Market Beats | Private Credit Managers Increase Valuation Frequency to Attract Retail Investors; Wall Street Bonus Pool on Track for Record Year; Rivian Cuts 600 Jobs as U.S. EV Market Weakens; Amazon Launches “Help Me Decide,” an AI Tool; Trump Pardons Binance Founder Changpeng Zhao; California Considers 5% One-Time Wealth Tax on Billionaires; Goldman Sachs Nears $1 Billion Deal for Majority Stake in Excel Sports Management

—— Private Credit Managers Increase Valuation Frequency to Attract Retail Investors; Wall Street Bonus Pool on Track for Record Year; Rivian Cuts 600 Jobs as U.S. EV Market Weakens; Amazon Launches “Help Me Decide,” an AI Tool; Trump Pardons Binance Founder Changpeng Zhao; California Considers 5% One-Time Wealth Tax on Billionaires; Goldman Sachs Nears $1 Billion Deal for Majority Stake in Excel Sports Management

1. Private Credit Managers Increase Valuation Frequency to Attract Retail Investors

For years, private credit managers rarely updated portfolio valuations more than once a quarter. But as the $1.7 trillion private credit market turns its focus toward attracting retail investors, firms are increasingly adopting more frequent reporting — even if it means sacrificing some of the opacity that once defined the asset class.

Many managers have launched vehicles that allow individuals to invest monthly or daily. To price these transactions, they must calculate the fund’s net asset value (NAV) — which measures assets minus liabilities — more regularly. That often involves using indexes tied to broadly syndicated loans and requesting more frequent financial updates from borrowers.

“We’ve seen a tremendous upshoot in the number of valuations that we’re doing more frequently than quarterly,” said Brian Garfield, head of U.S. portfolio valuations at Lincoln International, one of the industry’s largest third-party valuation firms. “Anytime NAV is being struck on a daily, monthly, or quarterly basis, you’ll see valuation cadence follow suit.”

While the practice improves timeliness, it doesn’t bring full transparency. Investors still struggle to determine whether NAV shifts stem from broader market movements or individual loan performance, as company-level marks remain quarterly.

The change marks a significant departure from the traditional quarterly schedule. “Five years ago, monthly valuations of direct lending portfolios were the exception,” said Rittik Chakrabarti, co-head of U.S. portfolio valuation at Houlihan Lokey Inc. “Now about 20% of our direct lending clients require them.”

According to investment bank Robert A. Stanger & Co., interval funds — which allow periodic redemptions — have raised about $123 billion through the third quarter, up 9.4% from the previous period, with nearly two-thirds allocated to debt and fixed income strategies.

______

2. Wall Street Bonus Pool on Track for Record Year

Wall Street’s bonus pool is on pace to reach an all-time high this year as surging stock markets and a revival in dealmaking deliver windfalls for major banks.

Firms that belong to the New York Stock Exchange earned a combined $30.4 billion in profit during the first half of 2025, according to an annual report from New York State Comptroller Thomas DiNapoli. If that pace continues, it would mark the highest level on record. Compensation expenses rose nearly 10% from a year earlier, signaling another potential jump in payouts after last year’s record average bonus of $244,700.

“While uncertainty remains around interest rates, inflation, and the broader economy, Wall Street looks to have another strong year,” DiNapoli said, adding that the banks’ profits would boost state and city tax revenues used for key public investments.

Trading desks capitalized on tariff-driven volatility and an AI-fueled technology rally. For the third quarter, Morgan Stanley, JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc., and Wells Fargo & Co. reported a combined $15.4 billion in trading revenue — the highest for that period in at least five years.

The latest figures contrast with earlier forecasts predicting a 14% drop in bonuses amid geopolitical and economic uncertainty. In August, compensation consultant Johnson Associates Inc. raised its outlook after investment banking activity — including M&A — began to recover.

