Fixed + Floating is a credit podcast for investors and finance professionals. Hosted by credit portfolio manager Josef Pschorn, the show features conversations with leading voices from investing, research, and academia on private credit, high yield, distressed debt and credit cycles. We break down the technical mechanics of credit markets — from covenant evolution and liability management to restructuring, quantitative credit, and the impact of macro policy. New episodes twice per month.
Fixed + Floating - The Credit Podcast
Claim This Podcastby Josef Pschorn
19 episodes
Updated Daily
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Podcast Overview
Fixed + Floating is a credit podcast for investors and finance professionals. Hosted by credit portfolio manager Josef Pschorn, the show features conversations with leading voices from investing, research, and academia on private credit, high yield, distressed debt and credit cycles. We break down the technical mechanics of credit markets — from covenant evolution and liability management to restructuring, quantitative credit, and the impact of macro policy. New episodes twice per month.
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Publishing Since
11/2/2025
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Recent Episodes
July 21, 2026
Illiquidity in Private Credit: Why a $25M Loan Takes Six Weeks to Sell | Alex Cordover (Tradable)
<p>Private credit has grown to roughly $2 trillion, but selling a single position remains a manual, bilateral process. Exiting a $25 million loan means NDAs, a data room, agent and borrower consents, and bespoke documentation — four to six weeks from decision to settlement, if a buyer is found at all.</p><p>Full analysis: [INSERT SUBSTACK LINK]</p><p>Josef Pschorn speaks with <strong>Alex Cordover</strong>, CEO of Tradable, about the exact mechanics of private credit secondaries — what happens between the decision to sell and settlement, and what a functioning secondary market requires.</p><ul><li>The full transfer anatomy: NDA, data room (loan tape, financials, original IC memo), non-binding IOI, consents, documentation, settlement</li><li>Participation vs assignment: in a default, participation rights typically run against the seller, not the borrower</li><li>Marks vs prices: every deal closed on Tradable has printed at par plus a buyer's premium, while valuation lag persists in software and direct-lending books</li><li>Why trades die: information asymmetry and GPs unused to working together — not asset quality</li><li>Where liquidity comes first: asset-backed, equipment and real estate finance before bespoke unitranche and distressed names</li></ul><p><br></p><p>Guest links: <a href="https://tradable.xyz">https://tradable.xyz</a> | <a href="https://www.linkedin.com/in/alex-cordover-72a0a276" target="_blank" rel="noopener noreferer">https://www.linkedin.com/in/alex-cordover-72a0a276</a></p><p>Connect with Fixed + Floating: LinkedIn <a href="https://www.linkedin.com/company/fixed-floating">https://www.linkedin.com/company/fixed-floating</a> | X <a href="https://twitter.com/FixedFloating">https://twitter.com/FixedFloating</a></p><p>Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice.</p><p>Recorded: 15.07.2026</p><p>#privatecredit #privatecreditsecondaries #creditmarkets #fixedincome #assetbackedfinance</p>
July 8, 2026
Stress in MicroStrategy’s Preferreds: Why the Doom Loop Didn’t Happen | Mark Palmer (StoneX)
<p><strong>MicroStrategy’s </strong>preferred shares dropped more than 20% over a few weeks. Then an 8-K reversed the mood, handingthe company buyback authority over both its preferred and common stock for the first time. The headlines focused on a small Bitcoin sale; the more important story was buried underneath it.</p><p><br></p><p>Full analysis: <a href="https://open.substack.com/pub/fixedfloating/p/stretch-is-not-cash-the-lesson-from?r=718tew&utm_campaign=post&utm_medium=web" target="_blank" rel="noopener noreferer">https://open.substack.com/pub/fixedfloating/p/stretch-is-not-cash-the-lesson-from?r=718tew&utm_campaign=post&utm_medium=web</a></p><p><br></p><p>Josef Pschorn speaks with <strong>Mark Palmer</strong> of Benchmark-StoneX, the first Wall Street analyst to cover Strategy, about how the company’s capital structure actually holds together and what genuinely changed.