Deep dives & white papers
Articles & Research
Long-form analysis on the PE/PC bubble — every claim sourced from SEC filings and public records.
White papers
CCLFX White Paper
Mar 2, 2026 — NAV methodology, PIK exposure, leverage, and peer comparisons for the largest interval fund in private credit.
CCLFX Loan Book Forensic Analysis
Mar 11, 2026 — every loan in the $31.5B portfolio parsed from SEC filings; 2,330 positions scored, 50+ hand-researched, the PIV black box exposed.
Recent articles
| Date | Title | Focus |
|---|---|---|
| Mar 18, 2026 | The Call: A Lincoln Professional on CCLFX Marks | CLO structure, PIK underreporting, how to mark private credit |
| Mar 11, 2026 | Setting the Record Straighter | Undisclosed CCLFX defense; PCAOB Level-3 deficiencies; 76% cash drop |
| Feb 27, 2026 | Marked to Fantasy | PE controls $9.4T and marks its own homework |
| Feb 22, 2026 | Your Retirement Is the Collateral | Where the money comes from — pensions, BDCs, PIK |
| Feb 21, 2026 | These People Are Not Investors | $3.5T in private credit and the dealmakers who deployed it |
About this project
This site compiles the full substance of an investigative data project on the private equity and private credit bubble. All data is sourced from SEC filings, pension fund reports, NAIC/insurance statements, and public records. None of it constitutes investment advice. Several sections are interactive tools on the live site (maps, calculators, sortable databases) whose largest tables — the 431-firm screener, the 200+ pension map, the 123-entry RIA database, and the 98-item signals feed — are captured here as representative selections with totals noted.
Questions, corrections, or data tips: carson@passive.investments.