Blue Owl Capital Inc. · NYSE:OWL
Blue Owl Capital — Investor Presentation (August 2026)
56 slides from Blue Owl Capital's investor presentation, August 2026
Slide 1: Blue Owl Capital Inc. Second Quarter 2026 Investor Presentation
Blue Owl Capital Inc. Second 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 $319 billion in assets under management as of June 30, 2026, we invest across three multi-strategy platforms: Credit, Real Assets and GP Strategic Capital. Anchored by a strong permanent
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 $319 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 $319B Digital Infrastructure 39% CAGR Real Estate Credit Investment Grade Credit Alternative Credit Liquid Credit Net Lease Other1 GP Minority Stakes $62B Direct Lending 2Q21 2Q26 At2Q21 Listing 2Q26 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 $72B 2010 Net Lease $53B 2009 Investment Grade Credit $18B 2020 Digita
Slide 7: Blue Owl Is Well Positioned in the Largest Secular Growth Areas of Alternatives
Blue Owl Is Well Positioned in the Largest Secular Growth Areas of 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
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: Diversified and Global Distribution Channels
Diversified and Global Distribution Channels We believe Blue Owl is well diversified across institutional investors and private wealth By Type By Geography Insurance 19% Public Pension 19% Private Wealth Investors In Wealth Evergreen Products 17% Private Wealth Investors In Drawdown Funds and Other
Slide 10: 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 11: 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 12: Significant Growth in AUM Since Our Listing
Significant Growth in AUM Since Our Listing AUM FPAUM Permanent Capital (billions) (billions) (billions) $319 $191 $225 $43 $57 $62 At Listing 2Q26 At Listing 2Q26 At Listing 2Q26 Growth of over 5x in AUM & over 4x in FPAUM since public listing At Listing metrics as of June 30, 2021. There can be no
Slide 13: 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) $2,675 $2,782 $2,544 $2,655 $1,579 $1,497 $2,038 $2,171 $1,253 $1,568 $1,660 $998 $1,249 $1,322 $800 $792 $900 $547 2021 2022 2023 2024 2025 2Q26 2021 2
Slide 14: 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 15: The Permanency and Duration of Our Capital Base Is Distinct
The Permanency and Duration of Our Capital Base Is Distinct Permanent Capital Anchors Permanent Capital AUM Embedded Earnings Power Our FRE Management Fees (billions) 4x $225 $31.1B of AUM not yet paying fees will drive 71 ~$380M of FRE Management Fees upon deployment 85% 33 LTM Management Fees from
Slide 16: Supplemental Liquidity Metrics
Supplemental Liquidity Metrics As of June 30, 2026, the average maturity of the Company's outstanding notes is ~9 years. Total Debt ($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 annual
Slide 17: Credit
Credit
Slide 18: 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 Scale $158.1B Assets under Direct Lending $158B management Alternative Credit $4 Investment Grade Credit $6 Liquid Credit $18 Other Credit Strategies 28+ $15 Experience Senior management team’s years
Slide 19: Credit AUM breakdown
Credit AUM breakdown $158.1 billion AUM1 Investment Grade Direct Lending Alternative Credit Liquid Credit Credit AUM $115.1B $14.6B $18.4B $5.9B Strategy 2016 20062 20203 20154 Commenced ▪ Lending to primarily ▪ Deep expertise investing ▪ Focuses on generating ▪ CLO portfolios of upper-middle-market
Slide 20: 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 11,990+ 860+ 835+ ~$1,130M $285M ~43% Deals Sponsor Deals Average Average Average Reviewed Relationships Closed1 Revenue EBITDA LTV 87% 160+ 420+ ~20bp
Slide 21: 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 73% 87% Weighted-Average Debt Maturity (Years)4 4.2 5.3 Second Lien Positions 5% 4% Weighted-Average Asset Maturity (Years) J
Slide 22: 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 5.8 5.3 Second Lien Positions 3% 4% Weighted-Average Asset Maturity (Years) 4.3 4.5 Jo
Slide 23: 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 24: 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 ~$31 Billion ~1,200 Invested Capital1 Total Investments1 Specialty Finance Lender of the Yea
Slide 25: 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 26: 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 27: Real Assets
Real Assets
Slide 28: 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 $89.4B Assets under Net Lease $89B management Real Estate Credit Digital Infrastructure $18 20+ Expertise Average years $18 experience across senior management team 52% CAGR Scale 6,12
Slide 29: Real Assets AUM breakdown
Real Assets AUM breakdown $89.4 billion AUM Net Lease Real Estate Credit Digital Infrastructure AUM $53.4B $17.5B $18.4B 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 30: Net Lease forms the basis of our Real Assets platform
