格隆汇2月4日｜乌克兰总统泽连斯基：乌克兰有望做出妥协，但俄罗斯也必须做出妥协，主要是停止“侵略”。

Bob Diamond, Hyperliquid Strategies chair and former CEO of Barclays, provides insights on the cryptocurrency market. He says more real world assets are starting to be traded on the Blockchain. (Source: Bloomberg)

格隆汇2月4日｜城堡投资创始人格里芬周二表示，他认为在过去12个月里，美元在投资者心目中的吸引力有所下降。同时他还表示，美国需要加强财政纪律，包括削减疫情期间肆意挥霍的开支。

格隆汇2月4日｜乌克兰总统泽连斯基：乌克兰正在等待美国对昨夜俄罗斯袭击的反应。

Key Points Purchased 89,706 shares of LMBS; estimated trade value $4.5 million (based on quarterly average price). Quarter-end position value increased by approximately $4.50 million, reflecting both share additions and price movement. Transaction represented an approximately 2.3% increase of fund’s 13F assets under management (AUM). Post-trade stake: 165,186 shares, valued at approximately $8.26 million. Position now accounts for approximately 4.2% of Friedenthal Financial’s reportable AUM. 10 stocks we like better than First Trust Exchange-Traded Fund IV - First Trust Low Duration Opportunities ETF › Friedenthal Financial disclosed a buy of 89,706 shares of First Trust Low Duration Opportunities ETF (NASDAQ:LMBS) in its Jan. 27, 2026, SEC filing, with an estimated transaction value of $4.48 million based on quarterly average pricing. What happened According to a Jan. 27, 2026, SEC filing, Friedenthal Financial bought 89,706 shares of First Trust Low Duration Opportunities ETF, an estimated $4.48 million trade based on the average share price during the quarter. As a result, the stake’s value at quarter-end rose by approximately $4.50 million, inclusive of both the new shares and market price changes. What else to know The buy increased the LMBS holding to 4.25% of Friedenthal Financial’s 13F AUM. Top holdings after the filing: NYSEMKT: ITOT: $22.1 million (11.4% of AUM) NYSEMKT: LMBS: $8.2 million (4.2% of AUM) NYSEMKT: SCHA: $6.9 million (3.6% of AUM) NYSEMKT: IJH: $6.2 million (3.2% of AUM) NYSEMKT: STIP: $5.6 million (2.9% of AUM) As of Jan. 26, 2026, shares were priced at $50.09, up 7.4% over the past year, underperforming the S&P 500 by 10.2 percentage points. Annualized dividend yield was 4.07% as of Jan. 27, 2026; shares were 3.6% below the 52-week high. ETF overview Metric Value AUM N/A Price (as of market close 1/26/26) $50.09 Dividend yield 4.07% 1-year total return 7.42% ETF snapshot The investment strategy focuses on generating income and preserving ca...

LIV Golf players will be awarded world ranking points during 2026 after a new ruling made by the board of the Official World Golf Rankings (OWGR). However, its players may still not be happy because points will only be given to the top 10 finishers and ties in the 57-man field. In all other men's professional golf tours that are part of the OWGR, all players who make the cut earn points. In a statement, the OWGR board said it was awarding points "in an effort to reflect the changing landscape of the men's professional game". However, it added that the points were being restricted to the top 10 finishers because it "recognises there are a number of areas where LIV Golf does not meet the eligibility standards set out by OWGR". The winner of this week's opening event of the LIV Golf season is projected to receive 23.03 OWGR points, which is similar to European DP World Tour events (25). The victor of this week's PGA Tour event - the WM Phoenix Open - is expected to receive 59 points. The winner of a PGA Tour signature event earns 66 points, while the FedEx Cup play-off events at the end of the season and have reduced fields and no cuts - similar to LIV - will see 37 points awarded to the winner. OWGR points are important to players because they are crucial in qualifying for the annual four majors. In recent weeks, five-times major winner Brooks Koepka and 2018 Masters champion Patrick Reed are two of the biggest stars to leave LIV in favour of a return to the PGA Tour. More to follow.

