A mathematical analysis of non-traded BDC redemption queues.

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