Blue Owl Capital Inc 8-K, filed Apr 30, 2026
Blue Owl Capital Inc. (OWL)
8-K
2026-04-30
For: 2026-04-30
View Original
Added on
April 30, 2026
About this 8-K
Blue Owl Capital Inc filed this 8-K on April 30, 2026.
Items reported
- Item 2.02: Financial results
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
___________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): April 30, 2026
___________________________
(Exact name of registrant as specified in its charter)
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| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
| (address of principal executive offices) | |||||||||||
(212 ) 419-3000
(Registrant’s telephone number, including area code)
___________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
___________________________
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | ||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On April 30, 2026, Blue Owl Capital Inc. (the “Company”) reported its financial results for the quarter ended March 31, 2026. Copies of the Company’s press release and earnings presentation are attached as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.
The Company is making references to non-GAAP financial information in the earnings presentation and will also make references to non-GAAP financial information on the conference call the Company is hosting on April 30, 2026, to discuss its financial results for the quarter ended March 31, 2026. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measures are contained in the earnings presentation. These non-GAAP financial measures should be considered in addition to and not as a substitute for, or superior to, financial measures presented in accordance with GAAP.
The information in this Current Report on Form 8-K, including the exhibit attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (“Exchange Act”) or otherwise subject to the liabilities of that section. The information in this Current Report on Form 8-K shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.
The Company files annual, quarterly and current reports, proxy statements and other information required by the Exchange Act with the U.S. Securities and Exchange Commission (“SEC”). The Company makes available free of charge on its website (www.blueowl.com) its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements and other filings as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC. The Company also uses its website, its corporate X account (@BlueOwlCapital or www.x.com/BlueOwlCapital) and its corporate LinkedIn account (www.linkedin.com/company/blue-owl-capital) to distribute company information, including assets under management and performance information, and such information may be deemed material. Accordingly, investors should monitor the Company’s website, any alerts and social media channels, in addition to its press releases, SEC filings and public conference calls and webcasts. The contents of the Company’s website, any alerts and social media channels are not, however, a part of this report.
Item 8.01. Other Events.
On April 30, 2026, the Company announced a cash dividend of $0.23 per Class A Share. The dividend is payable on May 27, 2026, to holders of record as of the close of business on May 13, 2026.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | ||||||||
| 99.2 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BLUE OWL CAPITAL INC. | ||||||||
| (registrant) | ||||||||
Date: April 30, 2026 | By: | /s/ Alan Kirshenbaum | ||||||
| Alan Kirshenbaum | ||||||||
| Chief Financial Officer | ||||||||
Blue Owl Capital Inc. First Quarter 2026 Results
NEW YORK (April 30, 2026) – Blue Owl Capital Inc. (NYSE:OWL) (“Blue Owl”) today reported its financial results for the first quarter ended March 31, 2026.
“Blue Owl’s results for the first quarter of 2026 demonstrate the power of our three differentiated and scaled platforms, each of which has contributed to our continued expansion to $315 billion of AUM. Our financial results reflect stability, stemming from our durable capital base, and growth, driven by fundraising and ongoing capital deployment,” said Doug Ostrover and Marc Lipschultz, Co-CEOs of Blue Owl. “Performance remains strong across Credit, Real Assets, and GP Strategic Capital, and we believe that the current market landscape tends to favor firms with patient capital and longer duration, such as Blue Owl.”
Blue Owl issued its full detailed presentation of its first quarter ended March 31, 2026 results, which can be viewed through the Shareholders section of Blue Owl's website at https://ir.blueowl.com/Investors/events-and-presentations.
Dividend
Blue Owl declared a quarterly dividend of $0.23 per Class A Share, payable on May 27, 2026, to shareholders of record at the close of business on May 13, 2026.
Quarterly Investor Call Details:
Blue Owl will host its first quarter 2026 investor call via public webcast on April 30, 2026 at 10:00 a.m. ET. To register, please visit the Shareholders section of Blue Owl's website at https://ir.blueowl.com/overview.
The conference call may be accessed by dialing +1 (888) 330-2454 (U.S. callers) or +1 (240) 789-2714 (non-U.S. callers); conference ID 4153114. For those unable to listen to the live broadcast, there will be a webcast replay available on the Shareholders section of Blue Owl’s website.
All callers will need to enter the Conference ID followed by the # sign and reference "Blue Owl Capital" once connected with the operator. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected.
About Blue Owl
Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives®. With $315 billion in assets under management as of March 31, 2026, we invest across three multi-strategy platforms: Credit, Real Assets and GP Strategic Capital. Anchored by a strong permanent capital base, we provide businesses with private capital solutions to drive long-term growth and offer institutional investors, individual investors, and insurance companies differentiated alternative investment opportunities that aim to deliver strong performance, risk-adjusted returns, and capital preservation.
Together with over 1,390 experienced professionals globally, Blue Owl brings the vision and discipline to create the exceptional. To learn more, visit www.blueowl.com or LinkedIn:
https://www.linkedin.com/company/blue-owl-capital.
Forward-Looking Statements
Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “would,” “should,” “future,” “propose,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and speak only as of the date made. Blue Owl assumes no obligation to update or revise any such forward-looking statements except as required by law.
These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Blue Owl’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.
Important factors, among others, that may affect actual results or outcomes include the inability to recognize the anticipated benefits of acquisitions; costs related to acquisitions; the inability to maintain the listing of Blue Owl’s shares on the New York Stock Exchange; Blue Owl’s ability to manage growth; Blue Owl’s ability to execute its business plan and meet its projections; potential litigation involving Blue Owl; changes in applicable laws or regulations; and the possibility that Blue Owl may be adversely affected by other economic, business, geopolitical and competitive factors.
Investor Contact
Ann Dai
Head of Investor Relations
blueowlir@blueowl.com
Media Contact
media@blueowl.com
Blue Owl Capital Inc. First Quarter 2026 Earnings April 30, 2026
2 About Blue Owl Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives®. With $315 billion in assets under management as of March 31, 2026, we invest across three multi-strategy platforms: Credit, Real Assets and GP Strategic Capital. Anchored by a strong permanent capital base, we provide businesses with private capital solutions to drive long-term growth and offer institutional investors, individual investors, and insurance companies differentiated alternative investment opportunities that aim to deliver strong performance, risk-adjusted returns, and capital preservation. Together with over 1,390 experienced professionals globally, Blue Owl brings the vision and discipline to create the exceptional. To learn more, visit www.blueowl.com. Forward-Looking Statements Certain statements made in this presentation are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this presentation, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “would,” “should,” “future,” “propose,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Blue Owl’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and speak only as of the date of this presentation. Blue Owl assumes no obligation to update or revise any such forward-looking statements except as required by law. Important factors, among others, that may affect actual results or outcomes include the inability to recognize the anticipated benefits of acquisitions; costs related to acquisitions; the inability to maintain the listing of Blue Owl’s shares on the New York Stock Exchange; Blue Owl’s ability to manage growth; Blue Owl’s ability to execute its business plan and meet its projections; potential litigation involving Blue Owl; changes in applicable laws or regulations; and the possibility that Blue Owl may be adversely affected by other economic, business, geopolitical and competitive factors. The information contained in this presentation is summary information that is intended to be considered in the context of Blue Owl’s filings with the Securities and Exchange Commission (“SEC”) and other public announcements that Blue Owl may make, by press release or otherwise, from time to time. Blue Owl also uses its website, its corporate X account (@BlueOwlCapital or www.x.com/BlueOwlCapital) and its corporate LinkedIn account (www.linkedin.com/company/blue-owl-capital) to distribute company information, including assets under management and performance information, and such information may be deemed material. Accordingly, investors should monitor Blue Owl’s website (www.blueowl.com), any alerts and social media channels. Blue Owl undertakes no duty or obligation to publicly update or revise the forward-looking statements or other information contained in this presentation. These materials contain information about Blue Owl and its affiliates and certain of their respective personnel and affiliates, information about their respective historical performance and general information about the market. You should not view information related to the past performance of Blue Owl or information about the market, as indicative of future results, the achievement of which cannot be assured. Throughout this presentation, all current period amounts are preliminary and unaudited, “LTM” refers to the last twelve months, “nm” indicates data has not been presented as it was deemed not meaningful, and “KPIs” refers to key performance indicators. Totals may not sum due to rounding. Disclosures
3 Disclosures Non-GAAP Financial Measures; Other Financial and Operational Data This presentation includes certain non-GAAP financial measures that are not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and that may be different from non-GAAP financial measures used by other companies. Blue Owl believes that the use of these non-GAAP financial measures provides an additional tool for investors and potential investors to use in evaluating its ongoing operating results and trends. These non-GAAP measures should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. See the footnotes on the slides where these measures are discussed and reconciled to the most directly comparable GAAP measures. Exact Net IRRs and multiples cannot be calculated for individual investments held by Blue Owl’s products, or a subset of such investments, due to the lack of a mechanism to precisely allocate fees, taxes, transaction costs, expenses and general partner carried interest. Valuations are as of the dates provided herein and do not take into account subsequent events, including the impact of inflation and rising interest rates, which can be expected to have an adverse effect on certain entities identified or contemplated herein. For the definitions of certain terms used in this presentation, please refer to the “Defined Terms” slides in the appendix. Important Notice No representations or warranties, express or implied, are given in, or in respect of, this presentation. To the fullest extent permitted by law, in no circumstances will Blue Owl or any of its subsidiaries, stockholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from use of this presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. This presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of Blue Owl. Viewers of this presentation should each make their own evaluation of Blue Owl and of the relevance and adequacy of the information contained herein and should make such other investigations as they deem necessary. This communication does not constitute an offer to sell, or the solicitation of an offer to buy or sell, any securities, investment funds, vehicles or accounts, investment advice or any other service by Blue Owl or any of its affiliates or subsidiaries. Nothing in this presentation constitutes the provision of tax, accounting, financial, investment, regulatory, legal or other advice by Blue Owl or its advisors. Industry and Market Data This presentation may contain information obtained from third parties, including ratings from credit ratings agencies such as Fitch, Moody's and Standard & Poor’s Ratings. Such information has not been independently verified and, accordingly, Blue Owl makes no representation or warranty in respect of this information. Reproduction and distribution of third party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice. Copyright© Blue Owl Capital Inc. 2026. All rights reserved.
