BLUE OWL CAPITAL INC.
For the period ended Sep 30, 2026. Filed Oct 30, 2026.
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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.
Sep 30, 2026 · Filed Oct 30, 2026
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 2026-06-30; filed 2026-07-31.
0001823945-26-000040
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-30.
0001823945-26-000055
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 246 previous paragraphs and 249 current paragraphs.
130 unchanged; 74 reworded; 43 added; 30 removed; 12 previous and 2 current paragraphs rearranged.
Tables are not compared: 24 previous and 24 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 (43)
Current report
During the third quarter of 2026, global equity and debt markets remained driven by expectations around inflation, interest rates, artificial intelligence (“AI”)-related capital expenditures, and ongoing geopolitical tensions, including in the Middle East and their impact on certain energy prices. Equity indices saw modest appreciation during the third quarter despite lack of market breadth, with approximately two-thirds of S&P 500 and Russell 1000 stocks retreating during the quarter. The 10-year Treasury yield in the United States ended the third quarter of 2026 at 5.29%, approximately 85 basis points higher than June 30, 2026 and in late September, the Federal Reserve announced a rate hike of 25 basis points, increasing the federal funds target range to 3.75% to 4.00%. This represented a significant shift from the beginning of the year, when market participants had anticipated further reductions in the federal funds rate. For our business, changes in base rates and credit spreads affect the yields available on new investments, the income generated by existing floating rate investments and the fees we may earn across our Credit platform, while AI-related capital expenditures continue to drive demand for capital in our digital infrastructure strategy, each as discussed further below.
Current report
During the third quarter of 2026, we continued to further the diversification of our business. Inflows during the quarter were primarily driven by our Credit and Real Assets platforms, and the third quarter represented a record quarter of institutional fundraising. Institutional investors represent approximately 70% of equity capital raised over the last twelve months. Over this period, capital commitments have been diversified across existing investor re-ups, new client commitments, and cross-selling investors into new products, showcasing the breadth and expansion of our investor base.
Current report
In Credit, the market environment during the quarter was defined by significant moves in risk-free rates and ultimately ended with the federal funds rate hike, presenting opportunities to deploy capital into a higher rate and higher spread environment. In direct lending, third quarter activity was driven heavily by existing borrowers. Because our direct lending portfolios consist predominantly of floating rate loans, higher base rates increase the interest income earned on existing loans as they reprice, in addition to the higher all-in yields available on new originations. Higher net investment income in our BDCs generally results in higher Part I Fees, which are calculated based on net investment income in these products. We continue to see deployment consistent with an industry backdrop of moderate sponsor-driven M&A activity. In alternative credit and investment grade credit, deployment was more opportunistic in reaction to the currently evolving interest rate and spread landscape. In alternative credit, this included investing in floating rate assets and acquiring fixed rate assets on more attractive terms, and in investment grade credit, market volatility created opportunities to generate higher excess spread for our insurance clients. Our alternative credit interval fund has now reached approximately $3 billion of AUM just over a year after launching. Across our Credit platform, borrower health remains strong and the performance of our funds and vehicles has continued to outpace their relevant public benchmarks.
Current report
In Real Assets, our pipeline for deployment remained at near record levels as we continue to play a central role in providing valuable capital to corporations across themes such as data centers, industrials and reshoring, healthcare, and cold storage. Across the platform, we see over $140 billionof opportunities in net lease and digital infrastructure. As a result of the rate volatility during the third quarter, we also saw record demandfor financing solutions, including loans and bridge financing structures, on more favorable terms than in recent periods, inour real estate credit strategy. Our digital infrastructure non-traded REIT Blue Owl Digital Infrastructure Trust (“ODIT”)has reached over $4.5 billion of AUM less than a year after launching, highlighting investor interest in the strategy and acknowledging Blue Owl’s central role in finan cing the expansion of compute across both cloud and AI. Consistent with our focus on income-generating, downside-protected investing, substantially all of the counterparties in our digital infrastructure strategy are investment grade.
Current report
Fundraising
Current report
We raise capital from institutional investors and private wealth clients. Institutional investors include prominent public and private pension funds, endowments, foundations, family offices, private banks, asset managers and insurance companies. Private wealth clients consist of individual clients, accessed through prominent wealth management firms and private banks, who invest primarily in our continuously offered products, such as our non-traded BDCs, OWLCX, Blue Owl Real Estate Net Lease Trust (“ORENT”) and ODIT, and, through feeder vehicles, in certain of our drawdown funds.
