Aggregator

Lawrence made her Instagram debut Wednesday under the handle @jlaw.

Lawrence made her Instagram debut Wednesday under the handle @jlaw.

“Real Housewives of New York City” star Jessel Taank stopped by “Virtual Reali-Tea” studios to have a much needed debrief of the Season 16 premiere with our co-hosts Danny Murphy and Evan Real! She unpacked the voice memo from Chanel Ayan, who filled her in on what went down at Bluestone Manor with Erin Lichy...

“Real Housewives of New York City” star Jessel Taank stopped by “Virtual Reali-Tea” studios to have a much needed debrief of the Season 16 premiere with our co-hosts Danny Murphy and Evan Real! She unpacked the voice memo from Chanel Ayan, who filled her in on what went down at Bluestone Manor with Erin Lichy...

Paige Spiranac said she let down her fans and herself after she didn't snap enough photos at the US Open amid debates on influencers and etiquette at the tennis tournament in New York.

Head Of Blackstone's Real Estate Group Abandons Ship After Less Than A Year

 Submitted by QTR's Fringe Finance

The Incentive To Stay, The Psychology Of Leaving

Head of Real Estate Nadeem Meghji is leaving Blackstone less than a year after taking sole control of its real-estate business, according to a new report from the Wall Street Journal.

The official explanation is a desire to spend more time with family. That may be entirely true. But when the head of one of the world’s largest real-estate investment businesses decides to leave after nearly two decades, and less than a year of becoming the boss of real estate, I think investors are entitled to wonder whether the timing tells us something.

His departure follows that of former co-head Kathleen McCarthy in 2025 and comes amid a broader turnover of senior real-estate executives over the past several years. Blackstone has named David Levine and Giovanni Cutaia as his successors, emphasizing the depth and continuity of its leadership bench.

Now that the corporate line is out of the way, the question the ole’ Q-Man finds interesting is this: why leave now, after just being promoted to a position you’ve ostensibly worked your entire career for? Surely when Meghji began low on the totem pole at Blackstone the goal was to find himself at the top of management, reaping all the perks that come with it. So why stay for less than a year?

The company line could be all there is to it. He could just want to spend more time with family. That’s a commendable aspiration as well. But just from a human psychology standpoint, people generally do not leave extraordinarily lucrative jobs when they believe the next few years are about to be the best few years of their careers. They can, and there are legitimate personal reasons to do so. But the financial incentives at this level are enormous.

If an executive believes the business is about to enter a spectacular upswing, with compensation and equity awards potentially worth millions more, walking away becomes a much more expensive decision. Look, family is important….so is millions more in compensation you can use to take care of said family.

I am not suggesting Meghji is forfeiting a specific amount of money. I have no knowledge of his personal finances or the terms of his departure. The point is simply that basic human psychology dictates to me that senior executives understand the value of staying through a major recovery. If they believe the next leg higher is right around the corner, the incentive to remain is usually substantial. BREIT’s investor material suggests there is a long track ahead of recovery for real estate:

There is another reason the timing catches my attention: executives also tend to find it difficult to leave during the absolute worst moments of a crisis. Departing while a business is visibly on fire can look like abandoning ship, particularly when employees, investors and clients are looking for leadership.

The more natural window is often after the immediate emergency has passed, when conditions have stabilized enough that a departure can be presented as an orderly transition.

It could be argued that this “eye of the storm” is where Blackstone’s real-estate business is today. BREIT, the firm’s giant nontraded real-estate investment trust, endured a prolonged redemption crisis beginning in late 2022. Investors wanted their money back faster than the fund could comfortably provide it, and withdrawals were restricted for more than a year.

Those pressures have since eased. According to the Journal, BREIT began meeting all redemption requests in early 2024, recorded its first positive quarterly net inflow in four years during the second quarter of 2026, and delivered an 11% net return over the past 12 months.

Those are meaningful improvements. Why leave at a point where BREIT appears to finally have stabilized and potentially be on an upswing?

I have to ask: what if BREIT is sitting in the eye of the storm rather than safely on the other side of it. The first phase of the real-estate problem was obvious: rates rose, property values came under pressure, financing became more expensive and investors wanted liquidity. The next phase could be more complicated, particularly if interest rates remain elevated and the private-credit problems I have been writing about begin to feed back into commercial real estate.

