The Acquirers Podcast Tim Travis on Private Credit $OWL $OBDC and $MSDL; Energy $DVN, $OXY and $EPD; and $AGO | S08 E10
15 snips
Mar 19, 2026 Tim Travis, founder of T&T Capital and deep value investor, discusses private credit structures and why headlines overstate risks. He contrasts asset managers versus BDCs and explains buying BDCs at wide NAV discounts. Tim covers energy names like Devon and Occidental and highlights MLPs and pipelines for defensive yield. He also walks through cash‑secured puts and option strategies for conservative entries.
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Private Credit Panic Is Mostly Headline Driven
- Private credit is a broad market largely made up of first‑lien adjustable‑rate loans rather than exotic or unsecured paper.
- Tim Travis explains headline panic came from a few bank‑syndicated bankruptcies and software selloffs, not systemic private credit failures.
Asset Managers Are Insulated From Loan Losses
- Asset managers like Blue Owl earn primarily permanent capital fees, insulating the asset manager from direct loan losses.
- Tim notes OWL collects ~85% of fees from locked up capital and trades cheaply on distributable earnings with high dividend yields.
Push Managers To Buy Back Stock At Large NAV Discounts
- Advocate for long‑term capital management and buybacks when BDCs trade well below NAV to capture outsized returns.
- Tim points to funds restricting redemptions and selling loans to manage liquidity mismatches; buybacks would align managers with shareholders.
