Blue Owl is a global alternative asset manager with $307.4 billion in AUM as of December 31, 2025.
−Removed: Anchored by a strong Permanent Capital base, the firm deploys private capital across Credit, GP Strategic Capital and Real Assets platforms on behalf of institutional and private wealth clients.
−Removed: Blue Owl’s flexible, consultative approach helps position the firm as a partner of choice for businesses seeking capital solutions to support their sustained growth.
−Removed: The firm’s management team is comprised of seasoned investment professionals with decades of experience building alternative investment businesses.
−Removed: Blue Owl employs over 1,100 people globally.
−Removed: Blue Owl was formed in May 2021 through the combination of Owl Rock, a leader in credit solutions, and Dyal Capital, a leading capital solutions provider to large private capital managers.
−Removed: In December 2021, we acquired Oak Street, which expanded our offerings to include real estate-focused products.
+Added: 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.
+Added: Our flexible, consultative approach helps position us as a partner of choice for businesses seeking capital solutions to support their sustained growth.
+Added: Our management team is comprised of seasoned investment professionals with decades of experience building alternative investment businesses.
+Added: We employ approximately 1,365 people globally.
+Added: 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.
+Added: 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.
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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.
−Removed: In June 2024, the Prima Acquisition expanded our real estate finance offerings.
+Added: 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.
+Added: In January 2025, the IPI Acquisition expanded our offerings to include digital infrastructure-focused products and complemented our existing net lease strategy.
Our breadth of offerings and Permanent Capital base enable us to offer a differentiated, holistic framework of capital solutions to middle market companies, large alternative asset managers and corporate real estate owners and tenants.
−Removed: We provide these solutions through our Permanent Capital vehicles and long-dated private funds, that we believe provide our business with a high degree of earnings stability and predictability.
+Added: We provide these solutions through our Permanent Capital vehicles and long-dated private funds, which we believe provide our business with a high degree of earnings stability and predictability.
Our Permanent Capital vehicles generally have an indefinite term and do not have requirements to exit investments after a prescribed period to return invested capital to investors, except as required by applicable law or pursuant to redemption requests that can only be made after significant lock-up periods.
For the year ended December 31, 2025, approximately 85% of our management fees were earned from Permanent Capital vehicles.
−Removed: Our global, high-caliber investor base includes a diversified mix of institutional investors, including prominent public and private pension funds, endowments, foundations, family offices, private banks, high net worth individuals, asset managers and insurance companies, as well as retail clients, accessed through well-known wealth management firms.
+Added: Our global, high-caliber investor base includes a diversified mix of institutional investors, including prominent public and private pension funds, endowments, foundations, family offices, private banks, high net worth individuals, asset managers and insurance companies, as well as individual clients, accessed through well-known wealth management firms.
We have continued to grow our investor base and presence in the growing private markets and alternative asset management sector by emphasizing our disciplined investment approach, client service, and portfolio performance.
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See Note 2 to our Financial Statements for a detailed description of how we earn our revenues.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations presents additional information on our revenues and operating results, as well as historical AUM and performance information for certain of our products;
+Added: Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) presents additional information on our revenues and operating results, as well as historical AUM and performance information for certain of our products;
such information should be read in conjunction with this description of our business.
We have three major product platforms:
−Removed: Credit, GP Strategic Capital and Real Assets.
+Added: Credit, Real Assets and GP Strategic Capital.
We believe our products, while distinct, are complementary to each other and together enable us to provide a differentiated offering of varied capital solutions.
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$99.5 billion
−Removed: GP Strategic Capital
$80.6 billion
$48.8 billion
+Added: GP Strategic Capital
$69.1 billion
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$65.3 billion
−Removed: GP Minority Stakes
$45.9 billion
$21.3 billion
+Added: GP Minority Stakes
$65.1 billion
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$14.3 billion
−Removed: GP Debt Financing
Real Estate Credit
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$15.3 billion
+Added: GP Debt Financing
Investment Grade Credit
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$18.3 billion
+Added: Digital Infrastructure
+Added: $17.1 billion
+Added: $12.2 billion
Professional Sports
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All amounts shown as of December 31, 2025, totals may not sum due to rounding.
−Removed: Our Credit products offer private financing solutions to primarily upper-middle-market companies.
+Added: Our Credit platform includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies.
We believe our breadth of offerings establishes us as a lending partner of choice for private equity sponsored companies, as well as non-sponsored borrowers.
Our investment capabilities also span the alternative credit and asset-based finance markets, allowing us to harness the power of our collective insights and provide innovative capital structure solutions for our borrowers and partners.
−Removed: Our Credit products are generally offered through a mix of our BDCs, long-dated private funds, managed accounts and CLOs across the following investment strategies:
+Added: Our Credit products are generally offered through a mix of our Regulated Products, long-dated private funds, managed accounts and CLOs across the following investment strategies:
• Direct Lending:
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Our technology lending strategy invests in a broad range of established and high growth technology companies that are capitalizing on the large and growing demand for technology products and services.
−Removed: This strategy focuses on companies that operate in technology-related industries or sectors which include, but are not limited to, information technology, application or infrastructure software, financial services, data and analytics, security, cloud computing, communications, life sciences, healthcare, media, consumer electronics, semi-conductor, internet commerce and advertising, environmental, aerospace and defense industries and sectors.
+Added: This strategy focuses on companies that directly operate in technology-related industries or indirectly operate in technology-related industries through their reliance on technology (e.g.
+Added: utilizing scientific knowledge or technology-enabled techniques, skills, methods, devices or processes to deliver goods and services) or companies that seek to grow through technological advancements and innovations.
Our technology lending strategy is primarily offered to investors through our technology-focused BDCs.
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Our first lien lending strategy seeks to realize current income with an emphasis on preservation of capital primarily through originating primary transactions in and, to a lesser extent, secondary transactions of first lien senior secured loans in or related to private equity sponsored, middle market businesses based primarily in the United States.
