BLUE OWL CAPITAL INC.
For the period ended Sep 30, 2025. Filed Nov 3, 2025.
View on SEC.govAbout this filing
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.
Sep 30, 2025 · Filed Nov 3, 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 2025-06-30; filed 2025-08-01.
0001823945-25-000048
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-03.
0001823945-25-000063
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 255 previous paragraphs and 253 current paragraphs.
153 unchanged; 73 reworded; 23 added; 24 removed; 5 previous and 4 current paragraphs rearranged.
Tables are not compared: 21 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 (23)
Current report
During the third quarter of 2025, global equity and debt markets were constructive as the S&P 500 reached another all-time high and credit spreads remained relatively tight. The 10-year Treasury yield declined during the quarter to 4.15%, reflecting some slowing jobs growth data that factored into the Federal Reserve’s decision to cut the federal funds rate by 25 basis points in September 2025.
Current report
Generally accommodative markets during the third quarter resulted in higher levels of both announced and completed M&A activity in the U.S. Over the last twelve months, Blue Owl’s direct lending strategy has seen gross deployment of $46.8 billion and net funded deployment of $12.1 billion, and in the third quarter of 2025 we experienced an increase in new direct lending origination activity and a pickup in pipeline activity.
Current report
The artificial intelligence economy remained at the forefront of investors’ minds during the third quarter, with hyperscalers continuing to commit to substantial investment in mission-critical infrastructure such as data centers. In Blue Owl’s Real Assets platform, we continue to execute on a record pipeline of data center opportunities across our net lease and digital infrastructure strategies, with Blue Owl taking a leadership role on all three of the largest data center financings in the space. More broadly across net lease, we continue to see a substantial deployment opportunity in areas such as logistics and manufacturing onshoring.
Current report
Across the alternatives industry, the consolidation trend continues to favor scale as market share accrues to the larger and more diversified managers who are raising the largest funds. We continue to see attractive deployment opportunities for our GP Strategic Capital products, having committed approximately $5 billion of capital year-to-date out of the latest flagship GP minority stakes vintage. We also completed our largest strip sales transactions to date, totaling over $2.5 billion during the third quarter. In aggregate across the last twelve months, our GP Strategic Capital flagship products have distributed $4 billion to investors through these innovative transactions. These transactions provide valuable liquidity for existing investors in these products, situating our products within the top quartile on distributions to paid in.
Current report
Credit. The increase in AUM for the nine months ended September 30, 2025 was driven by the following:
Current report
Credit. The increase in FPAUM for the nine months ended September 30, 2025 was driven by the following:
Current report
•Real Assets increased $42.1 million, primarily due to management fees of $30.4 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.
Current report
•GP Strategic Capital increased$3.8 million, primarily driven by fundraising in our sixth vintage GP minority stakes product, partially offset by a fee step down from a prior vintage GP minority stakes product.
Current report
Nine Months Ended September 30, 2025, Compared to the Nine Months Ended September 30, 2024
Current report
•Credit increased $239.7 million, including an increase in Part I Fees of$33.4 million, primarily due to continued fundraising and deployment of capital within new and existing direct lending products. Additionally, management fees from alternative credit products increased$59.6 million, primarily due to the Atalaya Acquisition closing near the end of the third quarter of 2024, as well as an increase in management fees of$37.2 million from investment grade credit products, primarily as a result of the KAM Acquisition closing in July 2024.
Current report
•GP Strategic Capital increased $23.1 million, primarily driven by fundraising in our sixth vintage GP minority stakes product, partially offset by a fee step down from a prior vintage GP minority stakes product.
Current report
Change in TRA Liability. The change in the TRA liability for the current year period was driven by the passage of time. The change in the TRA liability for the prior period was driven by a higher discount rate.
Current report
(1)Includes $2.2 million and $0.7 million of catch-up fees for the three months ended September 30, 2025 and 2024, respectively.
Current report
(2)Includes $0.5 million and $2.6 million of catch-up fees for the three months ended September 30, 2025 and 2024, respectively.
Current report
•Real Assets increased $42.1 million, primarily due to management fees of $30.4 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.
