Blue Owl Capital Inc. · NYSE:OWL
Blue Owl Capital — Q4 2025 Earnings Presentation
33 slides from Blue Owl Capital's earnings presentation, Feb 5, 2026
Slide 1: Blue Owl Capital Inc. Fourth Quarter 2025 Earnings
February 5, 2026 Blue Owl Capital Inc. Fourth 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 $307 billion in assets under management as of December 31, 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: Key Highlights from 2025
Key Highlights from 2025 Fundraising Success Across Business Strong Returns Across OWL Products1 • Equity fundraise $42.0 billion, over 50% increase • Credit from 2024 • OCIC 10.1% gross return for 2025 • Institutional equity fundraise $24.7 billion, 80% • OTIC 11.0% gross return for 2025 increase f
Slide 5: Blue Owl Overview
Blue Owl Overview With over $307 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
Significant Fundraising Growth Significant growth driven by differentiated products, a broadening of our product offering and the scaling of our distribution platforms (dollars in billions) $12.1 $12.0 $11.2 $10.5 $9.5 53% increase $7.9 $6.9 $6.7 $6.2 74% increase $5.4 $4.7 $4.0 $3.8 $2.9 $2.9 1Q'23
Slide 7: Fourth Quarter 2025 Highlights
Fourth Quarter 2025 Highlights • GAAP Net Income of $47.7 million, or $0.07 per basic and $0.07 per diluted Class A Share Financial Results • Fee-Related Earnings of $416.6 million, or $0.27 per Adjusted Share • Distributable Earnings of $382.5 million, or $0.24 per Adjusted Share • AUM of $307.4 bi
Slide 8: GAAP Results (Unaudited)
GAAP Results (Unaudited) Quarter Ended Year Ended (dollars in thousands, except per share data) 4Q'25 4Q'24 % Change 4Q'25 4Q'24 % Change GAAP Revenues Credit (including Part I Fees of $145,312, $135,503, $562,201 and $ 397,488 $ 350,273 13% $ 1,521,483 $ 1,234,594 23% $518,981) Real Assets 101,178
Slide 9: Historical Trends (GAAP)
Historical Trends (GAAP) • GAAP Management Fees of $2,521.9 million for the year, increased 26% compared to prior year • GAAP Consolidated Net Income of $305.5 million for the year, compared to $420.4 million in the prior year • GAAP Net Income Attributable to Class A Shares of $78.8 million for the
Slide 10: FY'25 - Earnings Growth
FY'25 - Earnings Growth FRE Revenues FRE DE (dollars in millions) (dollars in millions) (dollars in millions) 22% 19% 16% Growth Growth Growth $2,654.7 $1,496.5 $1,309.1 $1,129.2 $2,170.6 $1,253.4 FY'24 FY'25 FY'24 FY'25 FY'24 FY'25 10 For information on and reconciliation of the Company's non-GAAP
Slide 11: Non-GAAP Results (Unaudited)
Non-GAAP Results (Unaudited) Quarter Ended Year Ended (dollars in thousands, except per share data) 4Q'25 4Q'24 % Change 4Q'25 4Q'24 % Change FRE Revenues Credit (including Part I Fees of $145,312, $135,503, $562,201 and $ 397,488 $ 350,273 13% $ 1,521,483 $ 1,234,594 23% $518,981) Real Assets 101,1
Slide 12: Historical Trends (Non-GAAP)
Historical Trends (Non-GAAP) • FRE Management Fees of $2,532.6 million for the year, increased 24% compared to prior year • Fee-Related Earnings of $1,496.5 million for the year, increased 19% compared to prior year • Distributable Earnings of $1,309.1 million for the year, increased 16% compared to
Slide 13: Assets Under Management
Assets Under Management • AUM of $307.4 billion, increased 22% since December 31, 2024 ◦ The increase was primarily driven by capital raised across the business, as well as the IPI Acquisition • FPAUM of $187.7 billion, increased 17% since December 31, 2024 ◦ The increase was primarily driven by cap
Slide 14: Fundraising
Fundraising • New Capital Commitments Raised of $17.3 billion in the quarter ◦ New Capital Commitments Raised of $56.3 billion during the year • Total Equity Fundraise of $12.0 billion during the quarter was driven by $6.1 billion in Real Assets, $5.3 billion in Credit and $0.6 billion in GP Strateg
Slide 15: Credit Platform
Credit Platform • AUM of $157.8 billion, increased 16% since December 31, 2024 ◦ The increase was primarily driven by capital raised in products from the direct lending and alternative credit strategies, partially offset by distributions in the direct lending strategy • FPAUM of $99.5 billion, incre
Slide 16: Real Assets Platform
Real Assets Platform • AUM of $80.6 billion, increased 63% since December 31, 2024 ◦ The increase was primarily driven by capital raised across the platform, including by our seventh vintage drawdown product and our real estate investment trusts in our net lease and digital infrastructure strategies
