Blue Owl Capital Inc DEF 14A, filed Apr 17, 2026

Blue Owl Capital Inc. (OWL)

DEF 14A 2026-04-17 For: 2026-06-04

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Added on June 12, 2026

About this DEF 14A

Blue Owl Capital Inc filed this DEF 14A on April 17, 2026.

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TIME	9:30 a.m. Eastern Time
VIRTUAL MEETING DETAILS	www.virtualshareholdermeeting.com/OWL2026
ITEMS OF BUSINESS	(1)	To elect the existing Class II Directors for three-year terms expiring at the 2029 Annual Meeting of Stockholders once their respective successors have been duly elected and qualified or until their earlier resignation or removal (Proposal 1).
	(2)	To ratify the appointment of KPMG as our independent registered public accounting firm for our 2026 fiscal year (Proposal 2).
	(3)	To transact such other business as may properly be brought before the Annual Meeting or any adjournment or postponement thereof.
RECORD DATE	You are entitled to vote only if you were a stockholder of record at the close of business on April 6, 2026.
PROXY VOTING	It is important that your shares be represented and voted at the Annual Meeting. Whether or not you plan to attend the Annual Meeting, we urge you to vote online at www.proxyvote.com or via telephone by calling (800) 690-6903, or to complete and return a proxy card (no postage is required).


			Page
LETTER TO STOCKHOLDERS FROM OUR CHAIRMAN OF THE BOARD			2
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS			3
SELECTED DEFINITIONS			5
PROPOSAL 1: ELECTION OF DIRECTORS			11
CORPORATE GOVERNANCE AND OTHER BOARD INFORMATION			16
EXECUTIVE OFFICERS			21
COMPENSATION DISCUSSION AND ANALYSIS			24
COMPENSATION OF OUR DIRECTORS			37
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT			38
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS			43
PROPOSAL 2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			51
PRINCIPAL ACCOUNTANT FEES AND SERVICES			52
AUDIT COMMITTEE REPORT			53


STOCKHOLDER NOMINATIONS AND PROPOSALS FOR THE 202 7 ANNUAL MEETING			54
ANNUAL REPORT AVAILABLE			55
HOUSEHOLDING OF PROXY MATERIALS			56
COST OF PROXY STATEMENT			57
OTHER MATTERS			58


Annual Report						Refers to our annual report for the year ended December 31, 2025, filed with the SEC on Form 10-K on February 19, 2026.







our BDCs						Refers to the business development companies (“BDCs”) we manage, as regulated under the Investment Company Act of 1940, as amended: Blue Owl Capital Corporation (NYSE: OBDC), Blue Owl Capital Corporation II, Blue Owl Technology Finance Corp. (NYSE: OTF), Blue Owl Credit Income Corp., Blue Owl Technology Income Corp., until January 13, 2025, Blue Owl Capital Corporation III and, until March 24, 2025, Blue Owl Technology Finance Corp. II.

Blue Owl						Refers to Blue Owl Capital Inc.





Blue Owl Credit Advisers						Refers to Blue Owl Credit Advisors LLC, Blue Owl Credit Private Fund Advisors LLC, Blue Owl Diversified Credit Advisors LLC, Blue Owl Technology Credit Advisors LLC, Blue Owl Technology Credit Advisors II LLC, Blue Owl Strategic Equity Advisors LLC and Blue Owl Strategic Equity Partners Advisors LLC, each of which is registered as an investment adviser with the SEC.

Blue Owl GP						Refers collectively to Blue Owl Capital GP Holdings LLC, Blue Owl Capital GP LLC, and certain other directly or indirectly wholly owned subsidiaries of Blue Owl that hold Blue Owl’s interests in Blue Owl Holdings.

Blue Owl Holdings						Refers to Blue Owl Capital Holdings LP.

Blue Owl Holdings Limited Partnership Agreement						Refers to the limited partnership agreement of Blue Owl Holdings.