4As of March 31, 2026. Past performance is not a guarantee of future results. Blue Owl Overview With $315 billion of assets under management, Blue Owl is a leading asset manager that is redefining alternatives®. • Provides innovative minority equity and financing solutions to private capital managers • Deep and extensive relationships across the alternative asset management ecosystem • Successfully completed over 100 equity and debt transactions since inception • Financing partner of choice for private companies across the direct lending and alternative credit markets • Demonstrated ability to source proprietary investment opportunities with $195 billion in gross direct lending originations since inception • Complementary Credit strategies include Investment Grade Credit, Liquid Credit, Healthcare Opportunities, and Strategic Equity GP Strategic CapitalCredit • Flexible and bespoke capital solutions to investment grade and creditworthy tenants, borrowers and hyperscalers • Ability to invest up and down the capital structure, in public and private investments, at varying costs of capital • A leader in net lease; demonstrated performance across market cycles has led to robust support and repeat business from industry-leading partners Real Assets Investment Platforms $159.2B Assets Under Management 825+ Direct Lending Deals Closed 160+ Unique Sponsors Closed Deals in Direct Lending Since Inception $70.6B Assets Under Management 87% Market Share for GP Minority Stakes Deals $600 Million+ Since Inception 70+ Partnerships Since Inception $85.1B Assets Under Management 6,145+ Equity Assets Owned 865+ Tenant Relationships/ Partnerships
5 AUM Growth and Diversification More Than Tripled AUM and Meaningfully Diversified in a Little More Than Four Years Direct Lending, 42% Net Lease, 16% GP Strategic Capital, 42% Direct Lending, 37% Alternative Credit, 5% IG Credit, 6% Liquid/ Other Credit, 3% Net Lease, 16% Digital Infrastructure, 6% Real Estate Credit, 5% GP Strategic Capital, 22% 4Q’21 AUM $94 billion 1Q’26 AUM $315 billion
6 First Quarter 2026 Highlights Financial Results • GAAP Net Income of $15.5 million, or $0.02 per basic and $0.02 per diluted Class A Share • Fee-Related Earnings of $393.6 million, or $0.25 per Adjusted Share • Distributable Earnings of $292.5 million, or $0.19 per Adjusted Share Capital Metrics • AUM of $314.9 billion, up 15% since March 31, 2025 ◦ FPAUM of $188.4 billion, up 8% since March 31, 2025 ◦ Permanent Capital of $224.8 billion, up 15% since March 31, 2025 ◦ AUM Not Yet Paying Fees of $29.9 billion, reflecting expected annual management fees of approximately $349 million once deployed • New Capital Commitments Raised of $11.0 billion ($9.0 billion new equity capital) in the quarter • FPAUM Raised and Deployed of $5.5 billion in the quarter Corporate For information on and reconciliation of the Company's non-GAAP measures, please see slides 34 to 38. • Annual Dividend of $0.92 per Class A Share announced for 2026 ◦ Dividend of $0.23 per Class A Share declared for the quarter • Share Repurchases of 1.7 million OWL shares for $25.0 million in the quarter
7 GAAP Results (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands, except per share data) 1Q'26 1Q'25 % Change 1Q'26 1Q'25 % Change GAAP Revenues Management Fees(1) $ 663,844 $ 604,186 10% $ 2,592,504 $ 2,150,352 21% Administrative, Transaction and Other Fees 94,774 72,988 30% 343,255 303,858 13% Fee Offsets(2) (10,872) — nm (21,781) — nm Total Management and Other Fees, Net 747,746 677,174 10% 2,913,978 2,454,210 19% Performance Revenues 6,065 6,312 (4%) 26,525 11,363 133% GAAP Revenues 753,811 683,486 10% 2,940,503 2,465,573 19% GAAP Expenses Compensation and Benefits 375,874 325,940 15% 1,356,974 1,118,632 21% Amortization of Intangible Assets 84,538 89,473 (6%) 354,017 291,534 21% General, Administrative and Other Expenses 183,910 190,779 (4%) 741,067 526,962 41% GAAP Expenses 644,322 606,192 6% 2,452,058 1,937,128 27% GAAP Results GAAP Net Income Attributable to Blue Owl Capital Inc. 15,542 7,430 109% 86,945 91,923 (5%) Earnings per Class A Share Basic $ 0.02 $ 0.01 Diluted $ 0.02 $ 0.00 Supplemental Information GAAP Margin 12.7% 5.9% 13.7% 15.5% Management Fees as % from Permanent Capital 84% 81% 85% 88% Note 1. Includes Part I Fees of $138,028, $132,556, $573,226 and $540,254 for 1Q'26, 1Q'25, 1Q'26 LTM and 1Q'25 LTM, respectively. Note 2. Fee Offsets refers to management fee offsets as a result of amortization of incentives paid to certain investors in our products. 1Q'26 LTM includes Fee Offsets of $(10,872), $(8,457) and $(2,452) for 1Q'26, 4Q'25 and 3Q'25, respectively.
8 Historical Trends (GAAP) • GAAP Management Fees of $2,592.5 million for the last twelve months, increased 21% compared to prior year • GAAP Consolidated Net Income of $348.4 million for the last twelve months, compared to $345.1 million in the prior year • GAAP Net Income Attributable to Class A Shares of $86.9 million for the last twelve months, compared to $91.9 million in the prior year GAAP Management Fees Net Income Attributable to Class A SharesConsolidated Net Income (dollars in millions) (dollars in millions) (dollars in millions) $604.2 $663.8 $2,150.4 $2,592.5 1Q’25 1Q’26 1Q'25 LTM 1Q'26 LTM $7.4 $15.5 $91.9 $86.9 1Q’25 1Q’26 1Q'25 LTM 1Q'26 LTM $36.7 $79.6 $345.1 $348.4 1Q’25 1Q’26 1Q'25 LTM 1Q'26 LTM
9 1Q'26 vs 1Q’25 - Earnings Growth 13% Growth 14% Growth 11% Growth $620.2 $699.9 1Q’25 1Q’26 $262.5 $292.5 1Q’25 1Q’26 $345.4 $393.6 1Q’25 1Q’26 FRE DEFRE Revenues For information on and reconciliation of the Company's non-GAAP measures, please see slides 34 to 38. (dollars in millions) (dollars in millions)(dollars in millions)
10 Non-GAAP Results (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands, except per share data) 1Q'26 1Q'25 % Change 1Q'26 1Q'25 % Change FRE Revenues FRE Management Fees(1) $ 674,888 595,983 13% $ 2,622,419 2,175,042 21% FRE Administrative, Transaction and Other Fees 31,188 20,154 55% 116,311 120,468 (3%) Fee Offsets(2) (10,872) — nm (21,781) — nm Total FRE Management and Other Fees, Net 695,204 616,137 13% 2,716,949 2,295,510 18% FRE Performance Revenues 4,679 4,055 15% 17,454 8,697 101% FRE Revenues 699,883 620,192 13% 2,734,403 2,304,207 19% FRE Expenses FRE Compensation and Benefits 201,347 187,922 7% 778,434 670,133 16% FRE General, Administrative and Other Expenses 89,806 77,283 16% 354,701 285,160 24% FRE Expenses 291,153 265,205 10% 1,133,135 955,293 19% Fee-Related Earnings 393,626 345,391 14% 1,544,771 1,309,059 18% Distributable Earnings 292,542 262,516 11% 1,339,098 1,151,665 16% Adjusted Per Share Information Fee-Related Earnings per Adjusted Share $ 0.25 $ 0.22 Distributable Earnings per Adjusted Share $ 0.19 $ 0.17 Supplemental Information FRE Margin 58.4% 57.2% 58.6% 58.5% FRE Management Fees as % from Permanent Capital 84% 84% 85% 89% For information on and reconciliation of the Company's non-GAAP measures, please see slides 34 to 38. Note 1. Includes Part I Fees of $138,028, $132,556, $573,226 and $540,254 for 1Q'26, 1Q'25, 1Q'26 LTM and 1Q'25 LTM, respectively. Note 2. Fee Offsets refers to management fee offsets as a result of amortization of incentives paid to certain investors in our products. 1Q'26 LTM includes Fee Offsets of $(10,872), $(8,457) and $(2,452) for 1Q'26, 4Q'25 and 3Q'25, respectively.
11 Historical Trends (Non-GAAP) • FRE Management Fees of $2,622.4 million for the last twelve months, increased 21% compared to prior year • Fee-Related Earnings of $1,544.8 million for the last twelve months, increased 18% compared to prior year • Distributable Earnings of $1,339.1 million for the last twelve months, increased 16% compared to prior year FRE Management Fees Distributable EarningsFee-Related Earnings (dollars in millions) (dollars in millions) (dollars in millions) $262.5 $292.5 $1,151.7 $1,339.1 1Q’25 1Q’26 1Q'25 LTM 1Q'26 LTM $345.4 $393.6 $1,309.1 $1,544.8 1Q’25 1Q’26 1Q'25 LTM 1Q'26 LTM $596.0 $674.9 $2,175.0 $2,622.4 1Q’25 1Q’26 1Q'25 LTM 1Q'26 LTM For information on and reconciliation of the Company's non-GAAP measures, please see slides 34 to 38.
