Core Viewpoint - Blue Owl Capital's co-CEO Marc Lipschultz expressed confidence in the firm's software AI portfolio, stating there are no "red flags" or even "yellow flags," indicating a strong outlook for tech lending [1][2]. Financial Performance - Blue Owl's total assets under management (AUM) increased by 22% since December 31, 2024, reaching $307 billion, driven by capital raised and the acquisition of IPI [5]. - Fee-paying AUM rose by 17% since December 31, 2024, totaling $187 billion, attributed to capital raised and the IPI acquisition [6]. - The firm's credit platform AUM grew by 16% since December 31, 2024, due to capital raised in direct lending and alternative credit strategies [6]. Software Loan Portfolio - The software loan book remains robust, with no performance decreases noted, and these loans average 30% of enterprise value, supported by significant equity cushions [3][4]. - Blue Owl's total exposure to software loans is 8% of its AUM [5]. Market Dynamics - Lipschultz emphasized that sophisticated buyers are actively seeking the right software solutions, suggesting that a narrow view of AI adoption could lead to missed opportunities [4]. - CFO Alan Kirshenbaum acknowledged that the firm is currently "behind its Investor Day goals" due to challenges in private credit and AI, but expects a modest increase in fee-related earnings per share this year [7][8]. Stock Performance - Blue Owl Capital's stock closed down 3.49% on Thursday, with after-hours trading showing a slight recovery of 1.45% to $11.80 per share [8].