Table of Contents
The complete guide to Accredited Investor Insights
Everything we’ve published (over 200 articles, who would’ve thought I was so prolific 🫠), organized by topic (categories below are clickable):
Fund Deep Dives (analysis of individual 1940 act funds)
Case Studies (individual deals, across many asset classes)
How to Read the Fine Print (due diligence, understanding financial statements, AI-assisted DD, etc)
Understanding Fund Mechanics (from performance metrics, to fund structures and leverage).
Market Commentary (digests, reports)
🔒 = paid subscribers only
1. Fund Deep Dives
Filing-level investigative analysis of individual funds — BDCs, interval funds, REITs, PE vehicles, and secondaries.
Cliffwater Corporate Lending Fund (CCLFX) Faces Redemptions 🔒
What Will Liquidity Cost You When Barbarians Shut the Gates? 🔒
How Hamilton Lane’s PAF Turned Unrealized Gains Into Real Fees 🔒
Blue Owl Technology Income Corp (OTIC) Deep Dive 🔒
🦉Hoot, There It Is: OBDC II Sells the Crown Jewels, Halts Redemptions 🔒
How to Read Financial Statements of a Private Credit Fund, a CRDEX Case Study, Part 2 🔒
How to Read Notes to Financial Statements: CRDEX Case Study, Part 1 🔒
Five Q(uestion)s for Cliffwater’s Five Ws
Inside Apollo Asset-Backed Credit Company LLC (ABC) 🔒
Inside Coller Private Credit Secondaries (CollerCredit) 🔒
Inside Carlyle AlpInvest Private Markets Fund (CAPM) 🔒
Partners Group Next Generation Infrastructure 🔒
Cliffwater Corporate Lending Fund (CCLFX) 🔒
Bluerock Total Income Plus -> Bluerock Private Real Estate Fund (NYSE: BPRE) 🔒
Cliffwater Enhanced Lending Fund (CELFX) 🔒
Funds of Funds: Special Sauce or Dead Weight? 🔒
Inside Apollo Diversified Real Estate Fund 🔒
Non-Traded BDC Meets Mr. Market: OBDC II’s Attempt to Merge with OBDC 🔒
Inside Blackstone’s Private Equity Strategies Fund (BXPE) 🔒
Goldman Sachs’ Private Credit: GSBD vs GSCRED 🔒
Carlyle Credit Solutions Inc. 🔒
Inside the Black Box: What First Brands Teaches Us About CLO Risk 🔒
KKR Private Equity Conglomerate LLC (K-PEC) 🔒
Inside BCRED: A Deep Dive into $30B of Debt 🔒
Private Credit Interval Fund 🔒
JP Morgan Real Estate Income Trust (JPMREIT) 🔒
Forced Liquidity: Bluerock’s Solution to Redemption Queue 🔒
Private Credit in a Public Wrapper: Inside the $PRIV ETF 🔒
Markups, Fees, and Fine Print 🔒
Morgan Stanley Direct Lending Fund (MSDL)
Is Your BDC’s Distribution Yield Reliable? 🔒
Beyond the Herd: Is Cliffwater the King of Private Credit? 🔒
BDC Landscape: Screening for Quality 🔒
2. Case Studies
Deal-level teardowns across property types and capital structures.