−Removed: Our first lien strategy is offered to investors through our long-dated private funds and managed accounts.
+Added: Our first lien lending strategy is offered to investors through our long-dated private funds and managed accounts.
◦ Opportunistic Lending:
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Our alternative credit strategy 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.
+Added: Our alternative credit strategy is offered to investors through our interval fund, OWLCX, long-dated private funds and managed accounts.
• Investment Grade Credit:
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Our other Credit strategies employ various investment strategies to pursue long-term capital appreciation and risk adjusted returns, including (i) direct investments in strategic equity assets, with a focus on single-asset GP-led continuation funds and (ii) investments in mid-to-late-stage biopharmaceutical and healthcare companies.
+Added: Our Real Assets products focus on three primary investment strategies:
+Added: net lease, real estate credit and digital infrastructure.
+Added: Our Real Assets products are offered primarily through Permanent Capital vehicles, including our non-traded REITs, and long-dated private funds.
+Added: Our net lease real estate strategy structures portfolios of primarily single-tenant properties across industrial (such as distribution, manufacturing and cold storage), essential and other retail sectors and data centers, among others, occupied by investment-grade or creditworthy tenants.
+Added: By combining our proprietary origination infrastructure, enhanced lease structures and disciplined investment criteria, we seek to provide investors with predictable current income and potential for appreciation while limiting downside risk.
+Added: • Real Estate Credit:
+Added: Our real estate credit investment strategy offers a diverse range of competitive real estate financing solutions and invests in both the public and private markets, seeking to generate equity-like returns while maintaining well-protected positions in the capital structure.
+Added: Secured by real assets with predictable cash flows, our strategy aims to generate diversification, current income potential, and downside mitigation for investors.
+Added: Our real estate credit investment strategy invests via securities, private debt (either via origination or acquisition of loans), and customized solutions.
+Added: • Digital Infrastructure:
+Added: Our digital infrastructure strategy focuses on acquiring, financing, developing, and operating data centers and related digital infrastructure assets.
+Added: As one of the world’s largest private investors in the space, we believe our scale, deep-sector focus, and partnership approach make us a leading solutions provider to premier technology companies and hyperscalers.
+Added: Our capability set spans the entire operating and development spectrum, unlocking multiple opportunities for value creation in our pursuit to generate attractive risk-adjusted returns for our investors.
GP Strategic Capital
Our GP Strategic Capital products position us as a leading capital solutions provider to private capital managers.
−Removed: We primarily focus on acquiring equity stakes in, or providing debt financing to, private capital firms, which we may refer to as “GPs” or “Partner Managers.” Our Business Services Platform is a boutique consulting unit within Blue Owl and was established to provide strategic support to our Partner Managers.
+Added: We primarily focus on acquiring equity stakes in, and providing debt financing to, large, multi-product private equity and private credit firms, which we may refer to as “GPs” or “Partner Managers.” Our GP Strategic Capital division also houses our Business Services Platform (“BSP”), which provides strategic support to our Partner Managers.
Our GP Strategic Capital products are offered primarily through Permanent Capital private fund vehicles across the following investment strategies:
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Our investment objective is to generate compelling cash yield by collecting a set percentage of contractually fixed management fees, a set percentage of carried interest and a return on balance sheet investments from the underlying managers.
−Removed: We primarily focus on acquiring minority positions in multi-product alternative asset managers who continue to gain a disproportionate proportion of the assets flowing into private investment strategies and exhibit high levels of stability.
+Added: We primarily focus on acquiring minority positions in large, multi-product alternative asset managers who continue to gain a disproportionate proportion of the assets flowing into private investment strategies and exhibit high levels of stability.
Our inaugural products followed a hedge fund manager-focused investment program that has since evolved into a private capital manager-focused investment program in our more recent products focused on institutional private markets-focused firms that generally have fee-paying assets under management over $10 billion.
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Our investment objective is to purchase minority equity interests at attractive valuations while generating a compelling return primarily through participation in potential cash distributions, capital appreciation, and/or control ownership sales.
−Removed: Our Real Assets products focus on two primary investment strategies:
−Removed: net lease and real estate credit.
−Removed: Our Real Assets products are offered primarily through Permanent Capital vehicles, including our non-traded REIT, and long-dated private funds.
−Removed: Our net lease real estate strategy structures portfolios of primarily single-tenant properties across industrial, essential retail and mission critical office sectors, occupied by investment-grade or creditworthy tenants.
−Removed: By combining our proprietary origination infrastructure, enhanced lease structures and disciplined investment criteria, we seek to provide investors with predictable current income and potential for appreciation while limiting downside risk.
−Removed: • Real Estate Credit:
−Removed: Our real estate credit investment strategy offers a diverse range of competitive real estate financing solutions and invests in both the public and private markets, seeking to generate equity-like returns while maintaining well-protected positions in the capital structure.
−Removed: Secured by real assets with predictable cash flows, our strategy aims to generate diversification, current income potential, and downside mitigation for investors.
−Removed: Our real estate credit investment strategy invests via securities, private debt (either via origination or acquisition of loans), and customized solutions.
Blue Owl’s history is predicated on the key milestones of Owl Rock, Dyal Capital and Oak Street.
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Blue Owl’s robust and diversified offerings will continue to serve as a response to the following sector dynamics:
−Removed: • shifting allocations by retail and institutional investors.
+Added: • shifting allocations by individual and institutional investors.
• rotation into alternative asset classes, given the search for yield and reliability of returns.
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Across our business, our presence in the market combined with our constant dialogue with financial sponsors, companies and our investors, has allowed us to identify attractive opportunities in adjacent subsectors over time.
−Removed: Since inception, these businesses have launched and acquired new strategies and products, exclusively in areas where we believe we can leverage our competitive advantage and expertise, and where we believe we have identified a critical mass of lending, capital and real estate solutions opportunities as well as heightened investor interest.
