The 'Blame Game' In Private Credit Begins Submitted by QTR's Fringe Finance This morning I warned (again) this wasn’t a normal market in private credit. It was a liquidity event. And today it’s becoming something else too. According to the Financial Times , the SEC is now questioning whether Egan-Jones, a small but deeply embedded credit rating agency in private credit, can “consistently produce c...
The 'Blame Game' In Private Credit Begins Submitted by QTR's Fringe Finance This morning I warned (again) this wasn’t a normal market in private credit. It was a liquidity event. And today it’s becoming something else too. According to the Financial Times , the SEC is now questioning whether Egan-Jones, a small but deeply embedded credit rating agency in private credit, can “consistently produce credit ratings with integrity.” That’s not a routine inquiry. That’s the regulator openly wondering whether one of the key cogs in the machine was ever doing its job properly in the first place. Think S&P during The Big Short… And the timing is almost too perfect. Because just as gates go up, withdrawals get capped, and investors start asking for their money back, the conversation is shifting from “everything is fine” to “who signed off on this?” That shift matters just as much as the redemptions. For years, private credit sold stability. It worked because nobody had to test it. As long as money kept coming in and nobody needed to get out all at once, the system held together. You know, kinda like Madoff. Now people are trying to get out, and suddenly the inputs behind those reassuring return streams — the marks, the models, the ratings — don’t look quite as solid. So naturally, we arrive at the part of the cycle where everyone starts looking around the room for someone else to blame. Egan-Jones is an easy place to start. For years, it has faced recurring regulatory scrutiny, primarily from the U.S. SEC, over conflicts of interest, disclosure practices, and internal controls tied to its business model. The most significant action came in 2012, when the SEC charged the firm with misrepresenting its expertise in rating asset-backed securities, resulting in fines and a temporary suspension from rating certain structured products. Ongoing concerns have centered on compliance systems, documentation, and transparency, highlighting tensions between its independent approach and NRSR...
(RTTNews) - While reporting financial results for the fourth quarter on Thursday, fashion retailer Designer Brands, Inc. (DBI) initiated earnings and net sales growth guidance for the full-year 2026.
(RTTNews) - While reporting financial results for the fourth quarter on Thursday, fashion retailer Designer Brands, Inc. (DBI) initiated earnings and net sales growth guidance for the full-year 2026.
Alistair Berg/DigitalVision via Getty Images Summary I gave a buy rating to Pattern Group ( PTRN ) in my initiation post, with my key thesis being that PTRN has a solid data moat that should get better as it scales up, and that moat de-risks the growth path ahead. I am even more convinced that PTRN is a buy after looking at recent developments. Revenue growth was strong, newer marketplaces are sca...
Alistair Berg/DigitalVision via Getty Images Summary I gave a buy rating to Pattern Group ( PTRN ) in my initiation post, with my key thesis being that PTRN has a solid data moat that should get better as it scales up, and that moat de-risks the growth path ahead. I am even more convinced that PTRN is a buy after looking at recent developments. Revenue growth was strong, newer marketplaces are scaling, and the platform moat looks stronger. The moat is getting harder to copy Previously, the main argument for PTRN's moat was that EXP was a strong analytics and optimization tool and that it could help users to optimize the "Traffic x Conversion x Price x Availability" equation. And I think PTRN's moat has gotten a lot better since then. Per management disclosure , the Pattern intelligence layer is now powered by more than 66 trillion data points (vs. 47 trillion six months ago), and more importantly, it was noted that the automation engine executed 5.53 billion marketplace bid changes and 40 million price changes in 2025. These are insanely huge numbers that tell us adoption is real. There are actual entities leveraging PTRN's tool for live pricing and ad decisions, and it is collecting all the data to improve itself. Analytics and optimization are great, but it is how PTRN helps to execute this operationally that makes it even more interesting. PTRN now has 22 global offices and supports >70 marketplaces, and its products can now reach marketplaces in ~1.5 days. More importantly, days inventory outstanding [DIO] improved to 72 days, down 10 days y/y. My takeaway is that PTRN is able to leverage those 66 trillion data points to further de-risk this inventory-bearing business model, and the numbers speak for themselves. There appears to be no sign of PTRN's pace of scaling slowing either. If PTRN manages to hit 100 trillion data points (should be achieved by this year), can DIO drop further to 60 days? That is possible, and if we extrapolate this, that changes the moat ...
Liberty Gold Corp. press release ( LGD:CA ): FY GAAP EPS of $0.05. Total assets increased to $44.09M in 2025 from $24.44M in 2024. Working capital rose to $26.01M in 2025 from $7.35M in 2024. In early 2026, the company entered into the Goldstrike Agreement to sell its subsidiary, Specialty American Metals Inc., to Heliostar Metals Ltd. for $72.5M. More on Liberty Gold Corp. Liberty Gold: Upcoming ...
Liberty Gold Corp. press release ( LGD:CA ): FY GAAP EPS of $0.05. Total assets increased to $44.09M in 2025 from $24.44M in 2024. Working capital rose to $26.01M in 2025 from $7.35M in 2024. In early 2026, the company entered into the Goldstrike Agreement to sell its subsidiary, Specialty American Metals Inc., to Heliostar Metals Ltd. for $72.5M. More on Liberty Gold Corp. Liberty Gold: Upcoming Feasibility Study Could Be A Re-Rating Event Historical earnings data for Liberty Gold Corp. Financial information for Liberty Gold Corp.
WhiteFiber, Inc. press release ( WYFI ): Q4 GAAP EPS of -$0.67 misses by $0.48 . Revenue of $23.56M (+61.4% Y/Y) misses by $0.11M . Adjusted EBITDA of $5.8 million, compared to $5.5 million in the fourth quarter of 2024. More on WhiteFiber, Inc. Bit Digital held 155,239.4 Ethereum as of January 2026 WhiteFiber prices $210M convertible notes offering Historical earnings data for WhiteFiber, Inc. Fi...
WhiteFiber, Inc. press release ( WYFI ): Q4 GAAP EPS of -$0.67 misses by $0.48 . Revenue of $23.56M (+61.4% Y/Y) misses by $0.11M . Adjusted EBITDA of $5.8 million, compared to $5.5 million in the fourth quarter of 2024. More on WhiteFiber, Inc. Bit Digital held 155,239.4 Ethereum as of January 2026 WhiteFiber prices $210M convertible notes offering Historical earnings data for WhiteFiber, Inc. Financial information for WhiteFiber, Inc.