Shiloh Bates (Flat Rock Global) on CLO equity returns, loan repricing and private credit CLOs.CLO equity returned about −8% in 2025, on Flat Rock Global's CLO Equity Index. Defaults on 2021-vintage LBOs rose, recoveries fell to around 50 cents, and performing loans repriced tighter. Josef Pschorn speaks with Shiloh Bates about why reinvesting prepayments at a discount, the self-healing mechanism, no longer offsets those losses.Shownotes and analysis: ⁠https://www.fixedandfloating.com/Shiloh Bates: Partner and Chief Investment Officer, Flat Rock Global.LinkedIn: https://www.linkedin.com/in/shiloh-bates-186ab28/Flat Rock Global: https://flatrockglobal.com/The CLO Investor podcast: https://www.youtube.com/playlist?list=PLnbXP4G8NDQI85q1cD--dAW6L5o0fKVWQCLO Investing (book): https://www.amazon.com/dp/B0CHN94H8GConnect with Fixed + Floating: ⁠https://www.linkedin.com/company/fixed-floating⁠ | ⁠https://twitter.com/FixedFloating⁠ | Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice.Recorded: 23.09.2026#fixedfloating #creditmarkets #clo #privatecredit #leveragedloans #structuredcredit

Michael Gatto (Silver Point Capital) on what decides a lender's recovery: the credit agreement, not the default.

A lender can be right about the business and still lose money. Josef Pschorn speaks with Michael Gatto about the second question a credit committee tends to skip. Not whether a borrower defaults, but what value and control leave the structure when a structure cracks.

Shownotes and analysis: https://www.fixedandfloating.com/

Michael Gatto: Partner and Head of Private Side Businesses, Silver Point Capital.

LinkedIn: https://www.linkedin.com/in/michael-gatto-8a322b66/

Silver Point Capital: https://www.silverpointfinance.com

The Credit Investor's Handbook: https://www.amazon.com/Credit-Investors-Handbook-Leveraged-Distressed-ebook/dp/B0CR4MMD29?ref_=ast_author_mpbMichael's latest articles: https://www.silverpointcapital.com/uploads/2026/05/47c34854a238cfef86eb78e3800da100/what-questions-should-allocators-ask-when-evaluating-direct-lending-managers.pdfhttps://www.silverpointfinance.com/images/news/pdf/What%20Can%20We%20Learn%20From%20First%20Brands%20-%20SPC%20Credit%20Lessons.pdf
Connect with Fixed + Floating: https://www.linkedin.com/company/fixed-floating | https://twitter.com/FixedFloating |

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

Recorded: 10.09.2026

#fixedfloating #creditmarkets #privatecredit #liabilitymanagement #directlending

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 (Alternative Credit).

LinkedIn: https://www.linkedin.com/in/ankurjpatelcfa

Ares Management: https://www.aresmgmt.comConnect 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: 11.08.2026#fixedfloating #creditmarkets #assetbasedfinance #privatecredit #gpufinancing #datacenters #aiinfrastructure