Blue Owl Capital Inc 8-K, filed Oct 29, 2026
Blue Owl Capital Inc. (OWL)
8-K
2026-10-29
For: 2026-10-29
View Original
Added on
October 29, 2026
About this 8-K
Blue Owl Capital Inc filed this 8-K on October 29, 2026.
Blue Owl Capital Inc. reported results for the quarter ended September 30, 2026: GAAP net income of $20.0 million, Fee-Related Earnings of $427.5 million, Distributable Earnings of $385.5 million, and AUM of $329.9 billion. It declared a $0.23 per Class A Share dividend. AI summary
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
___________________________
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): October 29, 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 October 29, 2026, Blue Owl Capital Inc. (the “Company”) reported its financial results for the quarter ended September 30, 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 October 29, 2026, to discuss its financial results for the quarter ended September 30, 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 exhibits 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 October 29, 2026, the Company announced a cash dividend of $0.23 per Class A Share. The dividend is payable on November 23, 2026, to holders of record as of the close of business on November 10, 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: October 29, 2026 | By: | /s/ Alan Kirshenbaum | ||||||
| Alan Kirshenbaum | ||||||||
| Chief Financial Officer | ||||||||
Blue Owl Capital Inc. Third Quarter 2026 Results
NEW YORK (October 29, 2026) – Blue Owl Capital Inc. (NYSE:OWL) (“Blue Owl”) today reported its financial results for the third quarter ended September 30, 2026.
“Blue Owl demonstrated durability, resilience and an acceleration of growth during the third quarter. Our strategies continue to generate excellent investment results, and we believe the nearly $50 billion we’ve raised over the last twelve months reflects ongoing investor support and conviction around our disciplined approach to investing,” said Doug Ostrover and Marc Lipschultz, Co-CEOs of Blue Owl. “We had a record institutional capital raising quarter with growth coming from an increasingly broad set of strategies, investors, and geographies. During markets characterized by volatility and uncertainty, our focus on income-oriented returns with an emphasis on downside protection becomes even more top of mind for investors, and our scaled and partnership-driven approach to investing becomes increasingly valuable to our borrowers, tenants, and counterparties.”
Blue Owl issued its full detailed presentation of its third quarter ended September 30, 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 November 23, 2026, to shareholders of record at the close of business on November 10, 2026.
Quarterly Investor Call Details:
Blue Owl will host its third quarter 2026 investor call via public webcast on October 29, 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 (833) 461-5787 (U.S. callers), +1 (585) 542-9983 (USA East, International Toll), or +1 (626) 884-3620 (USA West, International Toll); conference ID 805 666 601. 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 $330 billion in assets under management as of September 30, 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 approximately 1,430 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. Third Quarter 2026 Earnings October 29, 2026
2 About Blue Owl Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives®. With $330 billion in assets under management as of September 30, 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 approximately 1,430 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. 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. 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. 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 September 30, 2026. Past performance is not a guarantee of future results. Blue Owl Overview With $330 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 105 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 $204 billion in gross direct lending originations since inception • Complementary Credit strategies include Investment Grade Credit, Alternative 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 $162.8B Assets Under Management 845+ Direct Lending Deals Closed 160+ Unique Sponsors Closed Deals in Direct Lending Since Inception $72.2B Assets Under Management 87% Market Share for GP Minority Stakes Deals $600 Million+ Since Inception 75+ Partnerships Since Inception $94.9B Assets Under Management 6,095+ Properties Owned 880+ Tenant Relationships/ Partnerships
5 AUM Growth and Diversification 3.5x AUM and Meaningfully Diversified Since 2021 Direct Lending, 42% Net Lease, 16% GP Strategic Capital, 42% Direct Lending, 35% Alternative Credit, 5% IG Credit, 6% Liquid/ Other Credit, 3% Net Lease, 17% Digital Infrastructure, 6% Real Estate Credit, 6% GP Strategic Capital, 22% 4Q’21 AUM $94 billion 3Q'26 AUM $330 billion
6 Third Quarter 2026 Highlights Financial Results • GAAP Net Income of $20.0 million, or $0.03 per basic and $0.03 per diluted Class A Share • Fee-Related Earnings of $427.5 million, or $0.27 per Adjusted Share • Distributable Earnings of $385.5 million, or $0.24 per Adjusted Share Capital Metrics • AUM of $329.9 billion, up 12% since September 30, 2025 ◦ FPAUM of $192.2 billion, up 5% since September 30, 2025 ◦ Permanent Capital of $227.8 billion, up 7% since September 30, 2025 ◦ AUM Not Yet Paying Fees of $36.3 billion, reflecting expected annual FRE management fees of approximately $402 million once deployed • New Capital Commitments Raised of $12.6 billion ($10.2 billion new equity capital) in the quarter • FPAUM Raised and Deployed of $4.0 billion in the quarter Corporate For information on and reconciliation of the Company's non-GAAP measures, please see slides 30 to 34. • Annual Dividend of $0.92 per Class A Share announced for 2026 ◦ Dividend of $0.23 per Class A Share declared for the quarter • Issued 10-year unsecured debt in August of $750 million due 2036 with 6.750% coupon • Increased Capacity of the Revolving Credit Facility in October by $725 million to $3.225 billion and extended the maturity to 2031
7 GAAP Results (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands, except per share data) 3Q'26 3Q'25 % Change 3Q'26 3Q'25 % Change GAAP Revenues Management Fees(1) $ 678,306 $ 648,107 5% $ 2,660,899 $ 2,432,765 9% Administrative, Transaction and Other Fees 136,654 82,147 66% 421,457 303,568 39% Fee Offsets(2) (8,726) (2,452) 256% (39,123) (2,452) nm Total Management and Other Fees, Net 806,234 727,802 11% 3,043,233 2,733,881 11% Performance Revenues 297 188 58% 25,757 12,062 114% GAAP Revenues 806,531 727,990 11% 3,068,990 2,745,943 12% GAAP Expenses Compensation and Benefits 387,805 341,374 14% 1,436,513 1,288,096 12% Amortization of Intangible Assets 86,287 92,652 (7%) 343,658 348,250 (1%) General, Administrative and Other Expenses 184,678 181,288 2% 748,160 681,515 10% GAAP Expenses 658,770 615,314 7% 2,528,331 2,317,861 9% GAAP Results GAAP Net Income Attributable to Blue Owl Capital Inc. 19,959 6,310 216% 94,561 51,909 82% Earnings per Class A Share Basic $ 0.03 $ 0.01 Diluted $ 0.03 $ 0.01 Supplemental Information GAAP Margin 11.7% 7.6% 14.0% 9.3% Management Fees as % from Permanent Capital 85% 86% 85% 85% Note 1. Includes Part I Fees of $142,088, $150,441, $563,949 and $558,542 for 3Q'26, 3Q'25, 3Q'26 LTM and 3Q'25 LTM, respectively, and includes $0, $2,669, $14,831 and $19,523 of catch-up fees for 3Q'26, 3Q'25, 3Q'26 LTM and 3Q'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. 3Q'26 LTM includes Fee Offsets of $(8,726), $(11,068), $(10,872) and $(8,457) for 3Q'26, 2Q'26, 1Q'26 and 4Q'25, respectively.
