What changed in this filing

/stocks — the workspaceLOADING

Item 5. Other Information

2026-07-31 compared with 2026-05-01 · 238 added, 148 removed, 778 unchanged (33% of the section changed)

1 unchanged sentence

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 2026 , none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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

See Exhibit Index on the following page.

17 unchanged sentences

101* Interactive data files pursuant to Rule 405 of Regulation S-T, formatted in Inline XBRL (eXtensible Business Reporting Language):

(i) the Consolidated Statements of Financial Condition as of March 31, 2026 and December 31, 2025, (ii) the Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025, (iii) the Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025, (iv) the Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2026 and 2025, (v) the Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025, and (vi) the Notes to the Consolidated Financial Statements

(i) the Consolidated Statements of Financial Condition as of June 30, 2026 and December 31, 2025, (ii) the Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025, (iii) the Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and 2025, (iv) the Consolidated Statements of Changes in Stockholders’ Equity for the three and six months ended June 30, 2026 and 2025, (v) the Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025, and (vi) the Notes to the Consolidated Financial Statements

104* Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

3 unchanged sentences

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

July 31, 2026

Blue Owl Capital Inc.

3 unchanged sentences

INDEX TO FINANCIAL STATEMENTS

Consolidated Statements of Financial Condition as of March 31, 2026 and December 31, 2025

Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025

Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025

Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2026 and 2025

Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025

Consolidated Statements of Financial Condition as of June 30, 2026 and December 31, 2025

Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025

Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and 2025

Consolidated Statements of Changes in Stockholders’ Equity for the three and six months ended June 30, 2026 and 2025

Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025

Notes to Consolidated Financial Statements F- 8

40 unchanged sentences

(Dollars in Thousands, Except Per Share Data)

Three Months Ended March 31,

Management and other fees, net (includes Part I Fees of $ 138,028 and $ 132,556 , respectively)

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

2026 2025 2026 2025

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

$ 752,950 $ 702,127 $ 1,500,696 $ 1,379,301

Performance revenues 102 979 6,167 7,291

28 unchanged sentences

(Dollars in Thousands, Except Per Share Data)

Three Months Ended March 31,

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

2026 2025 2026 2025

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

Other comprehensive loss - cash flow hedges, net of tax ( 3,150 ) —

Other comprehensive income - cash flow hedges, net of tax 5,053 5,772 1,903 5,772

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

6 unchanged sentences

(Dollars in Thousands, Except Per Share Data)

Three Months Ended March 31,

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

2026 2025 2026 2025

Class A Shares Par Value

19 unchanged sentences

Reallocation between additional paid-in capital and noncontrolling interests due to changes in Blue Owl Operating Group ownership 28,830 143,551 74,995 519,785

Other — 3 — 3

Ending Balance $ 3,882,396 $ 3,715,779 $ 3,882,396 $ 3,715,779

3 unchanged sentences

Net income attributable to Blue Owl Capital Inc.

11,393 17,426 26,935 24,856

Ending Balance $ ( 1,888,494 ) $ ( 1,367,556 ) $ ( 1,888,494 ) $ ( 1,367,556 )

1 unchanged sentence

Beginning balance $ 474 $ — $ 1,892 $ —

Other comprehensive loss attributable to Blue Owl Capital Inc.

Ending Balance $ 474 $ —

Total Stockholders’ Equity Attributable to Blue Owl Capital Inc.

Other comprehensive income attributable to Blue Owl Capital Inc.

1,999 2,425 581 2,425

Ending Balance $ 2,473 $ 2,425 $ 2,473 $ 2,425

Blue Owl Capital Inc.

1 unchanged sentence

(Dollars in Thousands, Except Per Share Data)

Three Months Ended March 31,

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

2026 2025 2026 2025

Total Stockholders’ Equity Attributable to Blue Owl Capital Inc.

$ 1,996,530 $ 2,350,803 $ 1,996,530 $ 2,350,803

Stockholders’ Equity Attributable to Noncontrolling Interests

7 unchanged sentences

Net income attributable to noncontrolling interests 49,271 53,270 113,322 82,510

Other comprehensive loss attributable to noncontrolling interests ( 1,732 ) —

Other comprehensive income attributable to noncontrolling interests 3,054 3,347 1,322 3,347

Ending Balance $ 3,617,267 $ 4,009,012 $ 3,617,267 $ 4,009,012

5 unchanged sentences

Shares delivered on vested RSUs 41,914 55,160 3,535,834 2,866,995

Share exchanges 6,740,400 14,494,362

Class C Shares and Common Units exchanged for Class A Shares 6,914,269 24,898,829 13,504,669 37,596,985

Class D Shares and Common Units exchanged for Class A Shares 1,150,000 600,000 1,300,000 2,396,206

Other — 294 — 294

Ending Balance 683,908,596 651,092,446 683,908,596 651,092,446

13 unchanged sentences

(Dollars in Thousands)

Three Months Ended March 31,

Six Months Ended June 30,

Cash Flows from Operating Activities

7 unchanged sentences

Net change in operating lease assets and operating lease liabilities ( 270 ) 4,834

Payment of earnout liability in excess of acquisition-date fair value ( 24,909 ) ( 728 )

Net (gains) losses on investments, net of dividends on equity-method investments 283 12,760

17 unchanged sentences

Proceeds from debt obligations 1,560,000 1,310,000

Debt issuance costs — ( 12 )

Repayments of debt obligations ( 1,075,000 ) ( 660,000 )

Payment of earnout liability, up to acquisition-date fair value ( 35,000 ) ( 36,438 )

Payments under the TRA ( 64,799 ) ( 53,540 )

14 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 2026

Blue Owl Capital Inc.

