I have something to say that I think is going to be especially important in the next year. Another interval fund is about to meet real price discovery. On Dec. 16, Bluerock’s BPRE will list as a closed-end fund — and I believe it will open at a 30%+ discount to its stated NAV, a $1B+ hit for investors. FSSL listed in Nov and is down 26% from NAV. @CliffordAsness’ turn of phrase “volatility laundering” was a 🎯 on what’s wrong with private credit and interval funds. These losses are exactly what happens when the bug becomes the feature. Countless investors were lured by the 1% monthly dividend and a fake Sharpe better than the late great Jim Simons. It’s going to get ugly…