Current report
•GP Strategic Capital increased $3.7 million, primarily driven by fundraising in our sixth vintage GP minority stakes product, partially offset by a fee step down from a prior vintage GP minority stakes product.
Current report
Nine Months Ended September 30, 2025, Compared to the Nine Months Ended September 30, 2024
Current report
(1)Includes $9.2 million and $1.2 million of catch-up fees for the nine months ended September 30, 2025 and 2024, respectively.
Current report
(3)Includes $1.3 million and $5.1 million of catch-up fees for the nine months ended September 30, 2025 and 2024, respectively.
Current report
•Credit increased $239.7 million, including an increase in Part I Fees of $33.4 million, primarily due to continued fundraising and deployment of capital within new and existing direct lending products. Additionally, management fees from alternative credit products increased$59.6 million, primarily due to the Atalaya Acquisition closing near the end of the third quarter of 2024, as well as an increase in management fees of$37.2 million from investment grade credit products, primarily as a result of the KAM Acquisition closing in July 2024.
Current report
•Real Assets increased $139.8 million, primarily due to management fees of $97.2 million related to digital infrastructure products as a result of the IPI Acquisition that closed at the start of the first quarter of 2025. Also contributing to the increase was continued fundraising and deployment of capital within new and existing Real Assets products, primarily ORENT.
Current report
•GP Strategic Capital increased $23.9 million, primarily driven by fundraising in our sixth vintage GP minority stakes product, partially offset by a fee step down from a prior vintage GP minority stakes product.
Current report
•Pay the KAM Earnouts; and/or
Removed paragraphs (24)
Previous report
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 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.
Previous 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.
Previous 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.
Previous 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.
Previous report
Credit. The increase in AUM for the six months ended June 30, 2025 was driven by the following:
Previous report
Credit. The increase in FPAUM for the six months ended June 30, 2025 was driven by the following:
Previous report
•GP Strategic Capital increased$14.7 million, primarily driven by fundraising in our sixth flagship minority equity stakes product.
Previous 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.
Previous 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.
Previous report
Six Months Ended June 30, 2025, Compared to the Six Months Ended June 30, 2024
Previous 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.
Previous report
•GP Strategic Capital increased $19.3 million, primarily driven by fundraising in our sixth flagship minority equity stakes product.
Previous report
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.
Previous 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.
Previous 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.
Previous 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.
Previous report
•GP Strategic Capital increased $15.1 million, primarily driven by fundraising in our sixth flagship minority equity stakes product.
Previous report
Six Months Ended June 30, 2025, Compared to the Six Months Ended June 30, 2024
Previous 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.
Previous 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.
Previous 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.
Previous report
•Real Assets increased $97.7 million, primarily due to management fees of $66.8 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.
Previous report
•GP Strategic Capital increased $20.2 million, primarily driven by fundraising in our sixth flagship minority equity stakes product.
Reworded paragraphs (73)
Previous wording
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), should be read in conjunction with the Financial Statements. For a description of our business, please see “Item 1. Business” in the Annual Report.
Current wording
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), should be read in conjunction with the Financial Statements. For a description of our business, please see “Item 1. Business” in our Annual Report.
Previous 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.
Current wording
As of September 30, 2025, our AUM was $295.6 billion, which included $183.8 billion of FPAUM. As of September 30, 2025, we had $28.4 billion in AUM not yet paying fees, providing approximately $361 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
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.
Current wording
We raised $14.4 billion of new capital commitments during the third quarter of 2025, resulting in a record $57.0 billion of total capital raised over the last twelve months. Fundraising, capital deployment, and acquisitions contributed to management fee growth of approximately 30% over the last twelve months, compared with the prior corresponding period. We ended the third quarter of 2025 with substantial available capital to deploy, reporting approximately $28.4 billion of AUM not yet paying fees.
Previous 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.
Current wording
As of September 30, 2025, assets under management related to us, our executives and other employees totaled approximately $6.1 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 $379 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 approximately $361 million of additional annualized management fees once deployed or upon the expiration of the relevant fee holidays.
