Blue Owl Capital Inc. · NYSE:OWL
Blue Owl Capital — Q2 2026 Earnings Presentation
39 slides from Blue Owl Capital's earnings presentation, Jul 30, 2026
Slide 1: Blue Owl Capital Inc. Second Quarter 2026 Earnings
July 30, 2026 Blue Owl Capital Inc. Second Quarter 2026 Earnings
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 and Investment Platforms
Blue Owl Overview With $319 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 innovati
Slide 5: AUM Growth and Diversification
AUM Growth and Diversification More Than Tripled AUM and Meaningfully Diversified in over Four Years Digital Infrastructure, 6% Real Estate Credit, 5% Direct Net Lease, GP Strategic 17% GP Strategic Lending, Capital, 42% Capital, 22% 42% Liquid/ Other 4Q’21 Credit, 2Q'26 AUM 3% AUM $94 billion $319
Slide 6: Second Quarter 2026 Highlights
Second Quarter 2026 Highlights • GAAP Net Income of $11.4 million, or $0.02 per basic and $0.02 per diluted Class A Share Financial Results • Fee-Related Earnings of $392.2 million, or $0.25 per Adjusted Share • Distributable Earnings of $351.2 million, or $0.22 per Adjusted Share • AUM of $319.0 bi
Slide 7: GAAP Results (Unaudited)
GAAP Results (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands, except per share data) 2Q'26 2Q'25 % Change 2Q'26 2Q'25 % Change GAAP Revenues Management Fees(1) $ 661,565 $ 623,369 6% $ 2,630,700 $ 2,307,967 14% Administrative, Transaction and Other Fees 102,453 78,758 30% 366,950
Slide 8: Historical Trends (GAAP)
Historical Trends (GAAP) • GAAP Management Fees of $2,630.7 million for the last twelve months, increased 14% compared to prior year • GAAP Consolidated Net Income of $338.4 million for the last twelve months, compared to $277.7 million in the prior year • GAAP Net Income Attributable to Class A Sha
Slide 9: 2Q'26 vs 2Q'25 - Earnings Growth
2Q'26 vs 2Q'25 - Earnings Growth FRE Revenues FRE DE (dollars in millions) (dollars in millions) (dollars in millions) 7% 9% 9% Growth Growth Growth $693.6 $392.2 $351.2 $646.1 $358.3 $323.0 2Q’25 2Q’26 2Q’25 2Q’26 2Q’25 2Q’26 For information on and reconciliation of the Company's non-GAAP measures,
Slide 10: Non-GAAP Results (Unaudited)
Non-GAAP Results (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands, except per share data) 2Q'26 2Q'25 % Change 2Q'26 2Q'25 % Change FRE Revenues FRE Management Fees(1) $ 672,608 620,152 8% $ 2,674,875 2,318,780 15% FRE Administrative, Transaction and Other Fees 31,918 25,779 24% 12
Slide 11: Historical Trends (Non-GAAP)
Historical Trends (Non-GAAP) • FRE Management Fees of $2,674.9 million for the last twelve months, increased 15% compared to prior year • Fee-Related Earnings of $1,578.6 million for the last twelve months, increased 15% compared to prior year • Distributable Earnings of $1,367.3 million for the las
Slide 12: Assets Under Management
Assets Under Management • AUM of $319.0 billion, increased 12% since June 30, 2025 ◦ The increase was primarily driven by capital raised, change in debt and appreciation across the business, partially offset by distributions • FPAUM of $190.6 billion, increased 7% since June 30, 2025 ◦ The increase
Slide 13: Fundraising
Fundraising • New Capital Commitments Raised of $7.8 billion in the quarter ◦ New Capital Commitments Raised of $50.5 billion during the last twelve months • Total Equity Fundraise of $7.6 billion during the quarter was driven by $4.4 billion in Real Assets, $1.8 billion in Credit, and $1.3 billion
