Blue Owl Capital (OWL) Fireside Chat summary

Introduction and agenda

• The session is part of a limited series leading up to investor day, featuring Ivan Zinn, head of Alternative Credit and founder of Atalaya, discussing the evolution and current state of the alternative credit business.

Background and experience of the speaker

• Ivan Zinn began private credit investing in 2002, pioneering in a then-undefined market, and founded Atalaya in 2006.

• Atalaya survived the 2008 financial crisis by opportunistically buying distressed assets and focusing on less trafficked asset classes.

• The business has grown to $10 billion, with a focus on asset-based and alternative credit.

Current industry trends

• Private alternative credit is still in early innings, with significant growth potential as banks retrench and private capital fills the gap.

• The market has shifted from small, opportunistic deals to larger, billion-dollar transactions, enabled by technology and new capital sources.

• Asset-based finance now includes financial, hard, soft, and alternative residential assets, with a focus on Main Street financing.

• The unitranche structure and one-stop solutions are increasingly in demand, mirroring trends in direct lending.