Blue Owl Q3 2026 earnings review

DE per share of $0.24 beat the LSEG consensus as FRE rose 13.6%.

Blue Owl Capital Inc. (OWL) · Q3 2026 · Published Nov 5, 2026 · By DeepCell AI · Sources

Blue Owl Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Blue Owl (OWL) Q3 2026 earnings review

DE per share of $0.24 beat the LSEG consensus as FRE rose 13.6%

  1. 1.FRE rose 13.6% to $427.5M; FRE revenues rose 9.5%
  2. 2.DE per share of $0.24 topped the $0.23 LSEG consensus and the $0.23 dividend
  3. 3.Real Assets FRE revenues rose 77.2%, while Credit fell 4.1%
  4. 4.AUM rose 11.6% to $329.9B; FPAUM rose 4.5%
  5. 5.Shares closed at $10.41 on Oct 29, +7.7% vs. the Oct 28 close of $9.67

Note: FRE is fee-related earnings; DE is distributable earnings; AUM is assets under management; FPAUM is fee-paying AUM. FRE and DE are company non-GAAP measures. Share prices are regular-session closes.Source: Blue Owl Form 8-K, Oct 29, 2026; Reuters (LSEG data), Oct 29, 2026; Yahoo Finance, Oct 28, Oct 29 and Nov 4, 2026 closes; analysis of company data

2

2 · Executive summary

DE per share of $0.24 beat the LSEG consensus by $0.01

Q3 2026 results vs. consensus

MetricActualConsensusVarianceResult
DE per share vs. LSEG (Reuters), Oct 29$0.24$0.23+$0.01 / +4.3%Beat
DE per share vs. FactSet (MarketScreener), Oct 29$0.24$0.23+$0.01 / +4.3%Beat

Share price, Oct 28 to Nov 4, 2026 (Yahoo Finance)

MeasureOct 28 closeOct 29 closeNov 4 closeOct 29 vs. Oct 28
Blue Owl (NYSE)$9.67$10.41$10.65+$0.74 / +7.7%

Note: DE is distributable earnings. Results came out Oct 29 at 7:00 AM ET (7:00 PM ICT), before the open. Both providers had $0.23.Source: Blue Owl Form 8-K, Oct 29, 2026; Reuters (LSEG data) and MarketScreener (FactSet), Oct 29, 2026; Yahoo Finance, Oct 28, Oct 29 and Nov 4, 2026 closes; analysis of company data

3

3 · Q3 results vs. consensus

FRE rose 13.6% and DE rose 13.0%, while GAAP revenues rose 10.8%

  1. Fee earnings grewFRE rose 13.6% to $427.5M.
  2. GAAP profit stayed smallNet income to Blue Owl was $20.0M after amortization and NCI.
  3. Dividend was coveredDE per share of $0.24 vs. a $0.23 dividend.

Key figures in $M and YoY % for Q3 2026 vs. Q3 2025

$M unless notedQ3 2025Q3 2026YoY
GAAP revenues$728.0M$806.5M10.8%
FRE revenues$687.0M$752.6M9.5%
Fee-related earnings$376.2M$427.5M13.6%
Distributable earnings$341.0M$385.5M13.0%
DE per adjusted share$0.22$0.249.1%

Note: NCI is noncontrolling interests. FRE and DE are company non-GAAP measures.Source: Blue Owl Form 8-K, Oct 29, 2026; analysis of company data

4

4 · Q3 key financials

Real Assets FRE revenues rose 77.2%, while Credit fell 4.1%

FRE revenues by platform

$M unless noted, Q3 2025 vs. Q3 2026

PlatformQ3 2025Q3 2026YoY
Credit$429.5M$412.0M(4.1%)
Real Assets$92.5M$163.9M77.2%
GP Strategic Capital$165.1M$176.7M7.1%
FRE revenues$687.0M$752.6M9.5%
FRE management fees$659.2M$690.0M4.7%
Real Assets management fees rose 29.7%; Credit fees fell 2.0%“We had a record institutional capital raising quarter.” Doug Ostrover and Marc Lipschultz, Co-CEOs

Note: FRE is fee-related earnings. FRE revenues exclude reimbursed expenses and some acquisition items.Source: Blue Owl Form 8-K, Oct 29, 2026; analysis of company data

5

5 · Platform results

Real Assets supplied 109% of the $65.6M FRE revenue increase

FRE revenue change by platform

$M, Q3 2025 to Q3 2026

$M · Credit: -$17.5M$M · Real Assets: $71.4M$M · GP Strategic Capital: $11.7M$M · Total: $65.6MCreditReal AssetsGP Strategic CapitalTotal-$30.0M$0.0M$25.0M$50.0M$75.0M$90.0M-$17.5M$71.4M$11.7M$65.6M
Real Assets administrative and other fees rose to $48.6M from $0.6M

Note: FRE is fee-related earnings. Bars are each platform’s YoY FRE revenue change and sum to the total.Source: Blue Owl Form 8-K, Oct 29, 2026; analysis of company data

