/1765021663173968121)  2024-03-05T14:28Z [---] followers, [--] engagements


"GA / KKR annuity origination by channel"  
[X Link](https://x.com/ExcessDefaults/status/1765053726929420718)  2024-03-05T16:36Z [---] followers, [---] engagements


"BHF on competition in the RILA space and effects on returns"  
[X Link](https://x.com/ExcessDefaults/status/1765061165338771524)  2024-03-05T17:05Z [---] followers, [---] engagements


"BHF annuity flows"  
[X Link](https://x.com/ExcessDefaults/status/1765061947169690013)  2024-03-05T17:08Z [---] followers, [---] engagements


"I listened to this pod on the establishment of Martello Re - an annuity reinsurer backed by MassMutual Centerbridge and BBH. I'm not convinced this is a winning strategy unless there's a major imbalance in capital supply for annuities over next decade(s)"  
[X Link](https://x.com/ExcessDefaults/status/1766976697013084603)  2024-03-10T23:57Z [---] followers, [----] engagements


"@brett_walden Yeah. Since they outsource AM function and aren't going retail think their value prop is "we don't compete w you" so legacy players feel ok about offloading FI/FIA stuff to them. But other alts w/o retail presence (e.g. Fortitude Hildene etc.) probably bid on same blocks"  
[X Link](https://x.com/ExcessDefaults/status/1767019670912315886)  2024-03-11T02:48Z [---] followers, [---] engagements


"@brett_walden So unless Barings / CB asset mgmt is truly differentiated vs others w/o retail that bid doesn't seem interesting to me. Also doesn't seem like Barings / CB have aligned comp / incentives at employee level (wasn't mentioned - discussion was on "lots of meetings and alignment")"  
[X Link](https://x.com/ExcessDefaults/status/1767020062979031436)  2024-03-11T02:49Z [---] followers, [---] engagements


"It's like Nomura slept with Barings' spouse and now looking to move into the house. h/t @jclarkson203 Guessing the [--] person team was enough of a talent gutting that what talent remains isn't enough to keep the wheels turning effectively and departed team knows that. $BBDC"  
[X Link](https://x.com/ExcessDefaults/status/1768993072296177947)  2024-03-16T13:29Z [---] followers, [---] engagements


"@SkolCapital @rhunterh Please tell why he banged out the lobster to GGC for [---] who back2backed real estate for [---] and [--] yrs later sold 50% for $600m"  
[X Link](https://x.com/ExcessDefaults/status/1771399703164518782)  2024-03-23T04:52Z [---] followers, [--] engagements


"Pretty sure 99/100 Apollo shareholders couldn't explain to a potential annuity buyer how the features of any given FIA work"  
[X Link](https://x.com/ExcessDefaults/status/1771928884163817780)  2024-03-24T15:55Z [---] followers, [----] engagements


"@sdogg011235 Would recommend reading "The Fall of First Executive." There are loose parallels but exec life had 50% of portfolio in junk bonds and even then it unraveled due to deep dysfunction internally and massive lack of transparency which fueled annuitant crisis of confidence"  
[X Link](https://x.com/ExcessDefaults/status/1773123848537309414)  2024-03-27T23:04Z [---] followers, [--] engagements


"At what level of inflation as observed by normal core daily expenditures and assets (housing stocks etc.) do surrender rates like the below start to feel negligible to the annuity owner vs uncapped asset inflation fomo"  
[X Link](https://x.com/ExcessDefaults/status/1773341406938984568)  2024-03-28T13:28Z [---] followers, [---] engagements


"Athora flows getting gummed up by Italy BK and broken distribution pipe. Product overhaul in process in multiple countries"  
[X Link](https://x.com/ExcessDefaults/status/1773354268486942882)  2024-03-28T14:19Z [---] followers, [---] engagements


"2023 numbers summary"  
[X Link](https://x.com/ExcessDefaults/status/1773355862762897918)  2024-03-28T14:25Z [---] followers, [---] engagements


"The latest at $CG / Schwartz https://finance.yahoo.com/news/harvey-schwartz-spends-first-carlyle-100022154.html https://finance.yahoo.com/news/harvey-schwartz-spends-first-carlyle-100022154.html"  
[X Link](https://x.com/ExcessDefaults/status/1773467223434400189)  2024-03-28T21:48Z [---] followers, [---] engagements


"Basically utilize dutch PRT for growth now while true organic pipes are built / scaled in Netherlands Belgium Italy. Not sure why Germany not a focus area for organic"  
[X Link](https://x.com/ExcessDefaults/status/1773470704123679025)  2024-03-28T22:02Z [---] followers, [--] engagements


"Given many FI / FIA issuers haven't make much progress in RILA whereas VA players have. I wonder if JXN will get taken out for its RILA capability. I could see someone like BAM taking it out saying we get a "15% DE yield" going up to a rillion in the "medium term.""  
[X Link](https://x.com/ExcessDefaults/status/1773474500015014308)  2024-03-28T22:17Z [----] followers, [---] engagements


