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The "Fashion Police" alum admitted that she was blinded by how much weight she lost following the death of her dad, Ozzy Osbourne.

The "Fashion Police" alum admitted that she was blinded by how much weight she lost following the death of her dad, Ozzy Osbourne.

From Par To Pennies

Submitted by QTR's Fringe Finance

Private credit’s reckoning is not arriving with one grand, spectacular crash. It is arriving slowly and steadily, one loan at a time.

For years, one of private credit’s great attractions was the remarkable stability (or perceived stability) of its valuations. Public bonds could fall ten points in a week. Leveraged loans could gap lower after a bad earnings report. But private loans somehow possessed the soothing ability to remain at 98, 99 or 100 cents on the dollar through almost anything, all while paying investors a healthy yield.

Incredible, right? Another financial fairy tale…a proverbial unicorn sh*tting rainbows.

Until reality eventually reared it’s head, and now, to the surprise of no one, we are finding out unicorns don’t exist. Imagine that. We are learning that the absence of volatility in a reported mark does not mean the absence of deterioration in the underlying loan. And that is increasingly where the private credit story gets heinous…and why I’ve been writing about it for 2 years now.

The opacity is unlike any other corner of markets. Some borrowers can weaken for months, even years, while their loans remain marked at levels suggesting that most or all of the money is still coming back.

Eventually, though, something happens that makes the deterioration impossible to finesse away. A borrower stops paying interest. A hoped for refinancing disappears. The sponsor declines to put in more equity. A rescue transaction collapses. Or, most decisively, like we are seeing more and more, the underlying company files for bankruptcy.

That is when the soothing stability of private credit can suddenly disappear. A loan that sat near par through months of worsening fundamentals can plunge to 50, 20, five cents or even zero in remarkably short order. The economic deterioration may have been happening all along. The mark simply waited until reality became too difficult to ignore. You then get headlines like this one from Bloomberg yesterday.

And increasingly, the pattern looks familiar. A company struggles, leverage stays high, liquidity deteriorates and interest becomes harder to pay. Yet there is always a reason not to mark the loan too aggressively. Maybe EBITDA recovers. Maybe rates fall. Maybe the sponsor writes another check. Maybe there is a refinancing, an asset sale or a transformational M&A deal just around the corner. Maybe the guy responsible for marking down the loan has set his “out of office” email response to inform people he is taking 2 month vacation on his yacht in Malta.

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Hope, conveniently, has a fair value. It’s always 100 cents on the dollar or damn close to it. But then…painstakingly and eventually…reality catches up and 100 cents quickly becomes 20 cents. Or zero cents.

The latest example is Loparex, a borrower held by Blue Owl Capital Corp., or OBDC. According to Bloomberg, at the end of 2025, its first lien debt was still carried around par and its second lien debt at roughly 88 cents on the dollar. By June, OBDC was carrying portions of the second lien at about five cents and one first lien position at roughly 22 cents. Loparex was also put on nonaccrual. Moody’s has since deemed the company in default and said a Chapter 11 filing is a possibility.

Perhaps recoveries ultimately exceed those marks. That happens in restructurings. But the interesting number is not five cents. It is 88 cents.

The loan did not suddenly become troubled on the day somebody changed the valuation. Loparex had been struggling with its debt load for years, including a 2024 distressed exchange that S&P considered tantamount to default. Yet the second lien still ended 2025 marked at roughly 88.

This gets to the central problem with private credit valuations that I have been harping on non-stop for years. These loans generally do not trade in liquid markets, so managers rely on models, comparable companies, third party valuation firms and their own judgment. That is unavoidable. But it also means that valuation becomes most subjective precisely when the underlying credit becomes most uncertain. If an executive were so inclined, he could figure out a way to model a bankrupt hot dog cart at a $1 trillion valuation. Like the Fed, printing cash, it’s all just made up bullsh*t out of thin air manipulated in seconds on a spreadsheet.

And that’s all good and well. But bankruptcy has a nasty habit of pissing in the proforma punchbowl. Once a company actually files bankruptcy, the comfortable range of hypothetical outcomes (hereinafter referred to as “bulls*it”) gets much narrower. Creditors, restructuring advisers and courts start converting theoretical enterprise values into actual recoveries. At that point, extending and pretending gets considerably harder. 

Bankruptcy does not necessarily create the loss. It can simply make the loss impossible to avoid recognizing.

Here are some recent examples that make the point and what to watch out for.

