John Cox (@JohnCoxCap) | teapawt

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John Cox retweeted

coxcapitalpartners

@coxcapitalptnrsOct 27

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

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John Cox retweeted

junkbondinvestor

@junkbondinvestOct 27

Is the great BDC consolidation wave finally here? Ares Capital is buying MidCap Financial at $10.88/share. That’s a ~30% premium to where $MFIC traded, but still only ~0.85x NAV. And that's based on a marked-down $12.86 NAV as of 9/30. $ARCC

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@JohnCoxCapOct 27

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.

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@JohnCoxCapOct 24

In that case, bullish @coxcapitalptnrs

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John Cox retweeted

junkbondinvestor

@junkbondinvestOct 23

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.

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John Cox retweeted

coxcapitalpartners

@coxcapitalptnrsOct 23

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

Cox Capital Partners — Institutional Liquidity. Delivered.

Sell your alternative investment shares through Cox Capital Partners.

coxcapitalportal.com

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@JohnCoxCapOct 18

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

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@JohnCoxCapOct 16

Gen Z employees are not Elonmaxxing this morning

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@JohnCoxCapOct 16

One of the most exciting aspects of the new @Tesla Roadster is my brother lecturing me on how “Actually, Elon isn’t that smart” sometime in the very near future

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@JohnCoxCapOct 15

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?”

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@JohnCoxCapOct 9

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.

@LeylaKuniOct 8

I bring charts with me (show and tell, if you will 😅) This is one of them for today's discussion:

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@JohnCoxCapOct 8

So our discounts aren’t so steep after all?

Julian Klymochko

@JulianKlymochkoOct 7

Following a brief bounce from better than expected Q2 results, BDCs now trade at their widest NAV discounts of this cycle (only exceeded in March 2020 and late 2008), reaching an average NAV discount of -25% and a median of -32%.

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@JohnCoxCapOct 7

I've just been informed by my Gen Z employees that a situations needs my attention because someone is "losermaxxing"

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@JohnCoxCapSep 29

AI is going to be so proud when it realizes we came up with the same cure for volatility

High Yield Harry

@HighyieldHarrySep 28

Wtf, my agent just swept my entire banking account into a closed-end BDC. #GoldenAgeOfPrivateCredit

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@JohnCoxCapSep 28

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.

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John Cox retweeted

coxcapitalpartners

@coxcapitalptnrsSep 23

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

Cox Capital Partners — Institutional Liquidity. Delivered.

Sell your alternative investment shares through Cox Capital Partners.

coxcapitalportal.com

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@JohnCoxCapSep 18

Gated shareholders have banded together and formed a church.

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@JohnCoxCapSep 13

As a reminder, during CIM Group’s last repurchase offer, death/exigent-circumstance redemptions and accounts w 250 shares or less consumed the entire quarterly capacity, so all standard requests went unfulfilled. $CMRF

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@JohnCoxCapSep 13

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

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@JohnCoxCapSep 8

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.

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