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.
Apollo
Apollo, Asset-Backed Credit Company LLC (ABC)
Apollo, Diversified Real Estate Fund, Part 1
Apollo, Diversified Real Estate Fund, Part 2
Ares (new)
Ares, Private Markets Fund (APMF)
BlackRock
BlackRock, TCP Capital
Blackstone
Blackstone, BCRED, Part 1
Blackstone, BCRED, Part 2
Blackstone, BCRED, Part 3
Blackstone, Private Equity Strategies Fund (BXPE)
Blue Owl
Blue Owl, OBDC II, Part 1
Blue Owl, OBDC II, Part 2
Blue Owl, OBDC II, Part 3
Blue Owl, OCIC (comparison, also covers Oaktree)
Blue Owl, Technology Income Corp (OTIC)
Bluerock
Bluerock, Total Income Plus / Private Real Estate Fund (BPRE), Part 1
Bluerock, Total Income Plus / Private Real Estate Fund (BPRE), Part 2
Carlyle
Carlyle, AlpInvest Private Markets Fund (CAPM)
Carlyle, Credit Solutions Inc.
Cliffwater
Cliffwater, Corporate Lending Fund (CCLFX), Part 1
Cliffwater, Corporate Lending Fund (CCLFX), Part 2
Cliffwater, Corporate Lending Fund (CCLFX), Part 3
Cliffwater, Enhanced Lending Fund (CELFX)
Cliffwater, Cascade Private Capital Fund (CPEFX)
Cliffwater, General Overview, Part 1
Cliffwater, General Overview, Part 2
Coller
Coller, Private Credit Secondaries (CollerCredit)
Coller, PE Secondaries Fund (C-SPEF)
Goldman Sachs
Goldman Sachs, GSBD vs GSCRED
Hamilton Lane
Hamilton Lane, PAF, Part 1
Hamilton Lane, PAF, Part 2
JPMorgan
JPMorgan, Private Markets Fund
JPMorgan, Real Estate Income Trust (JPMREIT)
Kayne Anderson
Kayne Anderson, BDC (KBDC)
KKR
KKR, Private Equity Conglomerate LLC (K-PEC)
Morgan Stanley
Morgan Stanley, Direct Lending Fund (MSDL)
Partners Group
Partners Group, Next Generation Infrastructure
Partners Group, Private Equity (Master Fund)
Starwood
Starwood, Real Estate Income Trust (SREIT)
State Street
State Street, Public & Private Credit ETF ($PRIV)
StepStone
StepStone, Private Credit Income Fund (CRDEX), Part 1
StepStone, Private Credit Income Fund (CRDEX), Part 2
Variant
Variant, Alternative Income Fund (NICHX)
2. Case Studies
Deal-level teardowns across property types and capital structures.
Multifamily
Where $47M in NOI Meets $42M in Interest Expense
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
Inside the Black Box: What First Brands Teaches Us About CLO Risk
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
Is Your BDC's Distribution Yield Reliable?
BDC Landscape: Screening for Quality
Evergreen Funds: Lay of the Land
Is There Any Magic in $OZ? Welcome to the Land of OZ
The Prisoner's Dilemma: Semi-Liquid Edition
The Pawn Shop: Repo and Sale/Buyback Borrowings
Private Equity Returns: What Really Drives Gains (and Risks LPs Should Watch)
Private Credit (Non-Traded BDC): A Valuation Black Box
Compounding: The Eighth Wonder of the World
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
Yearly Outlooks
Private Markets in 2026: What Changes, What Sticks
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
This is absolute gold! thank you for putting it together. I came across your work on X and have found it incredibly valuable. As someone building toward launching my own real estate private equity platform, your insights serve as an excellent foundation for my thinking and approach. I truly appreciate the work you're doing. - Sam