OWL on NYSE

Blue Owl Capital

Logo: blueowlcapitalcorporation.com4

American alternative asset management firm

Blue Owl Capital Inc. is an American alternative investment asset management company that is listed on the New York Stock Exchange under the ticker symbol: "OWL". Headquartered in New York City, it has additional offices around the world, including London, Dubai, and Hong Kong.3 Wikipedia text CC BY-SA 4.0

Price unavailable

Last updated Oct 21, 2026.

Overview

$2.9BRevenue, fiscal 20255
$78.8MNet income, fiscal 20255

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  • TickerOWL on NYSE1
  • Industryfinancial services1
  • Headquarters399 Park Avenue1
  • Websitewww.blueowlcapitalcorporation.com
  • Legal formjoint-stock company1
  • Incorporated inNJ6
  • Business address399 Park Avenue, 37Th Floor, New York, Ny 100226
  • Filer categoryLarge accelerated filer6
399park
Photo: Americasroof, CC BY 3.0, via Wikimedia Commons9

Blue Owl Capital Inc. is an American alternative investment asset management company that is listed on the New York Stock Exchange under the ticker symbol: "OWL". Headquartered in New York City, it has additional offices around the world, including London, Dubai, and Hong Kong.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

2.7%Net margin5
25.0%Revenue growth, 20255
3.6%Return on equity5
1.51×Debt to equity5
$1.2BFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Asset Management brought in 88% of the revenue Blue Owl Capital broke down this way in fiscal 2025.

  1. Asset Management$2.5B588%up 26% from 2024
  2. Administrative Service$321.5M511%up 9% from 2024
  3. Management Service, Incentive$26.8M51%up 277% from 2024
Products and services by year
Products and services202320242025
Asset Management$1.5B$2.0B$2.5B
Administrative Service$200.7M$294.3M$321.5M
Management Service, Incentive$3.6M$7.1M$26.8M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs96¢$2.7B
  • Income tax1¢$42.4M
  • Profit3¢$78.8M

Out of $2.9B in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Capital spending5¢$57.7M
  • Dividends paid44¢$546.7M
  • Share buybacks4¢$53.7M
  • Kept or used elsewhere48¢$597.9M

Out of $1.3B of cash from operations.5

Financial statements

Revenue101112135$2.9B in 2025+1404% since 2019
0$1.0B$2.0B$3.0B2019: $190.8M$190.8M20192020: $249.8M$249.8M2020+31%2021: $823.9M$823.9M2021+230%2022: $1.4B$1.4B2022+66%2023: $1.7B$1.7B2023+26%2024: $2.3B$2.3B2024+33%2025: $2.9B$2.9B2025+25%
Net income101112135$78.8M in 2025+243% since 2019
-$400.0M-$200.0M0$200.0M2019: $23.0M$23.0M20192020: -$77.8M-$77.8M20202021: -$376.2M-$376.2M2021+383%2022: -$9.3M-$9.3M2022−98%2023: $54.3M$54.3M20232024: $109.6M$109.6M2024+102%2025: $78.8M$78.8M2025−28%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Revenues$2.9B$2.3B$1.7B
Compensation and benefits$1.3B$1.0B$870.6M
Amortization of intangible assets$359.0M$258.3M$300.3M
General, administrative and other expenses$747.9M$412.9M$242.8M
Total Expenses$2.4B$1.7B$1.4B
Net gains (losses) on investments-$7.1M$1.7M$4.2M
Interest and dividend income$45.2M$42.2M$22.2M
Interest expense-$163.8M-$121.9M-$75.7M
Change in TRA liability-$13.6M$7.1M-$1.7M
Change in warrant liability$0-$38.3M-$14.1M
Change in earnout liability$30.9M-$28.3M-$6.4M
Total Other Loss-$108.3M-$137.5M-$71.4M
Income Before Income Taxes$347.9M$469.2M$246.4M
Income tax expense$42.4M$48.8M$25.6M
Consolidated Net Income$305.5M$420.4M$220.8M
Net income attributable to noncontrolling interests-$226.7M-$310.9M-$166.4M
Net Income Attributable to Blue Owl Capital Inc.$78.8M$109.6M$54.3M
Basic (in dollars per share)$0.12$0.20$0.12
Diluted (in dollars per share)$0.10$0.20$0.10
Basic (in shares)654.8M shares549.0M shares463.2M shares
Diluted (in shares)661.9M shares558.4M shares478.0M shares
Part I fees$567.8M$527.9M$387.3M

Compare Blue Owl Capital with another company

Corporate structure

Blue Owl Capital sits at the top of its group. 52 entities, 14 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Blue Owl Capital

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (23 companies). Each entity in the chart links to its source.

