Blue Owl Capital Inc. (OWL) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.097 Good morning and welcome to Blue Owl Capital's fourth quarter and full year 2025 00:00:05.097 -- 00:00:10.963 earnings call. During the presentation, your lines will remain on listen only. 00:00:10.963 -- 00:00:14.567 After the presentation, there will be a question and answer session. 00:00:14.567 -- 00:00:18.892 To ask a question, please press star 1 on your telephone keypad. 00:00:18.892 -- 00:00:22.937 I'd like to advise all participants that this conference call is being recorded. 00:00:22.937 -- 00:00:27.963 I will now turn the call over to Ann Dye, Head of Investor Relations for Blue 00:00:27.963 -- 00:00:29.963 Owl. 00:00:30.068 -- 00:00:32.652 Thanks, Operator, and good morning to everyone. 00:00:32.652 -- 00:00:37.518 Joining me today are Mark Lipschultz, our Co-Chief Executive Officer, and Alan Kirschenbaum, 00:00:37.518 -- 00:00:41.944 our Chief Financial Officer. I'd like to remind our listeners that remarks made during 00:00:41.944 -- 00:00:46.431 the call may contain forward-looking statements which are not a guarantee of future performance 00:00:46.431 -- 00:00:50.797 or results and involve a number of risks and uncertainties that are outside the company's 00:00:50.797 -- 00:00:55.567 control. Actual results may differ materially from those in forward-looking statements 00:00:55.567 -- 00:01:00.075 as a result of a number of factors, including those described from time to time in Blue 00:01:00.075 -- 00:01:03.701 Owl Capital's filings with the Securities and Exchange Commission. 00:01:03.701 -- 00:01:08.109 The company assumes no obligation to update any forward-looking statements. 00:01:08.109 -- 00:01:11.815 We'd also like to remind everyone that we'll refer to non-GAAP measures on the call, 00:01:11.815 -- 00:01:...