Shvo is a little over $1bn into the Transamerica Pyramid

Defaulted dead mall debt trades at a ~50% haircut. Sponsor says it's business as usual, just have a new lender. Zombie equity #TheBezzle #MarkItZero

I enjoyed the Ted Seides interview with Partners Capital's Stan Miranda - he had an interesting retrospective on their investments in 'private equity approach to public equity' managers.

capitalallocators.com/podcast/modern…

If your model of the world assumes every person over 5' 10' is a male you'll do better than 50/50 but it doesn't make the model any more reflective of reality.

This tweet is about Real Estate. Test your base rates, question your priors.

I've mentioned this filing before, and I have no idea where this actually lives at BX but the total $ amount roughly matches what is reflected on the BREP X update

It appears to me as though BREP X has used call lines to buy over $500m of Public REITs (per Q1 statement)
cc. Gillian Tan

If we’re just changing owners on a ledger b/c interest costs are too high from rate hikes and not too high bc unlevered earnings collapse, I don’t think that’s really the setup for a golden age of distress.

Why doesn't anyone try to compete with Green Street? Too niche or are they really good/first mover?

Some thoughts:

The dollar is quite strong actually.

Low and middle income Americans enjoy a very low effective federal tax rate.

SNAP is <2% of the federal budget.

What is a fudge round?

A coffee shop can really shoot to the top of my power rankings just by offering an 8oz drip

Convinced every girl I see in Williamsburg is Caroline Calloway

EB, Alternative to Fixed Income 'It's a mathematical certainty that half of all sponsors will perform below average, and even as rates went to zero and cap rates compressed the trailing averages aren't even that great.'

Why I believe *most* people (yes even actually rich ones) are better off with the bulk of their real estate allocation in public markets:

X Blue $114
X Payout ($85)
Getting schooled on valuation directly from Aswath Damodaran Partridge Capital & Randolph Duke 🇺🇸 Priceless

$KIM and $FRT both down 9-10% YTD , 4.5% div yields

Grocery-anchored shopping temp check. Purchased for $12.3m last year, sold for $19.6m

richmondbizsense.com/2023/08/18/mid…

Hard to overstate the difference between public REIT and private real estate capitalization. REITs have lower leverage, more fixed-rate, and corporate-level debt. The trade-off is daily equity marks.

A reasonable question might be why different securities, owning identical…