Money Stuff: The Podcast · Friday, August 14, 2026
Boaz Weinstein of SABA Capital Management explains his tender offer to buy shares of Blue Owl BDCs at a significant discount to net asset value. He clarifies that the strategy is not trolling but a comprehensive approach involving tender offers, potentially hedging, and leveraging his expertise in closed-end fund activism.
“So like what's the trade here? Like are you like going in the book and like doing detailed credit work and being like we think this stuff is worth seventy five cents on the dollar, so we'll pay sixty five. Are you hedging the credit? Are you trolling? Are you what's the sort of basic trade here?”
“Why, Matt, do you assume it's not all the above?”
“Again, we have a few ready to go. We started with two, so there was you mentioned one of them. The other is Starwood s read Starwood when b Reid had its problems, and b Read being an interval fund that a few years ago had very high redemptions and was able to actually cure this problem because it was somewhat in isolation. It was b read and s Read in part because of the rise and interest rates and the real estate portfolio is suffering.”