BLUE OWL CAPITAL INC.OWL

BLUE OWL CAPITAL INC. Leases Disclosure

10-KFiled Feb 19, 20262 min read
5. LEASES
The Company primarily has non-cancelable operating leases for its headquarters in New York and various other offices. The operating lease for the Company’s headquarters does not include any renewal options; however, certain of the Company’s other leases contain renewal and early termination options that the Company has determined are not reasonably certain of being exercised.
(dollars in thousands)Year Ended December 31,
Lease Cost202520242023
Operating lease cost$50,355 $40,688 $37,673 
Short term lease cost2,123 1,345 232 
Net Lease Cost$52,478 $42,033 $37,905 
(dollars in thousands)Year Ended December 31,
Supplemental Lease Cash Flow Information202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases(1)
$35,545 $14,137 $15,012 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$159,861 $73,070 $95,953 
(1)The amount presented above includes tenant improvement allowances received from the lessor of $7.8 million and $18.9 million for the years ended December 31, 2025 and 2024, respectively.
Lease Term and Discount RateDecember 31,
2025		December 31,
2024		December 31, 2023
Weighted-average remaining lease term:
Operating leases12.9 years13.1 years12.5 years
Weighted-average discount rate:
Operating leases5.7%5.6%5.4 %
(dollars in thousands)
Future Maturity of Operating Lease Payments
Operating Leases
2026$62,426 
202763,202 
202849,513 
202945,909 
203064,607 
Thereafter497,631 
Total Lease Payments783,288 
Imputed interest(245,141)
Total Lease Liabilities$538,147 
Amounts presented in the table above are presented net of tenant improvement allowances and reflect the impacts of rent holiday periods.
The Company has future operating lease payments of approximately $17.1 million related to leases that have not commenced that were entered into as of December 31, 2025. Such lease payments are not included in the table above or within operating lease assets and operating lease liabilities in the Company’s consolidated statements of financial condition. These operating lease payments are anticipated to commence in the first quarter of 2026 and continue for approximately 11 years.

Historical Timeline

Fiscal YearFiled
2025Feb 19, 2026Showing above
2024Feb 21, 2025
2023Feb 23, 2024
2022Feb 27, 2023
2021Feb 28, 2022

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

Other Available Disclosures

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