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First losing week since April *but* we still have another one to go. This one closes next Friday, September 11th. Long side (10 positions) was up ~30bps but the Short book was down ~250bps for…

…specifically around regulatory mechanics of a Utility take-private (specifically around our ‘ring-fence’ scenario; Read On)…so naturally we went looking for real-world precedents and ended up with four that make some sense, spanning two decades and…

KKR’s ~$42.50 takeout chatter (per the WSJ) reads to us as an opening bid, not a finish line (as we discussed before; see below), and to be clear, it is still just chatter, not a…

DEC just announced its largest deal in 25 years: ~$1.8bn for Birch’s Permian PDP assets, funded almost entirely with a ~$1.5bn Carlyle ABS rather than equity. The initial math ties out fine: ~3.3x EBITDA, ~90%…