Earnings Call Insights: New Jersey Resources Corporation (NJR) Q1 2026 Management View Stephen D. Westhoven, President, CEO & Director, opened the call by highlighting "an extraordinary weather event with record-setting demand," emphasizing that "NJR's diversified businesses responded with extraordinary performance." He underscored the company's ability to operate assets safely across its entire natural gas portfolio during extreme cold, stating, "Our assets were operated safely and successfully across our entire natural gas portfolio." The CEO noted that Energy Services generated significant value during the period, leading to a raised fiscal 2026 NFEPS guidance by $0.25 per share, now set between $3.28 and $3.43 per share. He stressed, "This represents the sixth consecutive year of raising guidance as a result of the strength of our complementary portfolio of businesses." NJR's hedging strategy was described as a key affordability lever: "Our average hedge price is approximately $2.20 per dekatherm for gas and storage and LNG, and that compares to a Citygate pricing that traded in excess of $135 per dekatherm during the event." Customer growth was also highlighted, with new housing developments and favorable trends in construction and conversions supporting New Jersey Natural Gas' expansion. The company announced securing a long-term contract for the initial capacity expansion at Leaf River, with additional phases to be supported by long-term fee-based contracts and FERC authorization expected by fiscal year-end. Clean Energy Ventures added approximately 10 megawatts of capacity during the quarter and aims to grow in-service capacity by more than 50% over the next two years. Roberto Bel, Senior VP, CFO & Principal Financial Officer, stated, "We reported NFE of $118.2 million or $1.17 per share for the quarter, reflecting disciplined execution and solid performance across our businesses." Outlook NJR increased its fiscal 2026 NFEPS guidance by $0.25 to a new range ...

Should Investors Buy Amazon Stock Ahead of Q4 Earnings Release? The Globe and Mail

Customers form a looping queue for buyback services on the third floor of Caishikou Department Store on Feb. 3, 2026. Photo: Caixin A leading Chinese gold retailer has restricted its buyback services after extreme price volatility spurred a rush among investors to liquidate their holdings. The Caishikou Department Store in Beijing, better known as Caibai, announced on Monday evening that it is tightening repurchase rules as global gold prices retreat from historic highs, revealing the operational risks jewelers face during periods of frantic selling.

Source: Bloomberg, 8:08

March ICE NY cocoa (CCH26) today is up +83 (+1.97%), and March ICE London cocoa #7 (CAH26) is up +76 (+2.54%). Cocoa prices are moving higher for a second session today as slowing cocoa deliveries to ports in the Ivory Coast have prompted short covering in cocoa futures. Monday's cumulative data showed that Ivory Coast farmers shipped 1.23 MMT of cocoa to ports in the current marketing year (October 1, 2025, through February 1, 2026), down -4.7% from 1.24 MMT in the same period a year ago. The Ivory Coast is the world's largest cocoa producer. Don’t Miss a Day: Last Friday, NY cocoa dropped to a 2.25-year nearest-futures low, and London cocoa sank to a 2.5-year low, as abundant global supplies and slack demand keep pressure on cocoa prices. StoneX last Thursday forecasted a global cocoa surplus of 287,000 MT in the 2025/26 season and a 267,000 MT surplus for 2026/27. Also, the International Cocoa Organization (ICCO) reported on January 23 that global cocoa stocks rose 4.2% y/y to 1.1 MMT. Demand concerns have hammered cocoa prices as consumers continue to balk at the high price of chocolate. Last Wednesday, Barry Callebaut AG, the world's largest bulk chocolate maker, reported a -22% decline in sales volume in its cocoa division for the quarter ending November 30, citing "negative market demand and a prioritization of volume toward higher-return segments within cocoa." Grinding reports also showed weak demand. On January 15, the European Cocoa Association reported that Q4 European cocoa grindings fell -8.3% y/y to 304,470 MT, a bigger decline than expectations of -2.9% y/y and the lowest for a Q4 in 12 years. On December 16, the Cocoa Association of Asia reported that Q4 Asian cocoa grindings fell -4.8% y/y to 197,022 MT. Also, the National Confectioners Association reported Q4 North American cocoa grindings rose only +0.3% y/y to 103,117 MT. Since posting a 10.5-month low of 1,626,105 bags on December 26, ICE-monitored cocoa inventories held in US ports have reboun...