Multifamily
No Smoke, No Mirrors: A Plain-Jane Multifamily Case Study
Multifamily Real Estate: a Curious Case of Financial Engineering (and a Complex Capital Stack) 🔒
Multifamily Preferred Equity Case Study 🔒
Multifamily Recapitalization Case Study 🔒
Recapitalizations in Real Estate 🔒
Preferred Equity Multi Family Deal 🔒
Multi-Family Deal 7: Recapitalization 🔒
Multi Family Deal Analysis by ChatGPT 🔒
Multi Family Deal 6: Misleading NOI 🔒
Multi Family Deal 4: Recapitalization 🔒
Multi Family Blast from the Past Deal 🔒
Multi Family Deal 2: Public vs. Private 🔒
Industrial
Industrial Deal 5: Capital Stack and Cap Rate 🔒
Industrial Deal 4: Sale Leaseback 🔒
Retail
Retail Done Right (Case Study) 🔒
Preferred Equity
Reverse-Engineering Valuation and the Capital Stack 🔒
Multi-Family Preferred Equity [NO Deal]
Debt Funds
Real Estate Debt Fund: a Case Study of What’s Missing 🔒
Distressed / NPL
Zombie Deals in Commercial Real Estate 🔒
Non-Performing Loan Case Study
Self Storage
Self Storage Deal 2: When Critical Information is Missing 🔒
Office
Net Lease Office Properties (NLOP) 🔒
Other
Manufactured Home Community Case Study
Off the Beaten Path: Investing in Tertiary Market CRE 🔒
Skyscrapers, Scandals, and Ground Leases 🔒
3. How to Read the Fine Print
How to read financial statements, legal documents, pro formas — and how to use AI to do it faster.
Reading Financial Statements
It’s NAV... Until You Want Liquidity 🔒
Cash Flow Statement for Fund Investors 🔒
Understanding Financial Statements for Fund Investors 🔒
Decoding Legal Documents
How to Read a PPM and LPA Without Losing Your Mind (Hint: AI Can Help)
How a Securities Attorney Would Read a PPM 🔒
The Pro Forma Series
How to Read a Real Estate Pro Forma, Part 5. Yield on Cost 🔒
How to Read a Real Estate Pro Forma: Part 4 🔒
How to Read a Real Estate Pro Forma: Part 3 - Net Operating Income (NOI) 🔒
How to Read a Real Estate Pro Forma: Part 2 - Cap Rates 🔒
How to Read a Real Estate Pro Forma: Part 1
AI-Assisted Diligence
Cash Distributions ≠ Great Investment, CRE Edition 🔒
PIK Is Whispering. Are You Listening? 🔒
How to Use AI to Evaluate Industrial Real Estate Deals 🔒
Using AI to Stress-Test CRE Deals 🔒
Under Pressure: Stress-Testing CRE Deals 🔒
Using AI: CRE Investor Edition 🔒
Due Diligence & Sponsor Vetting
Due Diligence on PE Managers: Doing it Like the Best 🔒
How to Evaluate an Industrial Real Estate Deal as a Limited Partner
Trust, but Verify (or How to Vet a Sponsor)
Due Diligence in Private Markets 🔒
How to Conduct Due Diligence on a Hard Money Fund 🔒
5 Factors to Consider for Limited Partners 🔒
How Private Real Estate Funds Value Assets 🔒
1001 Pitch Decks: Stories GPs Need to Tell and LPs Need to Interpret 🔒
5 Key Considerations for Investors in Private Credit: Part II 🔒
5 Key Considerations for Investors in Private Credit 🔒
Non-Traded REITs: Mark-to-Magic NAV 🔒
Navigating the Real Estate Sector: Strategies, Routes to Market, and Risk Management 🔒
4. Metrics & Fund Mechanics
How returns are measured and how funds are built — from IRR critiques to waterfall mechanics.
