Blue Owl Capital reports $806.53 million revenue for Q3 2026

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For the quarterly period ended June September 30, 2026

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Class Outstanding at July 24, 2026

Class Outstanding at October 23, 2026

Class A common stock, par value $0.0001 683,908,596 692,779,154

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Class C common stock, par value $0.0001 572,034,424 572,636,840

Class D common stock, par value $0.0001 303,149,203 301,289,203

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Exhibits 3 changes

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Credit Refers to our Credit platform that includes (i) our direct lending strategy, which generally offers private credit privately negotiated financing solutions to primarily upper-middle-market companies; through differentiated access points; (ii) alternative credit, which targets credit-oriented investments in markets underserved by traditional lenders or the broader capital markets, with deep expertise investing across specialty finance, private corporate credit and equipment leasing; (iii) investment grade credit, which focuses on generating capital-efficient investment income through asset-backed finance, private corporate credit, and structured products; and (iv) liquid credit, which focuses on the management of CLOs. Our Credit platform also includes our other adjacent investment strategies (e.g., strategic equity and healthcare opportunities).

Fee-Paying AUM or FPAUM Refers to the AUM on which management fees and/or FRE performance revenues are earned. For our Regulated Products, FPAUM is generally equal to total assets (including based on gross or net assets. acquired with debt but excluding cash). For our other Credit products, excluding CLOs, FPAUM is generally equal to NAV, investment cost, market value or statutory book value. FPAUM also includes uncalled committed capital for products where we earn management fees thereon. For CLOs and other securitizations, FPAUM is generally equal to the par value of collateral. For Real Assets, FPAUM is generally equal to a combination of capital commitments, the cost of unrealized investments during the investment period and the cost of unrealized investments after the investment period; however, for certain Real Assets products, FPAUM is based on NAV, market value or statutory book value. For our GP Strategic Capital products, FPAUM for the GP minority stakes strategy is generally equal to capital commitments during the investment period and the cost of unrealized investments after the investment period. For GP Strategic Capital's other strategies, FPAUM is generally equal to investment cost.

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private credit Refers generally to financing provided by non-bank lenders to borrowers, that is directly negotiated and not issued or actively traded on a public exchange and includes our direct lending, alternative credit, investment grade credit, real estate credit and GP debt financing strategies.

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MD&A 591 changes

The following Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A"), should be read in conjunction with the Financial Statements. For a description of our business, please see "Item 1. Business" in our Annual Report.

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Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2026 2025 2026 2025

Net Income Attributable to Blue Owl Capital Inc. $ 11,393 19,959 $ 17,426 6,310 $ 26,935 46,894 $ 24,856 31,166

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FPAUM: $190.6 billion

FPAUM: $97.2 billion

FPAUM: $52.0 billion

FPAUM: $192.2 billion

FPAUM: $97.0 billion

FPAUM: $53.8 billion

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FPAUM: $41.4 billion

FPAUM: $61.4 billion

FPAUM: $24.3 billion

FPAUM: $39.2 billion

FPAUM: $15.4 billion

FPAUM: $41.3 billion

FPAUM: $61.0 billion

FPAUM: $25.7 billion

FPAUM: $39.1 billion

FPAUM: $15.3 billion

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FPAUM: $17.8 billion

FPAUM: $17.7 billion

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FPAUM: $12.4 billion

FPAUM: $12.8 billion

All amounts shown as of June September 30, 2026, totals may not sum due to rounding.

As of June September 30, 2026, our AUM was $319.0 $329.9 billion, which included $190.6 $192.2 billion of FPAUM. As of June September 30, 2026, we had $31.1 $36.3 billion in AUM not yet paying fees, providing approximately $380 $402 million of annualized management fees once deployed. See "—Assets Under Management" for additional information, including important information on how we define these metrics.

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During the second quarter of 2026, global equity and debt markets adapted to shifts in expectations around major themes such as inflation and the trajectory of interest rates as well as ongoing geopolitical relations and their impact to certain energy prices. Stronger than previously indicated job growth and sticky inflation drove expectations of rate hikes, a reversal away from the forward rate cuts anticipated at the beginning of the second quarter. Temporary periods of de-escalation in the Middle East throughout the quarter drove certain energy prices lower. Equity market dispersion continued, with single stock volatility outpacing index volatility by a wide margin as artificial intelligence ("AI") hardware and other perceived beneficiaries of AI spend continued to drive thematic investment.

The 10-year Treasury yield in the United States ended the second quarter of 2026 approximately 15 basis points higher than March 31, 2026 and experienced a peak to trough range of more than 40 basis points during the quarter. The CBOE Volatility Index, or VIX, peaked above 25 during the second quarter of 2026, but mostly sat below 20 as tensions in the Middle East experienced temporary periods of de-escalation throughout the quarter.

In Credit, gross deployment in the second quarter was robust, led by alternative credit and investment grade credit strategies. Alternative credit has become a larger part of our Credit platform, having grown AUM 35% over the past year. Over this time, we have meaningfully scaled both drawdown funds and our interval fund, the latter of which eclipsed its one year anniversary in the second quarter. In direct lending, credit health remains strong and the performance of our funds and vehicles has continued to outpace their relevant public benchmarks. We also continued to experience elevated redemption requests in certain Blue Owl managed non-traded BDCs, though such requests were moderately lower compared to the first quarter of 2026. We continued to see deployment consistent with an industry backdrop of moderate sponsor-driven M&A activity and continued to see meaningful repayments at par, another metric demonstrating health and liquidity within the portfolio.

