Blue Owl Capital Inc. · NYSE:OWL
Blue Owl Capital — Q1 2026 Earnings Presentation
40 slides from Blue Owl Capital's earnings presentation, Apr 30, 2026
Slide 1: Blue Owl Capital Inc. First Quarter 2026 Earnings
April 30, 2026 Blue Owl Capital Inc. First Quarter 2026 Earnings
Slide 2: Disclosures
Disclosures About Blue Owl Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives®. With $315 billion in assets under management as of March 31, 2026, we invest across three multi-strategy platforms: Credit, Real Assets and GP Strategic Capital. Anchored by a strong permanen
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 $315 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 a Little More Than Four Years Digital Infrastructure, 6% Real Estate Credit, 5% Direct Net Lease, 16% GP Strategic GP Strategic Lending, Capital, 42% Capital, 22% 42% Liquid/ Other 4Q’21 Credit, 3% 1Q’26 AUM AUM IG
Slide 6: First Quarter 2026 Highlights
First Quarter 2026 Highlights • GAAP Net Income of $15.5 million, or $0.02 per basic and $0.02 per diluted Class A Share Financial Results • Fee-Related Earnings of $393.6 million, or $0.25 per Adjusted Share • Distributable Earnings of $292.5 million, or $0.19 per Adjusted Share • AUM of $314.9 bil
Slide 7: GAAP Results (Unaudited)
GAAP Results (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands, except per share data) 1Q'26 1Q'25 % Change 1Q'26 1Q'25 % Change GAAP Revenues Management Fees(1) $ 663,844 $ 604,186 10% $ 2,592,504 $ 2,150,352 21% Administrative, Transaction and Other Fees 94,774 72,988 30% 343,255
Slide 8: Historical Trends (GAAP)
Historical Trends (GAAP) • GAAP Management Fees of $2,592.5 million for the last twelve months, increased 21% compared to prior year • GAAP Consolidated Net Income of $348.4 million for the last twelve months, compared to $345.1 million in the prior year • GAAP Net Income Attributable to Class A Sha
Slide 9: 1Q'26 vs 1Q'25 - Earnings Growth
1Q'26 vs 1Q’25 - Earnings Growth FRE Revenues FRE DE (dollars in millions) (dollars in millions) (dollars in millions) 13% 14% 11% Growth Growth Growth $699.9 $292.5 $620.2 $393.6 $262.5 $345.4 1Q’25 1Q’26 1Q’25 1Q’26 1Q’25 1Q’26 For information on and reconciliation of the Company's non-GAAP measur
Slide 10: Non-GAAP Results (Unaudited)
Non-GAAP Results (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands, except per share data) 1Q'26 1Q'25 % Change 1Q'26 1Q'25 % Change FRE Revenues FRE Management Fees(1) $ 674,888 595,983 13% $ 2,622,419 2,175,042 21% FRE Administrative, Transaction and Other Fees 31,188 20,154 55% 1
Slide 11: Historical Trends (Non-GAAP)
Historical Trends (Non-GAAP) • FRE Management Fees of $2,622.4 million for the last twelve months, increased 21% compared to prior year • Fee-Related Earnings of $1,544.8 million for the last twelve months, increased 18% compared to prior year • Distributable Earnings of $1,339.1 million for the las
Slide 12: Assets Under Management
Assets Under Management • AUM of $314.9 billion, increased 15% since March 31, 2025 ◦ The increase was primarily driven by capital raised, change in debt and appreciation across the business • FPAUM of $188.4 billion, increased 8% since March 31, 2025 ◦ The increase was primarily driven by capital r
Slide 13: Fundraising
Fundraising • New Capital Commitments Raised of $11.0 billion in the quarter ◦ New Capital Commitments Raised of $56.6 billion during the last twelve months • Total Equity Fundraise of $9.0 billion during the quarter was driven by $4.1 billion in Credit, $4.0 billion in Real Assets and $0.9 billion
Slide 14: Fundraising Trends
Fundraising Trends First Quarter Equity Fundraising LTM Equity Fundraising (dollars in billions) (dollars in billions) $44.4 $9.0 $4.7 $0.9 $6.7 $29.4 $0.6 $18.9 $4.0 $8.6 $24.7 $4.7 $2.2 $7.8 $3.9 $3.8 $0.7 $16.7 $6.0 $0.3 $1.0 $1.6 $4.8 $3.5 $1.5 $11.3 $3.9 $20.8 $0.4 $4.0 $4.1 $5.0 $3.0 $14.9 $0.