The report also showed New York City tax collections from the securities industry climbed 35.1% to $6.7 billion in the most recent fiscal year. Average pay in the city’s securities industry rose 7.3% to $505,630 — about five times the average private-sector salary.

Wealth inequality has become a central political issue in New York, where Democratic mayoral candidate Zohran Mamdani has proposed raising taxes on corporations and the wealthy to lower living costs for working-class residents, prompting concerns that high earners may leave the city.

______

3. Rivian Cuts 600 Jobs as U.S. EV Market Weakens

Rivian Automotive Inc. is cutting about 600 jobs as the U.S. electric-vehicle market remains uncertain, according to a person familiar with the matter.

The layoffs will focus on commercial positions across the servicing and sales departments, the person said, asking not to be identified discussing internal plans. With roughly 15,000 employees at the end of 2024, the cuts represent about 4% of Rivian’s workforce. Representatives for the company declined to comment.

The move highlights the headwinds facing EV manufacturers under President Donald Trump’s administration, whose policies have dampened already fragile U.S. demand. The government has scrapped EV tax credits and rolled back fuel economy and emissions standards, prompting automakers to shift toward more profitable gasoline-powered models.

In August, Rivian cited tariffs and policy changes when it reversed a key goal, saying it now expects to break even on a gross profit basis this year instead of turning a modest profit. The latest round of layoffs follows a 1.5% workforce reduction last month.

Rivian shares were little changed at 9:36 a.m. Thursday in New York. The Wall Street Journal first reported the job cuts.

______

4. Amazon Launches “Help Me Decide,” an AI Tool

Amazon.com Inc. is introducing a new artificial intelligence feature called Help Me Decide to assist shoppers who feel overwhelmed by too many options.

The tool will appear automatically at the top of a product detail page after a shopper browses several similar items, signaling that they might need guidance. When tapped, it will recommend a single product based on the user’s purchase history. Available on Amazon’s mobile app and browser, the tool uses large language models to analyze shopping patterns, product descriptions, and reviews to generate personalized recommendations.

Analysts note that Amazon’s algorithms have long leveraged customer data to guide ads and product suggestions. In 2024, the company also rolled out its AI chatbot assistant, Rufus, to all U.S. users.

Unlike existing search and comparison tools, Help Me Decide will highlight one specific item “with a clear explanation of why it’s a great choice,” according to Amazon. Shoppers will also have the option to view higher- and lower-priced alternatives.

For instance, the system might recommend an all-season, four-person tent if a shopper browsing camping gear previously bought cold-weather sleeping bags and hiking boots for their children.

The feature will initially be available to “millions” of randomly selected U.S. consumers in a limited test before broader rollout in the coming months.

Retailers and tech companies are increasingly using AI to modernize the online shopping experience, moving beyond keyword searches to conversational, personalized recommendations. A September survey by Adobe Inc. found that more than one-third of shoppers have already used AI tools for researching products, finding deals, or getting recommendations.

The 10-year Treasury yield was little changed at 3.97%. Bitcoin dropped 2%. The dollar fluctuated. Gold slid 1.5%. Oil gained 2.5%.

______

5. Trump Pardons Binance Founder Changpeng Zhao

President Donald Trump has granted a pardon to Binance co-founder Changpeng Zhao — known as CZ — in one of his administration’s most high-profile gestures toward the cryptocurrency industry. The decision highlights Trump’s efforts to position himself as an ally of crypto and to extend clemency to some of its leading figures.

“President Trump exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden administration in their war on cryptocurrency,” White House spokeswoman Karoline Leavitt said in a statement.

Binance had previously assisted one of the Trump family’s ventures in launching a stablecoin that could generate tens of millions of dollars annually. The move continues a series of pardons benefiting crypto entrepreneurs, including Silk Road founder Ross Ulbricht — who had been serving a life sentence — and the founders of crypto exchange BitMEX.