"In which NY enacted a 20% limit on junk bonds and diversification requirements and regulators enforced which resulted in required capital injection and fines for ExecLife. Ultimately policyholders were whole and MetLife took it over / made money. V diff story in CA"  
[X Link](https://x.com/ExcessDefaults/status/1774138315987722427)  2024-03-30T18:15Z [----] followers, [---] engagements


"I'm not sure much has changed here in the insurance insolvency / rehabilitation process which seems like a general disaster of leakage and state conflicts much moreso than the FDIC receivership process"  
[X Link](https://x.com/ExcessDefaults/status/1774139199727489254)  2024-03-30T18:18Z [---] followers, [---] engagements


"@DumbAlphaa "We see a forward IRR of 15% on this name from here.""  
[X Link](https://x.com/ExcessDefaults/status/1774216028245147932)  2024-03-30T23:23Z [---] followers, [--] engagements


"Good gravy lotta money coming in"  
[X Link](https://x.com/ExcessDefaults/status/1774780086719545805)  2024-04-01T12:45Z [---] followers, 10.6K engagements


"The gold standard in terms of biz model success for this kind of vehicle is clearly to be $ARCC. looooooong way to go and tailwinds not there vs private markets. For context the large cap ADS vehicle chunked $175M in Feb alone (vs $1B MFIC mkt cap) and sits over $5B now"  
[X Link](https://x.com/ExcessDefaults/status/1774812976421503017)  2024-04-01T14:56Z [---] followers, [---] engagements


"@willis_cap Solid that they have their ex head of public securities (an absolute dump of a business) and ex CEO of "alternative investments" managing a credit biz is mostly non-IG to target IG investments for their insuranceco that is managed by their ex renewables infrastructure CEO"  
[X Link](https://x.com/ExcessDefaults/status/1774873716654223417)  2024-04-01T18:57Z [---] followers, [---] engagements


"One thing that I'm confused about is L&G keeps saying its institutional investment management arm is key to feeding its PRT business (e.g. 99% of Q4 PRT for L&G was borne from LGIM clients) but others who don't have that "feeder" get plenty of business https://www.pionline.com/pension-risk-transfer/de-beers-uk-pension-plan-completes-11-billion-buy-pic https://www.pionline.com/pension-risk-transfer/de-beers-uk-pension-plan-completes-11-billion-buy-pic"  
[X Link](https://x.com/ExcessDefaults/status/1775577460689490410)  2024-04-03T17:33Z [---] followers, [---] engagements


".and L&G also characterizes (in front of government and elsewhere) the PRT biz as extremely competitive (not sure if true / not true - payback is 4yrs). All told I'm just not sure whether L&G's units are "synergistic" or just silos that don't need to be together"  
[X Link](https://x.com/ExcessDefaults/status/1775577462522470555)  2024-04-03T17:33Z [---] followers, [---] engagements


"Additionally I don't quite understand why L&G has $4B on balance sheet sunk into investments that include VC growth etc. - that aren't necessarily feeding the PRT machine and low ROE generally speaking (10-12% tgt return)"  
[X Link](https://x.com/ExcessDefaults/status/1775577464082694389)  2024-04-03T17:33Z [---] followers, [---] engagements


"Global Atlantic putting a target on Athene's back"  
[X Link](https://x.com/ExcessDefaults/status/1778430219189096752)  2024-04-11T14:29Z [---] followers, [----] engagements


"@KoalemosCap GA [----] retail sales: $11B Athene [---] months into [----] retail sales: $5.75B 🤷"  
[X Link](https://x.com/ExcessDefaults/status/1778467344957771820)  2024-04-11T16:57Z [----] followers, [---] engagements


"@rhunterh Barry post CPI"  
[X Link](https://x.com/ExcessDefaults/status/1778795710038880539)  2024-04-12T14:42Z [---] followers, [---] engagements


"Curious how this plays out LT https://apple.news/ASYUFyPXWQcCzm-ywHVHwXQ https://apple.news/ASYUFyPXWQcCzm-ywHVHwXQ"  
[X Link](https://x.com/ExcessDefaults/status/1779550342318866710)  2024-04-14T16:40Z [---] followers, [---] engagements


"@largecaptrader1 @brett_walden The current mark of atlas is a mystery to me (beyond chatter) https://x.com/ExcessDefaults/status/1764308756039688673 .but the mark on Atlas is probably in "other" and seems low.not sure how the accounting works here but wonder if AAA investors got a gift that may result in a large markup / outsized yield in the future https://t.co/wASdl6evI9 https://x.com/ExcessDefaults/status/1764308756039688673 .but the mark on Atlas is probably in "other" and seems low.not sure how the accounting works here but wonder if AAA investors got a gift that may result in a large"  
[X Link](https://x.com/ExcessDefaults/status/1783850801703559179)  2024-04-26T13:29Z [---] followers, [--] engagements


