BLUE OWL CAPITAL INC.OWL
BLUE OWL CAPITAL INC. Revenue Disclosure
9. REVENUES
The following table presents a disaggregated view of the Company’s revenues:
| Year Ended December 31, | |||||||||||||||||
| (dollars in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Credit Platform | |||||||||||||||||
| Direct lending | $ | 1,308,154 | $ | 1,133,304 | $ | 870,475 | |||||||||||
| Alternative credit | 90,407 | 19,834 | — | ||||||||||||||
| Investment grade credit | 67,605 | 27,892 | — | ||||||||||||||
| Liquid credit | 23,144 | 27,750 | 27,936 | ||||||||||||||
| Other | 41,980 | 25,814 | 1,491 | ||||||||||||||
| Amortization of deferred incentives paid to customers | (9,807) | — | — | ||||||||||||||
| Management Fees, Net | 1,521,483 | 1,234,594 | 899,902 | ||||||||||||||
| Administrative, transaction and other fees | 216,936 | 225,223 | 154,537 | ||||||||||||||
| Performance revenues | 6,941 | 2,274 | 1,276 | ||||||||||||||
| Total GAAP Revenues - Credit Platform | 1,745,360 | 1,462,091 | 1,055,715 | ||||||||||||||
| Real Assets Platform | |||||||||||||||||
| Net lease | 202,105 | 168,588 | 122,365 | ||||||||||||||
| Real estate credit | 42,291 | 19,161 | — | ||||||||||||||
| Digital infrastructure | 164,601 | — | — | ||||||||||||||
| Amortization of deferred incentives paid to customers | (1,102) | — | — | ||||||||||||||
| Management Fees, Net | 407,895 | 187,749 | 122,365 | ||||||||||||||
| Administrative, transaction and other fees | 61,371 | 27,010 | 14,387 | ||||||||||||||
| Performance revenues | 19,831 | 4,822 | 2,345 | ||||||||||||||
| Total GAAP Revenues - Real Assets Platform | 489,097 | 219,581 | 139,097 | ||||||||||||||
| GP Strategic Capital Platform | |||||||||||||||||
| GP minority stakes | 615,181 | 589,246 | 526,502 | ||||||||||||||
| GP debt financing | 17,518 | 22,633 | 16,921 | ||||||||||||||
| Professional sports minority stakes | 4,181 | 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 Platform | 635,721 | 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) | 2025 | 2024 | |||||||||
| 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) | 2025 | 2024 | |||||||||
| 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 customers | 55,862 | ||||
| Amortization | (10,909) | ||||
| Ending Balance | $ | 44,953 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 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.