8 Historical Trends (GAAP) • GAAP Management Fees of $2,660.9 million for the last twelve months, increased 9% compared to prior year • GAAP Consolidated Net Income of $371.2 million for the last twelve months, compared to $225.8 million in the prior year • GAAP Net Income Attributable to Class A Shares of $94.6 million for the last twelve months, compared to $51.9 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) $648.1 $678.3 $2,432.8 $2,660.9 3Q’25 3Q’26 3Q'25 LTM 3Q'26 LTM $6.3 $20.0 $51.9 $94.6 3Q’25 3Q’26 3Q'25 LTM 3Q'26 LTM $47.4 $80.2 $225.8 $371.2 3Q’25 3Q’26 3Q'25 LTM 3Q'26 LTM
9 3Q'26 - LTM Earnings Growth 12% Growth 15% Growth 14% Growth $2,548.9 $2,847.5 3Q’25 LTM 3Q’26 LTM $1,241.7 $1,411.8 3Q’25 LTM 3Q’26 LTM $1,420.2 $1,629.9 3Q’25 LTM 3Q’26 LTM FRE DEFRE Revenues For information on and reconciliation of the Company's non-GAAP measures, please see slides 30 to 34. (dollars in millions) (dollars in millions)(dollars in millions)
10 Non-GAAP Results Quarter Ended Last Twelve Months (dollars in thousands, except per share data) 3Q'26 3Q'25 % Change 3Q'26 3Q'25 % Change FRE Revenues FRE Management Fees(1) 689,955 659,151 5% 2,705,679 2,443,506 11% FRE Administrative, Transaction and Other Fees 71,073 30,110 136% 163,413 99,331 65% Fee Offsets(2) (8,726) (2,452) 256% (39,123) (2,452) nm Total FRE Management and Other Fees, Net 752,302 686,809 10% 2,829,969 2,540,385 11% FRE Performance Revenues 297 188 58% 17,546 8,536 106% FRE Revenues 752,599 686,997 10% 2,847,515 2,548,921 12% FRE Expenses FRE Compensation and Benefits 216,270 208,163 4% 792,534 747,120 6% FRE General, Administrative and Other Expenses 93,776 86,587 8% 365,916 335,745 9% FRE Expenses 310,046 294,750 5% 1,158,450 1,082,865 7% Fee-Related Earnings 427,457 376,175 14% 1,629,890 1,420,240 15% Distributable Earnings 385,460 341,002 13% 1,411,782 1,241,709 14% Adjusted Per Share Information Fee-Related Earnings per Adjusted Share $ 0.27 $ 0.24 Distributable Earnings per Adjusted Share $ 0.24 $ 0.22 Supplemental Information FRE Margin 58.8% 57.1% 59.3% 57.5% FRE Management Fees as % from Permanent Capital 85% 86% 85% 86% For information on and reconciliation of the Company's non-GAAP measures, please see slides 30 to 34. Note 1. Includes Part I Fees of $142,088, $150,441, $563,949 and $558,542 for 3Q'26, 3Q'25, 3Q'26 LTM and 3Q'25 LTM, respectively, and includes $0, $2,669, $14,831 and $19,523 of catch-up fees for 3Q'26, 3Q'25, 3Q'26 LTM and 3Q'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. 3Q'26 LTM includes Fee Offsets of $(8,726), $(11,068), $(10,872) and $(8,457) for 3Q'26, 2Q'26, 1Q'26 and 4Q'25, respectively.
11 Historical Trends (Non-GAAP) • FRE Management Fees of $2,705.7 million for the last twelve months, increased 11% compared to prior year • Fee-Related Earnings of $1,629.9 million for the last twelve months, increased 15% compared to prior year • Distributable Earnings of $1,411.8 million for the last twelve months, increased 14% compared to prior year FRE Management Fees Distributable EarningsFee-Related Earnings (dollars in millions) (dollars in millions) (dollars in millions) $341.0 $385.5 $1,241.7 $1,411.8 3Q’25 3Q’26 3Q'25 LTM 3Q'26 LTM $376.2 $427.5 $1,420.2 $1,629.9 3Q’25 3Q’26 3Q'25 LTM 3Q'26 LTM $659.2 $690.0 $2,443.5 $2,705.7 3Q’25 3Q’26 3Q'25 LTM 3Q'26 LTM For information on and reconciliation of the Company's non-GAAP measures, please see slides 30 to 34.