March WTI crude oil (CLH26) today is up +0.72 (+1.16%), and March RBOB gasoline (RBH26) is up +0.0355 (+1.92%). Crude oil and gasoline prices recovered from early losses today and moved higher as the dollar weakened. Also, ongoing US-Iran tensions are underpinning crude prices, as is a US-India trade deal that may require India to scale back imports of discounted Russian crude. Don’t Miss a Day: Gains in crude are limited in hopes of de-escalation of US-Iranian tensions after President Trump said talks with Iran over a new nuclear deal could begin within days, after Iran signaled it was ready to engage. Turkey said it plans to hold high-level talks between the US and Iran on Friday. President Trump said he will roll back tariffs on India in return for an agreement that India would stop buying Russian oil. Deliveries of Russian crude into Indian ports fell to about 1.2 million bpd in December, the lowest in more than three years. Last Thursday, crude oil rallied to a 5.75-month high after President Trump said that US ships he ordered to the Middle East were ready to fulfill their mission “with speed and violence, if necessary” if Iran fails to agree to a nuclear deal. An attack on Iran, OPEC’s fourth-largest producer, could disrupt the country’s crude supplies and potentially close the Strait of Hormuz, through which about 20% of the world’s oil passes. An increase in crude exports from Venezuela is also boosting global oil supplies and is bearish for prices. Reuters reported on Monday that Venezuelan crude exports rose to 800,000 bpd in January from 498,000 bpd in December. Crude oil also has support after Russia recently threw cold water on hopes of a breakthrough in peace talks with Ukraine, after the Kremlin said the “territorial issue” remains unresolved with Ukraine, and there’s “no hope of achieving a long-term settlement” to the war until Russia’s demand for territory in Ukraine is accepted. The outlook for the Russia-Ukraine war to continue will keep restric...

March arabica coffee (KCH26) today is down -14.00 (-4.20%), and March ICE robusta coffee (RMH26) is down -193 (-4.79%). Coffee prices are extending their week-long plunge today, with arabica falling to a 5.5-month low and robusta sliding to a 6-week low. Coffee prices have been under pressure over the past week amid forecasts of steady rains in Minas Gerais, Brazil's main coffee-growing region. Above-average rainfall in Brazil has eased dryness concerns and is weighing on coffee prices. Somar Meteorologia reported on Monday that Brazil's largest arabica coffee-growing area, Minas Gerais, received 69.8 mm of rain during the week ended January 30, or 117% of the historical average. Don’t Miss a Day: Ample coffee supplies are a bearish factor for prices. On December 4, Conab, Brazil's crop forecasting agency, raised its total Brazil 2025 coffee production estimate by 2.4% to 56.54 million bags, from a September estimate of 55.20 million bags. Soaring coffee exports from Vietnam, the world's largest robusta producer, are bearish for robusta prices. Vietnam's National Statistics Office reported on January 5 that Vietnam's 2025 coffee exports jumped by +17.5% y/y to 1.58 MMT. Increased Vietnamese coffee supplies are negative for prices. Vietnam's 2025/26 coffee production is projected to climb +6% y/y to 1.76 MMT, or 29.4 million bags, a 4-year high. Also, the Vietnam Coffee and Cocoa Association (Vicofa) said on October 24 that Vietnam's coffee output in 2025/26 will be 10% higher than the previous crop year if weather conditions remain favorable. Vietnam is the world's largest producer of robusta coffee. The recovery in ICE coffee inventories is negative for prices. ICE-monitored arabica inventories fell to a 1.75-year low of 396,513 bags on November 18, but recovered to a 3.25-month high of 461,829 bags on January 7. Also, ICE robusta coffee inventories fell to a 13-month low of 4,012 lots on December 10 but recovered to a 2-month high of 4,662 lots last Monday. Shrink...

