Financial Data and Key Metrics Changes - The company reported fee-related earnings (FRE) of $0.23 per share and distributable earnings (DE) of $0.21 per share for the second quarter [3] - FRE revenues grew by 29%, FRE increased by 23%, and DE rose by 20% year over year on a last twelve months basis [6] - The company raised $14 billion of new capital during the quarter, totaling a record $55 billion over the last twelve months, which is 28% of assets under management a year ago [5][6] Business Line Data and Key Metrics Changes - In alternative credit, the company closed a private offering of $850 million for a new interval fund, reflecting strong investor confidence [7] - The digital infrastructure strategy saw a final close of its third flagship fund at a $7 billion hard cap, with over half the capital already soft circled for investment [8] - The real estate credit strategy deployed over $3 billion year to date, with significant activity in the insurance channel [8] Market Data and Key Metrics Changes - Capital raised from EMEA and APAC investors increased to 23% from 14% two years ago, indicating ongoing globalization of the business [11] - The company raised $5.8 billion of equity in credit during the second quarter, marking a record quarter for the credit platform [21] - The net lease strategy raised over $2.1 billion ahead of schedule, with total commitments in the net lease business reaching $12 billion [10] Company Strategy and Development Direction - The company aims to grow FRE management fees to over $5 billion and FRE to over $3 billion, feeling on track with these long-term goals [30] - A new strategic partnership with Voya was announced to deliver private market strategies tailored for defined contribution retirement plans, reflecting a focus on broadening access to alternative investments [19] - The company is positioned to leverage its scale and incumbency in respective markets to drive differentiated results and create bespoke solutions for capital users [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the fundraising and deployment activities, despite market disruptions [6] - The company noted that the investments made over the past year are beginning to bear fruit, with a steady and predictable financial profile [30] - Management highlighted the exceptional credit quality in direct lending and the positive outlook for deployment opportunities in the current macro environment [12][78] Other Important Information - The company completed the listing of its technology-focused BDC, OTF, which is now the second largest publicly traded BDC by net assets [20] - The company has raised $3.5 billion across strategies that did not exist two years ago, indicating strong reception for new offerings [9] - The company maintained a leadership position in CMBS deals, anchoring roughly 40% of single asset single borrower deals priced during the period [27] Q&A Session Summary Question: Can you discuss the asset origination channel and the scaling opportunity in asset-backed finance? - Management highlighted the significant opportunity in asset-backed finance and the integration of their asset-backed business with direct lending, emphasizing their strong pipeline and expertise in the market [33][36] Question: What are the thoughts on the build-out of a target date fund with Voya? - Management expressed optimism about bringing alternative investment solutions to the 401(k) market, emphasizing the importance of democratizing access to these products [41][44] Question: What should be expected regarding the integration and scaling of recently acquired businesses? - Management indicated that integration benefits are already being realized, with strong fundraising numbers and a diversified business model [52][58] Question: Can you comment on the competitive environment in the triple net lease market? - Management noted that their leadership in the net lease market has accelerated, with a growing pipeline and strong trust built with partners [67][70] Question: What is the outlook for direct lending activity and spreads on incremental capital deployed? - Management reported high credit quality and a positive outlook for direct lending, with signs of increased activity in the market [74][78]

Financial Performance - Blue Owl's AUM reached $284.1 billion as of June 30, 2025, a 48% increase since June 30, 2024[3, 39] - Fee-Related Earnings (FRE) for the last twelve months were $1370.9 million, a 23% increase compared to the prior year[32, 36] - Distributable Earnings (DE) for the last twelve months were $1201.7 million, a 20% increase compared to the prior year[32, 36] - The company announced an annual dividend of $0.90 per Class A Share for 2025, a 25% increase from 2024[26] Fundraising and Capital Deployment - New capital commitments raised in the second quarter of 2025 totaled $13.9 billion[26, 42] - Total equity fundraise in the second quarter of 2025 reached $12.1 billion, including $5.8 billion in Credit and $5.8 billion in Real Assets[26, 42] - Assets Under Management (AUM) not yet paying fees totaled $28.6 billion, expected to generate approximately $379 million in annual management fees once deployed[26, 39, 57] Platform Growth - Credit platform AUM increased by 53% since June 30, 2024, reaching $145.5 billion[22, 46] - Real Assets platform AUM increased by 82% since June 30, 2024, reaching $71.5 billion[22, 50] - GP Strategic Capital platform AUM increased by 16% since June 30, 2024, reaching $67.1 billion[22, 53]

Blue Owl Capital Inc. (OWL) came out with quarterly earnings of $0.21 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.19 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this company would post earnings of $0.19 per share when it actually produced earnings of $0.17, delivering a surprise of -10.53%. Over the last four quarters, the company has not been able to surpass consensus EPS estimates. Blue Owl Capital ...