What it owns

What Blue Owl Capital reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Accumulated depreciation$54.9M5 Dec 31, 2025$31.6M5 Dec 31, 2024+73.6%
Property and equipment, net$218.9M5 Dec 31, 2025$187.7M5 Dec 31, 2024+16.6%
Operating-lease assets (leased space)$456.2M5 Dec 31, 2025$325.1M5 Dec 31, 2024+40.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$194.5M5 Dec 31, 2025$152.1M5 Dec 31, 2024+27.9%
Stakes in other companies (equity method)$67.4M5 Dec 31, 2025$63.5M5 Dec 31, 2024+6.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$5.6B5 Dec 31, 2025$4.7B5 Dec 31, 2024+19.7%
Finite-lived intangibles, gross$4.1B5 Dec 31, 2025$3.7B5 Dec 31, 2024+9.2%
Accumulated amortization$1.2B5 Dec 31, 2025$833.0M5 Dec 31, 2024+43.1%
Finite-lived intangibles, net$2.9B5 Dec 31, 2025$2.9B5 Dec 31, 2024−0.5%

Properties, in its own words

Our principal executive offices are located in leased office space at 399 Park Avenue, New York, New York 10022. We also lease office space in other cities around the world. We consider these facilities to be suitable and adequate for the management and operation of our business.

Item 2 of the 10-K filed Feb 19, 2026.20

The story

Dyal Capital was formed in 2011 by Michael Rees. It provided financing to hedge funds and private equity firms by acquiring minority interests in them.

Owl Rock Capital Group was founded in 2016. It was a middle market private credit direct lending firm that dealt with credit investments.

In December 2020, it was announced there would be a merger between Dyal Capital Partners and Owl Rock. The two firms combined with a special-purpose acquisition company, Altimar Acquisition Corp to form Blue Owl.

In May 2021, the transaction was completed, and Blue Owl was listed on the New York Stock Exchange (NYSE). The deal was valued at $12.2 billion which included a $1.5 billion commitment from investors such as ICONIQ Capital, Federated Hermes and Liberty Mutual.

In October 2021, Blue Owl acquired Oak Street, a private equity real estate firm for $950 million.

In December 2021, Blue Owl acquired Ascentium Group, a business development office based in Hong Kong. This was done as part of its plans to expand in Asia.

In October 2022, Bloomberg reported that Blue Owl intended to expand its offices in Greenwich, Connecticut and had opened an office in New Jersey.

In July 2024, the firm agreed to purchase a private credit firm, Atalaya Capital Management.

Read the full text

In October 2025, Meta Platforms, Inc formed a $27 Billion joint venture with Blue Owl for the development of a Hyperion data center for AI in Richland Parish, Louisiana.

In November 2025, Blue Owl announced an agreement for merging its private fund Blue Owl Capital Corporation II ("OBDC II") but later called off the merger after facing revolt from investors and falling stock price.

In February 2026, Blue Owl announced it would permanently restrict investor withdrawals from its primary private retail debt fund, Blue Owl Capital Corp II. At the same time, the firm sold $1.4 billion in credit assets, representing 30% of its credit assets, to maintain liquidity for its investors.