As of the second quarter of 2026, our Real Assets platform has expanded seven-fold in AUM since we first established our foothold in late 2021. Over the past year alone, Real Assets AUM and revenues have each grown by more than 25%, and we were ranked #2 on PERE's Top 100 Real Estate fundraisers globally. Our strong presence and performance in Real Assets is due in part to our focus on sectors such as data centers, industrials and reshoring, healthcare and cold storage. Across the platform, we see nearly $160 billion of near-term opportunities across both our digital infrastructure and net lease pipelines.

In GP Strategic Capital, we continue to focus on generating attractive and income-driven returns for our fund investors, with an emphasis on distributions paid in. Over the past eight quarters, we have engaged in five strip sale transactions that in aggregate generated $4.6 billion of capital returned to investors. We continue to see strong interest in our capital solutions from both limited partners in our funds and general partners in which we take stakes as a result of the current market landscape.

During the third quarter of 2026, global equity and debt markets remained driven by expectations around inflation, interest rates, artificial intelligence ("AI")-related capital expenditures, and ongoing geopolitical tensions, including in the Middle East and their impact on certain energy prices. Equity indices saw modest appreciation during the third quarter despite lack of market breadth, with approximately two-thirds of S&P 500 and Russell 1000 stocks retreating during the quarter. The 10-year Treasury yield in the United States ended the third quarter of 2026 at 5.29%, approximately 85 basis points higher than June 30, 2026 and in late September, the Federal Reserve announced a rate hike of 25 basis points, increasing the federal funds target range to 3.75% to 4.00%. This represented a significant shift from the beginning of the year, when market participants had anticipated further reductions in the federal funds rate. For our business, changes in base rates and credit spreads affect the yields available on new investments, the income generated by existing floating rate investments and the fees we may earn across our Credit platform, while AI-related capital expenditures continue to drive demand for capital in our digital infrastructure strategy, each as discussed further below.

We operate three differentiated platforms at scale across Credit, Real Assets and GP Strategic Capital. AUM of $319 $329.9 billion grew 12% year yea r over year, with growth across each platform. Over the last twelve months, approximately 85% of our GAAP and FRE (as defined below) management fees were generated by Permanent Capital. Capital raising during the second third quarter of 2026 was diversified across asset classes, strategies and channels, resulting in $7.8 $12.6 billion of new capital commitments during the second third quarter of 2026 and $50.5 $48.8 billion over the last twelve months. We ended the second third quarter of 2026 with substantial available capital to deploy, reporting $31.1 $36.3 billion of AUM not yet paying fees.

During the third quarter of 2026, we continued to further the diversification of our business. Inflows during the quarter were primarily driven by our Credit and Real Assets platforms, and the third quarter represented a record quarter of institutional fundraising. Institutional investors represent approximately 70% of equity capital raised over the last twelve months. Over this period, capital commitments have been diversified across existing investor re-ups, new client commitments, and cross-selling investors into new products, showcasing the breadth and expansion of our investor base.

In Credit, the market environment during the quarter was defined by significant moves in risk-free rates and ultimately ended with the federal funds rate hike, presenting opportunities to depl oy capital into a higher rate and higher spread environment. In direct lending, third quarter activity was driven heavily by existing borrowers. Because our direct lending portfolios consist predominantly of floating rate loans, higher base rates increase the interest income earned on existing loans as they reprice, in addition to the higher all-in yields available on new originations. Higher net investment income in our BDCs generally results in higher Part I Fees, which are calculated based on net investment income in these products. We continue to see deployment consistent with an industry backdrop of moderate sponsor-driven M&A activity. In alternative credit and investment grade credit, deployment was more opportunistic in reaction to the currently evolving interest rate and spread landscape. In alternative credit, this included investing in floating rate assets and acquiring fixed rate assets on more attractive terms, and in investment grade credit, market volatility created opportunities to generate higher excess spread for our insurance clients. Our alternative credit interval fund has now reached approximately $3 billion of AUM just over a year after launching. Across our Credit platform, borrower health remains strong and the performance of our funds and vehicles has continued to outpace their relevant public benchmarks.

In Real Assets, our pipeline for deployment remained at near record levels as we continue to play a central role in providing valuable capital to corporations across themes such as data centers, industrials and reshoring, healthcare, and cold storage. Across the platform, we see over $140 billi on of opportunities in net lease and digital infrastructure. As a result of the rate volatility during the third quarter, we also saw record demand for financing solutions, including loans and bridge financing structures, on more favorable terms than in recent periods, in our real estate credit strategy. Our digital infrastructure non-traded REIT Blue Owl Digital Infrastructure Trust ("ODIT") h as reached over $4.5 b illion of AUM less than a year after launching, highlighting investor interest in the strategy and acknowledging Blue Owl's central role in finan cing the expansion of compute across both cloud and AI. Consistent with our focus on income-generating, downside-protected investing, substantially all of the counterparties in our digital infrastructure strategy are investment grade.