"Lol what $ARLP is now a bitcoin miner"  
[X Link](https://x.com/ExcessDefaults/status/1785039080340001056)  2024-04-29T20:10Z [----] followers, [----] engagements


"$ARI Chart crime Steinway getting chewed through / reserved for. Looks like $182M sr tranche $246M sr mezz $28M jr mezz A (I think) not reserved for / written off yet w jr mezz B written to [--] last year. Wonder if $ARI is 2yrs behind the $MFIC story but headed in the same direction as they chew through problems (and potentially merge w other stuff to scale out of problems) Wonder if $ARI is 2yrs behind the $MFIC story but headed in the same direction as they chew through problems (and potentially merge w other stuff to scale out of problems)"  
[X Link](https://x.com/ExcessDefaults/status/1785276741101199410)  2024-04-30T11:55Z [---] followers, [---] engagements


"Not sure if calcs are correct and not close to this situation but kinda interesting"  
[X Link](https://x.com/ExcessDefaults/status/1785276743974330689)  2024-04-30T11:55Z [---] followers, [---] engagements


"@ArrakisGlobal Yeah I have a feeling this vehicle will take medicine sooner than later to get it clean and start marketing it as an Athene CRE debt coinvest vehicle (which it effectively is on new origination now) Mgmt selling shares supports that it's probably close-ish to FV here 🤷"  
[X Link](https://x.com/ExcessDefaults/status/1785279682809925663)  2024-04-30T12:06Z [----] followers, [--] engagements


"@brett_walden @DumbAlphaa Think this is APO's Hovanian moment"  
[X Link](https://x.com/ExcessDefaults/status/1785648701480042857)  2024-05-01T12:33Z [---] followers, [---] engagements


"20x for ANI+SBC including an insurer and core+ PE"  
[X Link](https://x.com/ExcessDefaults/status/1785649826954428649)  2024-05-01T12:37Z [---] followers, [---] engagements


"$EQH out with record qtly RILA sales (SCS +52% v Q123 +8.5% linked Q) w sales mostly concentrated in RILA w/o income option @ExcessDefaults @brett_walden @jerrycurlan New RILA with GLWB - $JXN coming for $EQH https://t.co/LeVWYFfuYU @ExcessDefaults @brett_walden @jerrycurlan New RILA with GLWB - $JXN coming for $EQH https://t.co/LeVWYFfuYU"  
[X Link](https://x.com/ExcessDefaults/status/1785679366527258867)  2024-05-01T14:35Z [----] followers, [---] engagements


"Chipping away at share count $EQH"  
[X Link](https://x.com/ExcessDefaults/status/1785679978463744055)  2024-05-01T14:37Z [----] followers, [---] engagements


"$EQH pounding the table for RILA vs other annuities"  
[X Link](https://x.com/ExcessDefaults/status/1786001523551691001)  2024-05-02T11:55Z [----] followers, [---] engagements


"Also pounding the table for US vs RoW"  
[X Link](https://x.com/ExcessDefaults/status/1786002268283928826)  2024-05-02T11:58Z [----] followers, [---] engagements


"And last perhaps most interesting is commentary on entry into in-plan guarantee market - greased by Secure [---] act. $EQH"  
[X Link](https://x.com/ExcessDefaults/status/1786002627714826705)  2024-05-02T11:59Z [----] followers, [---] engagements


"$LNC sales by product type"  
[X Link](https://x.com/ExcessDefaults/status/1786004082941194445)  2024-05-02T12:05Z [----] followers, [---] engagements


"Mgmt sez: $1.1/sh FRE in [--] $1.25-1.4/sh FRE in [--] $0.50/sh PRE in each Biggest q imo is does a credible plan to grow at teens exist post [--] w/o this pace of m&a"  
[X Link](https://x.com/ExcessDefaults/status/1786103605621383528)  2024-05-02T18:40Z [---] followers, [---] engagements


"Net spread at $APO needs to push above 170bps for each successive Q to hit [---] guide for the year which likely means alts actually exceeding 11% expectation vs underperforming 11% expectation for the last [--] qtrs. Note that the solution to hitting 11% is moar PE"  
[X Link](https://x.com/ExcessDefaults/status/1786374043668742464)  2024-05-03T12:35Z [----] followers, [---] engagements


"Wonder why $BBU is constantly frustrated w trading price when results ex gain / sale are wildly inconsistent forever and going the wrong way"  
[X Link](https://x.com/ExcessDefaults/status/1786425832967430345)  2024-05-03T16:01Z [---] followers, [---] engagements


