BLUE OWL CAPITAL INC.
For the period ended Jun 30, 2025. Filed Aug 1, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 1, 2025
OWL$9.82-0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-05.
0001823945-25-000037
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-01.
0001823945-25-000048
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 211 previous paragraphs and 255 current paragraphs.
119 unchanged; 71 reworded; 48 added; 18 removed; 3 previous and 17 current paragraphs rearranged.
Tables are not compared: 17 previous and 21 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (48)
Current report
During the second quarter of 2025, industry M&A and capital markets activity remained relatively lackluster, further shining a spotlight on the importance of scale and incumbency in generating deployment opportunities during more challenged market landscapes. While the market volatility in April and subsequent pause of capital markets did not extend into the back half of the second quarter, we believe it pushed out further the return of significant M&A activity, extending pipelines across the industry.
Current report
Despite these dynamics, the second quarter of 2025 was moderately active for direct lending deployment, with $9.7 billion of originations, bringing our last twelve month gross deployment to $46.9 billion and net funded deployment to $13.5 billion. Much like in direct lending, we saw cross-platform network effects benefiting our alternative credit and investment grade credit strategies, demonstrating the expanding role that private lenders are being asked to play in the broader credit markets. In alternative credit, we renewed and upsized a forward flow agreement with a large consumer lending platform and upsized a transaction with a U.K.-based lender that funds both U.S. and U.K. small businesses.
Current report
In Real Assets, we held the first close for the seventh vintage of our net lease strategy, less than 15 months after the final close of the prior vintage. Deployment opportunities in net lease, and across the Real Assets platform broadly, remain robust, as we believe the large capital needs in the data center space are creating an important risk-reward setup. This includes the largest data center project in the U.S., which Real Assets is financing. These strategies present a differentiated proposition – offering the ability to fund the leading edge of innovation, but to do so through products and structures that are designed to be income-oriented and downside protected for our investors.
Current report
We continue to see attractive deployment opportunities for our GP Strategic Capital products, putting capital to work in the second investment out of the latest flagship GP minority stakes vintage. Capital needs across the private alternative asset management sector remain elevated, particularly in a more challenging fundraising and realization environment. Our GP minority stakes strategy stands out in this environment due to its demonstrated ability to generate return of capital, or distributions paid in, to investors. Over the past year, our GP Strategic Capital flagship funds have distributed more than $2.9 billion in a market where return of capital has been scarce, situating our funds within the top quartile on this important metric.
Current report
Credit. The increase in FPAUM for the six months ended June 30, 2025 was driven by the following:
Current report
•Credit increased $79.7 million, including an increase in Part I Fees of $8.3 million, primarilydue to continued fundraising and deployment of capital within new and existing direct lending products. Also contributing to the increase were management fees of $19.3 million from alternative credit products as a result of the Atalaya Acquisition that closed in the third quarter of 2024, as well as management fees of $16.2 million from investment grade credit products as a result of the KAM Acquisition that closed in the third quarter of 2024.
Current report
•Real Assets increased $63.2 million, primarily due to management fees of $48.2 million related to digital infrastructure products as a result of the IPI Acquisition that closed at the start of the first quarter of 2025. Management fees from digital infrastructure included $15.7 million of catch-up fees, substantially all of which were paid as contingent consideration to the sellers of the IPI business. Also contributing to the increase was continued fundraising and deployment of capital within new and existing Real Assets products, primarily ORENT and Blue Owl Real Estate Fund VI (“OREF VI”).
Current report
•GP Strategic Capital increased$14.7 million, primarily driven by fundraising in our sixth flagship minority equity stakes product.
Current report
•$23.2 million decrease in fee income earned for services provided to portfolio companies, reflecting a decrease in the volume of transactions on which we earn such fees.
Current report
•$9.5 million increase in administrative fees, primarily due to a higher level of compensation expenses reimbursable from our products due to the growth in our products and business overall.
Current report
•$8.6 million increase in dealer manager revenues, primarily due to growth in the distribution of OCIC and ORENT.
Current report
•$17.1 million increase in amortization related to acquisition-related equity compensation, primarily due to the Atalaya Earnouts, as the Atalaya Acquisition closed in the third quarter of 2024.
Current report
•$8.6 million increase related to expense support, primarily related to recoveries related to a Credit product during the second quarter of 2024 versus expense support expenses for a Credit product during the second quarter of 2025.
Current report
•$8.1 million increase in dealer manager expenses, primarily due to growth in the distribution of OCIC and ORENT.
Current report
•$21.0 million increase in other operating expenses across various categories that were individually immaterial, primarily in office-related and other expenses driven by our continued growth.