Slide 15: Credit Platform
Credit Platform • AUM of $159.2 billion, increased 14% since March 31, 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 $98.9 billion, increase
Slide 16: Real Assets Platform
Real Assets Platform • AUM of $85.1 billion, increased 27% since March 31, 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 •
Slide 17: GP Strategic Capital Platform
GP Strategic Capital Platform • AUM of $70.6 billion, increased 5% since March 31, 2025 ◦ 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 $39.
Slide 18: Supplemental Information
Supplemental Information
Slide 19: Supplemental Liquidity Metrics
Supplemental Liquidity Metrics As of March 31, 2026, the average maturity of the Company's outstanding notes is ~9 years. Total Debt ($M) Available Liquidity ($M) $3,870 Credit Ratings $1,360 BBB+ Baa2 $190 Fitch Moody's $60 $350 BBB $400 S&P $700 $1,000 $1,079 $759 $1.3B Available Liquidity Revolvi
Slide 20: FPAUM to AUM Bridge
FPAUM to AUM Bridge As of March 31, 2026, AUM not yet paying fees totaled $29.9 billion, reflecting expected annual management fees of $349 million once deployed. (dollars in billions) $76.5 $314.9 $22.3 $21.5 $70.6 $32.7 $20.1 $7.3 $2.7 $29.9 $1.3 $10.1 $11.0 $188.4 $85.1 $17.7 $39.7 $28.6 $49.8 $7
Slide 21: AUM and FPAUM Rollforwards
AUM and FPAUM Rollforwards Three Months Ended March 31, 2026 Twelve Months Ended March 31, 2026 (dollars in millions) GP Strategic GP Strategic Credit Real Assets Capital Total Credit Real Assets Capital Total AUM Beginning Balance $ 157,757 $ 80,604 $ 69,071 $ 307,432 $ 139,239 $ 67,062 $ 66,968 $
Slide 22: AUM and FPAUM by Strategy
AUM and FPAUM by Strategy As of March 31, 2026 (dollars in millions) AUM % AUM FPAUM % FPAUM Credit Direct Lending 115,129 37% 62,520 33% Alternative Credit 14,720 5% 8,960 5% Investment Grade Credit 19,306 6% 18,596 10% Liquid Credit 6,038 2% 5,631 3% Other 4,046 1% 3,143 2% Credit $ 159,239 51% $
Slide 23: 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 44,215 23,118 19,891 3,978 19,760
Slide 24: 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 73% 88% Weighted-Average Debt Maturity (Years) 4.3 5.4 Second Lien Positions 5% 4% Weighted-Average Asset Maturity (Years) 4.
