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.

Full analysis: [INSERT SUBSTACK LINK]

Josef Pschorn speaks with Alex Cordover, 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.

• The full transfer anatomy: NDA, data room (loan tape, financials, original IC memo), non-binding IOI, consents, documentation, settlement
• Participation vs assignment: in a default, participation rights typically run against the seller, not the borrower
• 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
• Why trades die: information asymmetry and GPs unused to working together — not asset quality
• Where liquidity comes first: asset-backed, equipment and real estate finance before bespoke unitranche and distressed names

Guest links: https://tradable.xyz | https://www.linkedin.com/in/alex-cordover-72a0a276

Connect with Fixed + Floating: LinkedIn https://www.linkedin.com/company/fixed-floating | X https://twitter.com/FixedFloating

Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice.

Recorded: 15.07.2026

#privatecredit #privatecreditsecondaries #creditmarkets #fixedincome #assetbackedfinance

MicroStrategy’s 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.

Full analysis: https://open.substack.com/pub/fixedfloating/p/stretch-is-not-cash-the-lesson-from?r=718tew&utm_campaign=post&utm_medium=web

Josef Pschorn speaks with Mark Palmer 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.

Key takeaways:

• 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.
• 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.
• 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.
• A common misconception — that a falling Stretch price increases Strategy’s cash dividend obligation — is simply wrong; the dollar obligation is fixed regardless ofprice.
• 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.

Guest links: https://www.benchmarkcompany.com/leaders/1601/

Connect with Fixed + Floating: LinkedInhttps://www.linkedin.com/company/fixed-floating | Xhttps://twitter.com/FixedFloating

Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice.

Recorded: 01.07.2026

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.

Full analysis: https://open.substack.com/pub/fixedfloating/p/financing-the-big-market-delusion?r=718tew&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true

Josef Pschorn speaks with Aswath Damodaran 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.

Key takeaways:

• ​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.”
• ​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.
• ​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.

Connect with Aswath Damodaran: https://pages.stern.nyu.edu/~adamodar/ | X https://x.com/AswathDamodaran

Connect with Fixed + Floating: https://www.linkedin.com/company/fixed-floating | Xhttps://twitter.com/FixedFloating

Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice.

Recorded: 15.06.2026#fixedfloating #creditmarkets #privatecredit #valuation #Damodaran