Blue Owl Capital Inc. · NYSE:OWL
Blue Owl Capital — Q3 2025 Earnings Presentation
30 slides from Blue Owl Capital's earnings presentation, Oct 30, 2025
Slide 1: Blue Owl Capital Inc. Third Quarter 2025 Earnings
Blue Owl Capital Inc. Third Quarter 2025 Earnings October 30, 2025
Slide 2: About Blue Owl; Forward-Looking Statements
2 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 permanent
Slide 3: Disclosures
3 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 finan
Slide 4: Blue Owl Overview
4As of September 30, 2025. Past performance is not a guarantee of future results. Blue Owl Overview With over $295 billion of assets under management, Blue Owl is a leading asset manager that is redefining alternatives®. • Provides innovative minority equity and financing solutions to private capita
Slide 5: Delivering Innovative Private Wealth Products to Largest Secular Growth Areas of Alternatives
5 Delivering Innovative Private Wealth Products to The Largest Secular Growth Areas of Alternatives 1. Source: Asset-based finance market developed by Blue Owl, based on assumptions derived by third-party sources, including With Intelligence, Private Debt Investor, Preqin, NAIC, Morgan Stanley Into
Slide 6: Third Quarter 2025 Highlights
6 Third Quarter 2025 Highlights Financial Results • GAAP Net Income of $6.3 million, or $0.01 per basic and $0.01 per diluted Class A Share • Fee-Related Earnings of $376.2 million, or $0.24 per Adjusted Share • Distributable Earnings of $341.0 million, or $0.22 per Adjusted Share Capital Metrics •
Slide 7: GAAP Results (Unaudited)
7 GAAP Results (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands, except per share data) 3Q'25 3Q'24 % Change 3Q'25 3Q'24 % Change GAAP Revenues Credit (including Part I Fees of $149,173, $138,300, $552,392 and $493,551) $ 401,605 $ 325,210 23% $ 1,474,268 $ 1,133,606 30% Real Asset
Slide 8: Historical Trends (GAAP)
8 Historical Trends (GAAP) • GAAP Management Fees of $2,430.3 million for the last twelve months, increased 32% compared to prior year • GAAP Consolidated Net Income of $225.8 million for the last twelve months, compared to $430.6 million in the prior year • GAAP Net Income Attributable to Class A S
Slide 9: 3Q'25 - LTM Earnings Growth
9 3Q'25 - LTM Earnings Growth DEFRE Revenues 25% Growth FRE 19% Growth 15% Growth 18th consecutive quarter of both FRE management fees and FRE sequential growth (dollars in millions) $2,043.7 $2,548.9 3Q'24 LTM 3Q'25 LTM $1,076.4 $1,241.7 3Q'24 LTM 3Q'25 LTM $1,192.4 $1,420.2 3Q'24 LTM 3Q'25 LTM (do
Slide 10: Non-GAAP Results (Unaudited)
10 Non-GAAP Results (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands, except per share data) 3Q'25 3Q'24 % Change 3Q'25 3Q'24 % Change FRE Revenues Credit (including Part I Fees of $149,173, $138,300, $552,392 and $493,551) $ 401,605 $ 325,210 23% $ 1,474,268 $ 1,133,606 30% Real A
Slide 11: Historical Trends (Non-GAAP)
11 Historical Trends (Non-GAAP) • FRE Management Fees of $2,441.1 million for the last twelve months, increased 29% compared to prior year • Fee-Related Earnings of $1,420.2 million for the last twelve months, increased 19% compared to prior year • Distributable Earnings of $1,241.7 million for the
Slide 12: Assets Under Management
12 Assets Under Management • AUM of $295.6 billion, increased 26% since September 30, 2024 ◦ The increase was primarily driven by the IPI Acquisition, as well as capital raised and appreciation across the business • FPAUM of $183.8 billion, increased 19% since September 30, 2024 ◦ The increase was p
Slide 13: Fundraising
13 Fundraising • New Capital Commitments Raised of $14.4 billion in the quarter ◦ New Capital Commitments Raised of $57.0 billion during the last twelve months • Total Equity Fundraise of $11.2 billion during the quarter was driven by $5.6 billion in Credit, $3.0 billion in Real Assets and $2.7 bill
Slide 14: Credit Platform
14 Credit Platform • AUM of $152.1 billion, increased 18% since September 30, 2024 ◦ The increase was primarily driven by capital raised in products from the direct lending strategy • FPAUM of $97.3 billion, increased 9% since September 30, 2024 ◦ The increase was primarily driven by capital raised
Slide 15: Real Assets Platform
