Blue Owl Capital Inc. · NYSE:OWL
Blue Owl Capital — Q3 2025 Earnings Presentation
48 slides from Blue Owl Capital's earnings presentation, November 2025
Slide 1: Blue Owl Capital Inc. Third Quarter 2025 Investor Presentation
Blue Owl Capital Inc. Third Quarter 2025 Investor Presentation
Slide 2: Disclosures
Disclosures About Blue Owl Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives®. With over $295 billion in assets under management as of September 30, 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: Blue Owl Overview
Blue Owl Overview With over $295 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
Slide 5: Our Business Continues to Scale and Diversify
Our Business Continues to Scale and Diversify $296B Digital Infrastructure 44% CAGR Real Estate Credit Investment Grade Credit Alternative Credit Liquid Credit $102B Net Lease 1 Other GP Minority Stakes $62B Direct Lending 2Q21 1Q22 3Q25 At2Q21 Listing 1Q22 Day Last Investor 3Q25 Today At Public Lis
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 $112B 2016 GP Strategic Capital2 $69B 2010 Net Lease $43B 2009 Investment Grade Credit $18B 2020 RE Cre
Slide 7: Blue Owl Is Levered to the Largest Secular Growth Trends in Alternatives
Blue Owl Is Levered to the Largest Secular Growth Trends in 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 and Po
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 PROPRIETARY AND CONFIDENTIAL 8
Slide 9: Our Investor Base
Our Investor Base Overall AUM split ~60% institutional / ~40% private wealth Investor Base by Type Investor Base by Geography Private Wealth 31% Insurance 19% Public Pension 19% Corporate Pension 9% Sovereign Wealth Fund 9% Family Office 6% 76% North America Endowments & 3% 14% Foundations APAC Othe
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) $72 Private Debt 55% 36% 91% $54 $42 $34 Private Equity 48% 42% 90% $16 $11 Real Estate 25% 55% 80% 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 $294T ~$30-40T TAM 20% if allocations $213T rise to 10-15% Every 1% of allocation = $2-3T 3% 2023 2028E Institutional Wealth Global private wealth is a Individual
Slide 12: Significant Growth in AUM Since Our Listing
Significant Growth in AUM Since Our Listing AUM FPAUM Permanent Capital (billions) (billions) (billions) $184 $214 $296 $43 $57 $62 At Listing 3Q25 At Listing 3Q25 At Listing 3Q25 Growth of over 4x in AUM & FPAUM in 4 years At Listing metrics as of June 30, 2021. There can be no guarantee that histo
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) 35% 32% 29% CAGR $2,549 CAGR $1,420 CAGR $2,441 $1,253 $2,038 $2,171 $998 $1,568 $1,660 $800 $1,249 $1,322 $900 $547 $792 2021 2022 2023 2024 3Q25 2021
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 ✓ ~90% 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 Embedded Earnings Permanent Capital AUM Our FRE Management Fees Power (billions) $28.4B of AUM not yet paying fees will drive 3.8x $214 ~$360M of FRE Management Fees upon deployment 68 86% from 14% 25 Permanent Cap
Slide 16: Significant Fundraising Growth Since Listing
Significant Fundraising Growth Since Listing Significant growth driven by differentiated products, a broadening of our product offering and the scaling of our distribution platforms (billions) $12.1 $11.2 $9.5 $8.8 $8.0 $7.9 $7.2 $6.7 $6.2 $4.9 $5.4 $4.8 $4.7 $3.9 $3.9 $3.8 $2.9 $2.9 4Q21 1Q22 2Q22
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 $145bn Scale $152.1B Assets under Direct Lending $152B $3 management Alternative Credit $6 Investment Grade Credit Liquid Credit $18 Other Credit Strategies 28+ $13 Experience Senior management team’
Slide 19: Credit AUM breakdown
Credit AUM breakdown $152.1 billion AUM1 Investment Grade Direct Lending Alternative Credit Liquid Credit Credit AUM $111.6B $12.7B $18.5B $6.2B 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 11,130+ 820+ 755+ $1,110M $275M+ ~39% Deals Sponsor Deals Average Average Average Reviewed Relationships Closed1 Revenue EBITDA LTV ~5% 150+ 430+ ~20bp
Slide 21: 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 22: 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 ~$26.5 Billion ~1,000+ Invested Capital1 Total Investments1 Specialty Finance Lender of the
Slide 23: 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 24: 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 25: Real Assets
Real Assets