Slide 17: GP Strategic Capital Platform
GP Strategic Capital Platform • AUM of $69.1 billion, increased 5% since December 31, 2024 ◦ The increase was primarily driven by capital raised in our minority equity stakes strategy, including new vehicles that acquired assets from a prior vintage product and our sixth vintage product • FPAUM of $
Slide 18: Supplemental Information
Supplemental Information
Slide 19: Supplemental Liquidity Metrics
Supplemental Liquidity Metrics As of December 31, 2025, the average maturity of the Company's outstanding notes is ~9 years. Total Debt ($M) Available Liquidity ($M) $3,370 Credit Ratings $860 BBB+ Baa2 $195 $60 Fitch Moody's $350 $400 BBB S&P $700 $1,000 $759 $1,579 $1.8B Available Liquidity Revolv
Slide 20: FPAUM to AUM Bridge
FPAUM to AUM Bridge As of December 31, 2025, AUM not yet paying fees totaled $28.4 billion, reflecting expected annual management fees of $326 million once deployed. (dollars in billions) $72.8 $307.4 $21.3 $19.8 $69.1 $31.8 $18.5 $7.2 $28.4 $2.4 $1.1 $9.0 $9.7 $187.7 $17.5 $80.6 $39.5 $28.6 $48.8 $
Slide 21: AUM and FPAUM Rollforwards
AUM and FPAUM Rollforwards Three Months Ended December 31, 2025 Twelve Months Ended December 31, 2025 (dollars in millions) GP Strategic GP Strategic Credit Real Assets Capital Total Credit Real Assets Capital Total AUM Beginning Balance $ 152,140 $ 74,682 $ 68,790 $ 295,612 $ 135,710 $ 49,374 $ 66,
Slide 22: Product Performance
Product Performance MoIC IRR (dollars in millions) Year of Capital Invested Realized Unrealized Total Inception AUM Raised(6) Capital(7) Proceeds(8) Value(9) Value Gross(10) Net(11) Gross Net Credit Platform Direct Lending(1) Blue Owl Credit Income Corp. (OCIC) 2020 41,519 21,533 19,317 3,521 19,322
Slide 23: Appendix
Appendix
Slide 24: GAAP Results (Unaudited)
GAAP Results (Unaudited) Quarter Ended Year Ended (dollars in thousands, except share and per share data) 4Q'25 4Q'24 4Q'25 4Q'24 Revenues Management fees, net (includes Part I Fees of $146,792, $137,580, $567,754 and $527,859) $ 648,727 $ 557,103 $ 2,521,937 $ 1,994,064 Administrative, transaction
Slide 25: GAAP Results Summary (Unaudited)
GAAP Results Summary (Unaudited) Quarter Ended (dollars in thousands, except per share data) 4Q'25 3Q'25 2Q'25 1Q'25 4Q'24 GAAP Revenues Management Fees, Net $ 648,727 $ 645,655 $ 623,369 $ 604,186 $ 557,103 Administrative, Transaction and Other Fees 87,576 82,147 78,758 72,988 69,675 Performance Re
Slide 26: Non-GAAP Results Summary (Unaudited)
Non-GAAP Results Summary (Unaudited) Quarter Ended (dollars in thousands, except per share data) 4Q'25 3Q'25 2Q'25 1Q'25 4Q'24 FRE Revenues FRE Management Fees, Net $ 659,771 $ 656,699 $ 620,152 $ 595,983 $ 568,220 FRE Administrative, Transaction and Other Fees 29,234 30,110 25,779 20,154 23,288 FRE
Slide 27: 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 28: Non-GAAP Reconciliations
Non-GAAP Reconciliations Quarter Ended Year Ended (dollars in thousands) 4Q'25 3Q'25 2Q'25 1Q'25 4Q'24 4Q'25 4Q'24 GAAP Net Income Attributable to Class A Shares $ 47,667 $ 6,310 $ 17,426 $ 7,430 $ 20,743 $ 78,833 $ 109,584 Net income attributable to noncontrolling interests 103,081 41,063 53,270 29
Slide 29: Non-GAAP Reconciliations (cont'd)
Non-GAAP Reconciliations (cont’d) Quarter Ended Year Ended (dollars in thousands, except share and per share data) 4Q'25 3Q'25 2Q'25 1Q'25 4Q'24 4Q'25 4Q'24 Weighted-Average Adjusted Shares Class A Shares(1) 665,140,357 655,630,319 637,712,824 614,422,518 590,446,378 643,398,948 537,305,932 Common U
Slide 30: Non-GAAP Reconciliations (cont'd)
Non-GAAP Reconciliations (cont’d) Quarter Ended Year Ended (dollars in thousands) 4Q'25 3Q'25 2Q'25 1Q'25 4Q'24 4Q'25 4Q'24 GAAP Compensation and Benefits $ 313,426 $ 341,374 $ 326,300 $ 325,940 $ 294,482 $ 1,307,040 $ 1,017,483 DE performance revenues compensation (5,801) — (732) (1,918) (143) (8,4
Slide 31: Non-GAAP Reconciliations (cont'd)
Non-GAAP Reconciliations (cont’d) Quarter Ended Year Ended (dollars in thousands) 4Q'25 4Q'24 4Q'25 4Q'24 Income Before Income Taxes $ 167,754 $ 74,073 $ 347,911 $ 469,228 GAAP Revenues $ 755,596 $ 631,361 $ 2,870,178 $ 2,295,427 GAAP Margin 22.2% 11.7% 12.1% 20.4% Fee-Related Earnings Before Noncon
Slide 32: 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 33: 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