CEO, CIO, & Founder of Cox Capital Partners (@coxcapitalptnrs) | Liquidity Provider | Rec. Poker Player | Tweets are not investment advice
Conshohocken, PA
Joined February 2023
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John Cox retweeted
Yesterday the market priced MidCap Financial at about 65 cents on the dollar.
Today Ares Capital Corp., the largest publicly traded BDC, agreed to buy it at a 30% premium. That gets $MFIC holders to 84.6 cents, paid mostly in $ARCC stock.
Cox Capital's cash tender offers for non-traded BDCs sit in the same band: 14.4% below NAV for Apollo Debt Solutions, 13.3% for Ares Strategic Income.
The price the largest BDC was willing to pay for one of its peers is a relevant data point.
Each Cox offer is made only by its Offer to Purchase, available at CoxCapitalPortal.com.
#PrivateCredit
#BDCs
#Secondaries
$ASIF
$HLEND
$BCRED
$OCIC
I think unlocked a new level of stress.
This afternoon I approached a yellow light, stopped, waited…first in line at the red light…Then, probably a two minutes later, just went.
It wasn’t intentional, I wasn’t on my phone. No one next to me turned right on red…
Unsettling experience. 0/10 recommend. Time for sleep.
John Cox retweeted
Stuck in a gated BDC? Cox Capital will let you now borrow up to 65% of NAV at ~10% while you wait in the queue for redemptions.
Gives investors liquidity without having to sell at a discount. Smart idea.
John Cox retweeted
Our Blue Owl Credit Income Corp. tender offer is open.
All sellers who were holding their docs until recommencement will receive an email update and are welcome to submit for processing.
$OCIC
Coxcapitalportal.com
My in-laws got back from vacation in Paris this evening. I’m not saying they started anything but if anyone wants to investigate I will cooperate fully
Overheard on the phones today:
“So what’s the play here? Find people who don’t realize 1 - 1/3 - 1/3 - 1/3 =0 HA!”
“No it’s to help the people who DO realize that two thirds of two thirds of two thirds never reaches zero”
“Wait…are these fund level gates?”
Building off this chart from @LeylaKuni
People can debate credit quality until they’re blue in the face but when it comes to trading valuations, management structures tip the scales drastically.
I've just been informed by my Gen Z employees that a situations needs my attention because someone is "losermaxxing"
AI is going to be so proud when it realizes we came up with the same cure for volatility
Wtf, my agent just swept my entire banking account into a closed-end BDC.
#GoldenAgeOfPrivateCredit
The DRP toggle on the firebluerock.com/ is really well done.
One of the cruelest parts of these situations is that the most loyal investors can get hurt the worst.
They fund everyone else’s redemptions. They don’t take the income in cash. And they keep buying more shares at potentially inflated marks.
Then they’re the ones left holding the bag.
John Cox retweeted
BCRED and HLEND tender offers are now live. Discounts are 12.5% and 17.5% respectively.
Docs available at coxcapitalportal.com
@BlackRock @blackstone
#NTBDCs #liquidity
In an Uber for the first time in a while. Driver pulls up YouTube and proceeds to play the worst playlist of all time. I try to Shazam them so I can complain to my wife.
No results. Odd.
I google the lyrics - turns out these are AI generated breakup songs.
I feel good about AI failing to drop a solid breakup song.
I feel less good about this driver being human…or getting to my destination.
🙏🏻
#Ai
Lost my dog Mila this week.
I’d always wanted a dog and adopted her just days after I moved home from Boston twelve years ago.
She was there before I got married, started a business, or became a father. She will be sorely missed.
Thankful for everyone who reached out and to the @coxcapitalptnrs team for not missing a beat.