Lean hog futures posted Monday gains of 82 cents to $1.125 in the front months on Monday. USDA’s national base hog prices from the Monday PM report was at $106.83, up $3.22 from the day prior. The CME Lean Hog Index was down 36 cents on September 18 at $105.34. USDA’s FOB plant pork cutout report from Monday afternoon was up $1.25 at $113.30 per cwt. The rib and ham primals were the only reported lower. USDA estimated federally inspected hog slaughter on Monday at 490,000 head. That was steady with last Monday and 8,401 head above the same Monday last year. Don’t Miss a Day: Oct 25 Hogs closed at $98.800, up $0.825, Dec 25 Hogs closed at $88.750, up $1.125 Feb 26 Hogs closed at $90.700, up $0.900, More news from Barchart The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Win McNamee/Getty Images News Written by Sam Kovacs Introduction Silver crashed, Gold crashed, and Bitcoin crashed, but to me the headline news that needs a deep dive at the macro level is this: Trump has nominated Kevin Warsh to serve as chairman of the Fed, succeeding Jerome Powell. Everything tied to the "debasement trade" corrected hard, based on the idea that Mr Warsh is two things: 1. a hawk 2. a proponent of a smaller balance sheet. In this article, I will give you everything you need to know, so that we can go beyond the superficial profiles you can read in the financial media into truly understand Mr Warsh's motivations, his discourse, and where his plans will meet severe difficulty. Prepare yourself for a macro voyage. In all modesty, I believe this to be some of the most important reading of the week. Mr Warsh's background Kevin Warsh served as a member of the Fed between 2006 and 2011. At the time, that made him the youngest ever appointee at age 35. He was deeply involved in organizing the Fed's emergency response to the financial crisis in 2008. He openly supported the first round of quantitative easing (QE1) but then opposed the second round of asset purchases (QE2) in late 2010, saying that the risks surpassed potential benefits. Then Chairman Bernanke proceeded with QE2, which caused Warsh to resign in early 2011 in protest. His crisis experience, and decision to leave the Fed when he disagreed have given him a reputation as a pragmatic and steady hand. Warsh has long been viewed as an inflation hawk. He often argued against loose monetary policy in the aftermath of the GFC, often warning that inflation would accelerate as a consequence of it. It's important to note that history proved him wrong here, as no real inflation came in between 2009 and 2020, and it's only when a bazooka of stimulus and direct transfers came, in conjunction with supply chain friction, that inflation picked up in 2021-2023. Warsh's principled opposition of QE was the halmar...

vadishzainer/iStock via Getty Images The gold and silver sell-off was mainly a deleveraging unwind - leverage hit delivery limits, higher margins and risk controls, sparking forced selling and spillover into crypto. A bounce is possible, but recovery may be choppy, with tight term structure and downside-skewed vol. Prefer cash buffers and options structures: sell near-dated OTM puts and own longer-dated calls in gold, use layered hedges in silver, keep longer-dated downside protection in crypto, and size positions off realised volatility. Deleveraging Over the past fortnight, precious metals first went through a classic crowded-trade acceleration, then gave back gains even faster. On the surface, this resembles mean reversion; structurally, it looks far more like a deleveraging event. The sell-off was not driven by a single bearish headline, but by forced position reduction at the intersection of leverage, delivery constraints and risk controls. The key question is not whether the long-term thesis for gold or silver has changed, but why the market flipped so quickly from a one-way grind higher into a cascading unwind - and why that unwind spilled over into crypto and the broader risk-asset complex. January’s move had a historically extreme slope, pulling in trend-following and leveraged flows. At the same time, deliverable constraints in silver tightened materially: registered inventory coverage versus open interest (including the delivery-month lens) fell into a danger zone, while futures open interest expanded far faster than deliverable physical stocks could adjust. In that regime, prices are set more by expectations and leverage than by incremental end demand. The market’s core tension shifts from direction to structure, and delivery optionality becomes a risk factor rather than a mere contractual detail. As the delivery window approaches, the physical-delivery framework bites more rigidly into position management. Most speculative accounts cannot take delivery ...

The new U.S. dietary guidelines create a long-term tailwind for the meat giant. The U.S. Department of Health and Human Services released updated dietary guidelines in January that emphasize whole foods and protein while shunning added sugars and highly processed foods. The new guidelines recommend 1.2 grams to 1.6 grams of protein per kilogram of body weight from both animal and plant sources daily, compared to the recommended dietary allowance of just 0.8 grams per kilogram. The updated guidelines are a sea change, and it's unequivocally good news for Tyson Foods (TSN 2.05%). A leader in animal protein Tyson generates most of its revenue from its beef, pork, and chicken segments. While the beef business is pressured by a historically small cattle herd and steep price increases, the chicken business is booming. In the first quarter of 2026, chicken volumes rose 3.7% year over year, compared to a 7.3% decline for beef. By 2030, the USDA predicts that poultry will account for roughly 50% of per-capita meat consumption in the United States. This trend could be amplified by the impact of the new dietary guidelines. Beyond shifts in consumer behavior, the National School Lunch Program is required to follow the guidelines and feeds nearly 30 million children each school day. Changes will take time to play out, but this is clearly a long-term positive for Tyson Foods. Outside of its meat business, Tyson Foods is ahead of the game in another way. The dietary guidelines recommend avoiding highly processed foods, especially those with artificial flavors, petroleum-based dyes, and artificial preservatives. In Tyson's prepared foods segment, the company has already been moving in that direction. In early 2025, Tyson removed all petroleum-based synthetic dyes from its branded products in the U.S. Last September, Tyson announced that it would remove high fructose corn syrup, sucralose, BHA, and titanium dioxide from its branded products in the U.S. by the end of 2025. "By simpli...

