Good Morning! Banks are set to pull in almost $39 billion from trading this past quarter, thanks to the SpaceX IPO and volatility. Hamptons home prices surged to record highs, with the average hitting $4.5 million in 2026, up 34% over last year.

A Blackstone-led group wrote Williams a $5.34 billion check to fund five major power infrastructure projects in exchange for a 49% noncontrolling equity stake. A Wells Fargo analyst says Disney exiting streaming could trigger a 40% rally. And Goldman is pitching investors on loans to their own private funds, letting large investors buy back capital call lines.

Plus: Meta's Louisiana data center investment is set to reach $50 billion, a top Rolex seller surged after reports of takeover offers, and a surprising way to get unstuck in your life.

The first half of the year brought hope for a strong end to the year for PE. Prepare for deals in the second half of 2026 with Mosaic.

SQUEEZ OF THE DAY

Suits Are Back

Remember when nobody wore pants to work and Men's Wearhouse filed for bankruptcy? Six years later, the suits are back, and so is the IPO.

Tailored Brands, the parent of Men's Wearhouse and Jos. A. Bank, filed publicly for a Nasdaq listing under the ticker MENW. The company went bankrupt in August 2020 when remote workers stopped buying dress clothes. A few months later, the company emerged from Chapter 11 after cutting $686 million of debt.

Tailored Brands is now controlled by distressed-credit shop Silver Point Capital. Goldman, Morgan Stanley and Jefferies are leading the offering, and Silver Point is expected to keep voting control after the IPO.

This could be the first distressed investing exit in what could be a meaningful wave. Credit funds took the keys during the pandemic downturn and cleaned up the balance sheet and waited for the IPO window to reopen. Distressed shops are now trying to hand the cleaned-up assets from the 2020 and 2021 bankruptcy vintage to public market investors at a profit.

And the underlying business holds up. Tailored Brands posted $44.9 million in net income on $681.8 million in revenue for the quarter ended May 2, with revenue up year over year even as earnings dipped slightly. Management has been refreshed ahead of the listing, with a former Foot Locker CFO installed as finance chief and a former Nike executive elevated to COO.

Takeaway: Tailored Brands is basically how distressed exits work: creditors took the keys in 2020, cut nearly $700 million in debt, and are now selling a de-levered business into a hot IPO window with Silver Point still in control. The equity story rests on a balance-sheet reset more than a growth thesis, which is fine as long as the tape stays open. If the print clears, expect a line of credit funds behind it holding similar keys.

PRESENTED BY MOSAIC

Bain: "PE Is Sitting on 32,000 Unsold Companies"

Bain's new Global PE Report put out a huge number: private equity is holding 32,000 unsold companies worth $3.8 trillion. After years of waiting, the exit window appears to be opening. 

Medline's listing was the largest PE-backed IPO in history, corporate buyers are back, and Bain's survey of GPs indicates a belief in that momentum carrying through 2026. But buyers are still selective, and the deals getting done are the ones where the seller can back up the price.

PE firms are getting exit-ready in Mosaic, where a new Football Field tab adds a DCF, public comps, and precedent transactions to any completed LBO in one click, and the redesigned Deals View keeps models, metrics, and documents in one place for the whole team.

See why firms are turning to Mosaic for modeling.

HEADLINES

Top Reads

• Big banks poised to report booming revenue propelled by SpaceX IPO, Iran war volatility (CNBC)

• Hamptons home prices surge to record highs, no end in sight (NY Post)

• Williams gets $5.34 billion investment from Blackstone-led group (WSJ)

• Disney exiting streaming could spur 40% rally, Wells Fargo says (Yahoo Finance)

• Goldman pitches investors on loans to their own private funds (BB)

• Meta's Louisiana data center investment reaches $50 billion amid AI push (CNBC)

• Top UK Rolex seller surges after report of takeover offers (BB)

• The Americans striking it rich in the data-center buildout (WSJ)

• Oil prices jump more than 9% after Trump reinstates Strait of Hormuz blockade on Iranian ships (CNBC)

• UBS makes progress in its quest for mediocrity in the US (FT)

• In the Hamptons, even the chicken tenders are living fancy (NYT)

• Citation Capital bucks fundraising slump with $1.2 billion debut fund (WSJ)

• HarbourVest Partners amasses $4.75 billion for co-investing strategies (WSJ)

• Why thousands of PE-backed companies are stuck in a decade-long rut (Inc.)

CAPITAL PULSE

Markets Rundown

Market Update

• U.S. equities closed lower as renewed U.S.-Iran tensions pushed oil prices and Treasury yields higher.

• Energy, utilities, and consumer staples outperformed, while technology lagged amid continued weakness in semiconductor stocks.

