BLUE OWL CAPITAL INC. OWL
Blue Owl is a global alternative asset manager with $307.4 billion in AUM as of December 31, 2025. Anchored by a strong Permanent Capital base, we deploy private capital across Credit, Real Assets and GP Strategic Capital platforms on behalf of institutional and private wealth clients. Our flexible, consultative approach helps position us as a partner of choice for businesses seeking capital solutions to support their sustained growth. Our management team is comprised of seasoned investment professionals with decades of experience building alternative investment businesses. We employ approximately 1,365 people globally.
Blue Owl was formed in May 2021 through the combination of Owl Rock (as defined in Note 2 to our Financial Statements), a leader in credit solutions, and Dyal Capital (as defined in Note 1 to our Financial Statements), a leading capital solutions provider to large private capital managers. In December 2021, we acquired Oak Street (as defined in Note 10 to our Financial Statements), which expanded our offerings to include real estate-focused products. In April 2022, we acquired Wellfleet (as defined in Note 10 to our Financial Statements), which expanded our reach in the broadly syndicated leveraged loans market, including CLO product offerings. In August 2023, the Par Four Acquisition (as defined in Note 1 to our Financial Statements) expanded our liquid credit strategy team. In December 2023, the CHI Acquisition (as defined in Note 1 to our Financial Statements) expanded our offerings to include mid-to-late-stage equity investments into biopharmaceutical and healthcare companies. In June 2024, the Prima Acquisition (as defined in Note 1 to our Financial Statements) expanded our real estate finance offerings. In July 2024, the KAM Acquisition expanded our offerings to provide solutions for insurance clients. In September 2024, the Atalaya Acquisition expanded our alternative investment credit-focused products. In January 2025, the IPI Acquisition expanded our offerings to include digital infrastructure-focused products and complemented our existing net lease strategy.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.87B | $2.30B | $1.73B | $1.37B | $823.9M | $249.8M | $190.8M | — |
| SG&A | $747.9M | $412.9M | $242.8M | $220.6M | $140.3M | $67.8M | $51.7M | — |
| Total operating expenses | $2.41B | $1.69B | $1.41B | $1.37B | $1.75B | $308.5M | $163.5M | — |
| Interest expense | $163.8M | $121.9M | $75.7M | $60.1M | $27.7M | $23.8M | $6.7M | — |
| Pre-tax income | $347.9M | $469.2M | $246.4M | -$49.6M | -$1.87B | -$82.5M | $20.7M | — |
| Income tax | $42.4M | $48.8M | $25.6M | $9.4M | $65.2M | $102.0K | $240.0K | — |
| Net income | $305.5M | $420.4M | $220.8M | -$40.2M | -$1.80B | -$77.8M | $23.0M | — |
| EPS, basic | 0.12 | 0.20 | 0.12 | -0.02 | — | — | — | — |
| EPS, diluted | 0.10 | 0.20 | 0.10 | -0.02 | — | — | — | — |
| Shares, diluted (wtd. avg.) | $661.9M | $558.4M | $478.0M | $433.4M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $194.5M | $152.1M | $104.2M | $68.1M | $42.6M | $11.6M | $7.3M | $7.5M |
| Total current assets | — | — | — | — | — | $1.3M | — | — |
| Property, plant and equipment | $218.9M | $187.7M | $134.9M | $71.2M | $8.0M | $3.4M | — | — |
| Goodwill | $5.62B | $4.70B | $4.22B | $4.21B | $4.13B | $0 | — | — |
| Other intangibles | $2.89B | $2.90B | $2.11B | $2.41B | $2.61B | $0 | — | — |
| Total assets | $12.47B | $10.99B | $8.82B | $8.89B | $8.27B | $121.6M | — | — |
| Total current liabilities | — | — | — | — | — | $142.1K | — | — |
| Long-term debt | $3.32B | $2.59B | $1.68B | $1.62B | $1.17B | $356.4M | — | — |
| Total liabilities | $6.41B | $5.19B | $3.54B | $3.34B | $2.42B | $622.8M | — | — |
| Retained earnings | -$1.61B | -$1.14B | -$882.9M | -$689.3M | -$497.5M | -$5.3M | — | — |
| Total equity | $2.21B | $2.13B | $5.28B | $5.55B | $5.85B | -$501.2M | -$350.5M | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.26B | $999.6M | $949.1M | $728.4M | $281.7M | $5.2M | $44.1M | — |
| Depreciation and amortisation | $23.4M | $16.7M | $10.2M | $2.3M | $665.0K | $673.0K | $829.0K | — |
| Stock-based compensation | $673.5M | $312.6M | $312.6M | $420.8M | $1.21B | $0 | $0 | — |
| Capital expenditure | $57.7M | $64.2M | $67.9M | $65.5M | $5.3M | $652.0K | $1.2M | — |
| Investing cash flow | -$270.6M | -$638.1M | -$118.0M | -$485.2M | -$1.60B | -$652.0K | -$1.2M | — |
| Financing cash flow | -$943.0M | -$313.5M | -$795.0M | -$217.7M | $1.35B | -$295.0K | -$43.0M | — |
| Dividends paid | $546.7M | $368.3M | $247.9M | $182.6M | $47.1M | $0 | $0 | — |
| Buybacks | $53.7M | $0 | $0 | $78.8M | $0 | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001823945-26-000017.
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