As the war of words rages on, the market damage is undeniable. Just this year, shares of Ares Management Corp. have plunged 26%, Blue Owl is down 24%, Blackstone Inc. has dropped 23% and Apollo Global Management Inc. has slumped 19%, as shareholders take flight from asset managers that have plowed into private credit.Bank analysts are also jumping into the fray. Bank of America Corp. called Blue Owl a buy, blasting “misinformation” around the money manager. Those at UBS Group AG, though, now see an even ble ...

分组1: Nvidia - Nvidia is experiencing significant demand in AI and data center revenue, with a reported 75% revenue growth [1] - Despite some slower revenue growth, Nvidia's quarterly numbers and margins are impressive, positioning the company well for the future [2][5] - Nvidia remains the dominant player in the AI chip market, making it challenging for competitors to gain market share [4] - The overall market sentiment is heavily influenced by Nvidia, indicating its importance in gauging future market directions [6][7] 分组2: Private Credit - There are concerns regarding the private credit market, particularly following asset sales by Blue Al for redemptions [9][10] - The potential for liquidity constraints exists if funds need to sell more assets, but current conditions do not indicate an imminent crisis [11][12] - The private credit space has seen significant asset growth in recent years, but investors should remain vigilant about potential stress points [10][12] 分组3: Technology and Other Recommendations - Companies like Microsoft and Texas Instruments are highlighted as attractive investments within the technology sector, with Microsoft being heavily involved in AI [14][16] - Caterpillar is noted for its strong backlog in construction and mining, making it a solid investment outside the tech space [15] - The European market is showing double-digit earnings growth expectations, suggesting potential for investment, though caution is advised regarding currency movements [21][22]

Core Viewpoint - Equitable Holdings (EQH) has underperformed in the past year, with a loss of approximately 23% in stock value, driven by concerns over private credit losses, leading to a 52-week low for the stock [1] Company Performance - The stock has been negatively impacted by the growing panic surrounding private credit losses, which has contributed to its decline [1] Market Context - The current market environment reflects a broader concern regarding private credit, which is affecting investor sentiment and stock performance in the financial sector [1]

Marathon Asset Management founder and CEO Bruce Richards says private credit is too exposed to the software industry, telling Bloomberg Television there is a risk that defaults in software-exposed private credit markets could reach more than 15%. ...

Core Insights - NVIDIA is expected to report strong earnings, with Wall Street anticipating a 68% increase in quarterly revenue to $66 billion and a 70% rise in adjusted earnings, alongside a projected adjusted gross margin of 75% [3][4]. Group 1: NVIDIA's Market Position and Performance - NVIDIA's significant market presence is highlighted by its substantial revenue contributions from major clients, including Microsoft (20%), Alphabet (6%), and Meta (9%) [5]. - Despite its growth, NVIDIA has faced challenges in maintaining momentum due to its size and the complexities of scaling data center operations [4][6]. - The stock has been a major contributor to S&P gains over the past three years, accounting for nearly 20% of the index's growth, but has not contributed positively since its peak in October [6][7]. Group 2: Investor Sentiment and Market Dynamics - There is a notable shift in investor sentiment, with a rotation towards companies perceived as insulated from AI disruptions, such as utilities and energy sectors, while tech stocks, including NVIDIA, have seen less favorable performance [9][12]. - The market is currently scrutinizing the overall spending and capital expenditures related to AI, leading to a more cautious approach towards tech investments [11][12]. - The AI sector is experiencing explosive earnings growth, but valuations remain high, prompting investors to reassess their positions and consider the long-term implications of AI on various industries [10][12]. Group 3: Broader Economic Context - The consumer market is showing signs of resilience, with upper-income consumers driving spending, contributing to a K-shaped economic recovery [20][21]. - Economic uncertainty is affecting consumer behavior, particularly in the home improvement sector, as homeowners face challenges related to affordability [60][61]. - The potential for stimulus measures and tax rebates could provide a boost to lower-income consumers, impacting overall market dynamics in the second half of the year [23].

Mathieu Chabran, Co-Founder of Tikehau Capital, weighs in on mounting private credit fears as warnings of rising defaults and AI-driven disruption rattle investors. He speaks with Bloomberg's Dani Burger and Matt Miller on Open Interest. ...