[Report Overview](index=1&type=section&id=Report%20Overview) [Company Information & Report Details](index=1&type=section&id=Company%20Information%20%26%20Report%20Details) This report is the Q2 2025 financial report for Blue Owl Capital Inc, released on July 31, 2025 - Report release date: **July 31, 2025**[1](index=1&type=chunk)[4](index=4&type=chunk) - Company Name: **Blue Owl Capital Inc (NYSE: OWL)**[3](index=3&type=chunk)[5](index=5&type=chunk) [Disclosures & Forward-Looking Statements](index=3&type=section&id=Disclosures%20%26%20Forward-Looking%20Statements) Blue Owl Capital Inc, a leading asset manager with over $284 billion in AUM, includes forward-looking statements with inherent risks - Blue Owl Capital Inc is a leading asset management firm with **over $284 billion in assets under management** as of June 30, 2025[6](index=6&type=chunk)[13](index=13&type=chunk) - The company invests across three multi-strategy platforms: **Credit, Real Assets, and GP Strategic Capital**[6](index=6&type=chunk)[13](index=13&type=chunk) - The report contains forward-looking statements involving known and unknown risks and uncertainties regarding future performance, and the company has no obligation to update them[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) [Non-GAAP Financial Measures & Important Notice](index=5&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Important%20Notice) The report utilizes non-GAAP financial measures as supplemental tools for evaluation and clarifies it is not an offer of securities - The report includes non-GAAP financial measures to evaluate ongoing operating results and trends, but they should not replace GAAP measures[14](index=14&type=chunk) - All current period amounts are **preliminary and unaudited**[12](index=12&type=chunk)[13](index=13&type=chunk) - This report does not constitute an offer to sell or a solicitation to buy any securities, investment funds, or investment services[18](index=18&type=chunk) [Key Highlights](index=7&type=section&id=Key%20Highlights) The company achieved record fundraising in Q2 2025, marked 17 consecutive quarters of growth, and announced a strategic partnership - **Record capital raising** in Q2 2025 across institutional, wealth, credit, and real assets channels[21](index=21&type=chunk) - Achieved **17 consecutive quarters** of management fee and Fee-Related Earnings (FRE) growth[21](index=21&type=chunk)[23](index=23&type=chunk) - Successfully closed an **$850 million** alternative credit fund private placement and raised **$3.5 billion** for its seventh flagship net lease fund and **$7.0 billion** for its third digital infrastructure fund[21](index=21&type=chunk) - Announced a **strategic equity partnership** with Voya Retirement[21](index=21&type=chunk) [Blue Owl Company Overview](index=9&type=section&id=Blue%20Owl%20Company%20Overview) Blue Owl Capital is a leading asset manager with over $284 billion in AUM, specializing in Credit, Real Assets, and GP Strategic Capital - Assets Under Management (AUM) of **over $284 billion** as of June 30, 2025[24](index=24&type=chunk) - The company operates through three investment platforms: **Credit, Real Assets, and GP Strategic Capital**[26](index=26&type=chunk) - The Credit platform has completed **735+ transactions**, the Real Assets platform holds **5,750+ equity properties**, and the GP Strategic Capital platform has completed **90+ equity and debt transactions** since inception[27](index=27&type=chunk)[29](index=29&type=chunk) Assets Under Management by Platform | Platform | Assets Under Management (AUM) | | :--- | :--- | | Credit | $145.5B | | Real Assets | $71.5B | | GP Strategic Capital | $67.1B | [Investment Platforms](index=9&type=section&id=Investment%20Platforms) The company's platforms include Credit, a preferred partner in direct lending; Real Assets, a leader in net lease; and GP Strategic Capital, an innovator in minority equity solutions - The **Credit platform** is a preferred financing partner in direct lending and alternative credit markets, with **$165 billion in total direct loans** originated since inception[29](index=29&type=chunk) - The **Real Assets platform** provides flexible and customized capital solutions and is a leader in the net lease sector, demonstrating strong performance across market cycles[29](index=29&type=chunk) - The **GP Strategic Capital platform** offers innovative minority equity and financing solutions for private capital managers, with over **90 equity and debt transactions** completed since inception[29](index=29&type=chunk) [Fundraising Performance](index=11&type=section&id=Fundraising%20Performance) Fundraising has grown significantly since the company's public listing, driven by differentiated products and a scaled distribution platform - Fundraising has grown significantly since going public, driven by **differentiated products, an expanding product