Newsletter

A monthly note from Ed on what we’re acquiring, what we’re passing on, and how we’re thinking about alignment. For accredited LPs.

Past issues

• Issue 002 · July 21, 2026

  The Number Most Investors Read Wrong

  Two numbers in private lending sound almost identical and mean completely different things. One tells you what a borrower gets. The other tells you how much room you have to be wrong.

• Issue 001 · June 25, 2026

  The Deal We Walked Away From

  We make offers on at least 10 deals a month. We hear no on most of them. Here is one we said no to ourselves, why we passed, and how that discipline protects your capital.