Blue Owl Capital Inc. · NYSE:OWL
Blue Owl Capital — Investor Presentation (May 2026)
49 slides from Blue Owl Capital's investor presentation, May 2026
Slide 1: Blue Owl Capital Inc. First Quarter 2026 Investor Presentation
Blue Owl Capital Inc. First Quarter 2026 Investor Presentation
Slide 2: Disclosures
Disclosures About Blue Owl Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives®. With $315 billion in assets under management as of March 31, 2026, we invest across three multi-strategy platforms: Credit, Real Assets and GP Strategic Capital. Anchored by a strong permanen
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 $315 billion of assets under management, Blue Owl is a leading asset manager that is redefining alternatives ®. Credit Real Assets GP Strategic Capital ▪ Financing partner of choice for private ▪ Flexible and bespoke capital solutions ▪ Provides innovative minority equity comp
Slide 5: Our Business Continues to Scale and Diversify
Our Business Continues to Scale and Diversify $315B Digital Infrastructure 41% CAGR Real Estate Credit Investment Grade Credit Alternative Credit Liquid Credit Net Lease Other1 GP Minority Stakes $62B Direct Lending 2Q21 1Q26 At2Q21 Listing 1Q26 Today At Public Listing Today 1. Other includes GP Deb
Slide 6: Our Strategies Today
Our Strategies Today Diversification into the largest growth areas of alternatives with the benefit of long track records of success Length of Track Record1 2010 2015 2020 AUM Today Direct Lending $115B 2016 GP Strategic Capital2 $71B 2010 Net Lease $50B 2009 Investment Grade Credit $19B 2020 Digita
Slide 7: Blue Owl Is Levered to the Largest Secular Growth Trends in Alternatives
Blue Owl Is Levered to the Largest Secular Growth Trends in Alternatives Direct Lending Industry AUM $B Direct Lending $11+ Trillion Within Alternative Estimated Addressable Market continues to grow and Credit, the market take market share from share of private Future 1,326 the leveraged loan and Po
Slide 8: Blue Owl is a scaled and innovative solutions provider
Sponsors Banks Corporations Blue Owl is a scaled Across Blue Owl, and innovative our teams provide solutions provider financing and other solutions to myriad to the alternative Insurance Companies partners General Partners assets ecosystem AI Small Ecosystem Businesses 8
Slide 9: Institutional Client Demand for Alternatives Is Increasing
Institutional Client Demand for Alternatives Is Increasing... Growth in Institutional Assets Allocations to Alternatives is Expected to Increase (trillions) (% of Investors) $87 Private Debt 40% 44% 84% $65 $49 $39 Private Equity 34% 49% 83% $20 $13 Real Estate 24% 54% 78% Pensions Insurance Soverei
Slide 10: The Private Wealth Opportunity Set Is Enormous and Still in the Early Innings
The Private Wealth Opportunity Set Is Enormous and Still in the Early Innings Private Wealth Assets Growth % Allocations to Alternatives $326T 23% ~$30-40T TAM if allocations $228T rise to 10-15% Every 1% of allocation = $2-3T 3% 2024 2030E Institutional Private Wealth Global private wealth is a Ind
Slide 11: Significant Growth in AUM Since Our Listing
Significant Growth in AUM Since Our Listing AUM FPAUM Permanent Capital (billions) (billions) (billions) $225 $188 $315 $43 $57 $62 At Listing 1Q26 At Listing 1Q26 At Listing 1Q26 Growth of over 4x in AUM & FPAUM since public listing At Listing metrics as of June 30, 2021. There can be no guarantee
Slide 12: Substantial FRE Management Fees, FRE Revenues and FRE Growth
Substantial FRE Management Fees, FRE Revenues and FRE Growth FRE Management Fees FRE Revenues Fee Related Earnings (millions) (millions) (millions) 30% 33% CAGR 28% CAGR $2,655 $2,734 CAGR $2,544 $2,622 $1,497 $1,545 $2,171 $2,038 $1,253 $1,568 $1,660 $998 $1,249 $1,322 $800 $900 $547 $792 2021 2022
Slide 13: We Have a Differentiated Business Model and Financial Profile
We Have a Differentiated Business Model and Financial Profile ✓ 100% of earnings are FRE ✓ Permanent capital base creates earnings layer cake ✓ ~85% of FRE Management Fees from permanent capital vehicles Predictable, Durable, and Highly Visible ✓ Best-in-class average fee rate Earnings Growth with L
Slide 14: The Permanency and Duration of Our Capital Base Is Distinct
The Permanency and Duration of Our Capital Base Is Distinct Permanent Capital Anchors Embedded Earnings Permanent Capital AUM Our FRE Management Fees Power (billions) $29.9B of AUM not yet paying fees will drive 4x $225 ~$350M of FRE Management 70 Fees upon deployment 85% LTM Management 32 15% Fees
Slide 15: Supplemental Liquidity Metrics