12 Assets Under Management • AUM of $314.9 billion, increased 15% since March 31, 2025 ◦ The increase was primarily driven by capital raised, change in debt and appreciation across the business • FPAUM of $188.4 billion, increased 8% since March 31, 2025 ◦ The increase was primarily driven by capital raised across the business and deployment in Credit • Permanent Capital of $224.8 billion, increased 15% since March 31, 2025 ◦ Permanent Capital generated 85% of FRE management fees during the last twelve months • AUM Not Yet Paying Fees totaled $29.9 billion, reflecting expected annual FRE management fees of approximately $349 million once deployed AUM Fee-Paying AUM Permanent Capital Credit GP Strategic CapitalReal Assets (dollars in billions) (dollars in billions) (dollars in billions) $273.3 $314.9 $139.2 $159.2 $67.1 $85.1 $67.0 $70.6 1Q’25 1Q’26 $174.6 $188.4 $92.9 $98.9 $43.9 $49.8 $37.8 $39.7 1Q’25 1Q’26 $196.1 $224.8 $109.1 $122.4 $20.6 $32.3 $66.5 $70.1 1Q’25 1Q’26
13 Fundraising • New Capital Commitments Raised of $11.0 billion in the quarter ◦ New Capital Commitments Raised of $56.6 billion during the last twelve months • Total Equity Fundraise of $9.0 billion during the quarter was driven by $4.1 billion in Credit, $4.0 billion in Real Assets and $0.9 billion in GP Strategic Capital ◦ Total Equity Fundraise of $44.4 billion during the last twelve months • Private Wealth Equity Fundraise of $2.9 billion during the quarter was primarily driven by products from the net lease strategy in Real Assets and products from the direct lending strategy in Credit ◦ Private Wealth Equity Fundraise of $16.5 billion during the last twelve months • Institutional Equity Fundraise of $6.1 billion during the quarter was primarily driven by products from the direct lending and strategic equity strategies in Credit, products from the net lease and real estate credit strategies in Real Assets and products from the GP minority stakes strategy in GP Strategic Capital ◦ Institutional Equity Fundraise of $27.8 billion during the last twelve months Total Equity Fundraise (dollars in billions) $6.7 $9.0 $29.4 $44.4 $4.0 $4.1 $14.9 $20.8 $2.2 $4.0 $6.0 $18.9 $0.6 $0.9 $8.6 $4.7 Credit Real Assets GP Strategic Capital 1Q’25 1Q’26 1Q'25 LTM 1Q'26 LTM 1Q'26 Highlights Credit: • Raised $1.0 billion in our continuously offered BDCs • Raised $1.3 billion across other new and existing direct lending products • Alternative credit strategy raised $0.6 billion • Strategic equity products raised $0.6 billion • Incremental raise of $0.6 billion in liquid credit and investment grade credit products Real Assets: • Raised $1.3 billion in our seventh vintage drawdown product • Raised $1.3 billion in our real estate investment trusts in our net lease and digital infrastructure strategies • Real estate credit strategy raised $0.5 billion • Incremental raise of $0.9 billion in other new and existing products across the platform GP Strategic Capital: • Raised $0.5 billion in our sixth vintage product • Incremental raise of $0.4 billion in other new and existing products across the platform
14 LTM Equity Fundraising Fundraising Trends First Quarter Equity Fundraising (dollars in billions) (dollars in billions) $3.9 $3.8 $4.7 $6.7 $9.0 $1.9 $1.9 $3.0 $4.0 $4.1$0.4 $1.5 $1.0 $2.2 $4.0 $1.6 $0.3 $0.7 $0.6 $0.9 Credit Real Assets GP Strategic Capital Private Wealth Institutional 1Q’22 1Q’23 1Q’24 1Q’25 1Q’26 $11.3 $24.7 $16.7 $29.4 $44.4 $5.9 $12.1 $9.2 $14.9 $20.8 $0.4 $4.8 $3.9 $6.0 $18.9 $5.0 $7.8 $3.5 $8.6 $4.7 Credit Real Assets GP Strategic Capital Private Wealth Institutional 1Q’22 LTM 1Q’23 LTM 1Q’24 LTM 1Q’25 LTM 1Q’26 LTM
15 Credit Platform • AUM of $159.2 billion, increased 14% since March 31, 2025 ◦ The increase was primarily driven by capital raised in products from the direct lending and alternative credit strategies, partially offset by distributions in the direct lending strategy • FPAUM of $98.9 billion, increased 6% since March 31, 2025 ◦ The increase was primarily driven by capital raised in products from the direct lending and alternative credit strategies and deployment across the platform, partially offset by distributions primarily in the direct lending strategy • Direct Lending Originations during the quarter were $6.8 billion with net deployment of $(0.5) billion ◦ Direct Lending Originations for the last twelve months were $39.4 billion with net deployment of $8.2 billion • AUM Not Yet Paying Fees totaled $17.7 billion, reflecting expected annual management fees of approximately $222 million once deployed AUM (dollars in billions) (dollars in billions) Fee-Paying AUM Note 1. Gross and net returns are represented by a composite comprised of certain Credit products within the direct lending and alternative credit investment strategies. The composite excludes products that have been deploying capital for less than two years as such information is generally not meaningful. The net returns for the aforementioned direct lending strategy were (1.1)% and 5.0% for 1Q'26 and 1Q'26 LTM, respectively. The net returns for the aforementioned alternative credit strategy were 1.2% and 8.5% for 1Q'26 and 1Q'26 LTM, respectively. Past performance is not a guarantee of future results. Platform Performance Gross Returns 1Q'26 1Q’26 LTM Direct Lending(1) (0.4%) 8.5% Alternative Credit(1) 1.7% 11.0% $139.2 $159.2 1Q’25 1Q’26 $92.9 $98.9 1Q’25 1Q’26
16 Note 1. Gross and net returns are represented by a composite comprised of certain Real Assets products within the net lease, real estate credit (excluding insurance) and digital infrastructure investment strategies. The composite for the digital infrastructure strategy excludes Blue Owl Digital Infrastructure Fund I beginning 4Q'25 as the product was fully realized during that quarter. The composite excludes products that have been deploying capital for less than two years as such information is generally not meaningful. The net returns for the aforementioned net lease strategy were 2.1% and 11.3% for 1Q'26 and 1Q'26 LTM, respectively. The net returns for the aforementioned real estate credit strategy (excluding insurance) were 1.9% and 8.3% for 1Q'26 and 1Q'26 LTM, respectively. The net returns for the aforementioned digital infrastructure strategy were 3.1% and 1.4% for 1Q'26 and 1Q'26 LTM, respectively. Note 2. Information for these vehicles is presented on a quarter lag. Note 3. Net IRR since inception as of March 31, 2026 for Blue Owl Real Estate Fund IV, Blue Owl Real Estate Fund V and Blue Owl Real Estate Fund VI was 14.9%, 9.7% and 17.7%, respectively. Note 4. Net IRR since inception as of March 31, 2026 for Blue Owl Digital Infrastructure Fund I, Blue Owl Digital Infrastructure Fund II and Blue Owl Digital Infrastructure Fund III was 11.7%, 8.3% and 12.4%, respectively. Past performance is not a guarantee of future results. Real Assets Platform • AUM of $85.1 billion, increased 27% since March 31, 2025 ◦ The increase was primarily driven by capital raised across the platform, including by our seventh vintage drawdown product and our real estate investment trusts in our net lease and digital infrastructure strategies • FPAUM of $49.8 billion, increased 13% since March 31, 2025 ◦ The increase was primarily driven by capital raised, including by our real estate investment trusts in our net lease and digital infrastructure strategies • AUM Not Yet Paying Fees totaled $11.0 billion, reflecting expected annual management fees of approximately $112 million once deployed AUM Fee-Paying AUM $67.1 $85.1 1Q’25 1Q’26 $43.9 $49.8 1Q’25 1Q’26 (dollars in billions) (dollars in billions) Platform Performance Gross Returns 1Q'26 1Q’26 LTM Net Lease(1) 2.6% 14.7% Real Estate Credit(1) 1.9% 8.5% Digital Infrastructure(1)(2) 3.9% 2.6% Gross IRR Since Inception as of March 31, 2026 Net Lease(3) Blue Owl Real Estate Fund IV 17.4% Blue Owl Real Estate Fund V 12.7% Blue Owl Real Estate Fund VI 24.2% Digital Infrastructure(2)(4) Blue Owl Digital Infrastructure Fund I 15.5% Blue Owl Digital Infrastructure Fund II 11.6% Blue Owl Digital Infrastructure Fund III 28.9%
