$OBDC Blue Owl Tape Reports
Per Ticker.id: $OBDC Blue Owl Tape Reports — timestamped podcast mentions, volume, and share of voice. Latest 2026-07-20 18:51 UTC.
Let's talk about private credit. This is a very underappreciated slice of the credit markets these days as more and more money has gone to these entities, these non-bank entities where the risk is very opaque. It's hard to know exactly what's in these private funds because they are private, but there are public versions of them. Another reason why I think buying private credit is usually a very bad idea, because you can get the same type of investment with a lot more liquidity in what are called BDC companies. Now, there are 10 large— the 10 largest ones have now reported earnings. Names like Ares Capital, Blackstone Secured Lending, KKR Capital, Golub Capital, Goldman Sachs BDC. They have, they have one. Main Street Capital, MidCap Financial Investment, Morgan Stanley Direct Lending, Blue Owl Capital, and Sixth Street Specialty Lending. Those are the top 10. And so looking at their results in aggregate can kind of tell you what's going on in that slice of the, the financial industry that nobody really talks about. So what did it say? Well, there's something in the industry called non-accrual status. What does that mean? Basically means they're not paying any more interest. So when, or when the company is not assuming they're going to get interest, it basically is when a company is 90 days or more past due on payment and they see enough credit deterioration they don't expect to be made whole. That's a default. When you're lending money, you don't get your interest, you don't get your original principal back— that's a default. And this will feed into the dividend eventually if it continues to grow. So let's look at the numbers. With all of these names, the number of borrowers at least one debt instrument in non-accrual status went from 4.26 to 4.69. So about 1 in 20 nearly. That's way up from 2023 when it was at 3.69. So it's gone from 3.69 to 4.69 in 2 years, 2 and a half, uh, 2 and a half years. And this is when the size of these BDC companies have basically doubled. Over the past 3 years. It's about $560 billion of total debt. That's as of the first quarter of this year. In dollar terms, non-accrual debt rose 39% to $2.8 billion. That brings it— that, that brings the total to roughly $10 billion.
Justin Klein — InvestTalk · Regulation catches up to digital assets · 2026-08-25First of all, that's way over my pay grade, but because it's so opaque, but I've been starting to pay attention to people that have assembled you know, data. I, I, I was not— I wasn't looking for problems to string together to— because I don't really want to have to get short, um, but I want to be, be aware of what's happening. And I, I was unaware of how many, uh, uh, how many insurance companies were owned by private equity types, and, you know, how illiquid some of the assets may be and what the quality— now, the state regulators are supposed to keep track of that. And that's what tripped up Mark Howard, this owner of the Lakers and Dodgers, right? They had 2 states that subpoenaed his records. And it turns out that he had related party transactions and looked like— so if you think about the potential for abuse, life insurance companies have these long-lived tails that they— sorry, obligations they need to match up. So it's long-duration, quote unquote, patient capital. But once the LBO guys get a hold of them and they start stuffing them full of LBO paper, leveraged buyout paper, and you have a problem. And now we've seen some cracks in the private credit scheme, Blue Owl being an example people are familiar with. I've tried not to get too excited about that, but the potential for all of this debt, now you've piled on a lot of AI debt on top of that. And these insurance company assets, you know, they are there to fund annuities and life insurance policies. So if they have a problem, people are going to get upset really, really fast. Hopefully the state regulators will catch things before they get out of control. But given how much grift, graft, and that we've seen exposed in the last 5 years or so. You know, maybe some state regulators aren't doing their job because they've been, you know, well, where were the regulators leading up to 2008?
Bill Fleckenstein — Thoughtful Money with Adam Taggart · It's Crunch Time For Bonds | Bill Fleckenstein · 2026-08-23Exactly how I was just going to say it. It's making its biggest move yet to finance the AI boom and largely this time off its own books. So CNBC David Faber has confirmed the chipmaker is in talks to raise more than $60 billion. Faber's even saying close to $70 billion in debt for a new chip deal, a package that could reach as much as $100 billion. The story was first reported by Bloomberg. So that's where that $100 billion number came from. But it would benefit Anthropic and other customers. One caveat, though, is that the report says it looks very similar to the XPV platform Broadcom launched in June with Apollo and Blackstone. But the company actually hasn't confirmed that part to me just yet. Reached out. The structure, though, this is, you know, we're Here it gets a little complicated. The debt doesn't necessarily land on Broadcom's balance sheet. A separate entity raises the money and SPV buys the chips and then leases it back to the customer. Broadcom's job is to guarantee part of that debt, and that guarantee is where the risk sits. Broadcom isn't lending the money yet. It's on the hook if customers can't pay down the line. The CEO has pushed back on the word backstop. In June, on the earnings call, CEO Hock Tan said the company simply provides the chips and partners with firms that have the balance sheets to fund them. But analysts say Broadcom is also guaranteeing the value of those chips if a deal goes bad. Bank of America estimates that exposure could reach $370 billion by 2029, while calling the likely loss, though, manageable. You know, $300 billion manageable. It's not alone. Nvidia is doing a similar thing on a bigger target, more than $500 billion, but standing further back and backstopping up to a smaller slice of the pie, up to 25%. Meta pioneered the off Books approach last year, raising about $27 billion for an AI data center it now leases back with Blue Owl. Wall Street is relatively split. There's not as many reports, maybe because everybody's on vacation. It's Friday. But Wolfe analysts call the backstops a, quote, form of reinsurance, safe unless the whole industry overbuilds. The bond market has been a little bit more nervous.
