I know a lot of CRE investors who judge the quality of their GP by the timeliness of distributions — and I dread the day they discover evergreen interval funds that manufacture yield from unrealized gains

This hierarchy of affiliated entities is a thing to behold, is it not? To their credit, Apollo outlined the relationship between various affiliates in a 208-page brochure, amply titled "Form ADV Part 2A".... Anywho, back to the fund in question: The deep dive on Apollo's

Private credit and private equity AUMs of top private equity managers (2022–2025): KKR Blackstone Apollo Ares (Source: S&P Global)

I’m speechless

Read this

PE bought the auto mechanic I’ve been going to: - they let go the most knowledgeable guy I’ve ever met - they now charge as much for the oil change as the dealer - argue with me about tire rotation on my winter tires Last straw: they got rid of the Keurig in the lobby 😭

- mom, why are we so poor? - your dad liked rotisserie chicken

Leyla Amazing that this was posted on the same day that we got the No Tax on Boat Loan Interest Act of 2026 x.com/NancyMace/stat…

Cliffwater recently published Back to Basics: The Five Ws of Private Debt, arguing that much of the criticism of private credit stems from confusion: specifically, conflating it with the broadly syndicated loan (BSL) market. Their view: private debt is structurally different:

“IT’S RECURRING REVENUE. NO HARD ASSETS, BUT MASSIVE TAM. EBITDA IS POSITIVE ON AN ADJUSTED BASIS. WE CAN STRUCTURE A UNITRANCHE LOAN”

I need to show you something. The screenshot below is from a fund’s fact card. The 99.5% first lien secured sounds like a great safe portfolio, does it not? Well, while technically correct, reading the actual financial statements will tell you 30% of the fund’s portfolio is

Out of roughly $271.6M in total CLO/warehouse fair value (30.2% of NAV): - approximately $254M is in subordinated notes (equity), - $16.9M is a single Class E note (the lowest-rated debt tranche, just above equity), - and $17.4M is in warehouses. So effectively the entire

unforeseen capital call

Life comes at you fast: one day you’re drinking beers on a chairlift, next thing you know you own 7 supplement bottles, and stress about which magnesium to take..