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[@JulianKlymochko](/creator/twitter/JulianKlymochko)
"Nature is healing - we've had the second leveraged buyout announced since Obliteration Day $AVDX to be acquired by TPG / Corpay for $XXXXX cash per share XXXX% premium $XXX billion It ain't much but it's honest work"  
[X Link](https://x.com/JulianKlymochko/status/1920110659800637869) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-05-07T13:37Z 30.2K followers, 2106 engagements


"Cantor has had a hot hand lately primarily off their $XXI deal. Today they IPO another SPAC Cantor Equity Partners III marking their fourth active SPAC in the market (now three searching for a target). Yes it was oversubscribed. Disclosure: Long $CAEP in $ARB.to"  
[X Link](https://x.com/JulianKlymochko/status/1938227144486006856) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-06-26T13:25Z 30.2K followers, 5572 engagements


"$CCCM is trading dangerously close to NAV ($10.07) - a level in which it could suffer devastating redemptions. Why does the market hate the ProCap Financial deal in particular compared to the other crypto treasury SPACs $CEPO $DYNX $CEP $MBAV $TLGYF"  
[X Link](https://x.com/JulianKlymochko/status/1947691400658837684) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-07-22T16:13Z 30.2K followers, 7138 engagements


"Cutting through the noise and negative sentiment on BDCs here are some interesting insights from a recent call with leading BDCs and sell-side analyst: - BDC sentiment completely disconnected from reality. 15-25% NAV discounts imply defaults that far exceed what happened in the GFC with far lower implied recovery rates. Current discounts imply credit conditions unprecedented even in the worst recessions. - Baby out with the bathwater dynamic as idiosyncratic issues in BSL market has nothing to do with private credit. This has driven investor nervousness and a snowball effect from bad"  
[X Link](https://x.com/JulianKlymochko/status/1979258760989417974) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-17T18:50Z 30.2K followers, 58K engagements


"Today's M&A and SPAC news $CCF to be acquired by $KKR for $XXXXXX cash per share XXX% premium $XXX billion $CHEA announced a business combination with Taiwan Color Optics $BGRY / SoftBank Group deal closed $ALPA / $CTCX deal closed"  
[X Link](https://x.com/JulianKlymochko/status/1682381843054891008) [@JulianKlymochko](/creator/x/JulianKlymochko) 2023-07-21T13:27Z 30.1K followers, 2005 engagements


"Today's M&A notes $TGNA to be acquired by $NXST for $XXXXX cash per share XXXX% premium $XXX billion $NWE to be acquired by $BKH for 0.98x shares XXX% premium $XXX billion $PLYM received unsolicited proposal from Sixth Street for $XXXXX cash"  
[X Link](https://x.com/JulianKlymochko/status/1957802648159367249) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-08-19T13:51Z 30.1K followers, 1525 engagements


"Today's M&A notes $AL to be acquired by Sumitomo Corporation SMBC Aviation Capital Apollo and Brookfield for $XXXXX cash per share XXX% premium $XXX billion $TIXT / $TU bumped consideration by XXXX% to $XXXX from $XXXX entered definitive agreement"  
[X Link](https://x.com/JulianKlymochko/status/1962871563537338397) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-09-02T13:33Z 30.1K followers, 1849 engagements


"Prime Minister Carney gave tacit approval for Anglo American's acquisition of Teck Resources (the deal is subject to a nod from Investment Canada). The cost was Anglo moving its headquarters to Canada. $TECK $NGLOY $AAL"  
[X Link](https://x.com/JulianKlymochko/status/1967702828421615625) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-09-15T21:31Z 30.1K followers, 2214 engagements


"Overall PIK flat QoQ up 100bps YoY. Anecdotally Blue Owl indicated XX% of their PIK is structured at the front end of deals. Noted that they haven't had any non-accruals or principal losses in front end PIK deals since inception. Ares said their split was 90%. Front-end PIK structures typically add 50-100bps in spread premium to equivalent cash-pay deals"  
[X Link](https://x.com/JulianKlymochko/status/1968312658538713272) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-09-17T13:54Z 30.1K followers, 1079 engagements