17 Note 1. Net IRR since inception as of March 31, 2026 for Blue Owl GP Stakes III, Blue Owl GP Stakes IV and Blue Owl GP Stakes V was 21.6%, 33.5% and 10.7%, respectively. Past performance is not a guarantee of future results. GP Strategic Capital Platform • AUM of $70.6 billion, increased 5% since March 31, 2025 ◦ The increase was primarily driven by capital raised in our minority equity stakes strategy, including new vehicles that acquired assets from a prior vintage product and our sixth vintage product • FPAUM of $39.7 billion, increased 5% since March 31, 2025 ◦ The increase was primarily driven by capital raised in our minority equity stakes strategy, including new vehicles that acquired assets from a prior vintage product and our sixth vintage product • AUM Not Yet Paying Fees totaled $1.3 billion, reflecting expected annual management fees of approximately $16 million once deployed AUM Fee-Paying AUM $67.0 $70.6 1Q’25 1Q’26 $37.8 $39.7 1Q’25 1Q’26 (dollars in billions) (dollars in billions) Platform Performance Gross IRR Since Inception as of March 31, 2026(1) Blue Owl GP Stakes III 28.0% Blue Owl GP Stakes IV 50.4% Blue Owl GP Stakes V 22.9%
Supplemental Information
19 As of March 31, 2026, the average maturity of the Company's outstanding notes is ~9 years. Note 1. Cost of debt reflects average annual after tax interest rate on notes outstanding, assuming a 22% tax rate. Excludes borrowings under the Revolving Credit Facility. Supplemental Liquidity Metrics Credit Ratings BBB+ Baa2 Fitch Moody's BBB S&P Total Debt ($M) Available Liquidity ($M) 3.8% Cost of Debt(1) $759 $190 $1,079 Revolving Credit Facility Cash and Cash Equivalents $3,870 $1,000 $700 $400 $350 $60 $1,360 Revolving Credit Facility 2028 Unsecured Notes 2051 Unsecured Notes 2032 Unsecured Notes 2031 Unsecured Notes 2034 Unsecured Notes $1.3B Available Liquidity
20 As of March 31, 2026, AUM not yet paying fees totaled $29.9 billion, reflecting expected annual management fees of $349 million once deployed. FPAUM to AUM Bridge $51.2 $71.6 $28.6 $188.4 $314.9 $98.9 $17.7 $10.1 $32.7 $159.2 $49.8 $11.0 $21.5 $85.1 $39.7 $7.3 $22.3 $70.6 $29.9 $20.1 $76.5 Credit Real Assets GP Strategic Capital FPAUM AUM Not Yet Paying Fees Fee-Exempt AUM Net Appreciation, Leverage and Other AUM $2.7 $1.3 (dollars in billions)
21 AUM and FPAUM Rollforwards Three Months Ended March 31, 2026 Twelve Months Ended March 31, 2026 (dollars in millions) Credit Real Assets GP Strategic Capital Total Credit Real Assets GP Strategic Capital Total AUM Beginning Balance $ 157,757 $ 80,604 $ 69,071 $ 307,432 $ 139,239 $ 67,062 $ 66,968 $ 273,269 New capital raised 4,068 4,033 900 9,001 20,790 18,901 4,659 44,350 Change in debt 742 1,291 — 2,033 9,387 2,841 — 12,228 Distributions (4,258) (984) (785) (6,027) (14,922) (5,268) (4,132) (24,322) Change in value / other 930 136 1,422 2,488 4,745 1,544 3,113 9,402 Ending Balance $ 159,239 $ 85,080 $ 70,608 $ 314,927 $ 159,239 $ 85,080 $ 70,608 $ 314,927 FPAUM Beginning Balance $ 99,486 $ 48,752 $ 39,497 $ 187,735 $ 92,890 $ 43,920 $ 37,822 $ 174,632 New capital raised / deployed 2,684 2,146 621 5,451 15,741 11,722 4,466 31,929 Fee basis step down — (250) — (250) (134) (2,046) (1,503) (3,683) Distributions (3,445) (673) (375) (4,493) (12,623) (4,431) (1,484) (18,538) Change in value / other 125 (139) (19) (33) 2,976 671 423 4,070 Ending Balance $ 98,850 $ 49,836 $ 39,724 $ 188,410 $ 98,850 $ 49,836 $ 39,724 $ 188,410
22 AUM and FPAUM by Strategy As of March 31, 2026 (dollars in millions) AUM % AUM FPAUM % FPAUM Credit Direct Lending 115,129 37% 62,520 33% Alternative Credit 14,720 5% 8,960 5% Investment Grade Credit 19,306 6% 18,596 10% Liquid Credit 6,038 2% 5,631 3% Other 4,046 1% 3,143 2% Credit $ 159,239 51% $ 98,850 53% Real Assets Net Lease 49,967 16% 22,440 12% Real Estate Credit 17,371 5% 15,101 7% Digital Infrastructure 17,742 6% 12,295 7% Real Assets $ 85,080 27% $ 49,836 26% GP Strategic Capital GP Minority Stakes 66,638 21% 37,757 20% GP Debt Financing 2,732 1% 1,484 1% Professional Sports Minority Stakes 1,238 0% 483 0% GP Strategic Capital $ 70,608 22% $ 39,724 21% Blue Owl $ 314,927 $ 188,410
23 Product Performance MoIC IRR (dollars in millions) Year of Inception AUM Capital Raised(6) Invested Capital(7) Realized Proceeds(8) Unrealized Value(9) Total Value Gross(10) Net(11) Gross Net Credit Platform Direct Lending(1) Blue Owl Credit Income Corp. (OCIC) 2020 44,215 23,118 19,891 3,978 19,760 23,738 1.25x 1.19x 12.5% 9.7% Blue Owl Technology Income Corp. (OTIC) 2022 7,748 4,255 3,531 725 3,580 4,305 1.27x 1.22x 12.8% 10.2% Alternative Credit Blue Owl Asset Special Opportunities Fund VIII(2) 2021 1,770 1,849 1,711 564 1,898 2,462 1.49x 1.44x 17.7% 13.3% Real Assets Platform Net Lease Blue Owl Real Estate Fund IV 2017 591 1,250 1,239 1,565 255 1,820 1.54x 1.47x 17.4% 14.9% Blue Owl Real Estate Net Lease Property Fund 2019 7,348 5,271 4,871 2,463 3,489 5,952 1.24x 1.22x 8.1% 7.1% Blue Owl Real Estate Fund V 2020 4,043 2,500 2,500 1,160 2,107 3,267 1.40x 1.31x 12.7% 9.7% Blue Owl Real Estate Net Lease Trust(1)(3) 2022 13,378 8,610 8,610 783 8,005 8,788 nm nm nm nm Blue Owl Real Estate Fund VI 2022 8,457 5,163 3,393 280 3,898 4,178 1.32x 1.23x 24.2% 17.7% Digital Infrastructure(2) Blue Owl Digital Infrastructure Fund I(4) 2016 nm 1,484 1,804 2,954 98 3,052 1.82x 1.69x 15.5% 11.7% Blue Owl Digital Infrastructure Fund II 2020 5,090 3,805 3,494 28 4,751 4,779 1.44x 1.37x 11.6% 8.3% Blue Owl Digital Infrastructure Fund III 2022 7,935 7,170 4,331 — 5,096 5,096 1.26x 1.18x 28.9% 12.4% GP Strategic Capital Platform GP Minority Stakes(5) Blue Owl GP Stakes III 2015 9,505 5,318 3,292 4,588 5,286 9,874 3.79x 3.00x 28.0% 21.6% Blue Owl GP Stakes IV 2018 15,005 9,041 6,621 7,860 7,177 15,037 2.81x 2.27x 50.4% 33.5% Blue Owl GP Stakes V 2020 14,531 12,852 7,381 2,948 5,867 8,815 1.39x 1.19x 22.9% 10.7% Past performance is not a guarantee of future results. Funds presented herein represent products that meet certain quantitative and qualitative criteria that management uses to evaluate each product’s contribution to the overall financial performance of Blue Owl, as a whole. Additionally, excludes products that have been deploying capital for less than two years, as such information is generally not meaningful, and publicly listed BDCs. Note 1. Information presented in the AUM through IRR columns for these vehicles is presented on a quarter lag due to these vehicles being public filers with the SEC and not yet filing their quarterly information as of our filing date. Additional information related to these vehicles can be found in their filings with the SEC, which are not part of this presentation. Note 2. Information presented in the Invested Capital through IRR columns for this vehicle is presented on a quarter lag. Note 3. MoIC and IRR are nm as we consider total net return to be a useful measure of the overall investment performance for this product. Total net return was 8.8%, calculated as the change in NAV per Class I share since inception (annualized) plus any distributions per share declared in the period and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. Note 4. AUM for Blue Owl Digital Infrastructure Fund I is nm as the product was fully realized during 4Q'25. Note 5. Information presented in the Invested Capital through IRR columns for these vehicles is presented on a quarter lag and is exclusive of investments made by the related carried interest vehicles of the respective products. Note 6. Includes reinvested dividends and share repurchases, if applicable. Note 7. For the Credit Platform, invested capital includes capital calls, reinvested dividends, periodic investor closes and tender offers, as applicable. For the Real Assets Platform, invested capital includes investments by the general partner, capital calls, dividends reinvested, recallable and recycled capital which has been reinvested, and periodic investor closes, as applicable. For the GP Strategic Capital Platform, invested capital includes capital calls. Note 8. Realized proceeds represent the sum of all cash distributions to investors. Note 9. Unrealized value represents the product’s NAV. There can be no assurance that unrealized values will be realized at the valuations indicated. Note 10. Gross MoIC is calculated by adding total realized proceeds and unrealized values of a product’s investments and dividing by the total amount of invested capital. Gross MoIC is calculated before giving effect to management fees (including Part I Fees), Part II Fees and carried interest, as applicable, but net of all other expenses. Note 11. Net MoIC measures the aggregate value generated by a product’s investments in absolute terms. Net MoIC is calculated by adding total realized proceeds and unrealized values of a product’s investments and dividing by the total amount of invested capital. Net MoIC is calculated after giving effect to management fees (including Part I Fees) and Part II Fees and carried interest, as applicable.