Slide 14: Credit Platform
Credit Platform • AUM of $158.1 billion, increased 9% since June 30, 2025 ◦ 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 $97.2 billion, increased
Slide 15: Real Assets Platform
Real Assets Platform • AUM of $89.4 billion, increased 25% since June 30, 2025 ◦ 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 • F
Slide 16: GP Strategic Capital Platform
GP Strategic Capital Platform • AUM of $71.5 billion, increased 7% since June 30, 2025 ◦ The increase was primarily driven by capital raised in our minority equity stakes strategy, including our sixth vintage product and a strip sales transaction • FPAUM of $41.4 billion, increased 8% since June 30,
Slide 17: Supplemental Information
Supplemental Information
Slide 18: Supplemental Liquidity Metrics
Supplemental Liquidity Metrics As of June 30, 2026, the average maturity of the Company's outstanding notes is ~9 years. Total Debt ($M) Available Liquidity ($M) $3,855 Credit Ratings $1,345 BBB+ Baa2 $169 Fitch Moody's $60 $350 BBB $400 S&P $700 $1,000 $1,094 $759 $1.3B Available Liquidity Revolvin
Slide 19: FPAUM to AUM Bridge
FPAUM to AUM Bridge As of June 30, 2026, AUM not yet paying fees totaled $31.1 billion, reflecting expected annual management fees of approximately $380 million once deployed. (dollars in billions) $76.5 $319.0 $21.8 $21.7 $71.5 $33.0 $20.8 $7.5 $2.8 $31.1 $0.8 $10.4 $12.8 $190.6 $17.5 $89.4 $41.4 $
Slide 20: AUM and FPAUM Rollforwards
AUM and FPAUM Rollforwards Three Months Ended June 30, 2026 Twelve Months Ended June 30, 2026 (dollars in millions) GP Strategic GP Strategic Credit Real Assets Capital Total Credit Real Assets Capital Total AUM Beginning Balance $ 159,239 $ 85,080 $ 70,608 $ 314,927 $ 145,468 $ 71,486 $ 67,131 $ 28
Slide 21: AUM and FPAUM by Strategy
AUM and FPAUM by Strategy As of June 30, 2026 (dollars in millions) AUM % AUM FPAUM % FPAUM Credit Direct Lending - Non-Traded BDCs 51,491 16% 21,246 11% Direct Lending - Other 63,568 20% 40,108 21% Direct Lending 115,059 36% 61,354 32% Alternative Credit 14,648 5% 9,371 5% Investment Grade Credit 1
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 44,732 23,988 19,797 4,416 19,147
Slide 23: 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 24: 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 25: OCIC Historical Repayments & Liquidity
OCIC Historical Repayments & Liquidity OCIC Repayments as a Multiple of Tender Offers by Quarter (2024 – 2026) 1 Historically, repayment activity alone has generated sufficient liquidity to meet tender offer obligations without requiring additional liquidity sources, with a historical average of >3x
Slide 26: Continued Strong Performance
Continued Strong Performance OCIC Public Market Equivalent (“PME”) Analysis ORENT vs. Public & Private Real Estate 1 2 2 3 4 4 Past performance is not a guarantee of future results. OCIC Class I return since inception through June 30, 2026. ORENT Class I returns since inception through June 30, 2026
Slide 27: Appendix
Appendix
Slide 28: GAAP Results (Unaudited)