Current report
The following chart presents new capital raised by channel for the periods indicated. See “—Changes in AUM” and “—Changes in FPAUM” for additional information about capital flows in the periods presented, including new capital raised by platform.
Current report
Over the past several years, private wealth clients have become an increasingly significant source of new capital for us and for the alternative asset management industry more broadly, as individual investors have increased their allocations to alternative investments. During 2026, however, private wealth clients have contributed a smaller share of our new capital raised relative to institutional clients. New capital raised from private wealth clients has declined compared to the prior year, reflecting lower subscriptions across the industry in non-traded BDCs and other direct lending products amid heightened market and media attention on direct lending. Private wealth inflows have, however, recovered from May 2026 levels. New capital raised from institutional clients has increased compared to the prior year, primarily in our investment grade credit, real estate credit and alternative credit strategies. Notwithstanding this recent shift in mix, we continue to view private wealth as a significant long-term source of capital for our business.
Current report
We earn management fees on capital raised from both channels, and the principal effect of the mix is on the liquidity profile of our AUM. Capital raised from institutional clients is generally committed to drawdown funds or other products that do not permit investors to redeem. By contrast, our continuously offered products, in which most capital from private wealth clients is invested, provide investors with periodic liquidity through quarterly tender offers or share repurchases. These have been generally limited to 5% of each product’s outstanding shares or NAV per quarter and are conducted at the discretion of each product’s board of directors or trustees. As a result, as the share of our AUM raised from private wealth clients grows, a larger portion of our FPAUM may be subject to tender offers or share repurchases, and the level of these requests may be influenced by investor sentiment, market conditions and media attention, in addition to product performance. For a discussion of these risks, see “Item 1A. Risk Factors—Risks Related to Our Products—We are vulnerable to an increased number of investors seeking to participate in share repurchase programs or tender offers of our non-traded products” and “—Risks Related to Our Legal and Regulatory Environment—We are subject to litigation and public perception risks, and consequently, we may face liabilities and damage to our professional reputation” in our Annual Report.
Current report
Management fees from these private wealth products are generally calculated based on NAV, and Part I Fees in our BDCs are calculated on net investment income, both of which scale with the size of each product’s portfolio. Redemptions therefore reduce the base on which we earn these fees to the extent they are not offset by new capital raised, and a sustained elevated level of redemptions would result in lower management fees, including Part I Fees, and correspondingly lower revenues and cash flows from operations. See “—Changes in AUM” and “—Changes in FPAUM” for the amount of redemptions in the periods presented. For a discussion of risks related to our fee-based revenues, see “Item 1A. Risk Factors—Risks Related to Investment Management—Management fees and other fees comprise a substantial majority of our revenues and a reduction in such fees could have an adverse effect on our results of operations and the level of cash available for distributions to our stockholders” in our Annual Report.
Current report
Credit. The increase in AUM for the nine months ended September 30, 2026 was driven by the following:
Current report
•$3.4 billion of redemptions, which primarily relates to our non-traded BDCs.
Current report
•$3.4 billion of redemptions, primarily related to our non-traded BDCs.
Current report
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. 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.
Current report
(2)Information presented in the Invested Capital through IRR columns for these vehicles is presented on a quarter lag. As of September 30, 2026, Blue Owl Digital Infrastructure Fund I was removed from the product performance table as this product no longer generates management fees.
Current report
(4)Realized proceeds represent the sum of all cash distributions to investors.
Current report
(5)Unrealized value represents the product’s NAV. There can be no assurance that unrealized values will be realized at the valuations indicated.
Current report
(6)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 and carried interest, as applicable, but net of all other expenses.
Current report
(7)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 and carried interest, as applicable.
Current report
(8)Gross IRR is 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 and carried interest, as applicable, but net of all other expenses.
Current report
•Credit decreased $8.2 million, primarilydue to a decrease of $16.4 million from direct lending, driven by lower Part I Fees in our BDCs, partially offset by an increase of $11.4 million from alternative credit products, driven by continued fundraising and deployment of capital within new and existing products.
Current report
•Real Assets increased $27.3 million, primarily due to an increase of $19.4 million from net lease products, driven by continued fundraising and capital deployment, particularly within ORENT.
Current report
•GP Strategic Capital increased$11.1 million, primarily driven by fundraising in our sixth vintage GP minority stakes product, partially offset by a fee step down in a prior vintage GP minority stakes product that occurred in the fourth quarter of 2025.
Current report
•$40.2 million increase in fee income primarily from capital markets services, which will vary from quarter to quarter.
