Blue Owl Capital is having its moment. The private credit firm just caught headlines with a 10X return on its SpaceX loan exposure, sending shares up 15% in recent sessions. When alternative asset managers start making venture capital-sized returns, it's worth paying attention — especially when the premium is this rich.
The $8.50 put expiring May 29th offers $0.27 in premium for taking on Blue Owl at a 4.3% discount to current levels. That's a 3.17% yield for 29 days of risk, translating to roughly 39% annualized. The elevated 45% implied volatility reflects the market's uncertainty about whether this SpaceX win signals broader portfolio strength or was just a lucky moonshot.
Blue Owl operates in the intersection of private credit and alternative investments — sectors that have seen massive inflows but increasing competition. The firm's zero profit margin raises eyebrows, though that's partly a function of fee-heavy business models and aggressive growth investments. With assets under management growing and institutional appetite for private credit still strong, the company sits in a favorable macro environment.
The technical picture shows some weakness, with shares trading well below both the 50-day ($9.51) and 200-day ($14.81) moving averages. But sometimes the best put sales happen when stocks are oversold relative to improving fundamentals. The -0.333 delta means we're getting paid decent premium for a strike that's 4.3% out-of-the-money.
Whether Blue Owl can replicate its SpaceX success across the broader portfolio will determine if this recent momentum sustains through spring.
Today's Atlas Trades
TWLO — Short Put
- Strike: $132.0
- Expiration: 2026-05-29
- Premium: $4.06
- Stock Price: $140.91
- IV: 51.3%
- Delta: -0.293
- DTE: 29
RBLX — Short Put
- Strike: $53.0
- Expiration: 2026-05-29
- Premium: $1.68
- Stock Price: $56.28
- IV: 50.6%
- Delta: -0.304
- DTE: 29
GEHC — Short Put
- Strike: $55.0
- Expiration: 2026-05-29
- Premium: $1.51
- Stock Price: $59.48
- IV: 51.9%
- Delta: -0.265
- DTE: 29
AEM — Short Put
- Strike: $175.0
- Expiration: 2026-05-29
- Premium: $5.97
- Stock Price: $183.56
- IV: 49.0%
- Delta: -0.331
- DTE: 29
OWL — Short Put
- Strike: $8.5
- Expiration: 2026-05-29
- Premium: $0.27
- Stock Price: $8.88
- IV: 45.1%
- Delta: -0.333
- DTE: 29
ROKU — Short Put
- Strike: $107.0
- Expiration: 2026-05-29
- Premium: $3.04
- Stock Price: $112.62
- IV: 44.7%
- Delta: -0.311
- DTE: 29
TEVA — Short Put
- Strike: $34.0
- Expiration: 2026-05-29
- Premium: $1.13
- Stock Price: $35.38
- IV: 45.5%
- Delta: -0.346
- DTE: 29
MT — Short Put
- Strike: $51.0
- Expiration: 2026-05-29
- Premium: $1.43
- Stock Price: $55.92
- IV: 56.4%
- Delta: -0.249
- DTE: 29
VLO — Short Put
- Strike: $240.0
- Expiration: 2026-05-29
- Premium: $6.78
- Stock Price: $251.30
- IV: 42.9%
- Delta: -0.321
- DTE: 29
AEO — Short Put
- Strike: $16.5
- Expiration: 2026-05-29
- Premium: $0.57
- Stock Price: $17.12
- IV: 46.0%
- Delta: -0.355
- DTE: 29
SIRI — Short Put
- Strike: $26.0
- Expiration: 2026-05-29
- Premium: $0.79
- Stock Price: $26.76
- IV: 39.3%
- Delta: -0.366
- DTE: 29
IOT — Short Put
- Strike: $27.0
- Expiration: 2026-05-29
- Premium: $0.88
- Stock Price: $29.37
- IV: 58.7%
- Delta: -0.271
- DTE: 29