12 Assets Under Management • AUM of $329.9 billion, increased 12% since September 30, 2025 ◦ The increase was primarily driven by capital raised and appreciation across the business, partially offset by distributions and redemptions • FPAUM of $192.2 billion, increased 5% since September 30, 2025 ◦ The increase was primarily driven by capital raised across the business and deployment in Credit, partially offset by distributions and redemptions • Permanent Capital of $227.8 billion, increased 7% since September 30, 2025 ◦ Permanent Capital generated 85% of FRE management fees during the last twelve months • AUM Not Yet Paying Fees totaled $36.3 billion, reflecting expected annual FRE management fees of approximately $402 million once deployed AUM Fee-Paying AUM Permanent Capital Credit GP Strategic CapitalReal Assets (dollars in billions) (dollars in billions) (dollars in billions) $295.6 $329.9 $152.1 $162.8 $74.7 $94.9 $68.8 $72.2 3Q’25 3Q’26 $183.8 $192.2 $97.3 $97.0 $46.3 $53.8 $40.2 $41.3 3Q’25 3Q’26 $213.8 $227.8 $120.2 $120.9 $25.2 $35.4 $68.3 $71.5 3Q’25 3Q’26
13 Fundraising • New Capital Commitments Raised of $12.6 billion in the quarter ◦ New Capital Commitments Raised of $48.8 billion during the last twelve months • Total Equity Fundraise of $10.2 billion during the quarter was driven by $5.6 billion in Credit, $4.0 billion in Real Assets and $0.6 billion in GP Strategic Capital ◦ Total Equity Fundraise of $38.8 billion during the last twelve months • Private Wealth Equity Fundraise of $1.9 billion during the quarter was primarily driven by net lease and direct lending ◦ Private Wealth Equity Fundraise of $11.4 billion during the last twelve months • Institutional Equity Fundraise of $8.3 billion during the quarter was primarily driven by investment grade credit, direct lending, real estate credit, alternative credit, net lease and digital infrastructure ◦ Institutional Equity Fundraise of $27.4 billion during the last twelve months Total Equity Fundraise (dollars in billions) $11.2 $10.2 $39.5 $38.8 $5.6 $5.6 $19.7 $16.8 $3.0 $4.0 $12.8 $18.6 $2.7 $0.6 $7.0 $3.5 Credit Real Assets GP Strategic Capital 3Q’25 3Q’26 3Q'25 LTM 3Q'26 LTM 3Q'26 Highlights Credit: • Investment grade credit products raised $2.3 billion • Raised $1.8 billion in direct lending products • Raised $1.1 billion in alternative credit products • Incremental raise of $0.4 billion in liquid credit products Real Assets: • Raised $1.3 billion in real estate credit products • Raised $1.2 billion in our real estate investment trusts in our net lease and digital infrastructure strategies • Raised $0.8 billion in other digital infrastructure products • Raised $0.4 billion in our seventh vintage drawdown product in our net lease strategy • Incremental raise of $0.3 billion in other new and existing products across the platform GP Strategic Capital: • Raised $0.1 billion in our large cap minority equity stakes strategy • Incremental raise of $0.5 billion in other new and existing products across the platform
14 Credit Platform • AUM of $162.8 billion, increased 7% since September 30, 2025 ◦ The increase was primarily driven by capital raised in products from the direct lending, alternative credit and investment grade credit strategies, partially offset by distributions and redemptions in the direct lending strategy • FPAUM of $97.0 billion remained relatively unchanged since September 30, 2025 ◦ Capital raised in products from the direct lending and alternative credit strategies, and deployment across the platform were the primary positive contributors, offset by distributions and redemptions primarily in the direct lending strategy • Direct Lending Originations during the quarter were $5.2 billion with net deployment of $(0.3) billion ◦ Direct Lending Originations for the last twelve months were $27.6 billion with net deployment of $3.0 billion • AUM Not Yet Paying Fees totaled $21.9 billion, reflecting expected annual FRE management fees of approximately $249 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 3.0% and 5.7% for 3Q'26 and 3Q'26 LTM, respectively. The net returns for the aforementioned alternative credit strategy were 2.3% and 7.9% for 3Q'26 and 3Q'26 LTM, respectively. Past performance is not a guarantee of future results. Platform Performance Gross Returns 3Q'26 3Q'26 LTM Direct Lending(1) 3.9% 9.3% Alternative Credit(1) 2.9% 10.3% $152.1 $162.8 3Q’25 3Q’26 $97.3 $97.0 3Q’25 3Q’26
15 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 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 2.5% and 9.8% for 3Q'26 and 3Q'26 LTM, respectively. The net returns for the aforementioned real estate credit strategy (excluding insurance) were 0.9% and 6.2% for 3Q'26 and 3Q'26 LTM, respectively. The net returns for the aforementioned digital infrastructure strategy were 4.6% and 10.6% for 3Q'26 and 3Q'26 LTM, respectively. Note 2. Information for these vehicles is presented on a quarter lag. Note 3. Net IRR since inception as of September 30, 2026 for Blue Owl Real Estate Fund IV, Blue Owl Real Estate Fund V and Blue Owl Real Estate Fund VI was 14.5%, 9.3% and 16.7%, respectively. Note 4. Net IRR since inception as of September 30, 2026 for Blue Owl Digital Infrastructure Fund II and Blue Owl Digital Infrastructure Fund III was 8.2% and 17.2%, respectively. Past performance is not a guarantee of future results. Real Assets Platform • AUM of $94.9 billion, increased 27% since September 30, 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 $53.8 billion, increased 16% since September 30, 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 $13.4 billion, reflecting expected annual FRE management fees of approximately $142 million once deployed AUM Fee-Paying AUM $74.7 $94.9 3Q’25 3Q’26 $46.3 $53.8 3Q’25 3Q’26 (dollars in billions) (dollars in billions) Platform Performance Gross Returns 3Q'26 3Q'26 LTM Net Lease(1) 3.0% 12.3% Real Estate Credit(1) 1.0% 6.4% Digital Infrastructure(1)(2) 5.6% 13.4% Gross IRR Since Inception as of September 30, 2026 Net Lease(3) Blue Owl Real Estate Fund IV 16.8% Blue Owl Real Estate Fund V 11.9% Blue Owl Real Estate Fund VI 22.7% Digital Infrastructure(2)(4) Blue Owl Digital Infrastructure Fund II 10.9% Blue Owl Digital Infrastructure Fund III 28.3%