Zhao created Binance in 2017, building it into the world’s largest cryptocurrency exchange. He later pleaded guilty to failing to maintain adequate anti–money laundering controls and served a four-month prison sentence as part of a $4.3 billion settlement with the U.S. government.

The pardon had been widely expected among Zhao’s associates and across the crypto community. Binance’s token, BNB, reached a record high last month amid speculation it was imminent, and surged again Thursday following Trump’s formal announcement.

“Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice,” Zhao wrote on X. “We will do everything we can to help make America the Capital of Crypto.”

When asked about accusations that the move amounted to a corrupt bargain, Leavitt said the decision had been “thoroughly reviewed” by White House counsel.

______

6. California Considers 5% One-Time Wealth Tax on Billionaires

California is weighing a ballot initiative that would impose a one-time 5% tax on residents worth $1 billion or more — a move supporters say could raise about $100 billion to fund the state’s health-care system.

The proposal, backed by the Service Employees International Union United Healthcare Workers West, would affect roughly 200 of the state’s wealthiest individuals. Advocates frame the levy as a way to offset looming federal funding cuts.

According to the Bloomberg Billionaires Index, four of the world’s ten richest people — Mark Zuckerberg of Meta Platforms Inc., Jensen Huang of Nvidia Corp., and Alphabet co-founders Larry Page and Sergey Brin — live in California and collectively hold more than $840 billion in wealth. At current valuations, they alone could owe over $40 billion. “The tax is small relative to the massive gains billionaires have made yet large enough to preserve programs crucial for California’s economy and continued success,” said Emmanuel Saez, an economist at the University of California, Berkeley.

Getting the measure on the November 2026 ballot will require collecting more than 870,000 signatures. The text filed Wednesday will be reviewed by the state attorney general and opened to a 30-day public comment period.

Union president Dave Regan said the organization has “authorized the necessary resources to get this on the ballot,” emphasizing that “we want this choice to be in the hands of voters.”

California, which has run budget deficits for three consecutive years, has rolled back free health care for most undocumented adults, and further cuts in federal funding are expected to deepen those reductions. Regan warned the tax is essential to prevent “a literal collapse” of the state’s health-care system.

______

7. Goldman Sachs Nears $1 Billion Deal for Majority Stake in Excel Sports Management

Goldman Sachs is nearing a deal to acquire a controlling stake in Excel Sports Management — the agency representing Tiger Woods, Caitlin Clark, and Derek Jeter — as Wall Street deepens its push into the booming sports industry, according to the Financial Times.

Goldman’s asset management division is in late-stage talks to buy the stake at a valuation near $1 billion, people familiar with the matter said. Excel was founded in 2002 by sports super-agent Jeff Schwartz, who left IMG to start his own firm, later joined by former IMG executives Casey Close and Mark Steinberg.

The deal, expected to be announced as soon as next week, aligns with Goldman’s broader expansion into mid-sized corporate buyouts and private credit as the bank seeks to grow fee-based investment revenue. Earlier this month, Goldman Sachs Asset Management agreed to buy venture capital firm Industry Ventures for nearly $1 billion.

Goldman is purchasing the Excel stake from entertainment-focused private equity group Shamrock Capital and the agency’s management team, according to the sources.

Excel’s potential sale underscores the surge in valuations for sports and entertainment talent agencies, as rising player contracts and endorsement deals have boosted revenues for firms that earn commissions from clients’ earnings.

Over two decades, Excel has evolved from a niche basketball agency into a global powerhouse rivaling Creative Artists Agency and Endeavor. Schwartz remains a dominant figure in basketball representation, while Close and Steinberg lead the agency’s baseball and golf divisions.

The booming valuations of sports franchises and related industries — from athlete contracts to media rights and sponsorships — have drawn increasing interest from sophisticated investors. In 2023, private equity group TPG sold Creative Artists Agency to French billionaire François-Henri Pinault’s family office for $7 billion, a major gain from its initial $1.1 billion investment nearly a decade earlier.

______