• South Korea's KOSPI fell nearly 9% overnight, reflecting pressure on global semiconductor shares.

• Investors now turn their attention to June CPI and the start of second-quarter earnings season.

Inflation

• June CPI will be released Today, with headline inflation expected at 3.8% year over year and core CPI at 2.9%.

• Markets continue to price in one Federal Reserve rate hike this year and another in 2027.

• Recent data show core goods inflation has moderated and labor-market conditions remain balanced, while oil prices remain below their March highs.

Earnings

• Second-quarter earnings season begins today, led by Bank of America, JPMorgan Chase, Goldman Sachs, Wells Fargo, and Citigroup.

• S&P 500 earnings are expected to grow approximately 22% year over year, led by technology and energy.

• Full-year S&P 500 earnings are forecast to increase 24%, supported by continued AI investment and resilient corporate profitability.

Movers & Shakers

• (+) Biogen ($BIIB) +5% after Truist upgraded to Buy and raised its price target to $235, citing positive body language from management ahead of tomorrow’s AAIC conference.

• (–) AppLovin ($APP) -13% because BofA analysts flagged a slow start to its e-commerce advertising expansion.

• (–) Sandisk ($SNDK) -13% after SK Hynix tumbled 15% on a broker note warning that AI memory pricing may come in weaker than expected.

Prediction Markets

• Happy Taco Tuesday!

• Trade on real-world events with Kalshi. Use code OWS to get a $10 bonus when you trade $10.

Private Dealmaking

• Helsing, a German defense company, raised $1.8 billion

• Gauntlet Networks, a DeFi-risk management and crypto vault company, raised $125 million

• Digantara Industries, a space surveillance company, raised $50 million

• Latus Bio, a gene therapy startup, raised $42 million

• Cagent Vascular, a developer of endovascular technologies, raised $41 million

• Gray Swan, an AI security platform, raised $40 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

BOOK OF THE DAY

A Little More Social

Description:
A research-driven exploration from Nicholas Epley of how the smallest social interactions can have a profound impact on our happiness, health, and overall well-being. Drawing on decades of psychological research, the book challenges the instinct to keep to ourselves, showing that even brief conversations with strangers or casual acquaintances can improve mood, strengthen relationships, and create a greater sense of belonging. It offers practical, evidence-based strategies for becoming more connected in an increasingly isolated world.

Book Length: 288 pages
Release Date: May 19, 2026

Ideal For:
Anyone looking to build stronger relationships, improve well-being, and better understand the science behind human connection and everyday happiness.

The smallest moments of connection often create the biggest changes in how we feel.

DAILY VISUAL

The Dollar’s Hidden Dependence on the AI Trade

PRESENTED BY BUYSIDERS CLUB

Why Billionaires Still Go to Summer Camp

Last week, private jets stacked up in Idaho as Bezos, Zuckerberg, and Altman gathered for Allen & Co.'s "summer camp for billionaires." The Washington Post acquisition and the Disney–ABC merger both started as conversations there. And none of it happens by accident; who's invited, who hikes with whom, who's seated next to whom at dinner. The room is designed, and the design is why deals get done.

Buysiders Club brings that same design to Wall Street. It’s a unique place for all segments of finance to connect through dinner, dealflow, and discourse. Every dinner is curated down to the seat - the venue, the menu, the introductions - and members get access to private placement opportunities before most have even heard of them. All candidates are interviewed and character-referenced to ensure Buysiders Club accepts only the highest quality people on Wall Street.

If you think you qualify, apply to Buysiders Club here.

DAILY ACUMEN

Loud Confidence

The volume of someone's conviction tells you nothing about its accuracy, yet the human brain insists on treating the two as connected. We mistake confidence for competence constantly, handing our trust to whoever speaks with the most certainty, when certainty is often a sign of the opposite, of someone who has not looked closely enough to see the reasons for doubt.

The most knowledgeable people are frequently the most tentative, because real understanding reveals the complications, the exceptions, the places where the answer genuinely is not clear. Meanwhile the person who knows the least has nothing to disturb their confidence, and so they project exactly the assurance that fools a room.

Learn to separate the strength of a claim from the strength of its delivery. The quiet person hedging their answer has often thought harder than the loud one declaring theirs, and in any field that matters, calibrated doubt is worth far more than confident noise.

ENLIGHTENMENT

Short Squeez Picks

• A surprising way to get unstuck in your life

• The no. 1 habit that quietly kills adult motivation

• Buffett says most leaders ignore the asset that determines their success

• Your to-do list is not a productivity tool

• Why adults are using sticker charts for motivation

MEME-A-PALOOZA

Memes of the Day

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