Previous 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.
Current wording
•$15.4 billion of new capital raised, primarily driven by $10.1 billion in direct lending products reflecting continued private wealth fundraising in OCIC and OTIC, $1.9 billion in alternative credit products and $1.5 billion in investment grade credit products.
Previous wording
•$4.4 billion of additional net debt commitments, primarily in direct lending as we continue to opportunistically manage leverage in our BDCs.
Current wording
•$6.8 billion of additional net debt commitments, primarily in direct lending, as we continue to opportunistically manage leverage in our BDCs.
Previous 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.
Current wording
•$9.2 billion of distributions, which primarily relates to distributions paid from our BDCs, CLOs and alternative credit products. Redemptions and repurchases from these products were not material.
Previous wording
•$1.5 billion of overall appreciation across the platform, primarily in direct lending.
Current wording
•$3.4 billion of overall appreciation across the platform, primarily in direct lending.
Previous 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.
Current wording
Real Assets. The increase in AUM for the nine months ended September 30, 2025 was driven by $14.2 billion added in connection with the IPI Acquisition, as well as new capital raised of $10.9 billion across various products, primarily in our seventh vintage 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 third vintage digital infrastructure drawdown product.
Previous 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.
Current wording
GP Strategic Capital. The increase in AUM for the nine months ended September 30, 2025 was driven by new capital raised of $3.7 billion primarily in our GP minority stakes strategy, including new vehicles that recently acquired assets from a prior vintage product, and our sixth vintage product, as well as overall appreciation of $1.5 billion, partially offset by distributions of $2.5 billion, primarily in our GP minority stakes strategy.
Previous 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.
Current wording
•$11.5 billion of new capital raised, primarily driven by $7.8 billion new capital raised in direct lending products reflecting continued private wealth fundraising in OCIC and $2.0 billion in alternative credit products.
Previous wording
•$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.
Current wording
•$7.7 billion of distributions, which primarily relate to distributions paid from our BDCs, CLOs and investment grade credit products. Redemptions and repurchases from these products were not material.
Previous wording
•$1.4 billion of overall appreciation across the platform, primarily in direct lending.
Current wording
•$2.5 billion of overall appreciation across the platform, primarily in direct lending.
Previous 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.
Current wording
Real Assets. The increase in FPAUM for the nine months ended September 30, 2025 was driven by the $10.7 billion added in connection with the IPI Acquisition, as well as capital raised and deployed of $6.6 billion, primarily in ORENT and ODI III.
Previous 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.
Current wording
GP Strategic Capital. The increase in FPAUM for the nine months ended September 30, 2025 was driven by new capital raised of $4.0 billion primarily in our GP minority stakes strategy, including new vehicles that recently acquired assets from a prior vintage product, and our sixth vintage product.
Previous 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.
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 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.
Previous wording
(3)Invested capital includes investments by the general partner, capital calls, dividends reinvested, recallable capital which has been reinvested and periodic investor closes, as applicable.
Current wording
(3)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.
Previous wording
•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 wording
•Credit increased $76.4 million, including an increase in Part I Fees of $10.9 million, primarilydue to continued fundraising and deployment of capital within new and existing direct lending products. Additionally, management fees from alternative credit products increased $19.1 million, primarily due to the Atalaya Acquisition closing near the end of the third quarter of 2024.
Previous wording
•$8.6 million increase in dealer manager revenues, primarily due to growth in the distribution of OCIC and ORENT.
Current wording
•$9.5 million increase in dealer manager revenues, primarily due to growth in the distribution of OCIC and ORENT.
Previous wording
•$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 wording
•$3.9 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.
Previous wording
•$47.0 million increase, driven by higher compensation to existing employees, as well as increased headcount due to our continued growth.
Current wording
•$35.2 million increase, driven by higher compensation to existing employees, as well as increased headcount due to our continued growth.
Previous 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.
Current wording
•$21.7 million increase in amortization primarily 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
•$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 wording
•$13.4 million increase in amortization related to acquisition-related equity compensation, primarily due to the Atalaya Earnouts (as defined in Note 3 to the financial statements in our Annual Report), as the Atalaya Acquisition closed near the end of the third quarter of 2024.