Key Points IREN's core thesis remains intact and continues to build as tech giants commit to higher AI spending. The company's AI data centers are a critical bottleneck for the AI industry. IREN will report earnings on Feb. 5, and investors are piling into the stock before it discloses quarterly results. 10 stocks we like better than Iren › Iren (NASDAQ: Iren) has been one of the most volatile artificial intelligence (AI) stocks of the year. The stock had multiple 10%+ price swings in both directions over the past few days as its earnings date approaches. The AI data center provider reports earnings on Feb. 5, where some investors speculate it will announce another lucrative deal with a hyperscaler. However, not every investor is waiting for earnings to come out. The stock is already up by more than 20% year to date as investor enthusiasm builds. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » The gigawatt demand is massive Iren's potential customers are big tech companies that need multiple gigawatts of power to fuel their AI ambitions. Meta Platforms (NASDAQ: META) stated in its Meta Compute plan that it aims to deploy hundreds of gigawatts of AI power over the coming decades. Microsoft (NASDAQ: MSFT) has a similar vision and touted AI as the next industrial revolution. Iren is one of the few companies that provides AI data centers and sufficient gigawatts of power. It has a 3-gigawatt pipeline, and its Sweetwater 1 project will be energized in April. That project has 1.4 gigawatts, putting it firmly ahead of fellow AI data center providers. Iren's data centers stand out from traditional data centers. AI data centers are specifically designed to handle AI workloads, while traditional data centers handle a range of tasks, such as web hosting and data storage. Iren's Microsoft deal demonstrates credibility Although investors are speculating that Iren may announce another big deal ...

TomasSereda/iStock via Getty Images Gold Resource ( GORO ) +14.4% in Tuesday's trading after saying the blockade previously restricting access to its Don David gold mine in Oaxaca, Mexico, has been lifted , allowing mining and processing operations to resume. The blockade was initiated two weeks ago by ~20 employees of four contractors whose agreements were terminated following notice from the CTM union, the company said. Gold Resource ( GORO ) said the dispute was an internal matter between union factions and contractors and did not directly involve the company. Shares of precious metals miners are rising alongside gold and silver prices after two days of heavy selling. More on Gold Resource Corp. Gold Resource Corp. Q3 2025 Earnings Call Presentation Seeking Alpha’s Quant Rating on Gold Resource Corp. Financial information for Gold Resource Corp.

SpaceXAI Here’s how it used to work, say a decade ago. Google was a website. (Still is.) You could go to the website and type in a question and Google would give you a good answer. This was useful, so Google had a lot of users. Advertisers would pay a lot to reach them, so the website made a lot of money. This had, for Google, huge economies of scale: It answered the questions and serve the ads algorithmically, so as more people came to the website and asked more questions, its revenue increased rapidly but its costs — just some servers in data centers — did not. So Google had all of this extra money, and it spent some of that money on what were colloquially called “ moonshots ,” risky ambitious long-term bets with uncertain payoffs, like building self-driving cars and curing death. (Some of this stuff happened in a division that Google called X .) Investor enthusiasm for moonshots waxed and waned over time, but at a high level the strategy made sense. Google had some very smart people who wanted to make the world better. They built a software product that generated a lot of money with low marginal costs, and they used the extra money from that software to try to solve harder, more capital-intensive problems in the physical world. If you had told me in 2016 “my company will build rockets and send them to Mars in order to generate free cash flow to subsidize a capital-intensive money-losing website that will use machine learning algorithms to answer people’s questions,” I would have been like: No no no, the other way. You subsidize the space exploration with money from the website. The website is cheap and lucrative and scalable; the space exploration is the expensive bit with uncertain commercial prospects. But that was a decade ago. Now the most capital-intensive activity on Earth (in space?) is building large language models that answer people’s questions on websites and apps, and “let’s use our space rocket business to subsidize our website’s data centers” is a p...

