About a month ago, BlackRock Inc. deemed the private debt it had extended to Renovo Home Partners, a struggling home improvement company, to be worth 100 cents on the dollar. As of last week, the firm had a new assessment: zero. The drastic revision comes as Dallas-based Renovo — a roll-up of regional kitchen and bathroom remodeling businesses created by private equity firm Audax Group in 2022 — abruptly filed for bankruptcy last week, indicating it plans to shut down. BlackRock held the majority of Renovo’s roughly $150 million of private debt, while Apollo Global Management Inc.’s MidCap Financial and Oaktree Capital Management held smaller chunks, according to people with knowledge of the matter, who asked not to be identified discussing a private transaction. It was no mystery Renovo was in a tough spot. In April, lenders had agreed to take losses and convert some of their loans into equity as part of a recapitalization that was supposed to give the company a chance to turn its business around, the people said. In the third quarter, they also allowed for deferred cash interest payments on its restructured debt, an arrangement known as payment-in-kind, regulatory filings show. Yet at the end of September, funds managed by BlackRock and MidCap Financial were still marking the new Renovo debt at par, which typically indicates investors expect to be paid back in full. It took only a few weeks for the situation to quickly unravel. “Early in the fourth quarter, company-specific performance and liquidity issues led the Renovo board to determine that the best available path forward was a liquidation process,” Philip Tseng, chief executive officer of BlackRock TCP Capital Corp., said during an earnings call. “We expect to fully write down this position in the fourth quarter of 2025.” Apollo’s Ted McNulty, a managing director, said during an earnings call for the MidCap Financial Investment Corp. fund that the firm “became aware” that Renovo would be filing for bankruptcy at the end of October. Spokespeople for BlackRock and Apollo declined to comment further. A representative for Oaktree declined to comment. While the Renovo debt represents a sliver of total assets for the three lenders, its sudden collapse strikes at the heart of what critics see as a major vulnerability in the private credit market: the disconnect between the valuation of illiquid loans and the performance of the underlying companies. Zips Car Wash similarly enjoyed marks that were near par from its private credit lenders months before filing for bankruptcy earlier this year. It also comes in the wake of the collapses of subprime auto lender Tricolor Holdings and car-parts manufacturer First Brands Group, which have caught investors off guard. They’ve stoked fears there could be more pain to come in credit markets and led Wall Street executives to trade shots as to who is to blame for poor underwriting standards. Renovo’s main borrowing entity, HomeRenew Buyer Inc., filed for Chapter 7 bankruptcy last week, listing liabilities of between $100 million and $500 million and assets of under $50,000. “We view this outcome as a result of issues specific to the issuer, rather than a reflection of broader sector weakness,” Tseng said about Renovo during the earnings call for BlackRock TCP Capital, one of the firm’s private credit funds.
Trump: Air traffic controllers must get back to work…. The art of the bribe
United States President Donald Trump urged air traffic controllers on Monday to resume work, warning of consequences if they fail to do so. “All Air Traffic Controllers must get back to work, NOW!!! Anyone who doesn’t will be substantially ‘docked,'” Trump said in a Truth Social post. He added that he is “NOT HAPPY” with those controllers who took time off during the government shutdown, adding that they are free to leave their posts and be “quickly replaced by true Patriots, who will do a better job on the Brand New State of the Art Equipment, the best in the World, that we are in the process of ordering.” Furthermore, the president pledged to recommend a $10,000 bonus per person for the “GREAT PATRIOTS” who did not take any time off during the shutdown “for distinguished service to our Country.”
NN: Brilliant move by Trump!
Eric Trump: Bitcoin will hit $1M… Warren Buffet says zero
Eric Trump, son of United States President Donald Trump, said on Friday that Bitcoin will reach the price of one million dollars per coin, but that it can take “several years before it does. While on the Fullsend Podcast, Eric Trump claimed that the demand for Bitcoin is big globally and that “there are major nations out there that take all their extra energy and use it to mine Bitcoin.” He described Bitcoin as a “world-class asset” and claimed he had encouraged people to buy it. Trump expressed his pride in American Bitcoin Corp, which was co-founded by him and Donald Trump Jr, his older brother. Earlier this year, Trump stated that cryptocurrencies are the future of markets and called Bitcoin “modern-day gold.”
