The 'Blue Owl' In The Private Credit Coal Mine

RiskReversal Pod

RiskReversal Media

Business News, News, Investing, Business

4.7 • 836 Ratings

🗓️ 23 February 2026

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

Dan Nathan and Guy Adami are joined by Jen Saarbach and Kristen Kelly of The Wall Street Skinny to discuss two major developing market stories ahead of meeting in Miami for the iConnections Global Alts conference. The first topic is stress in private credit, centered on Blue Owl’s retail-focused semi-liquid vehicle (Blue Owl Capital Corp II) facing heavy redemptions and gating, highlighting the liquidity mismatch between retail redemption needs and long-dated loan assets. They contrast the gated evergreen structure with Blue Owl’s publicly traded BDC that was trading roughly 20% below NAV, discuss Blue Owl’s reported loan sales near NAV, and explore why the issue is pressuring related stocks like Blue Owl and Blackstone despite an S&P 500 that appears indifferent. The group connects the private credit conversation to how AI/data center buildouts are financed, including references to Meta-related structures and concerns about CoreWeave’s ability to raise capital for data center obligations, and notes that credit markets often reprice quickly only after complacency breaks. The second topic is prediction markets, focusing on Kalshi and its partnership with Tradeweb to publish analytics and potentially enable institutional trading of binary outcomes on events like Fed decisions and macro data, raising questions about democratized access, liquidity constraints, regulatory gaps, spoofing, and the role of insider information, along with implications for politics and whether more information is always better. Show Notes 1 big thing: Trump's huge tariff loss (Axios) Blue Owl permanently halts redemptions at private credit fund aimed at retail investors (FT) Wall Street Bond-Trading Hub Tradeweb Strikes Deal With Kalshi (Bloomberg) Exclusive: Supreme Court tariff ruling makes over $175 billion in US revenue subject to refunds, Penn-Wharton estimates (Reuters) —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Transcript

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0:00.0	Balance your trading strategy by adding futures. CME group helps you manage risk and capture opportunities in all market environments.
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0:16.9	Just visit your online broker and get started.
0:19.7	Plug into valuable educational materials and trading tools and see what adding futures can do for you at cMEgroup.com slash on the tape.
0:31.3	IConnections is the largest membership only platform for the alternative investment industry.
0:35.4	Bringing together thousands of fund managers and allocators and one powerful hub. IConnections re-images how the industry connects through
0:40.9	its digital offerings and premier in-person events, empowering allocators and managers to meet, build
0:45.4	relationships and do business anytime, anywhere. To explore more about IConnections, its events
0:50.0	and gain access to the members-only platform, visit iConnections.io.
0:59.7	Welcome to the Risk Reversal Podcast.
1:02.2	I am Dan Nathan. That is Guy Adami.
1:03.4	Hello, Dan.
1:07.0	Hi, we have a special Monday edition of the Risk Reversal Podcast.
1:08.6	If it's Monday, it's what guy?
1:31.1	Well, we call it, he said, she said. That's, of course, with Jen Sarbach and Kristen Kelly of the Wall Street Skinny. I, I don't know because I lose track, but this may in fact be the sixth installment of the aforementioned. You, you're a math guy. You love keeping tabs on stuff like that. It might be the six. It might be the seven. Who knows? Okay. You see what I did there. Okay.
1:31.1	No, actually I didn't.
1:32.4	I pretended not to see it.
1:33.8	And what we do with the he said, she said, we're going to hit two topics and we're going to go really have a great conversation.
1:38.7	They're going to explain a lot to us what's going on with Blue Owl, private credit, retail exposure, putting the gates up.
1:45.0	That seems to be the big story of the week.
1:47.6	You and I have been talking about. going on with Blue Owl, private credit, retail exposure, putting the gates up. That seems to be
1:45.7	the big story of the week. You and I have been talking about it. They're going to make us
	...

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