Real estate is a leveraged asset class. Higher financing costs do not disappear simply because a fund reports a positive return or redemption requests normalize. Loans still mature. Properties still need refinancing. Borrowers still have to justify valuations against a cost of capital that may be materially higher than the one prevailing when many of these investments were made. And now we’re talking about rate hikes instead of rate cuts (though tomorrow’s CPI report will give us more clarity on that).

And then there’s the fact that days ago it was reported that Blackstone’s BCRED private credit fund had to limit redemption requests at 5% of shares outstanding after receiving repurchase requests for ~10% of its shares outstanding.

Private credit, which has been falling apart for the better part of the last 12-18 months, is not some unrelated corner of the financial system. It is increasingly part of the machinery financing businesses and assets across the economy. If credit conditions tighten, lenders become more selective or investors begin demanding liquidity from private vehicles, the consequences can spill into real estate through refinancing availability, transaction volumes and asset prices.

🔥 85% OFF FOREVER IF YOU SUBSCRIBE TODAY: I am again offering an 85% discount to anyone that wants to become a Fringe Finance annual subscriber today. It’s a discount you can keep and stays applied for as long as you wish to remain a subscriber: Get 85% off forever

That does not mean BREIT is about to experience another redemption crisis. It does mean that a period of relative calm should not automatically be confused with a durable recovery. And it means that the private credit portion of Blackstone’s business is worth watching closely.

Blackstone, of course, has enormous resources and a long history of making money during dislocations. The firm manages more than $600 billion in real-estate assets, and its investing BREP funds have substantial capital available. A difficult market can create opportunities for a manager with that kind of scale. But there is a difference between saying Blackstone can eventually profit from distress and saying the next couple of years will necessarily be easy for its existing portfolio.

That distinction matters when evaluating the departure of the person who has been running the business. I am not claiming Meghji is leaving because he sees something bad coming. I do not know that, and the publicly reported facts do not establish it. His stated personal reasons may be exactly what they appear to be. The departure does not, in and of itself, prove anything about BREIT’s valuations, liquidity or future returns.

But I’ll reserve my right to not reflexively dismiss the timing as meaningless. And I’ll also reserve my right fall back on the basics of incentives and psychology.

Whether it means something or not, a senior executive leaving after a long career, shortly after assuming sole leadership, following a period of industry distress and amid an uncertain refinancing environment is a development worth a second mention. The fact that the business has recently stabilized makes the timing more interesting, not less.

Maybe Meghji simply decided he had made enough money and wanted to enjoy his life. Good for him if that is the case. But if I were an investor trying to decide whether commercial real estate was about to enter a new golden age, I would not look at the departure of Blackstone’s real-estate chief and conclude that it was an obvious vote of confidence.

I’ll pass on one thing I’ve learned in my two decades following Wall Street, including a decade working on short/skeptical research. Sometimes the most important thing an executive tells you isn’t what the PR/IR team writes for him or her to say in an official statement on the way out. It’s that they decided now was the time to leave in the first place.

*  *  *

QTR’s Disclaimer: Please read my full legal disclaimer on my About page here. 

Tyler Durden Thu, 09/10/2026 - 14:00

Milly Alcock headlines in a DC Universe flick that’s likely to play a little better at home.

Record-Breaking 30Y Auction Sees Huge Stop Through, 2nd Highest Foreign Demand On Record

One day after a blowout 10Y auction, which saw massive buyside demand thanks to the surge in yields earlier after the Bessent buyback disappointed which led to a huge concession into yesterday';s 10Y auction, moments ago we got the week's final coupon auctio when the Treasury sold $22BN in 30Y paper in an auction that was on the verge of blowing away many records.

Starting at the top, the auction priced at a high yield of 5.308%, up from 5.212% in August and the 5th consecutive 30Y auction pricing above 5%. It was also the highest yield going back all the way to August 2001. Just as notably, the auction stopped through the When Issued 5.335% by a whopping 2.7bps, the second highest stop through on record!