Current report
Change in Earnout Liability. The change in the earnout liability for the current year period was primarily driven by the IPI Earnouts (as defined in Note 3 to our Financial Statements), as an increase in our share price drove an increase in the value of Common Units (as defined in Note 1 to our Financial Statements) delivered to sellers during the second quarter of 2025.
Current report
Six Months Ended June 30, 2025, Compared to the Six Months Ended June 30, 2024
Current report
Revenues, Net
Current report
•Credit increased $163.3 million, including an increase in Part I Fees of$22.5 million, primarily due to continued fundraising and deployment of capital within new and existing direct lending products. Also contributing to the increase were management fees of $40.5 million from alternative credit products as a result of the Atalaya Acquisition that closed in the third quarter of 2024, as well as management fees of $32.9 million from investment grade credit products as a result of the KAM Acquisition that closed in the third quarter of 2024.
Current report
•GP Strategic Capital increased $19.3 million, primarily driven by fundraising in our sixth flagship minority equity stakes product.
Current report
•$18.6 million increase in dealer manager revenues, primarily due to growth in the distribution of OCIC and ORENT.
Current report
Expenses
Current report
•$14.7 million increase in Transaction Expenses, primarily due to higher costs incurred in the current-year period related to the IPI Acquisition and BDC-related corporate actions, compared to costs incurred in the prior-year period related to the KAM Acquisition and Prima Acquisition.
Current report
•$8.5 million increase related to expense support for certain products that we manage.
Current report
Other Loss
Current report
Change in Earnout Liability. The change in the earnout liability for the current year period was primarily driven by the IPI Earnouts, as an increase in our share price drove an increase in the value of Common Units delivered to sellers during the second quarter of 2025.
Current report
Change in Warrant Liability. The change in the warrant liability for the prior period was driven by the increase in the price of our Class A Shares. All remaining outstanding warrants were exercised in November 2024.
Current report
Income Tax Expense
Current report
(1)Includes $5.3 million and $0.5 million of catch-up fees for the three months ended June 30, 2025 and 2024, respectively.
Current report
(2)Includes $1.5 million of catch-up fees for the three months ended June 30, 2025. There were no catch-up fees for the three months ended June 30, 2024.
Current report
(3)Includes $0.4 million and $2.5 million of catch-up fees for the three months ended June 30, 2025 and 2024, respectively.
Current report
•Credit increased $79.7 million, including an increase in Part I Fees of $8.3 million, primarilydue to continued fundraising and deployment of capital within new and existing direct lending products. Also contributing to the increase were management fees of $19.3 million from alternative credit products as a result of the Atalaya Acquisition that closed in the third quarter of 2024, as well as management fees of $16.2 million from investment grade credit products as a result of the KAM Acquisition that closed in the third quarter of 2024.
Current report
•Real Assets increased $48.9 million, primarily due to management fees of $33.9 million related to digital infrastructure products as a result of the IPI Acquisition that closed at the start of the first quarter of 2025. Also contributing to the increase was continued fundraising and deployment of capital within new and existing Real Assets products, primarily ORENT and OREF VI.
Current report
•GP Strategic Capital increased $15.1 million, primarily driven by fundraising in our sixth flagship minority equity stakes product.
Current report
FRE General, Administrative and Other Expenses. For the three months ended June 30, 2025, FRE general, administrative and other expenses increased, primarily driven by office-related and other expenses due to increased headcount and our continued growth.
Current report
Six Months Ended June 30, 2025, Compared to the Six Months Ended June 30, 2024
Current report
FRE Revenues
Current report
(1)Includes $7.0 million and $0.5 million of catch-up fees for the six months ended June 30, 2025 and 2024, respectively.
Current report
(2)Includes $1.5 million of catch-up fees for the six months ended June 30, 2025. There were no catch-up fees for the six months ended June 30, 2024.
Current report
(3)Includes $0.8 million and $2.5 million of catch-up fees for the six months ended June 30, 2025 and 2024, respectively.
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Removed paragraphs (18)
Previous report
IPI Acquisition
Previous report
On January 3, 2025, we completed the previously announced IPI Acquisition. IPI is a digital infrastructure fund manager. The completion of the IPI Acquisition further enhances Blue Owl’s digital infrastructure strategy as part of the firm’s Real Assets platform. See Note 3 to our Financial Statements for additional information.
Previous report
Internal Reorganization
Previous report
On April 1, 2025, we completed the previously announced Internal Reorganization, pursuant to which, among other things, Blue Owl Carry became a wholly owned subsidiary of Blue Owl Holdings. Following the Internal Reorganization, each unitholder of the Blue Owl Operating Partnerships who previously held an equal number of units in each of Blue Owl Holdings and Blue Owl Carry instead holds a single class of units in Blue Owl Holdings.