From Wikipedia’s article on Blue Owl Capital, shared under CC BY-SA 4.0.7

Leadership

Who has led Blue Owl Capital, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (25)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • BODI Europe GP S.à r.l Luxembourg8
  • Blue Owl Alternative Credit GP S.à. r.l. Luxembourg8
  • Blue Owl Alternative Credit SCSp Luxembourg8
  • Blue Owl Capital (Dubai) Limited United Arab Emirates8
  • Blue Owl Capital Australia Pty Ltd Australia8
  • Blue Owl Capital Canada ULC Canada (British Columbia)8
  • Blue Owl Capital Deutschland GmbH Germany8
  • Blue Owl Capital HK Limited Hong Kong8
  • Blue Owl Capital Italia S.r.l. Italy8
  • Blue Owl Capital Japan Cayman Islands8
  • Blue Owl Capital Luxembourg S.à r.l. Luxembourg8
  • Blue Owl Capital Middle East Limited United Arab Emirates8
  • Blue Owl Capital Netherlands B.V. Netherlands8
  • Blue Owl Capital Schweiz GmbH Switzerland8
  • Blue Owl Capital Singapore Pte. Ltd. Singapore8
  • Blue Owl Capital UK Limited United Kingdom8
  • Blue Owl Digital Infrastructure II (AIV) GP LP Jersey8
  • Blue Owl Digital Infrastructure III (AIV) GP LP Jersey8
  • Blue Owl Digital Infrastructure III (Cayman AIV) GP LP Cayman Islands8
  • Blue Owl Diversified Lending II (Cayman) GP LLC Cayman Islands8
  • Blue Owl First Lien Fund II (Cayman) Unlevered GP LLC Cayman Islands8
  • Blue Owl GP Stakes Associates VI S.à r.l. Luxembourg8
  • Blue Owl GP Stakes I GP LLC Cayman Islands8
  • Blue Owl GP Stakes II GP LLC Cayman Islands8
All 28 listed subsidiaries
  • Blue Owl MC Debt Opportunities Financing I GP Ltd Cayman Islands8
  • Blue Owl Real Estate European Net Lease GP S.à r.l. Luxembourg8
  • Blue Owl Real Estate GP VII S.à r.l. Luxembourg8
  • Blue Owl Senior Diversified Lending GP S.à r.l. Luxembourg8

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • ALTIMAR ACQUISITION CORP.Sep 14, 2020 to May 18, 20216

Timeline

  1. Oct 15, 20268-K Entered a material agreement; New debt or obligation47
  2. Aug 18, 20268-K Entered a material agreement; New debt or obligation; Other events48
  3. Aug 12, 20268-K Other events49
  4. Jul 30, 20268-K Results of operations; Other events50
  5. Jun 4, 20268-K Shareholder vote51
  6. Apr 30, 20268-K Results of operations; Other events52
  7. Feb 5, 20268-K Results of operations; Other events53
  8. Dec 4, 20258-K Other events54
  9. Dec 2, 20258-K Other events55
  10. Oct 30, 20258-K Results of operations; Other events56
  11. Aug 8, 20258-K Entered a material agreement; New debt or obligation57
  12. Jul 31, 20258-K Results of operations; Other events58
  13. May 27, 2021New chief executive Douglas I. Ostrover becomes CEO21
  14. Oct 22, 2020New chief executive Thomas Wasserman becomes CEO22

Calendar

Coming up

  1. Oct 29, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $0.22 a share, on Oct 30, 2025.59

When it reported results

  1. Jul 30, 2026Reported quarterly or annual results50
  2. Apr 30, 2026Reported quarterly or annual results52
  3. Feb 5, 2026Reported quarterly or annual results53
  4. Oct 30, 2025Reported quarterly or annual results56
  5. Jul 31, 2025Reported quarterly or annual results58
  6. May 1, 2025Reported quarterly or annual results60
  7. Feb 6, 2025Reported quarterly or annual results61
  8. Oct 31, 2024Reported quarterly or annual results62

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

527 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 67 major events, 265 insider forms, 48 large holders, 127 other. The latest 20:

  1. Oct 15, 20268-K EDGAR
  2. Sep 14, 20264 EDGAR
  3. Sep 11, 20264 EDGAR
  4. Sep 11, 20264 EDGAR
  5. Sep 11, 20264 EDGAR
  6. Sep 11, 20264 EDGAR
  7. Sep 11, 20264 EDGAR
  8. Sep 1, 20264 EDGAR
  9. Sep 1, 2026144 EDGAR
  10. Sep 1, 2026144 EDGAR
  11. Aug 28, 2026N-PX EDGAR
  12. Aug 18, 20268-K EDGAR
  13. Aug 13, 2026424B5 EDGAR
  14. Aug 12, 2026SCHEDULE 13G/A EDGAR
  15. Aug 12, 20268-K EDGAR
  16. Aug 11, 2026FWP EDGAR
  17. Aug 11, 202613F-HR EDGAR
  18. Aug 11, 2026305B2 EDGAR
  19. Aug 11, 2026424B5 EDGAR
  20. Aug 7, 20264 EDGAR

