Money Stuff: The Podcast Boaz Weinstein
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Mar 19, 2026 
Boaz Weinstein, founder of Saba Capital and veteran credit and derivatives investor. He explains tenders for OBDC II and SREIT and why he prepared them before headlines. He dives into liquidity mismatches in private credit, manager incentives around buybacks and NAVs, volatility laundering, and the mechanics and limits of semi-liquid fund activism.
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Liquidity Mismatch Drives Reflexive Runs
- Retail investors often misunderstand liquidity mismatch in private-credit retail vehicles.
- Boaz explains interval funds/BDCs promise limited quarterly redemptions but underlying loans can force multi-year waits and reflexive selling that deepens NAV declines.
Tenders Were Ready Before Blue Owl Blew Up
- Saba prepared tenders for Starwood and a Blue Owl vehicle before the Blue Owl story exploded.
- Boaz recounts learning of a $20–30m block of SREIT redemptions from RIAs and acting to provide liquidity.
Question Sales Commissions On Retail Private Credit
- Disclose and question sales incentives when evaluating retail private-credit products.
- Boaz urges checking what advisors were paid and warns large commissions likely drove mis-selling into illiquid interval funds and BDCs.
