Ryan Miller

speaker

4,581 appearances 12 recordings 2 series first heard Mar 2026 last heard 10 Aug

Ryan Miller’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 12 in all, peaking in Jul 2026 with 4.

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And here's where they live in twenty twenty six. matched

Fund life expires. matched

Every closed end fund has a term, typically ten years, plus one or two extensions if they want to use it. matched

It's just at the general partner's discretion, sometimes with an LPAC consent. matched

When those extensions run out, the fund must wind down. matched

That is a date. matched

And it means somebody is going to have to sell assets into whatever market exists on that date. matched

Go pull the vintage years. matched

The twenty fifteen through twenty eighteen funds are running out of runway right now. matched

Credit agreement maturities, fixed dates written in the dock, non negotiable without a lender's consent. matched

And a lender's consent has a price. matched

Covenant tests and pick toggles, dated quarterly, mechanical. matched

Nav facility maturities and LTV tests. matched

This one is newer and a little misunderstood, and there's a real supply of it hiding off balance sheet. matched

And subscription line limits. matched

Dated, capped, and increasingly scrutinized. matched

Every one of those is a contract with a clock on it. matched

Every one of them creates a person who has to do a deal on a specific date, whether they like the price or not. matched

That's who you want on the other side of your table. matched

Now, the sharpest, most nonconsensus thing I'm going to say all episode, and I want you to listen carefully. matched

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