The bid to cover was likely impressive, surging to 2.612 from 2.392, the highest going back to February. 

The internals were even more impressive: Indirects were awarded a whopping 79.5%, up from 66.9% in August and the second highest on record (only Oct 2024 was higher).

And with Directs roughly in line at 18.3%, down from 21.6% (and below the 22.1% recent average), Dealers were left holding just 2.21%, down from 11.51%, and the lowest on record by a huge margin.

Overall, this was not only a stellar auction, but was perhaps the 2nd strongest 30Y auction on record. And yet, while yields across the curve did dip after the blockbuster auction results hit, the selloff has promptly resumed and 10Y yields are once again pushing wider, set to take out a new multi-year high as they near Bessent's red line of 5.00%

Tyler Durden Thu, 09/10/2026 - 13:36

Tate Brothers To Remain In Custody As They Fight Extradition To UK, Judge Rules

Authored by Troy Myers via The Epoch Times,

Social media influencers and brothers Andrew and Tristan Tate will remain in U.S. custody, a magistrate judge ruled on Wednesday, as they continue to fight their extradition to the United Kingdom on rape and sex trafficking charges.

In a surprise move during a custody hearing on Aug. 27, both brothers took the stand to argue for their release, claiming they were suffering egregious conditions in a Miami holding facility while denying the allegations against them. The Tates face similar accusations in Romania.

U.S. Magistrate Judge Lauren Louis presided over that August hearing and issued the ruling Wednesday.

"There is a well-established presumption against bond in extradition proceedings, reflecting among other interests the value the United States places on fulfilling its obligations under international law to a country requesting extradition," she wrote in her order.

One of the Tates' attorneys, Joseph McBride, said in an emailed statement to The Epoch Times that the brothers have not been convicted of any crime nor has Britain formally requested their extradition, yet they are being treated as criminals left to "rot" in federal custody.

"The process is the punishment," McBride said.

"This is the cold machinery of extradition: rules and deadlines move forward with deliberate indifference to the human lives caught inside them."

According to extradition law, the UK is allowed 60 days from the time of the Tates' arrest to formally submit an extradition request and supporting evidence to the alleged crimes. The time limit expires next week.

When hearing extradition cases, circuit and district courts apply the "special circumstances" test to determine whether a defendant should be granted release.

Unlike in a U.S. criminal case, where the government has the burden of proving a defendant is a flight risk, that task falls to the accused in foreign extradition proceedings. This means the Tate brothers and their lawyers had to prove they are not a flight risk, not a danger to the community, and that special circumstances exist to warrant their release.

The Tates testified, alongside their legal team, which argued the brothers are not flight risks because of their "perfect" track record for complying with their Romanian release conditions.

Department of Justice (DOJ) prosecutors pushed back on this argument, claiming that a perfect track record of compliance with criminal proceedings is not an impressive feat - rather, it's expected and should not be considered as a special circumstance.

The brothers also claimed their vast wealth has been seized by the Romanian government, which they said has taken everything down to their children's toys.

The Tates said on the stand about their viral online comments, referencing their self-proclaimed billionaire status, ownership of luxury cars and a super-yacht, and access to unrestricted funds, that it's all merely part of the characters they portray on social media for clicks.

Andrew called his online statements "hyperbolic exaggerations for comedic effect." Tristan referred to his brother's "Top G" persona simply as an alter ego as a means to make a living.

"My brother is the only person in the world held accountable for a character he portrays," Tristan testified about Andrew.

Louis appeared to accept in her order the Tates' claims that they are not billionaires, but said it does "little to dispel the concerns" that they are still a flight risk.

"While [the brothers] may not in fact possess what extravagant holdings they portray themselves as possessing online, the record reflects that they possess an exceptional capacity to flee the jurisdiction," Louis wrote.

The judge pointed to the testimony of Andrew's romantic partner, Natasha Sesay from the Aug. 27 hearing, when she credited both Andrew, who has three children and a fourth on the way, and Tristan, who has eight children, for generously funding their upbringing.