The 527 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

65 open-market trades by officers, directors and large owners since October 2021: 9 buys and 56 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Dec 2, 2025Ostrover Douglas ICo-Chief Executive OfficerBuy139,327$15.06$2.1MForm 4
Dec 2, 2025LIPSCHULTZ MARC SCo-Chief Executive OfficerBuy139,326$15.06$2.1MForm 4
Dec 2, 2025Packer CraigCo-PresidentBuy110,227$15.06$1.7MForm 4
Dec 1, 2025Kirshenbaum AlanChief Financial OfficerBuy33,670$14.87$500.7KForm 4
Dec 1, 2025Ostrover Douglas ICo-Chief Executive OfficerBuy18,673$15.06$281.2KForm 4
Dec 1, 2025LIPSCHULTZ MARC SCo-Chief Executive OfficerBuy18,674$15.06$281.2KForm 4
Dec 1, 2025Packer CraigCo-PresidentBuy14,773$15.06$222.5KForm 4
May 14, 2025Rees Michael DouglassCo-PresidentSale20,000,000Form 4
Nov 6, 2024Ward Sean JasonSenior Managing DirectorSale30,166,206Form 4
Nov 6, 2024Rees Michael DouglassCo-PresidentSale30,166,206Form 4
Sep 6, 2024Polland Andrew RobertChief Operating OfficerSale13,187Form 4
Sep 5, 2024Polland Andrew RobertChief Operating OfficerSale21,750Form 4
Sep 4, 2024Polland Andrew RobertChief Operating OfficerSale14,710Form 4
May 8, 2024Polland Andrew RobertChief Operating OfficerSale124,335Form 4
May 6, 2024Ward Sean JasonSenior Managing DirectorSale19,600,000Form 4
May 6, 2024Rees Michael DouglassCo-PresidentSale19,600,000Form 4
May 6, 2024Laurino Andrew CharlesSenior Managing DirectorSale19,600,000Form 4
Jan 29, 2024Glide Path Solutions 2021, L.P.10% ownerSale6,500,000$15.82$102.8MForm 4
Aug 24, 2022WEISBERG OLIVER PAUL10% ownerSale119,000$12.15$1.4MForm 4
Aug 23, 2022Blue Pool Management Ltd.10% ownerSale165,000$12.00$2.0MForm 4

All 65 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Stakes it holds

Blue Owl Capital has told the SEC it owns more than 5% of 23 companies, latest first (Schedules 13D and 13G).

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Douglas I. Ostrover63$500.0K$29.2M106
2025Marc S. Lipschultz57$500.0K$29.2M106
2025Marc Zahr46$500.0K$29.0M106
2025Michael D. Rees51$500.0K$26.6M106
2025Craig W. Packer59$500.0K$22.7M106
2025Alan Kirshenbaum54$500.0K$5.1M106
2024Chief Financial Officer$500.0K$47.4M106
2024Co-Chief Executive Officer$500.0K$23.9M106
2024Co-President$500.0K$11.9M106
2023Co-Chief Executive Officer$500.0K$18.5M106
2023Co-President$500.0K$13.6M106
2023Chief Financial Officer$500.0K$7.7M106