Performance Metrics
The DPI Games - How the “Bulletproof” Metric Can Be Manipulated 🔒
Comparing a Private Fund’s Net IRR to Public Market Terms
The Slow Erosion of Illiquidity Premium 🔒
Infrastructure: An Example for Portfolio Allocation and Risk 🔒
Benchmarking Private Markets: From One LP to Another 🔒
Non-Traded REITs: Dampening Volatility Since the 1990s 🔒
The Illusion of Cash Flow: When Flowing Returns Mask a Stagnant Investment 🔒
Fund Structures, Fees & Leverage
When Gates Shut Close: A Primer on Gating Provisions in Private Funds 🔒
WTF is ABF? Your Primer on Asset-Based Finance 🔒
Private Credit Secondaries: A Primer 🔒
Understanding Unitranche Loans in Private Credit 🔒
Stop Asking to Be Paid Your Own Money Back 🔒
The Golden Doodle of Private Markets: Evergreen Secondaries 🔒
Continuation Vehicles: The New Lifeline 🔒
Decoding the Fee Stack in REPE
Ground Leases: What Every Investor Needs to Know 🔒
The LP’s Escape Hatch: Unlocking Liquidity with Secondary Funds 🔒
Interval and Tender Offer Funds: What a Pitch Deck Won’t Tell You 🔒
GP Stakes in Real Estate: The Math and The Incentives 🔒
How Phantom Income Happens in Real Estate
GP Stakes Investments: a New(ish) Frontier 🔒
Understanding Collateralized Securities in Real Estate Credit Funds 🔒
Hidden Leverage in Private Credit 🔒
How Tax Efficient Are Real Estate Private Placements? 🔒
Private Credit Is Going Public (with Apollo) 🔒
Synthetic Risk Transfers (SRTs) and Private Credit 🔒
Pricing of Secondaries in Private Markets 🔒
Waterfalls, Part 2: Preferred Returns and Hurdle Rates 🔒
Beyond the Black Box: Transparency (and Lack Thereof) in Private Markets 🔒
Private Equity 101: What Every LP Should Know 🔒
A Fool’s Errand: The Impossible Task of Valuing Private Credit 🔒
Demystifying Accredited Investing: Your Comprehensive Guide 🔒
5. Market Commentary
Weekly digests, yearly outlooks, and macro perspectives on PE, private credit, and CRE.
Sunday Digests
K-Shaped PE, Private Credit Gates, and $0.58 Recovery on a AAA Bond
Record Multiples; Bird Watching 🦉; and $77B in Hard Maturities
PE Returns, SaaS Bloodbath in Private Credit, and MF Green Shoots 🌱
Secondaries, 19% NAV Drop, and Cap Rate Projections
PE Fees Fall, Exodus from Non-Traded BDCs? and Distress That Isn’t
Unmonetized Companies, DSCR <1, and IPO to Watch
Toilets in CVs, Evergreen Trees, and $1.4B Wipeouts
What Do You Call a Group of Cockroaches?
♼ The Lending Loop, PE Q3 Update, and CRE: Patient is Alive 🩺
Talking First Brands (on live TV!), Secondaries 🌊, and Alts in Your 401(k)
🗞️ Sunday Digest: Private Markets Insights 9/28
🗞️ Sunday Digest: Private Markets Insights 9/14
🗞️ Sunday Digest: Private Markets Insights 8/31
🗞️ Sunday Digest: Private Markets Insights 8/17
🗞️ Sunday Digest: Private Markets Insights 8/2
🗞️ Sunday Digest: Private Markets Insights 7/20
🗞️ Sunday Digest: Private Markets Insights 6/29
🗞️ Sunday Digest: Private Markets Insights 6/15
🗞️ Sunday Digest: Private Markets Insights
🗞️ Sunday Digest: Private Markets Insights
🗞️ Sunday Digest: Private Markets Insights 🔒
🗞️ Sunday Digest: Private Markets Insights
Sunday Digest: Private Markets Insights 🔒
Sunday Digest: Focus on Private Equity
Sunday Digest: Private Markets Insights
Sunday Digest: Private Markets Insights
Dumb Money | Deal or No Deal? 🔒
Yearly Outlooks
Private Markets in 2026: What Changes, What Sticks
Private Markets Outlook 2025 🔒
CRE Market Updates and 2025 Outlook 🔒
Standalone Commentary
The Big, Beautiful Bill Meets the Bond Market 🔒
The Market’s Altimeter: Yield Curves, Spreads, and Economic Signals 🔒
Commercial Property Insurance in 2025