What the April 2026 NT-BDC Filings Confirm Prepared by Mark Goldberg | April 5, 2026 | Research Note 5 of the series on this topic Executive Summary In November 2025 I argued that the coming stress event in private credit would not originate from credit losses. It would originate from who funds the market and how that capital behaves when headlines turn. We have just completed a series of quarterly filings by the major semi-liquid private credit funds with the April 2, 20

Executive Thesis Apollo’s John Zito recently warned that private equity valuations of software companies may be materially overstated, stating that “all the marks are wrong.”

This note is the fourth in a series examining liquidity dynamics in semi-liquid private credit vehicles. The key takeaway is the conclusion that for this cohort of funds we expect negative net inflows in the aggregate through Q2 -2031.

Private credit funds have entered a prolonged net-outflow cycle that will last six to eight quarters.

In a Linkedin post titled "When the Valuation and Fairness-Opinion Provider Is Also the Borrower", I reveal by mapping relationships that certain Blue Owl managed Business Development Companies (BDCs) disclose the use of Kroll for independent valuation and/or fairness-opinion services.

Public SEC filings indicate that certain Blue Owl managed business development companies (BDCs) engage Kroll, LLC for valuation and/or fairness-opinion services while also holding loan exposure to Deerfield Dakota Holdings / Deerfield Dakota Holding, LLC, an obligor entity associated with Kroll.