Sesay told DOJ prosecutors upon cross-examination that Andrew has purchased her luxury accessories and ensures she has everything she needs, such as clothing, food, a home, and sometimes expensive gifts or vacations. She said these gestures are what make Andrew stand out as a kind, protective man, proving he is not the brash persona he portrays online that has previously bragged about being "above the law."

But this seemingly heartfelt testimony into the brothers' character was turned upside down by the prosecution, which elicited a response from Sesay that confirmed some of these luxury purchases were made during the time period when Romanian authorities supposedly had seized all of the brothers' assets.

Louis pointed out this contradiction in her order.

"Her testimony, in sum, belied the intimation that [the Tates'] lack of billionaire status renders them incapable of procuring the means by which to undertake flight," Louis said. "It further belied Respondents' insistence - including when testifying at the August 27 hearing - that Romania had foreclosed their access to wealth."

The judge also pointed to the fact that both brothers' children reside abroad, largely in Romania and Dubai.

The Tates' only tie to Miami, the jurisdiction they would have been released into, is their arrest there.

"Their lack of ties to this jurisdiction, and strong foreign ties, demonstrate a risk of flight that has not been overcome," Louis said.

As for the brothers' burden of proving they are not a flight risk, the judge ruled that they failed to do so.

Louis, referring to historical case law, reasoned that the accusations alone against the Tates was enough to indicate that they "do indeed pose dangers to the community."

The brothers' legal team listed several purported examples of special circumstances, which the judge rejected, during the Aug. 27 hearing that they claimed should be enough for their release.

One of those included the fact that the UK warrant and complaint are supported by anonymous witness statements and therefore constitute hearsay, meaning they are not relevant to the matters of their custody hearing.

British authorities have until Sept. 16 to submit their formal extradition request and further supporting evidence for the accusations against the Tates.

[ZH Update: The UK has formally submitted its extradition requests for Andrew Tate and Tristan Tate to the US.]

The formal UK charges are:

Andrew Tate: 42 charges

• 10 counts of rape
• 7 counts of assault occasioning actual bodily harm
• 2 counts of arranging or facilitating travel with a view to exploitation
• 3 counts of arranging or facilitating travel with a view to sexual exploitation
• 1 count of controlling prostitution for gain
• 7 counts of distributing an indecent photograph of a child
• 8 counts of making an indecent photograph of a child
• 4 counts of possessing extreme pornography

Tristan Tate: 17 charges

• 5 counts of rape
• 6 counts of assault occasioning actual bodily harm
• 2 counts of arranging or facilitating travel with a view to exploitation
• 3 counts of arranging or facilitating travel with a view to sexual exploitation
• 1 count of penetrative sexual assault

Total: 59 charges

🚨 BREAKING: The UK has formally submitted its extradition requests for Andrew Tate and Tristan Tate to the US.

The formal UK charges are:

Andrew Tate: 42 charges

• 10 counts of rape
• 7 counts of assault occasioning actual bodily harm
• 2 counts of arranging or… pic.twitter.com/9ToHeclGxp

— Murdered By Crayons 🖍️ (@CrayonMurders) September 10, 2026

The Tates' lawyers further accused the United Kingdom of jumping the line ahead of the Romanian legal proceedings, and that their continued U.S. detention will significantly impact their ability to participate in Romania.

Louis did not find any of the proposed special circumstances convincing.

The brothers were arrested on July 18 in Miami, where they were attending a boxing event, and have remained in custody since, fighting their extradition to the United Kingdom.

Andrew faces 42 charges, and Tristan is facing 17.

While on the stand on Aug. 27, both brothers testified about abuses in Miami solitary confinement, claiming they only get a few hours outside each week. Tristan likened it to "physical and psychological torture."

In the interim between the custody hearing and Louis's Wednesday decision, Romanian authorities indicted on Sept. 4 the brothers on new sex trafficking charges. DOJ prosecutors submitted this to the court as further reasoning for why Andrew and Tristan should remain in custody.

The brothers' Romanian legal representation had submitted a court filing to the judge last week, stressing the importance of Andrew and Tristan's presence there to face charges and review evidence. The DOJ filed a reply, stating that all accommodations for video meetings could be provided in the Miami prison, which Louis appeared to accept in her order.