When Blue Owl Capital’s OBDC IIfund limited withdrawals by stopping quarterly tenders in favor of a 30% distribution plan, the market wasn’t so happy: (-10% stock drop). ​The asset giant’s liquidity rules were structured under the guise of ‘normal’ conditions, but got hit by a redemption rush just as public markets started to price private credit at a discount to its stated value. ​On Feb 18, 2026, Blue Owl sold off $1.4B in loans at almost par, 99.7%, which is the opposite of a "steep haircut." But the ...

Financial Data and Key Metrics Changes - Trinity Capital achieved record net investment income of $144 million or $2.08 per share in 2025, with a 15% increase in Q4 net investment income to $40 million compared to the previous year [3][4] - The company's net asset value (NAV) grew 10% quarter-over-quarter to a record $1.1 billion, and total assets under management (AUM) increased to over $2.8 billion, up 38% year-over-year [4][5] - The return on equity was reported at 15.3%, among the highest in the BDC space, with a weighted average effective portfolio yield of 15.2% [15][16] Business Line Data and Key Metrics Changes - The funding breakdown in Q4 was as follows: 27% to sponsor finance, 25% to equipment financing, 20% to life sciences, 15% to tech lending, and 13% to asset-backed lending [20] - The managed funds business saw significant growth, with several co-investment vehicles established, contributing approximately $3.1 million or $0.04 per share of incremental net investment income in Q4 [4][17] Market Data and Key Metrics Changes - The company maintained strong credit quality, with non-accruals at less than 1% of the portfolio at fair value, and over 99% of debt investments performing at fair value [4][19] - Portfolio companies collectively raised more than $7.8 billion in equity during 2025, indicating strong access to capital [20] Company Strategy and Development Direction - Trinity Capital is focused on building a diversified platform with five complementary verticals, including sponsor finance, equipment finance, tech lending, asset-based lending, and life sciences, to drive growth and value creation [13][14] - The company is strategically positioned to capitalize on opportunities in the market, particularly in the software sector, by being opportunistic in its lending practices [6][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current market volatility, emphasizing the importance of maintaining liquidity to seize opportunities [35][40] - The management team believes that the best days are still ahead for Trinity Capital, supported by a diversified pipeline and disciplined underwriting [15][14] Other Important Information - The company transitioned to a monthly dividend of $0.17 per share starting January 2026, maintaining the same aggregate quarterly payout [15] - Estimated undistributed taxable income is approximately $69 million, or $0.84 per share, which will be reinvested for shareholder benefit [15] Q&A Session Summary Question: Opportunities in Software Loans - Management acknowledged the potential to capitalize on turmoil in the software sector, indicating a willingness to convert some loans to equipment finance loans for better risk-adjusted returns [23][25] Question: Portfolio Concerns - Management stated that they focus on industries with disruptive technology and strong capital backing, and they continue to adapt their investment philosophy based on market trends [30][31] Question: Strategic Opportunities Amid Volatility - Management confirmed that they are open to exploring strategic opportunities if market conditions remain favorable, emphasizing their strong liquidity position [35][36] Question: Fund Management Business Growth - Management noted increased interest and inflows into their fund management business, viewing current market volatility as an opportunity to differentiate from larger players [40][41] Question: Portfolio Breakdown and Credit Quality - Management provided insights into the portfolio's credit quality, noting that non-accruals remain low and that they are actively working with legacy borrowers facing challenges [50][51]

JPMorgan Chase (JPM) CEO Jamie Dimon does not sugarcoat things. At his bank's annual investor update on Monday, he delivered his sharpest economic warning in months, and Wall Street took notice. With stocks near all-time highs and bullish sentiment running hot, Dimon sees risks building beneath the surface. He told investors to "watch out." The man who steered JPMorgan through the 2008 financial crisis says the complacency he is seeing right now feels uncomfortably familiar. "My anxiety is high over it, ...

UBS strategists say that private credit default rates could surge 15% if it triggers an aggressive disruption among corporate borrowers. That follows blue limits, new blue outs, new limits for retail investors in one of its private credit, BDCs. And a report from Citron Research that says I could lead to a double digit U.S. unemployment rate by 2025 and also discuss fears in private credit.Let's discuss with Bloomberg senior reporter Silas Brown. So I, I got to say, it feels like we've hit a fever pitch of ...