16 Note 1. Net IRR since inception as of September 30, 2026 for Blue Owl GP Stakes III, Blue Owl GP Stakes IV and Blue Owl GP Stakes V was 21.4%, 30.2% and 7.8%, respectively. Past performance is not a guarantee of future results. GP Strategic Capital Platform • AUM of $72.2 billion, increased 5% since September 30, 2025 ◦ The increase was primarily driven by capital raised in our minority equity stakes strategy, including our sixth vintage product and a strip sale transaction • FPAUM of $41.3 billion, increased 3% since September 30, 2025 ◦ The increase was primarily driven by capital raised in our minority equity stakes strategy, including our sixth vintage product and a strip sale transaction • AUM Not Yet Paying Fees totaled $0.9 billion, reflecting expected annual FRE management fees of approximately $11 million once deployed AUM Fee-Paying AUM $68.8 $72.2 3Q’25 3Q’26 $40.2 $41.3 3Q’25 3Q’26 (dollars in billions) (dollars in billions) Platform Performance Gross IRR Since Inception as of September 30, 2026(1) Blue Owl GP Stakes III 27.6% Blue Owl GP Stakes IV 47.0% Blue Owl GP Stakes V 18.9%
Supplemental Information
18 $214 $2,056 Revolving Credit Facility Cash and Cash Equivalents As of September 30, 2026, the average maturity of the Company's outstanding notes is ~9 years. Note 1. Cost of debt reflects average annual after tax interest rate on notes outstanding, assuming a 22% tax rate. Excludes borrowings under the Revolving Credit Facility. Supplemental Liquidity Metrics Credit Ratings BBB+ Baa2 Fitch Moody's BBB S&P Total Debt ($M) Available Liquidity ($M) 4.1% Cost of Debt(1) $3,693 $1,000 $750 $700 $400 $350 $60 $433 Revolving Credit Facility 2028 Unsecured Notes 2051 Unsecured Notes 2032 Unsecured Notes 2031 Unsecured Notes 2036 Unsecured Notes 2034 Unsecured Notes $2.3B Available Liquidity
19 $192.2 $329.9 $97.0 $21.9 $10.4 $33.5 $162.8 $53.8 $13.4 $24.1 $94.9 $41.3 $7.8 $22.2 $72.2 $36.3 $21.8 $79.7 Credit Real Assets GP Strategic Capital FPAUM AUM Not Yet Paying Fees Fee-Exempt AUM Net Appreciation, Leverage and Other AUM As of September 30, 2026, AUM not yet paying fees totaled $36.3 billion, reflecting expected annual management fees of approximately $402 million once deployed. FPAUM to AUM Bridge $3.6 $0.9 (dollars in billions)
20 AUM and FPAUM Rollforwards Three Months Ended September 30, 2026 Twelve Months Ended September 30, 2026 (dollars in millions) Credit Real Assets GP Strategic Capital Total Credit Real Assets GP Strategic Capital Total AUM Beginning Balance $ 158,123 $ 89,368 $ 71,522 $ 319,013 $ 152,140 $ 74,682 $ 68,790 $ 295,612 New capital raised 5,607 3,967 632 10,206 16,755 18,562 3,468 38,785 Change in debt 651 1,743 — 2,394 5,057 4,931 — 9,988 Distributions (2,245) (1,506) (828) (4,579) (11,606) (5,395) (3,044) (20,045) Redemptions(1) (1,072) (198) — (1,270) (4,916) (874) — (5,790) Change in value / other 1,716 1,557 879 4,152 5,350 3,025 2,991 11,366 Ending Balance $ 162,780 $ 94,931 $ 72,205 $ 329,916 $ 162,780 $ 94,931 $ 72,205 $ 329,916 FPAUM Beginning Balance $ 97,169 $ 52,039 $ 41,382 $ 190,590 $ 97,277 $ 46,323 $ 40,243 $ 183,843 New capital raised / deployed 1,318 2,403 251 3,972 10,142 11,746 2,899 24,787 Fee basis step down — — — — (74) (1,017) (1,503) (2,594) Distributions (1,659) (972) (310) (2,941) (8,483) (3,590) (718) (12,791) Redemptions(1) (1,072) (198) — (1,270) (4,916) (874) — (5,790) Change in value / other 1,289 499 17 1,805 3,099 1,183 419 4,701 Ending Balance $ 97,045 $ 53,771 $ 41,340 $ 192,156 $ 97,045 $ 53,771 $ 41,340 $ 192,156 Note 1. Credit redemptions totaled $(1,109), $(1,185) and $(1,550) for 2Q'26, 1Q'26 and 4Q'25, respectively. Real Assets redemptions totaled $(273), $(203) and $(200) for 2Q'26, 1Q'26 and 4Q'25, respectively. There were no redemptions across the GP Strategic Capital platform during the last twelve months ended 3Q'26.
21 AUM and FPAUM by Strategy As of September 30, 2026 (dollars in millions) AUM % AUM FPAUM % FPAUM Credit Direct Lending - Non-Traded BDCs 51,332 16% 20,647 11% Direct Lending - Other 65,256 20% 40,314 21% Direct Lending 116,588 35% 60,961 32% Alternative Credit 15,632 5% 9,619 5% Investment Grade Credit 20,453 6% 17,724 9% Liquid Credit 5,963 2% 5,598 3% Other 4,144 1% 3,143 2% Credit $ 162,780 49% $ 97,045 51% Real Assets Net Lease 55,955 17% 25,700 13% Real Estate Credit 18,529 6% 15,266 7% Digital Infrastructure 20,447 6% 12,805 7% Real Assets $ 94,931 29% $ 53,771 27% GP Strategic Capital GP Minority Stakes 67,859 21% 39,087 20% GP Debt Financing 2,944 1% 1,563 1% Professional Sports Minority Stakes 1,402 0% 690 0% GP Strategic Capital $ 72,205 22% $ 41,340 21% Blue Owl $ 329,916 $ 192,156
22 Product Performance MoIC IRR (dollars in millions) Year of Inception AUM Capital Raised(5) Invested Capital(6) Realized Proceeds(7) Unrealized Value(8) Total Value Gross(9) Net(10) Gross Net Credit Platform Direct Lending(1) Blue Owl Capital Corporation (OBDC) 2016 19,490 7,517 7,517 4,830 7,032 11,862 1.86x 1.58x 13.5% 9.2% Blue Owl Credit Income Corp. (OCIC) 2020 44,538 24,284 19,138 4,843 18,433 23,276 1.29x 1.22x 11.3% 8.5% Blue Owl Technology Finance Corp. (OTF) 2018 16,922 7,645 7,645 2,024 7,540 9,564 1.36x 1.25x 11.4% 8.0% Blue Owl Technology Income Corp. (OTIC) 2022 6,953 4,423 2,857 852 2,701 3,553 1.32x 1.24x 10.5% 7.8% Alternative Credit Blue Owl Asset Special Opportunities Fund VIII(2) 2021 1,673 1,849 1,711 630 1,891 2,521 1.54x 1.47x 16.6% 12.4% Blue Owl Asset Special Opportunities Fund IX(2) 2024 3,003 2,887 1,951 228 2,103 2,331 1.20x 1.19x 20.8% 16.5% Real Assets Platform Net Lease Blue Owl Real Estate Fund IV 2017 568 1,250 1,239 1,565 245 1,810 1.52x 1.46x 16.8% 14.5% Blue Owl Real Estate Net Lease Property Fund 2019 