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Trump Rejects Iran’s Latest Terms  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Read online “TOTALLY UNACCEPTABLE!” Iran thinks Trump should surrender… The divergence between the economy and the stock market expands again… $1 quadrillion would be enough to send a check for $2.8 million to every man, woman, and child in America. This is set to be the biggest AI IPO in history… And you could claim a stake today…Before the company goes public…Starting with just $500. Dear reader, “The best option is surrender.” Is this President Trump’s latest counsel to the Iranian authorities? It is not. It is instead the Iranian authorities’ latest counsel to President Trump. In particular, the counsel of Iranian National Security Council spokesman, Ebrahim Rezaei. “Starting today,” continued this Rezaei fellow, “the era of restraint is over.” Thus the doves of peace remain cooped… and will likely remain cooped for a spell. “TOTALLY UNACCEPTABLE!” Meantime, the president has snarled his teeth at Iran’s latest peace proposal. I have just read the response from Iran’s so-called “Representatives.” I don’t like it — TOTALLY UNACCEPTABLE! Thank you for your attention to this matter. You are very welcome, Mr. President. All the while, Israeli authorities have evidently informed Washington that negotiated settlement with Iran is unlikely. Wait, Good News? Yet what is this? A positive scrap of needed economic news? On Friday, April’s unemployment data came issuing. A Dow Jones body of economists had divined the addition of 65,000 non-farm payrolls. The actual figure — according to the United States Bureau of Labor Statistics — came in at a boffo 115,000. In all… again, according to the United States Bureau of Labor Statistics… the United States economy has posted over 300,000 payrolls within the last two months. A Look Behind the Numbers Yet if you are a long-suffering reader of this publication, you are aware that statistics are often lovely liars. You know they often misinform rather than inform. You know they often propagate more fog than light. Let us then attempt to discern these figures in their true aspect. What do we find? We find that many fresh positions are part-time positions. Pursuers of full-time positions presently find few opportunities. Meantime, the labor force participation rate — the percentage of the population that is either employed or seeking employment — continues to decrease.   By 2032, Social Security will be insolvent. That 6.2% you've been "contributing" for 30 years? Gone. Paid out to people who retired before you. But there's another way to create retirement income — without relying on the government. The Patriot Income Plan pays 10% a year from America's energy infrastructure. 14 partnerships.  42 paydays a year. Tax-advantaged distributions. One investor says: "These distributions will fund my retirement." Don't wait for Washington. The system is broken.  Build your own income stream by owning real assets that pay you real cash.  There are zero requirements on your end.    “Underlying Anxiety in the Labor Market” Reports CNN: “Since the beginning of the year, employment has actually fallen when you call up people and ask them if they have a job,” KPMG’s Diane Swonk said.  “Participation has also fallen and job leavers have fallen. All of that is a sign of underlying anxiety in the labor market.” More: The labor force participation rate fell for the fifth consecutive month, inching down to 61.8% from 61.9%. The employment to population ratio, a measure of labor market engagement that includes those who are unemployed and not actively seeking jobs, fell to 59.1% which, excluding the pandemic, is the lowest rate since 2014. The U-6 unemployment rate (an alternative measure of labor underutilization) rose to 8.2%, the highest in five months and two percentage points above where it was in 2019, Swonk said, noting that more workers are having to accept part-time jobs because full-time work isn’t available. “Those who have a job are frozen in place, and those who want a job are frozen out of the labor market,” she said. Is this the sign of a hale and hearty labor market? I am far from convinced that it is. The Lowest Consumer Sentiment EVER Recorded Meantime, May’s University of Michigan Consumer Sentiment Index is out. What did it reveal? It revealed the lowest consumer sentiment in recorded annals… stretching to the 1940s… down 3.2% from April… and 7.7% from last May. The Consumer Sentiment Index, in fact, comes in 13% beneath its harrowing 2008 low. A certain Joanne Hsu is the survey’s director. Ms. Hsu claims consumer glumness is propelled by "concerns about high prices both for personal finances as well as buying conditions for major purchases." There appears to be justice here. Americans’ perceived financial condition has plunged to the lowest depth since the inky depths of 2009. The Stock Market Doesn’t Care Yet like raindrops off a windshield… or perhaps like the Titanic through an ice field… the stock market sweeps aside all economic concerns. These concerns simply do not register. A lengthy and potentially catastrophic energy disruption, escalating inflation, plunging consumer sentiment, a languishing labor market — they count for nothing. The Kobeissi Letter: The S&P 500 closes at its highest level on record, now up +17.2% since the March 30th bottom. That's +$10 TRILLION in market cap in 29 trading days.  While inflation is back and the labor market has weakened, it simply does not matter right now. In fact, the return of inflation has only intensified the scramble for yield and hard assets that can preserve purchasing power… Asset owners are experiencing one of the greatest wealth expansions in modern history while everyone else is being left behind.  