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Fmr LLC67,704,044$592.4M0.0%−18,020,259
Capital World Investors53,867,616$471.3M0.1%−2,889,085
Capital Research Global Investors43,196,688$378.0M0.1%−14,879,277
ICONIQ Capital, LLC34,353,844$300.6M8.7%No change
BlackRock, Inc.31,602,257$276.5M0.0%−1,783,587
Vanguard Capital Management LLC28,955,007$253.4M0.0%−510,128
Vanguard Portfolio Management LLC27,628,810$241.8M0.0%−8,653,778
Bank Of America Corp /de/22,597,066$197.7M0.0%+5,614,440
Lind Value II ApS16,719,128$146.3M23.5%+1,461,580
Caption Management, LLC15,995,905$140.0M4.9%+877,950
Morgan Stanley14,434,733$126.3M0.0%+1,207,148
HighTower Advisors, LLC12,721,492$111.3M0.1%+1,913,489
State Street Corp12,196,975$106.7M0.0%+593,000
Aqr Capital Management LLC11,256,822$97.4M0.0%+1,638,067
Geode Capital Management, LLC11,082,480$97.0M0.0%−954,565
UBS Group AG9,356,222$81.9M0.0%−405,524
Susquehanna International Group, Llp7,579,561$66.3M0.1%+3,616,813
OCO Capital Partners, L.P.7,375,000$64.5M11.3%+5,175,000
Goldman Sachs Group Inc6,766,936$59.2M0.0%−895,895
Norges Bank6,603,960$57.8M0.0%New
Cresset Asset Management, LLC6,408,024$56.1M0.2%+78,332
Bank of New York Mellon Corp6,272,339$54.9M0.0%+439,555
Capital International Investors4,832,647$42.3M0.0%−493
Beck Mack & Oliver LLC4,820,425$42.2M0.8%−431,053
Wells Fargo & Company/mn4,678,475$40.9M0.0%+322,852

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

2 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jul 11, 2025Ritchie TorresDemocratic, HouseSale$1,001 - $15,000+76.3%Report
Sep 26, 2024Ritchie TorresDemocratic, HouseBuy$1,001 - $15,000−87.5%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Blue Owl Capital is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBLUE OWL CAPITAL INC.2
  • CIK0001823945
  • Employer ID (EIN)86-390603220
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company20
  • Incorporated inDelaware20
  • Fiscal year endsDecember 312
  • Industry code (SIC)6282 Investment Advice2
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance2
  • Business address399 Park Avenue, 37Th Floor, New York, NY 100222
  • Phone(212) 419-30002
  • Shares outstanding665,568,093 Common Class A shares; 584,552,295 Common Class C shares; 304,449,203 Common Class D shares as of Feb 13, 202620
  • Public float$12.5B as of Jun 30, 202520
  • AuditorKPMG LLP, New York, New York PCAOB ID 185; it also attests to the company’s internal control over financial reporting20
  • On EDGAR sinceSep 14, 20202
  • Filings650 in all: 4 (280), 8-K (81), 3 (35), 144 (28), SC 13G/A (25), 424B3 (20), 10-Q (18), SC 13G (17)2
    All 43 form types

    425 (16), CORRESP (16), SCHEDULE 13G/A (16), EFFECT (11), UPLOAD (11), 10-K (6), DEFA14A (6), 4/A (5), 424B2 (5), DEF 14A (5), S-4/A (5), 8-K/A (4), S-1 (4), POS AM (3), S-1/A (3), S-8 (3), SCHEDULE 13G (3), 25-NSE (2), 424B5 (2), D (2), DEF 14C (2), S-3 (2), S-4 (2), 10-K/A (1), 305B2 (1), 424B4 (1), 424B7 (1), 8-A12B (1), CERT (1), DRS (1), FWP (1), PRE 14C (1), S-3ASR (1), S-3DPOS (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Feb 19, 2026
    Quarterly report (10-Q) Jul 31, 2026
    Proxy statement (DEF 14A) Apr 17, 2026
    Latest 8-K (8-K) Oct 15, 2026

Securities registered for trading

ClassSymbolExchange
Class A common stockOWLNew York Stock Exchange

From the cover page of the 10-K filed Feb 19, 2026 (Section 12(b) of the Exchange Act).20

Risk factors and legal proceedings

The risks Blue Owl Capital names in Item 1A of its 10-K filed Feb 19, 2026: 61 risks under these headings, as written.20