13 unchanged sentences

Registrant’s Capital Structure

The following table presents the number of shares of the Registrant and RSUs that were outstanding as of March 31, 2026:

March 31, 2026

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

June 30, 2026

Class A Shares 683,908,596

4 unchanged sentences

Class A stockholders are entitled to dividends declared on the Class A Shares by the Registrant’s board of directors (the “Board”).

As of March 31, 2026, the Class A Shares and Class C Shares (collectively, the “Low-Vote Shares”) represented a combined 20 % of the total voting power of all shares.

As of June 30, 2026, the Class A Shares and Class C Shares (collectively, the “Low-Vote Shares”) represented a combined 20 % of the total voting power of all shares.

Class B Shares —Shares of Class B common stock that are not publicly traded.

Class B stockholders are entitled to dividends in the same amount per share as declared on Class A Shares.

As of March 31, 2026, the Class B Shares and Class D Shares (collectively, the “High-Vote Shares”) represented a combined 80 % of the total voting power of all shares.

As of June 30, 2026, the Class B Shares and Class D Shares (collectively, the “High-Vote Shares”) represented a combined 80 % of the total voting power of all shares.

No Class B Shares have been issued to-date since inception.

1 unchanged sentence

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 2026

Class C Shares —Shares of Class C common stock that are not publicly traded.

13 unchanged sentences

Blue Owl Operating Group’s Capital Structure

The following table presents the interests outstanding of the Blue Owl Operating Group that were outstanding as of March 31, 2026:

Units March 31, 2026

The following table presents the interests outstanding of the Blue Owl Operating Group that were outstanding as of June 30, 2026:

Units June 30, 2026

GP Units 683,908,596

12 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 2026

Incentive Units —Incentive Units are Class P limited partner interests in Blue Owl Holdings granted to certain members of management, employees and consultants (collectively, “Incentive Unit Grantees”), and are generally subject to vesting conditions.

12 unchanged sentences

The following table presents Class A Shares repurchased under the 2025 Program and RSUs withheld to satisfy tax withholding obligations during each of the indicated periods:

Three Months Ended March 31,

Three Months Ended

June 30, Six Months Ended

(dollars in thousands) 2026 2025 2026 2025

5 unchanged sentences

In connection with certain Acquisitions, the Company agreed to deliver additional consideration to the sellers upon the occurrence of certain triggering events.

See Note 3 and Note 10 for additional information regarding earnout arrangements for certain acquisitions.

See Note 1 and Note 3 to the financial statements in the Company’s Annual Report (as defined below) for additional information regarding earnout arrangements for certain other acquisitions.

See Note 3 for additional information regarding earnout arrangements for certain acquisitions.

See Note 1, Note 3 and Note 10 to the financial statements in the Company’s Annual Report for additional information regarding earnout arrangements for certain other acquisitions.

Common Unit Exchanges

4 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

31 unchanged sentences

ACQUISITIONS AND INTANGIBLE ASSETS, NET

Acquisitions and Earnout Related Payments

For additional information on the Company’s acquisitions, see Note 1 and Note 3 to the financial statements in the Company’s Annual Report.

During the second quarter of 2026, the Company made a payment of $ 59.9 million related to the 2025 KAM Earnout Period (as defined in Note 3 to the financial statements in the Company’s Annual Report).

Blue Owl Capital Inc.

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 2026

Intangible Assets, Net

The following table summarizes the Company’s intangible assets, net:

(dollars in thousands) March 31,

(dollars in thousands) June 30,

2026 December 31,

2025 Remaining Weighted-Average Amortization Period as of March 31, 2026

2025 Remaining Weighted-Average Amortization Period as of June 30, 2026

Intangible assets, gross:

7 unchanged sentences

Total Intangible Assets, Net $ 2,718,784 $ 2,888,800

The following table presents expected future amortization of finite-lived intangible assets as of March 31, 2026:

The following table presents expected future amortization of finite-lived intangible assets as of June 30, 2026:

(dollars in thousands)

Period Amortization

April 1, 2026 to December 31, 2026 $ 257,923

July 1, 2026 to December 31, 2026 $ 172,446

Thereafter 1,319,480

2 unchanged sentences

The following table presents the components of the Company’s investments:

(dollars in thousands) March 31,

(dollars in thousands) June 30,

2026 December 31,

9 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 2026

Fair Value Measurements Categorized within the Fair Value Hierarchy

19 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

The tables below summarize the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025:

March 31, 2026

June 30, 2026

The tables below summarize the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025:

June 30, 2026

(dollars in thousands) Level I Level II Level III Total

24 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 2026

Reconciliation of Fair Value Measurements Categorized within Level III

1 unchanged sentence

There were no transfers in or out of Level III.

The following table sets forth a summary of changes in the fair value of the Level III measurements for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31, 2026 Level III Assets

The following table sets forth a summary of changes in the fair value of the Level III measurements for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30, 2026 Level III Assets

(dollars in thousands) Preferred Equity CLOs Total

5 unchanged sentences

Change in net unrealized gains (losses) on assets still recognized at the reporting date $ ( 2,989 ) $ 248 $ ( 2,741 )

(1) Preferred equity purchases includes $ 9.1 million of cumulative unpaid cash preferential dividends that compound quarterly and are payable when declared.

Three Months Ended March 31, 2025 Level III Assets

Six Months Ended June 30, 2026 Level III Assets

(dollars in thousands) Preferred Equity CLOs Total

2 unchanged sentences

18,571 — 18,571

Net gains (losses) 1,006 ( 1,030 ) ( 24 )

Ending Balance $ 310,171 $ 4,623 $ 314,794

Change in net unrealized gains (losses) on assets still recognized at the reporting date $ 1,006 $ ( 1,030 ) $ ( 24 )

(1) Preferred equity purchases includes $ 9.5 million and $ 18.6 million respectively, of cumulative unpaid cash preferential dividends that compound quarterly and are payable when declared.