NN: They almost got it right. Bitcoin will be modern day FOOLS gold. Trump ital. is pitching their book.. They have made billons out of thin air.
NN: Ill go with Warren!
Trump: Looks like shutdown end is close
United States President Donald Trump told reporters that it seems like the government shutdown is “getting close” to ending, following reports that said there are now enough Senate Democrats in favor of a deal. “It looks like we’re getting close to the shutdown ending. You’ll know very soon,” Trump said upon arriving back at the White House after attending the NFL game between the Washington Commanders and Detroit Lions. Earlier on Sunday, citing unnamed Senate sources, ABC News reported that there will be sufficient Democratic votes to advance a short-term funding bill to reopen the US government. If the bill clears the Senate, it will have to head to the House for approval before reaching Trump’s desk. The Senate is expected to vote on the deal beginning between 8:30 pm and 9 pm ET, CNN said, citing an unnamed GOP aide.
NN: Its best to close a losing hand, The Democrats blinked first
US consumer confidence drops in November
The Consumer Sentiment Index in the United States slipped by 6.2% in November compared to the previous month, to stand at 50.3, a preliminary report posted by the University of Michigan showed on Friday. The figure plunged 29.9% on an annual level. The Current Economic Conditions Index slumped 10.8% in the reported period compared to October and lost 18.2% compared to November 2024, amounting to 52.3 points. The Index of Consumer Expectations declined 2.6% on a monthly basis, but nosedived 36.3% on a yearly basis, coming in at 49. “Year-ahead inflation expectations inched up from 4.6% last month to 4.7% this month and remained well below readings in May in the wake of the initial announcements of major tariff changes. Long-run inflation expectations declined from 3.9% last month to 3.6% in November. These expectations are now below the midpoint between the readings seen a year ago and the 2025 peak reading from April,” the report stated.
NN: These are dismal numbers. Flashing their warnings of a impending recession.
Pezeshkian: Iran will not abandon its nuclear program
Iranian President Masoud Pezeshkian declared on Friday that the country will not abandon its nuclear program or its defensive missile program. According to state media, the Iranian president pointed out that Tehran is “willing” to negotiate over the country’s nuclear program, but stressed that the missile program is “off the table.” Furthermore, he reiterated that Iran seeks peace, but will not “bow to coercion.” Last weekend, Pezeshkian stated that Iran does not intend to make nuclear arms, but instead wants to expand its nuclear industry.
NN: Mankind deserves to get nuked by Iran. The only thing highly enriched uranium is good for is building nukes. And Iran is hell bent on building nukes. In fact if they want nukes so bad i think we should drop a few of them on their heads
Challenger: Job cuts soar 183% in October
Job cuts in the United States jumped 183% in October compared to the previous month, according to a Challenger, Gray & Christmas Inc. report published on Thursday. There were 153,074 cuts last month, compared to 54,064 in September. Annually, job cuts surged 175%. The tech sector was the biggest contributor at 33,281 job cuts, followed by retail at 2,431 and services at 1,990. In the year through October, employers announced 488,077 planned hires, 45% less than a year ago and the lowest number since 2011. “Some industries are correcting after the hiring boom of the pandemic, but this comes as AI adoption, softening consumer and corporate spending, and rising costs drive belt-tightening and hiring freezes. Those laid off now are finding it harder to quickly secure new roles, which could further loosen the labor market,” Challenger, Gray & Christmas Chief Revenue Officer Andy Challenger said.
NN: The layoffs are a result in part of the spreading economic slow down. This economic cycle is peeking. Stock market and all. As far as far as AI induced job losses. Its the last thing that they want people to know. it’s their dirty little secret!
NN: Now you understand why the youngsters have fallen hook, line and sinker for the NY free everything commie lies.