  • Macroeconomic Factors
  • Investment Management
  • Conflicts of Interest
  • Legal and Regulatory Environment
  • Structure and Governance
  • Class A Shares
  • Risks Related to Macroeconomic Factors
  • Difficult market and geopolitical conditions may reduce the value or hamper the performance of the investments made by our products or impair the ability of our products to raise or deploy capital.
  • Future increases in inflation may adversely affect the business, results of operations and financial condition of our products and their portfolio companies.
  • Fluctuations in interest rates could have a material adverse effect on our business and that of our products’ portfolio companies.
  • Risks Related to Investment Management
  • Management fees and other fees comprise a substantial majority of our revenues and a reduction in such fees could have an adverse effect on our results of operations and the level of cash available for distributions to our stockholders.
The other 57 risks
  • Regulated Products
  • Private Funds
  • Other Fee Income
  • Our growth depends in large part on our ability to raise new and successor products. If we were unable to raise such products, the growth of our FPAUM and management fees, and ability to deploy capital into investments, would slow or decrease.
  • The investment management business is intensely competitive.
  • Certain of our strategic relationship investors (including early-stage investors in new products) may be granted the right to participate in the net profits or gross revenues or receive rebates.
  • Our failure to comply with investment guidelines set by our clients and/or investors could negatively impact our client and investor relationships, which could adversely affect our business, financial condition and results of operations.
  • Risks Related to Our Products
  • The historical returns attributable to our products should not be considered as indicative of the future results of our products or of our future results or of any returns expected on an investment in our Class A Shares.
  • Valuation methodologies for certain assets of our products can be subject to subjectivity, and our valuation of an asset may differ materially from the value ultimately realized.
  • The use of leverage by our products may materially increase the returns of such products but may also result in significant losses or a total loss of capital.
  • We have increasingly undertaken business initiatives to increase the number and type of products offered to individual investors, which could expose us to new and greater levels of risk.
  • We are vulnerable to an increased number of investors seeking to participate in share repurchase programs or tender offers of our non-traded products.
  • Our alternative credit products may expose us to incremental risks and complexities.
  • Our Real Assets products are subject to the risks inherent in the ownership and operation of real estate and the construction and development of real estate.
  • Investments in digital infrastructure may expose us and our products to risks inherent in the ownership and operation of digital infrastructure.
  • Our GP Strategic Capital products may suffer losses if our Partner Managers are unable to raise new products or grow their AUM.
  • Our professional sports minority stakes strategy is small, but may have a disproportionate effect on our reputation.
  • Our equity investments and some of our debt investments rank junior to investments made by others, exposing us to greater risk of losing our investment.
  • Risks Related to Our Operations
  • The anticipated benefits of recent or future development opportunities, acquisitions or joint ventures may not be realized or may take longer than expected to realize.
  • We may continue to enter into new product lines and expand into new investment strategies, geographic markets, businesses and investor profiles, each of which may result in upfront costs and additional risks and uncertainties in our business.
  • Rapid growth of our business may be difficult to sustain and may place significant demands on our administrative, operational and financial resources.
  • Our use of leverage to finance our business or that of our products may expose us to substantial risks. Any security interests or negative covenants required by a credit facility we enter into may limit our ability to create liens on assets to secure additional debt.
  • Our cash and cash equivalents could be adversely affected if the financial institutions in which we hold our cash and cash equivalents fail.
  • Risk management activities may adversely affect the return on our and our products’ investments.
  • Cybersecurity risks and cyber data security incidents could adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information and confidential information in our possession and damage to our business relationships.
  • We are subject to risks in using custodians, counterparties, administrators and other agents.
  • Risks Related to Personnel
  • We depend on our senior management team, senior investment professionals and other key personnel to provide their services to us and our products.
  • Employee, former employee or third-party service provider misconduct could harm us by impairing our ability to attract and retain product investors and subjecting us to significant legal liability, regulatory scrutiny and reputational harm.
  • Our future growth depends on our ability to attract, retain and develop human capital in a highly competitive talent market.
  • Conflicts of interest may arise in our allocation of capital and co-investment opportunities.
  • Potential conflicts of interest in allocation among our products.
  • Potential conflicts of interest in connection with co-investments between our private funds and our Regulated Products.
  • Conflicts related to investments by several of our products at different levels of the capital structure of a single portfolio company or Partner Manager.