Current report
The increase in fee offsets of $6.3 million was driven by digital infrastructure and alternative credit products, as we began paying incentives to certain investors in alternative credit products in the third quarter of 2025, and the prior-year period therefore reflects only partial amortization. Fee offsets for the three months ended September 30, 2025 were $2.5 million.
Current report
Net (Income) Loss Attributable To Noncontrolling Interests
Current report
Nine Months Ended September 30, 2026, Compared to the Nine Months Ended September 30, 2025
Current report
•Credit increased $67.2 million, primarily due to increases of $36.1 million from direct lending and $32.2 million from alternative credit products, both of which were driven by continued fundraising and deployment of capital within new and existing products.
Current report
•GP Strategic Capital increased $23.5 million, primarily driven by fundraising in our sixth vintage GP minority stakes product, partially offset by a fee step down in a prior vintage GP minority stakes product that occurred in the fourth quarter of 2025.
Current report
•$50.9 million increase in fee income primarily from capital markets services, which will vary from quarter to quarter.
Current report
The increase in fee offsets of $28.2 million was driven by alternative credit and digital infrastructure products, as we began paying incentives to certain investors in alternative credit products in the third quarter of 2025, and the prior-year period therefore reflects only partial amortization. Fee offsets for the nine months ended September 30, 2025 were $2.5 million.
Current report
Net (Income) Loss Attributable To Noncontrolling Interests
Current report
(1)There were no catch-up fees for the three months ended September 30, 2026. Includes $2.2 million of catch-up fees for the three months ended September 30, 2025.
Current report
(3)There were no catch-up fees for the three months ended September 30, 2026. Includes $0.5 million of catch-up fees for the three months ended September 30, 2025.
Current report
•Credit decreased $8.2 million, primarilydue to a decrease of $16.4 million from direct lending, driven by lower Part I Fees in our BDCs, partially offset by an increase of $11.4 million from alternative credit products, driven by continued fundraising and deployment of capital within new and existing products.
Current report
•Real Assets increased $27.3 million, primarily due to an increase from net lease products, driven by continued fundraising and capital deployment, particularly within ORENT.
Current report
•GP Strategic Capital increased $11.7 million, primarily driven by fundraising in our sixth vintage GP minority stakes product, partially offset by a fee step down in a prior vintage GP minority stakes product that occurred in the fourth quarter of 2025.
Current report
Nine Months Ended September 30, 2026, Compared to the Nine Months Ended September 30, 2025
Current report
Management Fees. For the nine months ended September 30, 2026, the increase in management fees was primarily driven by the following:
Current report
•Credit increased $67.2 million, primarily due to increases of $36.1 million from direct lending and $32.2 million from alternative credit products, both of which were driven by continued fundraising and deployment of capital within new and existing products.
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Previous report
Annual Report.
Previous report
During the second quarter of 2026, global equity and debt markets adapted to shifts in expectations around major themes such as inflation and the trajectory of interest rates as well as ongoing geopolitical relations and their impact to certain energy prices. Stronger than previously indicated job growth and sticky inflation drove expectations of rate hikes, a reversal away from the forward rate cuts anticipated at the beginning of the second quarter. Temporary periods of de-escalation in the Middle East throughout the quarter drove certain energy prices lower. Equity market dispersion continued, with single stock volatility outpacing index volatility by a wide margin as artificial intelligence (“AI”) hardware and other perceived beneficiaries of AI spend continued to drive thematic investment.
Previous report
The 10-year Treasury yield in the United States ended the second quarter of 2026 approximately 15 basis points higher than March 31, 2026 and experienced a peak to trough range of more than 40 basis points during the quarter. The CBOE Volatility Index, or VIX, peaked above 25 during the second quarter of 2026, but mostly sat below 20 as tensions in the Middle East experienced temporary periods of de-escalation throughout the quarter.
Previous report
In Credit, gross deployment in the second quarter was robust, led by alternative credit and investment grade credit strategies. Alternative credit has become a larger part of our Credit platform, having grown AUM 35% over the past year. Over this time, we have meaningfully scaled both drawdown funds and our interval fund, the latter of which eclipsed its one year anniversary in the second quarter. In direct lending, credit health remains strong and the performance of our funds and vehicles has continued to outpace their relevant public benchmarks. We also continued to experience elevated redemption requests in certain Blue Owl managed non-traded BDCs, though such requests were moderately lower compared to the first quarter of 2026. We continued to see deployment consistent with an industry backdrop of moderate sponsor-driven M&A activity and continued to see meaningful repayments at par, another metric demonstrating health and liquidity within the portfolio.