In GP Strategic Capital, we continue to put capital to work out of our latest flagship fund, making our sixth investment out of that product in the third quarter. Products across the GP Strategic Capital platform remain in the top quartile on distributions to paid-in capital, a key metric as fund investors put increasing value on cash flows. We continue to see strong interest in our capital solutions from both limited partners in our funds and general partners in which we take stakes as a result of the current market landscape.

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We present information regarding our AUM, FPAUM and various other related metrics throughout this MD&A to provide context around our results for our fee generating revenues, results, as well as indicators of the potential for future earnings from existing and new products. Our calculations of AUM and FPAUM may differ from the calculation methodologies of other asset managers, and as a result these measures may not be comparable to similar measures presented by other asset managers. In addition, our calculation of AUM includes amounts that are fee exempt (i.e., not subject to fees).

As of June September 30, 2026, assets under management related to us, our executives and other employees totaled approximately $5.8 $5.6 billion (including $3.0 approximately $3.1 billion related to accrued carried interest). A portion of these assets under management are not charged fees.

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Management uses AUM not yet paying fees as an indicator of management fees that will come online as we deploy existing assets in products that charge fees based on deployed and not uncalled capital, as well as AUM that is currently subject to a fee holiday that will expire in the future. AUM not yet paying fees could provide approximately $380 $402 million of additional annualized management fees once deployed or upon the expiration of the relevant fee holidays.

All amounts shown as of June September 30, 2026, totals may not sum due to rounding.

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Beginning Balance $ 159,239 $ 85,080 $ 70,608 $ 314,927 $ 139,239 $ 67,062 $ 66,968 $ 273,269

All amounts shown as of June September 30, 2026, totals may not sum due to rounding.

We raise capital from institutional investors and private wealth clients. Institutional investors include prominent public and private pension funds, endowments, foundations, family offices, private banks, asset managers and insurance companies. Private wealth clients consist of individual clients, accessed through prominent wealth management firms and private banks, who invest primarily in our continuously offered products, such as our non-traded BDCs, OWLCX, Blue Owl Real Estate Net Lease Trust ("ORENT") and ODIT, and, through feeder vehicles, in certain of our drawdown funds.

The following chart presents new capital raised by channel for the periods indicated. See "—Changes in AUM" and "—Changes in FPAUM" for additional information about capital flows in the periods presented, including new capital raised by platform.

Over the past several years, private wealth clients have become an increasingly significant source of new capital for us and for the alternative asset management industry more broadly, as individual investors have increased their allocations to alternative investments. During 2026, however, private wealth clients have contributed a smaller share of our new capital raised relative to institutional clients. New capital raised from private wealth clients has declined compared to the prior year, reflecting lower subscriptions across the industry in non-traded BDCs and other direct lending products amid heightened market and media attention on direct lending. Private wealth inflows have, however, recovered from May 2026 levels. New capital raised from institutional clients has increased compared to the prior year, primarily in our investment grade credit, real estate credit and alternative credit strategies. Notwithstanding this recent shift in mix, we continue to view private wealth as a significant long-term source of capital for our business.

We earn management fees on capital raised from both channels, and the principal effect of the mix is on the liquidity profile of our AUM. Capital raised from institutional clients is generally committed to drawdown funds or other products that do not permit investors to redeem. By contrast, our continuously offered products, in which most capital from private wealth clients is invested, provide investors with periodic liquidity through quarterly tender offers or share repurchases. These have been generally limited to 5% of each product's outstanding shares or NAV per quarter and are conducted at the discretion of each product's board of directors or trustees. As a result, as the share of our AUM raised from private wealth clients grows, a larger portion of our FPAUM may be subject to tender offers or share repurchases, and the level of these requests may be influenced by investor sentiment, market conditions and media attention, in addition to product performance. For a discussion of these risks, see "Item 1A. Risk Factors—Risks Related to Our Products—We are vulnerable to an increased number of investors seeking to participate in share repurchase programs or tender offers of our non-traded products" and "—Risks Related to Our Legal and Regulatory Environment—We are subject to litigation and public perception risks, and consequently, we may face liabilities and damage to our professional reputation" in our Annual Report.

Management fees from these private wealth products are generally calculated based on NAV, and Part I Fees in our BDCs are calculated on net investment income, both of which scale with the size of each product's portfolio. Redemptions therefore reduce the base on which we earn these fees to the extent they are not offset by new capital raised, and a sustained elevated level of redemptions would result in lower management fees, including Part I Fees, and correspondingly lower revenues and cash flows from operations. See "—Changes in AUM" and "—Changes in FPAUM" for the amount of redemptions in the periods presented. For a discussion of risks related to our fee-based revenues, see "Item 1A. Risk Factors—Risks Related to Investment Management—Management fees and other fees comprise a substantial majority of our revenues and a reduction in such fees could have an adverse effect on our results of operations and the level of cash available for distributions to our stockholders" in our Annual Report.