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QTR’s Disclaimer: Please read my full legal disclaimer on my About page here. This post represents my opinions only. In addition, please understand I am an idiot and very often get things wrong and lose money. I may own or transact in any names mentioned in this piece at any time without warning, meaning if I’m long I could sell or if I’m short I could cover at any time.

Contributor posts, guest posts and curated posts have been hand selected by me, but have not been fact checked and are the opinions of their authors. They are either submitted to QTR by their author or reprinted under a Creative Commons license with my best effort to uphold what the license asks, or with the permission of the author.

I cannot guarantee the accuracy of any or all facts and figures included in this article though I made an effort to get them right. I have been wrong before and will be wrong again, and encourage you to always double check, do your own research and speak to a licensed financial professional, which I am not.

This is not a recommendation to buy or sell any stocks or securities, just my opinions. I often lose money on positions I trade/invest in. I may add any name mentioned in this article and sell any name mentioned in this piece at any time, without further warning. None of this is a solicitation to buy or sell securities. I may or may not own names I write about and are watching. Sometimes I’m bullish without owning things, sometimes I’m bearish and do own things I’m bearish on. Just assume my positions could be exactly the opposite of what you think they are just in case. If I’m long I could quickly be short and vice versa. I won’t update my positions.

Starting in 2026, I have been attempting to no longer actively trade as much as I once did (read my story here). My goal is for my investing/saving to be done by recurring contributions mostly to sector ETFs and a few select equities, trusted third parties who oversee my accounts, and advisors. Such advisors or funds, through individual equities, options, index funds, mutual funds, ETFs, or other securities, may have positions in, exposure to, or holdings of names mentioned herein that I know nothing about. It is possible I could own, have exposure to, or not own anything, at any point. In an attempt to lead a healthier lifestyle, I’ve also excluded myself from fantasy sports, sports betting, online and in-person casinos and prediction markets.

Any of my positions can change immediately as soon as I publish, with or without notice and at any point I can be long, short or neutral on any position. You are on your own. Do not make decisions based on my blog. I exist on the fringe. If you see numbers and calculations of any sort, assume they are wrong and double check them. I failed Algebra in 8th grade and topped off my high school math accolades by getting a D- in remedial Calculus my senior year, before becoming an English major in college so I could bullsh*t my way through things easier. Hence, why I am a writer.

The publisher does not guarantee the accuracy or completeness of the information provided in this page. These are not the opinions of any of my employers, partners, or associates. I did my best to be honest about my disclosures but can’t guarantee I am right; I write these posts after a couple beers sometimes. Many times I edit after my posts are published because I’m impatient and lazy, so if you see a typo, check back in a half hour.

Also, again I just straight up get sh*t wrong a lot. I mention it multiple times because it’s that important you understand.

Tyler Durden Sun, 09/06/2026 - 14:00

Readers of The Post can trade $25, get $25 for NFL Week 1 with Kalshi promo code NYPMAX, including Patriots vs. Seahawks.

As AI continues to alter our world, it's quite literally changing the face of cosmetic surgery.

A woman who was in a horror plane crash that killed two children near a California airport has died, cops revealed Sunday.

BERKELEY — More than an hour before kickoff, Bob Chesney walked around like he owned the place. Looking stylish in an all-black outfit with sunglasses, the new UCLA football coach also wore a loose-and-confident vibe that he exuded in every interaction on the field. He elicited a hearty laugh from a referee. He smiled near...

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This marks the Trump administration's third time approaching the court.

“I didn't think much of it at first. But really what happened is I just met really amazing people.”

They/Them Communist Activist Declares Ozempic "Fascist" Plot To "Genocide Fat People"

America's socialist leadership increasingly looks less like a political movement and more like a circus where the clowns run the show.

Its most radical theorists openly advocate dismantling capitalism and the institutions underpinning the Western order while romanticizing communist regimes defined by nation-killing economic ruin and political repression. Rather than building a credible working-class movement, these clowns have marginalized themselves through far-left extremism and become objects of national ridicule.

The latest clown show comes from Da'Shaun L. Harrison, an Atlanta-based writer, activist, and self-described Afropessimist, anarcho-communist, abolitionist, and trans theorist who uses they/them pronouns.

Recently, at the Socialism 2026 conference, Harrison called the political deployment of GLP-1 drugs "fascistic" because they exist in "a world fixated on genociding fat people."

"The political deployment of GLP-1s is fascistic, not because individuals take them, but because the conditions under which they become necessary are shaped by a world fixated on genociding fat people," Harrison continued.

To explain why GLP-1s are fascistic, Harrison turned to Frantz Fanon and "Black flesh under colonial surveillance."

