Blue Owl Capital Inc (MIL:1OWL)

Q2 2026 Blue Owl Capital Inc Earnings Call Transcript

Jul 30, 2026 / 02:00 PM GMT

Release Date Price: €8.65 (+1.17%)

Transcript 10-Q8-K

Key Points

Positve

Blue Owl Capital Inc (OWL) reported 9% growth in distributable earnings (DE) year-over-year, driven by broad-based expansion across products and geographies.
The real assets platform now constitutes nearly 30% of AUM, with 25% AUM growth and 27% revenue growth year-over-year, led by net lease and digital infrastructure strategies.
Fundraising remains robust, with $60.5 billion raised in the first half of 2026, and over 75% of equity capital raised in the last 12 months coming from non-direct lending strategies, highlighting diversification.
Investment performance is strong across the board, with direct lending funds outperforming benchmarks, a 12 basis point average annual real loss rate, and top-quartile rankings in GP stakes funds.
Management fees are expected to grow sequentially in Q3 and Q4 2026, supported by $31 billion of AUM not yet paying fees, representing approximately $380 million in future annual management fees.

Negative

The non-traded BDC space experienced elevated redemption requests and sentiment-driven outflows, though these are now showing signs of moderation.
Direct lending deployment remains constrained by a tepid sponsor-driven M&A environment, with net deployment running near zero.
Wealth channel inflows, while showing signs of a bottom, are still below historical levels and face headwinds from negative industry headlines.
The company acknowledges potential for credit normalization and higher loss rates, though current levels remain very low.
Fee-paying AUM in credit saw a slight decline due to institutional capital being raised but not yet deployed, creating a lag in management fee recognition.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

OWL.N - Blue Owl Capital Inc
Q2 2026 Blue Owl Capital Inc Earnings Call
Jul 30, 2026 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to Blue Owl Capitals second quarter 2026 earnings call.

During the presentation, the lines will remain unlisten-only.

After the speaker's remarks, there will be a question-and-answer session, if you would like to ask a question during this time, simply press star followed by the number 1 on your telephone keypad.

If you'd like to withdraw your question, again, press 1.

Thank you.

I'd like to advise all parties that this conference call is being recorded.

I will now turn the call over to Anneda.

Thanks, operator, and good morning.

Everyone, joining me today are Mark Lipshchultz, our co-Chief Executive Officer, and Ellen Kirshenbaum,

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