Business Combination						Refers to the transactions contemplated by the business combination agreement dated as of December 23, 2020 (as the same has been or may be amended, modified, supplemented or waived from time to time), by and among Altimar Acquisition Corporation, Owl Rock Capital Group LLC, Owl Rock Capital Feeder LLC, Owl Rock Capital Partners LP and Neuberger Berman Group LLC, which transactions were completed on May 19, 2021.

Class A Shares						Refers to the Class A common stock, par value $0.0001 per share, of Blue Owl.

Class B Shares						Refers to the Class B common stock, par value $0.0001 per share, of Blue Owl.

Class C Shares						Refers to the Class C common stock, par value $0.0001 per share, of Blue Owl.

Class D Shares						Refers to the Class D common stock, par value $0.0001 per share, of Blue Owl.



the Company, the firm, we, us, and our						Refers to Blue Owl and its consolidated subsidiaries.

Credit						Refers to our Credit platform that includes (i) our direct lending strategy, which offers private credit solutions to primarily upper-middle-market companies through differentiated access points; (ii) alternative credit, which targets credit-oriented investments in markets underserved by traditional lenders or the broader capital markets, with deep expertise investing across specialty finance, private corporate credit and equipment leasing; (iii) investment grade credit, which focuses on generating capital-efficient investment income through asset-backed finance, private corporate credit, and structured products; and (iv) liquid credit, which focuses on the management of CLOs. Our Credit platform also includes our other adjacent investment strategies (e.g., strategic equity and healthcare opportunities).

Financial Statements						Refers to our consolidated financial statements included in our Annual Report.

GAAP						Refers to U.S. generally accepted accounting principles.

GP Strategic Capital						Refers to our GP Strategic Capital platform that primarily focuses on acquiring equity stakes in, and providing debt financing to, large, multi-product private equity and private credit firms through two investment strategies: GP minority stakes and GP debt financing, and also includes our professional sports minority stakes strategy.

Internal Reorganization						Refers to the internal reorganization that occurred on April 1, 2025, pursuant to which, among other things, Blue Owl Capital Carry LP became a wholly owned subsidiary of Blue Owl Holdings.

Neuberger						Refers to Neuberger Berman Group LLC, a Delaware limited liability company.

NYSE						Refers to the New York Stock Exchange.


Oak Street						Refers to the investment advisory business of Oak Street Real Estate Capital, LLC, now, Blue Owl Real Estate Capital LLC that was acquired in the Oak Street Acquisition.

Oak Street Acquisition						Refers to the acquisition of Oak Street completed on December 29, 2021.

our products						Refers to the products that we manage, including our Regulated Products, private funds, insurance solutions offerings, CLOs and other securitizations, managed accounts and real estate investment trusts (“REITs”).

Owl Rock						Refers collectively to the combined businesses of Blue Owl Capital Group LLC (f/k/a Owl Rock Capital Group LLC) and Blue Owl Securities LLC (f/k/a Owl Rock Capital Securities LLC), which was the predecessor of Blue Owl for accounting and financial reporting purposes.

OWLCX						Refers to Blue Owl Alternative Credit Fund, a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended that is operated as an “interval fund.”



Principals						Refers to our founders and senior members of management who hold, or in the future may hold, Class B Shares and Class D Shares. Class B Shares and Class D Shares collectively represent 80% of the total voting power of all shares.

Real Assets						Refers, unless context indicates otherwise, to our Real Assets platform that includes our net lease strategy, which focuses on acquiring net-leased real estate occupied by investment grade and creditworthy tenants; real estate credit, which offers a diverse range of competitive financing solutions; and digital infrastructure, which focuses on acquiring, financing, developing, and operating data centers and related digital infrastructure assets.



our Regulated Products						Refers to our BDCs and OWLCX.

SEC						Refers to the U.S. Securities and Exchange Commission.

Tax Receivable Agreement or TRA						Refers to the Second Amended and Restated Tax Receivable Agreement, dated as of April 1, 2025, as may be amended from time to time by and among the Blue Owl, Blue Owl Capital GP LLC, Blue Owl Holdings, Blue Owl Capital Carry LP (solely for purposes of Section 7.18(b) thereof) and each of the Partners (as defined therein) party thereto.