Three Months Ended June 30, 2025 Level III Assets

(dollars in thousands) Preferred Equity CLOs Total

Beginning balance $ 268,263 $ 7,701 $ 275,964

Purchases (1)

8,418 — 8,418

Net losses ( 4,051 ) ( 829 ) ( 4,880 )

1 unchanged sentence

Change in net unrealized losses on assets still recognized at the reporting date $ ( 4,051 ) $ ( 829 ) $ ( 4,880 )

(1) Preferred equity purchases includes $ 8.1 million of cumulative unpaid cash preferential dividends that compound quarterly and are payable when declared.

Three Months Ended March 31, 2026 Level III Liabilities

Six Months Ended June 30, 2025 Level III Assets

(dollars in thousands) Preferred Equity CLOs Total

Beginning balance $ 267,169 $ 5,169 $ 272,338

Purchases (1)

16,499 3,986 20,485

Net losses ( 11,038 ) ( 2,283 ) ( 13,321 )

Ending Balance $ 272,630 $ 6,872 $ 279,502

Change in net unrealized losses on assets still recognized at the reporting date $ ( 11,038 ) $ ( 2,283 ) $ ( 13,321 )

(1) Preferred equity purchases includes $ 8.4 million and $ 16.5 million respectively, of cumulative unpaid cash preferential dividends that compound quarterly and are payable when declared.

Blue Owl Capital Inc.

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2026

Three Months Ended June 30, 2026 Level III Liabilities

(dollars in thousands) TRA Liability Earnout Liability Total

2 unchanged sentences

Settlements — ( 59,909 ) ( 59,909 )

Net losses 2,911 6,009 8,920

Ending Balance $ 98,659 $ 93,700 $ 192,359

Change in net unrealized losses on liabilities still recognized at the reporting date $ 2,911 $ 6,009 $ 8,920

Six Months Ended June 30, 2026 Level III Liabilities

(dollars in thousands) TRA Liability Earnout Liability Total

Beginning balance $ 106,793 $ 163,700 $ 270,493

Issuances — — —

Settlements ( 14,100 ) ( 59,909 ) ( 74,009 )

Net (gains) losses 5,966 ( 10,091 ) ( 4,125 )

1 unchanged sentence

Change in net unrealized (gains) losses on liabilities still recognized at the reporting date $ 5,966 $ ( 10,091 ) $ ( 4,125 )

Three Months Ended March 31, 2025 Level III Liabilities

Three Months Ended June 30, 2025 Level III Liabilities

(dollars in thousands) TRA Liability Earnout Liability Total

Beginning balance $ 97,228 $ 305,680 $ 402,908

Issuances — 140,083 140,083

Settlements — ( 113,350 ) ( 113,350 )

2 unchanged sentences

Change in net unrealized (gains) losses on liabilities still recognized at the reporting date $ 2,274 $ ( 8,666 ) $ ( 6,392 )

Blue Owl Capital Inc.

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

Six Months Ended June 30, 2025 Level III Liabilities

(dollars in thousands) TRA Liability Earnout Liability Total

Beginning balance $ 108,257 $ 167,912 $ 276,169

Issuances — 140,083 140,083

Settlements ( 14,556 ) ( 113,350 ) ( 127,906 )

Net (gains) losses 5,801 ( 22,947 ) ( 17,146 )

Ending Balance $ 99,502 $ 171,698 $ 271,200

Change in net unrealized losses on liabilities still recognized at the reporting date $ 5,801 $ 8,698 $ 14,499

Valuation Methodologies for Fair Value Measurements Categorized within Levels II and III

5 unchanged sentences

This investment is generally classified as Level III.

Blue Owl Capital Inc.

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2026

Equity Investments in the Company’s Products

9 unchanged sentences

Earnout Liability

As of March 31, 2026 and December 31, 2025, the earnout liability was comprised of contingent consideration payable for the Prima Earnouts, KAM Earnouts and Atalaya Earnouts (each as defined in Note 3 to the financial statements in the Company’s Annual Report).

As of June 30, 2026 and December 31, 2025, the earnout liability was comprised of contingent consideration payable for the Prima Earnouts, KAM Earnouts and Atalaya Earnouts (each as defined in Note 3 to the financial statements in the Company’s Annual Report).

The Company uses Monte Carlo simulation models to value certain earnouts where revenue milestones need to be achieved before a payment is due.

2 unchanged sentences

The key inputs in this model include the projected cash flows attributable to the respective earnout and the discount rate.

Blue Owl Capital Inc.

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

Quantitative Inputs and Assumptions for Fair Value Measurements Categorized within Level III

The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of March 31, 2026:

The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of June 30, 2026:

(dollars in thousands) Fair Value Valuation Technique Significant Unobservable Inputs Range Weighted Average Impact to Valuation from an Increase in Input

3 unchanged sentences

TRA liability $ 98,659 Discounted cash flow Discount Rate 13 % - 13 % 13 % Decrease

Earnout liability 147,600 Monte Carlo Simulation Volatility 21 % - 24 % 22 % Increase

Earnout liability 93,700 Monte Carlo Simulation Volatility 23 % - 27 % 24 % Decrease

Total Liabilities, at Fair Value $ 192,359

Blue Owl Capital Inc.

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2026

The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of December 31, 2025:

7 unchanged sentences

Fair Value of Other Financial Instruments

As of March 31, 2026, the fair value of the Company’s debt obligations was approximately $ 3.6 billion compared to a carrying value of $ 3.8 billion, of which $ 2.1 billion of the fair value would have been categorized as Level II within the fair value hierarchy and the remainder as Level III.

