A specialized Blackstone or KKR focusing on direct lending and strategic investments in other private equity firms.

The private credit equivalent of a JPMorgan or Bank of America, providing direct loans to businesses.

A Berkshire Hathaway for private equity management firms, investing in their long-term growth by acquiring minority stakes.

• Direct Lending (Private Credit): Provides customized debt solutions to private middle-market companies.
• GP Strategic Capital (GP Stakes): Acquires minority equity stakes in alternative asset managers, offering permanent capital and strategic partnership.
• Real Estate Capital: Invests in single-tenant net lease commercial real estate through sale-leaseback and build-to-suit transactions.

Blue Owl Capital (NYSE: OWL) is an alternative asset manager that provides capital solutions to companies and private market solutions to investors. Its "customers" are primarily the diverse range of investors who commit capital to its funds and strategies, from which Blue Owl earns management and performance fees. Due to the nature of alternative asset management, specific "major customer companies" are not publicly disclosed in the traditional sense, as their investor base is highly diversified across thousands of limited partners globally. Instead, their customers are best understood by the categories of investors they serve:

• Institutional Investors: This includes a broad range of large organizations such as public and corporate pension funds, university endowments, charitable foundations, sovereign wealth funds, and insurance companies. These entities allocate significant capital to Blue Owl's strategies as part of their broader investment portfolios.
• Wealth Management Platforms and Financial Advisors: Blue Owl partners with various global and regional wealth management platforms and independent financial advisory firms. These intermediaries allow high-net-worth individuals and family offices to access Blue Owl's alternative investment products. While the ultimate capital comes from individuals, the direct relationship for distribution is often with these platforms and advisors.
• High-Net-Worth Individuals (HNWIs) and Family Offices: Directly, or through the platforms and advisors mentioned above, affluent individuals and sophisticated family offices invest substantial capital in Blue Owl's private market offerings, seeking diversified income and growth opportunities.

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Doug Ostrover Co-Chief Executive Officer

• Doug Ostrover is a Co-Chief Executive Officer of Blue Owl Capital Inc. and the chairman of the firm's board of directors.
• He co-founded Owl Rock Capital Partners, the predecessor firm to Blue Owl's Credit platform.
• Prior to co-founding Owl Rock, Mr. Ostrover was a founder of GSO Capital Partners (GSO), Blackstone's alternative credit platform. GSO Capital Partners was acquired by Blackstone in 2008 for up to $945 million in cash and stock.
• He was a Senior Managing Director at Blackstone until 2015, during which time he helped GSO grow to $75 billion in assets under management.
• Mr. Ostrover also previously served as a Managing Director and Chairman of the Leveraged Finance Group of Credit Suisse First Boston (CSFB), and Global Co-Head of CSFB's Leveraged Finance Group.

Marc Lipschultz Co-Chief Executive Officer

• Marc Lipschultz is a Co-Chief Executive Officer of Blue Owl Capital Inc. and a member of the firm's board of directors.
• He co-founded Owl Rock Capital Partners, the predecessor firm to Blue Owl's Credit platform, with Doug Ostrover and Craig Packer in 2016, which later merged with Dyal Capital to form Blue Owl in 2021.
• Prior to co-founding Owl Rock, Mr. Lipschultz spent more than two decades at KKR, serving on the firm's Management Committee and as the Global Head of Energy and Infrastructure.
• Before joining KKR, he was with Goldman, Sachs & Co., where he focused on mergers and acquisitions and principal investment activities.

Alan Kirshenbaum Chief Financial Officer

• Alan Kirshenbaum is the Chief Financial Officer of Blue Owl Capital Inc. and Co-Chair of the firm's Operating Committee.
• Prior to Owl Rock, the predecessor firm to Blue Owl's Credit platform, he was Chief Financial Officer of Sixth Street Specialty Lending (TSLX), a publicly traded BDC, from 2011 through 2015, where he was responsible for building and overseeing its finance, treasury, accounting, and operations functions, including during its initial public offering in March 2014.
• From 2011 to 2013, Mr. Kirshenbaum also served as Chief Financial Officer of TPG Special Situations Partners.
• Before joining TPG, he was the Chief Financial Officer of Natsource, a private investment firm, and prior to that, Managing Director, Chief Operating Officer, and Chief Financial Officer of MainStay Investments.
• He co-founded Harbor Light Investment Management in 2007, serving as Chief Operating Officer and Chief Financial Officer.