6

6 · FRE revenue bridge

FRE rose $51.3M as revenue growth outran FRE expenses

FRE bridge

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $376.2M$M · FRE revenues: $65.6M$M · Compensation: -$8.1M$M · Admin: -$7.2M$M · NCI: $1.0M$M · Q3 2026: $427.5MQ3 2025FRE revenuesCompensationAdminNCIQ3 2026$0.0M$100.0M$200.0M$300.0M$400.0M$500.0M$376.2M$65.6M-$8.1M-$7.2M$1.0M$427.5M
FRE revenues added $65.6M

Note: FRE is fee-related earnings. Expense bars are increases shown as negatives. NCI is the share of FRE allocated to noncontrolling interests.Source: Blue Owl Form 8-K, Oct 29, 2026; analysis of company data

7

7 · FRE bridge

DE was $385.5M, or 90% of FRE, after net interest and taxes

FRE to distributable earnings

$M, Q3 2026

$M · FRE: $427.5M$M · Interest income: $13.6M$M · Interest expense: -$50.1M$M · Taxes and TRA: -$5.6M$M · DE: $385.5MFREInterest incomeInterest expenseTaxes and TRADE$0.0M$100.0M$200.0M$300.0M$400.0M$500.0M$427.5M$13.6M-$50.1M-$5.6M$385.5M
Interest expense took $50.1M, up from $42.4M

Note: FRE is fee-related earnings. TRA is the tax receivable agreement.Source: Blue Owl Form 8-K, Oct 29, 2026; analysis of company data

8

8 · FRE to DE

FRE margin rose to 58.8% from 57.1%

FRE margin and GAAP margin

%, Q3 2025 vs. Q3 2026

FRE margin · Q3 2025: 57.1%FRE margin · Q3 2026: 58.8%GAAP margin · Q3 2025: 7.6%GAAP margin · Q3 2026: 11.7%Q3 2025Q3 20260.0%25.0%50.0%80.0%57.1%58.8%7.6%11.7%

FRE marginGAAP margin

GAAP margin rose to 11.7% from 7.6%

Note: FRE is fee-related earnings; NCI is noncontrolling interests. FRE margin is FRE before NCI over FRE revenues. GAAP margin is pre-tax income over revenues.Source: Blue Owl Form 8-K, Oct 29, 2026; analysis of company data

9

9 · Margins

$36.3B of AUM is not yet paying fees, worth about $402M a year

AUM not yet paying fees by platform

$B, Sep 30, 2026

$B · Credit: $21.9B$B · Real Assets: $13.4B$B · GP Strategic Capital: $0.9BCreditReal AssetsGP Strategic Capital$0.0M$5.0M$10.0M$15.0M$20.0M$25.0M$21.9B$13.4B$0.9B
Credit holds 60% of the total

Note: FRE is fee-related earnings; AUM is assets under management. Fees are the company’s estimate of annual FRE management fees once the capital is deployed.Source: Blue Owl Form 8-K, Oct 29, 2026; analysis of company data

10

10 · AUM not yet paying fees

AUM rose 11.6% to $329.9B, led by Real Assets at 27.1%

AUM and FPAUM by platform

$B, Sep 30, 2025 vs. Sep 30, 2026

$BSep 30, 2025Sep 30, 2026YoY
Credit AUM$152.1B$162.8B7.0%
Real Assets AUM$74.7B$94.9B27.1%
GP Strategic Capital AUM$68.8B$72.2B5.0%
Total AUM$295.6B$329.9B11.6%
Total FPAUM$183.8B$192.2B4.5%
Credit FPAUM was $97.0B, flat YoY at -0.2%

Note: AUM is assets under management; FPAUM is fee-paying AUM. FPAUM is AUM on which fees are earned.Source: Blue Owl Form 8-K, Oct 29, 2026; analysis of company data

11

11 · AUM and FPAUM

12 · AUM rollforward

13 · Fundraising

Credit FRE revenues fell 4.1%, and Credit is the largest platform

Indicator
What to watch
Implication
Q3 reading
Direct lending
Net deployment
Credit fee growth
Net deployment ($0.3B)
Redemptions
Outflows from wealth funds
Slower FPAUM growth
Q3 redemptions ($1.3B)
Deployment
AUM not yet paying fees
Timing of fee uplift
$36.3B pending
Payout
DE vs. dividend
Thin cover
DE $0.24 vs. $0.23

Note: FRE is fee-related earnings; DE is distributable earnings; AUM is assets under management; FPAUM is fee-paying AUM. These are analytical watch points, not company targets.Source: Blue Owl Form 8-K, Oct 29, 2026; analysis of company data

14

14 · Key risks

Appendix: Credit platform detail

ClaimEvidenceCalculation
AUM roseCredit AUM $162.8B, up 7.0%Credit Platform
Management fees fellFRE management fees $395.8M, -2.0% YoYFRE Revenues
Originations held upDirect lending originations $5.2B in Q3Credit Platform
Fees not yet earned$21.9B of Credit AUM not yet paying feesCredit Platform

FRE is fee-related earnings; AUM is assets under management. Source: Blue Owl Form 8-K, Oct 29, 2026; analysis of company data