+Added: Since inception, these businesses have launched and acquired new strategies and products, exclusively in areas where we believe we can leverage our competitive advantage and expertise, and where we believe we have identified a critical mass of lending, capital and real assets solutions opportunities as well as heightened investor interest.
We have focused on executing on key adjacencies that are natural extensions of existing core strategies in order to capitalize on the growing dislocations in the market and rising investor demand .
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As of December 31, 2025, we had approximately $28.4 billion in AUM not yet paying fees, providing the potential for over $326.3 million of annualized management fees once fully deployed.
−Removed: In addition, to the extent certain of our BDCs become publicly listed, the advisory fees from such BDCs could potentially increase, subject to any fee waivers or deferral arrangements agreed to by us and the applicable BDC.
• Stable earnings model with attractive margin profile.
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Our expansive set of product offerings allows us to provide flexible and creative solutions, and in tandem with our sizeable Permanent Capital base, enables us to provide access to scaled, sizeable commitments.
−Removed: Partner Managers in our GP minority stakes products also value our Business Services Platform, which provides strategic value-added services to our Partner Managers in key areas:
−Removed: capital strategy, private wealth, human capital, operations, corporate strategy and M&A, environmental, social and governance (“ESG”) advisory, citizenship and strategic initiatives, data science, procurement and artificial intelligence.
+Added: Partner Managers in our GP minority stakes products also value our BSP, which provides strategic value-added services to our Partner Managers in key areas such as:
+Added: capital strategy, private wealth, human capital, operations, corporate strategy and M&A, environmental, social and governance (“ESG”) advisory, data science, procurement and artificial intelligence.
We expect our differentiated approach and broad spectrum of capital solution products will continue to strengthen our relationships, and we intend to further expand our network to fortify our position as a preferred partner for alternative asset managers and their products’ portfolio companies.
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We believe being a total solutions provider also grants us a broader view of market opportunities, which allows us to continue operating as a market leader.
+Added: Within Real Assets, we have a targeted origination strategy that is enhanced by our strong network and allows us to be both competitive and differentiated from other net lease peers.
+Added: We proactively build and maintain strong relationships with large investment grade-rated and creditworthy companies whose businesses offer essential goods or services and which we believe are generally resistant to e-commerce and economic downside risks.
+Added: Further we look to provide flexible structuring that is mutually beneficial with long lease durations, and in many cases, favorable pricing.
+Added: We have leveraged our corporate partnerships to both source unique investment opportunities unavailable to other market participants and negotiate attractive lease terms.
+Added: We believe our strong origination capabilities, conservative underwriting criteria, strong existing tenant relationships, experienced team dedicated to digital infrastructure investments and deep, multi-level hyperscaler alignment and relationships will allow our Real Assets products to purchase and develop properties in the future at attractive terms and pricing, providing significant long-term opportunities for growth and scale.
Within GP Strategic Capital, we have also established ourselves as a market leader, with a long track record, the greatest amount of aggregate capital raised and the largest number of publicly announced deals.
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We believe our strong reputation in the market combined with our scale will continue to provide us with unique access to the most attractive sectors of the alternative asset management universe.
−Removed: Within Real Assets, we have a targeted origination strategy that is enhanced by our strong network and allows us to be both competitive and differentiated from other net lease peers.
−Removed: We proactively build and maintain strong relationships with large investment grade-rated and creditworthy companies whose businesses offer essential goods or services and which we believe are generally resistant to e-commerce and economic downside risks.
−Removed: Further we look to provide flexible structuring that is mutually beneficial with long lease durations, and in many cases, favorable pricing.
−Removed: We have leveraged our corporate partnerships to both source unique investment opportunities unavailable to other market participants and negotiate attractive lease terms.
−Removed: We believe our strong origination capabilities, conservative underwriting criteria and strong existing tenant relationships will allow our Real Assets products to purchase properties in the future at attractive terms and pricing, providing significant long-term opportunities for growth and scale.
• Diverse, global and growing high-quality investor base.
−Removed: Our global investor base is composed of long-standing institutional relationships, as well as a quickly growing retail investor base.
+Added: Our global investor base is composed of long-standing institutional relationships, as well as a quickly growing individual investor base.
Our institutional clients include large domestic and international public and private pension funds, endowments, foundations, family offices, sovereign wealth funds, asset managers and insurance companies.
−Removed: Our retail clients include prominent wealth management firms, private banks, and high net worth investors.
+Added: Our individual clients include prominent wealth management firms, private banks, and high net worth investors.
As we continue to grow, we expect to retain our existing clients through our breadth of offerings.
−Removed: As of December 31, 2024, approximately 38% of our institutional investors, excluding insurance, were invested in more than one product, with many increasing their commitment to their initial strategy and committing additional capital across our other strategies.
+Added: As of December 31, 2025, approximately 33% of our institutional investors were invested in more than one product, with many increasing their commitment to their initial strategy and committing additional capital across our other strategies.
We believe our diligent management of investors’ capital, combined with our strong performance and increasingly diversified product offerings has helped retain and attract investors which has furthered our growth in FPAUM and facilitated further expansion of our strategies.
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We consider the alignment of interests of our executive management team and other professionals with those of the investors in our products to be core to our business.
−Removed: AUM (inclusive of accrued car ried interest) attributable to our executives and other employees as of December 31, 2024 totaled approximately $4.1 billion (including $2.2 billion related to accrued carried interest), which aligns their interests with our clients’ interests by motivating the continued high performance and retention of our dedicated team of professionals.
+Added: AUM (inclusive of accrued car ried interest) attributable to us, our executives and other employees as of December 31, 2025 totaled approximately $6.4 billion (including $2.6 billion related to accrued carried interest), which aligns their interests with our clients’ interests by motivating the continued high performance and retention of our dedicated team of professionals.