The Wealth Gap Widens  And so the vast divergence diverges further yet. The owners of stocks and other assets — largely the graying and existing affluent — go forward. The non-owners of stocks and other assets — largely the youthful who cannot afford them — go backward. As I have asked before: Is it a wonder then that America’s youthful are casting their dispirited eyes to socialism? They simply do not believe that “capitalism” serves them. Of course it is not actual capitalism that has passed them over. It is a false and distorted capitalism that has passed them over. A false and distorted capitalism engineered by the Federal Reserve has passed them over. As I have argued before in these very pages: It is time to clear capitalism of all charges, and restore its blackened name. It is time to haul false capitalism into the dock. It is time to haul the Federal Reserve into the dock. Regards, Brian Maher for Freedom Financial News P.S.  Friends, everyone is talking about Elon Musk's Space X IPO. CNBC even called it "the big market event of 2026." But according to tech investing legend Jeff Brown, this is NOT about launching rockets to Mars, satellite internet, or anything you've heard from the media. It's much bigger than that… Because this IPO is a key part of Elon Musk's secret AI masterplan (click below to see the details). Click to see his investigation and discover how to get your stake.   © 2026 Freedom Financial News, an imprint of Freedom Financial Research, LLC 435 Merchant Walk Square, Ste 300-64 Charlottesville, VA 22902, United States Unsubscribe Terms of Service

The little-known reason sophisticated investors were buying the BDC that Wall Street was dumping last week

OBDC cut its dividend 16%. ARCC held theirs. Here is what the footnotes say that the headlines did not.  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Read online Dear Private Playbook Reader, The mainstream investor saw a dividend cut last week and sold. Blue Owl Capital Corporation trimmed its quarterly payout 16 percent. The stock fell 3.5 percent the day of the news. Fund managers went on television and declared that the golden era of BDC income was over. The trade was obvious: get out. Here is what they missed. The underlying loan book has zero new non-accruals. Borrower earnings grew in the high single digits last quarter. Moody's had just upgraded the company to investment-grade Baa2, four months prior. And management now holds $4 billion in available capital, ready to put to work at materially wider spreads than last year. The people who sold were reacting to a number. The people buying are reading the footnotes. That gap is exactly where the B/I quadrant investor operates. Today I want to walk you through what is happening in private credit right now. I will show you the BDC structure, the real story behind this payout reset, and where the intelligent entry sits. Inside today's issue: • The single number buried in OBDC's footnotes that tells you whether the dividend cut is a crisis or a buying opportunity — and why most investors never look for it. • The structural reason ARCC kept its $0.48 payout while its closest competitor cut theirs — it has nothing to do with luck and everything to do with one balance sheet advantage. • Three positions sized for three different levels of conviction — the core, the contrarian, and the equity lever that captures the entire private credit wave regardless of which BDC wins. • The SpaceX IPO makes me furious. Elon has reportedly filed for a $1.75 trillion valuation. The banks get rich. You get scraps — unless you claim your Pre-IPO Access Code first. The Deal Floor Private credit's great divide Two of the largest BDCs in America just sent opposite signals. Blue Owl Capital Corp (OBDC) cut its Q2 dividend from $0.37 to $0.31 per share. That is a 16 percent reduction. Net asset value fell for the third quarter in a row, from $15.14 down to $14.41. New commitments in Q1 were only $676 million against $1.5 billion in repayments. The portfolio is shrinking. Ares Capital Corporation (ARCC), the largest BDC in America, held its $0.48 per share dividend without flinching. NAV is $19.59. Available liquidity: $6 billion. Management tone: not cautious but opportunistic. Same asset class. Same macro environment. Two very different outcomes. The split comes down to scale and balance sheet. ARCC has $29.5 billion in total assets and $6 billion to deploy when others pull back. OBDC has $15.3 billion in assets and just finished a quarter where repayments outpaced new deals by more than two to one. But here is the number that matters most for OBDC right now: non-accruals. That is the term for loans where the borrower has stopped paying. OBDC's rate is 1.0 percent at fair value. That is clean. Not great-news-clean. Just clean. When the dividend cut narrative implies a credit crisis, that 1.0 percent says otherwise. Golub Capital BDC reset its own dividend to $0.33 per share as well. Three major BDCs, one quarter, two dividend cuts. The private credit stress test is playing out in public view. Meanwhile, Ares Management, the parent of ARCC, just reported its best fundraising quarter ever: $30 billion raised in Q1 2026, up 45 percent year over year. Institutional investors are not leaving private credit. They are coming in faster than ever. The divergence is between who runs the book well and who does not. The Structure How BDCs let individual investors access private lending A Business Development Company is a publicly traded vehicle that lends to private, mid-market businesses. Congress created the structure in 1980 to channel capital to companies too small