Christina Partizanopoulos — Squawk on the Street · 11AM Hour: Anthropic Investor on Upcoming IPO, Owner of Rare Trading Card & Crypto's Rally 8/21/26 · 2026-08-21So for the viewers, so for— so Meta is a great example. Meta is building a data center, the Hyperion data center in Louisiana. but they are not paying for it directly. It is not going on their balance sheet. And therefore, theoretically, bondholders are not punishing them because— or investors are not punishing them because it's not on their balance sheet. So Blue Owl and other investors— and there's a separate entity— they take in all the credit risk. Of course, Meta is backstopping this. So it doesn't matter, off balance sheet, on balance sheet. This is not catching anybody by surprise. In 2008, when all this shit blew up and you looked at all the insurance company holdings that were holding all this toxic paper, Everybody was like, wait, what? How the hell did we get here?
Michael Batnick — The Compound and Friends · Treasury yields break out, how to invest with Bill Ackman, Workday rumors, off-balance sheet madness · 2026-08-18I'm gonna kill this guy. All right. The purpose of doing these things off balance sheet is really interesting too. So let's say you're Blackstone or Blue Owl or KKR or whoever is going to finance a gigantic data center project, right? 'Cause they're not building little ones. They're only building gigantic ones at this stage in the game. You go to the people who are gonna fund this with their investments, and they're fixed income investors. They're not like stock people. They just want the money back plus interest. You go to them and say, the tenant is Meta, and Meta actually is not going to take on any debt, but they're going to own a little bit of equity in the project and they're willing to commit to like 10 years lease on the— I don't know what the details are for the one that we're talking about, but like Meta is saying we will pay the rent for 10 years. Okay, that's a really easy sale to people that are private credit portfolio managers because They look at it like, all right, basically it's a Metabond, but it's not like there are— it's not clear because we've never seen a big one of these end up in court. Like, who's really finally, finally, finally, finally on the hook? What we do know is these are multibillion-dollar projects. They're extremely complicated, expensive. They take a really long time. And, you know, we've— we haven't seen a tech giant in a courtroom battle against an East Coast private equity firm that's like, what the fuck? What do you mean you're pulling out? What do you mean you're not using the data? What do you mean you don't care? Like, we've never seen it. I have to believe this is going to happen at some point. Not all of this compute and all of these data centers are going to turn out to be good projects. It's just there's not really a— there are laws, on the books, but there's not really a practical roadmap for what these things look like should they come undone.
Bill Ackman — The Compound and Friends · Treasury yields break out, how to invest with Bill Ackman, Workday rumors, off-balance sheet madness · 2026-08-18no, I mean, it's fascinating. I mean, it is one of the biggest capital markets events of, you know, our lifetimes, really. Uh, it's just, I mean, we've seen massive kind of CapEx booms before, like the railways in the 19th century is like the classic parallel that people draw. Transformative technology, very expensive to build. Um, what's unusual, of course, you know, railways back in the day used to be almost like venture capital ideas, right? They were very sort of VC-ish. Today it's like major large money machines that are doing it. So Google, Alphabet makes lots of money, Meta Google makes lots of money, Amazon makes lots of money. Uh, and for a long time, the money they were pouring into data centers, you know, they could just fund it from their free cash flow. You know, Google search, Amazon, Facebook itself just, you know, prints money, so it's easy. But the scale is just becoming so massive that they've increasingly turned to the debt markets. Uh, as we now see, there are actually some signs of indigestion, like the sheer scale of the bond sales. Talking multiple hundreds of billions of dollars both last year and already this year. We've already smashed last year's record for the hyperscalers' bond sales. Uh, and they're getting more creative. And look, creativity in finance can be a good thing. I find a lot of this stuff fascinating, but it can also be quite dangerous, as you know, Jack. And, you know, first it was structuring some of the bonds as leases. So essentially, like, let's say, take a great example. Meta is building a huge data center in Louisiana called Hyperion. And rather than just pay squillions to build it, they're essentially sort of— they're only investing 20%, they're buying 20% of it, but they are guaranteeing that they will lease that data center for 20 years. So, and the lease payments are essentially— will cover the cost of that company itself, like a JV with Blue Owl. and they'll sell those bonds to other investors. But, you know, so it's off balance sheet. It's not— doesn't come up as, as a, as a bond or a debt or a loan for Meta. But of course, it's on the hook for paying this lease for 20 years. And this, you know, has inspired a lot of the other hyperscalers.
Robin Wigglesworth — Monetary Matters with Jack Farley · Robin Wigglesworth on Hyperscalers' 1.5 Trillion of Off-Balance Sheet Liabilities, Private Credit, and His Book "A Fabulous Debt" · 2026-08-16is Blue Owl going to take advantage of their private credit?
Jim Cramer — Squawk on the Street · 9am Hour: Cisco CEO Chuck Robbins, PPI Print, Tapestry Tanks 8/13/26 · 2026-08-13Is Blue Owl going to take a piece of private credit?
Jim Cramer — Squawk on the Street · 9am Hour: Cisco CEO Chuck Robbins, PPI Print, Tapestry Tanks 8/13/26 · 2026-08-13