Our Growth Strategy
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We also expect to enhance our AUM growth by expanding our current investor relationships and continuing to attract new investors.
−Removed: • Expand our product offering.
+Added: • Expand our product offerings.
We plan to grow our business by expanding our product offerings.
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We are well positioned to continue to penetrate the growing global market.
−Removed: The success of our Credit and Real Assets products to date has been primarily focused within the United States, while our GP Strategic Capital products have a more global investor base.
We intend to continue fundraising both domestically and internationally.
The favorable industry tailwinds are global in nature and we believe that there is additional market opportunity across the global landscape.
−Removed: As of December 31, 2024, we raised 79% of our capital in the United States and Canada.
+Added: As of December 31, 2025, we raised approximately 75% of our capital in the United States and Canada.
We believe our strong network and track record of global fundraising has primed us to further extend our fundraising efforts across products and into additional international markets, as institutional investors across the globe are facing the same pressures and seeking the same positive attributes of the sector that have attracted domestic investors thus far.
−Removed: We also believe we have a significant opportunity to continue to leverage our global fundraising capabilities and investor relationships to cross-sell our Credit, GP Strategic Capital and Real Assets products, as well as utilize our existing domestic retail channel to cross-sell our products while increasing our global capabilities.
+Added: We also believe we have a significant opportunity to continue to leverage our global fundraising capabilities and investor relationships to cross-sell our Credit, Real Assets and GP Strategic Capital products, as well as utilize our existing domestic retail channel to cross-sell our products while increasing our global capabilities.
The global market represents a large, and relatively untapped opportunity for many of our products that we believe will facilitate our pursuit of international expansion in the coming years, and position us to enter into less-developed markets where we can be a significant first-mover and play a key role in defining the markets.
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We intend to leverage our strong growth within and across our strategies as a means to add new investors to our growing family of products.
−Removed: We have already begun executing on this strategy, with a notable influx of wealth management platforms and public and private pension fund investors in recent years.
+Added: We are executing on this strategy, with a notable influx of wealth management platforms and public and private pension fund investors in recent years.
These additions helped further diversify our investor base which also includes, but is not limited to, insurance, family offices, endowments and foundations.
−Removed: In addition, we have continued to grow our relationships in the consultant community.
−Removed: We intend to be the premier Credit, GP minority stakes and triple net lease real estate investing business for investors across the institutional and retail distribution channels.
+Added: In addition, we have continued to grow o ur relationships in the consultant community.
+Added: We intend to be the premier Credit, Real Assets and GP minority stakes investing business for investors across the institutional and retail distribution channels.
• Deepen and expand strong strategic relationships with key institutional investors.
We have established invaluable relationships with strategic partners, consultants and large institutional investors who provide us with key market insights, operational advice and facilitate relationship introductions.
−Removed: We pride ourselves on continuing to foster these relationships as they are fundamental to our business and reflect the strong alignment of interests that is highly valued by our partners.
−Removed: As of December 31, 2024, 16 institutional investors, excluding insurance, have committed at least $1.0 billion across our strategies, 32 have committed at least $500 million, and 71 have committed at least $250 million.
+Added: We pride ourselves on continuing to foster these relationships as they are fundamental to our business and refl ect the strong alignment of interests that is highly valued by our partners.
+Added: As of December 31, 2025, 25 institutional investors have committed at least $1 billion across our strategies, 53 have committed at least $500 million, and 101 have committed at least $250 million.
Our strategic partnerships allow us to craft customized solutions tailored to the objectives of our clients, while reflecting the breadth of our capabilities across our strategies.
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In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us.
−Removed: Further, many of our competitors are not subject to the regulatory restrictions that the Investment Company Act of 1940, as amended (the “Investment Company Act”), imposes on our BDCs, or to the distribution and other requirements our BDCs must satisfy to qualify for regulated investment company (“RIC”) tax treatment.
+Added: Further, many of our competitors are not subject to the regulatory restrictions that the Investment Company Act, imposes on our Regulated Products, or to the distribution and other requirements our Regulated Products must satisfy to qualify for regulated investment company (“RIC”) tax treatment.
Lastly, institutional and individual investors are allocating increasing amounts of capital to alternative investment strategies.
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We expect that this will cause competition in our industry to intensify and could lead to a reduction in the size and duration of pricing inefficiencies that many of our products seek to exploit.
+Added: Our Real Assets platform, which includes net lease, real estate credit and digital infrastructure products, generally faces competition from private equity real estate funds, REITs (publicly traded and non-traded), real estate lenders and other asset managers that invest in the real assets space.
+Added: While there is substantial activity in the net lease space, we believe our net lease strategy is differentiated from our peers.
+Added: Importantly, our primary competition is not other net lease or real estate investors;
+Added: it is predominantly companies choosing alternative paths to raising capital or solving a problem that could otherwise be resolved through sale-leaseback differently.
+Added: This is further accentuated by the fact that a vast majority of our historical deal flow has been executed entirely off-market.
+Added: We have remained focused on transacting primarily with investment grade rated and other creditworthy counterparties.
+Added: However, the more stable and predictable nature of the net lease sector has brought additional competition into the space in recent years, including from high-net-worth buyers and net lease REITs.
+Added: Competitors in the publicly traded net lease sector generally exhibit less stringent criteria than we do with respect to pricing and lease durations, and their portfolios are comprised substantially of non-investment grade credits, shorter average lease terms, and meaningful near-term lease rollover.
+Added: Additionally, many net lease peers focus on acquiring retail properties with an average deal size of less than $10 million, whereas our Real Assets products’ transactions are frequently $100 million and greater in size.
+Added: The broader investment strategies of these competitors may therefore create competitive disadvantages for us and enable them to pursue more extensive investment opportunities that are excluded from our strategies.
+Added: Competition from other private equity funds has grown, as many have either shifted their current real estate focus to building net lease teams or acquiring existing net lease strategies.