6,941 5,305 5,223 2,722 3,785 6,507 1.26x 1.25x 8.1% 7.5% Blue Owl Real Estate Fund V 2020 3,613 2,500 2,500 1,337 1,981 3,318 1.43x 1.33x 11.9% 9.3% Blue Owl Real Estate Net Lease Trust(1)(3) 2022 16,188 10,431 10,431 1,055 9,399 10,454 See Note 3 Blue Owl Real Estate Fund VI 2022 7,824 5,163 3,993 807 4,241 5,048 1.36x 1.26x 22.7% 16.7% Digital Infrastructure(2) Blue Owl Digital Infrastructure Fund II 2020 5,224 3,805 3,494 28 4,883 4,911 1.48x 1.41x 10.9% 8.2% Blue Owl Digital Infrastructure Fund III 2022 8,662 7,170 5,631 — 7,122 7,122 1.34x 1.26x 28.3% 17.2% GP Strategic Capital Platform GP Minority Stakes(4) Blue Owl GP Stakes III 2015 9,661 5,318 3,399 5,134 5,168 10,302 3.84x 3.03x 27.6% 21.4% Blue Owl GP Stakes IV 2018 14,454 9,041 6,621 7,860 6,501 14,361 2.71x 2.17x 47.0% 30.2% Blue Owl GP Stakes V 2020 14,230 12,852 8,169 3,198 6,204 9,402 1.34x 1.15x 18.9% 7.8% 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. We generally present a commingled product in our performance information for a given period if the product represents more than 1% of our management fees and the product has been investing for at least two years; however, private funds that are actively fundraising are excluded. Once presented, a product generally continues to be presented until the quarter in which it ceases to generate management fees, at which point it is removed. 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 these vehicles are presented on a quarter lag. Blue Owl Digital Infrastructure Fund I was removed from the product performance table as this product no longer generates management fees. 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 9.0% as of June 30, 2026, 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. 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 5. Includes reinvested dividends and share repurchases, if applicable. Note 6. 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 7. Realized proceeds represent the sum of all cash distributions to investors. Note 8. Unrealized value represents the product’s NAV. There can be no assurance that unrealized values will be realized at the valuations indicated. Note 9. 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 10. 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.
23 Continued Strong Performance OCIC vs. Public Indices 4 5 5 Past performance is not a guarantee of future results. OCIC Class I, OWLCX Class I and ORENT Class I returns since inception through September 30, 2026. Note 1. Returns are compounded monthly. Total return is calculated as the change in monthly NAV (assuming any dividends and distributions, net of shareholder servicing fees, are reinvested in accordance with the OCIC’s dividend reinvestment plan), if any, divided by the beginning NAV. Returns greater than one year are annualized. Returns reflect reinvestments of distributions and the deduction of ongoing expenses that are borne by investors, such as management fees, incentive fees, servicing fees, interest expense, offering costs, professional fees, director fees and other general and administrative expenses. An investment in OCIC is subject to a maximum upfront sales load (Class I: No sales load) which will reduce the amount of capital available for investment. Operating expenses may vary in the future based on the amount of capital raised, the Adviser’s election to continue expense support, and other unpredictable variables. Class I inception 3/1/2021. Note 2. An investor cannot invest directly in an index. Index performance does not reflect fees and expenses which may include management fees, access fund expenses, and administrative fees. Leveraged Loans represented by the Morningstar LSTA US Leveraged Loan Index. High Yield represented by Bloomberg Corporate High Yield Index. Note 3. Total returns based on the inception of each share class; for performance purposes, the inception date of the fund was the commencement of the private offering: May 2025 for the Class I Shares. Class I Shares do not have upfront fees. Note 4. Returns are compounded monthly. Total return is calculated as the change in monthly NAV (assuming any dividends and distributions, net of shareholder servicing fees, are reinvested in accordance with ORENT’s distribution reinvestment plan), if any, divided by the beginning NAV. Returns reflect reinvestments of distributions and the deduction of ongoing expenses that are borne by investors, such as management fees, incentive fees, servicing fees, interest expense, offering costs, professional fees, director fees and other general and administrative expenses. An investment in ORENT is subject to a maximum upfront sales load (Class I: No sales load, Class D: 1.5%, Class N: 2.0%, Class S: 3.5%), which will reduce the amount of capital available for investment. Operating expenses may vary in the future based on the amount of capital raised, the Adviser’s election to continue expense support, and other unpredictable variables. Fund inception 9/1/2022. Note 5. References to the public real estate market are based on the performance of the MSCI US REIT Index (source: MSCI US REIT Index Report September 30, 2026), using total return data for the period ended September 30, 2026. References to the private market are based on the performance of the NFI-ODCE Index (source: NFI-ODCE Index Preliminary Snapshot Report, September 30, 2026), using preliminary total return data for the period ended September 30, 2026. The NFI-ODCE (NCREIF Fund Index - Open-End Diversified Core Equity) is a fund-level capitalization weighted, time-weighted return index and includes property investments at ownership share, cash balances and leverage (i.e., returns reflect the fund's actual asset ownership positions and financing strategy). Indices 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 which may include management fees, access fund expenses, and administrative fees. 1 22 OWLCX vs. Public Indices ORENT vs. Public & Private Real Estate 223