Previous wording
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 wording
Amortization of Intangible Assets. Amortization of intangible assets increased $24.0 million, primarily due to intangible assets acquired in connection with the IPI Acquisition and Atalaya Acquisition.
Previous 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.
Current wording
•$60.4 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.
Previous wording
•$8.1 million increase in dealer manager expenses, primarily due to growth in the distribution of OCIC and ORENT.
Current wording
•$10.0 million increase in dealer manager expenses, primarily due to growth in the distribution of OCIC and ORENT.
Previous wording
•$8.5 million increase related to expense support for certain products that we manage.
Current wording
•$5.3 million increase related to expense support for certain products that we manage.
Previous wording
•$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 wording
•$27.5 million increase in other operating expenses across various categories that were individually immaterial, primarily in occupancy and other office-related costs, driven by our continued growth.
Previous 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.
Current wording
Interest Expense. The increase in interest expense was primarily 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).
Previous wording
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 wording
Change in Earnout Liability. The change in the earnout liability for the current year period was primarily driven by the change in fair value of the KAM Earnouts (as defined in Note 3 to the financial statements in our Annual Report).
Previous wording
Net income attributable to noncontrolling interests primarily represents the allocation to Common Units (as defined in Note 1 to our Financial Statements) of their pro rata share of the Blue Owl Operating Group’s net income due to the drivers discussed above. The Common Units represented an approximately 59% and 65% weighted average economic interest in the Blue Owl Operating Group for the six 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 wording
Net income attributable to noncontrolling interests primarily represents the allocation to Common Units (as defined in Note 1 to our Financial Statements) 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 61% weighted average economic interest in the Blue Owl Operating Group for the three months ended September 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.
Previous 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.
Current wording
•Real Assets increased $173.5 million, primarily due to management fees of$130.9 million related to digital infrastructure products as a result of the IPI Acquisition that closed at the start of the first quarter of 2025. 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.
Previous wording
Administrative, Transaction and Other Fees. The decrease in administrative, transaction and other fees was driven primarily by the following:
Current wording
Administrative, Transaction and Other Fees. The increase in administrative, transaction and other fees was driven primarily by the following:
Previous wording
•$18.6 million increase in dealer manager revenues, primarily due to growth in the distribution of OCIC and ORENT.
Current wording
•$28.1 million increase in dealer manager revenues, primarily due to growth in the distribution of OCIC and ORENT.
Previous 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.
Current wording
•$17.1 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
•$105.7 million increase, driven by higher compensation to existing employees, as well as increased headcount due to our continued growth.
Current wording
•$140.9 million increase, driven by higher compensation to existing employees, as well as increased headcount due to our continued growth.
Previous wording
•$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 wording
•$84.6 million increase in amortization primarily 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
•$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.
Current wording
•$45.2 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
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.
Current wording
Amortization of Intangible Assets. Amortization of intangible assets increased $90.0 million, primarily due to intangible assets acquired in connection with the IPI Acquisition, Atalaya Acquisition, KAM Acquisition and Prima Acquisition.
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Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
We continued to see strong growth across our platform, measured across earnings, ongoing fundraising, and new capital deployment. Blue Owl has now reported 18 consecutive quarters of management fee and fee-related earnings growth, reflecting growth in each quarter since we became a public company. Over the past twelve months, approximately 85% and 86% 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.
Current report — wording carried from elsewhere
•$43.2 million offsetting decrease in Transaction Expenses (as defined below), primarily due to lower costs incurred in the current-year period, compared to costs incurred in the prior-year period related to the KAM Acquisition and Atalaya Acquisition.
Current report — wording carried from elsewhere
•$35.8 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.
Current report — wording carried from elsewhere
•$13.8 million increase related to expense support for certain products that we manage.
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
•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”).
Previous report — wording carried elsewhere
•$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.
Previous report — wording carried elsewhere
•$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 report — wording carried elsewhere
(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.
Previous report — wording carried 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.