As of June 30, 2026, the fair value of the Company’s debt obligations was approximately $ 3.6 billion compared to a carrying value of $ 3.8 billion, of which $ 2.2 billion of the fair value would have been categorized as Level II within the fair value hierarchy and the remainder as Level III.

As of December 31, 2025, the fair value of the Company’s debt obligations was approximately $ 3.2 billion, compared to a carrying value of $ 3.3 billion, of which $ 2.3 billion of the fair value would have been categorized as Level II within the fair value hierarchy and the remainder as Level III.

Blue Owl Capital Inc.

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

As of March 31, 2026 and December 31, 2025, the fair value of the portion of the TRA liability that is not carried at fair value in the Company’s consolidated balance sheets was approximately $ 621.4 million and $ 652.3 million, respectively, compared to a carrying value of $ 1.6 billion and $ 1.6 billion, respectively, and such fair value measurements would have been categorized as Level III within the fair value hierarchy.

Management estimates that the carrying value of the Company’s other financial instruments, which are not carried at fair value, approximated their fair values as of March 31, 2026 and December 31, 2025, respectively, and such fair value measurements would have been categorized as Level III within the fair value hierarchy.

As of June 30, 2026 and December 31, 2025, the fair value of the portion of the TRA liability that is not carried at fair value in the Company’s consolidated balance sheets was approximately $ 640.0 million and $ 652.3 million, respectively, compared to a carrying value of $ 1.5 billion and $ 1.6 billion, respectively, and such fair value measurements would have been categorized as Level III within the fair value hierarchy.

Management estimates that the carrying value of the Company’s other financial instruments, which are not carried at fair value, approximated their fair values as of June 30, 2026 and December 31, 2025, respectively, and such fair value measurements would have been categorized as Level III within the fair value hierarchy.

The Company primarily has non-cancelable operating leases for its headquarters in New York and various other offices.

1 unchanged sentence

however, certain of the Company’s other leases contain renewal and early termination options that the Company has determined are not reasonably certain of being exercised.

(dollars in thousands) Three Months Ended March 31,

(dollars in thousands) Three Months Ended

June 30, Six Months Ended

Lease Cost 2026 2025 2026 2025

2 unchanged sentences

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

(dollars in thousands) Three Months Ended March 31,

Blue Owl Capital Inc.

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2026

(dollars in thousands) Three Months Ended

June 30, Six Months Ended

Supplemental Lease Cash Flow Information 2026 2025 2026 2025

1 unchanged sentence

Operating cash flows for operating leases (1)

$ 14,239 $ 8,766 $ 29,197 $ 17,943

Right-of-use assets obtained in exchange for lease obligations:

Operating leases (2)

Lease Term and Discount Rate March 31,

$ 9,765 $ ( 2,241 ) $ 10,977 $ 22,845

(1) The amount presented above includes tenant improvement allowances received from the lessor of $ 0.9 million for the three and six months ended June 30, 2026.

(2) The amount presented above includes a reduction related to the shortening of a lease term and rent abatements on existing leases of $ 2.6 million for the three and six months ended June 30, 2025.

Lease Term and Discount Rate June 30,

2026 December 31,

3 unchanged sentences

Operating leases 5.7 % 5.7 %

Blue Owl Capital Inc.

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

(dollars in thousands)

Future Maturity of Operating Lease Payments Operating Leases

April 1, 2026 to December 31, 2026 $ 46,786

July 1, 2026 to December 31, 2026 $ 31,000

Thereafter 508,392

3 unchanged sentences

Amounts presented in the table above are presented net of tenant improvement allowances and reflect the impacts of rent holiday periods.

The Company has future operating lease payments of approximately $ 15.9 million related to leases that have not commenced that were entered into as of March 31, 2026.

The Company has future operating lease payments of approximately $ 26.7 million related to leases that have not commenced that were entered into as of June 30, 2026.

Such lease payments are not included in the table above or within operating lease assets and operating lease liabilities in the Company’s consolidated statements of financial condition.

These operating lease payments are anticipated to commence in the first quarter of 2027 and continue for approximately 10 years.

These operating lease payments are anticipated to commence in the third quarter of 2026 and continue for approximately 6 years.

Blue Owl Capital Inc.

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2026

OTHER ASSETS, NET

(dollars in thousands) March 31,

(dollars in thousands) June 30,

2026 December 31,

11 unchanged sentences

Total $ 382,902 $ 382,519

Blue Owl Capital Inc.

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

DEBT OBLIGATIONS, NET

The following tables summarize outstanding debt obligations of the Company:

March 31, 2026

June 30, 2026

(dollars in thousands) Maturity

19 unchanged sentences

Total $ 4,959,800 $ 3,369,800 $ 1,579,244 $ 3,324,426

Blue Owl Capital Inc.

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2026

Revolving Credit Facility

3 unchanged sentences

The Company is subject to an undrawn commitment fee rate of 0.07 % to 0.2 % of the daily amount of available revolving commitment.

The borrowing rates for balances outstanding under the Revolving Credit Facility as of March 31, 2026 and December 31, 2025 were 4.80 % and 4.94 %, respectively.

As of May 1, 2026, $ 940.0 million was outstanding under the Revolving Credit Facility.

The borrowing rates for balances outstanding under the Revolving Credit Facility as of June 30, 2026 and December 31, 2025 were 4.75 % and 4.94 %, respectively.

As of July 31, 2026, $ 925.0 million was outstanding under the Revolving Credit Facility.

For a description of terms of the other debt obligations presented in the tables above, see Note 7 to the financial statements in the Company’s Annual Report.