"Oh interest rate correlation is the issue How about highly levered cap structures w mostly floating rate term loans going straight up your ass"  
[X Link](https://x.com/ExcessDefaults/status/1786425834955534841)  2024-05-03T16:01Z [---] followers, [---] engagements


"$CRBG Indiv. retirement trends"  
[X Link](https://x.com/ExcessDefaults/status/1786432030055756188)  2024-05-03T16:26Z [----] followers, [---] engagements


"$CRBG on spread trends as CoF rises"  
[X Link](https://x.com/ExcessDefaults/status/1786480610061554048)  2024-05-03T19:39Z [----] followers, [---] engagements


"CRBG on US / UK PRT"  
[X Link](https://x.com/ExcessDefaults/status/1786483902950834596)  2024-05-03T19:52Z [---] followers, [---] engagements


"PRT buyout vs buy-in"  
[X Link](https://x.com/ExcessDefaults/status/1786484284250787932)  2024-05-03T19:53Z [---] followers, [---] engagements


"@kingdomcapadv Why do these [--] warrants trade just over $50c with $11.5 strike with [--] yrs to exp"  
[X Link](https://x.com/ExcessDefaults/status/1786535249914339428)  2024-05-03T23:16Z [---] followers, [---] engagements


"@yenoms this libro worth $10"  
[X Link](https://x.com/ExcessDefaults/status/1786895857490792940)  2024-05-04T23:09Z [---] followers, [--] engagements


"Think focus is something some of these bigger alts are diluting with setting up products in every single possible box across the risk and asset class spectrum"  
[X Link](https://x.com/ExcessDefaults/status/1787494694982959317)  2024-05-06T14:48Z [---] followers, [---] engagements


"$kkr showing restraint on launching secondaries is frankly surprising given more often than not the major alts just launch anywhere there is opportunity. And a good sign"  
[X Link](https://x.com/ExcessDefaults/status/1787495009610289480)  2024-05-06T14:49Z [---] followers, [---] engagements


"@CECL_Allowance honestly the book isn't as relevant anymore given industry change since publication"  
[X Link](https://x.com/ExcessDefaults/status/1787821356664631576)  2024-05-07T12:26Z [---] followers, [---] engagements


"@shidellian At the risk of upsetting Rowan disciples (FD: I used to be one) I love that he says essentially "track record is meaningless over the past [--] years given zero rates" at the same time saying "we have had deminimus cumulative credit losses over past [--] yrs""  
[X Link](https://x.com/ExcessDefaults/status/1787849778451419527)  2024-05-07T14:19Z [---] followers, [---] engagements


"@marginofdanger @ClarkinM @GrandTokamak @junkbondinvest @AnalystEgg @hedgie007 The ETF structure can trade off NAV - and will if the other side goes illiquid. Its like a cockroach"  
[X Link](https://x.com/ExcessDefaults/status/1787859121334841837)  2024-05-07T14:56Z [---] followers, [---] engagements


"BRL 10Y straight back up - so much for single digits"  
[X Link](https://x.com/ExcessDefaults/status/1787878108319879272)  2024-05-07T16:12Z [---] followers, [---] engagements


"@AnalystEgg GQJPX - just don't see active managers that have his kind of portfolio at all (e.g. mixing TSMC w PBR etc.)"  
[X Link](https://x.com/ExcessDefaults/status/1787880991325094391)  2024-05-07T16:23Z [----] followers, [---] engagements


"@AnalystEgg Oh sorry here you go crossed tweets CRDIX"  
[X Link](https://x.com/ExcessDefaults/status/1787882553061650449)  2024-05-07T16:29Z [----] followers, [---] engagements


"I kinda feel like this merger of target date funds and annuities kicked off by Blackrock is a big deal"  
[X Link](https://x.com/ExcessDefaults/status/1787930855534641513)  2024-05-07T19:41Z [---] followers, [----] engagements


"Mechanics of it"  
[X Link](https://x.com/ExcessDefaults/status/1787931673415610378)  2024-05-07T19:45Z [----] followers, [---] engagements


"Currently only $EQH and $BHF supporting Blackrock so far on this. The common thread is they are VA players.where my $jxn hoes at @DumbAlphaa @TangibleValue"  
[X Link](https://x.com/ExcessDefaults/status/1787932160248476052)  2024-05-07T19:46Z [----] followers, [---] engagements


"@rhunterh What's the expected return on this Something like mid single digits post tax What about just slam dunking it into some sort of annuity and focusing on red hook amenities"  
[X Link](https://x.com/ExcessDefaults/status/1787971326462095772)  2024-05-07T22:22Z [---] followers, [----] engagements


"Early days but maybe time for a George W mission accomplished banner at $JXN re regulatory changes. In past equity markets pushing 11% higher may have resulted in a large negative RBC swing due to floored out reserves if "uneconomic" calls weren't fully ITM"  
[X Link](https://x.com/ExcessDefaults/status/1788330731426684974)  2024-05-08T22:10Z [---] followers, [----] engagements


