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