Slide 25: 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 77% 88% Weighted-Average Debt Maturity (Years) 5.8 5.6 Second Lien Positions 4% 4% Weighted-Average Asset Maturity (Years) 4.8 5.4 Joi
Slide 26: Comparison of OCIC to Public Credit Markets
Comparison of OCIC to Public Credit Markets We believe OCIC has delivered attractive risk-adjusted returns with stronger structural protections and lower historical loss rates vs. the syndicated loan and high yield bond markets over an extended period of time OCIC Leveraged Loans High Yield Bonds Bo
Slide 27: Inception to Date Return
Direct Lending | Public Market Benchmarking Blue Owl Direct Lending Funds have consistently outperformed Leveraged Loan and High Yield Indexes Public Market Equivalent (“PME”) Analysis(1)(2) 12.0% 10.2% 10.0% 9.7% 9.7% 9.5% 8.9% 7.9% 8.1% Inception to Date Return 8.0% 7.7% 6.8% 5.8% 6.0% 5.5% 5.4% 4
Slide 28: Appendix
Appendix
Slide 29: GAAP Results (Unaudited)
GAAP Results (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands, except share and per share data) 1Q'26 1Q'25 1Q'26 1Q'25 Revenues Management and other fees, net (includes Part I Fees of $138,028, $132,556, $573,226 and $540,254) 747,746 677,174 2,913,978 2,454,210 Performance revenu
Slide 30: GAAP Results Summary (Unaudited)
GAAP Results Summary (Unaudited) Quarter Ended (dollars in thousands, except per share data) 1Q'26 4Q'25 3Q'25 2Q'25 1Q'25 GAAP Revenues Management Fees $ 663,844 $ 657,184 $ 648,107 $ 623,369 $ 604,186 Administrative, Transaction and Other Fees 94,774 87,576 82,147 78,758 72,988 Fee Offsets (10,872
Slide 31: GAAP Revenues (Unaudited)
GAAP Revenues (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands) 1Q'26 1Q'25 % Change 1Q'26 1Q'25 % Change GAAP Revenues Credit Management Fees(1) $ 406,455 $ 354,374 15% $ 1,583,371 $ 1,318,167 20% Administrative, Transaction and Other Fees 56,636 51,610 10% 221,962 229,412 (3%) Fe
Slide 32: Non-GAAP Results Summary (Unaudited)
Non-GAAP Results Summary (Unaudited) Quarter Ended (dollars in thousands, except per share data) 1Q'26 4Q'25 3Q'25 2Q'25 1Q'25 FRE Revenues FRE Management Fees, (Including Part I Fees) $ 674,888 $ 668,228 $ 659,151 $ 620,152 $ 595,983 FRE Administrative, Transaction and Other Fees 31,188 29,234 30,1
Slide 33: FRE Revenues (Unaudited)
FRE Revenues (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands) 1Q'26 1Q'25 % Change 1Q'26 1Q'25 % Change FRE Revenues Credit FRE Management Fees(1) $ 406,455 $ 354,374 15% $ 1,583,371 $ 1,318,167 20% FRE Administrative, Transaction and Other Fees 21,135 17,550 20% 94,752 111,645 (1
Slide 34: 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 35: Non-GAAP Reconciliations
Non-GAAP Reconciliations Quarter Ended Last Twelve Months (dollars in thousands) 1Q'26 4Q'25 3Q'25 2Q'25 1Q'25 1Q'26 1Q'25 GAAP Net Income Attributable to Class A Shares $ 15,542 $ 47,667 $ 6,310 $ 17,426 $ 7,430 $ 86,945 $ 91,923 Net income attributable to noncontrolling interests 64,051 103,081 41
Slide 36: Non-GAAP Reconciliations (cont'd)
Non-GAAP Reconciliations (cont’d) Quarter Ended Last Twelve Months (dollars in thousands, except share and per share data) 1Q'26 4Q'25 3Q'25 2Q'25 1Q'25 1Q'26 1Q'25 Weighted-Average Adjusted Shares Class A Shares(1) 670,063,345 665,140,357 655,630,319 637,712,824 614,422,518 Common Units and Vested
Slide 37: Non-GAAP Reconciliations (cont'd)
Non-GAAP Reconciliations (cont’d) Quarter Ended Last Twelve Months (dollars in thousands) 1Q'26 4Q'25 3Q'25 2Q'25 1Q'25 1Q'26 1Q'25 GAAP Compensation and Benefits $ 375,874 $ 313,426 $ 341,374 $ 326,300 $ 325,940 $ 1,356,974 $ 1,118,632 DE performance revenues compensation (1,178) (5,801) — (732) (1
Slide 38: Non-GAAP Reconciliations (cont'd)
Non-GAAP Reconciliations (cont’d) Quarter Ended Last Twelve Months (dollars in thousands) 1Q'26 1Q'25 1Q'26 1Q'25 Income Before Income Taxes $ 95,833 $ 40,342 $ 403,402 $ 382,786 GAAP Revenues $ 753,811 $ 683,486 $ 2,940,503 $ 2,465,573 GAAP Margin 12.7% 5.9% 13.7% 15.5% Fee-Related Earnings Before
Slide 39: 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 40: Defined Terms (cont'd)
Defined Terms (cont’d) Net IRR Refers to an annualized since inception net 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. Net IRRs reflect returns to all investors. Net IRRs are calculated after giving effect to ma