Name	Age	Serving Since	Position
Douglas I. Ostrover	63	May 2021	Chairman of the Board, Co-Chief Executive Officer and Director
Marc S. Lipschultz	57	May 2021	Co-Chief Executive Officer and Director
Alan Kirshenbaum	54	May 2021	Chief Financial Officer

Craig W. Packer	59	May 2021	Co-President and Director
Andrew R. Polland	51	May 2021	Chief Operating Officer
Neena A. Reddy	48	May 2021	Chief Legal Officer, General Counsel and Secretary
Michael D. Rees	51	May 2021	Co-President and Director
Marc Zahr	46	December 2021	Co-President and Director


			Claudia Holz is a certified public accountant in the State of New York. Ms. Holz previously served as an audit partner for KPMG, where she performed and supervised audits of the financial statements and internal controls of public and private companies. During her career at KPMG, she held numerous leadership positions, including serving as partner-in-charge of the New York office investment management audit practice. In September 2017, she retired from KPMG after more than 35 years. She has served on the Audit and Compliance Committee for American Beacon funds since April 2018. In that capacity, she oversees and assesses the performance of the annual audits by the funds’ auditors. She has served on the Board since May 2021 and is the chair of the Company’s audit committee. She earned a BS in Accounting, magna cum laude, from Syracuse University. Ms. Holz’s broad experience in finance, together with her supervisory roles on audits of financial statements and internal controls of public and private companies, position her well to serve on the Board.


			Marc S. Lipschultz is Co-Chief Executive Officer of Blue Owl and a member of the Board. Mr. Lipschultz also serves as a Co-Chief Investment Officer for each of the Blue Owl Credit Advisers. Previously, Mr. Lipschultz co-founded Owl Rock Capital Partners, the predecessor firm to Blue Owl’s Credit platform. Prior to co-founding Owl Rock, Mr. Lipschultz spent more than two decades at KKR, serving on the firm’s Management Committee and as the Global Head of Energy and Infrastructure. Mr. Lipschultz has a wide range of experience in alternative investments, including leadership roles in private credit, private equity, and infrastructure. Prior to joining KKR, he was with Goldman Sachs & Co., where he focused on mergers and acquisitions and principal investment activities. Mr. Lipschultz previously served on the board of the Hess Corporation from December 2016 to July 2025 and is actively involved in a variety of nonprofit organizations, serving as a board member of the American Enterprise Institute for Public Policy Research, Michael J. Fox
Foundation, Mount Sinai Health System, Riverdale Country School, Stanford University Board of Trustees, and 92nd Street Y. Mr. Lipschultz received an MBA with high distinction, Baker Scholar, from Harvard Business School and an AB with honors and distinction, Phi Beta Kappa, from Stanford University. Mr. Lipschultz’s knowledge of and extensive experience in alternative investments, together with his leadership roles in private equity, infrastructure and direct-asset investing, position him well to serve on the Board.


			Michael D. Rees is a Co-President of Blue Owl and a member of the Board. Mr. Rees is also the Head of the GP Strategic Capital platform. Previously, Mr. Rees founded Dyal Capital, the predecessor firm to Blue Owl’s GP Strategic Capital platform. Prior to founding Dyal Capital, Mr. Rees was a founding employee and shareholder of Neuberger Berman Group, transitioning from Lehman Brothers as part of the management buyout transaction in May 2009, and was the first Chief Operating Officer of Neuberger’s alternatives business. Mr. Rees was an employee of Lehman Brothers from April 2001 through May 2009. He had numerous roles at Lehman Brothers and was responsible for strategic acquisitions for the Investment Management Division. From 2003 through 2006, he was Head of Asset Management Strategy. Prior to joining Lehman Brothers, he was an associate at Marakon Associates. Mr. Rees received an MS in Mechanical Engineering and
an MS in Technology Policy from Massachusetts Institute of Technology, and a BS in Mechanical Engineering and a BA in Political Science from the University of Pittsburgh. Mr. Rees currently serves on the Board of Directors of The Feinstein Institutes for Medical Research of Northwell Health. Mr. Rees and the Rees family are proud supporters of the Rees Chancellor Scholarship program at the University of Pittsburgh, his undergraduate alma mater. Mr. Rees’s knowledge of and extensive experience in investment management, leveraged finance and financial services position him well to serve on the Board.