for the bond markets and too large for a local bank. BDCs are required to pay out at least 90 percent of their income as dividends. That is the toll-road mechanic. They collect interest from 100 to 300 private companies and pass the cash directly to shareholders. OBDC's portfolio is 96 percent floating rate and 72 percent first-lien. Floating rate means the yield adjusts with market rates. First-lien means in a default, OBDC gets paid before nearly everyone else in the capital stack, including the company's equity owners. This is not the same as buying a stock and hoping for a price gain. When you own ARCC or OBDC, you own a slice of a diversified private lending portfolio. You are the creditor. You sit above the founders and venture investors in line for repayment. That is the B quadrant edge. Not collecting wages. Not chasing capital gains. Collecting interest from private businesses that need capital to operate and grow. The structure has worked for more than four decades. The question is not whether BDCs as a tool make sense. They do. The question is which manager you trust to run the book. And there is one more dimension to this story that separates the investors who will profit from those who will merely survive it. But before I show you what that is... Sponsored: The Oxford Club The SpaceX IPO makes me FURIOUS Elon has reportedly filed to take SpaceX public... in an IPO that's expected to hit a $1.75 trillion valuation. The biggest in Wall Street history... And you know who's going to make all the money? The banks brokering the deal. The hedge fund managers. The billionaire insiders. The same "already rich" 1%'ers. After the IPO, everyone else will be left fighting over scraps. That's why I'm leveling the playing field. Click here to claim your Pre-IPO SpaceX "Access Code" → ...it is the distinction between owning the toll booth and renting it. The Risk Table What the bulls are not saying out loud Private credit is not a free lunch. Here is what the risk picture actually looks like right now. NAV erosion is real. OBDC has posted three straight quarters of declining net asset value. Investors who bought at $15 a year ago are sitting on a mark-to-market loss even with dividends collected. If new loan deployment does not accelerate in the second half of 2026, that trend continues. Rate sensitivity cuts both ways. BDC income benefits from high floating rates. The Fed is holding at 3.50 to 3.75 percent with near-zero probability of a June cut. That is fine for now. A sharp rate reduction in 2027 would compress income across the whole BDC sector, not just the weaker managers. Bankruptcy filings are rising. Commercial Chapter 11 filings are up 42 percent year over year. Bad payment-in-kind deferrals, where borrowers delay cash interest by issuing more debt instead, hit a record 31 cases in Q1. Historically that is a leading indicator of defaults 2 to 3 quarters ahead. Redemption pressure is building in nontraded vehicles. Blue Owl's nontraded BDC is already enforcing its 5 percent quarterly redemption cap. Brown University's endowment cut its Blue Owl position by more than 50 percent in Q1. Institutional exits from the illiquid end of private credit deserve attention. Valuation opacity is a real concern. The SEC and the Financial Stability Board are both examining how private credit vehicles mark their portfolios. If standards tighten, NAVs across the sector could face further pressure beyond what rate moves alone would cause. The Play Three positions. Three different risk profiles. The intelligent private credit position is not one trade. It is three, sized according to how much uncertainty you want to carry. Position one: ARCC as the core. Ares Capital Corporation is trading at 0.97x NAV with a 10.1 percent annualized yield and a maintained dividend backed by $6 billion in liquidity. This is the quality anchor. You pay a modest premium over the mid-tier names and that premium is worth it. This is where a long-term income position belongs. Position two: OBDC as the contrarian. Blue Owl Capital Corp near or below its $14.41 NAV. An 8.6 percent yield on a Baa2-rated, 96 percent floating-rate, first-lien-heavy portfolio with a $300 million buyback program providing a floor. Management is explicitly saying wider spreads in the second half of 2026 will benefit new deployment. This is the patient, show-me trade. Entry near NAV, hold through the rebuild. Position three: ARES as the equity lever. Ares Management Corporation is not a BDC. It is the firm that runs ARCC plus a $644 billion alternative investment platform that just raised $30 billion in one quarter. You do not get the direct income yield. You get the fee engine. If private credit grows as an asset class, Ares captures the management and performance fees regardless of which specific BDC outperforms. The E quadrant sees a dividend cut and sells. The B/I quadrant sees a stress test and reads the loan book. The loan book on OBDC is clean. The balance sheet at ARCC is strong. The platform at Ares is growing faster than at any point in its history. That is the private credit picture right now. Not a collapse. A bifurcation. And bifurcations create entries. To your unfair advantage, Robert Kiyosaki P.S. While the market debates dividend cuts, Elon Musk is quietly preparing the biggest IPO in Wall Street history — a $1.75 trillion SpaceX offering. The insiders and institutions are already lining up. But there is a way to get in before the IPO price is set. Click here to claim your Pre-IPO SpaceX Access Code.   © 2026 Kiyosaki's Private Playbook, an imprint of Freedom Financial Research, LLC 435 Merchant Walk Square, Ste 300-64 Charlottesville, VA 22902, United States Unsubscribe Terms of Service