The blog
Research and mechanics, written the same way the memos are — every claim traced back to the audited numbers.
A bank will not show you its loan book. A business development company shows you everything. Reading three funds’ 10-Qs from a single quarter, we walk the whole machine — SOFR, fees, PIK, non-accruals, dividend architecture — and meet a pristine lender whose 37 percent discount is fully deserved, and a BDC that earned $2.51 a share and paid its holders seven cents.
August 8, 2026 Read the article
On a single morning, new investors supplied 48 percent of every dollar ever put into SpaceX — and received 4.2 percent of the company. Starting from a pizza shop with one hundred shares, we walk the whole machine: dilution, lock-ups, underwriter economics, and the stock compensation still to come.
July 30, 2026 Read the article
Some ETFs advertise yields of fifty, eighty, even one hundred percent. Using the funds’ own audited financial statements, we take the generosity apart — and show why much of it is your own money handed back to you, with a fee deducted on the way out.
July 8, 2026 Read the articleNew research lands here as it publishes.