			Douglas I. Ostrover is Co-Chief Executive Officer of Blue Owl and the chairman of the Board. Mr. Ostrover is also the Chief Executive Officer and serves as a Co-Chief Investment Officer for each of the Blue Owl Credit Advisers. Previously, Mr. Ostrover co-founded Owl Rock Capital Partners, the predecessor firm to Blue Owl’s Credit platform. Prior to co-founding Owl Rock, Mr. Ostrover was a founder of GSO Capital Partners (“GSO”), Blackstone’s alternative credit platform, and was a Senior Managing Director at Blackstone until 2015. Prior to co-founding GSO in 2005, Mr. Ostrover was a Managing Director and Chairman of the Leveraged Finance Group of Credit Suisse First Boston (“CSFB”). Prior to his role as Chairman, he was Global Co-Head of CSFB’s Leveraged Finance Group, during which he was responsible for all of CSFB’s origination, distribution, and trading activities relating to high yield securities, leveraged loans, high yield credit
derivatives, and distressed securities. Mr. Ostrover joined CSFB in November 2000 when CSFB acquired Donaldson, Lufkin & Jenrette (“DLJ”), where he was a Managing Director in charge of High Yield and Distressed Sales, Trading and Research. He was a member of DLJ’s high yield team since he joined the firm in 1992. Mr. Ostrover is actively involved in a variety of non-profit organizations including serving on the boards of directors of the Michael J. Fox Foundation, the Mt. Sinai Health System, and the Leadership Council for Memorial Sloan Kettering. He also serves on the investment committee of the Brunswick School. Mr. Ostrover received an MBA from New York University Stern School of Business and a BA in Economics from the University of Pennsylvania.


			Marc S. Lipschultz is Co-Chief Executive Officer of Blue Owl and a member of the Board. Mr. Lipschultz also serves as a Co-Chief Investment Officer for each of the Blue Owl Credit Advisers. Previously, Mr. Lipschultz co-founded Owl Rock Capital Partners, the predecessor firm to Blue Owl’s Credit platform. Prior to co-founding Owl Rock, Mr. Lipschultz spent more than two decades at KKR, serving on the firm’s Management Committee and as the Global Head of Energy and Infrastructure. Mr. Lipschultz has a wide range of experience in alternative investments, including leadership roles in private credit, private equity, and infrastructure. Prior to joining KKR, he was with Goldman Sachs & Co., where he focused on mergers and acquisitions and principal investment activities. Mr. Lipschultz previously served on the board of the Hess Corporation from December 2016 to July 2025 and is actively involved in a variety of nonprofit organizations, serving
as a board member of the American Enterprise Institute for Public Policy Research, Michael J. Fox Foundation, Mount Sinai Health System, Riverdale Country School, Stanford University Board of Trustees, and 92nd Street Y. Mr. Lipschultz received an MBA with high distinction, Baker Scholar, from Harvard Business School and an AB with honors and distinction, Phi Beta Kappa, from Stanford University.


