The Coupon That Couldn’t Wait: Woodville and the Fixed-Date Trap A UK litigation funder just collapsed with a £249M loan book, 300,000 claims, and about ten employees. It didn’t lose the cases — the cases haven’t finished. It promised investors fixed quarterly interest and fixed repayment dates on an asset that pays whenever a court […]
The Redemption Panic: Why BDC Gates Aren’t Defaults Non-traded BDCs are capping withdrawals again and the alarm is pointed at the wrong thing. The cap is the most honest sentence in the prospectus. The price it lets you exit at is set by the party you’re exiting, on a quarter’s lag, and cannot be audited […]
How “Senior Secured” Became Subordinated Scraps A $15M “senior secured” loan to a class action law firm — how I lost $87,723, and what the offering documents said before I lost it This is the most expensive lesson in my portfolio and the one I link back to most often, so I’ll put the takeaway […]
The Extended Hold: A 16-Month Deal That Ran 45 A merchant cash advance portfolio took nearly four years to pay 12.82% — and the thing that saved it was printed on page one all along My third YieldStreet investment — $70,000 into a portfolio of merchant cash advances — funded in April 2018 on a […]