Previous report
During the first quarter of 2025, industry M&A and capital markets activity was muted relative to the second half of 2024 as investors adjusted to a new Presidential administration and as headlines around tariffs introduced incremental uncertainty into the markets. Broad loan market activity declined during the quarter as spreads widened and market volatility increased. This market environment drove a moderation of industry-wide new issuance and substantially lessened the pace of refinancings, which played a significant role in volumes in 2024. For Blue Owl, continued positive net deployment and ongoing capital raising were the primary drivers of higher Credit management fees and offset modest pressure to Part I Fees from the interest rate cuts in the fourth quarter of 2024.
Previous report
The first quarter of 2025 was once again a very active quarter for direct lending deployment, with $12.8 billion of originations, bringing our last twelve month gross deployment to $55.8 billion and net funded deployment to $18.2 billion. Blue Owl played a significant role in new deals and add-ons while refinancings declined, leading to net deployment of $4.5 billion during the quarter, more than double net deployment in the fourth quarter of 2024. We were also active in deploying capital for our alternative credit strategy, where we have entered into forward flow agreements with two large consumer lending platforms, and across investment grade Credit for our insurance clients.
Previous report
We continue to see attractive deployment opportunities for our GP Strategic Capital products, as capital needs across the private alternative asset management sector remain elevated, particularly in a more challenging fundraising and realization environment. In addition to our leading franchise in larger-cap GP stakes, we recently launched a strategy intended to finance mid-cap alternative asset managers, further expanding our suite of solutions. During the quarter, we raised incremental capital in our large-cap GP minority stakes strategy, primarily from the private wealth channel, and made the first investment out of the latest vintage of this strategy.
Previous report
In Real Assets, we completed the IPI Acquisition on January 3, 2025, reflecting a significant step forward in Blue Owl’s presence in the digital infrastructure ecosystem. In combination with the scaled capabilities in our Net Lease and Real Estate Credit businesses, Blue Owl is able to provide an even wider range of cross-asset solutions, with offerings across investment grade, core, and opportunistic categories.
Previous report
We continue to actively deploy capital in our net lease strategy across a number of scaled opportunities, with our latest fund now over 87% committed despite having just held a final close in the first quarter of 2024. Our pipeline of deployment opportunities remains robust, reflecting the very significant capital needs of corporations, and we continue to see strong demand from investors in these products.
Previous report
•Credit increased $83.6 million, including an increase in Part I Fees of $14.2 million, due to continued fundraising and deployment of capital primarily within new and existing Credit products, as well as management fees from products relating to the Atalaya Acquisition of $21.2 million and the KAM Acquisition of $16.7 million.
Previous report
•GP Strategic Capital increased $4.6 million, primarily driven by fundraising in our sixth flagship minority equity stakes product. There were no material catch-up fees in the first quarters of 2025 and 2024.
Previous report
•$10.0 million increase in dealer manager revenues, due primarily to growth in the distribution of OCIC and ORENT.
Previous report
•$17.0 million increase in Transaction Expenses, primarily due to the IPI Acquisition, as well as the mergers of OTF II into OTF and OBDC III into OBDC. See Note 3 to our Financial Statements for additional details on our Transaction Expenses by acquisition.
Previous report
•Credit FRE management fees increased $83.6 million,including an increase in Part I Fees of $14.2 million, due to continued fundraising and deployment of capital primarily within new and existing Credit products, as well as management fees from products relating to the Atalaya Acquisition of $21.2 million and the KAM Acquisition of $16.7 million.
Previous report
•GP Strategic Capital FRE management fees increased $5.1 million, primarily driven by fundraising in our sixth flagship minority equity stakes product. There were no material catch-up fees in the first quarters of 2025 and 2024.
Previous report
•Real Assets FRE management fees increased $48.8 million, attributable to continued fundraising and deployment of capital within new and existing Real Assets products, primarily OREF VI and ORENT, as well as management fees from products relating to the IPI Acquisition of $32.9 million, the KAM Acquisition of $5.5 million and the Prima Acquisition of $4.9 million.
Previous report
FRE General, Administrative and Other Expenses. The increase in FRE general, administrative and other expenses was driven by higher operating expenses across various categories, driven by our continued growth.
Previous report
Variable Interest Entities
Reworded paragraphs (71)
Previous wording
The following discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but
Current wording
The following discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in “Part II Other Information - Item 1A. Risk Factors.”