+Added: In the real estate credit sector, we compete with other real estate lenders based on our credit underwriting capabilities, sourcing capabilities, credit selection and accretive and responsible leverage strategies.
+Added: While we target high-quality collateral with a singular focus on credit quality and aim to source investment opportunities in public and private real estate finance markets, some of our competitors may have more established, diversified platforms that can offer a greater variety of capital solutions in scale across different costs of capital and product types.
+Added: In the digital infrastructure sector, we compete with other funds and operators on the basis of our ability to deliver tailored solutions at scale, reduce execution risk and accelerate time to market.
+Added: Hyperscalers seek partners who are able to not only provide capital, but also offer strategic value by aligning development timelines, offering flexible structures and delivering operational expertise to meet global requirements.
+Added: We compete both locally and with other national and global funds and operators in the digital infrastructure space.
GP Strategic Capital
−Removed: Our GP Strategic Capital products currently have limited direct competition from organizations dedicated to acquiring stakes in private capital managers.
−Removed: A limited number of asset managers have been acquiring minority stakes in certain private capital managers.
−Removed: Such institutions may compete with us for similar investments in the future.
−Removed: We believe, however, that this limited number of competitors is likely to persist, as conflicts of interest and regulatory restrictions, as well as the limited quantum of capital raised for this strategy, combine to make purchasing minority stakes in private capital managers challenging for financial institutions and private equity firms.
+Added: Our GP Strategic Capital products currently have limited direct competition from organizations dedicated to acquiring stakes in large, institutionalized private capital managers.
+Added: While an incremental number of asset managers have recently entered the market, and other such institutions may compete with us for similar investments in the future, the number of asset managers pursuing this strategy remains relatively limited.
+Added: We believe that this limited number of competitors is likely to persist, as conflicts of interest and regulatory restrictions, as well as the limited quantum of capital raised for this strategy, combine to make purchasing minority stakes in private capital managers challenging for financial institutions and private equity firms.
With respect to our GP debt financing strategy, many banks provide revolving lines of credit to private equity managers, but these credit lines are typically short duration, amortize and require blanket personal guarantees.
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We compete globally and on a regional, industry and asset basis.
−Removed: We have remained the only net lease private equity manager dedicated to transacting primarily with investment grade rated and other creditworthy counterparties.
−Removed: The more stable and predictable nature of the net lease sector has brought additional competition into the space in recent years.
−Removed: Historically, such competition has primarily come from net lease REITs (publicly traded and non-traded), other private equity real estate funds, and high net worth buyers.
−Removed: Competitors in the publicly traded net lease sector generally exhibit less stringent criteria than we do with respect to pricing and lease durations, and their portfolios are comprised substantially of non-investment grade credits, shorter average lease terms, and meaningful near-term lease rollover.
−Removed: Additionally, many net lease peers focus on acquiring retail properties with an average deal size of less than $10 million, whereas our Real Assets products’ transactions are frequently $100 million and greater in size.
−Removed: Competition from other private equity funds has grown, as many have either shifted their current real estate focus to building net lease teams or acquiring existing net lease strategies.
−Removed: Despite this increased activity, competition with our Real Assets products on the deal level has remained relatively low, as those strategies concentrate their efforts in the non-investment grade space, prefer to develop properties themselves, and to deploy capital in sectors that are outside of our traditional focus of industrial assets, mission critical office properties and essential retail.
−Removed: As the monetization of real estate through sale-leasebacks continues to gain traction as a capital allocation tool for companies, we expect the net lease sector to grow even larger, and that will continue to attract more competition into the space.
Human Capital
−Removed: As of December 31, 2024, we had over 1,100 full-time employees globally.
+Added: As of December 31, 2025, we had approximately 1,365 full-time employees globally.
As an alternative asset manager, we believe that our people are key to the success of our business.
+Added: Our culture shapes how our employees work, grow and create value for our investors and stockholders.
+Added: Culture is not just something we talk about, it defines how we engage with one another every day.
We embrace four core values we view as integral to creating a culture in which our people can thrive personally and professionally, including mutual respect, excellence, constructive dialogue and a “one team” mindset.
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We rely significantly on our talented team, leveraging a wide variety of investment, management, business and other skills and expertise, to create value for stockholders and investors in our products.
−Removed: We aim to build a team that is driven and embraces an inclusive culture in which our team members are engaged and work collaboratively across the organization.
+Added: We offer career development and skill building opportunities for our employees.
+Added: We aim to build a team that is driven and embraces a culture of belonging in which our team members are engaged and work collaboratively across the organization.
Compensation and Benefits
We design our compensation programs, including fixed and variable performance-based compensation, to motivate and retain employees and align their interests with those of our stockholders.
−Removed: In particular, annual compensation for our executives and other senior employees involves a combination of cash and deferred equity awards in the form of Incentive Units and RSUs (as defined in Note 1 to the Financial Statements).
+Added: In particular, annual compensation for our executives and other senior employees involves a combination of cash and deferred equity awards in the form of Incentive Units and RSUs (each as defined in Note 1 to our Financial Statements).
The proportion of compensation that is deferred and at risk of forfeiture generally increases as an employee’s level of compensation rises.
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Our senior management periodically reviews the effectiveness and competitiveness of our compensation program.
−Removed: Corporate Sustainability
−Removed: Blue Owl’s corporate sustainability efforts seek to enable positive outcomes for our most critical stakeholders, including our investors, our public stockholders, our employees and the communities in which we operate.
−Removed: Almost four years after our listing as a public company, we have made meaningful strides developing a strategic approach to advancing our corporate sustainability objectives across three priority areas of focus:
−Removed: Responsible Investing, diversity, equity and inclusion (“DEI”) and Citizenship.
−Removed: We believe that Blue Owl’s governance of corporate sustainability reflects strong leadership and oversight at the senior management and Board of Directors (“Board”) levels and our commitment to our priority areas.
