@Gormogons Non traded BDCs typically have liquidity provisions allowing investors to redeem at NAV on a periodic basis, but the % of NAV is capped. Investors know what they are getting into. That’s different from a closed end PE/PC fund, which returns capital to investors at end of the fund
@Gormogons This thread is only partially correct. Non-traded REITS/BDCs typically only tender 5% of NAV each quarter. If more ask, then you get in line and everyone gets haircut. That’s all clearly disclosed in prospectus/offering doc
@nickgillespie While I mostly agree this is stupid, this chart doesn’t show what you say it does. It shows the % of homes PURCHASED by institutional investors. To get % of homes OWNED, you’d need sales data as well from the same cohort.