"This Q there was a modest RBC build and sub billion hedge gain / loss. Moreover it seems like the regime gives this very conservative mgmt team confidence to quickly accelerate capital returns. 45% of the entire [----] repo in the first Q and trending to cap return above guidance"  
[X Link](https://x.com/ExcessDefaults/status/1788330732567536004)  2024-05-08T22:10Z [---] followers, [---] engagements


"@CECL_Allowance Post-mortem'd this the other day - had a $12 basis and sold at $28 as things were always a quarter away cash flow wasn't materializing and leverage ticking up consistently. Right process decision to sell but man does it hurt to look atl"  
[X Link](https://x.com/ExcessDefaults/status/1788542321195418109)  2024-05-09T12:11Z [---] followers, [---] engagements


"@CECL_Allowance lol of course u bot them https://x.com/GrandTokamak/status/1788544010413326583 @CECL_Allowance @ExcessDefaults Yep I bought the HY bonds at +900 before the spin 😅 https://x.com/GrandTokamak/status/1788544010413326583 @CECL_Allowance @ExcessDefaults Yep I bought the HY bonds at +900 before the spin 😅"  
[X Link](https://x.com/ExcessDefaults/status/1788544288714080590)  2024-05-09T12:19Z [---] followers, [--] engagements


"@InvestsCletus @TwainsMustache @blondesnmoney Why did they have to file in 2020"  
[X Link](https://x.com/ExcessDefaults/status/1788770101195640870)  2024-05-10T03:16Z [---] followers, [--] engagements


"@blondesnmoney Except apollo grows faster than this guy (I'm long both)"  
[X Link](https://x.com/ExcessDefaults/status/1788915101728379020)  2024-05-10T12:52Z [---] followers, [---] engagements


"@TomSmith839 @rhunterh @blondesnmoney Guess what I'm saying is I don't really buy that optionality is higher for Vinci. Lower base is probably moot given BRL and latam capital markets are the size of an ant vs US capital markets (US probably 50x larger) so what appears small to US investor is huge there"  
[X Link](https://x.com/ExcessDefaults/status/1788994491590041722)  2024-05-10T18:08Z [---] followers, [--] engagements


"Imagine being a part of the launch of a massive sports betting initiative and then saying this"  
[X Link](https://x.com/ExcessDefaults/status/1790799890001576137)  2024-05-15T17:42Z [----] followers, [---] engagements


"@CECL_Allowance it's uninvestable the second Delmonico leaves"  
[X Link](https://x.com/ExcessDefaults/status/1791119696378609953)  2024-05-16T14:53Z [---] followers, [--] engagements


"OMFIT 30+ DQs $OMF"  
[X Link](https://x.com/ExcessDefaults/status/1792657582685110651)  2024-05-20T20:44Z [---] followers, [---] engagements


"@shidellian Single batch organic craft specialty underwriting"  
[X Link](https://x.com/ExcessDefaults/status/1793305114280857744)  2024-05-22T15:37Z [---] followers, [--] engagements


"Color on abrdn carveout by $PAX by head of the unit https://community.ionanalytics.com/mergermarket-ma-and-private-equity-forum-europe-2024/keynote-speaker-premonitions-for-private-equity-in-2024 https://community.ionanalytics.com/mergermarket-ma-and-private-equity-forum-europe-2024/keynote-speaker-premonitions-for-private-equity-in-2024"  
[X Link](https://x.com/ExcessDefaults/status/1793390599330246717)  2024-05-22T21:16Z [---] followers, [---] engagements


"Does anybody actually care about a SASB default on a NYC office property"  
[X Link](https://x.com/ExcessDefaults/status/1793627153260781945)  2024-05-23T12:56Z [---] followers, [---] engagements


"@TangibleValue The put may be at something like 0.6x TBV or lower - guy doesn't care about retail he cares about making money and institutional relationships. Retail just a tool to exit institutional investors from balance sheet imo"  
[X Link](https://x.com/ExcessDefaults/status/1793634779998699807)  2024-05-23T13:27Z [---] followers, [--] engagements


"@TangibleValue Yeah silly storyline. He just wants the his words "sky high" MGU multiple by creating the pod shop of the P&C world via all his cells"  
[X Link](https://x.com/ExcessDefaults/status/1793639910798458907)  2024-05-23T13:47Z [---] followers, [---] engagements


"@TangibleValue As retail kinda have to assume worst case - they let it languish at 0.X TBV (while doing v modest buybacks) and use private capital / quota share agreements with other capital sources (e.g. Travelers etc.) on the back of Brindle underwriting rep to feed MGU appetite"  
[X Link](https://x.com/ExcessDefaults/status/1793640201144963328)  2024-05-23T13:48Z [---] followers, [---] engagements