"➡ M&A Deal Sheet Electronic Arts $EA to be acquired by PIF / Silver Lake / Affinity Partners for $XXXXXX cash per share XXXX% premium $XX billion 18.8x EBITDA (2027E) Trading at a XXX% arbitrage yield and an implied XX% odds of success"  
[X Link](https://x.com/JulianKlymochko/status/1972683175496405053) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-09-29T15:21Z 30.1K followers, 2919 engagements


"American Dynamism Acquisition Company domiciled in the Cayman Islands. The invisible hand has a sense of humor"  
[X Link](https://x.com/JulianKlymochko/status/1973148273390264770) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-09-30T22:09Z 30.2K followers, 2288 engagements


"Wild things happen to merger arbitrage spreads when the acquiror turns into a meme stock With $RKT becoming a retail pump the $COOP deal spread blew out to nearly XX% gross. With the deal set to close tomorrow $RKT pumpers could have earned 1000% annualized with the switch"  
[X Link](https://x.com/JulianKlymochko/status/1973166006668599772) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-09-30T23:20Z 30.1K followers, 3667 engagements


"Now that $NEUE's sale to New Enterprise Associates for $XXXX per share has closed does anybody know why the spread blew out earlier this year to a near X% probability of closing on seemingly no news We never had a position so didn't follow it closely. A weird situation though"  
[X Link](https://x.com/JulianKlymochko/status/1973744923016130835) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-02T13:40Z 30.2K followers, 2639 engagements


"At least XXX CLOs have exposure to First Brands (and even some ETFs do as well)"  
[X Link](https://x.com/JulianKlymochko/status/1974518137229103557) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-04T16:53Z 30.2K followers, 120.4K engagements


"@kingdomcapadv You're right. I didn't include the smallest X BDCs including $LIEN $NEWT $GECC $PFX $ICMB $TURN $RAND $EQS"  
[X Link](https://x.com/JulianKlymochko/status/1974655527897682104) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-05T01:58Z 30.2K followers, 1921 engagements


"@Stormshieldval The internally managed BDCs ( $MAIN $HTGC $CSWC $TRIN) have had higher than average ROEs and also trade at the highest valuations"  
[X Link](https://x.com/JulianKlymochko/status/1975971183553380449) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-08T17:06Z 30.2K followers, XXX engagements


"Contingent value rights (CVRs) have become more popular aspects of merger considerations and therefore their evaluation has become an important part of an analyst's toolkit. Currently there a X live public M&A deals featuring a CVR. Typically as a rule of thumb the market prices them around XX cents on the dollar on average. However is this market efficient In order to more efficiently price CVRs in M&A transactions we have a model tracking CVRs along with their payouts since 2013. Feel free to reach out if you have been paid on any of the CVRs listed in the database below and I'll keep it"  
[X Link](https://x.com/JulianKlymochko/status/1976002504329703465) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-08T19:11Z 30.2K followers, 9105 engagements


"In the BSL market when there's an insolvency such as First Brands the bankruptcy affects hundreds (if not thousands) of creditors and is typically covered extensively in the media. In contrast when there's an insolvency in the private credit market the PE sponsor quietly (and with a tear down the partner's cheek presumably) gives the keys back to the private credit fund(s) that hold the first lien loan. Recently former TJC portfolio company Production Resource Group (PRG) ran into business challenges. In the second quarter its lenders FSK KKR and Ares placed the debt on non-accrual and market"  
[X Link](https://x.com/JulianKlymochko/status/1976027968792351223) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-08T20:52Z 30.2K followers, 3266 engagements


"@crockejo Apollo just IPO'd Phoenix University $PXED"  
[X Link](https://x.com/JulianKlymochko/status/1976264997782397231) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-09T12:34Z 30.2K followers, XXX engagements


"If you love $PAPA like I do (the pizza not the stock) hopefully we don't see quality decline and price go up on this LBO"  
[X Link](https://x.com/JulianKlymochko/status/1978204526810137077) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-14T21:01Z 30.1K followers, 1750 engagements


