Jeffrey Fulk
speaker
308 appearances
1 recordings
1 series
first heard Feb 2026
last heard 5 Feb
Jeffrey Fulk’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Feb 2026 with 1.
Appearances
And a lot of these transactions are happening on a proprietary basis.
And so it's basically principle to principle transactions that can be done quickly and discreetly.
And so the outcome becomes really attractive pricing on these opportunities.
The nuance in terms of what we're spending a lot of our time doing is because these secondary transactions come at a discount.
Some of that is capital gains.
And what's really nice about how these discounts work is typically the reference date is several quarters.
They happen with a several quarter lag.
And so we're looking at some transactions right now that will close at the end of the year where the reference price is higher.
June 30th.
And so we've been able to see how these companies have performed over almost a six month period.
We've seen the interest collection over that period of time.
And we've just seen a really good opportunity to buy quality loans at a discount.
And then based on how gap accounting rules work, and because we're investing in private credit transactions, secondary transactions, where there's a GP sponsor behind it, we then mark up the
holding of that investment to the reported NAV from the underlying general.
So maybe I'll break this down into two things.
One, investing in ETFs and two, why we think the ETFization of the fixed income market has created a really compelling portfolio construction argument for private credit from an asset allocation perspective.
And so on the ETF side itself,
The market in general loves ETF structures.
They're really easy to understand.
Clients can easily access it through brokerage accounts.
Showing 141–160 of 308 · page 8 of 16
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