Inspect This Model
Use the scenario to isolate the mechanic. Use MODEL-BDC-FEE to move from Non-traded BDC / fee stack, to controlled lab, to document-route check, to advisor language. Mechanic in focus Non-traded BDC / fee stack Use a controlled BDC scenario to connect wrapper structure, servicing fees, and share-class comparison before discussing performance.
Controlled educational example. Not based on any specific fund.
What to check Wrapper type before asset class. Class-level servicing or distribution charges. Illustrative fee table language before comparing returns. Inspection workflow Concept to lab to document route to advisor language.
01 Concept
Define the mechanic Start with the canonical Non-traded BDC entry so the model scenario is read through the right mechanic.
Non-traded BDC 02 Tool
Run the controlled lab Use before applying strategy or performance claims so the wrapper does not get confused with the underlying asset class.
Wrapper Matrix 03 Source check
Find the document family BDC registration statement, prospectus, fee table, repurchase program disclosure, and shareholder reports.
Filing Trail Decoder 04 Controlled example
Inspect the model scenario Wrapper type before asset class. Class-level servicing or distribution charges. Illustrative fee table language before comparing returns.
MODEL-BDC-FEE scenario 05 Advisor output
Leave with usable language Use before comparing performance, yield, or peer rankings across classes or products.
Prospectus checks Concept Graph
The canonical terms this example teaches. Wrapper Non-traded BDC A business development company that is registered but not exchange listed. Document proof BDC registration statement, prospectus, fee table, repurchase program disclosure, and shareholder reports.
Mechanic fields BDC structure Repurchase program Credit portfolio Fee table Fee Management fee The recurring fee paid to the manager for running the strategy. Document proof Prospectus fee table, advisory agreement, statement of operations, and financial statement notes.
Mechanic fields Management fee Expense ratio Fee base Net return Fee Servicing fee A distribution or shareholder-servicing charge often tied to retail share classes. Document proof Share-class fee table, dealer-manager agreement, servicing plan, and prospectus supplement.
Mechanic fields Servicing fee Share-class economics Distribution channel Net return gap Access Share class A class of fund shares with its own eligibility, fees, minimums, or channel rules. Document proof Prospectus share-class table, supplement, subscription agreement, platform materials, and fee schedule.
Mechanic fields Share class Eligibility Servicing fee Minimum investment Fee Fee drag The portion of gross performance consumed by recurring or one-time fund costs before the investor sees net return. Document proof Prospectus fee table, share-class supplement, expense ratio, performance table, and source trail.
Mechanic fields Fee drag Share-class cost Net return Five-year dollar impact Related Modules
Read the background if the example exposes a gap. 01 Structures / Start here Fund Structures: How Semi-Liquid Alternative Funds Are Built The legal wrapper determines liquidity rights, tax treatment, oversight, and investor protections before a manager ever picks an asset. 02 Fees / Start here Fees: What You Actually Pay in Semi-Liquid Alternative Funds A plain-English map of management fees, incentive fees, loads, trail fees, leverage costs, and total expense ratios. 03 Access / Core Access and Distribution: How to Actually Get Into These Funds Eligibility tiers, platform channels, share classes, minimums, and the practical path from interest to subscription. 04 Performance / Core Benchmarking and Performance: How to Read Alternative Fund Returns How to interpret yields, total returns, IRR, MOIC, inception dates, benchmark choices, and fee drag. Learning Paths
Use this case inside a broader advisor workflow. Wrapper Context
Compare the structure before comparing performance. Advisor Outputs
Leave with language, questions, and document checks. Prospectus checks Confirm share class, management fee, incentive economics, servicing fees, loads, platform costs, and whether the return series is net of the same economics.
Investment committee notes Review wrapper rights, liquidity capacity, fee layers, valuation inputs, source-document freshness, and manager discretion as separate gates before discussing allocation fit.
Client-safe summary This structure gives scheduled access to private-market exposure, but liquidity windows, fees, tax reporting, and source documents control the client experience.
Controlled educational example. Not based on any specific fund. Product pages remain the place where AltHarbor applies these mechanics to source-backed product facts.