24 Diversified BDC KPIs Investments Liquidity OBDC OCIC Portfolio Diversification First Lien Positions 73% 88% Second Lien Positions 5% 4% Joint Venture / Strategic Equity1 12% 5% % Other 10% 3% # of Industries 30 31 Average Position Size 0.4% 0.3% Borrower Profile Rated 1-2 91% 95% Rated 3-5 9% 5% Weighted-Average LTV2 42% 40% Weighted-Average Revenue $1,006 $1,231 Weighted-Average EBITDA $237 $297 Borrower Interest Coverage 1.9x 2.1x % Non-Accrual (FV) 1.1% 0.3% Other % PIK at Origination 96% 96% % PE Sponsor Backed 89% 94% YoY Revenue Growth Rate 8% 9% YoY EBITDA Growth Rate 11% 10% Annualized Net Loss Rate Since Inception3 (0.29%) (0.14%) OBDC OCIC Liquidity & Leverage Weighted-Average Debt Maturity (Years) 4.3 5.4 Weighted-Average Asset Maturity (Years) 4.5 4.8 # Investment Grade Rated 4 4 Cash + Undrawn Debt $4.2 $8.3 Level 2 Assets4 $0.1 $4.5 Unfunded Commitments $1.7 $5.3 Equity (NAV) $7.4 $19.8 Net Leverage 1.19x 0.76x Debt Diversification # Debt Facilities 21 30 # Banks Lending 24 25 - NO short term funding facilities or facilities which allow the lender to revalue private assets absent the occurrence of certain agreed upon adverse credit or performance events Diversity of Funding Sources (dollars in millions) As of December 31, 2025. Note 1. Composed of joint ventures and specialty finance debt and equity investments in vehicles where the underlying loans are predominantly first-lien or asset-backed structures. Note 2. LTV represents the net ratio of “loan to value” for each portfolio company, weighted based on the fair value of the BDC’s loan investment. The “attachment point” is the principal amount of debt that is senior to the BDC’s loan investment, and that amount plus the principal amount of the loan in which the BDC invested and other equally ranked debt is the “last dollar” amount. “Value” represents an estimate of enterprise value of each portfolio company, a calculation that will vary by portfolio company and is updated on a quarterly basis. Note 3. Average of the annual net gain/loss rate since inception (where the annual total net realized gain/loss rate is calculated as the total net realized gain or loss for a given year, divided by the average quarterly investments at amortized cost for that year). Note 4. Level 2 assets are investments with valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. (dollars in billions) 11% 11% 24% 54% Revolver SPV CLO Unsecured Notes 6% 32% 19% 43%
25 Tech BDC KPIs Investments Liquidity OTF OTIC Liquidity & Leverage Weighted-Average Debt Maturity (Years) 5.8 5.6 Weighted-Average Asset Maturity (Years) 4.8 5.4 # Investment Grade Rated 4 1 Cash + Undrawn Debt $2.3 $1.5 Level 2 Assets4 $0.5 $0.8 Unfunded Commitments $1.8 $0.9 Equity (NAV) $8.0 $3.6 Net Leverage 0.75x 0.75x Debt Diversification # Debt Facilities 13 9 # Banks Lending 15 10 - NO short term funding facilities or facilities which allow the lender to revalue private assets absent the occurrence of certain agreed upon adverse credit or performance events Diversity of Funding Sources OTF OTIC Portfolio Diversification First Lien Positions 77% 88% Second Lien Positions 4% 4% Joint Venture / Strategic Equity1 3% 2% % Other 16% 6% # of Industries 39 41 Average Position Size 0.5% 0.5% Borrower Profile Rated 1-2 91% 94% Rated 3-5 9% 6% Weighted-Average LTV2 34% 35% Weighted-Average Revenue $945 $1,133 Weighted-Average EBITDA $290 $377 Borrower Interest Coverage 2.0x 2.1x % Non-Accrual (FV) 0.2% 0.2% Other % PIK at Origination 100% 99% % PE Sponsor Backed 95% 97% YoY Revenue Growth Rate 9% 11% YoY EBITDA Growth Rate 13% 14% Annualized Net Gain Rate Since Inception3 0.23% 0.03% (dollars in millions) As of December 31, 2025. Note 1. Composed of joint ventures and specialty finance debt and equity investments in vehicles where the underlying loans are predominantly first-lien or asset-backed structures. Note 2. LTV represents the net ratio of “loan to value” for each portfolio company, weighted based on the fair value of the BDC’s loan investment. The “attachment point” is the principal amount of debt that is senior to the BDC’s loan investment, and that amount plus the principal amount of the loan in which the BDC invested and other equally ranked debt is the “last dollar” amount. “Value” represents an estimate of enterprise value of each portfolio company, a calculation that will vary by portfolio company and is updated on a quarterly basis. Note 3. Average of the annual net gain/loss rate since inception (where the annual total net realized gain/loss rate is calculated as the total net realized gain or loss for a given year, divided by the average quarterly investments at amortized cost for that year). Note 4. Level 2 assets are investments with valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. (dollars in billions) 23% 29%14% 34%Revolver SPV CLO Unsecured Notes 10% 10% 10% 70%
26 We believe OCIC has delivered attractive risk-adjusted returns with stronger structural protections and lower historical loss rates vs. the syndicated loan and high yield bond markets over an extended period of time Comparison of OCIC to Public Credit Markets Past performance is not a guarantee of future results. As of December 31, 2025. 1. Annual loss rate estimated using broadly syndicated loans’ average annual default rate of 1.8% and recovery rate of 62% since OCIC inception (2020-2025) source: JPM, Moody’s. Calculated as default rate * (1 – average recovery rate). Annual loss rate estimated using High Yield bonds average annual default rate of 1.8% and recovery rate of 47% since OCIC inceptions (2020-2025). Source: JPM, Moody’s. Calculated as default rate * (1 – average recovery rate). 2. Leveraged Loans represented by Morningstar LSTA U.S. Leveraged Loan Index. High Yield represented by Bloomberg U.S. Corporate High Yield Index. Indexes listed do not represent benchmarks for the funds but allow for comparison of a fund's performance to an index. An investor cannot invest directly in an index. Index performance does not reflect fees and expenses. 3. The Index IRR is defined as Fund IRR less Direct Alpha, where Direct Alpha is calculated by discounting each fund cash flow (including NAV) using the respective index’s returns at the corresponding date at which the respective cash flow occurred. This creates an adjusted cash flow stream that mirrors the fund’s actual cash flow timing, in essence stripping out the index return from the fund’s return. 4. Source: LCD Pitchbook, Goldman Sachs. OCIC Leveraged Loans High Yield Bonds C ha ra ct er is tic s Borrower Size (EBITDA) ~$297mm (average) Typically UMM / Large Issuer Illustrative LBO Capitalization Simpler (e.g. unitranche), lower LTV Multi-tranche (e.g. senior, junior, subordinated), typically higher LTV Due Diligence Direct and extensive (4-8 weeks) Through intermediary / bank (Less than 2 weeks) Through intermediary / bank (Less than 1 week) Rate Risk / Duration Floating Rate / Low Floating Rate / Low Fixed Rate / Higher Lender Influence on Structure High Low Sector Exposure Lower exposure to cyclical, consumer discretionary & capital-intensive end markets Energy / O&G, Retail and Industrials all outside of top 10 sector exposures Greater exposure to capital goods and cyclical end markets Energy / O&G, Retail, Telecom, Capital Goods & Chemicals included in the top 10 for either leverage loans or high yield4 Liquidity Limited Medium to high High Se ek in g D ow ns id e Pr ot ec tio n Security Senior Secured Senior Secured, but often include priming debt such as RCFs & ABLs and larger securitization facilities held by lenders Unsecured / Subordinated Covenants Stronger negative covenants & more likely to have a maintenance covenant Typically covenant-lite with weaker negative covenants Incurrence Workout Process More Control Less Control Less Control Ec on om ic s Annual Loss Rate1 0.1% 1.0% 1.3% Net IRR Since OCIC Inception2,3 9.7% 6.8% 5.8%
