Blue Owl Capital Inc. · NYSE:OWL
Blue Owl Capital — Q2 2025 Earnings Presentation
31 slides from Blue Owl Capital's earnings presentation, Jul 31, 2025
Slide 1: Second Quarter 2025 Earnings
July 31, 2025 Blue Owl Capital Inc. Second Quarter 2025 Earnings
Slide 2: Disclosures
Disclosures About Blue Owl Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives®. With over $284 billion in assets under management as of June 30, 2025, 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: Key Highlights from the Second Quarter 2025
Key Highlights from the Second Quarter 2025 Alternative Credit Fund – $850mn Closed in Private Offering Global Expansion of $3.5bn Raised in Institutional and Wealth Aggregate Fundraising Teams Across New 7th Vintage of Organic Flagship Net New Strategic Strategies Lease – First Initiatives Successf
Slide 5: Blue Owl Overview
Blue Owl Overview With over $284 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 inn
Slide 6: Significant Fundraising Growth Since Listing
Significant Fundraising Growth Since Listing Significant growth driven by differentiated products, a broadening of our product offering and the scaling of our distribution platforms (dollars in billions) $12.1 $9.5 $8.8 $7.9 $7.2 $6.7 $6.5 $6.2 $5.4 $4.9 $4.3 $4.7 $3.9 $3.9 $3.8 $2.9 $2.9 $2.3 $1.2
Slide 7: Second Quarter 2025 Highlights
Second Quarter 2025 Highlights • GAAP Net Income of $17.4 million, or $0.03 per basic and $0.02 per diluted Class A Share Financial Results • Fee-Related Earnings of $358.3 million, or $0.23 per Adjusted Share • Distributable Earnings of $323.0 million, or $0.21 per Adjusted Share • AUM of $284.1 bi
Slide 8: GAAP Results (Unaudited)
GAAP Results (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands, except per share data) 2Q'25 2Q'24 % Change 2Q'25 2Q'24 % Change GAAP Revenues Credit (including Part I Fees of $135,459, $127,135, $541,519 and $ 368,016 $ 288,310 28% $ 1,397,873 $ 1,034,283 35% $451,045) Real Assets
Slide 9: Historical Trends (GAAP)
Historical Trends (GAAP) • GAAP Management Fees of $2,308.0 million for the last twelve months, increased 35% compared to prior year • GAAP Consolidated Net Income of $277.7 million for the last twelve months, compared to $394.8 million in the prior year • GAAP Net Income Attributable to Class A Sha
Slide 10: 2Q'25 - LTM Earnings Growth
2Q'25 - LTM Earnings Growth 17th consecutive quarter of both FRE management fees and FRE sequential growth FRE Revenues FRE DE (dollars in millions) (dollars in millions) (dollars in millions) 29% 23% 20% Growth Growth Growth $2,430.3 $1,370.9 $1,201.7 $1,888.1 $1,113.4 $1,004.9 2Q'24 2Q'25 2Q'24 2Q
Slide 11: Non-GAAP Results (Unaudited)
Non-GAAP Results (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands, except per share data) 2Q'25 2Q'24 % Change 2Q'25 2Q'24 % Change FRE Revenues Credit (including Part I Fees of $135,459, $127,135, $541,519 and $ 368,016 $ 288,310 28% $ 1,397,873 $ 1,034,283 35% $451,045) Real Asse
Slide 12: Historical Trends (Non-GAAP)
Historical Trends (Non-GAAP) • FRE Management Fees of $2,318.8 million for the last twelve months, increased 32% compared to prior year • Fee-Related Earnings of $1,370.9 million for the last twelve months, increased 23% compared to prior year • Distributable Earnings of $1,201.7 million for the las
Slide 13: Assets Under Management
Assets Under Management • AUM of $284.1 billion, increased 48% since June 30, 2024 ◦ The increase was primarily driven by the Kuvare, IPI and Atalaya Acquisitions, as well as capital raised and appreciation across the business • FPAUM of $177.5 billion, increased 46% since June 30, 2024 ◦ The increa
Slide 14: Fundraising
Fundraising • New Capital Commitments Raised of $13.9 billion in the quarter ◦ New Capital Commitments Raised of $54.6 billion during the last twelve months • Total Equity Fundraise of $12.1 billion during the quarter was driven by $5.8 billion in Credit, $5.8 billion in Real Assets and $0.4 billion
Slide 15: Credit Platform
Credit Platform • AUM of $145.5 billion, increased 53% since June 30, 2024 ◦ The increase was primarily driven by the Kuvare and Atalaya Acquisitions, as well as capital raised in products from the direct lending strategy • FPAUM of $93.7 billion, increased 47% since June 30, 2024 ◦ The increase was