Key Points Iger will be succeeded by Experiences chief Josh D'Amaro. The baton will pass at Disney's annual meeting in March. D'Amaro has his work cut out for him. 10 stocks we like better than Walt Disney › In a press release on Tuesday, the Walt Disney Company (NYSE: DIS) announced a long-rumored leadership change. The company revealed that Josh D'Amaro, head of Disney's Experiences segment, will be appointed CEO, effective March 18, 2026, to coincide with the company's annual meeting. D'Amaro will succeed storied CEO Bob Iger, who will assume the role of senior advisor and remain on Disney's board until his planned retirement on Dec. 31. At the same time, Disney Entertainment co-chair Dana Walden has been named to the newly created post of president and chief creative officer, heading up the company's media, news, and content strategies. Walden will report directly to D'Amaro. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » D'Amaro has been with Disney for 28 years, previously heading up Disneyland Resort in Anaheim and Walt Disney World Resort in Orlando, before taking the helm of Disney's Experiences division, which includes the company's theme parks, cruise ships, and consumer products. The segment accounted for about 57% of Disney's profit in fiscal 2025 (ended Sept. 27). The board voted unanimously to appoint D'Amaro. Disney chair James P. Gorman noted that D'Amaro "possesses that rare combination of inspiring leadership and innovation, a keen eye for strategic growth opportunities. and a deep passion for the Disney brand and its people -- all of which make him the right person to take the helm." In the press release, Disney noted that D'Amaro had been "instrumental in expanding Disney's iconic franchises," including such high-profile additions as "Star Wars: Galaxy's Edge, the Marvel-themed Avengers Campus, Mickey and Minnie's Runaway Railway, and World of Frozen." It als...

格隆汇2月4日｜当地时间2月3日，伊朗外交部长阿拉格齐分别与卡塔尔首相兼外交大臣穆罕默德、土耳其外交部长费丹以及阿曼外交大臣巴德尔通电话，讨论地区局势最新进展。阿拉格齐在通话中对上述国家为缓和紧张局势、维护地区安全与稳定所做的努力表示赞赏，并强调伊朗将与上述各国继续保持密切合作与协调，以维护本地区国家的共同利益。

When faced with fierce competition, it is human nature to mimic one’s rivals. While this can sometimes be effective, other times it might fail to yield the desired results. One example of a popular service pivoting in a completely different direction is Instagram’s launch of “Stories” to ...

Dawson Partners , an early mover in helping investors extract cash from private equity stakes, plans to start a strategy for the fast-growing credit secondaries market. The Toronto-based alternative asset manager decided to start the strategy after participating in several secondaries transactions, according to people familiar with the matter, who asked not to be identified because Dawson’s plans aren’t public. Those deals included Crescent Capital Group ’s $3.2 billion continuation fund on a 2016 loan portfolio and Dawson’s purchase of $1 billion worth of assets last year from the Hong Kong Jockey Club . A representative for Dawson, which manages more than $25 billion of assets, declined to comment. Private credit funds, which largely lend to firms backed by private equity, have been forced to hold on to loans for longer amid a tepid environment for deals and fundraising. Credit secondaries deal volume almost doubled to $20 billion last year from roughly $11 billion in 2024, as more credit managers and their investors tapped the market for liquidity, according to Evercore Inc. Secondary buyers are raising dedicated pools of capital to invest in existing portfolios. Ares Raises $7.1 Billion as Credit Secondaries Boom Continues Coller, TPG Ink $3 Billion Private-Credit Secondaries Deal Pantheon Seeks $6 Billion for Three Credit Secondaries Funds Private Equity Financier’s Returns Slump in a $1.2 Trillion Market Dawson — formerly named Whitehorse Liquidity Partners — specializes in fund finance, which provides liquidity to backers of private equity funds. It also provides financing for private equity-backed firms, and it’s increasingly becoming a player in collateralized fund obligations, which bundle stakes of private equity and private credit.