Three Months Ended June September 30, 2026 Three Months Ended June September 30, 2025 (dollars in millions) Credit Real Assets GP Strategic Capital Total Credit Real Assets GP Strategic Capital Total

Beginning Balance $ 158,123 $ 89,368 $ 71,522 $ 319,013 $ 145,468 $ 71,486 $ 67,131 $ 284,085

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New capital raised 1,763 4,448 1,339 7,550 5,833 5,799 445 12,077

Change in debt 491 (205) — 286 3,068 (1,263) — 1,805

Distributions (4,782) (1,073) (350) (6,205) (3,252) (915) (698) (4,865)

Change in value / other 1,412 1,118 (75) 2,455 580 803 416 1,799

Ending Balance $ 158,123 $ 89,368 $ 71,522 $ 319,013 $ 145,468 $ 71,486 $ 67,131 $ 284,085

New capital raised 5,607 3,967 632 10,206 5,572 2,955 2,717 11,244

Change in debt 651 1,743 — 2,394 2,404 711 — 3,115

Distributions (2,245) (1,506) (828) (4,579) (2,765) (407) (1,568) (4,740)

Redemptions (1,072) (198) — (1,270) (482) (454) — (936)

Change in value / other 1,716 1,557 879 4,152 1,943 391 510 2,844

Ending Balance $ 162,780 $ 94,931 $ 72,205 $ 329,916 $ 152,140 $ 74,682 $ 68,790 $ 295,612

Six Nine Months Ended June September 30, 2026 Six Nine Months Ended June September 30, 2025 (dollars in millions) Credit Real Assets GP Strategic Capital Total Credit Real Assets GP Strategic Capital Total

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New capital raised 5,831 8,481 2,239 16,551 9,803 7,952 1,003 18,758

Change in debt 1,233 1,086 — 2,319 4,421 142 — 4,563

Distributions (9,040) (2,057) (1,135) (12,232) (5,918) (1,392) (900) (8,210)

Change in value / other 2,342 1,254 1,347 4,943 1,452 1,204 993 3,649

Ending Balance $ 158,123 $ 89,368 $ 71,522 $ 319,013 $ 145,468 $ 71,486 $ 67,131 $ 284,085

Beginning Balance $ 98,850 $ 49,836 $ 39,724 $ 188,410 $ 92,890 $ 43,920 $ 37,822 $ 174,632

New capital raised 11,438 12,448 2,871 26,757 15,375 10,907 3,720 30,002

Change in debt 1,884 2,829 — 4,713 6,825 853 — 7,678

Distributions (8,991) (3,087) (1,963) (14,041) (7,553) (1,404) (2,468) (11,425)

Redemptions (3,366) (674) — (4,040) (1,612) (849) — (2,461)

Change in value / other 4,058 2,811 2,226 9,095 3,395 1,595 1,503 6,493

Ending Balance $ 162,780 $ 94,931 $ 72,205 $ 329,916 $ 152,140 $ 74,682 $ 68,790 $ 295,612

Credit. The increase in AUM for the six nine months ended June September 30, 2026 was driven by the following:

• $5.8 $11.4 billion of new capital raised, primarily driven by $3.1 $5.0 billion in direct lending products reflecting new managed accounts, continued private wealth fundraising in OCIC and OTIC, as well as new and existing products across the strategy, $1.0 $3.2 billion in investment grade credit products and $0.8 $1.9 billion in alternative credit products.

• $1.2 $1.9 billion of additional net debt commitments, primarily in direct lending, as we continue to opportunistically manage leverage in our BDCs.

• $9.0 billion of distributions, which primarily relates to distributions paid from our BDCs, investment grade credit products and alternative credit products. as well as $1.1 billion of redemptions from non-traded BDCs.

• $3.4 billion of redemptions, which primarily relates to our non-traded BDCs.

• $2.3 $4.1 billion of overall appreciation, primarily in our alternative credit and direct lending and alternative credit strategies.

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and 511 more changes in the filing

Market risk 4 changes

Our Notes bear interest at fixed rates. Borrowings under our Revolving Credit Facility bear interest at a variable rate based on SOFR (as defined in Note 7 to our Financial Statements) (or an alternative base rate at our option). An increase or decrease in interest rates by 100 basis points is not expected to have a material impact on our interest expense.

We are also subject to interest rate risk through the investments we hold in our products. An increase in interest rates would be expected to negatively affect the fair value of investments that accrue interest income at fixed rates and therefore negatively impact net change in unrealized gains on investments of the relevant product. The actual impact is dependent on the average duration and the amount of such holdings. Conversely, investments that accrue interest at variable rates would be expected to benefit from an increase in interest rates because these investments would generate higher levels of current income. This would positively impact interest and dividend income but have an offsetting decrease in the fair value of the investments and negatively impact the net change in unrealized gains of the products. An increase in interest rates would also be expected to result in an increase in borrowing costs in any of our products that borrow funds based on floating rates. In the cases where our products pay management fees based on NAV or total assets (including assets purchased with leverage), we would expect our management fees (including Part I Fees) to experience a change in direction and magnitude corresponding to that experienced by the underlying product.