15

15 · Appendix: Credit

Appendix: Real Assets platform detail

ClaimEvidenceCalculation
AUM roseReal Assets AUM $94.9B, up 27.1%Real Assets Platform
FPAUM roseFPAUM $53.8B, up 16.1%Real Assets Platform
Management fees roseFRE management fees $119.1M, up +29.7%FRE Revenues
Equity raised$4.0B in Q3AUM rollforward

FRE is fee-related earnings; AUM is assets under management; FPAUM is fee-paying AUM. Source: Blue Owl Form 8-K, Oct 29, 2026; analysis of company data

16

16 · Appendix: Real Assets

Appendix: GP Strategic Capital detail

ClaimEvidenceCalculation
AUM roseGP Strategic Capital AUM $72.2B, up 5.0%GP Strategic Capital Platform
FPAUM roseFPAUM $41.3B, up 2.7%GP Strategic Capital Platform
Management fees roseFRE management fees $175.0M, up +7.2%FRE Revenues
Equity raised$0.6B in Q3AUM rollforward

FRE is fee-related earnings; AUM is assets under management; FPAUM is fee-paying AUM. Source: Blue Owl Form 8-K, Oct 29, 2026; analysis of company data

17

17 · Appendix: GP Strategic Capital

Appendix: capital and dividend

ClaimEvidenceCalculation
Quarterly dividend$0.23 per Class A share; $0.92 for 2026Highlights
Notes issued$750M of 6.750% notes due 2036 issued in AugustHighlights
Revolver enlargedCapacity up $725M to $3.225B, maturity extended to 2031Highlights
Permanent capital rosePermanent capital $227.8B, up 6.5%Highlights

Source: Blue Owl Form 8-K, Oct 29, 2026; analysis of company data

18

18 · Appendix: Capital and dividend

Appendix: GAAP and FRE detail

GAAP results, $M and YoY %

$M unless notedQ3 2025Q3 2026YoY
Management fees$648.1M$678.3M4.7%
Compensation and benefits$341.4M$387.8M13.6%
Income before taxes$55.3M$94.2M70.4%
Diluted EPS ($)$0.01$0.03n.m.

FRE detail, $M and YoY %

$M unless notedQ3 2025Q3 2026YoY
FRE management fees$659.2M$690.0M4.7%
FRE compensation$208.2M$216.3M3.9%
FRE G&A$86.6M$93.8M8.3%
FRE per adjusted share ($)$0.24$0.2712.5%

Note: FRE is fee-related earnings. FRE excludes equity-based compensation, amortization, investment gains, interest and taxes.Source: Blue Owl Form 8-K, Oct 29, 2026; analysis of company data

19

19 · Appendix: GAAP and FRE detail

Appendix: sources

  • Filing: Blue Owl Capital Inc. Form 8-K, Oct 29, 2026 — https://www.sec.gov/Archives/edgar/data/1823945/000182394526000050/owl-20261029.htm
  • Earnings release, Q3 2026 (Ex. 99.1), Oct 29, 2026, 7:00 AM ET — https://ir.blueowl.com/Investors/news/news-details/2026/Blue-Owl-Capital-Inc--Third-Quarter-2026-Results/default.aspx
  • Q3 2026 earnings presentation (Ex. 99.2) — https://s202.q4cdn.com/477831904/files/content_files/Blue-Owl-Earnings-Deck-9-30-26.pdf
  • DE per share consensus: Reuters (LSEG data) via MarketScreener, Oct 29, 2026 — https://www.marketscreener.com/news/blue-owl-third-quarter-profit-rises-aum-hits-330-billion-ce785cd3d088fe22
  • DE per share consensus: MarketScreener Earnings Flash (FactSet), Oct 29, 2026 — https://www.marketscreener.com/news/earnings-flash-owl-blue-owl-capital-posts-q3-adjusted-distributable-earnings-0-24-a-share-vs-fa-ce785cd3d08ef326
  • Share price: Yahoo Finance OWL, regular-session closes Oct 28, Oct 29 and Nov 4, 2026 — https://finance.yahoo.com/quote/OWL/history/

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20

20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Blue Owl Capital Inc.'s Form 8-K of October 29, 2026 (Exhibits 99.1 and 99.2). Consensus estimates and share prices are third-party data, credited on the sources page. We have not independently verified third-party data and make no warranty that any information here is accurate, complete or timely.

Forward-looking statements. Company plans, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Past performance. Past results, including those for Q3 2026, are not a reliable indicator of future results.

Non-GAAP measures. Fee-related earnings, distributable earnings, FRE revenues and FRE margin follow Blue Owl's own definitions. They supplement, and do not replace, GAAP results, and they may not be comparable with other companies' measures. The earnings presentation reconciles them to GAAP.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Blue Owl Capital Inc. and does not represent its views. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings and consult a qualified professional adviser before making any investment decision.

Date of analysis. The analysis reflects information available as of November 5, 2026, with share prices up to the Nov 4 close. It will not be updated for later events, and views may change without notice.

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21

21 · Disclosures

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