Appendix
25 GAAP Results (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands, except share and per share data) 3Q'26 3Q'25 3Q'26 3Q'25 Revenues Management and other fees, net (includes Part I Fees of $142,088, $150,441, $563,949 and $558,542) $ 806,234 $ 727,802 $ 3,043,233 $ 2,733,881 Performance revenues 297 188 25,757 12,062 Total Revenues, Net 806,531 727,990 3,068,990 2,745,943 Expenses Compensation and benefits 387,805 341,374 1,436,513 1,288,096 Amortization of intangible assets 86,287 92,652 343,658 348,250 General, administrative and other expenses 184,678 181,288 748,160 681,515 Total Expenses 658,770 615,314 2,528,331 2,317,861 Other Loss Net gains (losses) on investments (24,620) 9,736 (28,066) (8,216) Interest and dividend income 13,639 11,645 49,379 45,307 Interest expense (50,069) (42,352) (182,583) (155,455) Change in TRA liability (3,164) (2,980) (12,803) (7,092) Change in warrant liability — — — (20,350) Change in earnout liability 10,700 (33,404) 62,193 (28,046) Total Other Loss (53,514) (57,355) (111,880) (173,852) Income Before Income Taxes 94,247 55,321 428,779 254,230 Income tax expense 14,023 7,948 57,550 28,436 Consolidated Net Income 80,224 47,373 371,229 225,794 Net income attributable to noncontrolling interests (60,265) (41,063) (276,668) (173,885) Net Income Attributable to Blue Owl Capital Inc. $ 19,959 $ 6,310 $ 94,561 $ 51,909 Net Income Attributable to Class A Shares $ 19,959 $ 6,310 $ 94,561 $ 51,909 Earnings per Class A Share Basic $ 0.03 $ 0.01 Diluted $ 0.03 $ 0.01 Weighted-Average Class A Shares Basic 698,001,403 667,112,339 Diluted 699,149,568 673,928,845
26 Quarter Ended (dollars in thousands, except per share data) 3Q'26 2Q'26 1Q'26 4Q'25 3Q'25 GAAP Revenues Management Fees $ 678,306 $ 661,565 $ 663,844 $ 657,184 $ 648,107 Administrative, Transaction and Other Fees 136,654 102,453 94,774 87,576 82,147 Fee Offsets (8,726) (11,068) (10,872) (8,457) (2,452) Total Management and Other Fees, Net 806,234 752,950 747,746 736,303 727,802 Performance Revenues 297 102 6,065 19,293 188 GAAP Revenues 806,531 753,052 753,811 755,596 727,990 GAAP Expenses Compensation and Benefits 387,805 359,408 375,874 313,426 341,374 Amortization of Intangible Assets 86,287 85,478 84,538 87,355 92,652 General, Administrative and Other Expenses 184,678 191,755 183,910 187,817 181,288 GAAP Expenses 658,770 636,641 644,322 588,598 615,314 GAAP Results GAAP Net Income Attributable to Blue Owl Capital Inc. 19,959 11,393 15,542 47,667 6,310 Earnings per Class A Share Basic $ 0.03 $ 0.02 $ 0.02 $ 0.07 $ 0.01 Diluted $ 0.03 $ 0.02 $ 0.02 $ 0.07 $ 0.01 GAAP Results Summary (Unaudited)
27 GAAP Revenues (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands) 3Q'26 3Q'25 % Change 3Q'26 3Q'25 % Change GAAP Revenues Credit Management Fees(1) $ 395,847 $ 404,057 (2%) $ 1,598,458 $ 1,476,720 8% Administrative, Transaction and Other Fees 56,541 56,063 1% 225,678 213,539 6% Fee Offsets(2) (4,904) (2,452) 100% (26,970) (2,452) nm Total Management and Other Fees, Net 447,484 457,668 (2%) 1,797,166 1,687,807 6% Performance Revenues 297 188 58% 5,324 5,754 (7%) Revenues - Credit 447,781 457,856 (2%) 1,802,490 1,693,561 6% Real Assets Management Fees(3) 119,129 91,840 30% 446,404 361,218 24% Administrative, Transaction and Other Fees 68,073 13,459 406% 146,314 43,461 237% Fee Offsets(4) (3,822) — nm (12,153) — nm Total Management and Other Fees, Net 183,380 105,299 74% 580,565 404,679 43% Performance Revenues — — nm 20,433 6,308 224% Revenues - Real Assets 183,380 105,299 74% 600,998 410,987 46% GP Strategic Capital Management Fees(5) 163,330 152,210 7% 616,037 594,827 4% Administrative, Transaction and Other Fees 12,040 12,625 (5%) 49,465 46,568 6% Total Management and Other Fees, Net 175,370 164,835 6% 665,502 641,395 4% Revenues - GP Strategic Capital 175,370 164,835 6% 665,502 641,395 4% GAAP Revenues 806,531 727,990 11% 3,068,990 2,745,943 12% For information on and reconciliation of the Company's non-GAAP measures, please see slides 30 to 34. Note 1. Includes Part I Fees of $140,693, $149,173, $558,293 and $552,392 for 3Q'26, 3Q'25, 3Q'26 LTM and 3Q'25 LTM, respectively, and includes $0, $2,153, $8,935 and $11,091 of catch-up fees for 3Q'26, 3Q'25, 3Q'26 LTM and 3Q'25 LTM, respectively. Note 2. 3Q'26 LTM includes Fee Offsets of $(4,904), $(7,355), $(7,356) and $(7,355) for 3Q'26, 2Q'26, 1Q'26 and 4Q'25, respectively. Note 3. Includes $1,453 of catch-up fees for 3Q'25 LTM. Note 4. 3Q'26 LTM includes Fee Offsets of $(3,822), $(3,713), $(3,516) and $(1,102) for 3Q'26, 2Q'26, 1Q'26 and 4Q'25, respectively. Note 5. Includes Part I Fees of $1,395, $1,268, $5,656 and $6,150 for 3Q'26, 3Q'25, 3Q'26 LTM and 3Q'25 LTM, respectively, and includes $0, $516, $5,896 and $6,979 of catch-up fees for 3Q'26, 3Q'25, 3Q'26 LTM and 3Q'25 LTM, respectively.
28 Quarter Ended (dollars in thousands, except per share data) 3Q'26 2Q'26 1Q'26 4Q'25 3Q'25 FRE Revenues FRE Management Fees, (Including Part I Fees) $ 689,955 $ 672,608 $ 674,888 $ 668,228 $ 659,151 FRE Administrative, Transaction and Other Fees 71,073 31,918 31,188 29,234 30,110 Fee Offsets (8,726) (11,068) (10,872) (8,457) (2,452) Total FRE Management and Other Fees, Net 752,302 693,458 695,204 689,005 686,809 FRE Performance Revenues 297 102 4,679 12,468 188 FRE Revenues 752,599 693,560 699,883 701,473 686,997 FRE Expenses FRE Compensation and Benefits 216,270 194,935 201,347 179,982 208,163 FRE General, Administrative and Other Expenses 93,776 92,885 89,806 89,449 86,587 FRE Expenses 310,046 287,820 291,153 269,431 294,750 Fee-Related Earnings 427,457 392,180 393,626 416,627 376,175 Distributable Earnings 385,460 351,240 292,542 382,540 341,002 Adjusted Per Share Information Fee-Related Earnings per Adjusted Share $ 0.27 $ 0.25 $ 0.25 $ 0.27 $ 0.24 Distributable Earnings per Adjusted Share $ 0.24 $ 0.22 $ 0.19 $ 0.24 $ 0.22 Non-GAAP Results Summary For information on and reconciliation of the Company's non-GAAP measures, please see slides 30 to 34.