We generally endeavor to minimize our risk of exposure by limiting to reputable financial institutions the counterparties with which we enter into financial transactions. As of June 30, 2026 and December 31, 2025, we held the majority of our cash balances with a single highly rated financial institution and such balances are in excess of Federal Deposit Insurance Corporation insured limits. We seek to mitigate this exposure by monitoring the credit standing of these financial institutions. See "Item 1A. Risk Factors — Risks Related to Macroeconomic Factors" in our Annual Report.

Our primary exposure to market risk is the indirect impact that movements in the fair value of investments in products has on our management fees. In our Credit products, our management fees are generally based on the fair value of the gross assets held by such products, and therefore changes in the fair value of those assets impact the management fees we earn in any given period. These management fees will be increased (or reduced) in direct proportion to the effect of changes in the market value of our investments in the related funds. The proportion of our management fees that are based on fair value is dependent on the number and types of investment funds in existence and the current stage of each fund's life cycle. Management fees from our Real Assets and GP Strategic Capital products, however, are generally based on capital commitments or investment cost, and therefore management fees are not materially impacted by changes in fair values of the underlying investments held by those products. To the extent that management fees are calculated based on investment cost of the product's investments, the amount of fees that we may charge will increase or decrease from the effect of changes in the cost basis of the product's investments, including potential impairment losses. There were no material changes in our market risks as of September 30, 2026 as compared to December 31, 2025. For additional information, refer to our Annual Report.

Controls and procedures 2 changes

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Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of June September 30, 2026. Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial officer concluded that, as of June September 30, 2026, the design and operation of our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

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There has been no change in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended June September 30, 2026, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Other information 1 change

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During the fiscal quarter ended June September 30, 2026, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

Notes to the financial statements 221 changes

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Cash and cash equivalents $ 169,057 213,607 $ 194,512

Due from related parties 690,838 692,603 694,056

Investments (includes $ 423,339 396,308 and $ 358,153 at fair value and $ 222,081 217,197 and $ 162,747 of investments in the Company's products, respectively)

Operating lease assets 450,642 439,222 456,204

Strategic Revenue-Share Purchase consideration, net 307,120 295,471 329,207

Deferred tax assets 1,426,676 1,430,097 1,413,528

Intangible assets, net 2,718,784 2,632,497 2,888,800

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Accrued compensation 434,731 525,550

Other assets, net 382,902 358,533 382,519

Total Assets $ 12,334,159 12,226,093 $ 12,467,684

Debt obligations, net $ 3,812,233 3,638,133 $ 3,324,426

Accrued compensation 640,006 525,550

Operating lease liabilities 532,315 523,553 538,147

TRA liability (includes $ 98,659 101,823 and $ 106,793 at fair value, respectively)

Earnout liability, at fair value 93,700 83,000 163,700

Deferred tax liabilities 37,995 36,775 39,663

Accounts payable, accrued expenses and other liabilities 172,622 233,545 163,000

Total Liabilities 6,720,362 6,817,385 6,413,485

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Accumulated deficit ( 1,888,494 ) ( 1,609,455 )

Class A Shares, par value $ 0.0001 per share, 2,500,000,000 authorized, 683,908,596 692,779,154 and 667,278,210 issued and outstanding, respectively

Class C Shares, par value $ 0.0001 per share, 1,500,000,000 authorized, 572,034,424 572,636,840 and 584,552,295 issued and outstanding, respectively

Class D Shares, par value $ 0.0001 per share, 350,000,000 authorized, 303,149,203 301,289,203 and 304,449,203 issued and outstanding, respectively

Additional paid-in capital 3,882,396 3,947,695 3,812,770

Accumulated deficit ( 2,027,915 ) ( 1,609,455 )

Accumulated other comprehensive income 2,473 2,750 1,892

Total Stockholders' Equity Attributable to Blue Owl Capital Inc. 1,996,530 1,922,686 2,205,362

Stockholders' equity attributable to noncontrolling interests 3,617,267 3,486,022 3,848,837

Total Stockholders' Equity 5,613,797 5,408,708 6,054,199

Total Liabilities and Stockholders' Equity $ 12,334,159 12,226,093 $ 12,467,684

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Three Months Ended June 30, Six Months Ended June 30,

Management fees, net (includes Part I Fees of $ 137,041 , $ 137,965 , $ 275,069 and $ 270,521 , respectively)

Performance revenues 102 979 6,167 7,291

Total Revenues, Net 753,052 703,106 1,506,863 1,386,592

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

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 )

Three Months Ended September 30, Nine Months Ended September 30,

Management and other fees, net (includes Part I Fees of $ 142,088 , $ 150,441 , $ 417,157 and $ 420,962 , respectively)

Performance revenues 297 188 6,464 7,479

Total Revenues, Net 806,531 727,990 2,313,394 2,114,582

Compensation and benefits 387,805 341,374 1,123,087 993,614

Amortization of intangible assets 86,287 92,652 256,303 271,597

General, administrative and other expenses 184,678 181,288 560,343 560,119

Total Expenses 658,770 615,314 1,939,733 1,825,330

Net gains (losses) on investments ( 24,620 ) 9,736 ( 21,345 ) ( 384 )

Interest and dividend income 13,639 11,645 38,085 33,890

Interest expense ( 50,069 ) ( 42,352 ) ( 141,690 ) ( 122,862 )