			Alan Kirshenbaum is the Chief Financial Officer of Blue Owl and Co-Chair of the firm’s Operating Committee. Prior to Owl Rock, the predecessor firm to Blue Owl’s Credit platform, Mr. Kirshenbaum was Chief Financial Officer of Sixth Street Specialty Lending, a BDC traded on the NYSE (“TSLX”). Mr. Kirshenbaum was responsible for building and overseeing TSLX’s finance, treasury, accounting, and operations functions from 2011 through 2015, including during its initial public offering in March 2014. From 2011 to 2013, Mr. Kirshenbaum was the Chief Financial Officer of TPG Special Situations Partners. Prior to joining TPG, Mr. Kirshenbaum was the Chief Financial Officer of Natsource, a private investment firm and, prior to that, Managing Director, Chief Operating Officer, and Chief Financial Officer of MainStay Investments. Mr. Kirshenbaum joined Bear Stearns Asset Management (“BSAM”) in 1999 and was BSAM’s Chief Financial
Officer from 2003 to 2006. Before joining BSAM, Mr. Kirshenbaum worked in public accounting at KPMG and J.H. Cohn. Mr. Kirshenbaum is actively involved in a variety of non-profit organizations, including the Boy Scouts of America. He also is a member of the Georgia Tech University President’s Advisory Board and Seton Hall Parents Leadership Council. Mr. Kirshenbaum received an MBA from New York University Stern School of Business and a BS from Rutgers University.


			Craig W. Packer is a Co-President of Blue Owl and a member of the Board. Mr. Packer is also the Global Head of the Credit platform and serves as a Co-Chief Investment Officer for certain of the Blue Owl Credit Advisers. Additionally, he is the Chief Executive Officer of each of the Blue Owl BDCs. Previously, Mr. Packer co-founded Owl Rock Capital Partners, the predecessor firm to Blue Owl’s Credit platform. Prior to co-founding Owl Rock, Mr. Packer was a Partner and Co-Head of Leveraged Finance in the Americas at Goldman Sachs & Co. Mr. Packer joined Goldman Sachs & Co. as a Managing Director and Head of High Yield Capital Markets in 2006 and was named Partner in 2008. Prior to joining Goldman Sachs & Co., he was the Global Head of High Yield Capital Markets at Credit Suisse First Boston, and before that he worked at Donaldson, Lufkin & Jenrette. Mr. Packer serves as a Board Member for Wingspire Capital, a portfolio company of Blue
Owl Capital Corporation, and as Co-Chair of the Honorary Board of Kids in Crisis, a nonprofit organization that serves children in Connecticut. He is also on the Advisory Board for the Mount Sinai Department of Rehabilitation and Human Performance. In addition, Mr. Packer is on the Foundation Board of Trustees for the McIntire School of Commerce, University of Virginia and is a member of the Board of Trustees of the University of Virginia Athletics Foundation. Mr. Packer received an MBA from Harvard Business School and a BS from the University of Virginia.


			Andrew R. Polland is the Chief Operating Officer of Blue Owl and Co-Chair of its Operating Committee. Prior to Blue Owl, Mr. Polland was the Chief Operating Officer of Dyal Capital, the predecessor firm to Blue Owl’s GP Strategic Capital platform. Prior to Dyal Capital, Mr. Polland was the Chief Operating Officer, General Counsel, and Chief Compliance Officer of Hoplite Capital Management L.P. Prior to Hoplite, he was the General Counsel and Chief Compliance Officer of MSD Partners, L.P. and the Chief Compliance Officer of MSD Capital, L.P. Prior to MSD, Mr. Polland served as the Deputy Chief Compliance Officer and Head of Litigation of Fortress Investment Group LLC, and the Chief Compliance Officer of its affiliated broker-dealer (Fortress Capital Formation LLC). Prior to that, Mr. Polland was a litigation associate at Davis Polk & Wardwell LLP. He began his career as a federal law clerk to United States District Court Judge
Charles P. Sifton. Mr. Polland received a JD, magna cum laude, from the University of Pennsylvania, and a BS (with honors) in Industrial Labor Relations from Cornell University.