suite, and a scaled distribution platform**[32](index=32&type=chunk)[35](index=35&type=chunk) - The average equity fundraising from 2Q'23 to 2Q'25 is **significantly higher** than the period from 2Q'21 to 2Q'23[35](index=35&type=chunk) Quarterly Equity Fundraising Trend ($ in Billions) | Quarter | Equity Fundraising (Billions) | | :--- | :--- | | 2Q'21 | $1.2 | | 3Q'21 | $2.3 | | 4Q'21 | $3.9 | | 1Q'22 | $3.9 | | 2Q'22 | $7.2 | | 3Q'22 | $8.8 | | 4Q'22 | $4.9 | | 1Q'23 | $3.8 | | 2Q'23 | $2.9 | | 3Q'23 | $2.9 | | 4Q'23 | $6.2 | | 1Q'24 | $4.7 | | 2Q'24 | $5.4 | | 3Q'24 | $7.9 | | 4Q'24 | $9.5 | | 1Q'25 | $6.7 | | 2Q'25 | $12.1 | [Financial Performance](index=13&type=section&id=Financial%20Performance) [Second Quarter 2025 Highlights](index=13&type=section&id=Second%20Quarter%202025%20Highlights) The company reported Q2 2025 GAAP Net Income of $17.4 million, Fee-Related Earnings (FRE) of $358.3 million, and a 25% dividend increase Key Financial Metrics for Q2 2025 | Metric | Amount | | :--- | :--- | | GAAP Net Income | $17.4 Million | | Basic EPS (GAAP) | $0.03 | | Fee-Related Earnings (FRE) | $358.3 Million | | Adjusted FRE per Share | $0.23 | | Distributable Earnings (DE) | $323.0 Million | | Adjusted DE per Share | $0.21 | | AUM | $284.1 Billion (48% YoY Growth) | | FPAUM | $177.5 Billion (46% YoY Growth) | | Permanent Capital | $204.6 Billion (41% YoY Growth) | | AUM Not Yet Paying Fees | $28.6 Billion (Est. $379 Million Annual Mgmt Fees) | | New Capital Commitments | $13.9 Billion ($12.1 Billion in New Equity) | | Quarterly FPAUM Raised & Deployed | $5.4 Billion | | 2025 Annual Dividend | $0.90 per Class A Share (25% YoY Growth) | | Quarterly Dividend | $0.225 per Class A Share | [GAAP Financial Results](index=15&type=section&id=GAAP%20Financial%20Results) GAAP total revenues grew 28% YoY to $703.1 million in Q2 2025, but GAAP net income declined 49% to $17.4 million due to higher expenses GAAP Revenues and Expenses (2Q'25 vs 2Q'24) | Metric (in thousands) | 2Q'25 | 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | **GAAP Revenues** | | | | | Management Fees, Net | 623,369 | 465,754 | 34% | | Administrative, Transaction and Other Fees | 78,758 | 83,906 | (6%) | | Performance Income | 979 | 188 | 421% | | **Total GAAP Revenues** | **703,106** | **549,848** | **28%** | | **GAAP Expenses** | | | | | Compensation and Benefits | 326,300 | 227,103 | 44% | | Amortization of Intangible Assets | 89,472 | 56,734 | 58% | | General, Administrative and Other Expenses | 188,052 | 93,458 | 101% | | **Total GAAP Expenses** | **603,824** | **377,295** | **60%** | GAAP Net Income and EPS (2Q'25 vs 2Q'24) | Metric | 2Q'25 | 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | GAAP Net Income Attributable to Blue Owl Capital Inc | $17,426 | $33,945 | (49%) | | Basic EPS, Class A Share | $0.03 | $0.06 | | | Diluted EPS, Class A Share | $0.02 | $0.06 | | Last Twelve Months GAAP Key Metrics (as of 2Q'25) | Metric (in thousands) | LTM as of 2Q'25 | LTM as of 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | GAAP Management Fees, Net | $2,307,967 | $1,710,239 | 35% | | GAAP Consolidated Net Income | $277,745 | $394,770 | (30%) | | GAAP Net Income Attributable to Class A Shares | $75,404 | $92,203 | (18%) | [GAAP Revenues and Expenses](index=15&type=section&id=GAAP%20Revenues%20and%20Expenses) In Q2 2025, GAAP total revenues rose 28% YoY to $703.1 million, while total expenses increased by 60% to $603.8 million GAAP Revenue Details (2Q'25 vs 2Q'24) | Revenue Category (in thousands) | 2Q'25 | 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | Credit | 368,016 | 288,310 | 28% | | Real Assets | 105,427 | 42,209 | 150% | | GP Strategic Capital | 149,926 | 135,235 | 11% | | Management Fees, Net | 623,369 | 465,754 | 34% | | Administrative, Transaction and Other Fees | 78,758 | 83,906 | (6%) | | Performance Income | 979 | 188 | 421% | | **Total GAAP Revenues** | **703,106** | **549,848** | **28%** | GAAP Expense Details (2Q'25 vs 2Q'24) | Expense Category (in thousands) | 2Q'25 | 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | Compensation and Benefits | 326,300 | 227,103 | 44% | | Amortization of Intangible Assets | 89,472 | 56,734 | 58% | | General, Administrative and Other Expenses | 188,052 | 93,458 | 101% | | **Total GAAP Expenses** | **603,824** | **377,295** | **60%** | [GAAP Net Income and EPS](index=15&type=section&id=GAAP%20Net%20Income%20and%20EPS) GAAP net income attributable to Blue Owl Capital Inc was $17.4 million in Q2 2025, a 49% decrease YoY, with basic EPS at $0.03 GAAP Net Income and EPS (2Q'25 vs 2Q'24) | Metric | 2Q'25 | 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | GAAP Net Income Attributable to Blue Owl Capital Inc | $17,426 | $33,945 | (49%) | | Basic EPS, Class A Share | $0.03 | $0.06 | | | Diluted EPS, Class A Share | $0.02 | $0.06 | | [Historical GAAP