BLUE OWL CAPITAL INC.OWL

BLUE OWL CAPITAL INC. Revenue Disclosure

10-KFiled Feb 19, 20263 min read
9. REVENUES
The following table presents a disaggregated view of the Company’s revenues:
Year Ended December 31,
(dollars in thousands)202520242023
Credit Platform
Direct lending$1,308,154 $1,133,304 $870,475 
Alternative credit90,407 19,834 — 
Investment grade credit67,605 27,892 — 
Liquid credit23,144 27,750 27,936 
Other41,980 25,814 1,491 
Amortization of deferred incentives paid to customers(9,807)— — 
Management Fees, Net1,521,483 1,234,594 899,902 
Administrative, transaction and other fees216,936 225,223 154,537 
Performance revenues6,941 2,274 1,276 
Total GAAP Revenues - Credit Platform1,745,360 1,462,091 1,055,715 
Real Assets Platform
Net lease202,105 168,588 122,365 
Real estate credit42,291 19,161 — 
Digital infrastructure164,601 — — 
Amortization of deferred incentives paid to customers(1,102)— — 
Management Fees, Net407,895 187,749 122,365 
Administrative, transaction and other fees61,371 27,010 14,387 
Performance revenues19,831 4,822 2,345 
Total GAAP Revenues - Real Assets Platform489,097 219,581 139,097 
GP Strategic Capital Platform
GP minority stakes615,181 589,246 526,502 
GP debt financing17,518 22,633 16,921 
Professional sports minority stakes4,181 3,395 2,409 
Strategic Revenue-Share Purchase consideration amortization(44,321)(43,553)(40,858)
Management Fees, Net 592,559 571,721 504,974 
Administrative, transaction and other fees 43,162 42,034 31,822 
Total GAAP Revenues - GP Strategic Capital Platform635,721 613,755 536,796 
Total GAAP Revenues$2,870,178 $2,295,427 $1,731,608 
The table below presents the beginning and ending balances of the Company’s management fees, performance revenues and administrative, transaction and other fees receivable and unearned management fees. Substantially all of the amounts receivable are collected during the following quarter. A liability for unearned management fees is generally recognized when management fees are paid to the Company in advance. The entire change in unearned management fees shown below relates to amounts recognized as revenues in the current year period. Management fees are primarily included within due from related parties and a portion is also included within other assets in the Company’s consolidated statements of financial condition. Performance revenues and administrative, transaction and other fees receivable are included within due from related parties and unearned management fees are included within accounts payable, accrued expenses and other liabilities in the Company’s consolidated statements of financial condition.
Year Ended
December 31,
(dollars in thousands)20252024
Management Fees Receivable
Beginning balance$356,413 $243,203 
Ending balance$448,195 $356,413 
Administrative, Transaction and Other Fees Receivable
Beginning balance$67,920 $42,059 
Ending balance$111,690 $67,920 
Performance Revenues Receivable
Beginning balance$1,672 $2,975 
Ending balance$1,381 $1,672 
Unearned Management Fees
Beginning balance$7,613 $9,398 
Ending balance$3,866 $7,613 
The table below presents the changes in the Company’s Strategic Revenue-Share Purchase consideration. Substantially all of the consideration was paid in Class A Shares in 2021 and is being amortized as a reduction of management fees, net in the Company’s consolidated statements of operations over the average period the related customer revenues are expected to be recognized. As of December 31, 2025, the remaining weighted average amortization period was 7.5 years.
Year Ended
December 31,
(dollars in thousands)20252024
Beginning balance$373,528 $417,081 
Amortization(44,321)(43,553)
Ending Balance$329,207 $373,528 
Starting in 2025, the Company paid certain investors in the Company’s products incentives that are being amortized as a reduction of management fees, net in the Company’s consolidated statements of operations. These incentives are recognized over the related performance obligation period, and unamortized amounts are recorded within other assets in the Company’s consolidated statements of financial condition. As of December 31, 2025, the remaining weighted average amortization period was 1.4 years.
(dollars in thousands)Year Ended December 31, 2025
Beginning balance$— 
Deferred incentives paid to customers55,862 
Amortization(10,909)
Ending Balance$44,953 
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Historical Timeline

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

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

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