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Oliver Buchannon
Nick DeVore

LP due diligence framework. 80+ deals reviewed. No ads. No operator relationships.

When the Debt Costs More Than the Asset Earns

Mar 29, 2026

•

5 min read

When the Debt Costs More Than the Asset Earns

Negative leverage is hiding in plain sight in syndication decks. The math is simple. The disclosure usually isn't.

Nick DeVore
Nick DeVore
The Return Target Trap

Mar 15, 2026

•

4 min read

The Return Target Trap

The deals projecting the highest returns score the lowest on every governance metric we track.

Nick DeVore
Nick DeVore

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