NEW YORK, March 13, 2026, 11:52 EDT
Blue Owl Capital climbed roughly 2.2% to $8.80 during late-morning trading in New York on Friday. Shares of Ares advanced 4.6%, while Blackstone tacked on 4.1%. The moves signaled fresh momentum for alternative-asset managers.
Blue Owl has become something of a gauge for the private credit sector—the world of lending that bypasses banks. Investors are questioning if managers’ marks on private loans will stick in a softer market, particularly where portfolios lean on software deals and liquidity is getting squeezed. Reuters
The uncertainty intensified this week. After a look at software-induced volatility, JPMorgan cut values on certain loans linked to private-credit funds. Glendon Capital, referencing materials seen by the Financial Times and reported by Reuters on Thursday, accused Blue Owl and others of downplaying portfolio losses. Reuters
Morgan Stanley tightened withdrawal limits on a private-credit fund after redemption requests climbed to almost 11% of outstanding shares. The bank said the move was aimed at sidestepping asset sales in “periods of market dislocation.” 1330 101.5 WHBL
Investors aren’t hiding their doubts in listed funds. Publicly traded BDCs — business development companies offering retail access to private loans — are fetching just 78 cents per dollar of reported assets on average, Reuters said, quoting Morningstar. That’s a slide from 85 cents at the year’s open. Blue Owl Technology Finance stood out in Raymond James data released this week: trading at only 68 cents on the dollar. Reuters
Jack Shannon at Morningstar sees investors acting as if the sector’s “best days are behind it,” after years of quick expansion turned up the heat on competition. According to Evercore ISI’s Glenn Schorr, those discounts show just how much the market worries about recession risk and the prospect of more loan losses. Reuters
Blue Owl hasn’t stayed silent. According to Bloomberg, Co-President Craig Packer assured investors that those snapping up the firm’s $1.4 billion loan did so independently—no backroom deals, no extra perks, just standard due diligence. Bloomberg.com
The February sale remains a defining moment for the stock. Blue Owl moved $1.4 billion in loans out of three credit vehicles, aiming to return money to investors and bring down debt. At the time, Packer told analysts, “We’re not halting redemptions, we are simply changing the method by which we’re providing redemptions.” Blue Owl said the loans were sold at 99.7% of par—essentially full value. Reuters
One strong session hardly puts the debate to rest. Private credit has ballooned into a $2 trillion market, yet every fresh markdown, argument over asset values, or redemption limit chips away at investor faith in manager-reported numbers. Reuters
Blue Owl, headquartered in New York, oversaw upwards of $300 billion in assets at the end of December. Shares swung from $8.46 to $8.91 on Friday—buyers stepped in, though the action stayed measured. Reuters
