Blue Owl

High-level profile

• Role: Global alternative asset manager providing capital solutions across Credit, Real Assets, and GP Strategic Capital platforms to institutional and private wealth clients.
• Assets under management (as of December 31, 2025):
  • AUM: $307.4 billion
  • Fee-paying AUM (FPAUM): $187.7 billion
  • Permanent Capital emphasis: about 85% of management fees earned from Permanent Capital vehicles in the year ended 12/31/2025
• People and investors:
  • Approximately 1,365 full-time employees worldwide
  • Investor base includes pension funds, endowments, foundations, family offices, private banks, high-net-worth individuals, asset managers, and insurance companies
• Corporate structure:
  • Publicly traded holding company
  • Primary assets are ownership interests in the Blue Owl Operating Partnerships (via Blue Owl GP)
  • Operates as a single reportable segment; revenues reviewed by product line and expenses by type at the firm level

Product platforms

1) Credit

• Focus: Direct lending, alternative credit, investment grade credit, liquid credit, and adjacent strategies.
• Key strategies:
  • Direct Lending: Upper-middle-market borrowers (sponsored and non-sponsored); customizable debt and equity solutions.
    • Sub-strategies: Diversified Lending (primarily US middle-market, offered via BDCs) and Technology Lending (loans and equity-related investments in tech companies).
    • First Lien Lending: US-based primary transactions; long-dated private funds and managed accounts.
    • Opportunistic Lending: Rescue financing, recapitalizations, wedge capital, debtor-in-possession, etc.
  • Alternative Credit: Specialty finance, private corporate credit, equipment leasing.
  • Investment Grade Credit: Asset-backed finance, private corporate credit, structured products for insurers.
  • Liquid Credit: Broadly syndicated leveraged loans and CLOs.
  • Other Credit: Direct investments in strategic equity assets (including single-asset GP-led continuation funds) and biopharma/healthcare investments.

2) Real Assets

• Focus: Net lease, real estate credit, and digital infrastructure.
• Offerings primarily via Permanent Capital vehicles (non-traded REITs) and long-dated private funds.
• Key strategies:
  • Net Lease: Single-tenant portfolios across industrial, essential/retail, data centers, etc., with investment-grade or creditworthy tenants; emphasis on predictable current income and downside protection.
  • Real Estate Credit: Real estate financing across public and private markets; secured by real assets with predictable cash flows.
  • Digital Infrastructure: Data centers and related digital assets, including development, financing, ownership, and operation in collaboration with hyperscalers.

3) GP Strategic Capital

• Focus: Capital solutions for large, multi-product private market managers (GPs) and related services.
• Key strategies:
  • GP Minority Stakes: Minority equity investments in institutionalized private capital managers; returns via management fees, carried interest, and balance-sheet investments.
  • GP Debt Financing: Long-term collateralized debt and structured investments to private capital managers; loans collateralized by manager assets.
  • Professional Sports Minority Stakes: Minority equity investments in professional sports teams.
• Additional capability: Business Services Platform (BSP) providing strategic support (capital strategy, human capital, operations, M&A, ESG advisory, data science, procurement, AI) to partner managers.

AUM and FPAUM by platform and sub-strategy (as of 12/31/2025)

• Platform-level totals:
  • Credit: AUM $157.8B; FPAUM $99.5B
  • Real Assets: AUM $80.6B; FPAUM $48.8B
  • GP Strategic Capital: AUM $69.1B; FPAUM $39.5B
• Selected sub-platforms:
  • Direct Lending (Credit): AUM $115.0B; FPAUM $65.3B
  • Net Lease (Real Assets): AUM $45.9B; FPAUM $21.3B
  • GP Minority Stakes (GP Strategic Capital): AUM $65.1B; FPAUM $37.6B
• Additional sub-strategies:
  • Alternative Credit (Credit): AUM $14.3B; FPAUM $8.0B
  • Real Estate Credit (Real Assets): AUM $17.5B; FPAUM $15.3B
  • GP Debt Financing (GP Strategic Capital): AUM $2.7B; FPAUM $1.5B
  • Investment Grade Credit (Credit): AUM $19.2B; FPAUM $18.3B
  • Digital Infrastructure (Credit): AUM $17.1B; FPAUM $12.2B
  • Professional Sports Minority Stakes (GP Strategic Capital): AUM $1.2B; FPAUM $0.4B
  • Liquid Credit (Credit): AUM $5.8B; FPAUM $5.3B
  • Other (across platforms): AUM $3.4B; FPAUM $2.6B

Note: All amounts above are stated as of December 31, 2025; numbers in the table are presented in a multi-column format in the original document and are subject to rounding.

Business model and revenue

• Primary revenue: Investment advisory and management fees from regulated and non-regulated products.
• Fee structure: Base management fees, Part I Fees, and other arrangements for certain products; advisory contracts for Regulated Products are subject to renewal and board/stockholder oversight.
• Revenue stability: High proportion of Permanent Capital provides a stable earnings base; about 85% of management fees in 2025 came from Permanent Capital vehicles.
• Scale advantages: Large, diversified product suite supports cross-selling across platforms and long-term partnerships with institutional investors and GP managers.

Investment philosophy and competitive strengths

• Philosophy: Long-term investment horizons, disciplined investment approach, and use of leverage where appropriate to increase capacity and capability.
• Competitive strengths:
  • High share of Permanent Capital, supporting stable and predictable fee revenue.
  • Embedded growth potential from existing AUM.
  • Predictable, fee-based earnings with attractive margins.
  • Deep relationships with alternative asset managers and broad deal-flow network.
  • Scale that enables access to larger transactions and diversification of risk.
  • Ability to cross-sell across Credit, Real Assets, and GP Strategic Capital.
  • Global distribution capabilities and a track record of fundraising across the US and international markets.
  • Experienced senior management team.
  • Alignment with investors through executive and employee ownership of AUM and carried interest.

Strategic growth plan

• Organic growth: Expand AUM in existing strategies and launch successor and adjacent Permanent Capital vehicles.
• Product expansion: Add complementary products to broaden the suite.
• Distribution and fundraising: Use global distribution networks to cross-sell across strategies and geographies.
• Investor relationships: Deepen institutional relationships and expand cross-investor opportunities.
• Acquisitions: Pursue opportunistic, value-enhancing acquisitions to extend breadth, investor base, or geographic reach.

Regulatory and compliance

• Regulated entities: Multiple entities registered with the SEC (investment advisers; BDCs electing to be regulated under the Investment Company Act and Exchange Act; OWLCX as a public entity under the Securities Act).
• Jurisdictions and regulators: Activities supervised by the SEC; Blue Owl UK (FCA), Blue Owl Japan (FSA/Kanto Local Finance Bureau), Blue Owl Dubai (DFSA/DIFC), Blue Owl HK (SFC).
• Additional compliance: Blue Owl Securities is a registered broker-dealer (FINRA/SIPC); the firm maintains compliance programs and governance for valuations, conflicts, personal trading, client privacy, and related requirements.

People and culture

• Talent and values: Approximately 1,365 employees; culture built around mutual respect, excellence, constructive dialogue, and a “one team” mindset.
• Compensation: Fixed and variable components with deferred Incentive Units and RSUs; opportunities to invest in or alongside Blue Owl products.
• Diversity and belonging: Employee resource groups, belonging initiatives, parental leave and family planning benefits, and ongoing professional development.

ESG and sustainability

• Responsible investing: ESG/Responsible Investing policy and a Responsible Investing Working Group coordinating ESG efforts across business units.
• Climate risk: Policy framework aligned with TCFD-like guidance, with governance, strategy, risk management, and metrics integrated into operations and investing.