""Dentist" forum I follow is a good way to in part understand flows to private assets. All too happy to allocate to expensive interval funds without considering public alternatives as "diligence" is served up on a platter by PWM reps and RIA vs reading some SA article"  
[X Link](https://x.com/ExcessDefaults/status/1795798036033003987)  2024-05-29T12:43Z [---] followers, [----] engagements


"Kinda funny waking up to the dentists losing their mind about a "cash alternative" fund that invests in illiquid short duration "private credit" taking a 4% single day hit as they wrote off some sketchy allocation"  
[X Link](https://x.com/ExcessDefaults/status/1795798279210324451)  2024-05-29T12:44Z [---] followers, [---] engagements


"Interesting Blackrock pumping annuities on LinkedIn"  
[X Link](https://x.com/ExcessDefaults/status/1795823896777961951)  2024-05-29T14:25Z [---] followers, [---] engagements


"@CECL_Allowance @DividendKam The better question that nobody asks and essentially solves the math problem easily is "what is your burn""  
[X Link](https://x.com/ExcessDefaults/status/1795912834984894508)  2024-05-29T20:19Z [---] followers, [--] engagements


"CRBG / ATH side by side (diff liability mix).u can see the corp OW and greater RMBS / CMBS focus along with CML OW (crbg analyst can't be bothered to order allocations by size.but perhaps makes it easier to guess what the allocation was in the not so distant past)"  
[X Link](https://x.com/ExcessDefaults/status/1796217102552179032)  2024-05-30T16:28Z [---] followers, [---] engagements


"Is $GS talking about warehouse financing or same layer as other PC players"  
[X Link](https://x.com/ExcessDefaults/status/1796570008858116208)  2024-05-31T15:50Z [---] followers, [---] engagements


"While Dimon saying one thing and doing another $GS out here being explicit about running the alts playbook. This the same guy who is raising money for a private BDC and sniffing Monroe https://t.co/78p5ylY02Y This the same guy who is raising money for a private BDC and sniffing Monroe https://t.co/78p5ylY02Y"  
[X Link](https://x.com/ExcessDefaults/status/1796571346086060230)  2024-05-31T15:56Z [---] followers, [---] engagements


"Seems like more than one trying to build more fee streams in WM. $GS on extending leverage / liquidity to clients:"  
[X Link](https://x.com/ExcessDefaults/status/1796572557598220769)  2024-05-31T16:00Z [---] followers, [---] engagements


"$APO on extending leverage / liquidity to private assets (not sure how this works):"  
[X Link](https://x.com/ExcessDefaults/status/1796572559250780246)  2024-05-31T16:00Z [---] followers, [---] engagements


"$BX "We are not impressed""  
[X Link](https://x.com/ExcessDefaults/status/1796574844257243401)  2024-05-31T16:09Z [----] followers, [---] engagements


"$BX on ETFs and entry into defined contribution plans"  
[X Link](https://x.com/ExcessDefaults/status/1796575072079200665)  2024-05-31T16:10Z [----] followers, [---] engagements


"Is this because $BX doesn't have enough flow yet"  
[X Link](https://x.com/ExcessDefaults/status/1796575650981232851)  2024-05-31T16:13Z [---] followers, [---] engagements


"$BX and $KKR on two opposite insurance models. Is one better than the other"  
[X Link](https://x.com/ExcessDefaults/status/1796576241203790200)  2024-05-31T16:15Z [----] followers, [---] engagements


"Think this is why I respect $ARES approach measured vs bull in a china shop approach of other late movers. Not that $BX is stuffing balance sheets full of junk that blows up but perhaps just doing a 2nd rate job for its clients (between service and assets)"  
[X Link](https://x.com/ExcessDefaults/status/1796577779196346388)  2024-05-31T16:21Z [---] followers, [---] engagements


"Decent overview of $BLK LifePath Paycheck launch https://riabiz.com/a/2024/5/11/fidelity-voya-and-boa-smooth-blackrocks-launch-of-guaranteed-paycheck-etfs-but-401k-plan-participants-may-yet-balk-at-high-unseeable-fees-and-intangibility-of-benefits https://riabiz.com/a/2024/5/11/fidelity-voya-and-boa-smooth-blackrocks-launch-of-guaranteed-paycheck-etfs-but-401k-plan-participants-may-yet-balk-at-high-unseeable-fees-and-intangibility-of-benefits"  
[X Link](https://x.com/ExcessDefaults/status/1796683479557759421)  2024-05-31T23:21Z [---] followers, [---] engagements


"I wonder if like $BX shocked the ntreit space back to life if $BLK making this push for annuities in target date ETFs is the brand name necessary to catalyze the industry (both from a brand trust and brand weight to get partners in line)"  
[X Link](https://x.com/ExcessDefaults/status/1796684032601956732)  2024-05-31T23:23Z [---] followers, [---] engagements