Change in TRA liability ( 3,164 ) ( 2,980 ) ( 8,477 ) ( 9,282 )

Change in earnout liability 10,700 ( 33,404 ) 20,791 ( 10,457 )

Total Other Loss ( 53,514 ) ( 57,355 ) ( 112,636 ) ( 109,095 )

Income Before Income Taxes 94,247 55,321 261,025 180,157

Income tax expense 14,023 7,948 40,544 25,418

Consolidated Net Income 80,224 47,373 220,481 154,739

Net (income) loss attributable to noncontrolling interests ( 60,265 ) ( 41,063 ) ( 173,587 ) ( 123,573 )

Net Income Attributable to Blue Owl Capital Inc. $ 11,393 19,959 $ 17,426 6,310 $ 26,935 46,894 $ 24,856 31,166

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Basic $ 0.02 $ 0.03 $ 0.04 $ 0.04

Diluted $ 0.02 $ 0.02 $ 0.04 $ 0.02

Basic $ 0.03 $ 0.01 $ 0.07 $ 0.05

Diluted $ 0.03 $ 0.01 $ 0.07 $ 0.03

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Diluted 688,509,841 656,056,036 684,813,494 647,340,111

(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.

Basic 698,001,403 667,112,339 689,042,401 647,701,684

Diluted 699,149,568 673,928,845 689,641,686 656,310,266

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Three Months Ended June 30, Six Months Ended June 30,

Consolidated Net Income $ 60,664 $ 70,696 $ 140,257 $ 107,366

Comprehensive Income 65,717 76,468 142,160 113,138

Comprehensive income attributable to noncontrolling interests ( 52,325 ) ( 56,617 ) ( 114,644 ) ( 85,857 )

Three Months Ended September 30, Nine Months Ended September 30,

Consolidated Net Income $ 80,224 $ 47,373 $ 220,481 $ 154,739

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and 141 more changes in the filing

Note 1: ORGANIZATION 8 changes

6 unchanged paragraphs

Class A Shares 683,908,596

Class D Shares 303,149,203

The following table presents the number of shares of the Registrant and RSUs (as defined below) that were outstanding as of June September 30, 2026:

Class A Shares 692,779,154

Class C Shares 572,034,424 572,636,840

Class D Shares 301,289,203

Class A Shares —Shares of Class A common stock that are publicly traded. Class A stockholders are entitled to dividends declared on the Class A Shares by the Registrant's board of directors (the "Board"). As of June September 30, 2026, the Class A Shares and Class C Shares (collectively, the "Low-Vote Shares") represented a combined 20 % of the total voting power of all shares.

Class B Shares —Shares of Class B common stock that are not publicly traded. Class B stockholders are entitled to dividends in the same amount per share as declared on Class A Shares. As of June September 30, 2026, the Class B Shares and Class D Shares (collectively, the "High-Vote Shares") represented a combined 80 % of the total voting power of all shares. No Class B Shares have been issued to-date since inception.

1 unchanged paragraph

Note 4: INVESTMENTS AND FAIR VALUE DISCLOSURES 7 changes

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(dollars in thousands) June September 30,

Preferred equity investment, at fair value $ 310,171 290,794 $ 290,594

Equity investments in the Company's products, equity method 79,482 81,959 67,391

Loans and deferred purchase price receivable, at amortized cost (includes $ 29,431 29,724 and $ 27,797 in the Company's products, respectively)

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Total $ 563,671 $ 484,389

Investments in the Company's CLOs, at fair value 4,623 4,990 5,653

Total $ 539,594 $ 484,389

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Note 5: LEASES 8 changes

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June 30, Six Months Ended

September 30, Nine Months Ended

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Operating lease cost $ 15,618 $ 11,003 $ 31,183 $ 21,749

Short term lease cost 132 687 304 1,386

Net Lease Cost $ 15,750 $ 11,690 $ 31,487 $ 23,135

Operating lease cost $ 15,379 $ 13,885 $ 46,562 $ 35,634

Short term lease cost 131 568 435 1,954

Net Lease Cost $ 15,510 $ 14,453 $ 46,997 $ 37,588

1 unchanged paragraph

Note 6: OTHER ASSETS, NET 17 changes

Leasehold improvements $ 228,151 $ 215,658

Prepaid expenses 61,056 33,456

Receivables 36,934 47,444

Other assets 22,155 26,900

Total $ 382,902 $ 382,519

(dollars in thousands) June September 30,

Leasehold improvements $ 229,036 $ 215,658

Furniture and fixtures 50,755 51,327 43,187

Computer hardware and software 16,256 22,776 14,946

Accumulated depreciation and amortization ( 69,070 76,580 ) ( 54,850 )

Fixed assets, net 226,092 226,559 218,941

Prepaid expenses 47,925 33,456

Receivables 32,042 47,444

Deferred incentives paid to customers 27,021 18,425 44,953

Unamortized debt issuance costs on revolving credit facilities 9,644 9,100 10,825

Other assets 24,482 26,900

Total $ 358,533 $ 382,519

Note 7: DEBT OBLIGATIONS, NET 10 changes

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Revolving Credit Facility 8/8/2030 2,450,000 1,345,000 1,094,244 1,345,000

