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Blue Owl
The Wisdom of Technology Lending: 3 Insights into how Blue Owl Transformed its Debt Portfolio in 2023.
- Total Value of Debt Investments
- $2.1billion
- Loans Outstanding
- 95
- Weighted average total yield of portfolio
- 11.9%
Software, Software, Software.
Blue Owl has significantly increased its software exposure over the last 12 months. Issuing over $700m of loans to software companies in the last 12 months.
Leaders in Technology Transaction Financing.
Blue Owl's lending has predominantly supported Private Equity transactions. Companies which account for 8 out of the Top 10 loans being involved in an acquisition or merger in the last 24 months. A number of these companies were also taken private.
Blue Owl has been notably successful at partnering with Thoma Bravo. Three of the top 10 loans are companies backed by Thoma Bravo (Sailpoint, Anaplan and Grayshift).
| Company | Sector | Maturity Date | Interest | Principal | Value | PIK | |
|---|---|---|---|---|---|---|---|
| 1 | Circana Group, L.P. | Software | Dec 28 | 1 month SOFR + 6.25% | 143,618 | 141,822 | 2.75% |
| 2 | SailPoint Technologies Holdings, Inc. | Software | Aug 29 | 1 month SOFR + 6.25% | 114,100 | 112,674 | - |
| 3 | BCPE Watson | Industrials | Jul 28 | 6 month SOFR + 6.50% | 100,000 | 99,500 | - |
| 4 | Anaplan, Inc. | Software | Jun 29 | 1 month SOFR + 6.50% | 90,055 | 90,054 | - |
| 5 | Kaseya Inc. | IT & Profession... | Jun 29 | 1 month SOFR + 6.25% | 66,900 | 66,733 | 2.75% |
| 6 | SimpliSafe Holding Corporation | Industrials | May 28 | 1 month SOFR + 6.25% | 61,111 | 60,653 | - |
| 7 | Barracuda Networks, Inc. | Software | Aug 29 | 3 month SOFR + 4.50% | 60,236 | 58,026 | - |
| 8 | Zendesk, Inc. | Software | Nov 28 | 3 month SOFR + 6.50% | 59,046 | 58,012 | 3.50% |
| 9 | Barracuda Networks, Inc. | Software | Aug 30 | 3 month SOFR + 7.00% | 55,875 | 53,499 | - |
| 10 | Fullsteam Operations, LLC | Software | May 24 | 3 Month SOFR + 7.50% | 52,313 | 52,836 | 3.00% |
| Company | Sector | Principal | Value | |
|---|---|---|---|---|
| 1 | Circana Group, L.P. | Software | 144,343 | 142,434 |
| 2 | SailPoint Technologies Holdings, Inc. | Software | 114,100 | 112,674 |
| 3 | Barracuda Networks, Inc. | Software | 116,111 | 111,525 |
| 4 | BCPE Watson | Industrials | 100,000 | 99,500 |
| 5 | Anaplan, Inc. | Software | 90,055 | 90,054 |
| 6 | Kaseya Inc. | IT & Profession... | 68,160 | 67,981 |
| 7 | SimpliSafe Holding Corporation | Industrials | 61,111 | 60,653 |
| 8 | Zendesk, Inc. | Software | 59,046 | 58,012 |
| 9 | Inovalon Holdings, Inc. | Health Care & L... | 56,073 | 55,414 |
| 10 | Fullsteam Operations, LLC | Software | 52,313 | 52,836 |
| Company | Sector | Maturity Date | Interest | Principal | Value | PIK | |
|---|---|---|---|---|---|---|---|
| 1 | GI Ranger Intermediate, LLC | Health Care & L... | Oct 23 | 3 Month SOFR + 6.00% | 2,382 | 2,283 | - |
| 2 | Ministry Brands Holdings, LLC | Financial Servi... | Dec 23 | 1 month SOFR + 5.50% | 712 | 648 | - |
| 3 | Smarsh Inc. | Financial Servi... | Feb 24 | 6 Month SOFR + 6.50% | 3,333 | 3,317 | - |
| 4 | Certify, Inc. | Software | Feb 24 | 1 month SOFR + 5.50% | 11,408 | 11,408 | - |
| 5 | Fullsteam Operations, LLC | Software | May 24 | 3 Month SOFR + 7.50% | 52,313 | 52,836 | 3.00% |
| 6 | Iconic IMO Merger Sub, Inc. | Health Care & L... | May 24 | 6 Month SOFR + 6.00% | 1,337 | 1,327 | - |
| 7 | Kaseya Inc. | IT & Profession... | Jun 24 | 1 month SOFR + 5.75% | 247 | 246 | - |
| 8 | Hyland Software, Inc. | Health Care & L... | Jul 24 | 1 month LIBOR + 3.50% | 15,432 | 15,293 | - |
| 9 | AmeriLife Holdings LLC | Financial Servi... | Sep 24 | 6 Month SOFR + 5.75% | 3,015 | 2,985 | - |
| 10 | BTRS Holdings Inc. | Financial Servi... | Dec 24 | 3 Month SOFR + 8.00% | 47 | 43 | - |
Blue Owl wisdom benefits from rising interest rates.
Blue Owl has benefitted from rising rates and has been able to pass on rate increases to ~80% of its loans. As a result, Blue Owl's loan book earns ~3% more interest YoY.
Blue Owl