Previous wording
As of March 31, 2025, our AUM was $273.3 billion, which included $174.6 billion of FPAUM. As of March 31, 2025, we have $23.4 billion in AUM not yet paying fees, providing $289 million of annualized management fees once deployed. See“—Assets Under Management” for additional information, including important information on how we define these metrics.
Current wording
As of June 30, 2025, our AUM was $284.1 billion, which included $177.5 billion of FPAUM. As of June 30, 2025, we had $28.6 billion in AUM not yet paying fees, providing $379 million of annualized management fees once deployed. See“—Assets Under Management” for additional information, including important information on how we define these metrics.
Previous wording
During the first quarter of 2025, global equity and debt markets experienced volatility driven by elevated inflation, economic slowdown and ongoing developments regarding international trade and economic policies. We believe that our management-fee centric business model and base of Permanent Capital contribute to the resiliency of our earnings and the strength of our business growth, particularly during periods of market volatility. As global economic and geopolitical uncertainty continues to ramp up into the second quarter, we believe our business model will prove to be stable and defensive, as we demonstrated in prior periods of enhanced uncertainty such as the COVID-19 pandemic and the subsequent spike in global inflation. Likewise, we believe that our products are well-suited for this type of market environment and should demonstrate the benefits of income generation, inflation protection and structural downside protection through periods of dislocation.
Current wording
During the second quarter of 2025, global equity and debt markets experienced significant volatility driven by the announcement of tariffs, which impacted investor expectations regarding economic growth and multi-national trade dynamics. Our management-fee-centric business model and base of Permanent Capital supported the continued resiliency of our earnings and the strength of our business growth, much as we demonstrated in prior periods of enhanced uncertainty such as the COVID-19 pandemic and the subsequent spike in global inflation. We believe that our products are well-suited for this type of market environment and should demonstrate the benefits of income generation, inflation protection and structural downside protection through periods of dislocation.
Previous wording
Over the past twelve months, approximately 88% and 89% of our GAAP and FRE management fees, respectively, were generated by Permanent Capital and the remainder was predominantly from long-dated capital, with no meaningful pressure on our asset base from redemptions. We raised $10.7 billion of capital during the first quarter of 2025, with $6.7 billion of equity capital raised, resulting in $48.6 billion of total capital raised during the last twelve months, with $29.4 billion of equity capital raised. Fundraising and capital deployment contributed to management fee growth of over 30% over the last twelve months, compared with the corresponding period. We ended the first quarter of 2025 with substantial available capital to deploy, reporting approximately $23.4 billion of AUM not yet paying fees.
Current wording
Over the past twelve months, approximately 86% and 87% of our GAAP and FRE management fees, respectively, were generated by Permanent Capital and the remainder was predominantly from long-dated capital, with no meaningful pressure on our asset base from redemptions. We had a record fundraising quarter, bringing in $13.9 billion of new capital commitments during the second quarter of 2025, resulting in $54.6 billion of total capital raised during the last twelve months. Fundraising, capital deployment, and acquisitions contributed to management fee growth of over 30% over the last twelve months, compared with the prior corresponding period. We ended the second quarter of 2025 with substantial available capital to deploy, reporting approximately $28.6 billion of AUM not yet paying fees.
Previous wording
As of March 31, 2025, assets under management related to us, our executives and other employees totaled approximately $5.3 billion (including $3.0 billion related to accrued carried interest). A portion of these assets under management are not charged fees.
Current wording
As of June 30, 2025, assets under management related to us, our executives and other employees totaled approximately $5.4 billion (including $2.9 billion related to accrued carried interest). A portion of these assets under management are not charged fees.
Previous wording
Management uses AUM not yet paying fees as an indicator of management fees that will come online as we deploy existing assets in products that charge fees based on deployed and not uncalled capital, as well as AUM that is currently subject to a fee holiday that will expire in the future. AUM not yet paying fees could provide $289 million of additional annualized management fees once deployed or upon the expiration of the relevant fee holidays.
Current wording
Management uses AUM not yet paying fees as an indicator of management fees that will come online as we deploy existing assets in products that charge fees based on deployed and not uncalled capital, as well as AUM that is currently subject to a fee holiday that will expire in the future. AUM not yet paying fees could provide $379 million of additional annualized management fees once deployed or upon the expiration of the relevant fee holidays.
Previous wording
Our capital base is heavily weighted toward Permanent Capital. We view the permanency and duration of the products that we manage as a differentiator in our industry and as a means of measuring the stability of our future revenue streams. The chart below presents the composition of our management fees by remaining product duration. Changes in these relative percentages will occur over time as the mix of products we offer changes. For example, our Real Assets products have a higher concentration in what we refer to as “long-dated” funds, or funds in which the remaining contractual life is five years or more, may cause our percentage of management fees from Permanent Capital to decline.
