Is the Juice worth the Squeeze? Executive Summary The non-traded REIT market has shifted from lifecycle vehicles to perpetual structures. That shift is widely understood in terms of liquidity, product design, and distribution efficiency. It is less well understood in terms of capital duration and its economic consequences. Investment Managers and platforms have become enamored with evergreen funds. But evergreen funds does not imply evergeen capital. This note examines th

A review of six years of audited balance sheet data from Starwood Real Estate Income Trust tell a story balance sheet contraction and a lesson for Risk Management.

What the April 2026 NT-BDC Filings Confirm Prepared by Mark Goldberg | Research Note 5 of the series on this topic Executive Summary In November 2025 I argued that the coming stress event in private credit would not originate from credit losses. It would originate from who funds the market and how that capital behaves when headlines turn. We have just completed a series of quarterly filings by the major semi-liquid private credit funds with the April 2, 2026, Blue Owl fili

Executive Thesis Apollo’s John Zito recently warned that private equity valuations of software companies may be materially overstated, stating that “all the marks are wrong.”