Supplemental Liquidity Metrics As of March 31, 2026, the average maturity of the Company's outstanding notes is ~9 years. Total Debt ($M) Available Liquidity ($M) Credit Ratings BBB+ Baa2 Fitch Moody's BBB S&P $759 $1.3B Available Liquidity 3.8% Cost of Debt(1) 1. Cost of debt reflects average annua
Slide 16: Credit
Credit
Slide 17: We Have a More Diversified Set of Growth Drivers Propelling Us Forward in Credit
We Have a More Diversified Set of Growth Drivers Propelling Us Forward in Credit Blue Owl Credit AUM $145bn Scale $159.2B Assets under Direct Lending $159B management Alternative Credit $4 Investment Grade Credit $6 Liquid Credit $19 Other Credit Strategies 28+ $15 Experience Senior management team’
Slide 18: Credit AUM breakdown
Credit AUM breakdown $159.2 billion AUM1 Investment Grade Direct Lending Alternative Credit Liquid Credit Credit AUM $115.1B $14.7B $19.3B $6.0B Strategy 2016 20062 20203 20154 Commenced ▪ Lending to primarily ▪ Deep expertise investing ▪ Focuses on generating ▪ CLO portfolios of upper-middle-market
Slide 19: Blue Owl Direct Lending by the Numbers
Blue Owl Direct Lending by the Numbers Robust Originations with Highly Defensive Portfolios with Strong Selective Deployment Competitive Positioning 11,750+ 850+ 825+ ~$1,120M $280M ~40% Deals Sponsor Deals Average Average Average Reviewed Relationships Closed1 Revenue EBITDA LTV ~5% 160+ 440+ ~20bp
Slide 20: Diversified BDC KPIs
Diversified BDC KPIs Investments Liquidity (dollars in millions) (dollars in billions) OBDC OCIC OBDC OCIC Portfolio Diversification Liquidity & Leverage First Lien Positions 72% 87% Weighted-Average Debt Maturity (Years)4 4.1 5.6 Second Lien Positions 5% 4% Weighted-Average Asset Maturity (Years) 3
Slide 21: Tech BDC KPIs
Tech BDC KPIs Investments Liquidity (dollars in millions) (dollars in billions) OTF OTIC OTF OTIC Portfolio Diversification Liquidity & Leverage First Lien Positions 78% 87% Weighted-Average Debt Maturity (Years)4 5.5 5.4 Second Lien Positions 4% 4% Weighted-Average Asset Maturity (Years) 4.4 4.4 Jo
Slide 22: Within Credit, we now have a scaled and experienced Alternative Credit team
Within Credit, we now have a scaled and experienced Alternative Credit team…
Slide 23: Long History of Differentiation
Long History of Differentiation Blue Owl Alternative Credit is a private credit and special opportunities investment platform with a focus on asset-based solutions Blue Owl Alternative Credit Key Statistics1 ~$30 Billion 1,100+ Invested Capital1 Total Investments1 Specialty Finance Lender of the Yea
Slide 24: Key Segments of Asset-Based Finance
Key Segments of Asset-Based Finance A key distinction of Asset-Based Finance (“ABF”) investing is that the lender’s source of repayment is derived from the contractual cashflows of a pool of assets Private Credit Corporate Credit Alternative Credit Direct Lending Asset-Based Finance Financial Assets
Slide 25: Asset-Based Finance: The Backbone of Main Street
Asset-Based Finance: The Backbone of Main Street Blue Owl Alternative Credit is financing everyday consumers and businesses Illustrative example: A trip down Main Street How you travel Aircraft financed by aircraft loans Where you live How you buy Financed by mortgages Financed by credit cards Where
Slide 26: Real Assets
Real Assets
Slide 27: Real Assets Has Been Our Fastest Growing Platform
Real Assets Has Been Our Fastest Growing Platform… And We Think That Can Continue Blue Owl Real Assets AUM Approach $85.1B Assets under Net Lease management Real Estate Credit $85B Digital Infrastructure $18 20+ Expertise Average years experience across senior $17 management team 53% CAGR Scale 6,14
Slide 28: Real Assets AUM breakdown
Real Assets AUM breakdown $85.1 billion AUM Net Lease Real Estate Credit Digital Infrastructure AUM $50.0B $17.4B $17.7B Strategy Commenced 2009 19921 20161 ▪ Focuses on acquiring ▪ Offers a diverse range of ▪ Focuses on acquiring, single-tenant, free-standing competitive real estate financing, deve
Slide 29: Net Lease forms the basis of our Real Assets platform
Net Lease forms the basis of our Real Assets platform
Slide 30: A Record of Achievement in Net Lease
A Record of Achievement in Net Lease Demonstrating consistency, strength, and the power of scale #1 #1 8% Net private wealth capital raiser Institutional capital raiser Annualized Preferred for non-traded REIT since in 2024 Return, paid monthly1 inception 195 months 15+ Years 24% of Consecutive Dist
Slide 31: While Real Estate Credit combines two of our greatest strengths