			Neena A. Reddy is the Chief Legal Officer, General Counsel and Secretary of Blue Owl and a member of the firm’s Operating Committee. Ms. Reddy also serves as Vice President and Secretary of each of the Blue Owl BDCs. Ms. Reddy is also the executive sponsor of Blue Owl for Women’s Empowerment, Blue Owl’s women’s employee resource group. Prior to joining Owl Rock, the predecessor firm to Blue Owl’s Credit platform, Ms. Reddy was associate general counsel at Goldman Sachs & Co., from 2010 to 2019 and was dedicated to Goldman Sachs Asset Management L.P. (“GSAM”), where she was responsible for GSAM managed direct alternative products, including private credit. Prior to GSAM, she practiced as a corporate attorney at Boies Schiller & Flexner LLP and at Debevoise & Plimpton LLP. Prior to becoming an attorney, Ms. Reddy was a financial analyst in the private wealth division at Goldman Sachs & Co. Ms. Reddy
currently serves on the Board of Directors for Partnership for New York City, representing Blue Owl. Ms. Reddy received a JD from New York University School of Law and a BA in English, magna cum laude, from Georgetown University.


			Marc Zahr is a Co-President of Blue Owl and a member of the Board. Mr. Zahr is also the Global Head of the Real Assets platform, where he manages and oversees the Real Assets platform’s investment activities, including sourcing, underwriting, and negotiating all acquisitions. Mr. Zahr also serves as the Chairman of the Board of Trustees of Blue Owl Real Estate Net Lease Trust, a private placement REIT, and Blue Owl Digital Infrastructure Trust, a private placement REIT, and serves as the Co-Chairman of the Board of Trustees of Store Capital, a private placement REIT. Previously, Mr. Zahr founded Oak Street, the predecessor firm to Blue Owl’s Real Assets platform. Prior to founding Oak Street, Mr. Zahr served as Vice President at American Realty Capital where he was responsible for the analytics and acquisition activities within the company’s real estate portfolios, a Fixed Income Trader at TM Associates, and an Associate at Merrill Lynch. Mr. Zahr
was honored as one of Crain’s Chicago Business’s 40 Under 40 for 2018. Mr. Zahr received a BA in Communications from the University of Dayton.


Name and Principal Position	Year	Salary ($)	Bonus ($)(1)	Stock Awards ($)(2)	All Other Compensation ($)(3)	Total ($)
Douglas I. Ostrover	2025	500,000	—	27,994,188	742,867	29,237,055
Co-Chief Executive Officer	2024	500,000	—	22,666,620	745,812	23,912,432
	2023	500,000	—	17,304,596	673,599	18,478,195

Marc S. Lipschultz	2025	500,000	—	27,994,188	725,042	29,219,230
Co-Chief Executive Officer	2024	500,000	—	22,666,620	715,055	23,881,675
	2023	500,000	—	17,304,596	673,599	18,478,195

Alan Kirshenbaum	2025	500,000	4,500,000	—	134,650	5,134,650
Chief Financial Officer	2024	500,000	4,500,000	42,241,500	135,663	47,377,163
	2023	500,000	4,500,000	2,534,240	119,772	7,654,012

Craig W. Packer	2025	500,000	—	22,008,674	209,539	22,718,213
Co-President	2024	500,000	—	11,229,003	214,349	11,943,352
	2023	500,000	—	12,955,151	189,334	13,644,485

Michael D. Rees	2025	500,000	—	25,894,601	230,553	26,625,154
Co-President	2024	500,000	—	29,120,487	233,663	29,854,150
	2023	500,000	—	17,612,511	216,395	18,328,906

Marc Zahr	2025	500,000	—	27,994,188	507,436	29,001,624
Co-President	2024	500,000	—	20,947,125	500,019	21,947,144


			All Other Stock Awards: Number of Shares of Stock or Units (#)	Grant Date Fair Value of Stock and Option Awards ($)
Name	Grant Date
Douglas I. Ostrover	2/13/2025	(1)			374,602	8,162,577
	5/8/2025	(1)			376,549	6,367,444
	8/7/2025	(1)			369,021	6,742,014
	11/6/2025	(1)			470,739	6,722,153

