BLUE OWL CAPITAL INC. (OWL)

Blue Owl is a global alternative asset manager reporting $307.4 billion in AUM as of December 31, 2025, built around a substantial Permanent Capital base that generated approximately 85% of its management fees for the year. The firm employs roughly 1,365 people globally and was formed in May 2021 through the combination of Owl Rock (credit solutions) and Dyal Capital (capital solutions for large private capital managers), subsequently expanding through acquisitions including Oak Street (real estate), Wellfleet (broadly syndicated loans/CLOs), Par Four (liquid credit), CHI (biopharmaceutical/healthcare equity), Prima (real estate finance), KAM (insurance solutions), Atalaya (alternative credit), and IPI (digital infrastructure). The company operates as a single reportable segment across three major, complementary product platforms: Credit ($157.8 billion AUM), Real Assets ($80.6 billion AUM), and GP Strategic Capital ($69.1 billion AUM).

Within Credit, strategies include direct lending (diversified, technology, first lien, and opportunistic lending to primarily upper-middle-market sponsored and non-sponsored companies), alternative credit (specialty finance, private corporate credit, equipment leasing), investment grade credit (asset-backed finance and structured products tailored for insurance clients), liquid credit (broadly syndicated loans and CLOs), and other strategies including biopharmaceutical/healthcare investments and single-asset GP-led continuation funds. Real Assets encompasses net lease (single-tenant industrial, retail, and data center properties leased to investment-grade tenants), real estate credit (public and private real estate financing solutions), and digital infrastructure (data centers and related assets serving hyperscalers and technology companies). GP Strategic Capital focuses on providing capital solutions to large private equity and private credit managers ("GPs" or "Partner Managers") through GP minority stakes (diversified equity investments in institutional alternative asset managers), GP debt financing (collateralized loans secured by management company assets and fee streams), and professional sports minority stakes (equity investments in professional sports teams); this division also includes Blue Owl's Strategic Services Platform, which provides value-added support to Partner Managers in areas such as capital strategy, private wealth, human capital, operations, M&A, ESG advisory, and data science.

Products are distributed through a mix of Permanent Capital vehicles (including non-traded REITs and BDCs), long-dated private funds, managed accounts, CLOs, and an interval fund, serving a diverse global client base that includes public and private pension funds, endowments, foundations, family offices, private banks, high-net-worth individuals, asset managers, insurance companies, and individual investors accessed through wealth management firms. The company's target customers and counterparties span middle-market and upper-middle-market companies (both sponsor-backed and non-sponsored), large alternative asset managers, corporate real estate owners and tenants, technology and hyperscale companies, and professional sports franchises, and it positions itself as a scaled, diversified capital solutions provider competing on the basis of its Permanent Capital stability, embedded fee growth, extensive origination relationships, and industry-leading scale across its three platforms.