Current wording
Our capital base is heavily weighted toward Permanent Capital. We view the permanency and duration of the products that we manage as a differentiator in our industry and as a means of measuring the stability of our future revenue streams. The chart below presents the composition of our management fees by remaining product duration. Changes in these relative percentages will occur over time as the mix of products we offer changes. For example, our Real Assets products have a higher concentration in what we refer to as “long-dated” funds, or funds in which the remaining contractual life is five years or more, which may cause our percentage of management fees from Permanent Capital to decline.
Previous wording
Credit. The increase in AUM for the three months ended March 31, 2025 was driven by the following:
Current wording
Credit. The increase in AUM for the six months ended June 30, 2025 was driven by the following:
Previous wording
•$2.3 billion new capital raised in direct lending, primarily driven by continued private wealth fundraising in OCIC, OTIC, $0.4 billion new capital raised in alternative credit and $0.4 billion new capital raised in liquid credit.
Current wording
•$7.2 billion new capital raised in direct lending products, primarily driven by continued private wealth fundraising in OCIC and OTIC, $1.0 billion in alternative credit products, $0.8 billion in strategic equity products and $0.4 billion in liquid credit products.
Previous wording
•$1.4 billion of additional net debt commitments, primarily in direct lending as we continue to opportunistically manage leverage in our BDCs.
Current wording
•$4.4 billion of additional net debt commitments, primarily in direct lending as we continue to opportunistically manage leverage in our BDCs.
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•$2.7 billion offsetting decrease in distributions, which primarily relates to distributions paid from our BDCs, alternative credit products and CLOs. Redemptions and repurchases from these products were not material.
Current wording
•$5.9 billion offsetting decrease in distributions, which primarily relates to distributions paid from our BDCs, alternative credit products and CLOs. Redemptions and repurchases from these products were not material.
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•$0.9 billion of overall appreciation across the platform, primarily in direct lending.
Current wording
•$1.5 billion of overall appreciation across the platform, primarily in direct lending.
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Real Assets. The increase in AUM for the three months ended March 31, 2025 was driven by $14.2 billion of products added in connection with the IPI Acquisition, as well as new capital raised of $2.2 billion across various products, primarily Blue Owl Real Estate Net Lease Trust (“ORENT”), our real estate investment trust, and Blue Owl Digital Infrastructure Fund III (“ODI III”), our digital infrastructure drawdown product, and $1.4 billion of additional net debt commitments, primarily in Blue Owl Real Estate Fund VI (“OREF VI”).
Current wording
Real Assets. The increase in AUM for the six months ended June 30, 2025 was driven by $14.2 billion of products added in connection with the IPI Acquisition, as well as new capital raised of $8.0 billion across various products, primarily in our seventh flagship net lease product, Blue Owl Real Estate Net Lease Trust (“ORENT”), our net lease REIT, and Blue Owl Digital Infrastructure Fund III (“ODI III”), our digital infrastructure drawdown product, as well as additional fundraising in other recently launched products.
Previous wording
GP Strategic Capital. The increase in AUM for the three months ended March 31, 2025 was driven by new capital raised of $0.6 billion, primarily in our sixth flagship minority equity stakes product and overall appreciation primarily in our GP minority stakes strategy of $0.6 billion.
Current wording
GP Strategic Capital. The increase in AUM for the six months ended June 30, 2025 was driven by new capital raised of $1.0 billion, primarily in our sixth flagship minority equity stakes product and overall appreciation primarily in our GP minority stakes strategy of $1.0 billion, partially offset by distributions of $0.9 billion, primarily in our GP minority stakes strategy.
Previous wording
•$2.9 billion new capital raised in direct lending, primarily driven by continued private wealth fundraising in OCIC and OTIC, $0.4 billion new capital raised in liquid credit, as well as additional fundraising in products from recent acquisitions.
Current wording
•$4.5 billion new capital raised in direct lending products, primarily driven by continued private wealth fundraising in OCIC, $0.8 billion in strategic equity products, $0.5 billion in alternative credit products and $0.4 billion in liquid credit products.
Previous wording
•$2.0 billion offsetting decrease in distributions, which primarily relate to dividends paid from our BDCs and CLOs. Redemptions and repurchases from these products were not material.
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•$4.8 billion offsetting decrease in distributions, which primarily relate to dividends paid from our BDCs and CLOs. Redemptions and repurchases from these products were not material.
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•$0.6 billion of overall appreciation across the platform, primarily in direct lending.
