Private Credit

Variant Alternative Income Fund (NICHX): Positive Returns, Shrinking NAV

How distributions and write-downs explain the paradox (and what to watch for)

Apr 16 • Leyla Kunimoto

When IRR is looking worn and tired, there's always AAR

Apr 12 • Leyla Kunimoto

$1T in PE Zombie Funds, PC Gates Multiply, and CRE Fundraising Bounces Back

🗞️ Sunday digest: private markets insights 4/5

Apr 5 • Leyla Kunimoto

BlackRock TCP Capital: Non-Accruals Down, Losses Up

How a BDC ran out of accounting offsets (and NAV fell 19% in a single quarter)

Apr 2 • Leyla Kunimoto

The Prisoner's Dilemma: Semi-Liquid Edition

There is only one rational move for advisers

Mar 25 • Leyla Kunimoto

Carlyle Engineers Liquidity; Private Credit Gates Multiply; and CRE Gets a Second Look

🗞️ Sunday digest: private markets insights 3/22

Mar 22 • Leyla Kunimoto

Where $47M in NOI Meets $42M in Interest Expense

Inside Fundrise’s largest JV: negative cash flow, thin debt coverage, and the assumptions behind a $560M valuation

Mar 21 • Leyla Kunimoto

The Pawn Shop: Repo and Sale/Buyback Borrowings

What they are, and how two funds (BCRED and CCLFX) actually use them

Mar 19 • Leyla Kunimoto

Cliffwater Corporate Lending Fund (CCLFX) Faces Redemptions

A closer look at the fund’s off-balance-sheet CLOs, $11B in unfunded commitments, and regulatory limits (and what it all means)

Mar 15 • Leyla Kunimoto

What Will Liquidity Cost You When Barbarians Shut the Gates?

A deep dive into OBDC II’s tender offer and what investors actually pay for liquidity.

Mar 12 • Leyla Kunimoto

K-Shaped PE, Private Credit Gates, and $0.58 Recovery on a AAA Bond

🗞️ Sunday digest: private markets insights 3/8

Mar 8 • Leyla Kunimoto

How Hamilton Lane's PAF Turned Unrealized Gains Into Real Fees

And Why You Should Read Proxy Statements

Mar 4 • Leyla Kunimoto and TheAltView

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