29 FRE Revenues Quarter Ended Last Twelve Months (dollars in thousands) 3Q'26 3Q'25 % Change 3Q'26 3Q'25 % Change FRE Revenues Credit FRE Management Fees(1) $ 395,847 $ 404,057 (2%) $ 1,598,458 $ 1,476,720 8% FRE Administrative, Transaction and Other Fees 20,751 27,671 (25%) 85,079 89,363 (5%) Fee Offsets(2) (4,904) (2,452) 100% (26,970) (2,452) nm Total FRE Management and Other Fees, Net 411,694 429,276 (4%) 1,656,567 1,563,631 6% FRE Performance Revenues 297 188 58% 2,676 2,788 (4%) FRE Revenues - Credit 411,991 429,464 (4%) 1,659,243 1,566,419 6% Real Assets FRE Management Fees(3) 119,129 91,840 30% 446,404 327,565 36% FRE Administrative, Transaction and Other Fees 48,570 634 nm 67,926 2,015 nm Fee Offsets(4) (3,822) — nm (12,153) — nm Total FRE Management and Other Fees, Net 163,877 92,474 77% 502,177 329,580 52% FRE Performance Revenues — — nm 14,870 5,748 159% FRE Revenues - Real Assets 163,877 92,474 77% 517,047 335,328 54% GP Strategic Capital FRE Management Fees(5) 174,979 163,254 7% 660,817 639,221 3% FRE Administrative, Transaction and Other Fees 1,752 1,805 (3%) 10,408 7,953 31% Total FRE Management and Other Fees, Net 176,731 165,059 7% 671,225 647,174 4% FRE Revenues - GP Strategic Capital 176,731 165,059 7% 671,225 647,174 4% FRE Revenues 752,599 686,997 10% 2,847,515 2,548,921 12% For information on and reconciliation of the Company's non-GAAP measures, please see slides 30 to 34. Note 1. Includes Part I Fees of $140,693, $149,173, $558,293 and $552,392 for 3Q'26, 3Q'25, 3Q'26 LTM and 3Q'25 LTM, respectively, and includes $0, $2,153, $8,935 and $11,091 of catch-up fees for 3Q'26, 3Q'25, 3Q'26 LTM and 3Q'25 LTM, respectively. Note 2. 3Q'26 LTM includes Fee Offsets of $(4,904), $(7,355), $(7,356) and $(7,355) for 3Q'26, 2Q'26, 1Q'26 and 4Q'25, respectively. Note 3. Includes $1,453 of catch-up fees for 3Q'25 LTM. Note 4. 3Q'26 LTM includes Fee Offsets of $(3,822), $(3,713), $(3,516) and $(1,102) for 3Q'26, 2Q'26, 1Q'26 and 4Q'25, respectively. Note 5. Includes Part I Fees of $1,395, $1,268, $5,656 and $6,150 for 3Q'26, 3Q'25, 3Q'26 LTM and 3Q'25 LTM, respectively, and includes $0, $516, $5,896 and $6,979 of catch-up fees for 3Q'26, 3Q'25, 3Q'26 LTM and 3Q'25 LTM, respectively.
30 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 on 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 fully participating in distributions during 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 participating Incentive Units and restricted share units (“RSUs”) 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. Non-GAAP and Other Measures
31 Non-GAAP Reconciliations Quarter Ended Last Twelve Months (dollars in thousands) 3Q'26 2Q'26 1Q'26 4Q'25 3Q'25 3Q'26 3Q'25 GAAP Net Income Attributable to Class A Shares $ 19,959 $ 11,393 $ 15,542 $ 47,667 $ 6,310 $ 94,561 $ 51,909 Net income attributable to noncontrolling interests 60,265 49,271 64,051 103,081 41,063 276,668 173,885 Income tax expense 14,023 10,281 16,240 17,006 7,948 57,550 28,436 GAAP Income Before Income Taxes 94,247 70,945 95,833 167,754 55,321 428,779 254,230 Strategic Revenue-Share Purchase consideration amortization 11,649 11,043 11,044 11,044 11,044 44,780 44,394 DE performance revenues — — (1,386) (6,825) — (8,211) (3,526) DE performance revenues compensation — — 1,178 5,801 — 6,979 2,793 IPI Acquisition-related catch-up fees payable to sellers — — — — — — (33,653) Equity-based compensation - other 90,715 86,026 92,983 81,541 80,807 351,265 301,426 Equity-based compensation - acquisition-related 80,652 83,257 85,686 62,995 75,446 312,590 256,911 Equity-based compensation - Business Combination grants 20,935 16,592 16,853 17,170 16,835 71,550 62,803 Acquisition-related cash amortization 980 979 979 979 979 3,917 4,587 Capital-related compensation 2,279 (24) 303 50 330 2,608 3,978 Amortization of intangible assets 86,287 85,478 84,538 87,355 92,652 343,658 348,250 Transaction Expenses 892 724 (588) 2,403 31 3,431 46,015 Expense support 403 5,254 7,651 2,531 1,447 15,839 3,996 Net (gains) losses on investments 24,620 1,480 (4,755) 6,721 (9,736) 28,066 8,216 Change in TRA liability 3,164 2,918 2,395 4,326 2,980 12,803 7,092 Change in warrant liability — — — — — — 20,350 Change in earnout liability (10,700) 6,009 (16,100) (41,402) 33,404 (62,193) 28,046 Interest and dividend income (13,639) (12,681) (11,765) (11,294) (11,645) (49,379) (45,307) Interest expense 50,069 47,740 43,881 40,893 42,352 182,583 155,455 Fee-Related Earnings Before Noncontrolling Interests 442,553 405,740 408,730 432,042 392,247 1,689,065 1,466,056 Net income allocated to noncontrolling interests included in Fee- Related Earnings (15,096) (13,560) (15,104) (15,415) (16,072) (59,175) (45,816) Fee-Related Earnings 427,457 392,180 393,626 416,627 376,175 1,629,890 1,420,240 DE performance revenues — — 1,386 6,825 — 8,211 3,526 DE performance revenues compensation — — (1,178) (5,801) — (6,979) (2,793) Interest and dividend income 13,639 12,681 11,765 11,294 11,645 49,379 45,307 Interest expense (50,069) (47,740) (43,881) (40,893) (42,352) (182,583) (155,455) Taxes and TRA payments (5,567) (5,881) (69,176) (5,512) (4,466) (86,136) (69,116) Distributable Earnings $ 385,460 $ 351,240 $ 292,542 $ 382,540 $ 341,002 $ 1,411,782 $ 1,241,709