27 Past performance is not a guarantee of future results. As of December 31, 2025. Note 1. Leveraged Loans represented by Morningstar LSTA U.S. Leveraged Loan Index. High Yield represented by Bloomberg U.S. Corporate High Yield Index. Indexes listed do not represent benchmarks for the funds but allow for comparison of a fund's performance to an index. An investor cannot invest directly in an index. Index performance does not reflect fees and expenses. Note 2. The Index IRR is defined as Fund IRR less Direct Alpha, where Direct Alpha is calculated by discounting each fund cash flow (including NAV) using the respective index’s returns at the corresponding date at which the respective cash flow occurred. This creates an adjusted cash flow stream that mirrors the fund’s actual cash flow timing, in essence stripping out the index return from the fund’s return. Direct Lending | Public Market Benchmarking Blue Owl Direct Lending Funds have consistently outperformed Leveraged Loan and High Yield Indexes In ce pt io n to D at e R et ur n 9.7% 9.7% 9.5% 10.2% 5.5% 6.8% 7.7% 8.1% 5.4% 5.8% 7.9% 8.9% Net IRR Leveraged Loan PME IRR High Yield PME IRR Blue Owl Capital Corporation ("OBDC") Blue Owl Credit Income Corp. ("OCIC") Blue Owl Technology Finance Corp. ("OTF") Blue Owl Technology Income Corp. ("OTIC") —% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Public Market Equivalent (“PME”) Analysis(1)(2)
Appendix
29 GAAP Results (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands, except share and per share data) 1Q'26 1Q'25 1Q'26 1Q'25 Revenues Management and other fees, net (includes Part I Fees of $138,028, $132,556, $573,226 and $540,254) 747,746 677,174 2,913,978 2,454,210 Performance revenues 6,065 6,312 26,525 11,363 Total Revenues, Net 753,811 683,486 2,940,503 2,465,573 Expenses Compensation and benefits 375,874 325,940 1,356,974 1,118,632 Amortization of intangible assets 84,538 89,473 354,017 291,534 General, administrative and other expenses 183,910 190,779 741,067 526,962 Total Expenses 644,322 606,192 2,452,058 1,937,128 Other Loss Net gains (losses) on investments 4,755 (7,700) 5,350 (9,160) Interest and dividend income 11,765 11,230 45,719 48,647 Interest expense (43,881) (38,524) (169,112) (137,934) Change in TRA liability (2,395) (4,276) (11,727) 1,785 Change in warrant liability — — — (23,600) Change in earnout liability 16,100 2,318 44,727 (25,397) Total Other Loss (13,656) (36,952) (85,043) (145,659) Income Before Income Taxes 95,833 40,342 403,402 382,786 Income tax expense 16,240 3,672 54,992 37,683 Consolidated Net Income 79,593 36,670 348,410 345,103 Net income attributable to noncontrolling interests (64,051) (29,240) (261,465) (253,180) Net Income Attributable to Blue Owl Capital Inc. $ 15,542 $ 7,430 $ 86,945 $ 91,923 Net Income Attributable to Class A Shares $ 15,542 $ 7,430 $ 86,945 $ 91,923 Earnings per Class A Share Basic $ 0.02 $ 0.01 Diluted $ 0.02 $ 0.00 Weighted-Average Class A Shares Basic 680,422,783 625,854,106 Diluted 681,072,472 638,492,523
30 Quarter Ended (dollars in thousands, except per share data) 1Q'26 4Q'25 3Q'25 2Q'25 1Q'25 GAAP Revenues Management Fees $ 663,844 $ 657,184 $ 648,107 $ 623,369 $ 604,186 Administrative, Transaction and Other Fees 94,774 87,576 82,147 78,758 72,988 Fee Offsets (10,872) (8,457) (2,452) — — Total Management and Other Fees, Net 747,746 736,303 727,802 702,127 677,174 Performance Revenues 6,065 19,293 188 979 6,312 GAAP Revenues 753,811 755,596 727,990 703,106 683,486 GAAP Expenses Compensation and Benefits 375,874 313,426 341,374 326,300 325,940 Amortization of Intangible Assets 84,538 87,355 92,652 89,472 89,473 General, Administrative and Other Expenses 183,910 187,817 181,288 188,052 190,779 GAAP Expenses 644,322 588,598 615,314 603,824 606,192 GAAP Results GAAP Net Income Attributable to Blue Owl Capital Inc. 15,542 47,667 6,310 17,426 7,430 Earnings per Class A Share Basic $ 0.0 $ 0.07 $ 0.01 $ 0.03 $ 0.01 Diluted $ 0.0 $ 0.07 $ 0.01 $ 0.02 $ 0.00 GAAP Results Summary (Unaudited)
31 GAAP Revenues (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands) 1Q'26 1Q'25 % Change 1Q'26 1Q'25 % Change GAAP Revenues Credit Management Fees(1) $ 406,455 $ 354,374 15% $ 1,583,371 $ 1,318,167 20% Administrative, Transaction and Other Fees 56,636 51,610 10% 221,962 229,412 (3%) Fee Offsets(2) (7,356) — nm (17,163) — nm Total Management and Other Fees, Net 455,735 405,984 12% 1,788,170 1,547,579 16% Performance Revenues 2,115 2,956 (28%) 6,100 5,055 21% Revenues - Credit 457,850 408,940 12% 1,794,270 1,552,634 16% Real Assets Management Fees 112,130 109,450 2% 411,677 255,865 61% Administrative, Transaction and Other Fees 25,082 10,506 139% 75,947 32,340 135% Fee Offsets(3) (3,516) — nm (4,618) — nm Total Management and Other Fees, Net 133,696 119,956 11% 483,006 288,205 68% Performance Revenues 3,950 3,356 18% 20,425 6,308 224% Revenues - Real Assets 137,646 123,312 12% 503,431 294,513 71% GP Strategic Capital Management Fees(4) 145,259 140,362 3% 597,456 576,320 4% Administrative, Transaction and Other Fees 13,056 10,872 20% 45,346 42,106 8% Fee Offsets — — nm — — nm Total Management and Other Fees, Net 158,315 151,234 5% 642,802 618,426 4% Revenues - GP Strategic Capital 158,315 151,234 5% 642,802 618,426 4% GAAP Revenues 753,811 683,486 10% 2,940,503 2,465,573 19% For information on and reconciliation of the Company's non-GAAP measures, please see slides 34 to 38. Note 1. Includes Part I Fees of $136,541, $132,257, $566,485 and $533,195 for 1Q'26, 1Q'25, 1Q'26 LTM and 1Q'25 LTM, respectively. Note 2. 1Q'26 LTM includes Fee Offsets of $(7,356), $(7,355) and $(2,452) for 1Q'26, 4Q'25 and 3Q'25, respectively. Note 3. 1Q'26 LTM includes Fee Offsets of $(3,516) and $(1,102) for 1Q'26 and 4Q'25, respectively. Note 4. Includes Part I Fees of $1,487, $299, $6,741 and $7,059 for 1Q'26, 1Q'25, 1Q'26 LTM and 1Q'25 LTM, respectively.
32 Quarter Ended (dollars in thousands, except per share data) 1Q'26 4Q'25 3Q'25 2Q'25 1Q'25 FRE Revenues FRE Management Fees, (Including Part I Fees) $ 674,888 $ 668,228 $ 659,151 $ 620,152 $ 595,983 FRE Administrative, Transaction and Other Fees 31,188 29,234 30,110 25,779 20,154 Fee Offsets (10,872) (8,457) (2,452) — — Total FRE Management and Other Fees, Net 695,204 689,005 686,809 645,931 616,137 FRE Performance Revenues 4,679 12,468 188 119 4,055 FRE Revenues 699,883 701,473 686,997 646,050 620,192 FRE Expenses FRE Compensation and Benefits 201,347 179,982 208,163 188,942 187,922 FRE General, Administrative and Other Expenses 89,806 89,449 86,587 88,859 77,283 FRE Expenses 291,153 269,431 294,750 277,801 265,205 Fee-Related Earnings 393,626 416,627 376,175 358,343 345,391 Distributable Earnings 292,542 382,540 341,002 323,014 262,516 Adjusted Per Share Information Fee-Related Earnings per Adjusted Share $ 0.25 $ 0.27 $ 0.24 $ 0.23 $ 0.22 Distributable Earnings per Adjusted Share $ 0.19 $ 0.24 $ 0.22 $ 0.21 $ 0.17 Non-GAAP Results Summary (Unaudited) For information on and reconciliation of the Company's non-GAAP measures, please see slides 34 to 38.
33 FRE Revenues (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands) 1Q'26 1Q'25 % Change 1Q'26 1Q'25 % Change FRE Revenues Credit FRE Management Fees(1) $ 406,455 $ 354,374 15% $ 1,583,371 $ 1,318,167 20% FRE Administrative, Transaction and Other Fees 21,135 17,550 20% 94,752 111,645 (15%) Fee Offsets(2) (7,356) — nm (17,163) — nm Total FRE Management and Other Fees, Net 420,234 371,924 13% 1,660,960 1,429,812 16% FRE Performance Revenues 729 850 (14%) 2,592 2,949 (12%) FRE Revenues - Credit 420,963 372,774 13% 1,663,552 1,432,761 16% Real Assets FRE Management Fees 112,130 90,131 24% 397,343 236,546 68% FRE Administrative, Transaction and Other Fees 7,490 595 nm 12,931 1,279 nm Fee Offsets(3) (3,516) — nm (4,618) — nm Total FRE Management and Other Fees, Net 116,104 90,726 28% 405,656 237,825 71% FRE Performance Revenues 3,950 3,205 23% 14,862 5,748 159% FRE Revenues - Real Assets 120,054 93,931 28% 420,518 243,573 73% GP Strategic Capital FRE Management Fees(4) 156,303 151,478 3% 641,705 620,329 3% FRE Administrative, Transaction and Other Fees 2,563 2,009 28% 8,628 7,544 14% Total FRE Management and Other Fees, Net 158,866 153,487 4% 650,333 627,873 4% FRE Revenues - GP Strategic Capital 158,866 153,487 4% 650,333 627,873 4% FRE Revenues 699,883 620,192 13% 2,734,403 2,304,207 19% For information on and reconciliation of the Company's non-GAAP measures, please see slides 34 to 38. Note 1. Includes Part I Fees of $136,541, $132,257, $566,485 and $533,195 for 1Q'26, 1Q'25, 1Q'26 LTM and 1Q'25 LTM, respectively. Note 2. 1Q'26 LTM includes Fee Offsets of $(7,356), $(7,355) and $(2,452) for 1Q'26, 4Q'25 and 3Q'25, respectively. Note 3. 1Q'26 LTM includes Fee Offsets of $(3,516) and $(1,102) for 1Q'26 and 4Q'25, respectively. Note 4. Includes Part I Fees of $1,487, $299, $6,741 and $7,059 for 1Q'26, 1Q'25, 1Q'26 LTM and 1Q'25 LTM, respectively.
