Blue Owl Capital Inc (NYSE: OWL) is an alternative asset management company that manages capital across credit, real assets, and other alternative investment strategies. It earns revenue primarily through management fees charged on assets under management, with AUM calculated as the sum of net asset value, drawn and undrawn debt, uncalled capital commitments, total managed assets for certain credit and real assets products, and par value of collateral for CLOs and other securitizations. Blue Owl manages a suite of business development companies (BDCs), including Blue Owl Capital Corporation (NYSE: OBDC), Blue Owl Technology Finance Corp. (NYSE: OTF), Blue Owl Credit Income Corp., and others, as well as collateralized loan obligations and real assets vehicles. The firm expanded its credit capabilities through the acquisition of Atalaya Capital Management LP, completed September 30, 2024. Blue Owl operates in the alternative asset management sector alongside firms such as Ares Management, Apollo Global Management, and Blackstone.

Revenue model

Management fees based on AUM, which includes NAV, drawn and undrawn debt, uncalled capital commitments, total managed assets, and par value of CLO collateral. The firm also manages BDCs regulated under the Investment Company Act of 1940 and earns fees from those vehicles.

Products and services

Business development companies (BDCs): OBDC, OBDC II, OTF, OCIC, OTIC. Collateralized loan obligations (CLOs) and other securitizations. Credit strategies including alternative credit (via Atalaya, acquired September 30, 2024). Real assets products.

Customers and end markets

Institutional and individual investors allocating to alternative credit, real assets, and BDC vehicles. End markets include private credit, direct lending, technology lending, and real assets.

Value-chain role

Alternative asset manager. Raises and manages capital from investors, deploys into private credit and real assets strategies, and charges management fees on AUM.

Source: SEC 10-K, filed 2026-02-19

Industry: Investment Advice Peers: Ameriprise Financial Inc Ares Capital Corp Ares Management Corp /entities/bk Blackstone Inc Carlyle Group Inc Franklin Resources Inc Northern Trust Corp T Rowe Price Group Inc State Street Corp