Previous report
As of the second quarter of 2026, our Real Assets platform has expanded seven-fold in AUM since we first established our foothold in late 2021. Over the past year alone, Real Assets AUM and revenues have each grown by more than 25%, and we were ranked #2 on PERE’s Top 100 Real Estate fundraisers globally. Our strong presence and performance in Real Assets is due in part to our focus on sectors such as data centers, industrials and reshoring, healthcare and cold storage. Across the platform, we see nearly $160 billion of near-term opportunities across both our digital infrastructure and net lease pipelines.
Previous report
Credit. The increase in AUM for the six months ended June 30, 2026 was driven by the following:
Previous report
(7)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 report
(3)Information presented in the AUM column for this vehicle is not meaningful as the product was fully realized during fiscal year 2025.
Previous report
(7)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 and carried interest, as applicable, but net of all other expenses.
Previous report
•Credit increased $23.3 million, primarilydue to continued fundraising and deployment of capital within new and existing products, including management fees from direct lending and alternative credit products which increased $14.2 million and $11.6 million, respectively.
Previous report
•Real Assets increased $7.4 million, primarily due to higher management fees of $20.4 million driven by continued fundraising and capital deployment within new and existing Real Assets products, particularly ORENT, partially offset by lower digital infrastructure management fees, as the prior-year period included $15.7 million of catch-up fees from Blue Owl Digital Infrastructure Fund III, substantially all of which were paid as contingent consideration to the sellers of the IPI business.
Previous report
•GP Strategic Capital increased$7.5 million, primarily driven by fundraising in our sixth vintage GP minority stakes product, partially offset by a fee step down in a prior vintage GP minority stakes product that occurred in the fourth quarter of 2025.
Previous report
•$1.0 million increase in fee income earned for services provided to portfolio companies.
Previous report
The increase in fee offsets of $11.1 million was driven by alternative credit and digital infrastructure products. There were no fee offsets for the three months ended June 30, 2025.
Previous report
•$7.6 million increase in dealer manager expenses, primarily due to growth in the distribution of Blue Owl Digital Infrastructure Trust (“ODIT”), ORENT and other net lease products.
Previous report
Six Months Ended June 30, 2026, Compared to the Six Months Ended June 30, 2025
Previous report
•Credit increased $75.4 million, primarily due to continued fundraising and deployment of capital within new and existing products, including management fees from direct lending and alternative credit products which increased $52.5 million and $20.8 million, respectively.
Previous report
•GP Strategic Capital increased $12.4 million, primarily driven by fundraising in our sixth vintage GP minority stakes product, partially offset by a fee step down in a prior vintage GP minority stakes product that occurred in the fourth quarter of 2025.
Previous report
•$10.8 million increase in fee income earned for services provided to portfolio companies.
Previous report
The increase in fee offsets of $21.9 million was driven by alternative credit and digital infrastructure products. There were no fee offsets for the six months ended June 30, 2025.
Previous report
(1)There were no catch-up fees for the three months ended June 30, 2026. Includes $5.3 million of catch-up fees for the three months ended June 30, 2025.
Previous report
(4)Includes $4.9 million and $0.4 million of catch-up fees for the three months ended June 30, 2026 and 2025, respectively.
Previous report
•Credit increased $23.3 million, primarilydue to continued fundraising and deployment of capital within new and existing products, including management fees from direct lending and alternative credit products which increased $14.2 million and $11.6 million, respectively.
Previous report
•Real Assets increased $21.8 million, driven by continued fundraising and deployment of capital within new and existing Real Assets products, primarily ORENT.
Previous report
•GP Strategic Capital increased $7.4 million, primarily driven by fundraising in our sixth vintage GP minority stakes product.
Previous report
Six Months Ended June 30, 2026, Compared to the Six Months Ended June 30, 2025
Previous report
Management Fees. For the six months ended June 30, 2026, the increase in management fees was primarily driven by the following:
Previous report
•Credit increased $75.4 million, primarily due to continued fundraising and deployment of capital within new and existing products, including management fees from direct lending and alternative credit products which increased $52.5 million and $20.8 million, respectively.
Previous report
•Real Assets increased $43.8 million, driven by continued fundraising and deployment of capital within new and existing Real Assets products, primarily ORENT.
Previous report
•GP Strategic Capital increased $12.2 million primarily driven by fundraising in our sixth vintage GP minority stakes product.