2 unchanged sentences

Pursuant to the TRA, the Company will pay 85 % of certain tax benefits, if any, that it realizes (or in certain cases is deemed to realize) as a result of any increases in tax basis of the assets of Blue Owl Holdings related to the Business Combination and any subsequent exchanges of Common Units for shares of the Registrant or cash.

Blue Owl Capital Inc.

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

Payments under the TRA will continue until all such tax benefits have been utilized or expired unless (i) the Company exercises its right to terminate the TRA and pays recipients an amount representing the present value of the remaining payments, (ii) there is a change of control or (iii) the Company breaches any of the material obligations of the TRA, in which case all obligations will generally be accelerated and due as if the Company had exercised its right to terminate the TRA.

1 unchanged sentence

The estimate of the timing and the amount of future payments under the TRA involves several assumptions that do not account for the significant uncertainties associated with these potential payments, including an assumption that the Company will have sufficient taxable income in the relevant tax years to utilize the tax benefits that would give rise to an obligation to make payments.

During the three months ended March 31, 2026 and 2025, the Company made TRA payments of $ 64.8 million and $ 53.1 million, respectively, inclusive of interest, and including $ 4.6 million and $ 4.7 million, respectively, paid to related parties.

The table below presents management’s estimate as of March 31, 2026, of the maximum amounts that would be payable under the TRA assuming that the Company will have sufficient taxable income each year to fully realize the expected tax savings.

During the six months ended June 30, 2026 and 2025, the Company made TRA payments of $ 64.8 million and $ 53.5 million, respectively, inclusive of interest, and including $ 4.6 million and $ 4.8 million, respectively, paid to related parties.

The table below presents management’s estimate as of June 30, 2026, of the maximum amounts that would be payable under the TRA assuming that the Company will have sufficient taxable income each year to fully realize the expected tax savings.

In light of the numerous factors affecting the Company’s obligation to make such payments, the timing and amounts of any such actual payments may differ materially from those presented in the table.

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

April 1, 2026 to December 31, 2026 $ —

July 1, 2026 to December 31, 2026 $ —

Thereafter 1,331,320

2 unchanged sentences

Total TRA Liability $ 1,636,766

Blue Owl Capital Inc.

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2026

Unfunded Product Commitments

As of March 31, 2026, the Company had unfunded investment commitments to its products of $ 65.3 million, which is exclusive of commitments that employees and other related parties have directly to the Company’s products, and which the Company expects to fund over the next several years.

As of June 30, 2026, the Company had unfunded investment commitments to its products of $ 45.7 million, which is exclusive of commitments that employees and other related parties have directly to the Company’s products, and which the Company expects to fund over the next several years.

Indemnification and Guarantee Arrangements

1 unchanged sentence

The terms of the indemnities and guarantees vary from contract to contract and the Company’s maximum exposure under these arrangements cannot be determined or the risk of material loss is remote, and therefore no amounts have been recorded in the consolidated statements of financial condition.

As of March 31, 2026, the Company has not had prior claims or losses pursuant to these arrangements.

From time to time, the Company is involved in legal actions in the ordinary course of business.

Although there can be no assurance of the outcome of such legal actions, in the opinion of management, the Company does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial condition or cash flows.

Blue Owl Capital Inc.

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

On April 27, 2026, a derivative action was brought by Richard Delman on behalf of Blue Owl Capital Corporation in the United States District Court for the Southern District of New York, alleging that Blue Owl Credit Advisors LLC (“BOCA”), an indirect subsidiary of the Company, received excessive advisory fees in violation of its statutory fiduciary duty under Section 36(b) of the Investment Company Act of 1940.

The action seeks recovery of the allegedly excessive fees, injunctive relief, costs and rescission of the Investment Advisory Agreement with BOCA pursuant to Section 47(b) of the Investment Company Act.

This litigation is in its preliminary stages.

The Company believes the claims asserted in the complaint are without merit and intends to vigorously defend against them.

The outcome of this matter is inherently uncertain, and the Company is unable to predict the ultimate outcome or estimate the amount or range of loss, if any, that may result from this matter.

As of June 30, 2026, the Company has not had prior claims or losses pursuant to these arrangements.

In the ordinary course of business, we are from time to time involved in litigation and claims incidental to the conduct of our business.

Our business is also subject to extensive regulation, which may result in regulatory proceedings against us.

See “Item 1A.

Risk Factors” in our Annual Report.

Given the inherent unpredictability of these types of legal and regulatory proceedings and the potentially large and/or indeterminate amounts that could be sought, an adverse outcome in certain matters could materially affect its results of operations, financial condition or cash flows.

Section 36(b) Matters

On April 27, 2026, a derivative action was brought by Richard Delman on behalf of Blue Owl Capital Corporation (“OBDC”) in the United States District Court for the Southern District of New York, alleging that Blue Owl Credit Advisors LLC (“BOCA”), an indirect subsidiary of the Company, received excessive advisory fees in violation of its statutory fiduciary duty under Section 36(b) of the Investment Company Act of 1940.

In June and July of 2026, three derivative actions were brought in the United States District Courts for the Southern District of New York and the District of Maryland on behalf of Blue Owl Technology Finance Corp.

(“OTF”) by purported OTF shareholders, each of which allege that Blue Owl Technology Credit Advisors LLC (“BOTCA”), an indirect subsidiary of the Company, received excessive advisory fees in violation of its statutory fiduciary duty under Section 36(b) of the Investment Company Act of 1940.

One of the actions also names certain directors and officers of the Company as additional defendants.

Each of these Section 36(b) actions seeks recovery of the allegedly excessive fees, injunctive relief, costs and rescission of the Investment Advisory Agreements with BOCA and BOTCA, respectively.