Slide 26: 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 $74.7B Assets under Net Lease $75B management Real Estate Credit $15 Digital Infrastructure 20+ $16 Expertise Average years experience across senior 57% management team CAGR Scale 5,81
Slide 27: Real Assets AUM breakdown
Real Assets AUM breakdown $74.7 billion AUM Net Lease Real Estate Credit Digital Infrastructure AUM $43.1B $16.1B $15.4B 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 28: Net Lease forms the basis of our Real Assets platform
Net Lease forms the basis of our Real Assets platform
Slide 29: A Record of Achievement in Net Lease
A Record of Achievement in Net Lease Demonstrating consistency, strength, and the power of scale #1 #1 7%+ Net private wealth capital raiser Institutional capital raiser Annualized Preferred for non-traded REIT since in 2024 Return, paid monthly1 inception 189 months 15+ Years 24% of Consecutive Dis
Slide 30: While Real Estate Credit combines two of our greatest strengths
While Real Estate Credit combines two of our greatest strengths
Slide 31: A Scaled Player in Public and Private Real Estate Credit
A Scaled Player in Public and Private Real Estate Credit How We Invest: Outstanding CMBS Single Asset Single Borrower (SASB) Volume SASB market experiencing exponential growth increasing at a ~16% CAGR over the last decade. Securities Private Loans $350 50% $300 40% Where We Invest: $250 30% $200 In
Slide 32: 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 33: Blue Owl's Global Data Center Presence
Blue Owl’s Global Data Center Presence Stockholm Oslo Kansas City Chicago Osaka Calgary Copenhagen New Albany Frankfurt Milan Toronto Hillsboro NoVA Richmond Geneva Seoul Silicon Valley Nashville Zurich Atlanta Phoenix Tulsa Dallas New Mexico Tokyo Abilene Denver Miami Johor Melbourne Canberra ~5 GW
Slide 34: 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 35: GP Strategic Capital
GP Strategic Capital
Slide 36: Continued Steady Growth in GP Strategic Capital
Continued Steady Growth in GP Strategic Capital Blue Owl GP Strategic Capital AUM Scale $68.8B Assets under Professional Sports Minority Stakes management $69B GP Debt Financing $1 $3 GP Minority Stakes 20% Experience 10+ CAGR Year track record $31B $65 95+ Focus Transactions with leading alternativ
Slide 37: GP Strategic Capital AUM breakdown
GP Strategic Capital AUM breakdown $68.8 billion AUM Professional Sports GP Minority Stakes GP Debt Financing Minority Stakes AUM $64.9B $2.8B $1.1B Strategy Commenced 2010 2019 2020 Seeks to provide permanent Primarily senior secured loans NBA franchise minority capital to prominent to private alte
Slide 38: We Remain the Clear Market Leader in GP Minority Stakes
We Remain the Clear Market Leader in GP Minority Stakes 16 GP Stakes Total Capital Raised – GP Stakes % of Total Next Vintage Target GP Stakes V Blue Owl1 $39.4bn 62% 14 Peer 1 $9.1bn 14% 12 Peer 2 $8.9bn 14% Peer 3 $3.3bn 5% GP Stakes IV Fund Size ($bns) 10 Peer 4 $2.7bn 4% 8 GP Stakes III 6 Peer 1
Slide 39: Endnotes
Endnotes
Slide 40: Endnotes
Endnotes Page 7 – Blue Owl Is Levered to the Largest Secular Growth Trends in 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 Househ
Slide 41: Non-GAAP Reconciliations
Non-GAAP Reconciliations
Slide 42: 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 43: Non-GAAP Reconciliations
Non-GAAP Reconciliations Last Twelve Months (dollars in thousands) 3Q'25 4Q'24 4Q'23 4Q'22 Adj. 4Q'21 GAAP Net Income (Loss) Attributable to Class A Shares $ 51,909 $ 109,584 $ 54,343 $ (9,289) $ (376,171) Net income (loss) attributable to noncontrolling interests 173,885 310,862 166,433 (30,946) (1
Slide 44: Non-GAAP Reconciliations (cont'd)
Non-GAAP Reconciliations (cont’d) Last Twelve Months (dollars in thousands) 3Q'25 4Q'24 4Q'23 4Q'22 Adj. 4Q'21 GAAP Revenues $ 2,745,943 $ 2,295,427 $ 1,731,608 $ 1,369,722 $ 823,878 — — — — 123,374 Incremental revenues assuming the Business Combination closed on 1/1/21 44,394 43,553 40,858 37,383 9
Slide 45: Defined Terms
Defined Terms
Slide 46: 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. The loss rate is based on the average loss rates in each year since inception. Assets Under Management or AUM Refers to
Slide 47: Defined Terms (cont'd)
Defined Terms (cont’d) 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, multi-product private equity and private credit firms th
Slide 48: Slide 48