Matt Wertz
speaker
97 appearances
3 recordings
1 series
first heard Dec 2025
last heard 13 Mar
Matt Wertz’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 — 3 in all, peaking in Mar 2026 with 1.
Appearances
WSJ What’s News · A $140 Million BlackRock Loss Revives Private Credit Worries · 30 Jan 2026
podcast
And so these are loans that this fund makes to these companies, but there's no marketplace to trade them.
And as a result of that, there's no clearly available price.
And it's up to the discretion of the funds manager to determine what the value of the investment is.
More and more
Corporate loans in this country have moved out of the banking system into these private credit funds, which are super hot and super lucrative for Wall Street.
But they are less transparent than stocks, bonds, or even large corporate loans that banks make and then trade in the market.
What's noteworthy here is how quickly this fund changed its story on what these assets were worth.
Just a couple months ago, they and some of the other investments were worth $140 million more.
And these are companies that were in trouble for years, that this fund in particular has already written down.
BDCs are very widely held by individual investors.
They're viewed as a source of income.
Investors in them are told, you own secured loans backed by hard assets.
These funds can drag out the write-downs of their assets because there is this opacity.
And so you as an investor may not know that you're sitting on some time bombs in your fund that can turn into a massive loss, as it did in this case.
Thank you.
Right now, it's like the rainy season just happened.
All the grasses are growing and the population is booming and everyone's feasting.
Right.
So what we're seeing is a boom in very large, what we call mega deals, which technically is over 10 billion in value, but we are seeing over 30 billion in value, over 40 billion in value, over 50 billion in value.
So these are very big leveraged buyouts.
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