Marc S. Lipschultz	2/13/2025	(1)			374,602	8,162,577
	5/8/2025	(1)			376,549	6,367,444
	8/7/2025	(1)			369,021	6,742,014
	11/6/2025	(1)			470,739	6,722,153

Craig W. Packer	2/13/2025	(2)			168,528	3,672,225
	5/8/2025	(2)			347,847	5,882,093
	8/7/2025	(2)			341,345	6,236,373
	11/6/2025	(2)			435,433	6,217,983

Michael D. Rees	2/13/2025	(3)			25,500	555,645
	5/8/2025	(3)			504,362	8,528,761
	8/7/2025	(3)			474,359	8,666,539
	11/6/2025	(3)			570,284	8,143,656

Marc Zahr	2/13/2025	(1)			374,602	8,162,577
	5/8/2025	(1)			376,549	6,367,444
	8/7/2025	(1)			369,021	6,742,014
	11/6/2025	(1)			470,739	6,722,153


	Stock Awards
Name	Number of Shares or Units of Stock That Have Not Vested (#)	Market Value of Shares or Units of Stock That Have Not Vested ($)
Alan Kirshenbaum	200,000	2,556,000	(1)
	1,400,000	16,152,500	(2)


	Stock Awards
Name	Number of Shares Acquired on Vesting (#)	Value Realized on Vesting ($)
Douglas I. Ostrover	1,590,911	27,994,188	(1)
Marc S. Lipschultz	1,590,911	27,994,188	(1)
Alan Kirshenbaum	550,000	7,832,000	(2)
Craig W. Packer	1,293,153	22,008,674	(3)
Michael D. Rees	1,574,505	25,894,601	(4)
Marc Zahr	1,590,911	27,994,188	(1)


Name			Principal Position
Douglas I. Ostrover			Co-Chief Executive Officer (principal executive officer)
Marc S. Lipschultz			Co-Chief Executive Officer (principal executive officer)
Alan Kirshenbaum			Chief Financial Officer (principal financial officer)
Craig W. Packer			Co-President
Michael D. Rees			Co-President
Marc Zahr			Co-President



Year	Summary Compensation Table Total for		Compensation Actually Paid for		Average Summary Compensation Table Total for Non-PEO NEOs ($)(3)	Average Compensation Actually Paid to Non-PEO NEOs ($)(2)	Value of Initial Fixed $100 Investment Based on:		Net Income (Loss) ($ in Thousands) (6)
	Mr. Ostrover (Co-PEO) ($)(1)	Mr. Lipschultz (Co-PEO) ($)(1)	Mr. Ostrover (Co-PEO) ($)(2)	Mr. Lipschultz (Co-PEO) ($)(2)			Total Stockholder Return ($)(4)	Peer Group Total Stockholder Return ($)(4)(5)
2025	29,237,055	29,219,230	29,237,055	29,219,230	20,869,910	17,232,811	156	196	305,487
2024	23,912,432	23,881,675	23,912,432	23,881,675	30,906,119	34,460,078	233	187	420,446
2023	18,478,195	18,478,195	18,478,195	18,478,195	13,064,035	16,356,681	144	135	220,776
2022	10,135,385	N/A	10,135,385	N/A	12,200,608	9,501,705	98	110	(40,235)
2021	11,637,178	N/A	11,637,178	N/A	291,966,801	347,800,318	132	141	(1,802,266)


Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid	2025
	Mr. Ostrover (Co-PEO) ($)	Mr. Lipschultz (Co-PEO) ($)	Average for Non-PEO NEOs ($)
Total compensation as reported in the summary compensation table	29,237,055	29,219,230	20,869,910
Deduction for fair value of awards granted during the covered year	(27,994,188)	(27,994,188)	(18,974,366)
Fair value of awards granted in covered year that remain outstanding and unvested (value at end of year)	—	—	—
Fair value as of vesting date for awards that were granted and vested during the year	27,994,188	27,994,188	18,974,366
Change in fair value from end of prior year to vesting date for awards granted in prior years that vested during covered year	—	—	(925,375)
Change in fair value from end of prior year to end of covered year for awards granted in prior years that were outstanding and unvested at end of covered year	—	—	(2,886,125)
Dividends or other earnings paid on stock or options awards in the covered year prior to the vesting date that are not otherwise included in the total compensation for the covered year	—	—	174,401