Total $ 4,959,800 $ 3,854,800 $ 1,094,244 $ 3,812,233

2028 Notes 5/26/2028 $ 59,800 $ 59,800 $ — $ 59,262 59,335

2031 Notes 6/10/2031 700,000 700,000 — 691,646 692,071

2032 Notes 2/15/2032 400,000 400,000 — 394,755 394,990

2034 Notes 4/18/2034 1,000,000 1,000,000 — 982,604 983,165

2036 Notes 8/18/2036 750,000 750,000 — 736,589

2051 Notes 10/7/2051 350,000 350,000 — 338,966 339,075

Revolving Credit Facility 8/8/2030 2,500,000 432,908 2,056,336 432,908

Total $ 5,759,800 $ 3,692,708 $ 2,056,336 $ 3,638,133

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Note 8: COMMITMENTS AND CONTINGENCIES 7 changes

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During the six months ended June 30, 2026 and 2025, the Company made TRA payments of $ 64.8 million and $ 53.5 million, respectively, inclusive of interest, and including $ 4.6 million and $ 4.8 million, respectively, paid to related parties. The table below presents management's estimate as of June 30, 2026, of the maximum amounts that would be payable under the TRA assuming that the Company will have sufficient taxable income each year to fully realize the expected tax savings. In light of the numerous factors affecting the Company's obligation to make such payments, the timing and amounts of any such actual payments may differ materially from those presented in the table.

(dollars in thousands) Potential Payments Under the Tax Receivable Agreement

July 1, 2026 to December 31, 2026 $ —

Thereafter 1,331,320

Total Payments 1,738,020

Less adjustment to fair value for contingent consideration ( 101,254 )

Total TRA Liability $ 1,636,766

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Note 9: REVENUES 53 changes

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June 30, Six Months Ended

September 30, Nine Months Ended

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Direct lending $ 328,882 $ 314,731 $ 666,350 $ 613,820

Alternative credit 30,942 19,318 61,312 40,503

Investment grade credit 17,719 16,199 35,522 32,886

Liquid credit 4,367 5,555 9,119 13,035

Other 9,403 12,213 25,465 22,146

Management Fees 391,313 368,016 797,768 722,390

Administrative, transaction and other fees 57,847 54,609 114,483 106,219 ( 7,355 ) — ( 14,711 ) —

Total Management and Other Fees, Net 441,805 422,625 897,540 828,609

Performance revenues 94 979 2,209 3,935

Total GAAP Revenues - Credit Platform 441,899 423,604 899,749 832,544

Direct lending $ 331,623 $ 348,061 $ 997,973 $ 961,881

Alternative credit 33,568 22,207 94,880 62,710

Investment grade credit 17,703 17,621 53,225 50,507

Liquid credit 4,419 5,363 13,538 18,398

Other 8,534 10,805 33,999 32,951

Management Fees 395,847 404,057 1,193,615 1,126,447

Administrative, transaction and other fees 56,541 56,063 171,024 162,282 ( 4,904 ) ( 2,452 ) ( 19,615 ) ( 2,452 )

Total Management and Other Fees, Net 447,484 457,668 1,345,024 1,286,277

Performance revenues 297 188 2,506 4,123

Total GAAP Revenues - Credit Platform 447,781 457,856 1,347,530 1,290,400

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Net lease 65,648 47,514 131,027 94,350

Real estate credit 11,957 9,687 23,899 20,068

Digital infrastructure 35,260 48,226 70,069 100,459

Management Fees 112,865 105,427 224,995 214,877

Administrative, transaction and other fees 27,197 11,444 52,279 21,950 ( 3,713 ) — ( 7,229 ) —

Total Management and Other Fees, Net 136,349 116,871 270,045 236,827

Total GAAP Revenues - Real Assets Platform 136,357 116,871 274,003 240,183

Net lease 70,361 50,963 201,388 145,313

Real estate credit 12,685 10,462 36,584 30,530

Digital infrastructure 36,083 30,415 106,152 130,874

Management Fees 119,129 91,840 344,124 306,717

Administrative, transaction and other fees 68,073 13,459 120,352 35,409 ( 3,822 ) — ( 11,051 ) —

Total Management and Other Fees, Net 183,380 105,299 453,425 342,126

Performance revenues 8 — — 3,958 3,356

Total GAAP Revenues - Real Assets Platform 183,380 105,299 457,383 345,482

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GP minority stakes 162,541 154,269 312,881 302,712

GP debt financing 4,647 5,833 9,445 8,225

Professional sports minority stakes 1,242 941 2,407 1,584

Management Fees 157,387 149,926 302,646 290,288

Administrative, transaction and other fees 17,409 12,705 30,465 23,577

Total Management and Other Fees, Net 174,796 162,631 333,111 313,865

Total GAAP Revenues - GP Strategic Capital Platform 174,796 162,631 333,111 313,865

GP minority stakes 168,371 157,486 481,252 460,198

GP debt financing 4,782 4,501 14,227 12,726

Professional sports minority stakes 1,826 1,267 4,233 2,851

Strategic Revenue-Share Purchase consideration amortization ( 11,043 11,649 ) ( 11,117 11,044 ) ( 22,087 33,736 ) ( 22,233 33,277 )

Management Fees 163,330 152,210 465,976 442,498

Administrative, transaction and other fees 12,040 12,625 42,505 36,202

Total Management and Other Fees, Net 175,370 164,835 508,481 478,700

Total GAAP Revenues - GP Strategic Capital Platform 175,370 164,835 508,481 478,700

Total GAAP Revenues $ 753,052 806,531 $ 703,106 727,990 $ 1,506,863 2,313,394 $ 1,386,592 2,114,582 (1) Refers to management fee offsets as a result of amortization of incentives paid to certain investors in the Company's products.