"Today's M&A notes $FN.to to be acquired by Birch Hill / Brookfield for $XXXXX XXXX% premium $2.9bn $RCG.to to be acquired by $IAG.to for $XXXXX XXXXX% premium $597mm $PRYM.to to be acquired by $TXG.to for 0.06x shares XXXX% premium $449mm"  
[X Link](https://x.com/JulianKlymochko/status/1949822419595862312) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-07-28T13:21Z 30.2K followers, 1961 engagements


"We're so back @chamath filed to launch a $XXX million SPAC called American Exceptionalism Acquisition Corp. A $AEXA"  
[X Link](https://x.com/JulianKlymochko/status/1957552690843775037) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-08-18T21:18Z 30.2K followers, 382.3K engagements


"Between 2010 and 2020 buying the highest quality stocks and short selling the lowest yielded an approximate XXX% return. Since the pandemic script has flipped and investors would have been better off shorting a basket of stocks of the highest quality businesses while going long the lowest quality junk stocks - particularly since April of this year. Such is investing in a degen market"  
[X Link](https://x.com/JulianKlymochko/status/1969763029966520716) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-09-21T13:57Z 30.2K followers, 28.3K engagements


"Interesting optionality in below-NAV SPAC Columbus Circle Capital I which has a business combination with bitcoin treasury company ProCap Financial. $BRR price = $XXXXX Estimated current NAV = $XXXXX Yield to redemption = XXX% Disclosure: Long $BRR in $ARB.to"  
[X Link](https://x.com/JulianKlymochko/status/1970215880916426752) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-09-22T19:57Z 30.2K followers, 3235 engagements


"I guess there's no need for a market check or even much price negotiation for a bitcoin treasury merger but the Semler Scientific / Strive merger came together shockingly fast. $SMLR / $ASST signed the confidentiality agreement on Friday and announced the deal Monday am"  
[X Link](https://x.com/JulianKlymochko/status/1970261500880392543) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-09-22T22:58Z 30.2K followers, 4349 engagements


"CoreWeave and Core Scientific filed the definitive proxy statement for their proposed merger. The $CORZ shareholder vote set for Oct 30th should be fairly electric given its shares are trading at an XXXX% premium to the $CRWV consideration. A bump incoming"  
[X Link](https://x.com/JulianKlymochko/status/1971768192252236241) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-09-27T02:45Z 30.2K followers, 17.9K engagements


"You're not gonna believe this. There are XXX SPACs outstanding. Of those XXX are searching for a deal. Of those XXX pre-deal SPACs just X are trading at a premium to NAV. And of those X guess which one trades at the highest NAV premium Chamath's $AEXA SPAC"  
[X Link](https://x.com/JulianKlymochko/status/1973144108958183809) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-09-30T21:53Z 30.2K followers, 14.4K engagements


"@VincentAuGondor only down about X% likely due to leverage + high dividend payout. Also had some money-losing investments (First Brands for example)"  
[X Link](https://x.com/JulianKlymochko/status/1974106070688936008) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-03T13:35Z 30.2K followers, XXX engagements


"Valuations shmaluations. While the data is limited because the S&P XXX has rarely traded at 23x earnings (where it is currently) when the stock market has been this expensive historically subsequent 5-year returns were flat to negative on a total return basis"  
[X Link](https://x.com/JulianKlymochko/status/1974174786613031123) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-03T18:08Z 30.2K followers, 2184 engagements


"@Roshan_Gudapati Particularly odd since Apollo was short First Brands loans"  
[X Link](https://x.com/JulianKlymochko/status/1974526224786698446) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-04T17:25Z 30.2K followers, 3650 engagements


"Advice for would-be private equity titans when trying to land the largest LBO of all time: Choke out the CEO of the company you are trying to take private $EA"  
[X Link](https://x.com/JulianKlymochko/status/1974858584879239653) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-05T15:25Z 30.2K followers, 4739 engagements


"Today's M&A notes $CMA to be acquired by $FITB for 1.8663x shares XXXX% premium $XXXX billion $HSII to be acquired by Advent / Corvex for $XXXXX XXXX% premium $XXX billion $TGH.to to be acquired by $TTC for $XXXX XXX% premium $XXX million"  
[X Link](https://x.com/JulianKlymochko/status/1975194891430072660) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-06T13:42Z 30.2K followers, 2072 engagements