Israel: Mamdani’s election ‘deeply concerning’
Israeli Deputy Foreign Minister Sharren Haskel said on Wednesday that the election of Democratic candidate Zohran Mamdani as New York City mayor is “deeply concerning given his history of anti-Israel and anti-Jewish rhetoric.” The minister ensured that the Israeli authorities will keep working on securing “safety and dignity” of the Jewish community inAdditionally, Israeli Diaspora Affairs Minister Amichai Chikli slammed Mamdani in a post on X, calling him a “Hamas supporter, and called on Jews living in New York to flee to Israel. He insisted that the change of New York’s stance on Jews began with anti-Israeli protests at various US universities, “especially Columbia University, which became the stronghold of Hamas support in the United States – and reached its peak this morning, when the last of the bullies who back Hamas’s rapists and murderers was elected mayor.”
NN: If you are stacking boxes maybe you should get a skill. If your riding a deliver bike you need to finish colleges. If you are getting burned at the French Fry machine sober up and start a business. Warning! This sucking off others looking for free rent, free food and free medical the commie dream will only cement you in your poverty
See pod cast: Islam Rising.
Bitcoin drops 6% to under $100K amid market turmoil
The cryptocurrency market declined sharply on Tuesday, with Bitcoin falling 6% and slipping below $100,000, the lowest level since June.
The slide follows rising investor caution amid economic uncertainty and comments from Federal Reserve Chair Jerome Powell suggesting rates may stay elevated longer.
Bitcoin hit a low of $99,933 before climbing to $100,460 by 1:49 pm ET, down 5.7%. Ethereum dropped 9.2% to $3,272, turning negative for the year.
NN: we are shorting the shit out of Bitcoin
USA Russian Sanctions Will Drive Strong Upside in Oil
Skandinaviska Enskilda Banken AB (SEB)in a report sent to Rigzone by the SEB team on Thursday, SEB Commodities Analyst Ole R. Hvalbye outlined that “fresh U.S. sanctions reignited strong upside momentum” in the oil market. “The U.S. has now announced sanctions targeting Russia’s two largest oil producers, Rosneft PJSC and Lukoil PJSC, effectively blacklisting both companies,” Hvalbye said in the report. “Washington cited Moscow’s lack of progress toward peace in Ukraine, marking a significant escalation in pressure on President Vladimir Putin to enter negotiations,” he added. Hvalbye stated in the report that a full blacklisting would, at least in theory, make it very difficult for Rosneft and Lukoil barrels to reach the market. “Rosneft produced nearly 3.7 million barrels per day during the first half of 2025, while Lukoil’s Russian assets contributed roughly 1.6 million barrels per day of oil and condensate output (2024 data),” he noted. “Together, the two companies account for almost half of Russia’s total crude exports, underscoring the scale and impact of Washington’s move. Rosneft, led by Igor Sechin, and privately held Lukoil are by far Russia’s largest oil producers and central to the country’s energy income,” he added. China and India have become Russia’s largest oil customers as most Western nations have shunned direct purchases. So far, Trump has imposed steep tariffs on Indian goods but stopped short of taking direct action against Chinese buyers, something that could change if geopolitical tensions escalate further,” Hvalbye warned.
Rystad Energy team Head of Geopolitical Analysis, Jorge Leon, said “the latest U.S. sanctions on Russia’s largest oil producers represent a significant and unprecedented escalation in Washington’s pressure campaign against Moscow”. Market fears that Russian crude exports – particularly to India, one of its key customers – could fall sharply,” he added. “Combined with the recent wave of attacks on Russian oil infrastructure, these sanctions raise the prospect of major disruptions to Russian crude production and exports, heightening the risk of forced production shut-ins,” Leon continued. “If Russian production is curtailed, Moscow would find it economically and politically unviable to support further output increases within the alliance,” he said. “Such a scenario could reignite internal tensions within OPEC+, as member countries weigh the need for market stability against their own fiscal imperatives in an environment of heightened uncertainty,” he added. “The big question now is whether Washington’s latest sanctions will be enough to draw Moscow back to the negotiating table – and, if they fail to do so, what options remain to increase pressure without crossing the line into open confrontation,” Leon noted.