Blue Owl Capital Inc. · NYSE:OWL
Blue Owl Capital — Q3 2026 Earnings Presentation
36 slides from Blue Owl Capital's earnings presentation, Oct 29, 2026
Slide 1: Third Quarter 2026 Earnings
October 29, 2026 Blue Owl Capital Inc. Third Quarter 2026 Earnings
Slide 2: Disclosures
Disclosures About Blue Owl Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives®. With $330 billion in assets under management as of September 30, 2026, we invest across three multi-strategy platforms: Credit, Real Assets and GP Strategic Capital. Anchored by a strong perm
Slide 3: Disclosures
Disclosures Non-GAAP Financial Measures; Other Financial and Operational Data This presentation includes certain non-GAAP financial measures that are not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and that may be different from non-GAAP financi
Slide 4: Blue Owl Overview
Blue Owl Overview With $330 billion of assets under management, Blue Owl is a leading asset manager that is redefining alternatives®. Investment Platforms Credit Real Assets GP Strategic Capital • Financing partner of choice for private • Flexible and bespoke capital solutions to • Provides innovati
Slide 5: AUM Growth and Diversification
AUM Growth and Diversification 3.5x AUM and Meaningfully Diversified Since 2021 Digital Infrastructure, Real Estate 6% Credit, 6% Direct Net Lease, GP Strategic GP Strategic Lending, 17% Capital, 42% Capital, 22% 42% Liquid/ 4Q’21 Other 3Q'26 Credit, AUM 3% AUM $94 billion IG Credit, $330 billion 6%
Slide 6: Third Quarter 2026 Highlights
Third Quarter 2026 Highlights • GAAP Net Income of $20.0 million, or $0.03 per basic and $0.03 per diluted Class A Share Financial Results • Fee-Related Earnings of $427.5 million, or $0.27 per Adjusted Share • Distributable Earnings of $385.5 million, or $0.24 per Adjusted Share • AUM of $329.9 bil
Slide 7: GAAP Results (Unaudited)
GAAP Results (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands, except per share data) 3Q'26 3Q'25 % Change 3Q'26 3Q'25 % Change GAAP Revenues Management Fees(1) $ 678,306 $ 648,107 5% $ 2,660,899 $ 2,432,765 9% Administrative, Transaction and Other Fees 136,654 82,147 66% 421,457 3
Slide 8: Historical Trends (GAAP)
Historical Trends (GAAP) • GAAP Management Fees of $2,660.9 million for the last twelve months, increased 9% compared to prior year • GAAP Consolidated Net Income of $371.2 million for the last twelve months, compared to $225.8 million in the prior year • GAAP Net Income Attributable to Class A Shar
Slide 9: 3Q'26 - LTM Earnings Growth
3Q'26 - LTM Earnings Growth FRE Revenues FRE DE (dollars in millions) (dollars in millions) (dollars in millions) 12% 15% 14% Growth Growth Growth $2,847.5 $1,411.8 $1,629.9 $2,548.9 $1,241.7 $1,420.2 3Q’25 3Q’26 3Q’25 3Q’26 3Q’25 3Q’26 LTM LTM LTM LTM LTM LTM For information on and reconciliation o
Slide 10: Non-GAAP Results
Non-GAAP Results Quarter Ended Last Twelve Months (dollars in thousands, except per share data) 3Q'26 3Q'25 % Change 3Q'26 3Q'25 % Change FRE Revenues FRE Management Fees(1) 689,955 659,151 5% 2,705,679 2,443,506 11% FRE Administrative, Transaction and Other Fees 71,073 30,110 136% 163,413 99,331 65
Slide 11: Historical Trends (Non-GAAP)
Historical Trends (Non-GAAP) • FRE Management Fees of $2,705.7 million for the last twelve months, increased 11% compared to prior year • Fee-Related Earnings of $1,629.9 million for the last twelve months, increased 15% compared to prior year • Distributable Earnings of $1,411.8 million for the las
Slide 12: Assets Under Management
Assets Under Management • AUM of $329.9 billion, increased 12% since September 30, 2025 ◦ The increase was primarily driven by capital raised and appreciation across the business, partially offset by distributions and redemptions • FPAUM of $192.2 billion, increased 5% since September 30, 2025 ◦ The