🚨 Da’Shaun L. Harrison at Socialism 2026 argues that the political deployment of GLP-1 drugs is “fascistic” because they exist in “a world fixated on genociding fat people.”

“The political deployment of GLP-1s is fascistic, not because individuals take them, but because the… pic.twitter.com/CMxfUTUq0e

— Stu Smith (@thestustustudio) September 5, 2026

If Harrison wants to really own his own words, then every diet, every gym, every bariatric surgery, and every doctor who says folks are overweight should be viewed as a war criminal. Make this far-left activist eat his own words. 

Tyler Durden Sun, 09/06/2026 - 13:30

Roger Goodell isn't going anywhere.

Michelob Ultra was also the most-searched beer brand.

The meeting of seven core OPEC+ members comes as the Iran war continues to ​disrupt oil exports through the Strait of Hormuz, limiting OPEC+'s influence over prices and market ​share.

"There was one chief I worked with who had, on his locker, left a note: 'Tell my wife I love her and tell my family' " before heading to the WTC to help with rescue efforts that day. "He didn't know if he was coming back. And he didn't."

Orioles fans who spent hundreds of dollars to sit in the team's Bird Bath Splash Zone were left frustrated on Saturday when Zay Flowers, slated to be the club's guest splasher for the night, didn't show.

Diplomatic Blitz: Witkoff, Kushner Hold "Substantial" Ukraine Talks After Putin Meeting

President Trump's diplomatic sprint shifted from Moscow to Kiev over the weekend, with White House special envoy Steve Witkoff and presidential son-in-law Jared Kushner arriving in Ukraine for talks with senior officials. The visit came one day after the pair met with Russian President Vladimir Putin.

Russian state media outlet TASS cited Kremlin spokesman Dmitry Peskov, who said Putin's meeting with Witkoff and Kushner had created an "atmosphere of trust, at least through this channel of communication."

Putin meets Witkoff and Kushner for peace talks. pic.twitter.com/NqqAelwuEG

— Clash Report (@clashreport) September 5, 2026

"The very fact that the meeting is taking place means that an atmosphere of trust does indeed exist, at least through this channel of communication, and that it is strengthening. As a rule, however, expanded exchanges of such welcoming remarks emerge when there are messages that the head of state considers necessary to convey," Peskov explained to the outlet.

A White House official said Witkoff and Kushner's three-hour meeting with Putin "discussed substantive plans for next steps, which will be announced in the coming weeks."

Last week, Reuters cited Kremlin aide Yuri Ushakov, who said Putin, Trump, and Chinese President Xi Jinping may hold a trilateral meeting at the next Asia-Pacific Economic Cooperation summit in November.

After the Moscow meeting on Saturday, Witkoff and Kushner traveled to Ukraine for the first time during Trump's second term as part of his pledge to bring the conflict to an end.

Steve Witkoff and Jared Kushner arrived in Ukraine by train.

They were greeted by senior Ukrainian officials. pic.twitter.com/KLRk9796Zf

— Clash Report (@clashreport) September 6, 2026

Bloomberg reported early Sunday that Witkoff and Kushner's first round of talks with Ukrainian President Volodymyr Zelenskyy and other high-level officials had ended.

Witkoff was quoted by the outlet as describing his talks with Ukrainian officials as "substantial," although no further details about what was discussed were released.

"We all want to end the war, and we are on the same page here," Zelenskyy said in brief remarks to reporters after the first meeting. "Every such meeting gets us closer to peace."

Steve Witkoff to Zelensky:

We're having a great time here, and the hospitality is unsurpassed.

The President wanted Jared and I to come here.

We had a great trip, took the train, and as you said, it was a delightful trip. pic.twitter.com/QTFxcdlwdT

— Clash Report (@clashreport) September 6, 2026

Zelenskyy was expected to speak to the reporters later in the day alongside the US envoys.

The push for a diplomatic end to the four-and-a-half-year conflict began with CIA Director John Ratcliffe's unexpected visit to Moscow nearly two weeks ago.

Ahead of the weekend meetings, Bloomberg reporters were increasingly less optimistic about a breakthrough peace deal, saying the prospects for ending the war remained low.

Tyler Durden Sun, 09/06/2026 - 13:05

Saint Mary’s College sophomore Dominic “Dom” Peterson died after becoming ill during a team training session in Moraga, prompting an outpouring of tributes from teammates, coaches and the rugby community.

"A fraudster is wrecking the quality of life for the entire neighborhood. While it's not a federal issue, we all need to do everything we can do to right this wrong."

No sophomore will face more pressure in 2026 than Jaxson Dart in the bright lights of New York.