"@ArrakisGlobal I can't really figure out the backstory here - who is responsible for the mess here and is he/she still in charge There was a mgmt flush / strategy change at $MFIC w Widra tapped in but don't think that's the case here"  
[X Link](https://x.com/ExcessDefaults/status/1796921676292391237)  2024-06-01T15:08Z [---] followers, [---] engagements


"@GreensplattCap Just wait banks will pull credit facilities"  
[X Link](https://x.com/ExcessDefaults/status/1796984879831486612)  2024-06-01T19:19Z [----] followers, [---] engagements


"Would love to know how these people are thinking about this investment"  
[X Link](https://x.com/ExcessDefaults/status/1797637866379714834)  2024-06-03T14:34Z [---] followers, [----] engagements


"$ARES on business trajectory visibility and confidence"  
[X Link](https://x.com/ExcessDefaults/status/1797755330841174320)  2024-06-03T22:20Z [----] followers, [----] engagements


"State Farm: We can run well over 100% and take it. Tesla: Isn't higher better This interview with Former Exec at $TSLA insurance is pretty interesting TSLA Insurance is supposedly running at 150% loss ratio with 40% total loss frequency https://t.co/2RuFuceuYk This interview with Former Exec at $TSLA insurance is pretty interesting TSLA Insurance is supposedly running at 150% loss ratio with 40% total loss frequency https://t.co/2RuFuceuYk"  
[X Link](https://x.com/ExcessDefaults/status/1798016722320163232)  2024-06-04T15:39Z [---] followers, [---] engagements


"Ngl I froze like a teenage girl seeing Bieber [--] yrs ago"  
[X Link](https://x.com/ExcessDefaults/status/1798093498476056605)  2024-06-04T20:44Z [---] followers, [---] engagements


"@brett_walden From an insurance perspective think their liabilities are complex enough that they get pricing which doesnt require asset outperformancejust that the liabilities dont get far worse than underwriting"  
[X Link](https://x.com/ExcessDefaults/status/1798397162319155311)  2024-06-05T16:51Z [---] followers, [---] engagements


"@yungmetronome Feel like the only way meaningful regs show up is if a new product or asset that isnt well covered by the regs (junk bonds CDO/CDS) shows up and blows up. Secben may have lower qual stuff but its not like they arent paying the cap charge for it right"  
[X Link](https://x.com/ExcessDefaults/status/1798419225918476687)  2024-06-05T18:18Z [---] followers, [--] engagements


"@yungmetronome Said diff what shady stuff are they up to that may blow and they dont have anywhere near the capital they should have against it"  
[X Link](https://x.com/ExcessDefaults/status/1798419446547324974)  2024-06-05T18:19Z [---] followers, [--] engagements


"@cultivatedbeta @ArrakisGlobal Float outstanding may be deceptive as perhaps increased liquidity may be what certain long time holders/founders need to get reasonable partial / full exit liquidity no"  
[X Link](https://x.com/ExcessDefaults/status/1800157546088706339)  2024-06-10T13:26Z [---] followers, [--] engagements


"If youre going to spend $10B to buy a company dont you think you would get a list of products; how much time is remaining on patent; what they have in the pipelineJeff didnt do that. GE [----] Amersham acquisition"  
[X Link](https://x.com/ExcessDefaults/status/1800366131812970583)  2024-06-11T03:15Z [---] followers, [---] engagements


"@brett_walden When can we call top"  
[X Link](https://x.com/ExcessDefaults/status/1801620672977719744)  2024-06-14T14:20Z [---] followers, [---] engagements


"@brett_walden Perhaps if rates come down annuity sales slow spreads get competed down maybe then we start to see who has weaker vs stronger hands here"  
[X Link](https://x.com/ExcessDefaults/status/1801621153946935576)  2024-06-14T14:22Z [---] followers, [---] engagements


"lol $BRMK guy looking to reboot with a new construction lending fund good luck dude"  
[X Link](https://x.com/ExcessDefaults/status/1803812670254067973)  2024-06-20T15:30Z [----] followers, [---] engagements


"@premiamgmt @JohnArnoldFndtn not a big munger fan but this one is gold"  
[X Link](https://x.com/ExcessDefaults/status/1804201584823537962)  2024-06-21T17:15Z [---] followers, [--] engagements


"@premiamgmt @BrantLakeWagyu what's the bug situation when eating meats outdoor in Alberta in the summer"  
[X Link](https://x.com/ExcessDefaults/status/1804507626979393952)  2024-06-22T13:31Z [---] followers, [--] engagements


"It's interesting how boomers seem to have the thirst for equity upside in a way older generations seemed to not have. In part may explain why RILA which you can consider tax deferred "boomer candy" is so on fire vs other annuity products. (WSJ)"  
[X Link](https://x.com/ExcessDefaults/status/1804509861964878007)  2024-06-22T13:40Z [---] followers, [----] engagements


