Blue Owl Capital Corporation · NYSE:OBDC
Blue Owl Capital — Q3 2025 Earnings Presentation
30 slides from Blue Owl Capital's earnings presentation, Oct 30, 2025
Slide 1: Blue Owl Capital Inc. Third Quarter 2025 Earnings
October 30, 2025 Blue Owl Capital Inc. Third 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 $295 billion in assets under management as of September 30, 2025, we invest across three multi-strategy platforms: Credit, Real Assets and GP Strategic Capital. Anchored by a strong
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 Investment Platforms
Blue Owl Overview With over $295 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 5: Delivering Innovative Private Wealth Products to The Largest Secular Growth Areas of Alternatives
Delivering Innovative Private Wealth Products to The Largest Secular Growth Areas of Alternatives Asset-Based Finance Global Data Center Demand Net Lease Total Addressable Market (Gigawatts)2 Investment Grade Universe $11.2 22% CAGR Trillion1 $15+ Estimated addressable Trillion3 market Private ABF 2
Slide 6: Third Quarter 2025 Highlights
Third Quarter 2025 Highlights • GAAP Net Income of $6.3 million, or $0.01 per basic and $0.01 per diluted Class A Share Financial Results • Fee-Related Earnings of $376.2 million, or $0.24 per Adjusted Share • Distributable Earnings of $341.0 million, or $0.22 per Adjusted Share • AUM of $295.6 bill
Slide 7: GAAP Results (Unaudited)
GAAP Results (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands, except per share data) 3Q'25 3Q'24 % Change 3Q'25 3Q'24 % Change GAAP Revenues Credit (including Part I Fees of $149,173, $138,300, $552,392 and $ 401,605 $ 325,210 23% $ 1,474,268 $ 1,133,606 30% $493,551) Real Assets
Slide 8: Historical Trends (GAAP)
Historical Trends (GAAP) • GAAP Management Fees of $2,430.3 million for the last twelve months, increased 32% compared to prior year • GAAP Consolidated Net Income of $225.8 million for the last twelve months, compared to $430.6 million in the prior year • GAAP Net Income Attributable to Class A Sha
Slide 9: 3Q'25 - LTM Earnings Growth
3Q'25 - LTM Earnings Growth 18th consecutive quarter of both FRE management fees and FRE sequential growth FRE Revenues FRE DE (dollars in millions) (dollars in millions) (dollars in millions) 25% 19% 15% Growth Growth Growth $2,548.9 $1,420.2 $1,241.7 $1,076.4 $1,192.4 $2,043.7 3Q'24 3Q'25 3Q'24 3Q
Slide 10: Non-GAAP Results (Unaudited)
Non-GAAP Results (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands, except per share data) 3Q'25 3Q'24 % Change 3Q'25 3Q'24 % Change FRE Revenues Credit (including Part I Fees of $149,173, $138,300, $552,392 and $ 401,605 $ 325,210 23% $ 1,474,268 $ 1,133,606 30% $493,551) Real Asse
Slide 11: Historical Trends (Non-GAAP)
Historical Trends (Non-GAAP) • FRE Management Fees of $2,441.1 million for the last twelve months, increased 29% compared to prior year • Fee-Related Earnings of $1,420.2 million for the last twelve months, increased 19% compared to prior year • Distributable Earnings of $1,241.7 million for the las
Slide 12: Assets Under Management
Assets Under Management • AUM of $295.6 billion, increased 26% since September 30, 2024 ◦ The increase was primarily driven by the IPI Acquisition, as well as capital raised and appreciation across the business • FPAUM of $183.8 billion, increased 19% since September 30, 2024 ◦ The increase was prim
Slide 13: Fundraising
Fundraising • New Capital Commitments Raised of $14.4 billion in the quarter ◦ New Capital Commitments Raised of $57.0 billion during the last twelve months • Total Equity Fundraise of $11.2 billion during the quarter was driven by $5.6 billion in Credit, $3.0 billion in Real Assets and $2.7 billion
Slide 14: Credit Platform
Credit Platform • AUM of $152.1 billion, increased 18% since September 30, 2024 ◦ The increase was primarily driven by capital raised in products from the direct lending strategy • FPAUM of $97.3 billion, increased 9% since September 30, 2024 ◦ The increase was primarily driven by capital raised in