Compensation actually paid	29,237,055	29,219,230	17,232,811


Plan Category	Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (a)(1)	Weighted-average Exercise Price of Outstanding Options, Warrants and Rights (b)	Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column (a)) (c)(2)
Equity compensation plans approved by security holders	104,600,151	—	51,154,861
Equity compensation plans not approved by security holders	—	—	—
Total	104,600,151	—	51,154,861


Name	Fees Earned or Paid in Cash ($)	Stock Awards ($)(1)(2)	All Other Compensation ($)(3)	Total ($)
Jennifer Brouse(4)	—	2,499,582	2,892,473	5,392,055
Claudia A. Holz	200,000	187,675	—	387,675
Andrew S. Komaroff(5)	—	—	—	—
Stacy Polley	175,000	187,675	—	362,675

Dana Weeks	175,000	187,675	—	362,675


Name of Beneficial Owner(1)	Class A Shares Beneficially Owned(2)		Class C Shares Beneficially Owned		Class D Shares Beneficially Owned		Combined Total Voting Power
	Shares	Percent	Shares	Percent	Shares	Percent
Directors and Executive Officers of Blue Owl
Douglas I. Ostrover(3)†	158,000	*	46,773,794	8.1%	170,884,846	56.2%	45.7%
Marc S. Lipschultz(4)†	158,000	*	—	—%	—	—%	*
Jennifer Brouse (5)	11,695	*	—	—%	—	—%	*
Claudia Holz(6)	79,480	*	—	—%	—	—%	*
Alan Kirshenbaum(7)†	33,670	*	—	—%	—	—%	*
Andrew S. Komaroff	—	—%	—	—%	—	—%	—%
Craig W. Packer(8)†	125,000	*	—	—%	—	—%	*
Andrew Polland(9)	71,790	*	—	—%	—	—%	*
Stacy Polley(10)	49,480	*	—	—%	—	—%	*
Neena A. Reddy	40,292	*	—	—%	—	—%	*
Michael D. Rees(11)†	—	—%	4,003,203	*	133,414,357	43.8%	35.1%
Dana Weeks(12)	49,480	*	—	—%	—	—%	*
Marc Zahr(13)	—	—%	45,507,772	7.9%	—	—%	*
All Directors and Executive Officers of Blue Owl as a Group (13 Individuals)	776,887	*	96,284,769	16.6%	304,299,203	100.0%	81.5%

Five Percent Holders
BB Holdings AA LP and Affiliates(14)	33,500,000	5.0%	—	—%	—	—%	*
Capital International Investors(15)	47,932,432	7.1%	—	—%	—	—%	*
Capital World Investors(16)	56,875,177	8.4%	—	—%	—	—%	*
Dyal Capital SLP LP(17)†	—	—%	—	—%	133,414,357	43.8%	35.1%
FMR LLC(18)	83,780,075	12.4%	—	—%	—	—%	1.3%
NBSH Blue Investments, LLC(19)	—	—%	369,812,778	63.9%	—	—%	5.9%
OSREC Feeder, LP (13)	—	—%	45,507,772	7.9%	—	—%	*
Owl Rock Capital Feeder LLC(3)(20)†	—	—%	46,773,794	8.1%	170,884,846	56.2%	45.7%


	For the Year Ended December 31,
	2025				2024
	The Company		Funds		The Company		Funds

Audit fees(1)	$	5,707,178	$	33,831,306	$	6,029,465	$	21,320,393
Audit-related fees(2)	28,558		35,000		87,075		—
Tax fees(3)	—		3,207,795		—		2,187,045
All other fees(4)	—		—		—		896,666
Total	$	5,735,736	$	37,074,101	$	6,116,540	$	24,404,104