The Section 36(b) actions are in their preliminary stages.

The Company believes each of the claims asserted in the aforementioned complaints are without merit and intends to vigorously defend against each of them.

The outcome of each matter is inherently uncertain, and the Company is unable to predict the ultimate outcome or estimate the amount or range of loss, if any, that may result from each matter.

Blue Owl Capital Inc.

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 2026

The following table presents a disaggregated view of the Company’s revenues:

Three Months Ended March 31,

Three Months Ended

June 30, Six Months Ended

(dollars in thousands) 2026 2025 2026 2025

8 unchanged sentences

Fee offsets (1)

( 7,355 ) — ( 14,711 ) —

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

8 unchanged sentences

Fee offsets (1)

( 3,713 ) — ( 7,229 ) —

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

14 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 2026

The table below presents the beginning and ending balances of the Company’s management fees, performance revenues and administrative, transaction and other fees receivable and unearned management fees.

4 unchanged sentences

Performance revenues and administrative, transaction and other fees receivable are included within due from related parties and unearned management fees are included within accounts payable, accrued expenses and other liabilities in the Company’s consolidated statements of financial condition.

Three Months Ended

Six Months Ended

(dollars in thousands) 2026 2025

13 unchanged sentences

Substantially all of the consideration was paid in Class A Shares in 2021 and is being amortized as a reduction of management fees, net in the Company’s consolidated statements of operations over the average period the related customer revenues are expected to be recognized.

As of March 31, 2026, the remaining weighted average amortization period was 7.2 years.

Three Months Ended

As of June 30, 2026, the remaining weighted average amortization period was 7.0 years.

Six Months Ended

(dollars in thousands) 2026 2025

4 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 2026

Starting in the third quarter of 2025, the Company paid certain investors in the Company’s products incentives that are being amortized in fee offsets in the Company’s consolidated statements of operations.

1 unchanged sentence

The amortization amounts are presented as fee offsets in the first table above within this Note.

As of March 31, 2026, the remaining weighted average amortization period was 1.3 years.

(dollars in thousands) Three Months Ended March 31, 2026

As of June 30, 2026, the remaining weighted average amortization period was 1.2 years.

(dollars in thousands) Six Months Ended

June 30, 2026

Beginning balance $ 44,953

6 unchanged sentences

Equity-based compensation awards are generally subject to a three-year to five-year requisite service period, although certain grants are immediately vested at grant.

As of March 31, 2026, the total number of Class A Shares and Common Units, collectively, that may be issued in respect of any RSUs, Incentive Units or other instruments awarded under the 2021 Omnibus Plan was 202,493,661 , of which 75,133,018 remain available for issuance.

As of June 30, 2026, the total number of Class A Shares and Common Units, collectively, that may be issued in respect of any RSUs, Incentive Units or other instruments awarded under the 2021 Omnibus Plan was 202,493,661 , of which 68,811,811 remain available for issuance.

To the extent that an award expires or is canceled, forfeited, terminated, surrendered, exchanged or withheld to cover tax withholding obligations, the unissued awards will again be available for grant under the 2021 Omnibus Plan.

1 unchanged sentence

The table below presents information regarding equity-based compensation expense.

Three Months Ended March 31,

Three Months Ended

June 30, Six Months Ended

(dollars in thousands) 2026 2025 2026 2025

7 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 2026

Services Agreement

1 unchanged sentence

The Incentive Units will be issued in two tranches.

The first tranche, consisting of 14,175,000 Incentive Units, is expected to be issued in 2026, contingent upon achieving certain future targets outlined in the Services Agreement.

The first tranche, consisting of 14,175,000 Incentive Units, is expected to be issued in the second half of 2026, contingent upon achieving certain future targets outlined in the Services Agreement.

The grant date fair value of these Incentive Units was $ 319.5 million, or $ 22.54 per unit, determined based on the Company’s Class A Share price, adjusted for the lack of dividend participation during the service period prior to issuance.

The second tranche of Incentive Units is expected to be issued in 2028, contingent upon achieving certain future targets outlined in the Services Agreement.

The estimated value of these additional Incentive Units, which assumes total commitments of $ 10.0 billion for the next vintage drawdown digital infrastructure product, was approximately $ 464.4 million as of March 31, 2026.

Incentive Units issued under this agreement will be fully vested upon issuance.

1 unchanged sentence

Such expenses are included within the acquisition related line item in the table above and within general, administrative and other expenses in the Company’s consolidated statements of operations.

As of March 31, 2026, unamortized expense related to the Services Agreement was $ 496.0 million, with a remaining amortization period of 2.25 years.

As of June 30, 2026, unamortized expense related to the Services Agreement was $ 442.9 million, with a remaining amortization period of 2.0 years.

The computation of the effective tax rate and provision at each interim period requires the use of certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income that is subject to tax, permanent differences between the Company’s GAAP earnings and taxable income, and the likelihood of recovering deferred tax assets existing as of the balance sheet date.

9 unchanged sentences

federal income tax purposes subject to New York City unincorporated business tax.

The Company had an effective tax rate of 16.9 % for the three months ended March 31, 2026, and 9.1 % for the three months ended March 31, 2025.

The Company had an effective tax rate of 14.5 % and 15.9 % for the three and six months ended June 30, 2026, and 16.3 % and 14.0 % for the three and six months ended June 30, 2025.

The effective tax rates differed from the statutory rate primarily due to the portion of income allocated to noncontrolling interests, nondeductible compensation and state and local taxes.

The Company evaluates the realizability of its deferred tax assets and may recognize or adjust any valuation allowance when it is more-likely-than-not that all or a portion of the deferred tax asset may not be realized.