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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 our
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, 2026, our AUM was $319.0 billion, which included $190.6 billion of FPAUM. As of June 30, 2026, we had $31.1 billion in AUM not yet paying fees, providing approximately $380 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, 2026, our AUM was $329.9 billion, which included $192.2 billion of FPAUM. As of September 30, 2026, we had $36.3 billion in AUM not yet paying fees, providing approximately $402 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
We operate three differentiated platforms at scale across Credit, Real Assets and GP Strategic Capital. AUM of $319 billion grew 12% year over year, with growth across each platform. Over the last twelve months, approximately 85% of our GAAP and FRE management fees were generated by Permanent Capital. Capital raising during the second quarter of 2026 was diversified across asset classes, strategies and channels, resulting in $7.8 billion of new capital commitments during the second quarter of 2026 and $50.5 billion over the last twelve months. We ended the second quarter of 2026 with substantial available capital to deploy, reporting $31.1 billion of AUM not yet paying fees.
Current wording
We operate three differentiated platforms at scale across Credit, Real Assets and GP Strategic Capital. AUM of $329.9 billion grew 12% year over year, with growth across each platform. Over the last twelve months, approximately 85% of our GAAP and FRE (as defined below) management fees were generated by Permanent Capital. Capital raising during the third quarter of 2026 was diversified across asset classes, strategies and channels, resulting in $12.6 billion of new capital commitments during the third quarter of 2026 and $48.8 billion over the last twelve months. We ended the third quarter of 2026 with substantial available capital to deploy, reporting $36.3 billion of AUM not yet paying fees.
Previous wording
In GP Strategic Capital, we continue to focus on generating attractive and income-driven returns for our fund investors, with an emphasis on distributions paid in. Over the past eight quarters, we have engaged in five strip sale transactions that in aggregate generated $4.6 billion of capital returned to investors. We continue to see strong interest in our capital solutions from both limited partners in our funds and general partners in which we take stakes as a result of the current market landscape.
Current wording
In GP Strategic Capital, we continue to put capital to work out of our latest flagship fund, making our sixth investment out of that product in the third quarter. Products across the GP Strategic Capital platform remain in the top quartile on distributions to paid-in capital, a key metric as fund investors put increasing value on cash flows. We continue to see strong interest in our capital solutions from both limited partners in our funds and general partners in which we take stakes as a result of the current market landscape.
Previous wording
We present information regarding our AUM, FPAUM and various other related metrics throughout this MD&A to provide context around our fee generating revenues results, as well as indicators of the potential for future earnings from existing and new products. Our calculations of AUM and FPAUM may differ from the calculation methodologies of other asset managers, and as a result these measures may not be comparable to similar measures presented by other asset managers. In addition, our calculation of AUM includes amounts that are fee exempt (i.e., not subject to fees).
Current wording
We present information regarding our AUM, FPAUM and various other related metrics throughout this MD&A to provide context around our results for our fee generating revenues, as well as indicators of the potential for future earnings from existing and new products. Our calculations of AUM and FPAUM may differ from the calculation methodologies of other asset managers, and as a result these measures may not be comparable to similar measures presented by other asset managers. In addition, our calculation of AUM includes amounts that are fee exempt (i.e., not subject to fees).
Previous wording
As of June 30, 2026, assets under management related to us, our executives and other employees totaled approximately $5.8 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 September 30, 2026, assets under management related to us, our executives and other employees totaled approximately $5.6 billion (including approximately $3.1 billion related to accrued carried interest). A portion of these assets under management are not charged fees.
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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 $380 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 $402 million of additional annualized management fees once deployed or upon the expiration of the relevant fee holidays.
Previous wording
•$5.8 billion of new capital raised, primarily driven by $3.1 billion in direct lending products reflecting continued private wealth fundraising in OCIC and OTIC, as well as new and existing products across the strategy, $1.0 billion in investment grade credit products and $0.8 billion in alternative credit products.
Current wording
•$11.4 billion of new capital raised, primarily driven by $5.0 billion in direct lending products reflecting new managed accounts, continued private wealth fundraising in OCIC and OTIC, as well as new and existing products across the strategy, $3.2 billion in investment grade credit products and $1.9 billion in alternative credit products.
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•$1.2 billion of additional net debt commitments, primarily in direct lending, as we continue to opportunistically manage leverage in our BDCs.
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•$1.9 billion of additional net debt commitments, primarily in direct lending, as we continue to opportunistically manage leverage in our BDCs.
