$OWL

BLUE OWL CAPITAL INC.

CIK:0001823945|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Revenues

Revenues

$ 753,052

$ 703,106

$ 1,506,863

$ 1,386,592

Expenses

Compensation and benefits

359,408

326,300

735,282

652,240

Amortization of intangible assets

85,478

89,472

170,016

178,945

General, administrative and other expenses

191,755

188,052

375,665

378,831

Total Expenses

636,641

603,824

1,280,963

1,210,016

Other Loss

Net gains (losses) on investments

(1,480)

(2,420)

3,275

(10,120)

Interest and dividend income

12,681

11,015

24,446

22,245

Interest expense

(47,740)

(41,986)

(91,621)

(80,510)

Change in TRA liability

(2,918)

(2,026)

(5,313)

(6,302)

Change in earnout liability

(6,009)

20,629

10,091

22,947

Total Other Loss

(45,466)

(14,788)

(59,122)

(51,740)

Income Before Income Taxes

70,945

84,494

166,778

124,836

Income tax expense

10,281

13,798

26,521

17,470

Consolidated Net Income

60,664

70,696

140,257

107,366

Net income attributable to noncontrolling interests

(49,271)

(53,270)

(113,322)

(82,510)

Net Income Attributable to Blue Owl Capital Inc.

$ 11,393

$ 17,426

$ 26,935

$ 24,856

Earnings per Class A Share

Basic (in dollars per share)

$ 0.02

$ 0.03

$ 0.04

Diluted (in dollars per share)

$ 0.02

$ 0.04

$ 0.02

Weighted-Average Class A Shares

Basic (in shares)

^[1]

688,509,841

649,685,215

684,488,650

637,835,492

Diluted (in shares)

688,509,841

656,056,036

684,813,494

647,340,111

Management Fees Receivable

Revenues

Revenues

$ 752,950

$ 702,127

$ 1,500,696

$ 1,379,301

Performance revenues

Revenues

Revenues

$ 102

$ 979

$ 6,167

$ 7,291

[1]	Included in the weighted-average Class A Shares outstanding are RSUs that have vested but have not been settled in Class A Shares. These RSUs do not participate in dividends until settled in Class A Shares. See Note 12.

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities
Consolidated net income	$ 140,257	$ 107,366
Adjustments to reconcile consolidated net income to net cash from operating activities:
Amortization of intangible assets	170,016	178,945
Equity-based compensation	381,397	338,730
Depreciation and amortization of fixed assets	14,220	11,675
Amortization of debt discounts and deferred financing costs	3,988	3,864
Non-cash interest and dividend income	(19,925)	(17,483)
Net change in operating lease assets and operating lease liabilities	(270)	4,834
Payment of earnout liability in excess of acquisition-date fair value	(24,909)	(728)
Net (gains) losses on investments, net of dividends on equity-method investments	283	12,760
Change in TRA liability	5,313	6,302
Change in earnout liability	(10,091)	(22,947)
Deferred income taxes	14,309	6,326
Changes in operating assets and liabilities:
Due from related parties	3,218	(31,341)
Strategic Revenue-Share Purchase consideration	22,087	22,233
Other assets, net	4,626	(33,116)
Accrued compensation	(150,926)	(132,223)
Accounts payable, accrued expenses and other liabilities	10,468	(15,104)
Net Cash Provided by Operating Activities	564,061	440,093
Cash Flows from Investing Activities
Purchases of fixed assets	(22,129)	(23,385)
Purchases of investments	(86,259)	(41,712)
Proceeds from investment sales and maturities	26,618	47,471
Cash consideration paid for acquisitions, net of cash acquired	0	(244,580)
Net Cash Used in Investing Activities	(81,770)	(262,206)
Cash Flows from Financing Activities
Proceeds from debt obligations	1,560,000	1,310,000
Repayments of debt obligations	(1,075,000)	(660,000)
Payment of earnout liability, up to acquisition-date fair value	(35,000)	(36,438)
Payments under the TRA	(64,799)	(53,540)
Withholding taxes on vested RSUs	(32,011)	(53,782)
Dividends paid on Class A Shares	(305,974)	(250,781)
Class A Share repurchases	(25,000)	(1,691)
Contributions from noncontrolling interests	9,505	24,032
Distributions to noncontrolling interests	(539,467)	(490,163)
Net Cash Provided by (Used in) Financing Activities	(507,746)	(212,363)
Net Decrease in Cash and Cash Equivalents	(25,455)	(34,476)
Cash and cash equivalents, beginning of period	194,512	152,089
Cash and Cash Equivalents, End of Period	169,057	117,613
Supplemental Information
Cash paid for interest	88,353	73,830
Cash paid for income taxes	$ 13,140	$ 9,995

Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 169,057	$ 194,512
Due from related parties	690,838	694,056
Investments (includes $423,339 and $358,153 at fair value and $222,081 and $162,747 of investments in the Company’s products, respectively)	563,671	484,389
Operating lease assets	450,642	456,204
Strategic Revenue-Share Purchase consideration, net	307,120	329,207
Deferred tax assets	1,426,676	1,413,528
Intangible assets, net	2,718,784	2,888,800
Goodwill	5,624,469	5,624,469
Other assets, net	382,902	382,519
Total Assets	12,334,159	12,467,684
Liabilities
Debt obligations, net	3,812,233	3,324,426
Accrued compensation	434,731	525,550
Operating lease liabilities	532,315	538,147
TRA liability (includes $98,659 and $106,793 at fair value, respectively)	1,636,766	1,658,999
Earnout liability, at fair value	93,700	163,700
Deferred tax liabilities	37,995	39,663
Accounts payable, accrued expenses and other liabilities	172,622	163,000
Total Liabilities	6,720,362	6,413,485
Commitments and Contingencies (Note 8)
Stockholders’ Equity
Additional paid-in capital	3,882,396	3,812,770
Accumulated deficit	(1,888,494)	(1,609,455)
Accumulated other comprehensive income	2,473	1,892
Total Stockholders’ Equity Attributable to Blue Owl Capital Inc.	1,996,530	2,205,362
Stockholders’ equity attributable to noncontrolling interests	3,617,267	3,848,837
Total Stockholders’ Equity	5,613,797	6,054,199
Total Liabilities and Stockholders’ Equity	12,334,159	12,467,684
Class A Shares
Stockholders’ Equity
Common stock value	68	67
Class C Shares
Stockholders’ Equity
Common stock value	57	58
Class D Shares
Stockholders’ Equity
Common stock value	$ 30	$ 30