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Bonds Misunderstood
The Agg returned 1.1% a year over the last decade. T-bills returned 2.4%. A 26-year fixed income veteran on what bonds can and can’t do for you now.
10 hrs ago
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Leyla Kunimoto
and
Itai Lourie
28
3
Everyone Wants to Finance the GPUs. Who Gets the Risk?
SpaceX's $40 billion Apollo lease repays the cost of the chips over five years. I followed the money into an earlier GPU financing and found it in BDCs…
Nov 1
•
Leyla Kunimoto
38
3
4
October 2026
The Evergreen Liquidity Divide
Private credit investors want out. Private equity investors are still coming in. What Q2 filings from 220 funds show us.
Oct 28
•
Leyla Kunimoto
44
1
Inside Blackstone's First DST: What 1031 Investors Actually Bought
Two apartment buildings, $175.6 million in investor capital, and a potential one-way ticket into BREIT. A closer look at the economics of tax-deferred…
Oct 25
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Leyla Kunimoto
49
4
4
PIK Check, Part 2: Inside the Loans
Most new PIK at the largest non-traded BDCs comes from loans that used to pay cash. Most of those loans are still marked near par.
Oct 21
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Leyla Kunimoto
25
4
Daily Marks, Same Information | A CV buys a CV | CMBS Delinquencies
🗞️ Sunday digest: private markets insights 10/18
Oct 18
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Leyla Kunimoto
40
1
PIK Check: Non-Traded BDCs
PIK income at the largest non-traded BDCs rose again in Q2. Here’s what that does and doesn’t tell LPs about credit quality.
Oct 14
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Leyla Kunimoto
42
1
1
Private Equity’s Bad Bank Problem: Who Sets the Price?
Partners Group’s evergreen fund restructuring separates legacy assets from new investments. But without a market-based transfer price, what does the…
Oct 10
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Leyla Kunimoto
54
1
1
ODIT: How Blue Owl's Data Center Fund Makes Money
A deep dive into Blue Owl Digital Infrastructure Trust (ODIT): its $4.3 billion data center portfolio, appraisal-driven returns, Class E shares…
Oct 8
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Leyla Kunimoto
40
1
Follow the Breadcrumbs: Who Owns the Risk in Project Jupiter?
Tracing Project Jupiter's financing through Oracle, Blue Owl, Apollo and the funds that may hold pieces of it.
Oct 5
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Leyla Kunimoto
65
4
3
Help Me Write to the SEC | A Fund Considers Splitting | AI Is Now Half of IG Bond Issuance (and so much more)
🗞️ Sunday digest: private markets insights 10/3
Oct 3
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Leyla Kunimoto
56
14
4
September 2026
RREEF Property Trust Liquidation: What Happens When the Money Stops Coming In
A close look at redemptions, distributions, and what’s left to sell
Sep 27
•
Leyla Kunimoto
36
1
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