A mathematical analysis of non-traded BDC redemption queues.

Is the Juice worth the Squeeze? Mark M. Goldberg, Alternative Investments Market Intelligence, 3 May 2026, “Perpetual Fund ≠ Perpetual Capital: Is the Juice worth the Squeeze?”, https://www.altsmi.com/post/perpetual-fund-perpetual-capital 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 term

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 Mark M. Goldberg, Alternative Investments Market Intelligence, 5 April 2026, “Five Years, Not Five Quarters: Queue the Math!”, https://www.altsmi.com/post/five-years-not-five-quarters-queue-the-math 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 fund

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.”

This note is the fourth in a series examining liquidity dynamics in semi-liquid private credit vehicles. The key takeaway is the conclusion that for this cohort of funds we expect negative net inflows in the aggregate through Q2 -2031.

Private credit funds have entered a prolonged net-outflow cycle that will last six to eight quarters.

In a Linkedin post titled "When the Valuation and Fairness-Opinion Provider Is Also the Borrower", I reveal by mapping relationships that certain Blue Owl managed Business Development Companies (BDCs) disclose the use of Kroll for independent valuation and/or fairness-opinion services.

Public SEC filings indicate that certain Blue Owl managed business development companies (BDCs) engage Kroll, LLC for valuation and/or fairness-opinion services while also holding loan exposure to Deerfield Dakota Holdings / Deerfield Dakota Holding, LLC, an obligor entity associated with Kroll.

Balance sheet stress in semi-liquid credit vehicles does not begin with credit losses. It begins when replacement capital slows.