In short: Named among the alternative managers with "pretty decent moves this week" as software stabilised — "there's got to be at least a little bit of correlation between stabilization in software and stabilization in some of these private equity stocks." No committee position.
In short: The private-capital buyer of his Whitestone position — cited as an example of "private equity people coming into the public market and buying their assets," which he reads as confirmation that listed real estate is mispriced. Acquirer reference.
34:29We've had been fortunate this year we were big shareholders in First Capital which got taken over by Choice and King set and we were also shareholder in whitest stone which is a service retail not a mall company in the US which got taken over by Aries. — Right.
In short: The earnings-growth screen's spotlight — not on the Buy list, and the archive's first look at Ares. "An alternative asset manager with investments in private credit, private equity, real estate, and infrastructure investments. Ares Management has consistently grown their assets under management, earnings, and dividends over the past years." Screen figures: EPS growth 12.0%, dividend yield 4.6%, fwd PE 18.2 against a 25.0 fair exit PE → expected return 20.3%, fourth on the screen. Note the timing: raised three weeks after the archive bought KKR — the same private-credit-plus-insurance business model, one rung down in size.
Ares manages money in things that are not listed on a stock exchange — direct loans to companies, private equity, property and infrastructure. It earns fees on the money it looks after, and as that pile has grown so have its profits and its dividend, which currently pays 4.6%.
It appears here because the firm's screen ranks it among the most attractively priced businesses on the watchlist: about 18 times expected profits against a "fair" 25, which together with the growth and the dividend implies roughly 20% a year. It has no formal Buy rating yet.
The context is worth noting: this is raised three weeks after the archive bought KKR, which does the same thing at a larger scale with an insurance company attached. Two names from the same industry appearing at the same time usually means the industry, rather than the company, is what has become cheap.
In short: Private-credit stress signal: "one of the best private credit firms" still saw ~14% redemption requests in its Strategic Income Fund and capped payouts at 5% for a second straight quarter — "this private credit issue is not over."
Full passage: premium transcript (PDF).
In short: Named (with Apollo and Morgan Stanley) among the alternative-asset / private-credit names hit by redemption headlines this week.
In short: The publicly traded alt asset manager that owns ARCC; hired an outside consultant to bucket ARCC's software loans 85% low / 14% medium / 1% high risk — categorization Eisman questions (see ARCC).
10:25This coming Monday, I will explore all of these market movements with Christopher Owen, chief market strategist at Strategas, and Todd Sohn, chief chartist at Strategas. So, check it out. Before we get to earnings, there was an interesting story in private credit. Ares Management, a publicly traded alternative asset manager, symbol ARES, owns a publicly traded private credit fund called Ares Capital Corp, symbol ARCC, which has 29 and a half billion in assets.
In short: Third-worst watchlist performer at −36.5% year to date, against a 22.5% ten-year CAGR — the widest gap between record and year in the table. An alternative manager falling alongside KKR; not rated Buy and not discussed.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.