Episode summary
A Blue Owl-Linked Structured Note Is Now Worth Just 47 Cents | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 34 min · Hosts: Carol Massar, Tim Stenovec · Guests: Olivia Fishlow, Dylan Field, Kate Gulliver, Matthew O’Neill, Perri Peltz
Summary
A Blue Owl-linked structured note was quoted at just 47 cents on the dollar after the manager restricted withdrawals from one of its retail-focused private credit funds, a move that renewed concern about liquidity in the $1.8 trillion private credit market. Olivia Fishlo said Blue Owl had sold about 34% of the portfolio so far, but still had a long way to go to make investors whole, underscoring the gap between retail-style liquidity promises and illiquid underlying loans.
The episode also heard from Dylan Field, who argued Figma’s business is benefiting from AI rather than being threatened by it. He said Figma posted 304 million in revenue last quarter, grew year over year by 40%, and saw more than 75% of paid customers over $10K in ARR using AI credits weekly by Q4. He framed Figma as a platform that links design, prompting, and working applications.
Kate Gulliver of Wayfair described a consumer environment that remains mixed but still supportive of share gains. She said the company exited the year at 7% revenue growth, expects mid-single-digit growth in Q1, and is testing smaller-format stores while using AI to personalize shopping and improve discovery.
Key takeaways
- Olivia Fishlo said Blue Owl has sold around 34% of the affected portfolio, but investors still face uncertainty about how quickly they can get cash back.
- The Blue Owl withdrawal halt renewed concern that retail private-credit vehicles can promise liquidity while holding illiquid loans.
- Dylan Field said Figma’s AI usage is broadening, with more than 75% of paid customers over $10K in ARR consuming AI credits weekly in Q4.
- Field argued that Figma benefits as AI improves because design is subjective and not easily automated, unlike code.
- Kate Gulliver said Wayfair exited the year at 7% revenue growth and expects mid-single-digit revenue growth in Q1 despite category weakness.
Notable quotes
“these are retail vehicles, but they house illquid private credit loans, right”
“as of now, they've sold around 34% of the portfolio. So, they still have a ways to go”
“we feel really good about the guide the you know mid-s single digits uh revenue growth and improved adjusted IBATA throughout the the quarter”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. — This is Bloomberg Business Week Daily, reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy. Plus, global business, finance, and tech news as it happens. The Bloomberg Business Week Daily podcast with Carol Masser and Tim Stenc on Bloomberg radio.
We are watching shares of Figma. They're up nearly 8% at its intraday high today. They were up even higher last night in the aftermarket.
This is after the company came out with its latest quarterly update. So the stock rallying after the design and product development platform. It's a creative software maker.
They do a lot of interesting stuff. They gave an annual revenue outlook that topped estimates. though kind of ease some of the Wall Street anxiety that's been out there that the business is threatened by the emergence of rival artificial uh intelligence products.
And if you're not familiar, I mean, they do some really interesting stuff.
Yeah, they got a cloud-based design prototyping tool. It's largely used for creating UI and user experience for websites and mobile apps. The stock so far this year down about 34% 8% of the float is shorted. Goldman, Morgan Stanley, Carol, RBC, Steifel, JP Morgan, Wells Fargo, just a few though. They've lowered their price targets on the stock today. The stock uh down about 80% from its IPO. That was last July.
Investors don't care though. We see the stock definitely ringing in today's session. All right, let's get to it. Um with more on the quarter, the outlook of the company. Joining us from San Francisco is Dylan Field. He's co-founder, CEO, and president of Figma. Hey, Dylan. So good to have you here with Tim and myself.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- structured notes
- private credit
- blue owl liquidity
- banking credit markets
- consumer demand
Companies and tickers mentioned
- C
- JPM
- BNS
- W
- Blue Owl Capital Inc.
- Citigroup Inc.
- JPMorgan Chase & Co.
- Bank of Nova Scotia
- Wayfair
- Figma
- Anthropic
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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