Slide 13: Fundraising
Fundraising • New Capital Commitments Raised of $12.6 billion in the quarter ◦ New Capital Commitments Raised of $48.8 billion during the last twelve months • Total Equity Fundraise of $10.2 billion during the quarter was driven by $5.6 billion in Credit, $4.0 billion in Real Assets and $0.6 billion
Slide 14: Credit Platform
Credit Platform • AUM of $162.8 billion, increased 7% since September 30, 2025 ◦ The increase was primarily driven by capital raised in products from the direct lending, alternative credit and investment grade credit strategies, partially offset by distributions and redemptions in the direct lending
Slide 15: Real Assets Platform
Real Assets Platform • AUM of $94.9 billion, increased 27% since September 30, 2025 ◦ The increase was primarily driven by capital raised across the platform, including by our seventh vintage drawdown product and our real estate investment trusts in our net lease and digital infrastructure strategie
Slide 16: GP Strategic Capital Platform
GP Strategic Capital Platform • AUM of $72.2 billion, increased 5% since September 30, 2025 ◦ The increase was primarily driven by capital raised in our minority equity stakes strategy, including our sixth vintage product and a strip sale transaction • FPAUM of $41.3 billion, increased 3% since Sept
Slide 17: Supplemental Information
Supplemental Information
Slide 18: Supplemental Liquidity Metrics
Supplemental Liquidity Metrics As of September 30, 2026, the average maturity of the Company's outstanding notes is ~9 years. Total Debt ($M) Available Liquidity ($M) $3,693 $433 Credit Ratings BBB+ Baa2 $60 $350 $214 $400 Fitch Moody's $700 BBB S&P $750 $1,000 $2,056 $2.3B Available Liquidity Revol
Slide 19: FPAUM to AUM Bridge
FPAUM to AUM Bridge As of September 30, 2026, AUM not yet paying fees totaled $36.3 billion, reflecting expected annual management fees of approximately $402 million once deployed. (dollars in billions) $79.7 $329.9 $22.2 $24.1 $72.2 $33.5 $21.8 $7.8 $3.6 $36.3 $10.4 $0.9 $13.4 $94.9 $192.2 $21.9 $4
Slide 20: AUM and FPAUM Rollforwards
AUM and FPAUM Rollforwards Three Months Ended September 30, 2026 Twelve Months Ended September 30, 2026 (dollars in millions) GP Strategic GP Strategic Credit Real Assets Capital Total Credit Real Assets Capital Total AUM Beginning Balance $ 158,123 $ 89,368 $ 71,522 $ 319,013 $ 152,140 $ 74,682 $ 6
Slide 21: AUM and FPAUM by Strategy
AUM and FPAUM by Strategy As of September 30, 2026 (dollars in millions) AUM % AUM FPAUM % FPAUM Credit Direct Lending - Non-Traded BDCs 51,332 16% 20,647 11% Direct Lending - Other 65,256 20% 40,314 21% Direct Lending 116,588 35% 60,961 32% Alternative Credit 15,632 5% 9,619 5% Investment Grade Cre
Slide 22: Product Performance
Product Performance MoIC IRR (dollars in millions) Year of Capital Invested Realized Unrealized Total Inception AUM Raised(5) Capital(6) Proceeds(7) Value(8) Value Gross(9) Net(10) Gross Net Credit Platform Direct Lending(1) Blue Owl Capital Corporation (OBDC) 2016 19,490 7,517 7,517 4,830 7,032 11,
Slide 23: Continued Strong Performance
Continued Strong Performance OCIC vs. Public Indices OWLCX vs. Public Indices ORENT vs. Public & Private Real Estate 5 1 2 2 3 2 2 4 5 Past performance is not a guarantee of future results. OCIC Class I, OWLCX Class I and ORENT Class I returns since inception through September 30, 2026. Note 1. Retu
Slide 24: Appendix
Appendix
Slide 25: GAAP Results (Unaudited)
GAAP Results (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands, except share and per share data) 3Q'26 3Q'25 3Q'26 3Q'25 Revenues Management and other fees, net (includes Part I Fees of $142,088, $150,441, $563,949 and $558,542) $ 806,234 $ 727,802 $ 3,043,233 $ 2,733,881 Performanc
