Blue Owl Capital Inc.

blueowl.com

What Do They Do?

Manages investment products across credit, real estate and stakes in private capital firms, and provides private capital solutions to businesses and private capital managers.

How Do They Make Money?

It earns advisory and management fees under agreements with its investment products, generally based on the fee-paying assets it manages. Substantially all receivables are collected in the following quarter; management fees may be paid in advance.

revenue

Segment	Share	How money arrives
Management fees, net Recurring	88% FY2022: 88%	Recurring
Administrative, transaction and other fees	11% FY2022: 11%
Performance revenues	0.9% FY2022: 0.9%

Who Are Their Customers?

Institutional investors and private-wealth clients invest through Blue Owl’s products; individual clients are accessed through wealth-management firms.

Do Revenues Turn Into Profits?

Yes. It kept 14 cents of every revenue dollar as net income in FY2025 and turned 211 cents into free cash flow.

Net income, FY2025

14% of revenue

▼ −28% vs FY2024 ($109.6M, 21%)

Free cash flow, FY2025

211% of revenue

▲ +28% vs FY2024 ($935.4M, 177%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −1%; vs $138M in Q2 FY2025
Net income: ▼ −35%; vs $17.4M in Q2 FY2025

Total Management and Other Fees, Net share of revenue vs 99.9% in Q2 FY2025

Shrinking. Revenue fell 31% in 4 years, from $823.9M in FY2021 to $567.8M in FY2025, about 9% a year.

Broader investment strategies The latest report describes digital infrastructure products and investments in biopharmaceutical and healthcare companies as additions to the firm's offerings, extending beyond the older report's broad focus on direct lending, GP capital solutions and real estate.

Revenue over time

Management fees, net Administrative, transaction and other fees Performance revenues

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Comments