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•$9.0 billion of distributions, which primarily relates to distributions paid from our BDCs, investment grade credit products and alternative credit products, as well as $1.1 billion of redemptions from non-traded BDCs.
Current wording
•$9.0 billion of distributions, which primarily relates to distributions paid from our BDCs, investment grade credit products and alternative credit products.
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•$2.3 billion of overall appreciation, primarily in our alternative credit and direct lending strategies.
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•$4.1 billion of overall appreciation, primarily in our direct lending and alternative credit strategies.
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Real Assets. The increase in AUM for the six months ended June 30, 2026 was driven by new capital raised of $8.5 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 our real estate credit products, as well as $1.1 billion of additional net debt commitments, primarily in ORENT and our sixth vintage net lease product, partially offset by reductions resulting from distributions of $2.1 billion, primarily in our net lease and real estate credit strategies.
Current wording
Real Assets. The increase in AUM for the nine months ended September 30, 2026 was driven by new capital raised of $12.4 billion across various products, primarily in our seventh vintage net lease product, ORENT, our net lease REIT and our real estate credit products, as well as $2.8 billion of additional net debt commitments, primarily in ORENT and our European net lease product, and $2.8 billion in appreciation, primarily within our net lease and digital infrastructure strategies, partially offset by reductions resulting from distributions of $3.1 billion, primarily in our net lease and real estate credit strategies.
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GP Strategic Capital. The increase in AUM for the six months ended June 30, 2026 was driven by new capital raised of $2.2 billion, primarily in our GP minority stakes strategy, including our sixth vintage product and a continuation vehicle in conjunction with a strip sale, and appreciation of $1.3 billion, primarily in our GP minority stakes strategy, partially offset by reductions resulting from distributions of $1.1 billion in our GP minority stakes strategy.
Current wording
GP Strategic Capital. The increase in AUM for the nine months ended September 30, 2026 was driven by new capital raised of $2.9 billion, primarily in our GP minority stakes strategy, including our sixth vintage product and a strip sale transaction, and appreciation of $2.2 billion, primarily in our GP minority stakes strategy, partially offset by reductions resulting from distributions of $2.0 billion in our GP minority stakes strategy.
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Credit. The decrease in FPAUM for the six months ended June 30, 2026 was driven by the following:
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Credit. The decrease in FPAUM for the nine months ended September 30, 2026 was driven by the following:
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•$3.9 billion in new capital raised, primarily driven by $1.7 billion in alternative credit products, $1.0 billion in investment grade credit products and $0.6 billion in strategic equity products.
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•$5.3 billion in new capital raised, primarily driven by $2.1 billion in alternative credit products, $0.9 billion in investment grade credit products, $0.9 billion in liquid credit products and $0.8 billion in direct lending products.
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•$7.1 billion of distributions, which primarily relate to distributions paid from our BDCs, and $1.1 billion of redemptions from non-traded BDCs.
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•$6.5 billion of distributions, primarily related to distributions paid from our BDCs and our investment grade credit products.
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Real Assets. The increase in FPAUM for the six months ended June 30, 2026 was driven by capital raised and deployed of $4.5 billion, primarily in ORENT, our real estate credit products and our seventh vintage net lease product, partially offset by distributions of $1.4 billion, primarily in our net lease strategy.
Current wording
Real Assets. The increase in FPAUM for the nine months ended September 30, 2026 was driven by capital raised and deployed of $6.9 billion, primarily in ORENT, our real estate credit products and our seventh vintage net lease product, partially offset by distributions of $1.9 billion, primarily in our net lease and real estate credit strategies.
Previous wording
GP Strategic Capital. The increase in FPAUM for the six months ended June 30, 2026 was driven by new capital raised of $2.3 billion primarily in our GP minority stakes strategy, including our sixth vintage product and a continuation vehicle in conjunction with a strip sale, partially offset by distributions of $0.4 billion, primarily in our GP minority stakes strategy.
Current wording
GP Strategic Capital. The increase in FPAUM for the nine months ended September 30, 2026 was driven by new capital raised of $2.5 billion primarily in our GP minority stakes strategy, including our sixth vintage product and a strip sale transaction, partially offset by distributions of $0.7 billion, primarily in our GP minority stakes strategy.
Previous 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. Products 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. 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”).
Current wording
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.
Previous wording
(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 report.
Current wording
(1)Information presented in the AUM through internal rate of return (“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 report.
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 net return to be a useful measure of the overall investment performance for this product. Total net return was 8.9%, 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 net return to be a useful measure of the overall investment performance for this product. Total net return was 9.0%, 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
(4)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.
