Remster

doge owner (before it was cool)| buyside equity analyst | addicted to 5-team parlays | #TTP

[Remster @RareMANNA]

@Deenobrown123 @JeffW008 This is true if you are only valuing that $1m, but unequivocally false if you’re valuing the lemonade stand business or the doctor practice lol

[Remster @RareMANNA]

@AdvisorMikeL @lhamtil Nick exemplifies the Dunning Kruger effect of the substack era

[Remster @RareMANNA]

@NickNemo17 @debt_serious Substack subs

[Remster @RareMANNA]

@debt_serious And technically speaking- 2025 was the 2nd highest distribution on a $ basis since 2021. But to be fair -% of NAV the better way to portray it. FT/Bberg not the only folks that can twist facts to fit a narrative!

[Remster @RareMANNA]

@debt_serious And also by doing this, they likely structurally lowered returns for existing OSCF investors as they’ll likely see higher funding costs on leverage longer term. Going over 5% isn’t what bond/line holders signed up for. Short-sighted move.

[Remster @RareMANNA]

@MrJulius007 @negligible_cap The gross inflow in March was $280m, which was better than Feb, which was better than Jan. For a $10.5bn NAV fund which represents 3% of fee-paying AUM.

[Remster @RareMANNA]

@capexterry @Restructuring__

[Remster @RareMANNA]

@dmoses34 The difference is countrywide was levered 15x with short duration funding (FHLB, commercial paper, etc).

These BDCs are 1x levered with 4-5 year facilities as well as unsecured borrowings. Very different profile.

Leverage and liquidity is what’s driven all crises- not credit

[Remster @RareMANNA]

@garybasin @buccocapital Yea Marc Rowan is definitely telling his employees to zero out his $4bn of APO stock.

[Remster @RareMANNA]

@FIGfluencer @origoinvest Issue with GP stakes is low growth. Real assets growing well but debate is how much brand destruction has occurred (redemption dynamics at play in real asset as well). Debate is how much to pay for a M-HSD FRE grower in near term. CG was this for years and multiple was anemic

[Remster @RareMANNA]

@FIGfluencer @origoinvest Credit is 60% of mgmt fees and the non traded BDCs are about 40%. So we may be talking about roughly 1/4 of their Fees potentially in outflows with max being 20% a year. So 5% headwind to FRE.

[Remster @RareMANNA]

@zerohedge He’s obviously short AF the manager

[Remster @RareMANNA]

@boazweinstein @coxcapitalptnrs Criticizes PC and then pretend to be a white knight- “saving” clients with a deal worse than the original merger proposal.

[Remster @RareMANNA]

@PegasusFund Price follows returns, narrative follows price. Right now HOOD is in a positive eps revisions backdrop, narrative is it will take over the financial world. Narrative can shift quickly if/when earnings go the other way- and we know it always does with transaction-based models.

[Remster @RareMANNA]

@PegasusFund Exactly. The company has grown up a lot in the past few years and the product velocity is impressive- but HOOD is a levered play on animal spirits. While tough to call the peak, valuation makes for a tough set up from a risk/reward perspective here.

[Remster @RareMANNA]

@blondesnmoney @BasedStatistic Is it really private credit though? The loans were originated in the BSL market and BDC exposure seems to be minimal. Looks like banks, insurers and CLO funds most exposed, not private credit funds.

[Remster @RareMANNA]

@BoringBiz_ EEM
GF
MODL
CF

[Remster @RareMANNA]

@bennpeifert @DhruvPilania Actually is public and legally required (form 606)- believe HOOD receives 5-6x more than SCHW per 100 shares.

[Remster @RareMANNA]

@cullenroche @T_Gatzemeier I agree but it’s a non-zero prob and that’s my point. And this is coming from somebody who has 90% of their cash allocation in tbill/MMF. I’m just arguing to call HYSA a scam is too aggressive and it’s a very solid choice for avg. American

[Remster @RareMANNA]

@cullenroche @T_Gatzemeier This is the Dec 24 expiry treasury note price the past month. It’s not constant! Again tbills always pull to par at maturity but that’s not the argument.

[Remster @RareMANNA]

@cullenroche @T_Gatzemeier That’s if you HTM. I’m not disagreeing with you there.

I’m saying there’s theoretical principal risk if you’re a forced seller at the wrong time. If you own a Tbill and have a margin call the day the Fed does an emergency 200bps hike, you will receive <cost basis.