Blue Owl Capital Inc. · NYSE:OWL
Blue Owl Capital — Q1 2025 Earnings Presentation
31 slides from Blue Owl Capital's earnings presentation, May 1, 2025
Slide 1: Blue Owl Capital Inc. First Quarter 2025 Earnings
May 1, 2025 Blue Owl Capital Inc. First Quarter 2025 Earnings
Slide 2: Disclosures
Disclosures About Blue Owl Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives®. With $273 billion in assets under management as of March 31, 2025, we invest across three multi-strategy platforms: Credit, GP Strategic Capital, and Real Assets. Anchored by a strong permane
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 $273 billion of assets under management, Blue Owl is a leading asset manager that is redefining alternatives®. Investment Platforms Credit GP Strategic Capital Real Assets • Financing partner of choice for private • Provides innovative minority equity and • Flexible and bespok
Slide 5: Management Fees Growth Since Becoming a Public Company
Management Fees Growth Since Becoming a Public Company (dollars in millions) $600.0 + te 35% $500.0 h Ra Growt nn ual o und A p $400.0 Com $300.0 $200.0 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 Management Fees (GAAP) FRE Management Fees For info
Slide 6: First Quarter 2025 Highlights
First Quarter 2025 Highlights • GAAP Net Income of $7.4 million, or $0.01 per basic and $0.00 per diluted Class A Share Financial Results • Fee-Related Earnings of $345.4 million, or $0.22 per Adjusted Share • Distributable Earnings of $262.5 million, or $0.17 per Adjusted Share • AUM of $273.3 bill
Slide 7: GAAP Results (Unaudited)
GAAP Results (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands, except per share data) 1Q'25 1Q'24 % Change 1Q'25 1Q'24 % Change GAAP Revenues Credit (including Part I Fees of $132,257, $118,043, $533,195 and $ 354,374 $ 270,801 31% $ 1,318,167 $ 962,515 37% $414,763) GP Strategic C
Slide 8: Historical Trends (GAAP)
Historical Trends (GAAP) • GAAP Management Fees of $2,150.4 million for the last twelve months, increased 33% compared to prior year • GAAP Consolidated Net Income of $345.1 million for the last twelve months, compared to $290.8 million in the prior year • GAAP Net Income Attributable to Class A Sha
Slide 9: 1Q'25 - LTM Earnings Growth
1Q'25 - LTM Earnings Growth 16th consecutive quarter of both FRE management fee and FRE sequential growth FRE Revenue FRE DE (dollars in millions) (dollars in millions) (dollars in millions) 30% 23% 20% Growth Growth Growth $2,304.2 $1,309.1 $1,151.7 $1,061.5 $958.9 $1,769.6 1Q'24 1Q'25 1Q'24 1Q'25
Slide 10: Non-GAAP Results (Unaudited)
Non-GAAP Results (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands, except per share data) 1Q'25 1Q'24 % Change 1Q'25 1Q'24 % Change FRE Revenues Credit (including Part I Fees of $132,257, $118,043, $533,195 and $ 354,374 $ 270,801 31% $ 1,318,167 $ 962,515 37% $414,763) GP Strategi
Slide 11: Historical Trends (Non-GAAP)
Historical Trends (Non-GAAP) • FRE Management Fees of $2,175.0 million for the last twelve months, increased 31% compared to prior year • Fee-Related Earnings of $1,309.1 million for the last twelve months, increased 23% compared to prior year • Distributable Earnings of $1,151.7 million for the las
Slide 12: Assets Under Management
Assets Under Management • AUM of $273.3 billion, increased 57% since March 31, 2024 ◦ The increase was primarily driven by the Kuvare, IPI, Prima and Atalaya Acquisitions, as well as capital raised and appreciation across the business • FPAUM of $174.6 billion, increased 66% since March 31, 2024 ◦ T
Slide 13: Fundraising
Fundraising • New Capital Commitments Raised of $10.7 billion in the quarter ◦ New Capital Commitments Raised of $48.6 billion during the last twelve months • Total Equity Fundraise of $6.7 billion during the quarter was driven by $4.0 billion in Credit, $2.2 billion in Real Assets and $0.6 billion
Slide 14: Credit Platform