</p><p><br></p><p><strong>Key takeaways:</strong> </p><ul><li>The 8-K gave Strategy “two-way capital management” for the first time — the ability to buy backpreferred and common stock, not just issue new securities to buy Bitcoin. </li><li>Perpetual preferred stock behaves like near-permanent capital: no maturity wall, not dilutive while outstanding, and tax-advantaged as return of capital for as long as the company posts no positive net income. </li><li> The recent Stretch selloff was driven by forced deleveraging among investors who had levered the position, not by any change in the Bitcoin backing the instrument. </li><li>A common misconception — that a falling Stretch price increases Strategy’s cash dividend obligation — is simply wrong; the dollar obligation is fixed regardless ofprice. </li><li>Strategy’s $6.75 billion convertible debt carries a blended coupon of just 0.52%, with the real risk being the 2028–2032 maturity wall rather thaninterest expense.</li></ul><p><br></p><p><strong>Guest links: </strong><a href="https://www.benchmarkcompany.com/leaders/1601/" target="_blank" rel="ugc noopener noreferrer">https://www.benchmarkcompany.com/leaders/1601/</a></p><p><br></p><p><strong>Connect with Fixed + Floating: LinkedIn</strong><a href="https://www.linkedin.com/company/fixed-floating" target="_blank" rel="ugc noopener noreferrer">https://www.linkedin.com/company/fixed-floating</a> | X<a href="https://twitter.com/FixedFloating" target="_blank" rel="ugc noopener noreferrer">https://twitter.com/FixedFloating</a></p><p><br></p><p>Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice.</p><p>Recorded: 01.07.2026</p>
June 23, 2026
Big Market Delusion: Why Private Credit Is AI’s Biggest Loser | Aswath Damodaran (NYU)
<p>Each AI company can price itself on an internally consistent story about winning its market. Sum those stories and the implied revenues exceed any market that could exist — the big market delusion. Aswath Damodaran puts a ceiling on it: $142 trillion in global revenues last year against $20–25 trillion in employee costs, which makes the $26 trillion addressable market in SpaceX’s IPO pitch fiction. The sharper question for credit investors is who absorbs the loss when it corrects.</p><p><br></p><p><strong>Full analysis:</strong> <a href="https://open.substack.com/pub/fixedfloating/p/financing-the-big-market-delusion?r=718tew&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true">https://open.substack.com/pub/fixedfloating/p/financing-the-big-market-delusion?r=718tew&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true</a></p><p><br></p><p>Josef Pschorn speaks with <strong>Aswath Damodaran</strong> of NYU Stern about valuing the AI boom, the corporate life cycle, and why the credit side of the build-out carries the asymmetric risk.</p><p><br></p><p><strong>Key takeaways: </strong></p><ul><li>The biggest loser when the delusion corrects is private credit, not equity — lenders carry the downside without the upside, and “you can’t make interest payments withpotential and promise.” </li><li>Financing should act its age: young companies should use converts or no debt; default risk belongs in the cash flows (value the firm twice, weight by survival probability), not in an inflated discount rate. </li><li>In distress, equity is a call and debt is a put — a passive lender in a levered company is short an option whose variance the equity holder controls.</li></ul><p><br></p><p><strong>Connect with Aswath Damodaran: </strong><a href="https://pages.stern.nyu.edu/~adamodar/">https://pages.stern.nyu.edu/~adamodar/</a> | X <a href="https://x.com/AswathDamodaran">https://x.com/AswathDamodaran</a></p><p><br></p><p><strong>Connect with Fixed + Floating:</strong> <a href="https://www.linkedin.com/company/fixed-floating">https://www.linkedin.com/company/fixed-floating</a> | X<a href="https://twitter.com/FixedFloating">https://twitter.com/FixedFloating</a> </p><p><br></p><p>Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice. </p><p>Recorded: 15.06.2026#fixedfloating #creditmarkets #privatecredit #valuation #Damodaran</p>
19 total episodes available
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