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
(10)Net IRR is 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 and carried interest, as applicable. An individual investor’s IRR may differ from the reported IRR based on the timing of capital transactions.
Current wording
(9)Net IRR is 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 and carried interest, as applicable. An individual investor’s IRR may differ from the reported IRR based on the timing of capital transactions.
Previous wording
Management and Other Fees, Net. The increase in management and other fees is due to increases of $38.2 million from management fees, and $23.7 million from administrative, transaction and other fees, partially offset by an increase of $11.1 million in fee offsets. Fee offsets refers to management fee offsets as a result of amortization of incentives paid to certain investors in our products.
Current wording
Management and Other Fees, Net. The increase in management and other fees was due to increases of $30.2 million from management fees, and $54.5 million from administrative, transaction and other fees, partially offset by an increase of $6.3 million in fee offsets. Fee offsets refers to management fee offsets as a result of amortization of incentives paid to certain investors in our products.
Previous wording
•$20.0 million increase in administrative fees, primarily driven by a higher level of compensation expenses reimbursable from our funds due to the growth in our products and business overall.
Current wording
•$14.3 million increase in administrative fees, primarily driven by a higher level of compensation expenses reimbursable from our funds due to the growth in our products and business overall.
Previous wording
•$47.0 million of increased amortization related to equity compensation grants, primarily driven by annual grants made during the fourth quarter of 2025 in connection with year-end bonus compensation, as well as acquisition-related equity compensation.
Current wording
•$19.7 million increase in equity-based compensation expense, primarily driven by annual grants made during the fourth quarter of 2025 in connection with year-end bonus compensation, as well as an increase in acquisition-related equity compensation. The third quarter of 2026 was the final quarter for amortization related to equity grants issued in connection with the Business Combination.
Previous wording
General, Administrative and Other Expenses. General, administrative and other expenses increased primarily due to the following:
Current wording
General, Administrative and Other Expenses. General, administrative and other expenses increased, primarily driven by occupancy and other office-related costs, and professional fees, reflecting our increased headcount due to our continued growth.
Previous wording
Change in Earnout Liability. The change in the earnout liability for the current year period was primarily driven by the increase in fair value of the KAM Earnouts. The change in the earnout liability for the prior year period was primarily driven by the IPI Earnouts, as a decrease in our share price drove a decrease 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 due to a decrease in the fair value of the KAM Earnouts (as defined in Note 3 to the financial statements in our Annual Report). The change in the earnout liability for the prior period was primarily driven by the increase in the fair value of the KAM Earnouts.
Previous wording
Management and Other Fees, Net. The increase in management and other fees is due to increases of $97.9 million from management fees, and $45.5 million from administrative, transaction and other fees, partially offset by an increase of $21.9 million in fee offsets.
Current wording
Management and Other Fees, Net. The increase in management and other fees was due to increases of $128.1 million from management fees, and $100.0 million from administrative, transaction and other fees, partially offset by an increase of $28.2 million in fee offsets.
Previous wording
•Real Assets increased $10.1 million, primarily due to higher management fees of $40.5 million driven by continued fundraising and capital deployment within new and existing Real Assets products, particularly ORENT, partially offset by lower digital infrastructure management fees, as the prior-year period included $35.1 million of catch-up fees from Blue Owl Digital Infrastructure Fund III, substantially all of which were paid as contingent consideration to the sellers of the IPI business.
Current wording
•Real Assets increased $37.4 million, primarily due to an increase of $56.1 million from net lease products, driven by continued fundraising and capital deployment, particularly within ORENT, partially offset by a decrease of $24.7 million from digital infrastructure products, as the prior-year period included $35.1 million of catch-up fees from Blue Owl Digital Infrastructure Fund III, substantially all of which were paid as contingent consideration to the sellers of the IPI business.
Previous wording
•$27.2 million increase in administrative fees, primarily driven by a higher level of compensation expenses reimbursable from our funds due to the growth in our products and business overall.
Current wording
•$41.5 million increase in administrative fees, primarily driven by a higher level of compensation expenses reimbursable from our funds due to the growth in our products and business overall.
Previous wording
•$19.2 million of increased amortization related to equity grants, primarily driven by annual grants made during the fourth quarter of 2025 in connection with year-end bonus compensation, as well as acquisition-related equity compensation.
Current wording
•$66.7 million increase in equity-based compensation expense, primarily driven by annual grants made during the fourth quarter of 2025 in connection with year-end bonus compensation, as well as an increase in acquisition-related equity compensation. The third quarter of 2026 was the final quarter for amortization related to equity grants issued in connection with the Business Combination.