15 Note 1. Gross and net returns are represented by a composite comprised of certain Real Assets products within the net lease, real estate credit (excluding insurance) and digital infrastructure investment strategies. The composite excludes products that have been deploying capital for less than tw
Slide 16: GP Strategic Capital Platform
16 Note 1. Net IRR since inception as of September 30, 2025 for Blue Owl GP Stakes III, Blue Owl GP Stakes IV and Blue Owl GP Stakes V was 22.3%, 34.3% and 12.5%, respectively.Past performance is not a guarantee of future results. GP Strategic Capital Platform • AUM of $68.8 billion, increased 11% s
Slide 17: Supplemental Information
Supplemental Information
Slide 18: Supplemental Liquidity Metrics and Credit Ratings
18 As of September 30, 2025, the average maturity of the Company's outstanding notes is ~10 years. Note 1. Cost of debt reflects average annual after tax interest rate on notes outstanding, assuming a 22% tax rate. Excludes borrowings under the Revolving Credit Facility. Supplemental Liquidity Metri
Slide 19: FPAUM to AUM Bridge
19 As of September 30, 2025, AUM not yet paying fees totaled $28.4 billion, reflecting expected annual management fees of $361 million once deployed. FPAUM to AUM Bridge $51.2 $71.6 $28.6 $183.8 $295.6 $97.3 $18.2 $8.2 $28.5 152.1 $46.3 $9.0 $17.3 $74.7 $40.2 $7.0 $20.4 $68.8 $28.4 $17.2 $66.2 Credi
Slide 20: AUM and FPAUM Rollforwards
20 AUM and FPAUM Rollforwards Three Months Ended September 30, 2025 Twelve Months Ended September 30, 2025 (dollars in millions) Credit Real Assets GP Strategic Capital Total Credit Real Assets GP Strategic Capital Total AUM Beginning Balance $ 145,468 $ 71,486 $ 67,131 $ 284,085 $ 128,443 $ 44,113
Slide 21: Appendix
Appendix
Slide 22: GAAP Results (Unaudited)
22 GAAP Results (Unaudited) Quarter Ended Last Twelve Months (dollars in thousands, except share and per share data) 3Q'25 3Q'24 3Q'25 3Q'24 Revenues Management fees, net (includes Part I Fees of $150,441, $140,676, $558,542 and $502,202) $ 645,655 $ 523,309 $ 2,430,313 $ 1,847,539 Administrative, t
Slide 23: GAAP Results Summary (Unaudited)
23 Quarter Ended (dollars in thousands, except per share data) 3Q'25 2Q'25 1Q'25 4Q'24 3Q'24 GAAP Revenues Management Fees, Net $ 645,655 $ 623,369 $ 604,186 $ 557,103 $ 523,309 Administrative, Transaction and Other Fees 82,147 78,758 72,988 69,675 77,289 Performance Revenues 188 979 6,312 4,583 280
Slide 24: Non-GAAP Results Summary
24 Quarter Ended (dollars in thousands, except per share data) 3Q'25 2Q'25 1Q'25 4Q'24 3Q'24 FRE Revenues FRE Management Fees, Net $ 656,699 $ 620,152 $ 595,983 $ 568,220 $ 534,425 FRE Administrative, Transaction and Other Fees 30,110 25,779 20,154 23,288 33,622 FRE Performance Revenues 188 119 4,05
Slide 25: Non-GAAP and Other Measures
25 Non-GAAP and Other Measures GAAP Margin Calculated as income before income taxes, divided by total revenues. Fee-Related Earnings, or FRE, and Related Components Fee-Related Earnings (“FRE”) is a supplemental non-GAAP measure of our core operating performance used to make operating decisions and
Slide 26: Non-GAAP Reconciliations
26 Non-GAAP Reconciliations Quarter Ended Last Twelve Months (dollars in thousands) 3Q'25 2Q'25 1Q'25 4Q'24 3Q'24 3Q'25 3Q'24 GAAP Net Income Attributable to Class A Shares $ 6,310 $ 17,426 $ 7,430 $ 20,743 $ 29,805 $ 51,909 $ 106,899 Net income attributable to noncontrolling interests 41,063 53,270
Slide 27: Non-GAAP Reconciliations (cont'd)
27 Non-GAAP Reconciliations (cont’d) Quarter Ended Last Twelve Months (dollars in thousands, except per share data) 3Q'25 2Q'25 1Q'25 4Q'24 3Q'24 3Q'25 3Q'24 Weighted-Average Adjusted Shares Class A Shares(1) 655,630,319 637,712,824 614,422,518 590,446,378 563,549,711 Common Units and Vested Incenti
Slide 28: Non-GAAP Reconciliations (cont'd)
28 Non-GAAP Reconciliations (cont’d) Quarter Ended Last Twelve Months (dollars in thousands, except per share data) 3Q'25 3Q'24 3Q'25 3Q'24 Income Before Income Taxes $ 55,321 $ 112,120 $ 254,230 $ 479,461 GAAP Revenues $ 727,990 $ 600,878 $ 2,745,943 $ 2,158,101 GAAP Margin 7.6 % 18.7 % 9.3 % 22.2
Slide 29: Defined Terms
29 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 v
Slide 30: Defined Terms (cont'd)
30 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 F