"Last week the median BDC NAV discount reached -20%. This dynamic has occurred five times over the past twenty years. Historically when the median BDC discount reached -XX% forward returns have been relatively attractive"  
[X Link](https://x.com/JulianKlymochko/status/1975229354344055158) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-06T15:59Z 30.2K followers, 15.5K engagements


"As private credit sinks further into a bear market the average listed BDC yield recently topped XX% a cycle high stemming from a combination of high base rates and double-digit NAV discounts. While we expect yields to decline for two reasons namely further cuts in the fed funds rate (private credit is a floating rate exposure) plus a recovery in NAV discounts in a normalized environment we expect the asset class to yield approximately SOFR +600 (post leverage net of expenses)"  
[X Link](https://x.com/JulianKlymochko/status/1975600925042671936) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-07T16:35Z 30.2K followers, 14.4K engagements


"While most risk assets continue to levitate to new highs BDCs have been beaten like a redheaded stepchild. If you're looking to pick through the wreckage we track the top XX BDCs and their portfolio characteristics below. If you own a non-traded BDC could be time to switch"  
[X Link](https://x.com/JulianKlymochko/status/1975752206050525465) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-08T02:36Z 30.2K followers, 39.1K engagements


"This morning Cenovus Energy bumped its friendly MEG Energy bid by +4.6% to $XXXXX cash + 0.62x shares currently worth $XXXXX in a "best and final" gambit to win the prize it is competing with hostile bidder Strathcona Resources for. In M&A parlance Cenovus' latest effort represents a "knockout bid" for MEG likely causing the out-gunned Strathcona to retreat. It will be a bittersweet result for Strathcona given it will cash out of its XXXX% MEG toehold at a healthy $XXX million+ profit. However Cenovus shareholders can rest easy as the corporation did not break the bank paying a disciplined"  
[X Link](https://x.com/JulianKlymochko/status/1975932042451071458) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-08T14:31Z 30.2K followers, 7503 engagements


"Some boneheads tried to bluff Blackstone buying $TASK shares above its $XXXXX buyout price and then voting down the deal hoping for a bump in consideration. After the vote failed the deal terminated now they're selling below $15.00"  
[X Link](https://x.com/JulianKlymochko/status/1976033789320331330) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-08T21:15Z 30.2K followers, 4588 engagements


"Private credit: Warning - Recession incoming along with a massive default cycle. Leveraged loans and High yield bonds: Nah we're good. No problems in the credit markets whatsoever. A shocking divergence in the sub-investment grade credit market"  
[X Link](https://x.com/JulianKlymochko/status/1976671781340721152) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-10T15:30Z 30.2K followers, 58.7K engagements


"The media: BDCs are falling on fed rate cuts which will pressure investment income and dividends Reality: Fed fund futures have been pricing in 4-5 more rate cuts for many months already (even when BDCs were trading at an average +5% premium this February)"  
[X Link](https://x.com/JulianKlymochko/status/1976709543603454239) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-10T18:00Z 30.2K followers, 2971 engagements


"As we surmised Strathcona is bowing out of the bidding war for MEG Energy by terminating its hostile takeover bid after realizing it was outgunned by the much-bigger Cenovus"  
[X Link](https://x.com/JulianKlymochko/status/1976775139087020131) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-10T22:21Z 30.2K followers, 4999 engagements


"As secondary market prices reach distressed levels and NAV discounts blow past XX% BDC yields have surged to 14%. They have only been higher twice over the past twenty years - during the GFC of 2008-2009 and the COVID crash of 2020"  
[X Link](https://x.com/JulianKlymochko/status/1977131186439987652) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-11T21:56Z 30.2K followers, 33.8K engagements


"Today's M&A notes $PCH to be acquired by $RYN for 1.7339x shares XXX% premium $4.5bn $ATXS to be acquired by $BCRX for $XXXX cash + 0.59x shares XXXX% premium $700mm $CGC.v to be acquired by $MUX for 0.0225x shares XXXX% premium $121.4mm"  
[X Link](https://x.com/JulianKlymochko/status/1978093082202558577) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-14T13:38Z 30.2K followers, 1714 engagements


