Commentary Archive

Structural reads without the sponsor layer.

Original analysis on fees, liquidity mechanics, redemptions, access, and market structure. Published pieces appear here immediately instead of sending readers into a placeholder page.

Latest / Apr 22, 2026 / 4 min read

The Q1 2026 Redemption Wave: A Structural Read

Multiple non-traded BDCs hit their 5% quarterly redemption cap in Q1 2026. One came in at 4.999%. The data tells a more nuanced story than either headline suggests.

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Research Lens

Private Credit

Apr 22, 2026 / 3m

Asset Coverage in Non-Traded BDCs: Reading the Numbers

The 150% statutory minimum is a floor, not a target. A cross-fund look at where the major non-traded BDCs sit today — and what the spread between 177% and 255% actually implies.

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