Chris York

Reformed amateur athlete & FIG sell-side analyst (BDCs, banks, mREITs, etc.) with likely cognitive bias of an inflated self. Seeking truth & justice. Views own.

[Chris York @_ChrisYork]

You get what you get and don’t throw a fit. Watching parents deal with young children while they wait helplessly over 60 minutes after landing for bags to be loaded off the plane by @Allegiant is something I wouldn’t wish on my worst enemy. And there is no customer service.

[Chris York @_ChrisYork]

@macromonkeey @LeylaKuni ARCC common stock is publicly traded and the primary equity is not considered redemption eligible. Therefore it cannot be next.

[Chris York @_ChrisYork]

@LeylaKuni @macromonkeey While the set up here may be leading and forward looking, the study is straightforward — since IPO ARCC has outperformed the SPX including today’s price.

[Chris York @_ChrisYork]

@HighyieldHarry 💯

[Chris York @_ChrisYork]

@LeylaKuni Wow. What type of fund?

[Chris York @_ChrisYork]

@JulianKlymochko It’s an astute observation.

[Chris York @_ChrisYork]

@kieranwgoodwin No doubt, it’s a sneaky and evolving market. Fwiw - Pantheon just did a GP- led +$3bln deal last month.

[Chris York @_ChrisYork]

@CorneliaLake I do respect the critical lens. From my view—having worked at Blue Owl, I am not convinced you grasp some critical mechanics of BDCs as it relates to FRE and said risks and are ignoring broader capital formation dynamics for the industry.

[Chris York @_ChrisYork]

HPS decision to sell at +30.0x FRE is looking pretty smart v ~40% pullback in alt managers.

[Chris York @_ChrisYork]

@JulianKlymochko Clarification makes statement more convincing though a lot happens in between. Regardless, I agree with your two conclusions withstanding the fact that market structure is very different today and BDCs did trade near this level during Energy Crisis - with subsequent losses.

[Chris York @_ChrisYork]

@d_rose92 That would decrease NAV share.

[Chris York @_ChrisYork]

I can see a scenario in the future years where policy makers will speak about humans use of AI in a similar manner: “One shouldn’t offshore your intelligence. One shouldn’t offshore your compute.”

[Inevitable West @Inevitablewest]

🚨BREAKING: Secretary Lutnick erupts at the World Economic Forum:

"The Trump Administration and I are here to make a very clear point: Globalisation has failed the West and the United States of America! It’s a failed policy."

[Chris York @_ChrisYork]

Congrats @IndianaFootball. So many wonderful story lines. Truly inspirational.

[Chris York @_ChrisYork]

@Tyler_Neville_ @TomBrady Tough take but fair take.

[Chris York @_ChrisYork]

@HighyieldHarry This will be a populist theme/realization soon…

[Chris York @_ChrisYork]

@LeylaKuni Drawdown private funds commonly sit on uncalled equity capital.

[Chris York @_ChrisYork]

@boazweinstein While true, ~$100bln of interval fund AUM is credit which is less than the semi liquid BDC NAV and it’s heavily concentrated by one manager. Also, the dedicated buyer base or marketability for BPRE should be thinner than a public BDC…

[Spittin' Chiclets @spittinchiclets]

There is NOBODY doing it like Minnesota with youth sports and playing for your town.