+Added: Sustainability
+Added: Blue Owl’s sustainability efforts seek to enable positive outcomes for our most critical stakeholders, including our investors, our public stockholders, our employees and the communities in which we operate.
+Added: We believe that Blue Owl’s sustainability efforts reflect strong leadership and oversight at the senior management and Board levels and our commitment to our priority areas.
Our Board receives at least annual updates on our strategy and initiatives and the Audit Committee receives management presentations on responsible investing and ESG-related matters.
−Removed: Executive sponsors oversee our Corporate Sustainability Council, which is chaired by our Chief Operating Officer and comprised of dedicated subject-matter leaders for each of the three areas of focus:
−Removed: Responsible Investing/ESG, DEI and Citizenship.
−Removed: To integrate responsible investing practices firmwide, we have a Responsible Investing Working Group (the “RI WG”), a cross-functional group across investment platforms, strategies and relevant business units.
+Added: Additionally, to integrate responsible investing practices firmwide, we have a Responsible Investing Working Group (the “RI WG”), a cross-functional group across investment platforms, strategies and relevant business units.
The RI WG members are senior representatives of their respective teams and are responsible for coordinating responsible investing-related efforts within their business units, as well as providing insights as it relates to their professional roles.
−Removed: The RI WG is chaired by our Chief Operating Officer and the Head of Responsible Investing.
−Removed: The RI WG activities are managed by the Responsible Investing & ESG team.
+Added: The RI WG is chaired by our Chief Operating Officer and activities are managed by the Responsible Investing & ESG team.
Investing Responsibly
We recognize the importance of business relevant ESG issues and opportunities and are committed to the consideration of these factors in relation to our business operations and investment activities to manage risk and identify opportunities.
−Removed: The firm adopted an ESG policy, which applies to all asset classes, industries and countries in which Blue Owl does business and the products it manages.
−Removed: We believe that incorporating business relevant ESG factors into our corporate and investment activities has the potential to meaningfully contribute to the value of Blue Owl and the companies in which we invest.
+Added: The firm adopted an ESG and responsible investing policy, which applies to all asset classes, industries and countries in which Blue Owl does business and the products it manages.
+Added: We believe that incorporating business relevant ESG factors into our corporate and investment activities has the potential to meaningfully contribute to the value of Blue Owl and our investments.
We strive to continuously strengthen our ability to mitigate, manage and monitor relevant ESG risks and opportunities within our investment portfolios.
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We have considered recommendations from the Task Force on Climate-Related Financial Disclosures in the design and implementation of our climate risk management program, including topics related to governance, strategy, risk management and metrics.
−Removed: Diversity, Equity and Inclusion
−Removed: Blue Owl is committed to fostering and preserving a culture of diversity, equity and inclusion.
−Removed: We seek to create an inclusive, performance-based environment that is supportive of people from all backgrounds.
−Removed: We have formalized our approach by adopting a DEI policy.
−Removed: Blue Owl’s DEI strategy centers on the following key concepts and core values:
−Removed: • Embracing our differences.
−Removed: We embrace and encourage our differences that make us unique.
−Removed: We believe that a team comprised of individuals with diverse backgrounds, experiences, perspectives and insights is critical to the long-term success of our firm.
−Removed: • Strategic priorities.
−Removed: Continuing to develop as a diverse, equitable and inclusive firm is a strategic priority for Blue Owl that we believe can further enhance our work environment and overall business.
−Removed: Our commitment to diversity, equity and inclusion is relevant to interactions with our employees, investors, products’ portfolio companies and third-party service providers.
−Removed: • Leadership.
−Removed: While our ongoing efforts are championed by the Blue Owl founders and executed upon by senior leaders across all business areas of the firm, we aim to support DEI through the firm’s entire employee population.
−Removed: Continuing to develop a diverse, equitable and inclusive firm is a strategic priority.
−Removed: Our Chief Human Resources Officer is responsible for overseeing our DEI program.
−Removed: To further foster an inclusive culture, we seek to continue to establish relevant and appropriate Employee Resource Groups, which are open to all employees and aim to build community through shared identities, helping us further our goal of promoting a sense of inclusion and belonging.
−Removed: We also work with select partners to provide our employees with access to resources, networks and opportunities for professional development, as well as utilizing the organizations’ job boards to recruit candidates.
−Removed: Additionally, our summer internship program for college students includes partnerships with organizations that represent students from backgrounds that are often underrepresented in the finance industry.
−Removed: This program includes training, professional development sessions, networking opportunities and mentorship.
−Removed: We also offer career development, skill building and mentorship opportunities for our employees.
+Added: Blue Owl seeks to foster a culture that fuels our ability to deliver results through private markets, attract and retain top talent and build strong partnerships.
+Added: Our values—mutual respect, excellence, constructive dialogue and one team—form the foundation of a culture where our employees are empowered to reach their full potential.
+Added: The following initiatives help cultivate connection, opportunity and impact for our employees and the many stakeholders we serve:
+Added: • Our Employee Resource Groups are open to all employees and aim to create an environment of belonging for all.
+Added: These groups are employee-initiated and employee-led.
+Added: • Our Blue Owl Celebrates series honors various heritage and affinity months throughout the year by highlighting dynamic guest speakers, small businesses and resources for learning and action.
+Added: • We partner with industry organizations to offer our employees access to resources, memberships, events, networks and opportunities for professional development, as well as utilizing the organizations’ job boards to recruit candidates.
• Finally, our suite of benefits includes primary and secondary parental leave, family planning benefits and stipend and flexible work schedules.
We take our role as a corporate citizen seriously and aim to contribute to meaningful causes to support the communities in which we operate and reside.