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•$1.4 billion of overall appreciation across the platform, primarily in direct lending.
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Real Assets. The increase in FPAUM for the three months ended March 31, 2025 was driven by the $10.7 billion of products added in connection with the IPI Acquisition, as well as capital raised and deployed of $1.8 billion, primarily in ORENT and ODI III.
Current wording
Real Assets. The increase in FPAUM for the six months ended June 30, 2025 was driven by the $10.7 billion of products added in connection with the IPI Acquisition, as well as capital raised and deployed of $3.9 billion, primarily in ORENT and ODI III.
Previous wording
GP Strategic Capital. The increase in FPAUM for the three months ended March 31, 2025 was driven by new capital raised of $0.6 billion, primarily in our sixth flagship minority equity stakes product.
Current wording
GP Strategic Capital. The increase in FPAUM for the six months ended June 30, 2025 was driven by new capital raised of $1.2 billion, primarily in our sixth flagship minority equity stakes product.
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Product performance for certain of our products is included throughout this discussion with analysis to facilitate an understanding of our results of operations for the periods presented. The performance information of our products reflected is not indicative of Blue Owl’s performance. An investment in Blue Owl is not an investment in any of our products. Past performance is not indicative of future results. As with any investment, there is always the potential for gains as well as the possibility of losses. There can be no assurance that any of these products or our other existing and future products will achieve similar returns. Multiple of invested capital (“MoIC”) and internal rate of return (“IRR”) data has not been presented for products that have been deploying capital for less than two years as such information is generally not meaningful (“NM”).
Current wording
Product performance for certain of our products is included throughout this discussion with analysis to facilitate an understanding of our results of operations for the periods presented. The performance information of our products reflected is not indicative of Blue Owl’s performance. Additionally, the nature of a product's performance itself is not considered in determining whether a product should be included in the tables below. An investment in Blue Owl is not an investment in any of our products. Past performance is not indicative of future results. As with any investment, there is always the potential for gains as well as the possibility of losses. There can be no assurance that any of these products or our other existing and future products will achieve similar returns. Multiple of invested capital (“MoIC”) and internal rate of return (“IRR”) data has not been presented for products that have been deploying capital for less than two years as such information is generally not meaningful (“NM”).
Previous wording
(2)On January 13, 2025, OBDC completed its merger with OBDE, with OBDC as the surviving company. The information presented in the table above does not reflect the impact of the merger as it is presented on a quarter lag, see Note 1 for additional information.
Current wording
(2)On January 13, 2025, OBDC completed its merger with OBDE, with OBDC as the surviving company.
Previous wording
(3)For the purposes of calculating Gross IRR, the expense support provided to the fund would be impacted when assuming a performance excluding management fees (including Part I Fees) and Part II Fees, and therefore is not meaningful for OBDC II, OCIC and OTIC.
Current wording
(3)For the purposes of calculating Gross IRR, the expense support provided to the fund would be impacted when assuming a performance excluding management fees (including Part I Fees) and Part II Fees, and therefore is not meaningful for OCIC.
Previous wording
(4)On March 24, 2025, OTF completed its merger with OTF II, with OTF as the surviving company. The information presented in the table above does not reflect the impact of the merger as it is presented on a quarter lag, see Note 1 for additional information.
Current wording
(4)On March 24, 2025, OTF completed its merger with OTF II, with OTF as the surviving company.
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(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) and Part II Fees, as applicable, but net of other expenses.
Current wording
(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) and Part II Fees, as applicable, but net of all other expenses.
Previous wording
(2)Information presented in the AUM through Total Value columns for this vehicle, as well as total return, is presented on a quarter lag due to the vehicle being a public filer with the SEC and not yet filing its quarterly information as of our filing date. Additional information related to this vehicle can be found in its filings with the SEC, which are not part of this report. MoIC and IRR are not meaningful as we consider total return to be a useful measure of the overall investment performance for this product. Total net return was 8.0%, 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.
Current wording
(1)Information presented in the AUM through Total Value columns for this vehicle, as well as total return, is presented on a quarter lag due to the vehicle being a public filer with the SEC and not yet filing its quarterly information as of our filing date. Additional information related to this vehicle can be found in its filings with the SEC, which are not part of this report. MoIC and IRR are not meaningful as we consider total return to be a useful measure of the overall investment performance for this product. Total net return was 7.9%, 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.
Previous wording
(4)Realized proceeds represent the sum of all cash distributions to all investors.
Current wording
(4)Realized proceeds represent the sum of all cash distributions to investors.
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(5)Unrealized value represents the fund’s NAV. There can be no assurance that unrealized values will be realized at the valuations indicated.