32 Non-GAAP Reconciliations (cont’d) Quarter Ended Last Twelve Months (dollars in thousands, except share and per share data) 3Q'26 2Q'26 1Q'26 4Q'25 3Q'25 3Q'26 3Q'25 Weighted-Average Adjusted Shares Class A Shares(1) 691,936,998 678,482,611 670,063,345 665,140,357 655,630,319 Common Units and Incentive Units 902,043,158 900,371,915 902,292,698 903,439,688 907,673,489 Total Weighted-Average Adjusted Shares 1,593,980,156 1,578,854,526 1,572,356,043 1,568,580,045 1,563,303,808 Earnings per Class A Share - Basic $ 0.03 $ 0.02 $ 0.02 $ 0.07 $ 0.01 Earnings per Class A Share - Diluted $ 0.03 $ 0.02 $ 0.02 $ 0.07 $ 0.01 Fee-Related Earnings per Adjusted Share $ 0.27 $ 0.25 $ 0.25 $ 0.27 $ 0.24 Distributable Earnings per Adjusted Share $ 0.24 $ 0.22 $ 0.19 $ 0.24 $ 0.22 GAAP Management Fees $ 678,306 $ 661,565 $ 663,844 $ 657,184 $ 648,107 $ 2,660,899 $ 2,432,765 Strategic Revenue-Share Purchase consideration amortization 11,649 11,043 11,044 11,044 11,044 44,780 44,394 IPI Acquisition-related catch-up fees payable to sellers — — — — — — (33,653) FRE Management Fees $ 689,955 $ 672,608 $ 674,888 $ 668,228 $ 659,151 $ 2,705,679 $ 2,443,506 GAAP Administrative, Transaction, and Other Fees $ 136,654 $ 102,453 $ 94,774 $ 87,576 $ 82,147 $ 421,457 $ 303,568 Reimbursed expenses (65,581) (70,535) (63,586) (58,342) (52,037) (258,044) (204,237) FRE Administrative, Transaction and Other Fees $ 71,073 $ 31,918 $ 31,188 $ 29,234 $ 30,110 $ 163,413 $ 99,331 Performance Revenues $ 297 $ 102 $ 6,065 $ 19,293 $ 188 $ 25,757 $ 12,062 DE performance revenues — — (1,386) (6,825) — (8,211) (3,526) FRE Performance Revenues $ 297 $ 102 $ 4,679 $ 12,468 $ 188 $ 17,546 $ 8,536 GAAP Revenues $ 806,531 $ 753,052 $ 753,811 $ 755,596 $ 727,990 $ 3,068,990 $ 2,745,943 Strategic Revenue-Share Purchase consideration amortization 11,649 11,043 11,044 11,044 11,044 44,780 44,394 DE performance revenues — — (1,386) (6,825) — (8,211) (3,526) IPI Acquisition-related catch-up fees payable to sellers — — — — — — (33,653) Reimbursed expenses (65,581) (70,535) (63,586) (58,342) (52,037) (258,044) (204,237) FRE Revenues $ 752,599 $ 693,560 $ 699,883 $ 701,473 $ 686,997 $ 2,847,515 $ 2,548,921 Note 1. Excludes 6,064,404, 10,027,231, 10,454,071, 10,665,581 and 11,482,022, respectively, fully vested RSUs that do not participate in dividends until settled but that are included in the denominator for GAAP basic earnings per share.
33 Non-GAAP Reconciliations (cont’d) Quarter Ended Last Twelve Months (dollars in thousands) 3Q'26 2Q'26 1Q'26 4Q'25 3Q'25 3Q'26 3Q'25 GAAP Compensation and Benefits $ 387,805 $ 359,408 $ 375,874 $ 313,426 $ 341,374 $ 1,436,513 $ 1,288,096 DE performance revenues compensation — — (1,178) (5,801) — (6,979) (2,793) Equity-based compensation - other (90,715) (86,026) (92,983) (81,541) (80,807) (351,265) (301,426) Equity-based compensation - acquisition-related (24,907) (28,350) (31,401) (8,158) (15,077) (92,816) (78,121) Equity-based compensation - Business Combination grants (20,935) (16,592) (16,853) (17,170) (16,835) (71,550) (62,803) Acquisition-related cash amortization (980) (979) (979) (979) (979) (3,917) (4,587) Capital-related compensation (2,279) 24 (303) (50) (330) (2,608) (3,978) Reimbursed expenses (31,719) (32,550) (30,830) (19,745) (19,183) (114,844) (87,268) FRE Compensation and Benefits $ 216,270 $ 194,935 $ 201,347 $ 179,982 $ 208,163 $ 792,534 $ 747,120 GAAP General, Administrative and Other Expenses $ 184,678 $ 191,755 $ 183,910 $ 187,817 $ 181,288 $ 748,160 $ 681,515 Equity-based compensation - acquisition-related (55,745) (54,907) (54,285) (54,837) (60,369) (219,774) (178,790) Transaction Expenses (892) (724) 588 (2,403) (31) (3,431) (46,015) Expense support (403) (5,254) (7,651) (2,531) (1,447) (15,839) (3,996) Reimbursed expenses (33,862) (37,985) (32,756) (38,597) (32,854) (143,200) (116,969) FRE General, Administrative and Other Expenses $ 93,776 $ 92,885 $ 89,806 $ 89,449 $ 86,587 $ 365,916 $ 335,745
34 Non-GAAP Reconciliations (cont’d) Quarter Ended Last Twelve Months (dollars in thousands) 3Q'26 3Q'25 3Q'26 3Q'25 Income Before Income Taxes $ 94,247 $ 55,321 $ 428,779 $ 254,230 GAAP Revenues $ 806,531 $ 727,990 $ 3,068,990 $ 2,745,943 GAAP Margin 11.7% 7.6% 14.0% 9.3% Fee-Related Earnings Before Noncontrolling Interests $ 442,553 $ 392,247 $ 1,689,065 $ 1,466,056 FRE Revenues $ 752,599 $ 686,997 $ 2,847,515 $ 2,548,921 FRE Margin 58.8% 57.1% 59.3% 57.5%
35 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. Credit Refers to our Credit platform that includes (i) our direct lending strategy, which generally offers privately negotiated financing solutions to primarily upper-middle-market companies; (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). 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 based on gross or net assets. 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 or special limited partners, or other fees and expenses. Institutional Equity Fundraise Includes insurance, internal fundraise and GP commitments.
36 Defined Terms (cont’d) 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. 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 or 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 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.