Special Assets, Associate

Role Overview

The Special Assets Associate will support the management of stressed and underperforming credit investments by re‑underwriting actionable credits, assessing liquidity and drivers of underperformance, and evaluating restructuring, amendment, waiver, and recovery alternatives.

• Help manage a portfolio of stressed and underperforming credits, tracking performance, key risks, and next‑step action plans.
• Re‑underwrite actionable credits with a focus on liquidity, drivers of underperformance, corrective measures, and prospects for recovery.
• Build and maintain financial analyses and models to evaluate restructuring, amendment, waiver, and recovery alternatives (including scenario and downside cases).
• Support the development and execution of strategies to maximize recoveries, including performance improvement and value creation initiatives for owned portfolio companies.
• Participate in negotiations with key constituencies (financial sponsors, management teams, bank group members, and other lenders across the capital structure) to advance restructuring and documentation outcomes.
• Draft and coordinate restructuring, amendment, and waiver materials (including internal memos and periodic portfolio updates) for deal teams and investment committee review.
• Contribute to deal team discussions and investment committee presentations by synthesizing key credit issues, options, and recommended paths forward.
• Provide analytical and process support to senior team members as needed, including ad‑hoc diligence requests and cross‑team initiatives.

• Bachelor's degree, preferably in Finance, Accounting, or a related financial discipline, with an outstanding record of academic achievement.
• 2–5 years of relevant experience in credit workouts/restructuring, leveraged finance, direct lending, private credit, or investment banking with demonstrable distressed/stressed credit exposure.
• Excellent written and verbal communication skills, with the ability to synthesize complex situations into clear memos, updates, and presentation materials.
• Strong analytical skills and sound judgment; able to prioritize, self‑direct, and drive work streams forward in fast‑moving situations.
• Collaborative, detail‑oriented, and proactive in identifying issues and driving practical solutions.
• Strong accounting and corporate finance fundamentals; advanced Excel modeling skills (liquidity analysis, scenario/downside cases, recovery and debt waterfall analysis).
• Experience reviewing and/or building short‑term liquidity forecasts (e.g., 13‑week cash flow) and monitoring covenant compliance is a plus.

The base annual salary range for this New York‑based position is $125,000 to $175,000. Employees may be eligible for a discretionary bonus, based on individual and team performance.

Benefits include Health, Dental and Vision insurance, 401(k), Healthcare and Dependent Care Flexible Spending Account, Short‑Term Disability insurance, Long‑Term Disability Insurance, Family Planning Support, Paid Time Off, and Leave of Absences. All benefits are subject to the terms and conditions of the Company’s plans and policies.

Blue Owl is proud to be an Equal Opportunity Employer. We evaluate qualified applicants without regard to race, color, national origin, religion, sex, sexual orientation, gender identity, disability, protected veteran status, and other statuses protected by law.