Current wording
(5)Unrealized value represents the product’s NAV. There can be no assurance that unrealized values will be realized at the valuations indicated.
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•$56.1 million increase, driven by higher compensation to existing employees, as well as increased headcount due to our continued growth.
Current wording
•$47.0 million increase, driven by higher compensation to existing employees, as well as increased headcount due to our continued growth.
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•$23.1 million primarily due to an increase in our other recurring annual equity grants driven by additional grants made during the fourth quarter of 2024 in connection with year-end bonus compensation.
Current wording
•$35.1 million increase in amortization related to recurring annual equity grants, driven by additional grants made during the fourth quarter of 2024 in connection with year-end bonus compensation.
Previous wording
Amortization of Intangible Assets. Amortization of intangible assets increased $33.3 million primarily due to an increase of $34.2 million related to intangible assets acquired in the IPI Acquisition, KAM Acquisition, Atalaya Acquisition and Prima Acquisition.
Current wording
Amortization of Intangible Assets. Amortization of intangible assets increased $32.7 million, primarily due to intangible assets acquired in connection with the IPI Acquisition, KAM Acquisition, Atalaya Acquisition and Prima Acquisition.
Previous wording
•$61.5 million increase related to the Services Agreement (as defined in Note 1 to our Financial Statements), which was entered into in January 2025. See Note 10 to our Financial Statements for additional details.
Current wording
•$56.9 million increase related to the Services Agreement (as defined in Note 1 to our Financial Statements), which was entered into in January 2025. See Note 10 to our Financial Statements for additional details on the Services Agreement.
Previous wording
Interest Expense. The increase in interest expense was driven by higher average debt outstanding, reflecting the issuance of the 6.250% Senior Notes due 2034 (the “2034 Notes”) during the second quarter of 2024.
Current wording
Interest Expense. The increase in interest expense was driven by higher average debt outstanding, reflecting a higher average balance on our Revolving Credit Facility (as defined in Note 7 to our Financial Statements) and the issuance of the 6.250% Senior Notes due 2034 (the “2034 Notes”) in June 2024.
Previous wording
The decrease in income tax expense was due to lower pre-tax income in the current period as a result of the drivers discussed above. Please see Note 11 to our Financial Statements for a discussion of the significant tax differences that impacted our effective tax rate.
Current wording
The change in income tax expense was due to lower pre-tax income in the current period as a result of the drivers discussed above. Please see Note 11 to our Financial Statements for a discussion of the significant tax differences that impacted our effective tax rate.
Previous wording
•Real Assets increased $68.1 million, attributable to continued fundraising and deployment of capital within new and existing Real Assets products, primarily OREF VI and ORENT, as well as management fees from products relating to the IPI Acquisition of $52.2 million, which includes $21.0 million of catch-up fees related to the IPI Acquisition, substantially all of which will be paid as contingent consideration to the sellers of the IPI business. Additionally, the KAM Acquisition drove an increase of $5.5 million and the Prima Acquisition drove an increase of $4.9 million, as such transactions closed in the third and second quarters of 2024, respectively.
Current wording
•Real Assets increased $131.3 million, primarily due to management fees of$100.5 million related to digital infrastructure products as a result of the IPI Acquisition that closed at the start of the first quarter of 2025. Management fees from digital infrastructure included $35.1 million of catch-up fees, substantially all of which were paid as contingent consideration to the sellers of the IPI business. Also contributing to the increase was continued fundraising and deployment of capital within new and existing Real Assets products, primarily ORENT and OREF VI.
Previous wording
•$6.3 million increase in administrative fees, driven by a higher level of reimbursable compensation expenses due to growth of our products and business overall.
Current wording
•$17.8 million increase in administrative fees, driven by a higher level of compensation expenses reimbursable from our funds due to the growth in our products and business overall.
Previous wording
•$8.7 million offsetting decrease in fee income earned for services provided to portfolio companies, reflecting a decrease in average fees on transactions.
Current wording
•$32.0 million offsetting decrease in fee income earned for services provided to portfolio companies, reflecting a decrease in the volume of transactions on which we earn such fees.
Previous wording
•$19.4 million increase related to acquisition-related compensation, primarily due to the Atalaya Earnouts related to the Atalaya Acquisition. See Note 3 to the financial statements in our Annual Report for additional information.
Current wording
•$31.2 million increase in amortization related to acquisition-related equity compensation, primarily due to the Atalaya Earnouts, as the Atalaya Acquisition closed in the third quarter of 2024. See Note 3 to the financial statements in our Annual Report for additional information.
Previous wording
•$10.0 million increase related to dealer manager expenses, due to growth in our products and business overall.