As of March 31, 2026, the Company has not recorded any valuation allowances.

As of June 30, 2026, the Company has not recorded any valuation allowances.

The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates.

3 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 2026

In connection with, and subsequent to, certain Acquisitions, the Company recognized various adjustments to deferred tax assets and liabilities within additional paid-in capital, as well as related impacts to the TRA liability, related to capital transactions.

32 unchanged sentences

These RSUs do not participate in dividends until settled in Class A Shares.

These vested RSUs totaled 10,454,071 and 11,431,589 for the three months ended March 31, 2026 and 2025, respectively.

(2) As of March 31, 2026, the Prima Triggering Event (as defined in Note 3 to the financial statements in the Company’s Annual Report) with respect to the Prima Earnouts had not occurred, and therefore the portion of such earnouts payable in Class A Shares have not been included in the calculation of basic earnings per share for the quarter ended March 31, 2026.

Had March 31, 2026 also been the end of the contingency period for the Prima Earnouts, the Prima Triggering Event would have not occurred, and therefore the Prima Earnouts have not been included in the calculation of diluted earnings per share for the quarter ended March 31, 2026.

These vested RSUs totaled 10,027,231 and 10,287,049 for the three and six months ended June 30, 2026, respectively, and 11,972,391 and 11,703,483 for the three and six months ended June 30, 2025, respectively.

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

Had June 30, 2026 also been the end of the contingency period for the Prima Earnouts, the Prima Triggering Event would have not occurred, and therefore the Prima Earnouts have not been included in the calculation of diluted earnings per share for the quarter ended June 30, 2026.

Blue Owl Capital Inc.

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2026

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

(4) As of June 30, 2026, the Atalaya Triggering Event (as defined in Note 3 to the financial statements in the Company’s Annual Report) with respect to the Atalaya Earnouts had not occurred.

Had June 30, 2026 been the end of the contingency period for the Atalaya Earnouts, the Atalaya Triggering Event would have not occurred, and therefore the Atalaya Earnouts have not been included in the calculation of diluted earnings per share for the quarter ended June 30, 2026.

(5) As of June 30, 2026, the contingencies related to the Services Agreement payments have not yet been resolved.

Had June 30, 2026 also been the end of the contingency period, the contingencies related to the Services Agreement would not have yet been resolved, and therefore the Incentive Units issuable under the Services Agreement have not been included in the calculation of diluted earnings per share for the quarter ended June 30, 2026.

(6) The contingencies related to the IPI Subsequent Payment have been resolved, as the related Common Units were issued during the three months ended June 30, 2025, and therefore the Common Units related to the IPI Subsequent Payment have been included in the calculation of diluted earnings per share as of the beginning of the period in which the conditions were satisfied (i.e., the second quarter of 2025).

Three Months Ended June 30, 2026 Net Income

Attributable to

Class A Shares Weighted-Average Class A Shares Outstanding Earnings Per

Class A Share Weighted-Average Number of Antidilutive Instruments

(dollars in thousands, except per share amounts)

Basic $ 11,393 688,509,841 $ 0.02

Effect of dilutive securities:

Unvested RSUs — — 26,796,811

Vested Common Units — — 880,589,346

Vested Incentive Units — — 19,782,569

Unvested Incentive Units — — 16,571,783

Diluted $ 11,393 688,509,841 $ 0.02

Six Months Ended June 30, 2026 Net Income

Attributable to

Class A Shares Weighted-Average Class A Shares Outstanding Earnings Per

Class A Share Weighted-Average Number of Antidilutive Instruments

(dollars in thousands, except per share amounts)

Basic $ 26,935 684,488,650 $ 0.04

Effect of dilutive securities:

Unvested RSUs — 324,844 —

Vested Common Units — — 883,900,327

Vested Incentive Units — — 17,426,673

Unvested Incentive Units — — 16,603,714

Diluted $ 26,935 684,813,494 $ 0.04

Blue Owl Capital Inc.

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

(4) As of March 31, 2026, the Atalaya Triggering Event (as defined in Note 3 to the financial statements in the Company’s Annual Report) with respect to the Atalaya Earnouts had not occurred.

Had March 31, 2026 been the end of the contingency period for the Atalaya Earnouts, the Atalaya Triggering Event would have not occurred, and therefore the Atalaya Earnouts have not been included in the calculation of diluted earnings per share for the quarter ended March 31, 2026.

(5) As of March 31, 2026, the contingencies related to the Services Agreement payments have not yet been resolved.

Had March 31, 2026 also been the end of the contingency period, the contingencies related to the Services Agreement would not have yet been resolved, and therefore the Incentive Units issuable under the Services Agreement have not been included in the calculation of diluted earnings per share for the quarter ended March 31, 2026.

(6) The contingencies related to the IPI Subsequent Payment have been resolved, as the related Common Units were issued during the three months ended June 30, 2025.

As of March 31, 2025, the contingencies related to the IPI Subsequent Payment had not been fully resolved.

Had March 31, 2025, also been the end of the contingency period, a portion related to the IPI Subsequent Payment would have been payable, and therefore such portion of the Common Units issuable under the IPI Subsequent Payment has been included in the calculation of diluted earnings per share for the three months ended March 31, 2025.

Three Months Ended March 31, 2026 Net Income

June 30, 2026

Three Months Ended June 30, 2025 Net Income

Attributable to

8 unchanged sentences

Unvested Incentive Units — — 22,500,154

Prima Earnouts — — —

IPI Subsequent Payment ( 4,800 ) 564,979 —

Diluted $ 12,626 656,056,036 $ 0.02

Three Months Ended March 31, 2025 Net Income

Six Months Ended June 30, 2025 Net Income

Attributable to

14 unchanged sentences

These amounts are included within due from related parties in the Company’s consolidated statements of financial condition.