Net Lease forms the basis of our Real Assets platform
Slide 31: A Record of Achievement in Net Lease
A Record of Achievement in Net Lease Demonstrating consistency, strength, and the power of scale 2025 #1 8% Net private wealth capital raiser PERE Global Net Lease Annualized Preferred for non-traded REIT since Investor of the Year Return, paid monthly1 inception 198 months 15+ Years 24% of Consecut
Slide 32: While Real Estate Credit combines two of our greatest strengths
While Real Estate Credit combines two of our greatest strengths
Slide 33: 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 $400 50% $350 40% $300 Where We Invest: $250 30% Ind
Slide 34: 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 35: 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 36: 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 37: Our Non-Traded REITs Are Delivering Strong Performance and Have Increased Distributions
Our Non-Traded REITs Are Delivering Strong Performance and Have Increased Distributions This Year
Slide 38: ORENT and ODIT Distribution Growth This Year
ORENT and ODIT Distribution Growth This Year ORENT ODIT +7.2% 7.0% +11.1% Current Annualized Distribution Increase Distribution Increase Distribution Rate1 $0.750 $0.500 $0.700 $0.450 Prior Distribution Current Distribution Prior Distribution Current Distribution Per Share (Annualized) Per Share (An
Slide 39: GP Strategic Capital
GP Strategic Capital
Slide 40: Continued Steady Growth in GP Strategic Capital
Continued Steady Growth in GP Strategic Capital Blue Owl GP Strategic Capital AUM Scale $71.5B Assets under Professional Sports Minority Stakes management GP Debt Financing $72B $1 GP Minority Stakes $3 18% Experience 15+ CAGR Year track record $31B $68 100+ Focus Transactions with leading alternati
Slide 41: GP Strategic Capital AUM breakdown
GP Strategic Capital AUM breakdown $71.5 billion AUM Professional Sports GP Minority Stakes GP Debt Financing Minority Stakes AUM $67.5B $2.7B $1.3B Strategy Commenced 2010 2019 2020 Seeks to provide permanent Primarily senior secured loans NBA franchise minority capital to the world’s leading to pr
Slide 42: We Remain the Clear Market Leader in GP Minority Stakes
We Remain the Clear Market Leader in GP Minority Stakes 16 Blue Owl GPS next vintage target Total Capital Raised – GP Blue Owl GPS V % of Total Stakes1 14 Blue Owl $41B 66% Peer 1 $9B 15% 12 Peer 2 $9B 14% $13B Peer 3 $3B 5% Fund Size ($billions) Blue Owl GPS IV 10 8 Peer 1 Peer 1 Blue Owl GPS III P
Slide 43: Appendix
Appendix
Slide 44: Our Direct Lending Strategy Invests at the Top of the Capital Structure
Our Direct Lending Strategy Invests at the Top of the Capital Structure Our Direct Lending Strategy Invests at the Top of the Capital Structure Illustrative example of a senior secured loan Perception: LTV at the time of origination As LTV changes, priority does not • Based on an illustrative loan-t
Slide 45: OCIC Historical Repayments & Liquidity
OCIC Historical Repayments & Liquidity OCIC Repayments as a Multiple of Tender Offers by Quarter (2024 – 2026) $10,000 9.0x $8,000 7.2x 7.0x 5.3x 5.0x $6,000 $4,742 3.6x 3.8x 2.8x 2.8x 3.3x 2.9x 3.0x 2.4x $3,697 $4,000 $2,916 1.5x 1.0x $2,686 $2,616 $2,830 $2,255 $1,643 $1,401 -1.0x $2,000 $1,065 -3
Slide 46: Endnotes
Endnotes
Slide 47: Endnotes
Endnotes Page 7 – Blue Owl Is Well Positioned in the Largest Secular Growth Areas of 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
Slide 48: Endnotes
Endnotes Page 38 – ORENT and ODIT Distribution Growth This Year ORENT new distribution represents annualized distribution per share starting in January 2026. Distribution payments are not guaranteed. ORENT may pay distributions from sources other than cash flow from operations, including, without li
Slide 49: Non-GAAP Reconciliations
Non-GAAP Reconciliations
Slide 50: 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 51: Non-GAAP Reconciliations
Non-GAAP Reconciliations Last Twelve Months (dollars in thousands) 2Q'26 4Q'25 4Q'24 4Q'23 4Q'22 Adj. 4Q'21 GAAP Net Income (Loss) Attributable to Class A Shares $ 80,912 $ 78,833 $ 109,584 $ 54,343 $ (9,289) $ (376,171) Net income (loss) attributable to noncontrolling interests 257,466 226,654 310,
Slide 52: Non-GAAP Reconciliations (cont'd)
Non-GAAP Reconciliations (cont’d) Last Twelve Months (dollars in thousands) 2Q'26 4Q'25 4Q'24 4Q'23 4Q'22 Adj. 4Q'21 GAAP Revenues $ 2,990,449 $ 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
Slide 53: Defined Terms
Defined Terms
Slide 54: 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. loss rate is based on the average loss rates in each year since inception. Assets Under Management or AUM Refers to the
Slide 55: 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
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