Previous wording
General, Administrative and Other Expenses. General, administrative and other expenses decreased, primarily driven by the following:
Current wording
General, Administrative and Other Expenses. General, administrative and other expenses increased, primarily driven by the following:
Previous wording
•$7.1 million offsetting increase related to dealer manager expenses, primarily due to growth in the distribution of ODIT and ORENT.
Current wording
•$12.6 million increase in reimbursement expenses mostly related to dealer manager expenses, which is primarily due to growth in the distribution of ORENT and ODIT.
Previous wording
•$12.3 million offsetting increase related to expense support for certain products that we manage.
Current wording
•$11.2 million increase in expense support for certain products that we manage.
Previous wording
•$34.4 million decrease in Transaction Expenses primarily driven by expenses in the first quarter of 2025 due to the IPI Acquisition as well as lower costs incurred in the current-year period, compared to costs incurred in the prior-year period related to the mergers of certain of our BDCs that occurred in 2025.
Current wording
•$33.5 million offsetting decrease in Transaction Expenses (as defined below) primarily driven by expenses in the first quarter of 2025 due to the IPI Acquisition as well as lower costs incurred in the current-year period, compared to costs incurred in the prior-year period, related to the mergers of certain of our BDCs that occurred in 2025.
Previous wording
•$9.2 million decrease related to the Services Agreement, which was entered into in January 2025. See Note 10 to our Financial Statements for additional details on the Services Agreement.
Current wording
•$13.9 million offsetting decrease in acquisition-related equity-based compensation related to the Services Agreement, which was entered into in January 2025. See Note 10 to our Financial Statements for additional details on the Services Agreement.
Previous wording
•$4.7 million increase in other operating expenses across various categories that were individually immaterial, primarily in occupancy and other office-related costs, and professional fees, driven by our continued growth.
Current wording
•$23.8 million increase in other operating expenses across various categories that were individually immaterial, primarily in occupancy and other office-related costs, and professional fees, driven by our continued growth.
Previous 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.
Current wording
Net Losses on Investments. The change in net 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 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).
Current wording
Interest Expense. The increase in interest expense was primarily driven by a higher average balance on our Revolving Credit Facility (as defined in Note 7 to our Financial Statements), as well as an increase due to the issuance, through our indirect subsidiary, Blue Owl Finance LLC (“Finance LLC”), of $750.0 million aggregate principal amount of 6.750% Senior Notes due 2036 (the “2036 Notes”).
Showing the first 40 of 74 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
(7)Gross multiple of invested capital (“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.
Current report — wording carried from elsewhere
Net Gains (Losses) on Investments. The change in the net loss on investments in the current period was driven primarily by the change in fair value attributable to the preferred equity investment made in April 2024 in Kuvare UK Holdings.
Rearranged previous paragraphs (12)
Previous report — wording carried elsewhere
(2)Information presented in the Invested Capital through IRR columns for these vehicles is presented on a quarter lag.
Previous report — wording carried elsewhere
(5)Realized proceeds represent the sum of all cash distributions to investors.
Previous report — wording carried elsewhere
(6)Unrealized value represents the product’s NAV. There can be no assurance that unrealized values will be realized at the valuations indicated.
Previous report — wording carried elsewhere
(8)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 and carried interest, as applicable.
Previous report — wording carried elsewhere
(9)Gross IRR is 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 and carried interest, as applicable, but net of all other expenses.
Previous report — wording carried elsewhere
•$2.7 million increase in dealer manager revenues, primarily due to growth in the distribution of ORENT.
Previous report — wording carried elsewhere
•$8.6 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 mergers of certain of our BDCs that occurred in 2025.
Previous report — wording carried elsewhere
Net Income Attributable To Noncontrolling Interests
Previous report — wording carried elsewhere
•$21.0 million offsetting increase in other operating expenses across various categories that were individually immaterial, primarily in occupancy and other office-related costs, and professional fees, driven by our continued growth.
Previous report — wording carried elsewhere
Net Income Attributable To Noncontrolling Interests
Previous report — wording carried elsewhere
(3)There were no catch-up fees for the six months ended June 30, 2026. Includes $1.5 million of catch-up fees for the six months ended June 30, 2025.
Previous report — wording carried elsewhere
Fee offsets. For the six months ended June 30, 2026, the increase in fee offsets was driven by alternative credit and digital infrastructure products.