Case Studies

Goldman Sachs' Private Credit: GSBD vs GSCRED

🧬 Anatomy (and DNA analysis) of two sibling BDCs

Oct 19 •

Carlyle Credit Solutions Inc.

How one fund plays both sides of the CLO market

Oct 5 •

KKR Private Equity Conglomerate LLC (K-PEC)

The HNW retail PE fund raising billions while delivering mostly unrealized returns

Sep 21 •

Inside BCRED: A Deep Dive into $30B of Debt

Reading between the lines: what the balance sheet shows (and how I used AI to figure out what it doesn't)

Sep 7 •

Private Credit Interval Fund

What the fact sheet doesn’t show - and where to look instead

Aug 24 •

Retail Done Right (Case Study)

Dissecting a retail deal that delivered a 23% IRR - and why it's not a unicorn

Aug 10 •

Manufactured Home Community Case Study

Does entry cap rate matter?

Jul 13 •

Real Estate Debt Fund: a Case Study of What's Missing

Ask Better Questions, Shed Fewer Tears

Jun 22 •

Imaginary Gains, Real Fees

🧮 How private funds turn paper profits into real fees (and why LPs need to read page 763 of the prospectus)

Jun 8 •

Multifamily Real Estate: a Curious Case of Financial Engineering (and a Complex Capital Stack)

How a Complex Capital Stack Nearly Broke My AI (plus 20-Minute Market Research Tool You'll Love)

May 25 •

Industrial Deal Case Study

How My Mini-Me Flags Red Flags, Stress-Tests Deals, and Writes Better LP Questions Than Most Allocators

May 11 •

Big Money, Bigger Mistakes

The $5.4 Billion Stuyvesant Town Gamble That Went Bust

Apr 27 •

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