BLUE OWL CAPITAL INC. (OWL)

Blue Owl is a global alternative asset manager with $307.4 billion in assets under management (AUM) as of December 31, 2025, and about 1,365 employees. It deploys private capital on behalf of institutional and private wealth clients, anchored by a large base of Permanent Capital vehicles, which generally have an indefinite term. These vehicles and long-dated private funds produced about 85% of management fees in 2025. Blue Owl was formed in May 2021 by combining Owl Rock (credit) and Dyal Capital (GP capital solutions). It has since expanded through acquisitions including Oak Street (real estate, 2021), Wellfleet (CLOs, 2022), Par Four, CHI, Prima, KAM, Atalaya and IPI (digital infrastructure, January 2025). Revenue comes mainly from management fees under investment advisory and management agreements with its products, and the company operates as a single reportable segment.

The business is organized into three product platforms. Credit ($157.8 billion AUM) covers direct lending (diversified, technology, first lien and opportunistic), alternative credit, investment grade credit for insurance clients, liquid credit (broadly syndicated loans and CLOs), and other strategies such as GP-led continuation funds and biopharmaceutical and healthcare investments. Real Assets ($80.6 billion) covers net lease, real estate credit and digital infrastructure (data centers). GP Strategic Capital ($69.1 billion) covers GP minority stakes, GP debt financing and professional sports minority stakes, and includes a services platform that supports partner managers. Products are offered through BDCs, interval funds, non-traded REITs, long-dated private funds, managed accounts and CLOs. Fee-paying AUM totals $187.7 billion, and about $28.4 billion of AUM is not yet paying fees.

Clients and investors include public and private pension funds, endowments, foundations, family offices, private banks, high net worth individuals, asset managers and insurance companies, plus individual investors reached through wealth management firms. On the capital-deployment side, the firm serves upper-middle-market companies (both private equity-sponsored and non-sponsored), large private equity and private credit managers, technology companies and hyperscalers, and corporate real estate owners and tenants, mainly investment-grade or creditworthy single-tenant net lease occupiers.

Management takes a one-firm approach to operating decisions and resource allocation. Many products use leverage to increase investment size. Blue Owl competes with many other managers in credit, and it cites scale, origination capabilities and relationships with alternative asset managers and corporate tenants as competitive strengths. It names closest peers in GP minority stakes and other net lease investors as competitors. The text does not identify the company's headquarters, suppliers or manufacturing.