BLUE OWL CAPITAL INC.

Listed Company

OWLCIK 0001823945NYSELarge AcceleratedInvestment AdviceNew JerseyFY ends Dec 31

Period

FY 2025

Revenue

$567.75M

Net Income

$78.83M

Total Assets

$12.47B

Equity

$2.21B

Shares Out

6.88M

Op. Cash Flow

$1.26B

Business

BLUE OWL CAPITAL INC. is a global alternative asset manager that deploys private capital across Credit, GP Strategic Capital and Real Assets platforms on behalf of institutional and private wealth clients. It offers a range of investment products and services including direct lending, alternative and liquid credit, GP minority stakes and debt financing, net lease real estate and real estate credit, as well as business services to partner managers. The firm operates as a single reportable segment with integrated management and investment teams across its product platforms. Blue Owl distributes its products globally through institutional relationships, wealth management firms, retail channels and direct institutional fundraising and managed account platforms.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	2,870	2,295	1,732	1,370	824
Compensation and benefits	1,307	1,017	871	895	1,497
Amortization of intangible assets	359	258	300	257	114
General, administrative and other expenses	748	413	243	221	140
Total Expenses	2,414	1,689	1,414	1,372	1,751
Net gains (losses) on investments	−7	2	4	−132,000	−4
Interest and dividend income	45	42	22	4	387,000
Interest expense	−164	−122	−76	−60	—
Change in TRA liability	−14	7	−2	−11	—
Change in warrant liability	0	−38	−14	35	−44
Change in earnout liability	31	−28	−6	−14	−834
Total Other Loss	−108	−138	−71	−47	−940
Income Before Income Taxes	348	469	246	−50	−1,867
Income tax expense	42	49	26	−9	−65
Consolidated Net Income	305	420	221	−40	−1,802
Net income attributable to noncontrolling interests	−227	−311	−166	31	1,426
Net Income Attributable to Blue Owl Capital Inc.	79	110	54	−9	−376
Basic (in dollars per share)	0.12	0.2	0.12	−0.02	—
Diluted (in dollars per share)	0.1	0.2	0.1	−0.02	—
Basic (in shares)	655	549	463	433	—
Diluted (in shares)	662	558	478	433	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	195	152	104	68	43
Due from related parties	694	549	367	358	—
Investments (includes $358,153 and $369,294 at fair value and $162,747 and $213,684 of investments in the Companys products, respectively)	484	487	344	317	12
Operating lease assets	456	325	282	224	86
Strategic Revenue-Share Purchase consideration, net	329	374	417	458	495
Deferred tax assets	1,414	1,245	782	757	636
Intangible assets, net	2,889	2,903	2,110	2,405	2,611
Goodwill	5,624	4,699	4,224	4,205	4,132
Other assets, net	383	259	187	100	26
Total Assets	12,468	10,992	8,818	8,893	8,266
Debt obligations, net	3,300	2,600	1,700	1,600	1,174
Accrued compensation	526	424	371	310	156
Operating lease liabilities	538	390	320	240	88
TRA liability (includes $106,793 and $108,257 at fair value, respectively)	1,659	1,412	880	821	671
Earnout liability, at fair value	164	168	93	172	144
Deferred tax liabilities	40	37	34	42	49
Accounts payable, accrued expenses and other liabilities	163	166	139	127	68
Total Liabilities	6,413	5,186	3,540	3,344	2,419
Commitments and Contingencies (Note 8)	—	—	—	—	—
Additional paid-in capital	3,813	3,269	2,411	2,294	2,161
Accumulated deficit	−1,609	−1,142	−883	−689	−498
Accumulated other comprehensive income	2	0	—	—	—
Total Stockholders Equity Attributable to Blue Owl Capital Inc.	2,205	2,128	1,528	1,605	1,664
Stockholders equity attributable to noncontrolling interests	3,849	3,678	3,750	3,944	4,184
Total Stockholders Equity	6,054	5,806	5,278	5,549	5,848
Total Liabilities and Stockholders Equity	12,468	10,992	8,818	8,893	8,266

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Equity-based compensation	674	313	313	421	1,205
Depreciation and amortization of fixed assets	23	17	10	2	665,000
Amortization of debt discounts and deferred financing costs	8	7	5	4	2
Non-cash interest and dividend income	−35	−23	0	—	—
Net change in operating lease assets and operating lease liabilities	17	27	23	—	—
Payment of earnout liability in excess of acquisition-date fair value	−935,000	−14	−7	0	0
Net (gains) losses on investments, net of dividends on equity-method investments	6	13	−4	132,000	4
Deferred income taxes	21	27	4	−24	−66
Due from related parties	−103	−175	−9	−128	−105
Strategic Revenue-Share Purchase consideration	44	44	41	37	−41
Other assets, net	−93	−14	−15	−2	−2
Accrued compensation	46	31	41	138	93
Accounts payable, accrued expenses and other liabilities	3	10	5	58	−33
Net Cash Provided by Operating Activities	1,256	1,000	949	728	282
Purchases of fixed assets	−58	−64	−68	−66	−5
Purchases of investments	−94	−378	−86	−309	−329
Proceeds from investment sales and maturities	126	250	62	4	314
Cash consideration paid for acquisitions, net of cash acquired	−245	−445	−26	−114	−1,579
Net Cash Used in Investing Activities	−271	−638	−118	−485	−1,599
Offering costs related to the Acquisitions	0	−273,000	0	0	−126
Proceeds from debt obligations	2,270	2,170	1,055	775	1,390
Debt issuance costs	−3	−25	−6	—	—
Repayments of debt obligations	−1,540	−1,245	−1,000	−323	−578
Payment of earnout liability, up to acquisition-date fair value	−37	−80	−79	0	0
Equity-classified awards settled in cash	0	0	−3	0	0
Payments under the TRA	−54	−28	0	0	—
Withholding taxes on vested RSUs	−80	−39	−15	−2	0
Dividends paid on Class A Shares	−547	−368	−248	−183	−47
Class A Share repurchases	−54	0	0	−79	0
Contributions from noncontrolling interests	29	38	48	27	16
Distributions to noncontrolling interests	−929	−735	−546	−425	−135
Net Cash Used in Financing Activities	−943	−313	−795	−218	1,348
Net Increase in Cash and Cash Equivalents	42	48	36	26	31
Cash paid for interest	155	101	72	48	25
Cash paid for income taxes	17	22	14	5	4

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