The Dossier · Free with the daily letter
Investing in Private Credit
Ten percent asked for their money back. Five percent got it.
25 sections · Sent by email
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Inside
- 01The 5% door: what 2026 proved
- 02What fees actually take
- 03PIK: the income you did not receive
- 04A $100,000 worked example
- 05The IA view
25 sections, every figure sourced and dated
Free to read on Private Credit
News·
H100 offer count rises 39% in a week to 46
Vast.ai listings for H100 capacity rose to 46 on Oct. 4, up 17.95% on the day and 39.39% in a week. The question is whether supply is expanding faster…
4 min read
News·
ETF launch filings hit 65, up 47.73% in a week
ETF launch filings rose to 65, up 47.73% in a week, despite a 12.16% dip on the day. Panel read: end-of-quarter queueing and a friendlier issuance window.…
4 min read
Investing in Interval Funds and Non-Traded BDCs
A fund promising quarterly liquidity on loans that have none pays for the promise with a 5% door.
43 min read
Investing in Litigation Finance
Funders quote multiples on concluded cases; the years each case takes, and the fee stack, set your return.
46 min read
Investing in Music Royalties
A music catalogue trades at a multiple of net publisher share, and that multiple sets the buyer’s return.
47 min read
Investing in Pre-IPO Shares
Outsiders rarely buy the stock itself; they buy a fund interest priced above the last trade, and wait.
46 min read
Investing in Listed BDCs
A listed BDC marks its own loans; the share price is the market’s daily audit of those marks.
38 min read
Private Credit, Explained
How a corner of finance most people had never heard of grew past a trillion dollars by becoming the bank — and where the bodies are likely buried.
10 min read