Credit Platform • AUM of $139.2 billion, increased 53% since March 31, 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 $92.9 billion, increased 58% since March 31, 2024 ◦ The increase w
Slide 15: GP Strategic Capital Platform
GP Strategic Capital Platform • AUM of $67.0 billion, increased 20% since March 31, 2024 ◦ The increase was primarily driven by capital raised in our sixth flagship minority equity stakes product and appreciation across the platform • FPAUM of $37.8 billion, increased 19% since March 31, 2024 ◦ The
Slide 16: Real Assets Platform
Real Assets Platform • AUM of $67.1 billion, increased 146% since March 31, 2024 ◦ The increase was primarily driven by the IPI, Prima and Kuvare Acquisitions, capital raised in our real estate investment trust, European net lease product and our third vintage digital infrastructure product, as well
Slide 17: Supplemental Information
Supplemental Information
Slide 18: Supplemental Liquidity Metrics
Supplemental Liquidity Metrics As of March 31, 2025, the average maturity of the Company's outstanding notes is ~10 years. Total Debt ($M) Available Liquidity ($M) $3,240 Credit Ratings BBB+ Baa2 $730 $60 $98 $350 Fitch Moody's $400 BBB S&P $700 $1,000 $759 $985 $1.1B Available Liquidity Revolving C
Slide 19: FPAUM to AUM Bridge
FPAUM to AUM Bridge As of March 31, 2025, AUM not yet paying fees totaled $23.4 billion, reflecting expected annual management fees of $289 million once deployed. (dollars in billions) $60.7 $273.3 $17.3 $20.7 $67.1 $14.5 $22.7 $0.7 $23.4 $6.9 $6.9 $5.1 $1.6 $174.6 $16.7 $67.0 $43.9 $28.6 $37.8 $71.
Slide 20: AUM and FPAUM Rollforwards
AUM and FPAUM Rollforwards Three Months Ended March 31, 2025 Twelve Months Ended March 31, 2025 (dollars in millions) GP Strategic GP Strategic Credit Capital Real Assets Total Credit Capital Real Assets Total AUM Beginning Balance $ 135,710 $ 66,035 $ 49,374 $ 251,119 $ 91,289 $ 55,793 $ 27,238 $ 1
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) 1Q'25 1Q'24 1Q'25 1Q'24 Revenues Management fees, net (includes Part I Fees of $132,556, $120,161, $540,254 and $421,643) $ 604,186 $ 447,898 $ 2,150,352 $ 1,616,314 Administrative, tran
Slide 23: GAAP Results Summary (Unaudited)
GAAP Results Summary (Unaudited) Quarter Ended (dollars in thousands, except per share data) 1Q'25 4Q'24 3Q'24 2Q'24 1Q'24 GAAP Revenues Management Fees, Net $ 604,186 $ 557,103 $ 523,309 $ 465,754 $ 447,898 Administrative, Transaction and Other Fees 72,988 69,675 77,289 83,906 63,397 Performance Re
Slide 24: Non-GAAP Results Summary (Unaudited)
Non-GAAP Results Summary (Unaudited) Quarter Ended (dollars in thousands, except per share data) 1Q'25 4Q'24 3Q'24 2Q'24 1Q'24 FRE Revenues FRE Management Fees, Net $ 595,983 $ 568,220 $ 534,425 $ 476,414 $ 458,558 FRE Administrative, Transaction and Other Fees 20,154 23,288 33,622 43,404 25,945 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) 1Q'25 4Q'24 3Q'24 2Q'24 1Q'24 1Q'25 1Q'24 GAAP Net Income Attributable to Class A Shares $ 7,430 $ 20,743 $ 29,805 $ 33,945 $ 25,091 $ 91,923 $ 71,117 Net income attributable to noncontrolling interests 29,240 50,312 69
Slide 27: Non-GAAP Reconciliations (cont'd)
Non-GAAP Reconciliations (cont’d) Quarter Ended Last Twelve Months (dollars in thousands, except per share data) 1Q'25 4Q'24 3Q'24 2Q'24 1Q'24 1Q'25 1Q'24 Weighted-Average Adjusted Shares Class A Shares(1) 614,422,518 590,446,378 563,549,711 518,018,685 476,336,605 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) 1Q'25 1Q'24 1Q'25 1Q'24 Income Before Income Taxes $ 40,342 $ 126,784 $ 382,786 $ 324,694 GAAP Revenues $ 683,486 $ 513,340 $ 2,465,573 $ 1,853,962 GAAP Margin 6% 25 % 16 % 18 % Fee-Relat
Slide 29: Non-GAAP Reconciliations (cont'd)
Non-GAAP Reconciliations (cont’d) (dollars in thousands) 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 GAAP Management Fees $ 142,135 $ 203,750 $ 227,337 $ 247,632 $ 284,325 $ 338,377 $ 341,272 $ 358,825 $ 371,829 $ 386,009 $ 410,578 $ 447,898 $ 465,
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