Trends](index=17&type=section&id=Historical%20GAAP%20Trends) For the LTM ending Q2 2025, GAAP management fees grew 35% to $2.31 billion, but consolidated net income declined Last Twelve Months GAAP Key Metrics (as of 2Q'25) | Metric (in millions) | LTM as of 2Q'25 | LTM as of 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | GAAP Management Fees | $2,308.0 | $1,710.2 | 35% | | GAAP Consolidated Net Income | $277.7 | $394.8 | (30%) | | GAAP Net Income Attributable to Class A Shares | $75.4 | $92.2 | (18%) | [Non-GAAP Financial Results](index=19&type=section&id=Non-GAAP%20Financial%20Results) The company delivered strong non-GAAP results in Q2 2025 with 24% FRE revenue growth and 21% FRE growth, demonstrating robust profitability - The company has achieved **17 consecutive quarters** of sequential growth in FRE management fees and FRE[46](index=46&type=chunk) Non-GAAP Key Metrics (2Q'25 vs 2Q'24) | Metric (in thousands) | 2Q'25 | 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | FRE Revenues | 646,050 | 520,006 | 24% | | Fee-Related Earnings (FRE) | 358,343 | 296,475 | 21% | | Distributable Earnings (DE) | 323,014 | 272,965 | 18% | | Adjusted FRE per Share | $0.23 | $0.21 | | | Adjusted DE per Share | $0.21 | $0.19 | | Last Twelve Months Non-GAAP Key Metrics (as of 2Q'25) | Metric (in thousands) | LTM as of 2Q'25 | LTM as of 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | FRE Revenues | $2,430,251 | $1,888,134 | 29% | | Fee-Related Earnings (FRE) | $1,370,927 | $1,113,394 | 23% | | Distributable Earnings (DE) | $1,201,714 | $1,004,872 | 20% | [FRE Revenues and Expenses](index=21&type=section&id=FRE%20Revenues%20and%20Expenses) FRE revenues for Q2 2025 increased 24% YoY to $646.1 million, while FRE expenses grew 30% to $277.8 million FRE Revenue Details (2Q'25 vs 2Q'24) | Revenue Category (in thousands) | 2Q'25 | 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | FRE Management Fees, Net | 620,152 | 476,414 | 30% | | FRE Administrative, Transaction and Other Fees | 25,779 | 43,404 | (41%) | | FRE Performance Income | 119 | 188 | (37%) | | **Total FRE Revenues** | **646,050** | **520,006** | **24%** | FRE Expense Details (2Q'25 vs 2Q'24) | Expense Category (in thousands) | 2Q'25 | 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | FRE Compensation and Benefits | 188,942 | 148,202 | 27% | | FRE General, Administrative and Other Expenses | 88,859 | 65,673 | 35% | | **Total FRE Expenses** | **277,801** | **213,875** | **30%** | [Fee-Related Earnings (FRE) and Distributable Earnings (DE)](index=21&type=section&id=Fee-Related%20Earnings%20(FRE)%20and%20Distributable%20Earnings%20(DE)) Fee-Related Earnings (FRE) reached $358.3 million in Q2 2025, up 21% YoY, while Distributable Earnings (DE) grew 18% to $323.0 million FRE and DE (2Q'25 vs 2Q'24) | Metric (in thousands) | 2Q'25 | 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | Fee-Related Earnings (FRE) | 358,343 | 296,475 | 21% | | Distributable Earnings (DE) | 323,014 | 272,965 | 18% | | Adjusted FRE per Share | $0.23 | $0.21 | | | Adjusted DE per Share | $0.21 | $0.19 | | FRE Margin | Metric | 2Q'25 | 2Q'24 | | :--- | :--- | :--- | | FRE Margin | 57% | 59% | [Historical Non-GAAP Trends](index=23&type=section&id=Historical%20Non-GAAP%20Trends) For the LTM ending Q2 2025, FRE management fees reached $2.32 billion, FRE grew to $1.37 billion, and DE increased to $1.20 billion Last Twelve Months Non-GAAP Key Metrics (as of 2Q'25) | Metric (in millions) | LTM as of 2Q'25 | LTM as of 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | FRE Management Fees | $2,318.8 | $1,752.9 | 32% | | Fee-Related Earnings (FRE) | $1,370.9 | $1,113.4 | 23% | | Distributable Earnings (DE) | $1,201.7 | $1,004.9 | 20% | [Assets Under Management (AUM)](index=25&type=section&id=Assets%20Under%20Management%20(AUM)) Total AUM reached $284.1 billion as of June 30, 2025, a 48% YoY increase, driven by acquisitions and capital raising - AUM growth was primarily driven by the **acquisitions of Kuvare, IPI, and Atalaya**, as well as capital raising and business appreciation[59](index=59&type=chunk)[60](index=60&type=chunk) - **Permanent capital** generated **87% of management fees** over the last twelve months[59](index=59&type=chunk)[60](index=60&type=chunk) AUM, FPAUM, and Permanent Capital (as of 2Q'25) | Metric (in billions) | 2Q'25 | 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | AUM | $284.1 | $192.2 | 48% | | FPAUM | $177.5 | $121.5 | 46% | | Permanent Capital | $204.6 | $145.2 | 41% | [AUM and FPAUM Overview](index=25&type=section&id=AUM%20and%20FPAUM%20Overview) As of June 30, 2025, AUM stood at $284.1 billion and FPAUM at $177.5 billion, with growth fueled by acquisitions and capital deployment AUM by Platform (in billions) | Platform | 2Q'25 AUM | 2Q'24 AUM | | :--- | :--- | :--- | | Credit | $145.5 | $95.1 | | Real Assets | $71.5 | $39.2 | | GP Strategic Capital | $67.1 | $57.8 | FPAUM by Platform (in billions) | Platform | 2Q'25 FPAUM | 2Q'24 FPAUM | | :--- | :--- | :--- | | Credit | $93.7 | $63.7 | | Real Assets | $45.4 | $25.0 | | GP Strategic Capital | $38.4 | $32.8 | [AUM Not Yet Paying Fees](index=25&type=section&id=AUM%20Not%20Yet%20Paying%20Fees) AUM not yet paying fees totaled $28.6 billion as of June 30, 2025, expected to generate significant future management fees - AUM not yet paying fees totaled **$28.6 billion**[59](index=59&type=chunk)[60](index=60&type=chunk) - This is expected to generate approximately **$379 million in annual FRE management fees** upon deployment[59](index=59&type=chunk)[60](index=60&type=chunk) [Detailed Fundraising Breakdown](index=27&type=section&id=Detailed%20Fundraising%20Breakdown) The company raised $13.9 billion in new capital commitments in Q2 2025, with strong contributions from private wealth and institutional channels - New capital commitments of **$13.9 billion** in Q2 2025, including **$12.1 billion** in new equity capital[63](index=63&type=chunk)[64](index=64&type=chunk) - Total new capital commitments over the last twelve months reached **$54.6 billion**[63](index=63&type=chunk)[64](index=64&type=chunk) - Private wealth equity fundraising was **$4.4 billion** in Q2 2025, with institutional equity fundraising at **$7.6 billion**[63](index=63&type=chunk)[64](index=64&type=chunk) Equity Fundraising Breakdown for Q2 2025 (in billions) | Platform | 2Q'25 Equity Fundraising | | :--- | :--- | | Credit | $5.8 | | Real Assets | $5.8 | | GP Strategic Capital | $0.4 | | **Total** | **$12.1** | [New Capital Commitments & Total Equity Fundraise](index=27&type=section&id=New%20Capital%20Commitments%20%26%20Total%20Equity%20Fundraise) New capital commitments in Q2 2025 reached $13.9 billion, with total equity fundraising of $12.1 billion driven by Credit and Real Assets - New capital commitments in Q2 2025 were **$13.9 billion**[63](index=63&type=chunk)[64](index=64&type=chunk) - Total equity fundraising in Q2 2025 was **$12.1 billion**, with **$5.8 billion** each from Credit and Real Assets, and **$0.4 billion** from GP Strategic Capital[63](index=63&type=chunk)[64](index=64&type=chunk) [Private Wealth & Institutional Equity Fundraise](index=27&type=section&id=Private%20Wealth%20%26%20Institutional%20Equity%20Fundraise) Private wealth equity fundraising was $4.4 billion and institutional equity fundraising was $7.6 billion in Q2 2025 - Private wealth equity fundraising was **$4.4 billion** in Q2 2025 and **$16.3 billion** over the last twelve months[63](index=63&type=chunk)[64](index=64&type=chunk) - Institutional equity fundraising was **$7.6 billion** in Q2 2025 and **$19.9 billion** over the last twelve months[63](index=63&type=chunk)[64](index=64&type=chunk) [Platform Specific Performance](index=29&type=section&id=Platform%20Specific%20Performance) All three platforms delivered significant growth in AUM and FPAUM during Q2 2025, alongside strong investment performance [Credit Platform](index=29&type=section&id=Credit%20Platform) The Credit platform's AUM grew 53% YoY to $145.5 billion, driven by acquisitions and direct lending fundraising - AUM and FPAUM growth was primarily driven by the **Kuvare and Atalaya acquisitions** and capital raising for direct lending strategies[67](index=67&type=chunk)[68](index=68&type=chunk) - Direct lending originations were **$9.7 billion** for the quarter with net deployment of **$2.5 billion**; LTM originations were **$46.9 billion** with net deployment of **$13.5 billion**[67](index=67&type=chunk)[68](index=68&type=chunk) - AUM not yet paying fees totaled **$19.3 billion**, expected to generate approximately **$282 million** in annual management fees upon deployment[67](index=67&type=chunk)[68](index=68&type=chunk) Credit Platform AUM and FPAUM (in billions) | Metric | 2Q'25 | 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | AUM | $145.5 | $95.1 | 53% | | FPAUM | $93.7 | $63.7 | 47% | Credit Platform Gross Returns | Strategy | 2Q'25 Gross Return | LTM Gross Return | | :--- | :--- | :--- | | Direct Lending | 3.0% | 13.5% | | Alternative Credit | 2.0% | 15.7% | [Real Assets Platform](index=31&type=section&id=Real%20Assets%20Platform) The Real Assets platform's AUM increased 82% YoY to $71.5 billion, fueled by acquisitions and capital raising - AUM and FPAUM growth was driven by the **IPI and Kuvare acquisitions** and capital raising for REITs, the seventh vintage drawdown product, and the third vintage digital infrastructure product[71](index=71&type=chunk)[72](index=72&type=chunk) - AUM not yet paying fees totaled **$8.0 billion**, expected to generate approximately **$79 million** in annual management fees upon deployment[71](index=71&type=chunk)[72](index=72&type=chunk) Real Assets Platform AUM and FPAUM (in billions) | Metric | 2Q'25 | 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | AUM | $71.5 | $39.2 | 82% | | FPAUM | $45.4 | $25.0 | 81% | Real Assets Platform Gross Returns | Strategy | 2Q'25 Gross Return | LTM Gross Return | | :--- | :--- | :--- | | Net Lease | 4.1% | 4.6% | | Real Estate Credit | 2.3% | 10.2% | | Digital Infrastructure | (0.2)% | 14.4% | [GP Strategic Capital Platform](index=33&type=section&id=GP%20Strategic%20Capital%20Platform) The GP Strategic Capital platform's AUM grew 16% YoY to $67.1 billion, supported by fundraising and strong fund performance - AUM and FPAUM growth was primarily driven by capital raising for the **sixth vintage flagship minority stakes product** and platform appreciation[75](index=75&type=chunk)[76](index=76&type=chunk) - AUM not yet paying fees totaled **$1.3 billion**, expected to generate approximately **$17 million** in annual management fees upon deployment[75](index=75&type=chunk) GP Strategic Capital Platform AUM and FPAUM (in billions) | Metric | 2Q'25 | 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | AUM | $67.1 | $57.8 | 16% | | FPAUM | $38.4 | $32.8 | 17% | GP Equity Funds Gross IRR Since Inception (as of June 30, 2025) | Fund | Gross IRR | | :--- | :--- | | Blue Owl GP Stakes III | 28.9% | | Blue Owl GP Stakes IV | 55.2% | | Blue Owl GP Stakes V | 29.6% | [Supplemental Financial Information](index=35&type=section&id=Supplemental%20Financial%20Information) [Supplemental Liquidity Metrics](index=37&type=section&id=Supplemental%20Liquidity%20Metrics) As of June 30, 2025, the company maintained total debt of $3.29 billion, available liquidity of $780 million, and strong credit ratings - The average tenor of the company's outstanding notes was approximately **10 years** as of June 30, 2025[80](index=80&type=chunk) Liquidity and Debt (as of June 30, 2025) | Metric | Amount (in millions) | | :--- | :--- | | Total Debt | $3,290 | | Available Liquidity | $780 | | Cash and Cash Equivalents | $350 | | Revolving Credit Facility | $400 | | Cost of Debt | 3.8% | Credit Ratings | Agency | Rating | | :--- | :--- | | Moody's | Baa2 | | Fitch | BBB+ | | S&P | BBB | [FPAUM to AUM Bridge](index=39&type=section&id=FPAUM%20to%20AUM%20Bridge) The reconciliation from FPAUM of $177.5 billion to total AUM of $284.1 billion includes AUM not yet paying fees and other adjustments - AUM not yet paying fees totaled **$28.6 billion**, which is expected to generate approximately **$379 million** in annual management fees upon deployment[84](index=84&type=chunk)[87](index=87&type=chunk) FPAUM to AUM Bridge (as of June 30, 2025, in billions) | Item | Amount | | :--- | :--- | | FPAUM | $177.5 | | AUM Not Yet Paying Fees | $28.6 | | Fee-Free AUM | $15.7 | | Net Appreciation, Leverage & Other | $62.3 | | **AUM** | **$284.1** | [AUM and FPAUM Rollforwards](index=41&type=section&id=AUM%20and%20FPAUM%20Rollforwards) In Q2 2025, AUM increased to $284.1 billion and FPAUM grew to $177.5 billion, driven by new capital and deployments AUM Rollforward (Q2 2025, in millions) | Item | Credit | Real Assets | GP Strategic Capital | Total | | :--- | :--- | :--- | :--- | :--- | | Beginning Balance | $139,239 | $67,062 | $66,968 | $273,269 | | New Capital Raised | $5,833 | $5,799 | $445 | $12,077 | | Change in Debt | $3,068 | $(1,263) | - | $1,805 | | Distributions | $(3,252) | $(915) | $(698) | $(4,865) | | Change in Value / Other | $580 | $803 | $416 | $1,799 | | **Ending Balance** | **$145,468** | **$71,486** | **$67,131** | **$284,085** | FPAUM Rollforward (Q2 2025, in millions) | Item | Credit | Real Assets | GP Strategic Capital | Total | | :--- | :--- | :--- | :--- | :--- | | Beginning Balance | $92,890 | $43,920 | $37,822 | $174,632 | | New Capital Raised / Deployed | $2,676 | $2,042 | $654 | $5,372 | | Distributions | $(2,738) | $(856) | $(108) | $(3,702) | | Change in Value / Other | $856 | $260 | $64 | $1,180 | | **Ending Balance** | **$93,684** | **$45,366** | **$38,432** | **$177,482** | [Appendix](index=43&type=section&id=Appendix) [GAAP Results (Detailed Tables)](index=45&type=section&id=GAAP%20Results%20(Detailed%20Tables)) This section provides detailed GAAP financial statements for Q2 2025 and the last twelve months GAAP Revenues, Expenses, and Net Income (in thousands) | Metric | 2Q'25 | 2Q'24 | LTM as of 2Q'25 | LTM as of 2Q'24 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues, Net | $703,106 | $549,848 | $2,618,831 | $1,986,873 | | Total Expenses | $603,824 | $377,295 | $2,163,657 | $1,448,498 | | Total Other Income (Loss) | $(14,788) | $(16,302) | $(144,145) | $(96,871) | | Net Income Attributable to Blue Owl Capital Inc | $17,426 | $33,945 | $75,404 | $92,203 | GAAP Results Summary (Quarterly, in thousands) | Metric | 2Q'25 | 1Q'25 | 4Q'24 | 3Q'24 | 2Q'24 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total GAAP Revenues | $703,106 | $683,486 | $631,361 | $600,878 | $549,848 | | Total GAAP Expenses | $603,824 | $606,192 | $492,531 | $461,110 | $377,295 | | GAAP Net Income Attributable to Blue Owl Capital Inc | $17,426 | $7,430 | $20,743 | $29,805 | $33,945 | | Diluted EPS, Class A Share | $0.02 | $0.00 | $0.03 | $0.04 | $0.06 | [Non-GAAP Results (Detailed Tables)](index=49&type=section&id=Non-GAAP%20Results%20(Detailed%20Tables)) This section presents detailed non-GAAP financial statements for Q2 2025 and the last twelve months FRE Revenues, Expenses, FRE, and DE (in thousands) | Metric | 2Q'25 | 2Q'24 | LTM as of 2Q'25 | LTM as of 2Q'24 | | :--- | :--- | :--- | :--- | :--- | | Total FRE Revenues | $646,050 | $520,006 | $2,430,251 | $1,888,134 | | Total FRE Expenses | $277,801 | $213,875 | $1,019,219 | $750,602 | | Fee-Related Earnings (FRE) | $358,343 | $296,475 | $1,370,927 | $1,113,394 | | Distributable Earnings (DE) | $323,014 | $272,965 | $1,201,714 | $1,004,872 | Non-GAAP Results Summary (Quarterly, in thousands) | Metric | 2Q'25 | 1Q'25 | 4Q'24 | 3Q'24 | 2Q'24 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total FRE Revenues | $646,050 | $620,192 | $595,682 | $568,327 | $520,006 | | Total FRE Expenses | $277,801 | $265,205 | $245,109 | $231,104 | $213,875 | | Fee-Related Earnings (FRE) | $358,343 | $345,391 | $340,331 | $326,862 | $296,475 | | Distributable Earnings (DE) | $323,014 | $262,516 | $315,177 | $301,007 | $272,965 | | Adjusted FRE per Share | $0.23 | $0.22 | $0.23 | $0.22 | $0.21 | | Adjusted DE per Share | $0.21 | $0.17 | $0.21 | $0.20 | $0.19 | [Non-GAAP and Other Measures Definitions](index=51&type=section&id=Non-GAAP%20and%20Other%20Measures%20Definitions) This section defines key non-GAAP metrics such as Fee-Related Earnings (FRE), Distributable Earnings (DE), and Adjusted Shares - **Fee-Related Earnings (FRE)** is a non-GAAP measure of core operating performance, focusing on whether management fee revenue is sufficient to cover core operating expenses[101](index=101&type=chunk) - **Distributable Earnings (DE)** is a non-GAAP measure of operating performance, calculated as FRE plus or minus DE performance income and related compensation, interest and dividend income, interest expense, and taxes payable and TRA payments[102](index=102&type=chunk) - **Adjusted Shares** represent the weighted-average outstanding equity interests participating in distributions at each period end, including Class A and B shares, common units, and vested incentive units[103](index=103&type=chunk)[104](index=104&type=chunk) [Non-GAAP Reconciliations](index=53&type=section&id=Non-GAAP%20Reconciliations) This section provides detailed reconciliations of non-GAAP financial measures to their most directly comparable GAAP figures - Detailed reconciliations from **GAAP Net Income Attributable to Class A Shares to FRE and DE** are provided, including adjustments for non-controlling interests, income tax expense, amortization, performance income, acquisition-related costs, equity-based compensation, and other items[105](index=105&type=chunk)[106](index=106&type=chunk) - Reconciliation details for **FRE Revenues and FRE Compensation & Benefits** are provided, adjusting GAAP revenues and expenses to a non-GAAP basis[107](index=107&type=chunk)[108](index=108&type=chunk) GAAP Margin vs FRE Margin (2Q'25 vs 2Q'24) | Metric | 2Q'25 | 2Q'24 | | :--- | :--- | :--- | | GAAP Margin | 12% | 28% | | FRE Margin | 57% | 59% | [Defined Terms](index=59&type=section&id=Defined%20Terms) This section defines key terms used throughout the report, including AUM, FPAUM, investment platforms, and performance metrics - **Assets Under Management (AUM)** is defined as the assets the company manages, generally equal to the sum of net asset value, drawn and undrawn debt, uncalled capital commitments, and other relevant metrics[112](index=112&type=chunk) - **Fee-Paying AUM (FPAUM)** is defined as the AUM from which the company earns management fees and/or FRE performance income[112](index=112&type=chunk) - The **Credit platform** includes direct lending, alternative credit, investment grade credit, and liquid credit strategies[112](index=112&type=chunk) - The **Real Assets platform** includes net lease, real estate credit, and digital infrastructure strategies[114](index=114&type=chunk) - The **GP Strategic Capital platform** primarily focuses on acquiring equity stakes in large, multi-product private equity and private credit firms and providing debt financing[113](index=113&type=chunk)

NEW YORK, July 31, 2025 /PRNewswire/ -- Blue Owl Capital Inc. (NYSE:OWL) ("Blue Owl") today reported its financial results for the second quarter ended June 30, 2025. "Blue Owl's strong second quarter results reflect broad-based momentum across our platforms and notable steps forward on new strategic initiatives. Taken together, we reported record fundraising and more than 30% growth in management fees over the last twelve months during a quarter that included substantial market disruption and volatility," ...

