Overview
- Blue Owl told investors on its first‑quarter earnings call that it made about 10 times its money on SpaceX, selling roughly half its stake at a $1.25 trillion implied valuation and keeping the rest.
- Shares of Blue Owl rose about 10% in trading after the disclosure during the call.
- Executives said the SpaceX gains could help cover losses if some software borrowers default, while noting loan‑to‑value ratios have weakened but still leave a large cushion before losses hit.
- The firm reported a solid quarter with fee‑related earnings and assets under management rising, and it guided to a fee‑related earnings margin of about 58.5% for the year.
- Blue Owl first lent to SpaceX and later joined an equity investment, showing how private‑credit lenders can turn lending relationships into equity upside.