34 Non-GAAP and Other Measures GAAP Margin Calculated as income before income taxes, divided by total revenues. Fee-Related Earnings, or FRE, and Related Components Fee-Related Earnings (“FRE”) is a supplemental non-GAAP measure of our core operating performance used to make operating decisions and assess our core operating results, focusing on whether our core revenue streams, primarily consisting of management fees, are sufficient to cover our core operating expenses. FRE performance revenues refers to the GAAP performance revenues that are measured and eligible to be received on a recurring basis and not dependent on realization events from the underlying investments. Management also reviews the components that comprise Fee-Related Earnings (i.e., FRE revenues and FRE expenses) on the same basis used to calculate Fee-Related Earnings, and such components are also non-GAAP measures and have been identified with the prefix “FRE” throughout this presentation. Fee- Related Earnings exclude various items that are required for the presentation of our results under GAAP, including the following: noncontrolling interests in Blue Owl Holdings; equity-based compensation expense; compensation expenses related to capital contributions in certain subsidiary holding companies that are in-turn paid as compensation to certain employees, as such contributions are not included in Fee-Related Earnings or Distributable Earnings (“DE”); amortization of acquisition-related earnouts and transaction bonuses; amortization of intangible assets; “Transaction Expenses” as defined below; expense support payments and subsequent reimbursements; net gains (losses) on investments; interest and dividend income; interest expense; changes in TRA, warrant and earnout liabilities; and taxes. Transaction expenses are expenses incurred in connection with acquisitions and strategic transactions, including subsequent adjustments related to such transactions, that were not eligible to be netted against consideration or recognized as acquired assets and assumed liabilities in the relevant transactions (“Transaction Expenses”). FRE revenues also exclude the portion of IPI catch-up fees earned that relate to periods prior to the closing of the IPI Acquisition, as such amounts are payable as contingent consideration to the sellers. FRE revenues and FRE expenses also exclude DE performance revenues and related compensation expense, as well as revenues and expenses related to amounts reimbursed by our products, including administrative fees and dealer manager reallowed commissions, that have no impact to our bottom line operating results, and therefore FRE revenues and FRE expenses do not represent our total revenues or total expenses in any given period. DE performance revenues refers to GAAP performance revenues that are not FRE performance revenues. Distributable Earnings or DE Distributable Earnings is a supplemental non-GAAP measure of operating performance that equals Fee-Related Earnings plus or minus, as relevant, DE performance revenues and related compensation, interest and dividend income, interest expense, as well as amounts payable for taxes and payments made pursuant to the TRA. Amounts payable for taxes presents the current income taxes payable, excluding the impact of tax contingency-related accrued expenses or benefits, as such amounts are included when paid or received, related to the respective period’s earnings, assuming that all Distributable Earnings were allocated to Blue Owl Capital Inc., which would occur following the exchange of all Common Units and Incentive Units for Class A Shares. Current income taxes payable and payments made pursuant to the TRA reflect the benefit of tax deductions that are excluded when calculating Distributable Earnings (e.g., equity-based compensation expenses, Transaction Expenses, tax goodwill, etc.). If these tax deductions were to be excluded from amounts payable for taxes, Distributable Earnings would be lower and our effective tax rate would appear to be higher, even though a lower amount of income taxes would have been paid or payable for a period’s earnings. We make these adjustments when calculating Distributable Earnings to more accurately reflect the net realized earnings that are expected to be or become available for distribution or reinvestment into our business. Management believes that Distributable Earnings can be useful as a supplemental performance measure to our GAAP results in assessing the amount of earnings available for distribution. FRE Margin FRE Margin is a supplemental non-GAAP measure that equals Fee-Related Earnings before net (income) loss allocated to noncontrolling interests, divided by FRE revenues. Management believes that FRE Margin can be useful as a supplemental performance measure used to make operating decisions and assess our core operating results. Adjusted Shares Adjusted Shares represents the weighted-average outstanding interests that are participating in distributions as of the end of each respective period. Adjusted Shares is the sum of Blue Owl Capital Inc.’s Class A Shares (and Class B Shares to the extent outstanding in the future), Common Units and vested Incentive Units of Blue Owl Holdings. Common Units and Incentive Units are limited partner interests held by certain members of management and employees, as well as other third parties in Blue Owl Holdings. Subject to certain restrictions, Common Units are exchangeable on a one-for-one basis for either Class A Shares or Class B Shares if held by certain senior members of management. A vested Incentive Unit may convert into a Common Unit upon becoming economically equivalent on a tax basis to a Common Unit.
35 Non-GAAP Reconciliations Quarter Ended Last Twelve Months (dollars in thousands) 1Q'26 4Q'25 3Q'25 2Q'25 1Q'25 1Q'26 1Q'25 GAAP Net Income Attributable to Class A Shares $ 15,542 $ 47,667 $ 6,310 $ 17,426 $ 7,430 $ 86,945 $ 91,923 Net income attributable to noncontrolling interests 64,051 103,081 41,063 53,270 29,240 261,465 253,180 Income tax expense 16,240 17,006 7,948 13,798 3,672 54,992 37,683 GAAP Income Before Income Taxes 95,833 167,754 55,321 84,494 40,342 403,402 382,786 Strategic Revenue-Share Purchase consideration amortization 11,044 11,044 11,044 11,117 11,116 44,249 44,009 DE performance revenues (1,386) (6,825) — (860) (2,257) (9,071) (2,666) DE performance revenues compensation 1,178 5,801 — 732 1,918 7,711 2,061 IPI Acquisition-related catch-up fees payable to sellers — — — (14,334) (19,319) (14,334) (19,319) Equity-based compensation - other 92,983 81,541 80,807 75,166 75,192 330,497 244,506 Equity-based compensation - acquisition-related 85,686 62,995 75,446 76,837 82,999 300,964 108,868 Equity-based compensation - Business Combination grants 16,853 17,170 16,835 17,051 11,485 67,909 63,198 Acquisition-related cash amortization 979 979 979 979 2,629 3,916 2,629 Capital-related compensation 303 50 330 915 1,201 1,598 4,146 Amortization of intangible assets 84,538 87,355 92,652 89,472 89,473 354,017 291,534 Transaction Expenses (588) 2,403 31 9,343 25,186 11,189 91,440 Expense support 7,651 2,531 1,447 2,549 (1,930) 14,178 (9,937) Net (gains) losses on investments (4,755) 6,721 (9,736) 2,420 7,700 (5,350) 9,160 Change in TRA liability 2,395 4,326 2,980 2,026 4,276 11,727 (1,785) Change in warrant liability — — — — — — 23,600 Change in earnout liability (16,100) (41,402) 33,404 (20,629) (2,318) (44,727) 25,397 Interest and dividend income (11,765) (11,294) (11,645) (11,015) (11,230) (45,719) (48,647) Interest expense 43,881 40,893 42,352 41,986 38,524 169,112 137,934 Fee-Related Earnings Before Noncontrolling Interests 408,730 432,042 392,247 368,249 354,987 1,601,268 1,348,914 Net income allocated to noncontrolling interests included in Fee- Related Earnings (15,104) (15,415) (16,072) (9,906) (9,596) (56,497) (39,855) Fee-Related Earnings 393,626 416,627 376,175 358,343 345,391 1,544,771 1,309,059 DE performance revenues 1,386 6,825 — 860 2,257 9,071 2,666 DE performance revenues compensation (1,178) (5,801) — (732) (1,918) (7,711) (2,061) Interest and dividend income 11,765 11,294 11,645 11,015 11,230 45,719 48,647 Interest expense (43,881) (40,893) (42,352) (41,986) (38,524) (169,112) (137,934) Taxes and TRA payments (69,176) (5,512) (4,466) (4,486) (55,920) (83,640) (68,712) Distributable Earnings $ 292,542 $ 382,540 $ 341,002 $ 323,014 $ 262,516 $ 1,339,098 $ 1,151,665
36 Non-GAAP Reconciliations (cont’d) Quarter Ended Last Twelve Months (dollars in thousands, except share and per share data) 1Q'26 4Q'25 3Q'25 2Q'25 1Q'25 1Q'26 1Q'25 Weighted-Average Adjusted Shares Class A Shares(1) 670,063,345 665,140,357 655,630,319 637,712,824 614,422,518 Common Units and Vested Incentive Units 902,292,698 903,439,688 907,673,489 918,707,507 933,259,441 Total Weighted-Average Adjusted Shares 1,572,356,043 1,568,580,045 1,563,303,808 1,556,420,331 1,547,681,959 Earnings per Class A Share - Basic $ 0.02 $ 0.07 $ 0.01 $ 0.03 $ 0.01 Earnings per Class A Share - Diluted $ 0.02 $ 0.07 $ 0.01 $ 0.02 $ 0.00 Fee-Related Earnings per Adjusted Share $ 0.25 $ 0.27 $ 0.24 $ 0.23 $ 0.22 Distributable Earnings per Adjusted Share $ 0.19 $ 0.24 $ 0.22 $ 0.21 $ 0.17 GAAP Management Fees $ 663,844 $ 657,184 $ 648,107 $ 623,369 $ 604,186 $ 2,592,504 $ 2,150,352 Strategic Revenue-Share Purchase consideration amortization 11,044 11,044 11,044 11,117 11,116 44,249 44,009 IPI Acquisition-related catch-up fees payable to sellers — — — (14,334) (19,319) (14,334) (19,319) FRE Management Fees $ 674,888 $ 668,228 $ 659,151 $ 620,152 $ 595,983 $ 2,622,419 $ 2,175,042 GAAP Administrative, Transaction, and Other Fees $ 94,774 $ 87,576 $ 82,147 $ 78,758 $ 72,988 $ 343,255 $ 303,858 Reimbursed expenses (63,586) (58,342) (52,037) (52,979) (52,834) (226,944) (183,390) FRE Administrative, Transaction and Other Fees $ 31,188 $ 29,234 $ 30,110 $ 25,779 $ 20,154 $ 116,311 $ 120,468 Performance Revenues $ 6,065 $ 19,293 $ 188 $ 979 $ 6,312 $ 26,525 $ 11,363 DE performance revenues (1,386) (6,825) — (860) (2,257) (9,071) (2,666) FRE Performance Revenues $ 4,679 $ 12,468 $ 188 $ 119 $ 4,055 $ 17,454 $ 8,697 GAAP Revenues $ 753,811 $ 755,596 $ 727,990 $ 703,106 $ 683,486 $ 2,940,503 $ 2,465,573 Strategic Revenue-Share Purchase consideration amortization 11,044 11,044 11,044 11,117 11,116 44,249 44,009 DE performance revenues (1,386) (6,825) — (860) (2,257) (9,071) (2,666) IPI Acquisition-related catch-up fees payable to sellers — — — (14,334) (19,319) (14,334) (19,319) Reimbursed expenses (63,586) (58,342) (52,037) (52,979) (52,834) (226,944) (183,390) FRE Revenues $ 699,883 $ 701,473 $ 686,997 $ 646,050 $ 620,192 $ 2,734,403 $ 2,304,207 Note 1. Excludes 10,454,071, 10,665,581, 11,482,022, 11,972,391, and 11,431,589 respectively, fully vested restricted stock units that do not participate in dividends until settled but that are included in the denominator for GAAP basic earnings per share.