CONSHOHOCKEN, Pa., July 22, 2025 (GLOBE NEWSWIRE) -- Madrigal Pharmaceuticals, Inc. (NASDAQ: MDGL), a biopharmaceutical company focused on delivering novel therapeutics for metabolic dysfunction- associated steatohepatitis (MASH), today announced that it has entered into a $500 million senior secured credit facility with funds managed by Blue Owl Capital (NYSE: OWL), a leading alternative asset manager, to primarily advance Madrigal's pipeline to further extend its leadership position in MASH. The non-dilut ...

Core Insights - Blue Owl Capital Inc. has successfully closed a private offering of an alternative credit fund, raising $850 million in capital commitments from a diverse client base [1][3] - The fund aims to provide current income and capital appreciation through investments in alternative credit strategies, particularly focusing on asset-based finance [2][4] - This achievement highlights Blue Owl's capability to access a large and underpenetrated alternative credit market, catering to the increasing demand for institutional-grade private credit solutions among individual investors [3][4] Company Overview - Blue Owl Capital manages over $273 billion in assets as of March 31, 2025, and operates across three multi-strategy platforms: Credit, Real Assets, and GP Strategic Capital [5] - The firm emphasizes its strong permanent capital base, which allows it to offer private capital solutions aimed at long-term growth and strong performance [5] - With a global team of over 1,200 experienced professionals, Blue Owl is positioned to create exceptional investment opportunities [6]

Core Insights - Voya Financial has partnered with Blue Owl to create innovative private market investment solutions for defined contribution retirement plans, enhancing investment options for participants [1][9] - The partnership will focus on designing collective investment trusts (CITs) that incorporate private market strategies from both firms, available through Voya's retirement platform [2][9] - This collaboration aims to deliver consistent income, manage downside risk, and expand access to alternative investments for retirement savers [3][4] Company Benefits - Voya is expected to open new revenue streams through private market investment products, potentially increasing its assets under management (AUM) by attracting new retirement plans and institutional clients [4][9] - The partnership allows Voya to broaden its distribution footprint and reach new client segments, particularly in retirement and insurance asset management [4][5] Future Collaboration - Voya and Blue Owl plan to extend their collaboration beyond retirement solutions into the insurance asset management space, leveraging each other's expertise in direct lending and fixed income strategies [5][9] Market Performance - Voya's shares have gained 6.6% year-to-date, outperforming the industry average [6]

Company Overview - Intermetro Fiber LLC, operating as South Reach Networks (SRN), is a Florida-based fiber infrastructure provider that has been acquired by a fund managed by Blue Owl Capital's Digital Infrastructure strategy [1][2] - SRN offers dark and lit fiber optic infrastructure with a network spanning 370 miles across Florida, connecting Jacksonville to Miami and interconnecting with five owned colocation edge facilities [2][5] Acquisition Details - Following the acquisition, Scott Bergs, CEO of Dark Fiber and Infrastructure (DF&I), will also become the CEO of SRN, enhancing Blue Owl's fiber capabilities to better serve hyperscale and enterprise customers [3] - Blue Owl plans to invest significant capital into SRN to expand its network and meet the growing demand for fiber infrastructure in Florida [2][4] Strategic Importance - The acquisition is expected to provide incremental scale and deepen Blue Owl's existing fiber capabilities, addressing the needs of hyperscale and enterprise customers [3] - Blue Owl views the Southeast region as a priority for its hyperscale customers and aims to leverage SRN's strengths for further expansion [4]

Core Insights - Turning Rock Partners announced the sale of South Reach Networks, a leading provider of hybrid fiber, colocation, and transport services, through a control buyout transaction by Blue Owl Capital's Digital Infrastructure strategy [1][2] - South Reach Networks has experienced growth in its colocation and fiber footprint through both organic expansion and strategic acquisitions, led by its existing management team [2] - Blue Owl Capital expressed excitement about supporting South Reach Networks' expansion in Florida, highlighting the Southeast as a priority region for hyperscale customers [3] Company Overview - South Reach Networks is a Florida-based telecommunications infrastructure provider that constructs, owns, and operates a Metro & Long-Haul Fiber Optic Network spanning 370 miles along the East Coast of Florida [5] - The company provides global and domestic reach to a diverse ecosystem of carriers, subsea, enterprise, and wireless operators [5] Investment Context - Turning Rock Partners focuses on debt, equity, and hybrid investments in lower-middle market businesses in North America, offering bespoke financing solutions [4] - Blue Owl Capital manages over $273 billion in assets as of March 31, 2025, and invests across multiple strategies including Credit, Real Assets, and GP Strategic Capital [6]