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Note 10: EQUITY-BASED COMPENSATION 14 changes

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As of June September 30, 2026, the total number of Class A Shares and Common Units, collectively, that may be issued in respect of any RSUs, Incentive Units or other instruments awarded under the 2021 Omnibus Plan was 202,493,661 , of which 68,811,811 64,599,932 remain available for issuance. To the extent that an award expires or is canceled, forfeited, terminated, surrendered, exchanged or withheld to cover tax withholding obligations, the unissued awards will again be available for grant under the 2021 Omnibus Plan.

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June 30, Six Months Ended

September 30, Nine Months Ended

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Business Combination grants $ 16,592 $ 17,051 $ 33,445 $ 28,536

Acquisition related 83,257 76,837 168,943 159,836

Other 86,026 75,166 179,009 150,358

Equity-Based Compensation Expense $ 185,875 $ 169,054 $ 381,397 $ 338,730

Corresponding tax benefit $ 1,044 $ 699 $ 1,804 $ 2,977

Business Combination grants $ 20,935 $ 16,835 $ 54,380 $ 45,371

Acquisition related 80,652 75,446 249,595 235,282

Other 90,715 80,807 269,724 231,165

Equity-Based Compensation Expense $ 192,302 $ 173,088 $ 573,699 $ 511,818

Corresponding tax benefit $ 1,136 $ 1,062 $ 2,940 $ 4,039

Fair value of RSUs settled in Class A Shares $ 411 14,374 $ 1,102 27,138 $ 43,386 57,760 $ 68,417 95,555

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Note 11: INCOME TAXES 2 changes

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The Company had an effective tax rate of 14.5 14.9 % and 15.9 15.5 % for the three and six nine months ended June September 30, 2026, and 16.3 14.4 % and 14.0 14.1 % for the three and six nine months ended June September 30, 2025. The effective tax rates differed from the statutory rate primarily due to the portion of income allocated to noncontrolling interests, nondeductible compensation and state and local taxes.

The Company evaluates the realizability of its deferred tax assets and may recognize or adjust any valuation allowance when it is more-likely-than-not that all or a portion of the deferred tax asset may not be realized. As of June September 30, 2026, the Company has not recorded any valuation allowances.

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Note 12: EARNINGS PER SHARE 3 changes

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n/a Contingently issuable shares - The Company first applies the treasury stock method to determine the number of units that would have been issued, then applies the if-converted method to the resulting number of units n/a Contingently issuable shares - If-converted method (1) Included in the weighted-average Class A Shares outstanding are RSUs that have vested but have not been settled in Class A Shares, as such shares are issuable for no consideration. These RSUs do not participate in dividends until settled in Class A Shares. These vested RSUs totaled 10,027,231 10,982,882 and 10,287,049 10,553,436 for the three and six nine months ended June September 30, 2026, respectively, and 11,972,391 11,482,022 and 11,703,483 11,628,852 for the three and six nine months ended June September 30, 2025, respectively.

(2) As of June September 30, 2026, the Prima Triggering Event (as defined in Note 3 to the financial statements in the Company's Annual Report) with respect to the Prima Earnouts had not occurred, and therefore the portion of such earnouts payable in Class A Shares have has not been included in the calculation of basic earnings per share for the quarter ended June September 30, 2026. Had June September 30, 2026 also been the end of the contingency period for the Prima Earnouts, the Prima Triggering Event would have not occurred, and therefore the Prima Earnouts have not been included in the calculation of diluted earnings per share for the quarter ended June September 30, 2026.

(3) The if-converted method for these instruments includes adding back to the numerator any related income or loss allocations to noncontrolling interests, as well as any incremental tax expense or benefit had the instruments converted into Class A Shares as of the beginning of the period.

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Note 13: RELATED PARTY TRANSACTIONS 8 changes

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Management fees $ 420,520 $ 430,539

Administrative fees 104,014 111,690

(dollars in thousands) June September 30,

Management fees $ 391,829 $ 430,539

Performance revenues — 154 1,381

Administrative fees 101,013 111,690

Other expenses paid on behalf of the Company's products and other related parties 166,304 199,607 150,446

Due from Related Parties $ 690,838 692,603 $ 694,056

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Note 14: SUBSEQUENT EVENTS 1 change

On July 30, October 29, 2026, the Company announced a cash dividend of $ 0.23 per Class A Share. The dividend is payable on August 27, November 23, 2026, to holders of record as of the close of business on August 13, November 10, 2026.