Current wording
•$18.5 million increase related to dealer manager expenses, primarily due to growth in the distribution of OCIC and ORENT.
Previous wording
•$25.5 million increase in other operating expenses across various categories, driven by our continued growth.
Current wording
•$48.5 million increase in other operating expenses across various categories that were individually immaterial, driven by our continued growth.
Previous wording
Interest and Dividend Income. The increase in interest and dividend income was driven by dividend income from the preferred equity investment made in April 2024 in Kuvare UK Holdings.
Current wording
Net gains (losses) on investments. The change in net gains (losses) on investments for the current year period was driven by the change in fair value of the preferred equity investment made in April 2024 in Kuvare UK Holdings.
Showing the first 40 of 71 pairs. Open the source sections for the rest.
Rearranged current paragraphs (17)
Current report — wording carried from elsewhere
(2)Information presented in the Invested Capital through IRR columns for these vehicles is presented on a quarter lag.
Current report — wording carried from elsewhere
Administrative, Transaction and Other Fees. The decrease in administrative, transaction and other fees was driven primarily by the following:
Current report — wording carried from elsewhere
General, Administrative and Other Expenses. General, administrative and other expenses increased primarily due to the following:
Current report — wording carried from elsewhere
Net income attributable to noncontrolling interests primarily represents the allocation to Common Units of their pro rata share of the Blue Owl Operating Group’s net income due to the drivers discussed above. The Common Units represent an approximately 58% and 66% weighted average economic interest in the Blue Owl Operating Group for the three months ended June 30, 2025 and 2024, respectively. The year-over-year decline in the Common Units’ interest in the Blue Owl Operating Group was driven by exchanges of Common Units for Class A Shares.
Current report — wording carried from elsewhere
Management Fees. The increase in management fees was primarily due to the drivers below. See Note 9 to our Financial Statements for additional details on our GAAP management fees by strategy.
Current report — wording carried from elsewhere
Compensation and Benefits. Compensation and benefits expenses increased, primarily due to the following:
Current report — wording carried from elsewhere
•$105.7 million increase, driven by higher compensation to existing employees, as well as increased headcount due to our continued growth.
Current report — wording carried from elsewhere
•$63.5 million increase in amortization related to recurring annual equity grants, driven by additional grants made during the fourth quarter of 2024 in connection with year-end bonus compensation.
Current report — wording carried from elsewhere
Amortization of Intangible Assets. Amortization of intangible assets increased $66.0 million, primarily due to intangible assets acquired in connection with the IPI Acquisition, KAM Acquisition, Atalaya Acquisition and Prima Acquisition.
Current report — wording carried from elsewhere
•$118.4 million increase related to the Services Agreement (as defined in Note 1 to our Financial Statements), which was entered into in January 2025. See Note 10 to our Financial Statements for additional details on the Services Agreement.
Current report — wording carried from elsewhere
Interest Expense. The increase in interest expense was driven by higher average debt outstanding, reflecting the issuance of the 2034 Notes in April 2024 and June 2024, and a higher average balance on our Revolving Credit Facility.
Current report — wording carried from elsewhere
The change in income tax expense was due to lower pre-tax income in the current period as a result of the drivers discussed above. Please see Note 11 to our Financial Statements for a discussion of the significant tax differences that impacted our effective tax rate.
Current report — wording carried from elsewhere
Net Income Attributable To Noncontrolling Interests
Current report — wording carried from elsewhere
Three Months Ended June 30, 2025, Compared to the Three Months Ended June 30, 2024
Current report — wording carried from elsewhere
Fee-Related Earnings and Distributable Earnings Summary
Current report — wording carried from elsewhere
Fee-Related Earnings and Distributable Earnings for the six months ended June 30, 2025 increased as a result of higher FRE revenues in Credit, Real Assets and GP Strategic Capital, partially offset by higher FRE expenses, as further discussed below.
Current report — wording carried from elsewhere
Financial Statements, as a change in our conclusion would have the effect of grossing up the assets, liabilities, revenues and expenses of the entity being evaluated. In light of the relatively insignificant direct and indirect investments into our products, the likelihood of a reasonable change in our estimation and judgement would likely not result in a change in our conclusions to consolidate or not consolidate any VIEs to which we have exposure.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
not limited to, those described in “Part II Other Information - Item 1A. Risk Factors.”
Previous report — wording carried elsewhere
Credit. The increase in FPAUM for the three months ended March 31, 2025 was driven by the following:
Previous report — wording carried elsewhere
(1)Information presented in the Invested Capital through IRR columns for these vehicles is presented on a quarter lag.