Slide 16: Real Assets Platform
Real Assets Platform • AUM of $71.5 billion, increased 82% since June 30, 2024 ◦ The increase was primarily driven by the IPI and Kuvare Acquisitions, capital raised in our real estate investment trust, our seventh vintage drawdown product and our third vintage digital infrastructure product • FPAUM
Slide 17: GP Strategic Capital Platform
GP Strategic Capital Platform • AUM of $67.1 billion, increased 16% since June 30, 2024 ◦ The increase was primarily driven by capital raised in our sixth flagship minority equity stakes product and appreciation across the platform • FPAUM of $38.4 billion, increased 17% since June 30, 2024 ◦ The in
Slide 18: Supplemental Information
Supplemental Information
Slide 19: Supplemental Liquidity Metrics
Supplemental Liquidity Metrics As of June 30, 2025, the average maturity of the Company's outstanding notes is ~10 years. Total Debt ($M) Available Liquidity ($M) $3,290 Credit Ratings $780 BBB+ Baa2 $60 $118 $350 Fitch Moody's $400 BBB S&P $700 $1,000 $934 $759 $1.1B Available Liquidity Revolving C
Slide 20: FPAUM to AUM Bridge
FPAUM to AUM Bridge As of June 30, 2025, AUM not yet paying fees totaled $28.6 billion, reflecting expected annual management fees of $379 million once deployed. (dollars in billions) $62.3 $284.1 $20.5 $16.5 $67.1 $25.4 $15.7 $28.6 $6.9 $1.7 $1.3 $7.1 $8.0 $177.5 $19.3 $71.5 $38.4 $28.6 $45.4 $71.6
Slide 21: AUM and FPAUM Rollforwards
AUM and FPAUM Rollforwards Three Months Ended June 30, 2025 Twelve Months Ended June 30, 2025 (dollars in millions) GP Strategic GP Strategic Credit Real Assets Capital Total Credit Real Assets Capital Total AUM Beginning Balance $ 139,239 $ 67,062 $ 66,968 $ 273,269 $ 95,104 $ 39,208 $ 57,844 $ 192
Slide 22: Appendix
Appendix
Slide 23: GAAP Results (Unaudited)
GAAP Results (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands, except share and per share data) 2Q'25 2Q'24 2Q'25 2Q'24 Revenues Management fees, net (includes Part I Fees of $137,965, $129,442, $548,777 and $459,147) $ 623,369 $ 465,754 $ 2,307,967 $ 1,710,239 Administrative, tran
Slide 24: GAAP Results Summary (Unaudited)
GAAP Results Summary (Unaudited) Quarter Ended (dollars in thousands, except per share data) 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 GAAP Revenues Management Fees, Net $ 623,369 $ 604,186 $ 557,103 $ 523,309 $ 465,754 Administrative, Transaction and Other Fees 78,758 72,988 69,675 77,289 83,906 Performance Re
Slide 25: Non-GAAP Results Summary (Unaudited)
Non-GAAP Results Summary (Unaudited) Quarter Ended (dollars in thousands, except per share data) 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 FRE Revenues FRE Management Fees, Net $ 620,152 $ 595,983 $ 568,220 $ 534,425 $ 476,414 FRE Administrative, Transaction and Other Fees 25,779 20,154 23,288 33,622 43,404 FRE
Slide 26: 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 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations Quarter Ended Last Twelve Months (dollars in thousands) 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 2Q'25 2Q'24 GAAP Net Income Attributable to Class A Shares $ 17,426 $ 7,430 $ 20,743 $ 29,805 $ 33,945 $ 75,404 $ 92,203 Net income attributable to noncontrolling interests 53,270 29,240 50
Slide 28: Non-GAAP Reconciliations (cont'd)
Non-GAAP Reconciliations (cont’d) Quarter Ended Last Twelve Months (dollars in thousands, except per share data) 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 2Q'25 2Q'24 Weighted-Average Adjusted Shares Class A Shares(1) 637,712,824 614,422,518 590,446,378 563,549,711 518,018,685 Common Units and Vested Incentive
Slide 29: Non-GAAP Reconciliations (cont'd)
Non-GAAP Reconciliations (cont’d) Quarter Ended Last Twelve Months (dollars in thousands, except per share data) 2Q'25 2Q'24 2Q'25 2Q'24 Income Before Income Taxes $ 84,494 $ 156,251 $ 311,029 $ 441,504 GAAP Revenues $ 703,106 $ 549,848 $ 2,618,831 $ 1,986,873 GAAP Margin 12 % 28 % 12 % 22 % Fee-Rel
Slide 30: 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 31: Defined Terms (cont'd)
Defined Terms (cont’d) Gross IRR Refers to 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 (including Part I Fees