HeyJaredFixed + Floating - The Credit Podcast
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…
- Indexed episodes, last 90 days
- 5
- Latest publication
- Sep 8, 2026
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- Jul 8, 2026
Latest episodes
Who Pays for the GPUs? How Lenders Underwrite AI Infrastructure | Ankur Patel (Ares) (opens the original)
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Ankur Patel (Ares Credit Group) on asset-based finance for data centres, power and GPUs. A one-gigawatt data centre costs $15–20 billion to build. The GPUs and servers inside it can run $40 billion-plus, and they are the shortest-lived asset in the project. Josef Pschorn speaks with Ankur Patel about how that credit is structured so a lender is not relying on residual chip value to get repaid. Shownotes and analyis: https://www.fixedandfloating.com/ Ankur Patel: Partner, Ares Credit Group (Alt
Do Restructurings Still Cut Debt? How Amend-and-Extend Took Over | Mike Harmon (Stanford GSB) (opens the original)
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An amend-and-extend moves the maturity and leaves the leverage where it was. A debt-for-equity swap cuts the debt and dilutes the equity. The first is routine and the second is rare, and the constraint is not legal - most of the holder base cannot take the equity or does not want it. Josef Pschorn speaks with Mike Harmon of Stanford Graduate School of Business about why out-of-court restructurings extend maturities without reducing debt, and what has to be true before a company actually delevera
Inside a Long/Short Credit Hedge Fund: Sizing, Shorts and LME Risk — Frits Lieuw-Kie-Song (Ironshield Capital) (opens the original)
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A fifteen-billion-dollar manager's European analyst can look at three or four situations before the rest fail his liquidity screen. Frits Lieuw-Kie-Song runs a few hundred million and can look at hundreds. This is a full walk through how a long/short credit hedge fund is actually run. Full analysis: https://open.substack.com/pub/fixedfloating/p/how-a-longshort-credit-hedge-fund?r=718tew&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true Josef Pschorn speaks with Frits Lieuw-Kie-Song ofIron
Illiquidity in Private Credit: Why a $25M Loan Takes Six Weeks to Sell | Alex Cordover (Tradable) (opens the original)
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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
Stress in MicroStrategy’s Preferreds: Why the Doom Loop Didn’t Happen | Mark Palmer (StoneX) (opens the original)
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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, th
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