Blue Owl Capital Inc.

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

(dollars in thousands) March 31,

(dollars in thousands) June 30,

2026 December 31,

4 unchanged sentences

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

Blue Owl Capital Inc.

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2026

Administrative Fees

Administrative fees represent allocable compensation and other expenses incurred by the Company, pursuant to administrative and other agreements, that are reimbursed by the products it manages and other related parties.

These administrative fees are included within administrative, transaction and other fees on the consolidated statements of operations and totaled $ 37.6 million and $ 30.4 million for the three months ended March 31, 2026 and 2025, respectively.

These administrative fees are included within administrative, transaction and other fees on the consolidated statements of operations and totaled $ 47.7 million and $ 85.3 million for the three and six months ended June 30, 2026, respectively, and $ 27.7 million and $ 58.1 million for the three and six months ended June 30, 2025, respectively.

Dealer Manager Revenues

Dealer manager revenues represent commissions earned from certain of the Company’s products for distribution services provided.

These dealer manager revenues are included within administrative, transaction and other fees on the consolidated statements of operations and totaled $ 31.5 million and $ 26.8 million for the three months ended March 31, 2026 and 2025, respectively.

These dealer manager revenues are included within administrative, transaction and other fees on the consolidated statements of operations and totaled $ 31.5 million and $ 63.0 million for the three and six months ended June 30, 2026, respectively, and $ 28.7 million and $ 55.5 million for the three and six months ended June 30, 2025, respectively.

Substantially all of these dealer manager revenues are subsequently paid out to third party broker-dealers, and such payments are recorded within general, administrative and other expenses on the consolidated statements of operations.

3 unchanged sentences

In certain cases, the Company is able to recover these expenses once certain profitability, cash flow or fundraising thresholds are met.

The Company recorded net expenses (recoveries) related to these arrangements of $ 8.1 million and $( 1.9 ) million for the three months ended March 31, 2026 and 2025, respectively.

The Company recorded net expenses (recoveries) related to these arrangements of $ 4.7 million and $ 12.8 million for the three and six months ended June 30, 2026, respectively, and $ 2.7 million and $ 0.8 million for the three and six months ended June 30, 2025, respectively.

These net expenses (recoveries) are included in general, administrative and other expenses within the consolidated statements of operations.

4 unchanged sentences

Personal use of the aircraft is not charged to the Company.

The Company recorded expenses for these aircraft reimbursements of $ 2.1 million and $ 1.1 million for the three months ended March 31, 2026 and 2025, respectively.

The Company recorded expenses for these aircraft reimbursements of $ 1.8 million and $ 3.9 million for the three and six months ended June 30, 2026, respectively, and $ 1.3 million and $ 2.4 million for the three and six months ended June 30, 2025, respectively.

Promissory Notes

2 unchanged sentences

Any unpaid principal balance and unpaid accrued interest may be prepaid in full or in part any time prior to maturity in January 2027.

As of March 31, 2026, $ 8.5 million was outstanding under this promissory note and the Company recorded $ 0.2 million of interest income for the three months ended March 31, 2026.

As of March 31, 2025, $ 7.5 million was outstanding under this promissory note and the Company recorded $ 0.2 million of interest income for the three months ended March 31, 2025.

As of June 30, 2026, $ 8.2 million was outstanding under this promissory note and the Company recorded $ 0.2 million and $ 0.3 million of interest income for the three and six months ended June 30, 2026, respectively.

As of June 30, 2025, $ 7.5 million was outstanding under this promissory note and the Company recorded $ 0.2 million and $ 0.3 million of interest income for the three and six months ended June 30, 2025, respectively.

Blue Owl Capital Inc.

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 2026

Investment Sale with Deferred Purchase Price

On December 30, 2024, the Company sold an investment in a product it manages to another product managed by the Company for cash consideration of $ 22.3 million and a deferred, non-interest bearing amount due of $ 44.5 million, payable in two equal installments on December 31, 2025 and December 31, 2026.

The Company recorded a deferred purchase price receivable of $ 40.6 million for the deferred purchase price, representing the present value of these installment payments, and will recognize the discount as interest income over the two-year deferred payment period.

As of March 31, 2026, $ 20.8 million was outstanding under this deferred purchase price receivable, and the Company recorded $ 0.5 million of interest income for the three months ended March 31, 2026.

As of March 31, 2025, $ 41.1 million was outstanding under this deferred purchase price receivable, and the Company recorded $ 0.5 million of interest income for the three months ended March 31, 2025.

The Company recorded a deferred purchase price receivable of $ 40.6 million for the deferred purchase price, representing the present value of these installment payments, and is recognizing the discount as interest income over the two-year deferred payment period.

As of June 30, 2026, $ 21.3 million was outstanding under this deferred purchase price receivable, and the Company recorded $ 0.5 million and $ 1.0 million of interest income for the three and six months ended June 30, 2026.

As of June 30, 2025, $ 41.6 million was outstanding under this deferred purchase price receivable, and the Company recorded $ 0.5 million and $ 1.0 million of interest income for the three and six months ended June 30, 2025, respectively.

SUBSEQUENT EVENTS

On April 30, 2026, the Company announced a cash dividend of $ 0.23 per Class A Share.

The dividend is payable on May 27, 2026, to holders of record as of the close of business on May 13, 2026.

On July 30, 2026, the Company announced a cash dividend of $ 0.23 per Class A Share.

The dividend is payable on August 27, 2026, to holders of record as of the close of business on August 13, 2026.

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.

What changed 10-Q

Item 5. Other Information