Slide 26: GAAP Results Summary (Unaudited)
GAAP Results Summary (Unaudited) Quarter Ended (dollars in thousands, except per share data) 3Q'26 2Q'26 1Q'26 4Q'25 3Q'25 GAAP Revenues Management Fees $ 678,306 $ 661,565 $ 663,844 $ 657,184 $ 648,107 Administrative, Transaction and Other Fees 136,654 102,453 94,774 87,576 82,147 Fee Offsets (8,72
Slide 27: GAAP Revenues (Unaudited)
GAAP Revenues (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands) 3Q'26 3Q'25 % Change 3Q'26 3Q'25 % Change GAAP Revenues Credit Management Fees(1) $ 395,847 $ 404,057 (2%) $ 1,598,458 $ 1,476,720 8% Administrative, Transaction and Other Fees 56,541 56,063 1% 225,678 213,539 6% Fee O
Slide 28: Non-GAAP Results Summary
Non-GAAP Results Summary Quarter Ended (dollars in thousands, except per share data) 3Q'26 2Q'26 1Q'26 4Q'25 3Q'25 FRE Revenues FRE Management Fees, (Including Part I Fees) $ 689,955 $ 672,608 $ 674,888 $ 668,228 $ 659,151 FRE Administrative, Transaction and Other Fees 71,073 31,918 31,188 29,234 30
Slide 29: FRE Revenues
FRE Revenues Quarter Ended Last Twelve Months (dollars in thousands) 3Q'26 3Q'25 % Change 3Q'26 3Q'25 % Change FRE Revenues Credit FRE Management Fees(1) $ 395,847 $ 404,057 (2%) $ 1,598,458 $ 1,476,720 8% FRE Administrative, Transaction and Other Fees 20,751 27,671 (25%) 85,079 89,363 (5%) Fee Offs
Slide 30: Non-GAAP and Other Measures
Non-GAAP and Other Measures GAAP Margin Calculated as income before income taxes, divided by total revenues. Fee-Related Earnings, or FRE, and Fee-Related Earnings (“FRE”) is a supplemental non-GAAP measure of our core operating performance used to make operating decisions and Related Components ass
Slide 31: Non-GAAP Reconciliations
Non-GAAP Reconciliations Quarter Ended Last Twelve Months (dollars in thousands) 3Q'26 2Q'26 1Q'26 4Q'25 3Q'25 3Q'26 3Q'25 GAAP Net Income Attributable to Class A Shares $ 19,959 $ 11,393 $ 15,542 $ 47,667 $ 6,310 $ 94,561 $ 51,909 Net income attributable to noncontrolling interests 60,265 49,271 64
Slide 32: Non-GAAP Reconciliations (cont'd)
Non-GAAP Reconciliations (cont’d) Quarter Ended Last Twelve Months (dollars in thousands, except share and per share data) 3Q'26 2Q'26 1Q'26 4Q'25 3Q'25 3Q'26 3Q'25 Weighted-Average Adjusted Shares Class A Shares(1) 691,936,998 678,482,611 670,063,345 665,140,357 655,630,319 Common Units and Incenti
Slide 33: Non-GAAP Reconciliations (cont'd)
Non-GAAP Reconciliations (cont’d) Quarter Ended Last Twelve Months (dollars in thousands) 3Q'26 2Q'26 1Q'26 4Q'25 3Q'25 3Q'26 3Q'25 GAAP Compensation and Benefits $ 387,805 $ 359,408 $ 375,874 $ 313,426 $ 341,374 $ 1,436,513 $ 1,288,096 DE performance revenues compensation — — (1,178) (5,801) — (6,9
Slide 34: Non-GAAP Reconciliations (cont'd)
Non-GAAP Reconciliations (cont’d) Quarter Ended Last Twelve Months (dollars in thousands) 3Q'26 3Q'25 3Q'26 3Q'25 Income Before Income Taxes $ 94,247 $ 55,321 $ 428,779 $ 254,230 GAAP Revenues $ 806,531 $ 727,990 $ 3,068,990 $ 2,745,943 GAAP Margin 11.7% 7.6% 14.0% 9.3% Fee-Related Earnings Before N
Slide 35: Defined Terms
Defined Terms Assets Under Management or AUM Refers to the assets that we manage, and is generally equal to the sum of (i) net asset value (“NAV”); (ii) drawn and undrawn debt; (iii) uncalled capital commitments; (iv) total managed assets for certain Credit and Real Assets products; and (v) par valu
Slide 36: Defined Terms (cont'd)
Defined Terms (cont’d) IPI Acquisition Refers to the acquisition of the business of digital infrastructure fund manager IPI Partners, LLC that was completed on January 3, 2025. Moody’s Refers to Moody’s credit rating agency. Net IRR Refers to an annualized since inception net internal rate of return