Stephen

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[Stephen @stwarren2]

@TimingChalk @luke39250447 Coors Field in Denver too

[Stephen @stwarren2]

@redkendl 50 hours playtime? That’s how long it would take a 6 year old to beat it.

Still impressive :-)

[Stephen @stwarren2]

@StealthMode987 @jamie_selects Keep enough taxable dollars to also pay the Roth conversion tax out of pocket instead of from conversion proceeds

[Stephen @stwarren2]

@CTFFootball @Mariners Thought the same thing

[Stephen @stwarren2]

@MLFootball @Seahawks @vountee @captainseahawk @PolymarketSport @Polymarket Zuck on Lake Union? Taken 5 mins ago

[Stephen @stwarren2]

@Jesse_Livermore Welcome to Perplexity

[Stephen @stwarren2]

@MFintwit Right there with you. And we have a sleeping giant in Cal. Let’s see if they can find a groove.

[Stephen @stwarren2]

@Made4Twitch @elyasandkhoy @BoringBiz_ That’s how it was done in legacy software prior to excel e.g., Lotus

[Stephen @stwarren2]

@cvarela Would recommend using the 30-day SEC yield, not the TTM yield when looking at bond funds. SGOV is at 3.55%. Give JPST a look - 4.10% 30 day SEC yield, if can tolerate a smidge of duration and credit risk

[Stephen @stwarren2]

@markcecchini @J_Turnbow It also uses up the kids’ Roth IRA contribution limit for the year the 529 -> Roth rollover occurs so sort of a wash from that perspective as well. Altho still nice that the kid would be able to direct more into 401k or personal savings.

[Stephen @stwarren2]

@markcecchini 529 + brokerage + Trump Account w/ partial Roth conversions over 4 yrs once kid is 18 and at college w/ no income

[Stephen @stwarren2]

@MFintwit 100%.

[Stephen @stwarren2]

@GrantChambers91 @LeylaKuni That’s an all-in total return figure for both OBDC II and the index.

[Stephen @stwarren2]

@RevGroupLLC @LeylaKuni This. And an important point of clarification — there is no “queue” in terms of exit priority. If tenders are oversubscribed relative to the 5% limit, investors are treated equally and filled on a pro rata basis. E.g., if agg tenders = 10% NAV, all tendering invs get 50% back

[Stephen @stwarren2]

@GrantChambers91 @LeylaKuni Since March 2017 inception thru 9/30/25 — OBDC II delivered 9.11% annualized vs 9.19% for the CDLI. I.e., it has done just fine in delivering the asset class return.

[Stephen @stwarren2]

@LeylaKuni @KcvincentV @MFintwit FWIW - Cliffwater funds are purely RIA & Inst’l, no wirehouse or direct retail. Steve Nesbitt is truly an academic, not a salesman. He quite literally wrote the book on private debt for Wiley. In contrast to other firms focusing on the wires/retail and listing on CAIS / iCapital.

[Stephen @stwarren2]

@lebron_ex @LeylaKuni It’s not an interval fund or a tender offer fund. It’s a BDC. Interval funds have mandatory liquidity under Rule 23c‑3(b); BDCs don’t, since they’re BDCs under the ’40 Act and can use discretionary tenders under 23c‑3(c) instead.

[Stephen @stwarren2]

@EricBalchunas @JSeyff Making the ETF argument feels somewhat redundant when investors already have access to liquid, publicly listed BDCs that own similar middle‑market loans as private BDCs, though not 1:1 wrt structure and underlying

[Stephen @stwarren2]

@markcecchini Would of course put you in pro rata land on the IRA side but only applicable to folks who build up large after-tax earnings from not knowing about the mega backdoor (or, the plan previously didn’t allow it)

[Stephen @stwarren2]

@markcecchini Big edge too at AMZN/MSFT, etc w/ auto daily in-plan Roth conv on after-tax

Also overlooked: if the plan allows in‑service distributions of after‑tax, can clear out that bucket (basis → Roth IRA, earnings → traditional IRA) so the mega backdoor going fwd has no pro rata.