Michael Rees Co-President

• Michael Rees is a Co-President of Blue Owl Capital Inc. and the Head of the GP Strategic Capital platform.
• He founded Dyal Capital, the predecessor firm to Blue Owl's GP Strategic Capital platform. Dyal Capital later merged with Owl Rock Capital to form Blue Owl in 2021.
• Prior to founding Dyal Capital, Mr. Rees was a founding employee and shareholder of Neuberger Berman Group, transitioning from Lehman Brothers as part of a management buyout transaction in May 2009.
• He was the first Chief Operating Officer of Neuberger's alternatives business.
• Mr. Rees was an employee of Lehman Brothers from 2001 to 2009, holding various roles including Head of Asset Management Strategy.

Craig W. Packer Co-President

• Craig W. Packer is a Co-President of Blue Owl Capital Inc. and the Head of the Credit platform.
• He also serves as a Co-Chief Investment Officer for each of the Blue Owl Credit Advisers.
• Mr. Packer previously co-founded Owl Rock Capital Partners, the predecessor firm to Blue Owl's Credit platform.
• Prior to co-founding Owl Rock, he was a Partner and Co-Head of Leveraged Finance in the Americas at Goldman Sachs & Co., where he had worked since 1990.

1. Market Liquidity, Credit Conditions, and Investor Confidence: Blue Owl Capital's business is highly dependent on fee income generated from its private credit and equity vehicles. Shifts in market liquidity, tighter credit conditions, or increased market volatility could significantly reduce deal flow and, consequently, its fee generation. Additionally, the firm faces risks related to investor confidence and liquidity management within its Business Development Companies (BDCs), as evidenced by a recent lawsuit alleging misleading statements regarding redemption pressure and liquidity concerns in its BDCs. Operational and strategic execution risks, including challenges in managing rapid, acquisition-fueled growth, and any sustained slowdown in fundraising or capital inflows, could also pressure margins.
2. Intense Competition: Blue Owl Capital operates in a highly competitive environment. Increasing competition from larger alternative asset managers and traditional banks developing their own direct lending and minority stake investment products could lead to erosion of Blue Owl's market share and pressure on its pricing and services offered to institutional investors.
3. Interest Rate Fluctuations: A significant portion of Blue Owl Capital's debt investments are floating rate in nature. Therefore, a potential decrease in the Secured Overnight Financing Rate (SOFR) in 2025 and 2026 could negatively impact the company's earnings.

Increased and sustained regulatory scrutiny on private markets, including private credit and private funds, leading to potential new restrictive rules on leverage, liquidity, transparency, and reporting. Regulatory bodies such as the SEC and FSOC in the United States, as well as European regulators, are actively discussing and proposing measures to enhance oversight of the rapidly growing private capital industry. These emerging regulations could increase compliance costs, limit operational flexibility, constrain investment strategies, and potentially erode some of the structural advantages that private market participants like Blue Owl Capital currently leverage, thereby impacting their ability to raise and deploy capital effectively.

Blue Owl Capital (OWL) operates across three main multi-strategy platforms: Credit, GP Strategic Capital, and Real Estate, offering alternative investment solutions to institutional and individual investors.