  • Conflicts of interest may arise in our allocation of costs and expenses, and we are subject to increased regulatory scrutiny and uncertainty with regard to those allocations.
  • Potential conflicts of interest in allocation among Blue Owl, our products and our investment professionals.
  • Existing and future relationships between or among our Partner Managers, our products and their investors could give rise to actual or perceived conflicts of interest.
  • Conflicts related to our lack of information barriers.
  • Additional and unpredictable conflicts of interests may arise in the future.
  • Our GP Strategic Capital products hold and make investments in Partner Managers and there may be provisions within our arrangements with Partner Managers that could affect our right to receive or share information or cause us to sell our interests in the Partner Manager.
  • The operations of our business and related transactions may affect our reputation and relationship with our Partner Managers.
  • Our entitlement and that of certain Principals and employees to receive performance income from certain of our products may create an incentive for us to make more decisions, including speculative investments and determinations on behalf of our products, than would be the case in the absence of such performance income.
  • Risks Related to Our Legal and Regulatory Environment
  • Investment Advisers Act of 1940
  • Investment Company Act
  • The Dodd-Frank Act
  • Other Securities Laws
  • United Kingdom Exit from the European Union (“EU”)
  • Alternative Investment Fund Managers Directive (“AIFMD”)
  • Heightened scrutiny of the financial services industry by regulators may materially and adversely affect our business.
  • Our provision of asset management services to the insurance industry subjects us to a variety of risks and uncertainties.
  • Regulations governing the operations of certain of our products affect their ability to raise, and the way in which the applicable products raise, additional capital.
  • We, our products and our products’ portfolio companies are subject to increasing scrutiny from certain investors, third party assessors, our stockholders, regulators and other stakeholders with respect to ESG-related topics.
  • We are subject to increasing scrutiny from regulators with respect to ESG-related issues and the regulatory disclosure landscape surrounding related topics continues to evolve.
  • Climate change and climate-related effects may expose us to systemic, global and macroeconomic risks and could adversely affect our business and the businesses of our products’ portfolio companies.
  • Increased data protection regulation may result in increased complexities and risk in connection with the operation of our business and our products.
  • Our use of AI technologies could lead to the exposure of our data or other adverse effects and increase competitive, operational, legal and regulatory risks in ways that we cannot predict.
  • We are subject to litigation and public perception risks, and consequently, we may face liabilities and damage to our professional reputation.
  • We may not be able to maintain sufficient insurance to cover us for potential litigation or other risks.
  • Failure to comply with “pay to play” regulations implemented by the SEC and certain states, and changes to the “pay to play” regulatory regimes, could adversely affect our business.
  • Failure to comply with anti-corruption laws or with regulations regarding the prevention of money laundering or terrorism or national security could adversely affect our business.
  • Economic sanction laws in the U.S. and other jurisdictions may prohibit us and our affiliates from transacting with certain countries, individuals and companies.
  • Certain of the products or accounts we advise or manage comply with an exception under the U.S. Department of Labor’s “plan assets” regulation at 29 C.F.R. 2510.3-101, as amended by Section 3(42) of the Employee Retirement Income Security Act of 1974 (“ERISA,” and such regulation, the “Plan Assets Regulation”) in order to not be subject to Section 4975 of the Code, and our business could be adversely affected if such products or accounts fail to satisfy an exception under the Plan Assets Regulation.
  • Certain of our products and accounts that we manage or advise are subject to ERISA and/or Section 4975 of the Code. Failure to comply with the requirements of ERISA and/or Section 4975 could subject us to consequences including the imposition of excise taxes, disgorgement of profits, and personal liability.
  • Certain of our products and accounts that we manage or advise are subject to, or are required via our contract with an investor to operate as though subject to, state or local laws, rules and/or regulations which may be similar to the fiduciary and/or prohibited transaction provisions of ERISA or Section 4975 of the Code. Failure to comply with the requirements of these laws, rules and/or regulations could subject us to consequences, including excise taxes or claims for breach of contract.
  • Changes in tax policies and regulations may create uncertainty for our business and investment strategies.

Legal proceedings

In the ordinary course of business, we are from time to time involved in litigation and claims incidental to the conduct of our business. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. See “Item 1A. Risk Factors.” We are not currently subject to any pending legal (including judicial, regulatory, administrative or arbitration) proceedings that we expect to have a material impact on our Financial Statements. However, given the inherent unpredictability of these types of proceedings and the potentially large and/or indeterminate amounts that could be sought, an adverse outcome in certain matters could have a material effect on our financial results in any particular period. See Note 8 to our Financial Statements for additional information.

The opening of Item 3, Legal Proceedings.20

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