−Removed: We believe there is an opportunity to “make community our culture” by building a robust citizenship program that is integrated, community-centered and employee-enriched, including:
−Removed: • Blue Owl Leads Together, our global employee volunteerism and giving program, which allows employees to engage with each other and with the communities in which we live and work;
−Removed: • Blue Owl Gives, which advances our firm’s philanthropic mission — unlocking opportunity by powering access to college, to careers and to capital — through strategic non-profit partnerships;
−Removed: • Blue Owl Celebrates, which honors various heritage and affinity months throughout the year by spotlighting important nonprofit causes, profiling opportunities for learning and action and hosting a variety of guest speakers.
+Added: We are committed to building a robust citizenship program that is integrated, community-centered and employee-enriched, including:
+Added: • Blue Owl Leads Together, our global employee volunteerism and giving program, that empowers our employees to engage with one another and with the communities in which we live and work;
+Added: • Blue Owl Gives, which advances our firm’s philanthropic mission — unlocking opportunity by powering access to college, to careers and to capital — through strategic nonprofit partnerships.
Organizational Structure
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See Note 1 to our Financial Statements for additional information on these interests.
−Removed: On February 20, 2025, our Board adopted resolutions authorizing the adoption of an Amended and Restated Certificate of Incorporation in connection with an internal reorganization that is expected to occur on or about April 1, 2025, pursuant to which, among other things, Blue Owl Carry will become a wholly owned subsidiary of Blue Owl Holdings (the “Internal Reorganization”).
+Added: On February 20, 2025, our Board adopted resolutions authorizing the adoption of an Amended and Restated Certificate of Incorporation in connection with the Internal Reorganization.
Regulatory and Compliance Matters
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and foreign jurisdictions in which we operate.
−Removed: These regulations cover a wide range of areas, including antitrust laws, anti-money laundering laws, anti-bribery laws related to foreign officials, tax laws and data privacy laws concerning client and other information.
+Added: These regulations cover a wide range of areas, including fund management, antitrust laws, anti-money laundering laws, anti-bribery laws related to foreign officials, tax laws and data privacy laws concerning client and other information.
Additionally, some of our products invest in businesses that operate within highly regulated industries.
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See “Item 1A.
−Removed: Risk Factors— Risks Related to Our Operations ” and “Risk Factors— Risks Related to Our Legal and Regulatory Environment .”
+Added: Risk Factors— Risks Related to Our Operations ” and “Item 1A.
+Added: Risk Factors— Risks Related to Our Legal and Regulatory Environment .”
Rigorous legal and compliance analysis of our business and investments made by our products is important to our culture.
We strive to maintain a culture of compliance through the use of policies and procedures such as oversight compliance, codes of ethics, compliance systems, communication of compliance guidance and employee education and training.
−Removed: All employees must annually certify that they have received copies of and agree to comply with our compliance manual, including our Code of Ethics and Anti-Bribery and Corruption Policy.
−Removed: Our Chief Compliance Officer supervises our compliance group, which is responsible for monitoring all regulatory and compliance matters that affect our activities and manages our compliance policies and procedures.
+Added: All employees must annually certify that they have received copies of and agree to comply with our compliance manual.
+Added: Our Global Chief Compliance Officer supervises our compliance group, which is responsible for monitoring all regulatory and compliance matters that affect our activities and manages our compliance policies and procedures.
Our compliance policies and procedures address a variety of regulatory and compliance risks such as the handling of material non-public information, personal securities trading, valuation of investments, document retention, potential conflicts of interest and the allocation of investment opportunities.
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Our BDCs elect to be regulated under the Investment Company Act and the Exchange Act and, in certain cases, the Securities Act.
+Added: OWLCX is a non-diversified, closed-end management investment company registered under the Investment Company Act that is conducting a public offering under the Securities Act.
As compared to other, more disclosure-oriented U.S.
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The SEC has authority to inspect any registered investment adviser and typically inspects a registered investment adviser periodically to determine whether the adviser (i) is conducting its activities in compliance with applicable laws and disclosures made to clients and (ii) has reasonably designed policies and procedures to ensure compliance.
−Removed: A significant portion of our revenues are derived from our advisory services to our BDCs.
−Removed: The Investment Company Act imposes significant requirements and limitations on BDCs, including with respect to their capital structure, investments and transactions.
−Removed: While we exercise broad discretion over the day-to-day management of our BDCs, each of our BDCs is also subject to oversight and management by a board of directors, a majority of whom are not “interested persons” as defined under the Investment Company Act.
−Removed: The responsibilities of each board include, among other things, approving our advisory contracts with our BDCs, approving certain service providers and monitoring transactions involving affiliates, and approving certain co-investment transactions.
−Removed: Additionally, each quarter, the applicable investment adviser, as the valuation designee, provides the audit committee of each of our BDCs with a summary or description of material fair value matters that occurred in the prior quarter and on an annual basis, as well as a written assessment of the adequacy and effectiveness of its fair value process.
−Removed: The audit committee of each of our BDCs oversees the valuation designee and reports to the respective BDC’s board of directors on any valuation matters requiring such board’s attention.
−Removed: The advisory contracts with each of our BDCs may be terminated by the stockholders or directors of such BDC on not more than 60 days’ notice, and are subject to annual renewal by each respective BDC’s board of directors after an initial two-year term.
−Removed: Generally, affiliates of our BDCs are prohibited under the Investment Company Act from knowingly participating in certain transactions with their affiliated BDCs without prior approval of the BDC’s board of directors who are not interested persons and, in some cases, prior approval by the SEC.
+Added: A significant portion of our revenues are derived from our advisory services to our Regulated Products.
+Added: The Investment Company Act imposes significant requirements and limitations on our Regulated Products, including with respect to their capital structure, investments and transactions.
+Added: While we exercise broad discretion over the day-to-day management of our Regulated Products, each of our Regulated Products is also subject to oversight and management by a board of directors or board of trustees, as applicable, a majority of whom are not “interested persons” as defined under the Investment Company Act.
+Added: The responsibilities of each board include, among other things, approving our advisory contracts with our Regulated Products, approving certain service providers and monitoring transactions involving affiliates, and approving certain co-investment transactions.
