February 9, 2026 – New York, NY — Seaport Global’s John Giordano discusses redemptions, PIK risk, portfolio construction, and why recent volatility reflects a maturing asset class rather than systemic stress. John explains what recent market stress really means for private credit. 

In this episode of Fixed and Floating, The Credit Podcast, Host, Josef Pschorn, sits down with John Giordano, Co-Head of Credit Research at Seaport Global, for an in-depth discussion on the evolving business development company (BDC) landscape. Against a backdrop of heightened investor scrutiny—driven by elevated redemption requests, portfolio writedowns, and growing attention on payment-in-kind (PIK) structures—the conversation cuts through market noise to provide a clear framework for evaluating BDCs. 

Drawing on Seaport Global’s extensive research, Giordano explains how BDCs operate within the private credit ecosystem, what differentiates public, perpetual, and private BDC structures, and how factors such as leverage, asset coverage, portfolio composition, and management discipline shape credit outcomes. The discussion also explores liquidity dynamics, dividend sustainability, and why recent volatility reflects a maturing asset class rather than systemic risk. 

This interview offers investors and market participants a practical, research-driven perspective on assessing risk and opportunity across the BDC sector in a changing rate and credit environment.


You may access the entire podcast via the links below:

YouTube: https://youtu.be/ovXLy-Qw25w

Spotify: https://open.spotify.com/episode/6RgoTy9sCuEiHTST6KtzjU?si=UiCCD88PR4qpcKix-Z00_w

LinkedIn: https://www.linkedin.com/feed/update/urn:li:activity:7426932167227863041/?actorCompanyId=109077285

X: https://x.com/FixedFloating/status/2021167641482715516?s=20

About Seaport Global
Seaport Global Holdings LLC is a leading capital markets firm, providing robust sales, trading and research services and the resources of a full-service investment bank. Seaport Global combines its extensive knowledge, solid relationships, and deep distribution platform to serve its clients’ most unique business requirements. The firm is headquartered in New York with offices across the US and Europe. Visit www.seaportglobal.com to learn more.

Contact
Joan Nash Wade
Corporate Affairs Director
Seaport Global Holdings LLC
212 616.7735
jwade@seaportglobal.com

*A link to a third-party website does not imply sponsorship, approval, affiliation, or endorsement by Seaport Global Holdings LLC