""I haven't heard anything to suggest that the private deals are performing differently from the public deals." Jamie Dimon dismisses the market's concern regarding private credit fundamentals that has manifested in recent BDC price volatility. $JPM"  
[X Link](https://x.com/JulianKlymochko/status/1978102016699211822) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-14T14:14Z 30.2K followers, 7291 engagements


"$MAIN was the first BDC to provide an early look into Q3 results this am. While $MAIN is somewhat differentiated from the sector with its higher private equity exposure (25%) and enormous NAV premium its prelim Q3 performance provides some interesting data points: - NII in line with street expectations - NAV beat consensus up XXX% to XXX% QoQ (although no indication on split between NAV accretion from share issuance and underlying portfolio performance) - Non-accruals DECLINED by 90bps (fair value) / 140bps (cost) Strong NII NAVPS growth and declining non-accruals disclosed in $MAIN's prelim"  
[X Link](https://x.com/JulianKlymochko/status/1978181301355332053) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-14T19:29Z 30.2K followers, 4923 engagements


"On Tuesday the two largest listed BDCs dismissed recent concerns on private credit and addressed the misguided consternation stemming from recent bankruptcies in the syndicated loan market. Blue Owl $OBDC: The bankruptcies of Tricolor Holdings and First Brands Group is an "odd kind of fear-mongering. Were not seeing rising defaults were not seeing companies struggling." Ares $ARCC: "Weve been a little surprised by the First Brands Tricolor selloff and buzz because when we look at our credit portfolios we actually see pretty healthy portfolios relative to almost any metric that you can look"  
[X Link](https://x.com/JulianKlymochko/status/1978499538064376037) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-15T16:33Z 30.2K followers, 12.2K engagements


"The "BDCs are falling because rates are declining" thesis doesnt hold water as the previous bear market happened during a rising rate environment and secondary market pricing was stronger during a zero interest rate environment. The misguided declining rates thesis is a case of price driving narrative. For example if BDC prices were rallying then people would say "of course BDC prices are rallying as rates decline - investors are fleeing money market funds short term bond funds and T-bills in search of higher-yielding alternatives.""  
[X Link](https://x.com/JulianKlymochko/status/1978510935729045555) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-15T17:19Z 30.2K followers, 14.5K engagements


"Turns out chasing $OKLO and $SMR was the better play than buying $GSRT (now $NKLR) and $HOND more cheaply (with downside protection though)"  
[X Link](https://x.com/JulianKlymochko/status/1978607791020662804) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-15T23:43Z 30.2K followers, 4019 engagements


"One of the most fascinating insights is that even though prices are XX% lower in the liquid market most allocators still prefer to invest in non-traded BDCs at XXX% of NAV (25% higher than public BDCs) solely due to the lack of mark-to-market. They prefer a smooth X% instead of a volatile XX% from the same asset - effectively paying 200bps per annum to not be shown the prices"  
[X Link](https://x.com/JulianKlymochko/status/1979262293096698223) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-17T19:04Z 30.2K followers, 55K engagements


"BDC NAV discounts wider than peak tariff-tantrum but BDC bond yields 100bps tighter is a weird dynamic if credit risks have increased"  
[X Link](https://x.com/JulianKlymochko/status/1979265732606333421) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-17T19:18Z 30.2K followers, 8600 engagements


"@AcaciaCap Didn't work great recently in the private REIT space though"  
[X Link](https://x.com/JulianKlymochko/status/1979287056481423440) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-17T20:43Z 30.2K followers, XXX engagements


"How's this for a winning combination: Trump + Chamath + SPAC The Colombier Acquisition ( $CLBR) team filed an S-1 for their 3rd SPAC featuring a star-studded cast of SPAC royalty. This issue should be HOT. $PSQH $PEW"  
[X Link](https://x.com/JulianKlymochko/status/1979289301411336314) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-17T20:51Z 30.2K followers, 68.9K engagements


"@midteensyield Then you are telling me that 2000 private equity owned companies are bankrupt"  
[X Link](https://x.com/JulianKlymochko/status/1979601368236335140) [@JulianKlymochko](/creator/x/JulianKlymochko) 2025-10-18T17:32Z 30.2K followers, XXX engagements