+Added: Additionally, each quarter, the applicable investment adviser, as the valuation designee, provides the audit committee of each of our Regulated Products with a summary or description of material fair value matters that occurred in the prior quarter and on an annual basis, as well as a written assessment of the adequacy and effectiveness of its fair value process.
+Added: The audit committee of each of our Regulated Products oversees the valuation designee and reports to the respective Regulated Product’s board of directors or board of trustees, as applicable, on any valuation matters requiring such board’s attention.
+Added: The advisory contracts with each of our Regulated Products may be terminated by the stockholders or the board of directors or the board of trustees, as applicable, of such Regulated Products on not more than 60 days’ notice, and are subject to annual renewal by each respective Regulated Product’s board, as applicable, after an initial two-year term.
+Added: Section 17 of the Investment Company Act places limitations on the ability of any principal underwriter, promoter, or “affiliated person” (as defined in the Investment Company Act), and any “affiliated person” of such persons, to engage in certain transactions with OWLCX.
+Added: Section 57 of the Investment Company Act places similar limitations on any principal underwriter or promoter of our BDCs as well as certain “affiliated persons” of our BDCs, and certain “affiliated persons” of such persons.
+Added: In certain instances, transactions that are otherwise prohibited may be permitted by exemptive rules under the Investment Company Act, pursuant to an exemptive order issued by the SEC or other SEC guidance, or, in the case of our BDCs, with the prior approval of the BDC’s board of directors.
The SEC has interpreted the prohibition on transactions with affiliates to prohibit “joint transactions” among entities that share a common investment adviser.
−Removed: Certain of our products are permitted to co-invest with other products managed by us as a result of exemptive relief granted by the SEC, so long as such transactions are negotiated in a manner consistent with our BDCs’ investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors, provided that certain directors of any of our participating BDCs make certain determinations.
−Removed: Our investment allocation policy incorporates the conditions of the exemptive relief.
−Removed: As a result of the exemptive relief, there could be significant overlap in the investment portfolios of our BDCs and other of our products that could avail themselves of the exemptive relief.
−Removed: Additionally, we have been granted exemptive relief to permit certain of our BDCs to offer multiple classes of shares of common stock and to impose asset-based distribution fees and early withdrawal fees.
−Removed: The SEC also has increased emphasis on investment adviser and private fund regulation in recent years and has proposed and enacted significant rules that impact investment advisers and their management of private investment funds and the SEC may propose additional changes in the future.
−Removed: Such current and future rule making is expected to materially impact private funds and private fund advisers and their operations, including increasing compliance burdens and regulatory costs, and heightened risk of regulatory enforcement action such as public sanctions, restrictions on activities, fines and reputational damage.
+Added: Certain of our products are permitted to co-invest with other products managed by us as a result of exemptive relief granted by the SEC, so long as such transactions are negotiated in a manner consistent with the conditions of such relief as well as regulatory requirements and other pertinent factors.
+Added: Our investment allocation policy for relevant products incorporates the conditions of the exemptive relief.
+Added: As a result of the exemptive relief, there could be significant overlap in the investment portfolios of our Regulated Products and other of our products that could avail themselves of the exemptive relief.
+Added: Additionally, we have been granted exemptive relief to permit certain of our Regulated Products to offer multiple classes of shares of common stock and to impose asset-based distribution fees and early withdrawal fees.
+Added: The SEC also has in the past proposed significant rules that would impact investment advisers and their management of private investment funds and the SEC may propose additional changes in the future.
+Added: Such future rule making could materially impact private funds and private fund advisers and their operations, including increasing compliance burdens and regulatory costs, and heightened risk of regulatory enforcement action such as public sanctions, restrictions on activities, fines and reputational damage.
Other Regulators;
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In this context, Blue Owl UK provides services to its U.S.
−Removed: affiliates including, inter alia, the provision of investment advice, arranging transactions to be executed by or on behalf of Blue Owl funds, and certain other related services.
−Removed: Blue Owl Capital Japan is an entity operating in Japan whose employees assist in the marketing and distribution of Blue Owl Funds in Japan.
−Removed: Blue Owl Japan is registered with and regulated by the Kanto Local Finance Bureau and the Japan Financial Services Agency as a Securities Sales Intermediary under the sponsorship of a local distribution partner.
−Removed: Blue Owl Capital (Dubai) Limited is an entity organized in the Dubai International Financial Centre (“DIFC”) whose employees assist in the marketing and distribution of Blue Owl Funds in the DIFC.
+Added: affiliates including, inter alia, advising on investments, arranging transactions to be executed by or on behalf of Blue Owl funds, and certain other related services.
+Added: Blue Owl Capital Japan (“Blue Owl Japan”) is an entity operating in Japan whose employees assist in the marketing and distribution of Blue Owl Funds in Japan.
+Added: Blue Owl Japan is registered with and regulated by the Kanto Local Finance Bureau and the Japan Financial Services Agency as a Financial Instruments Intermediary Service Provider under the sponsorship of a local distribution partner.
+Added: Blue Owl Capital (Dubai) Limited (“Blue Owl Dubai”) is an entity organized in the Dubai International Financial Centre (“DIFC”) whose employees assist in the marketing and distribution of Blue Owl Funds in the DIFC .
Blue Owl Dubai is authorized by the Dubai Financial Services Authority as a Prudential Category 4 firm.
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Blue Owl HK is regulated and licensed by the Securities & Futures Commission of Hong Kong.
−Removed: Blue Owl Securities is registered as a broker-dealer with the SEC, maintains registrations in many states and is a member of FINRA and the SIPC.
+Added: Blue Owl Securities is registered as a broker-dealer with the SEC, maintains registrations in all states and is a member of FINRA and SIPC.
As a broker-dealer, Blue Owl Securities is subject to regulation and oversight by the SEC and state securities regulators.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.