Tim Travis on Private Credit $OWL $OBDC and $MSDL; Energy $DVN, $OXY and $EPD; and $AGO | S08 E10
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We're live. This is Value After Hours. I'm Tobias Carlisle. Jake is on vacation, so it's just Tim Travis, special guest, and me will be cohost, special guest. How are you, Tim? Good to see you again.
I'm doing well. So happy to be here, Toby. Thanks for having me.
Tim is founder, manager of TNT Capital. He's got expertise in financials and private credit. And so that's what we're gonna be talking about a lot today plus other things in value generally, maybe some options discussion. That sound good?
Sure. Sounds great. Yeah. It's a lot it's a crazy time. A lot of interesting and dire headlines, so it's a good good time to chat for sure.
Well, let's let's start let's start with private credit because that's there's a lot of headlines about the how bad private credit is. What's your what's your view?
So I think there's a lot of misunderstanding. So private credit is very broad. I mean, basically, what these funds are, they're basically bond funds. And so it's private loans to to companies of different sizes, different different of the BDCs have different size kind of requirements or size targets that they have. And they're for the most part, most of these, like, publicly traded larger cap BDCs are are really dealing with first lien loans. Okay? So, like, 90% or higher are are first lien adjustable rate loans. And, you know, there's some confusion because you have the publicly traded busine
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