37 Non-GAAP Reconciliations (cont’d) Quarter Ended Last Twelve Months (dollars in thousands) 1Q'26 4Q'25 3Q'25 2Q'25 1Q'25 1Q'26 1Q'25 GAAP Compensation and Benefits $ 375,874 $ 313,426 $ 341,374 $ 326,300 $ 325,940 $ 1,356,974 $ 1,118,632 DE performance revenues compensation (1,178) (5,801) — (732) (1,918) (7,711) (2,061) Equity-based compensation - other (92,983) (81,541) (80,807) (75,166) (75,192) (330,497) (244,506) Equity-based compensation - acquisition-related (31,401) (8,158) (15,077) (19,914) (21,501) (74,550) (47,370) Equity-based compensation - Business Combination grants (16,853) (17,170) (16,835) (17,051) (11,485) (67,909) (63,198) Acquisition-related cash amortization (979) (979) (979) (979) (2,629) (3,916) (2,629) Capital-related compensation (303) (50) (330) (915) (1,201) (1,598) (4,146) Reimbursed expenses (30,830) (19,745) (19,183) (22,601) (24,092) (92,359) (84,589) FRE Compensation and Benefits $ 201,347 $ 179,982 $ 208,163 $ 188,942 $ 187,922 $ 778,434 $ 670,133 GAAP General, Administrative and Other Expenses $ 183,910 $ 187,817 $ 181,288 $ 188,052 $ 190,779 $ 741,067 $ 526,962 Equity-based compensation - acquisition-related (54,285) (54,837) (60,369) (56,923) (61,498) (226,414) (61,498) Transaction Expenses 588 (2,403) (31) (9,343) (25,186) (11,189) (91,440) Expense support (7,651) (2,531) (1,447) (2,549) 1,930 (14,178) 9,937 Reimbursed expenses (32,756) (38,597) (32,854) (30,378) (28,742) (134,585) (98,801) FRE General, Administrative and Other Expenses $ 89,806 $ 89,449 $ 86,587 $ 88,859 $ 77,283 $ 354,701 $ 285,160
38 Non-GAAP Reconciliations (cont’d) Quarter Ended Last Twelve Months (dollars in thousands) 1Q'26 1Q'25 1Q'26 1Q'25 Income Before Income Taxes $ 95,833 $ 40,342 $ 403,402 $ 382,786 GAAP Revenues $ 753,811 $ 683,486 $ 2,940,503 $ 2,465,573 GAAP Margin 12.7% 5.9% 13.7% 15.5% Fee-Related Earnings Before Noncontrolling Interests $ 408,730 $ 354,987 $ 1,601,268 $ 1,348,914 FRE Revenues $ 699,883 $ 620,192 $ 2,734,403 $ 2,304,207 FRE Margin 58.4% 57.2% 58.6% 58.5%
39 Defined Terms Assets Under Management or AUM Refers to the assets that we manage, and is generally equal to the sum of (i) net asset value (“NAV”); (ii) drawn and undrawn debt; (iii) uncalled capital commitments; (iv) total managed assets for certain Credit and Real Assets products; and (v) par value of collateral for collateralized loan obligations (“CLOs”) and other securitizations. our BDCs Refers to the business development companies (“BDCs”) we manage, as regulated under the Investment Company Act of 1940, as amended (the “Investment Company Act”): Blue Owl Capital Corporation (NYSE: OBDC) (“OBDC”), Blue Owl Capital Corporation II (“OBDC II”), Blue Owl Technology Finance Corp. (NYSE: OTF) (“OTF”), Blue Owl Credit Income Corp. (“OCIC”), Blue Owl Technology Income Corp. (“OTIC”), until January 13, 2025, Blue Owl Capital Corporation III (“OBDE”) and, until March 24, 2025, Blue Owl Technology Finance Corp. II (“OTF II”). Blue Owl, the Company, the firm, we, us, and our Refers to Blue Owl Capital Inc. and its consolidated subsidiaries. Blue Owl Holdings Refers to Blue Owl Capital Holdings LP. 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. Fee-Paying AUM or FPAUM Refers to the AUM on which management fees and/or FRE performance revenues are earned. For our Regulated Products, FPAUM is generally equal to total assets (including assets acquired with debt but excluding cash). For our other Credit products, excluding CLOs, FPAUM is generally equal to NAV, investment cost, market value or statutory book value. FPAUM also includes uncalled committed capital for products where we earn management fees thereon. For CLOs and other securitizations, FPAUM is generally equal to the par value of collateral. For Real Assets, FPAUM is generally equal to a combination of capital commitments, the cost of unrealized investments during the investment period and the cost of unrealized investments after the investment period; however, for certain Real Assets products, FPAUM is based on NAV, market value or statutory book value. For our GP Strategic Capital products, FPAUM for the GP minority stakes strategy is generally equal to capital commitments during the investment period and the cost of unrealized investments after the investment period. For GP Strategic Capital’s other strategies, FPAUM is generally equal to investment cost. Fitch Refers to Fitch Ratings credit rating agency. 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. Gross IRR Refers to an annualized since inception gross internal rate of return of cash flows to and from the product and the product’s residual value at the end of the measurement period. Gross IRRs are calculated before giving effect to management fees (including Part I Fees), Part II Fees and carried interest, as applicable, but net of all other expenses. Gross Return Refers to a return that is equal to the percentage change in the value of a product's portfolio, adjusted for all contributions and withdrawals (cash flows) before the effects of management fees, incentive fees and carried interest allocated to the general partner of special limited partners, or other fees and expenses. Institutional Equity Fundraise Includes insurance, internal fundraise and GP commitments. IPI Acquisition Refers to the acquisition of the business of digital infrastructure fund manager IPI Partners, LLC that was completed on January 3, 2025. Moody's Refers to Moody's credit rating agency.
40 Defined Terms (cont’d) Net IRR Refers to an annualized since inception net internal rate of return of cash flows to and from the product and the product’s residual value at the end of the measurement period. Net IRRs reflect returns to all investors. Net IRRs are calculated after giving effect to management fees (including Part I Fees), Part II Fees and carried interest, as applicable, and all other expenses. An individual investor’s IRR may differ from the reported IRR based on the timing of capital transactions. Net Return Refers to a return that is equal to the percentage change in the value of a product's portfolio, adjusted for all contributions and withdrawals (cash flows) after the effects of management fees, incentive fees and carried interest allocated to the general partner of special limited partners, or other fees and expenses. OWLCX Refers to Blue Owl Alternative Credit Fund, a non-diversified, closed-end management investment company registered under the Investment Company Act that is operated as an “interval fund.” Part I Fees Refers to quarterly performance income on the net investment income of our BDCs, OWLCX and similarly structured products, subject to a fixed hurdle rate. These fees are classified as management fees throughout this presentation, as they are predictable and recurring in nature, not subject to repayment, and cash-settled each quarter. Part II Fees Generally refers to fees from our BDCs and similarly structured products that are paid in arrears as of the end of each measurement period when the cumulative aggregate realized capital gains exceed the cumulative aggregate realized capital losses and aggregate unrealized capital depreciation, less the aggregate amount of Part II Fees paid in all prior years since inception. Part II Fees are classified as performance revenues throughout this presentation. Permanent Capital Refers to AUM in products that have an indefinite term and do not have a requirement to exit investments and return the proceeds to investors after a prescribed period. Some of these products, however, may be required or can elect to return all or a portion of capital gains and investment income, and some may have periodic tender offers or redemptions. Permanent Capital includes certain products that are subject to management fee step downs or roll-offs or both over time. 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. S&P Refers to Standard & Poor's credit rating agency. 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 Registrant, 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.