Slide 15: Real Assets Platform
Real Assets Platform • AUM of $74.7 billion, increased 69% since September 30, 2024 ◦ The increase was primarily driven by the IPI Acquisition, capital raised in our real estate investment trust, our seventh vintage drawdown product and our third vintage digital infrastructure product • FPAUM of $46
Slide 16: GP Strategic Capital Platform
GP Strategic Capital Platform • AUM of $68.8 billion, increased 11% since September 30, 2024 ◦ The increase was primarily driven by capital raised in our minority equity stakes strategy, including new vehicles that recently acquired assets from a prior vintage product, and our sixth vintage product,
Slide 17: Supplemental Information
Supplemental Information
Slide 18: Supplemental Liquidity Metrics
Supplemental Liquidity Metrics As of September 30, 2025, the average maturity of the Company's outstanding notes is ~10 years. Total Debt ($M) Available Liquidity ($M) $3,280 Credit Ratings $770 BBB+ Baa2 $60 $137 $350 Fitch Moody's $400 BBB S&P $700 $1,000 $759 $1,644 $1.8B Available Liquidity Revo
Slide 19: FPAUM to AUM Bridge
FPAUM to AUM Bridge As of September 30, 2025, AUM not yet paying fees totaled $28.4 billion, reflecting expected annual management fees of $361 million once deployed. (dollars in billions) $66.2 $295.6 $20.4 $17.3 $68.8 $28.5 $17.2 $7.0 $28.4 $2.0 $1.2 $8.2 $9.0 $183.8 $18.2 $74.7 $40.2 $28.6 $46.3
Slide 20: AUM and FPAUM Rollforwards
AUM and FPAUM Rollforwards Three Months Ended September 30, 2025 Twelve Months Ended September 30, 2025 (dollars in millions) GP Strategic GP Strategic Credit Real Assets Capital Total Credit Real Assets Capital Total AUM Beginning Balance $ 145,468 $ 71,486 $ 67,131 $ 284,085 $ 128,443 $ 44,113 $ 6
Slide 21: Appendix
Appendix
Slide 22: GAAP Results (Unaudited)
GAAP Results (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands, except share and per share data) 3Q'25 3Q'24 3Q'25 3Q'24 Revenues Management fees, net (includes Part I Fees of $150,441, $140,676, $558,542 and $502,202) $ 645,655 $ 523,309 $ 2,430,313 $ 1,847,539 Administrative, tran
Slide 23: GAAP Results Summary (Unaudited)
GAAP Results Summary (Unaudited) Quarter Ended (dollars in thousands, except per share data) 3Q'25 2Q'25 1Q'25 4Q'24 3Q'24 GAAP Revenues Management Fees, Net $ 645,655 $ 623,369 $ 604,186 $ 557,103 $ 523,309 Administrative, Transaction and Other Fees 82,147 78,758 72,988 69,675 77,289 Performance Re
Slide 24: Non-GAAP Results Summary (Unaudited)
Non-GAAP Results Summary (Unaudited) Quarter Ended (dollars in thousands, except per share data) 3Q'25 2Q'25 1Q'25 4Q'24 3Q'24 FRE Revenues FRE Management Fees, Net $ 656,699 $ 620,152 $ 595,983 $ 568,220 $ 534,425 FRE Administrative, Transaction and Other Fees 30,110 25,779 20,154 23,288 33,622 FRE
Slide 25: 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 26: Non-GAAP Reconciliations
Non-GAAP Reconciliations Quarter Ended Last Twelve Months (dollars in thousands) 3Q'25 2Q'25 1Q'25 4Q'24 3Q'24 3Q'25 3Q'24 GAAP Net Income Attributable to Class A Shares $ 6,310 $ 17,426 $ 7,430 $ 20,743 $ 29,805 $ 51,909 $ 106,899 Net income attributable to noncontrolling interests 41,063 53,270 29
Slide 27: Non-GAAP Reconciliations (cont’d)
Non-GAAP Reconciliations (cont’d) Quarter Ended Last Twelve Months (dollars in thousands, except per share data) 3Q'25 2Q'25 1Q'25 4Q'24 3Q'24 3Q'25 3Q'24 Weighted-Average Adjusted Shares Class A Shares(1) 655,630,319 637,712,824 614,422,518 590,446,378 563,549,711 Common Units and Vested Incentive
Slide 28: Non-GAAP Reconciliations (cont’d)
Non-GAAP Reconciliations (cont’d) Quarter Ended Last Twelve Months (dollars in thousands, except per share data) 3Q'25 3Q'24 3Q'25 3Q'24 Income Before Income Taxes $ 55,321 $ 112,120 $ 254,230 $ 479,461 GAAP Revenues $ 727,990 $ 600,878 $ 2,745,943 $ 2,158,101 GAAP Margin 7.6 % 18.7 % 9.3 % 22.2 % F
Slide 29: 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 30: 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