Blue Owl Capital Inc. · NYSE:OWL
Blue Owl Capital — Merger or Acquisition (October 2021)
9 slides from Blue Owl Capital's merger presentation, Oct 18, 2021
Slide 1: Blue Owl Strategic Acquisition of Oak Street
Exhibit 99.2 Blue Owl Strategic Acquisition of Oak Street October 2021
Slide 2: Disclosures
Disclosures Unless otherwise indicated, the Report Date referenced is 6/30/2021. Past performance is not a guide to future results and is not indicative of expected realized returns. Past credit, interest rate, and market conditions may not recur, and differing conditions may result in differing res
Slide 3: Disclosures: Non-GAAP Financial Measures; Important Notice
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: Transaction Summary
Transaction Summary • Blue Owl has agreed to acquire Oak Street Real Estate Capital (“Oak Street”), a leading real estate private equity firm with ~$10.8 billion of assets under management. Oak Street primarily focuses on triple-net lease sale-leaseback transactions. • Purchase price of $950 million
Slide 5: Transaction Summary Cont.
Transaction Summary Cont. Net lease is an attractive, large, and growing asset class with defensive 2 characteristics 1 • The investable net lease universe is large, with ~$24 trillion of net property, plant, and equipment on the balance sheet of investment grade rated public companies alone • Oak S
Slide 6: Transaction Summary Cont.
Transaction Summary Cont. Transaction Structure Creates Alignment Between the Firms 4 • Oak Street executives taking meaningful consideration in Blue Owl Common Units • Marc Zahr, founder and CEO of Oak Street, will be joining Blue Owl’s Board of Directors and Executive Committee Attractive Financia
Slide 7: Oak Street Platform Breakdown
Oak Street Platform Breakdown $10.8 Billion of Assets Under Management Seeding and Oak Street Net Lease Real Estate Strategic Capital AUM $6.5 billion $3.7 billion $0.6 billion Strategy 2010 2019 2010 Commenced Closed-end funds & open-end Structure Closed-end funds Open-end funds funds Investment •
Slide 8: Competitive Landscape
Competitive Landscape Oak Street’s investment strategy is differentiated from public net lease REITs by its focus on industrial and retail properties with a bias towards investment-grade and creditworthy tenants Peer Average Properties By Asset Class Oak Street Properties By Asset Class 4% 5% 5% 7%
Slide 9: Blue Owl
BG BLUE OWL
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