While Real Estate Credit combines two of our greatest strengths
Slide 32: A Scaled Player in Public and Private Real Estate Credit
A Scaled Player in Public and Private Real Estate Credit How We Invest: Cumulative CMBS Single Asset Single Borrower (SASB) Volume SASB market experiencing exponential growth increasing at a ~13% CAGR over the last decade. Securities Private Loans $350 50% $300 40% Where We Invest: $250 30% $200 Ind
Slide 33: Digital Infrastructure allows us to capitalize on the greatest supply / demand imbalance
And Digital Infrastructure allows us to capitalize on the greatest supply / demand imbalance in decades
Slide 34: Blue Owl's Global Data Center Presence
Blue Owl’s Global Data Center Presence Stockholm Oslo Osaka Copenhagen Calgary Frankfurt Milan Chicago Indianapolis Geneva Kansas City Lancaster Zurich Toronto Tokyo Hillsboro Johor New Albany Silicon Newark Northern Valley Richmond Nashville Virginia Sydney Phoenix Hampton Dallas Canberra New Mexic
Slide 35: The Barriers to Entry Are Significant
The Barriers to Entry Are Significant What We Offer What We Offer Hyperscalers Investors • Long-standing development and operations expertise • Product differentiation • Vertical integration • Long track record • A partner of choice with a long track record • Income generation / downside protection1
Slide 36: GP Strategic Capital
GP Strategic Capital
Slide 37: Continued Steady Growth in GP Strategic Capital
Continued Steady Growth in GP Strategic Capital Blue Owl GP Strategic Capital AUM Scale $70.6B Assets under Professional Sports Minority Stakes management $71B $1 GP Debt Financing $3 GP Minority Stakes 19% Experience 15 CAGR Year track record $31B $67 100+ Focus Transactions with leading alternativ
Slide 38: GP Strategic Capital AUM breakdown
GP Strategic Capital AUM breakdown $70.6 billion AUM Professional Sports GP Minority Stakes GP Debt Financing Minority Stakes AUM $66.6B $2.7B $1.2B Strategy Commenced 2010 2019 2020 Seeks to provide permanent Primarily senior secured loans NBA franchise minority capital to prominent to private alte
Slide 39: We Remain the Clear Market Leader in GP Minority Stakes
We Remain the Clear Market Leader in GP Minority Stakes 16.0 Total Capital Raised – GP Blue Owl GPS next vintage target % of Total Blue Owl GPS V Stakes1 14.0 Blue Owl $40B 65% Peer 1 $9B 14% 12.0 Peer 2 $9B 14% $13B Peer 3 $3B 5% Blue Owl GPS IV Fund Size ($blns) 10.0 8.0 Peer 1 Peer 1 Blue Owl GPS
Slide 40: Endnotes
Endnotes
Slide 41: Endnotes
Endnotes Page 7 – Blue Owl Is Levered to the Largest Secular Growth Trends in Alternatives Sources: Direct Lending Industry AUM: Preqin Future of Alternatives Alternative Credit Addressable Market: Federal Reserve Z.1 Financial Accounts of the United States Q3 2023, FRB NY Quarterly Report on Househ
Slide 42: Non-GAAP Reconciliations
Non-GAAP Reconciliations
Slide 43: Non-GAAP Measures
Non-GAAP Measures Fee-Related Earnings (“FRE”) is a supplemental non-GAAP measure of our core operating performance used to make operating decisions and assess our core operating results, focusing on whether our core revenue streams, primarily consisting of management fees, are sufficient to cover o
Slide 44: Non-GAAP Reconciliations
Non-GAAP Reconciliations Last Twelve Months (dollars in thousands) 1Q26 4Q25 4Q24 4Q23 4Q22 Adj. 4Q21 GAAP Net Income (Loss) Attributable to Class A Shares $86,945 $78,833 $109,584 $54,343 $(9,289) $(376,171) Net income (loss) attributable to noncontrolling interests 261,465 226,654 310,862 166,433
Slide 45: Non-GAAP Reconciliations (cont'd)
Non-GAAP Reconciliations (cont’d) Last Twelve Months (dollars in thousands) 1Q26 4Q25 4Q24 4Q23 4Q22 Adj. 4Q21 GAAP Revenues $2,940,503 $2,870,178 $2,295,427 $1,731,608 $1,369,722 $823,878 Incremental revenues assuming the Business Combination closed on 1/1/21 — — — — — 123,374 Strategic Revenue-Sha
Slide 46: Defined Terms
Defined Terms
Slide 47: Defined Terms
Defined Terms Annualized Loss Ratio Refers to the average annual loss rate based on total annual net realized losses divided by the average aggregate quarterly cost of investments. The loss rate is based on the average loss rates in each year since inception. Assets Under Management or AUM Refers to
Slide 48: Defined Terms (cont'd)
Defined Terms (cont’d) Fitch Refers to Fitch Ratings credit rating agency. GAAP Refers to U.S. generally accepted accounting principles. GP Strategic Capital Refers to our GP Strategic Capital platform that primarily focuses on acquiring equity stakes in, and providing debt financing to, large, mult
Slide 49: Slide 49