"@brett_walden A friend actually brought up this article unprompted he said he liked the ETF and when I mentioned an annuity instead he said he wouldnt want to lock up for that long🤷🏾♂"  
[X Link](https://x.com/ExcessDefaults/status/1807788010047668374)  2024-07-01T14:47Z [---] followers, [---] engagements


"While it seems like SRTs will be plentiful for an extended period of time remember that these are episodic and without formal terms which may make ALM planning more difficult than vertically integrating credit origination"  
[X Link](https://x.com/ExcessDefaults/status/1809594930920067088)  2024-07-06T14:27Z [----] followers, [---] engagements


"@CECL_Allowance Yeah he modeled the divvy off them to try to get the premium but key diff is his fund doesn't earn it by a long shot on a regular basis. Perhaps on a [--] year period he does if the tail hedges embedded actually hit"  
[X Link](https://x.com/ExcessDefaults/status/1810466097147302235)  2024-07-09T00:08Z [---] followers, [--] engagements


"@CECL_Allowance Haha well said. I thought it was a pretty good bet they wouldn't understand it and he would get to hammer equity above NAV"  
[X Link](https://x.com/ExcessDefaults/status/1810466832979231209)  2024-07-09T00:11Z [---] followers, [--] engagements


"BAM writing UK PRT by end of year. US annuity US life US P&C UK PRT 3+ platforms. Doubling annuity sales in short order. Everything everywhere all at once. 🤷🏾♂"  
[X Link](https://x.com/ExcessDefaults/status/1811144598259175749)  2024-07-10T21:04Z [---] followers, [---] engagements


"Jain said he won't even launch an ETF because he wants more opacity / doesn't want to provide daily transparency to others. https://www.morningstar.com/personal-finance/david-herro-rajiv-jain-should-us-investors-look-overseas https://www.morningstar.com/personal-finance/david-herro-rajiv-jain-should-us-investors-look-overseas"  
[X Link](https://x.com/ExcessDefaults/status/1811376972452290583)  2024-07-11T12:28Z [---] followers, [---] engagements


"2nd half onward is good https://open.spotify.com/episode/4g7Imnpmjjhul7z030Th0ssi=UrqcFZdxTAGwwSgWeWEplw&context=spotify%3Ashow%3A7CQ9i3ZaiAp0TBiqRl3pYG https://open.spotify.com/episode/4g7Imnpmjjhul7z030Th0ssi=UrqcFZdxTAGwwSgWeWEplw&context=spotify%3Ashow%3A7CQ9i3ZaiAp0TBiqRl3pYG"  
[X Link](https://x.com/ExcessDefaults/status/1811498360676974710)  2024-07-11T20:30Z [----] followers, [---] engagements


"@LilyFunds What was your original thesis of why this would take off in Sep21"  
[X Link](https://x.com/ExcessDefaults/status/1812114538130710911)  2024-07-13T13:19Z [----] followers, [---] engagements


"@rhunterh @ArrakisGlobal (Or a bank may have been a better fit - anything with materially lower cost of funding vs reit equity / junk debt)"  
[X Link](https://x.com/ExcessDefaults/status/1814455325954846834)  2024-07-20T00:20Z [---] followers, [--] engagements


"@rhunterh @ArrakisGlobal Kinda funny that myriad shit BDCs have IG and these guys dont"  
[X Link](https://x.com/ExcessDefaults/status/1814455938814038172)  2024-07-20T00:23Z [---] followers, [--] engagements


"@ArrakisGlobal @CECL_Allowance Is it not odd that stwd just happens to print 0.48-0.50 like every single quarter Feels a little Jack Welchy"  
[X Link](https://x.com/ExcessDefaults/status/1816565840072101984)  2024-07-25T20:07Z [---] followers, [----] engagements


"Completely missed that $OWL bought Atalaya. But not unsurprising"  
[X Link](https://x.com/ExcessDefaults/status/1817948152198246506)  2024-07-29T15:39Z [---] followers, [----] engagements


"Pretty impressed EQH took in $500m in Q2 from Blackrock LPP. Didnt really have an expectation but it certainly wouldnt have been this high"  
[X Link](https://x.com/ExcessDefaults/status/1818696209244262823)  2024-07-31T17:12Z [---] followers, [---] engagements


"Probably not super happy Would love to know how these people are thinking about this investment. https://t.co/MLaupbSPDp Would love to know how these people are thinking about this investment. https://t.co/MLaupbSPDp"  
[X Link](https://x.com/ExcessDefaults/status/1818983385651683550)  2024-08-01T12:13Z [---] followers, [---] engagements

Limited data mode. Full metrics available with subscription: lunarcrush.com/pricing