We value long-term relationships.
The vast majority of the companies that buy debt from us have been doing so for many years. We routinely sell our debt when we have completed our model, and our business practice has always been to sell it at a price where the buyer will make money. While we are aware of the market pricing, we also understand that the buyer has to make a profit, just as we do.
We also occasionally include buyers in acquisitions when an issuer has a larger portfolio than we need. Unlike the scenario with debt brokers, we value our debt buyers because they replace our capital when we are finished with our model. Our primary income is derived from buying, selling and outsourcing debt, so we do not need to make all of our money on selling debt to our colleagues.