Addressable Market Sizes for Blue Owl Capital's Main Products or Services:

• Private Credit / Direct Lending: The global private credit market reached approximately US$3 trillion in assets under management (AUM) as of November 2024. Direct lending, a significant component of private credit, is estimated to be around $1.5 trillion globally as of 2025. Blue Owl also notes the broader addressable market within asset-based finance, which is believed to be nearly $11 trillion globally, with private markets currently representing about 4% of that.
• GP Strategic Capital: For the GP Strategic Capital segment, a key and growing area is NAV (Net Asset Value) finance, which is a form of lending collateralized by a fund's net asset value. This market is currently valued at $100 billion globally as of early 2025 and is projected to reach $700 billion by 2030. The broader universe for GP stakes, focusing on acquiring minority equity stakes in alternative asset managers, comprises over 2,500 potential targets.
• Real Estate: While a specific addressable market size for Blue Owl's real estate products (triple net lease and real estate debt finance) was not explicitly stated, the estimated addressable market within asset-based finance, which can encompass various forms of real estate debt, is nearly $11 trillion globally.
• Wealth Management: The global wealth management market, where Blue Owl offers alternative investment opportunities to a diverse client base including private wealth investors, reached a value of nearly $1.8 trillion in 2023. This market is expected to grow to $2.5 trillion by 2028.

1. Organic Growth in Direct Lending and Alternative Credit: Blue Owl Capital anticipates continued robust organic growth within its established direct lending and alternative credit strategies. The company has demonstrated strong performance in these areas, with management fees showing significant year-over-year increases. This growth is supported by increasing investor interest in these strategies and a durable permanent capital base.
2. Expansion into Digital Infrastructure: Strategic acquisitions, such as IPI's business in the digital infrastructure sector, are expected to be a significant driver of future revenue. Blue Owl views digital infrastructure, particularly hyperscale data centers, as a key growth area, positioning the company at the forefront of defining trends in the alternative asset industry.
3. Growth in the Private Wealth Channel: Blue Owl is actively focusing on expanding its presence in the private wealth channel, which has already seen record-breaking fundraising quarters. Initiatives like "The Nest" are designed to enhance engagement with private wealth clients, diversifying fundraising channels and tapping into a vast and growing market for alternatives.
4. Activation of Non-Fee-Generating Assets Under Management (AUM): A substantial portion of Blue Owl's AUM is currently non-fee-generating but is expected to become active over the next two years. This activation of approximately $28 billion in non-fee-generating AUM is projected to drive meaningful increases in annual revenue and fee-related earnings.
5. Strategic Mergers and Acquisitions (M&A) and Product Innovation: Beyond specific acquisitions like IPI and Atalaya (alternative credit), Blue Owl's overall strategy involves strategic M&A and product innovation to diversify its business and capitalize on evolving alternative markets. The company plans to introduce new products in the coming quarters to further enhance its market position and offerings.

Share Repurchases

• On November 4, 2025, Blue Owl Capital Corporation (OBDC) approved a new share repurchase program authorizing the repurchase of up to $200 million of its common stock, effective for 18 months or until the aggregate amount is expended.
• OBDC previously had a $150 million repurchase program, approved on May 6, 2024, which was set to terminate on November 7, 2025.
• On February 5, 2025, Blue Owl's Board authorized a program for up to $150.0 million of Class A Share repurchases.

Share Issuance

• The business combination completed on May 19, 2021, involved the conversion of Seller Earnout Units into various classes of shares, including 30,266,653 Class C Shares and 12,237,877 Class D Shares.
• As of February 14, 2025, Blue Owl Capital Inc. had 608,346,194 Class A common stock, 619,072,523 Class C common stock, and 310,415,409 Class D common stock outstanding.
• On November 6, 2025, an insider acquired 570,284 Class C shares at $0, corresponding to Blue Owl Operating Group Units, which are exchangeable for Class A shares or cash.

Outbound Investments

• Blue Owl completed the acquisition of the Wellfleet Credit Partners LLC business on April 1, 2022, which subsequently became part of its Owl Rock division.
• The company announced the acquisition of the assets and liabilities of Cowen Healthcare Investments (CHI Acquisition).
• Blue Owl completed the acquisition of digital infrastructure fund manager IPI Partners, LLC ("IPI") on January 3, 2025.