Independent researcher Mark Goldberg warns that redemption backlogs in non-traded BDCs could take years to clear, not just a few quarters, because quarterly caps of 5% of net asset value mask a structural mismatch between exit capacity and demand. He compares the situation to a nor'easter travel backlog, where limited spare seat capacity prolongs delays even after the storm passes. Goldberg notes that mature funds have only about 1.75% of real spare capacity per quarter beyond normal redemptions, so a fund with 20% of investors seeking to exit could face a multi-year clearing timeline. He argues that the industry must acknowledge these products are operating outside their design assumptions and that sponsors will ultimately need to pursue solutions such as new capital, portfolio monetizations, or structural changes to avoid a lasting confidence crisis.