"This morning, my clients tried. The connection failed. You cannot defend a 30-terabyte criminal case across an ocean through a jailhouse connection that does not work," McBride said in his statement.

He noted that releasing the Tates would not acquit them, but it would simply allow them to help their lawyers prepare their defense.

Secretary of State Marco Rubio will have the final say on whether to order Andrew and Tristan's extradition.

Tyler Durden Thu, 09/10/2026 - 13:20

A smart solution to muscle soreness.

The Dodgers didn’t need any more affirmation of Josue De Paula’s talent and potential. But on Wednesday afternoon, the 21-year-old mega-prospect provided some anyway. In his latest standout game with double-A Tulsa, De Paula delivered the kind of tour-de-force performance that has become commonplace for him this season, as he has established himself as the...

The #ALLIN Challenge, launched by Ashton Hall and Link.me, is a new creator challenge on the internet right now — 21 days, daily prizes, and two $10,000 checks waiting at the end.

The talented showman is hitting Pasadena's Rose Bowl Stadium on April 23-24 with Kylie Minogue.

The fashion designer showed off her curves and her skincare routine ahead of the Thursday DVF fashion show.

The fashion designer showed off her curves and her skincare routine ahead of the Thursday DVF fashion show.

The Mitra Bio founder spent a decade building a non-invasive test that reads skin’s biological age. Now she’s bringing it to consumers.

The retail chain reported upbeat revenue of $1.4 billion in the second quarter, but it kept its annual same-store sales forecast unchanged and forecast flat gross margins for the third quarter.

Josh Hart wants to finish his career with the New York Knicks but how much should the defending champions pay to keep him? Dexter Henry and Bryan Fonseca discuss Hart’s value, his contract options and the reported three-year range of $54–62 million. They examine everything Hart brings beyond the box score, whether approximately $20 million...

Trump Floats $5,000 "Stimmy" Checks For Every US Adult Citizen If GOP Holds Congress

During a speech Wednesday night at the GOP's midterm convention in Dallas, Texas, President Trump proposed sending every adult American citizen a $5,000 "Trump dividend" if Republicans retain control of both chambers of Congress in November.

"If the Republicans win the House of Representatives and the United States Senate, both of them," Trump said, "I will issue a dividend to every adult citizen in the United States of America for $5,000."

He continued, "It will be called the Trump dividend," adding, "Now all we have to do is win."

NEW: President Trump makes a major promise at the Republican midterm convention in Dallas: $5,000 for every adult U.S. citizen if Republicans win both the House and Senate in the midterms.

“I will issue a dividend to every adult citizen in the United States of America for… pic.twitter.com/XqiphY7y8a

— Fox News (@FoxNews) September 10, 2026

Trump told the audience at the American Airlines Center: "Your vote will decide whether our country stumbles at the starting gate of our next 250 years or surges forward and never looks back."

Quick math: A $5,000 payout to 270 million adults would cost the US government approximately $1.35 trillion. The proposal comes as US public debt surpassed $40 trillion for the first time in recent weeks.

Bloomberg strategist Mark Cudmore warned that a large fiscal injection could intensify existing market pressures, including weaker Treasuries, dollar depreciation, and demand for commodities and other real assets.

"The general reaction from markets is very muted precisely as everyone sees almost zero chance of this happening. The US economy is strong and already at risk of running too hot, so pumping in so much extra fiscal stimulus when under funding pressure will exacerbate all the dynamics we're already focused on in markets: weaker Treasuries, a depreciating dollar and a rush to commodities and real assets," Cudmore said.

The proposal also arrives as Trump acknowledges that significant fuel-price relief may not come until after the midterms. The national average for gasoline remains above the politically sensitive $ 4-per-gallon level, while diesel prices are at record highs. Trump also indicated that the Iran conflict could continue beyond the elections.

President Trump's approval rating is around 38%, according to reporting by The Guardian.

Vice President JD Vance said that these proposed post-election direct payments to Americans could be funded by revenue from Trump's wide-ranging tariff program.

Tyler Durden Thu, 09/10/2026 - 13:00

Willis was first diagnosed with frontotemporal dementia in February 2023, a year after stepping away from acting.