@ClarkinM

CLOs by day, moonlight as a special sits/event-driven investor by night over at Clark Street Value

 Highland Park, IL
clarkstreetvalue.blogspot.com
Joined May 2013
  • Tweets1.4K
  • Following1.2K
  • Followers7.8K
14Media
I know next to nothing about media, but given proposed spin date and two year tax safe harbor, seems like a long time to speculate on a NBCU combination? Isn’t time of the essence here? My guess is this doesn’t get spun and gets sold instead (not up to speed on their tax basis)
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Talking 2030 or 2031 before any combination would close
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$BHR internalizing management after paying Monty his termination fee, how is this better for shareholders? Seems designed to get Monty his $ without a shareholder vote that would come with a sale
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It’s better than the status quo, remaining hotels should trade closer to NAV. Better governance structure should ultimately lead to a full sale, plenty of synergies for an acquirer given this will be subscale
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$BHR selling three more hotels, expecting more fireworks
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BCRED: “.. repayments and inflows have outpaced shares repurchased.” Translation, the 5% limit is working as designed given the liquidity and weighted average life of the underlying. Not much of a story here. Sticking to the 5% gate is a positive for the industry
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Anyone looking at $OCTV? Recent spin from Hexagon. The spin dynamics interest me, Swedish co spinning off a U.S. business through SDRs, company encouraging transfers to U.S. listing, probably some (not sure how much?) forced selling. Seems like a decent business? 15x adj EPS
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Going through some 13F's, did Indaba shut down? One of my favorite funds to sift through their holdings, hope the best for the team there.
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Not a great look to set an earnings date and miss it, but you can now buy the $GDOT NewBank for under 0.5x book
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He should know, TCW managed a few CDO squared deals
Jeffrey Gundlach
@TruthGundlachMar 12
A Private Credit Fund of Funds in 2026 seems to rather closely resemble a CDO-squared in early 2007.
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Nice comps for $BHR
David Auerbach ⭕️
@DailyREITBeatFeb 19
🏨 Host Hotels & Resorts Sells Four Seasons Resorts in Orlando and Jackson Hole for $1.1 Billion $HST Host Hotels & Resorts has officially announced the sale of two iconic Four Seasons properties for a staggering $1.1 billion. 📍 The Portfolio Shift * Four Seasons Resort Orlando at Walt Disney World Resort: The 444-key luxury destination was sold for approximately $750 million. * Four Seasons Resort and Residences Jackson Hole: The 125-key mountain retreat in Wyoming was also part of the $1.1B combined exit. * The Buyer: Reports indicate an affiliate of merchant bank BDT & MSD Partners is the new owner of both prestigious assets. 💰 By The Numbers * Host acquired these properties in 2021 and 2022 for a total of $925 million, netting a significant profit in just a few years. * The sale represents a 14.9x EBITDA multiple and an 11% unlevered IRR during the holding period. * Host also closed the sale of the 232-key St. Regis Houston for $51 million this past January. 🎯 The Strategy * CEO Jim Risoleo noted that this move is a "step in advancing Host’s capital allocation strategy" * Monetizing assets at attractive, accretive multiples. * Strengthening the balance sheet for future opportunities. * Maximizing shareholder value through opportunistic long-term positioning. Since 2018, Host has sold hotels totaling $6.4 billion, proving that the luxury real estate market remains incredibly resilient. costar.com/article/174913590…
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clarkstreetvalue.blogspot.co… Put together a quick update, thought the HST management commentary nicely confirmed BHR's belief in the buyer pool.
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I'll be heading to SFVegas this weekend, apparently with 10k others in navy blazers, if you're out there, let me know, happy to grab a drink and chat
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Is there anything to do with the $LNW delisting? Odd move to leave the U.S. market, they’re accelerating their buyback ahead of the delisting, might be some forced selling. Wait to pick up the orphaned OTC shares? Despite today’s bump, trades cheap compared to ASX peers
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A little late going through the $MCHB results, but they’re guiding to a ~$1.10 annual dividend starting in Q1, that’s a 8.25% yield on the current price, should be attractive to retail yield pigs and dividend growth investors?
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I’ll be at ABS East this week if anyone wants to meet up for a coffee/drink
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Anyone following the $FWRD sale process? Is the deal dead? Multiple parties were interested according to reports, if it's still alive, looks interesting here.
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Anyone out there looking at the $TURN deal? I'm confused by MLC, misc assets of BCP's credit platform? Don't know why it exists, BCP and management don't own much of MLC, why bother with the separate entity?
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Today Marlton formally nominated four highly qualified, independent directors to the $TURN Board. It’s time for accountability and change. Full release: prnewswire.com/news-releases… #CorporateGovernance #ShareholderRights

Marlton Partners Nominates Four Highly Qualified Director Candidates For Election To 180 Degree...

/PRNewswire/ -- Marlton Partners L.P., (together with its affiliates and group members, "Marlton" or "we"), beneficial owners of approximately 5.2% of the...

prnewswire.com
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$HHH: The Reference Share Count does not change in the event the Company issues additional shares to raise equity, to acquire a company for stock, or to provide equity compensation to employees. As a result, the management fee will not increase due to share issuances.
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@BillAckman should this read the Reference Market Price? think it might be a typo?
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