GAAP Results (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands, except share and per share data) 2Q'26 2Q'25 2Q'26 2Q'25 Revenues Management and other fees, net (includes Part I Fees of $137,041, $137,965, $572,302 and $548,777) $ 752,950 $ 702,127 $ 2,964,801 $ 2,606,677 Performanc
Slide 29: GAAP Results Summary (Unaudited)
GAAP Results Summary (Unaudited) Quarter Ended (dollars in thousands, except per share data) 2Q'26 1Q'26 4Q'25 3Q'25 2Q'25 GAAP Revenues Management Fees $ 661,565 $ 663,844 $ 657,184 $ 648,107 $ 623,369 Administrative, Transaction and Other Fees 102,453 94,774 87,576 82,147 78,758 Fee Offsets (11,06
Slide 30: GAAP Revenues (Unaudited)
GAAP Revenues (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands) 2Q'26 2Q'25 % Change 2Q'26 2Q'25 % Change GAAP Revenues Credit Management Fees(1) $ 391,313 $ 368,016 6% $ 1,606,668 $ 1,397,873 15% Administrative, Transaction and Other Fees 57,847 54,609 6% 225,200 216,599 4% Fee Of
Slide 31: Non-GAAP Results Summary (Unaudited)
Non-GAAP Results Summary (Unaudited) Quarter Ended (dollars in thousands, except per share data) 2Q'26 1Q'26 4Q'25 3Q'25 2Q'25 FRE Revenues FRE Management Fees, (Including Part I Fees) $ 672,608 $ 674,888 $ 668,228 $ 659,151 $ 620,152 FRE Administrative, Transaction and Other Fees 31,918 31,188 29,2
Slide 32: FRE Revenues (Unaudited)
FRE Revenues (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands) 2Q'26 2Q'25 % Change 2Q'26 2Q'25 % Change FRE Revenues Credit FRE Management Fees(1) $ 391,313 $ 368,016 6% $ 1,606,668 $ 1,397,873 15% FRE Administrative, Transaction and Other Fees 20,189 22,942 (12%) 91,999 92,884 (1
Slide 33: 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 34: Non-GAAP Reconciliations
Non-GAAP Reconciliations Quarter Ended Last Twelve Months (dollars in thousands) 2Q'26 1Q'26 4Q'25 3Q'25 2Q'25 2Q'26 2Q'25 GAAP Net Income Attributable to Class A Shares $ 11,393 $ 15,542 $ 47,667 $ 6,310 $ 17,426 $ 80,912 $ 75,404 Net income attributable to noncontrolling interests 49,271 64,051 10
Slide 35: Non-GAAP Reconciliations (cont'd)
Non-GAAP Reconciliations (cont’d) Quarter Ended Last Twelve Months (dollars in thousands, except share and per share data) 2Q'26 1Q'26 4Q'25 3Q'25 2Q'25 2Q'26 2Q'25 Weighted-Average Adjusted Shares Class A Shares(1) 678,482,611 670,063,345 665,140,357 655,630,319 637,712,824 Common Units and Vested
Slide 36: Non-GAAP Reconciliations (cont'd)
Non-GAAP Reconciliations (cont’d) Quarter Ended Last Twelve Months (dollars in thousands) 2Q'26 1Q'26 4Q'25 3Q'25 2Q'25 2Q'26 2Q'25 GAAP Compensation and Benefits $ 359,408 $ 375,874 $ 313,426 $ 341,374 $ 326,300 $ 1,390,082 $ 1,217,829 DE performance revenues compensation — (1,178) (5,801) — (732)
Slide 37: Non-GAAP Reconciliations (cont'd)
Non-GAAP Reconciliations (cont’d) Quarter Ended Last Twelve Months (dollars in thousands) 2Q'26 2Q'25 2Q'26 2Q'25 Income Before Income Taxes $ 70,945 $ 84,494 $ 389,853 $ 311,029 GAAP Revenues $ 753,052 $ 703,106 $ 2,990,449 $ 2,618,831 GAAP Margin 9.4% 12.0% 13.0% 11.9% Fee-Related Earnings Before
Slide 38: 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 39: Defined Terms (cont'd)
Defined Terms (cont’d) IPI Acquisition Refers to the acquisition of the business of digital infrastructure fund manager IPI Partners, LLC that was completed on January 3, 2025. Moody's Refers to Moody's credit rating agency. Net IRR Refers to an annualized since inception net internal rate of return