Blue Owl Fee-Related Earnings Rise 14% on Record Institutional Fundraising

Blue Owl Capital grew fee-related earnings 14% in the third quarter and pulled in what its co-CEOs called a record quarter of institutional fundraising, lifting assets under management to $329.9 billion, according to the earnings release and presentation it filed with an 8-K on Thursday.

The alternative asset manager reported fee-related earnings of $427.5 million, or 27 cents per adjusted share, up from $376.2 million, or 24 cents, a year earlier. Distributable earnings rose 13% to $385.5 million, or 24 cents per adjusted share, from 22 cents.

A record fundraising quarter

"Blue Owl demonstrated durability, resilience and an acceleration of growth during the third quarter," Co-CEOs Doug Ostrover and Marc Lipschultz said in the release. "We had a record institutional capital raising quarter with growth coming from an increasingly broad set of strategies, investors, and geographies."

They said the nearly $50 billion the firm has raised over the past 12 months "reflects ongoing investor support and conviction around our disciplined approach to investing."

In the third quarter alone, Blue Owl raised $12.6 billion of new capital commitments, including $10.2 billion of new equity capital, according to the presentation.

AUM rose 12% from a year earlier, which the company attributed mainly to capital raised and appreciation across the business, partly offset by distributions and redemptions. Fee-paying AUM grew 5% to $192.2 billion, and permanent capital rose 7% to $227.8 billion.

Blue Owl also had $36.3 billion of AUM not yet paying fees, which it said would generate about $402 million of annual management fees once deployed.

Fees and margins

GAAP revenue rose 11% to $806.5 million. Management fees increased 5% to $678.3 million, while administrative, transaction and other fees jumped 66% to $136.7 million.

GAAP net income attributable to Blue Owl Capital Inc. more than tripled to $20.0 million, or 3 cents a diluted Class A share, from $6.3 million, or 1 cent. The firm's fee-related earnings margin widened to 58.8% from 57.1%.

Over the last 12 months, fee-related earnings rose 15% to $1.63 billion and distributable earnings increased 14% to $1.41 billion.

Dividend and balance sheet

The board declared a quarterly dividend of 23 cents per Class A share, payable Nov. 23 to holders of record on Nov. 10, the company said in the 8-K. Blue Owl has announced an annual dividend of 92 cents per Class A share for 2026.

In August, the company issued $750 million of 10-year unsecured notes due 2036 with a 6.750% coupon. In October, it increased the capacity of its revolving credit facility by $725 million to $3.225 billion and extended its maturity to 2031.

By the numbers

• $329.9 billion: assets under management, up 12%
• $12.6 billion: new capital commitments raised in the quarter
• $427.5 million: fee-related earnings, up 14%
• 24 cents: distributable earnings per adjusted share
• 23 cents: quarterly dividend per Class A share

The company scheduled an investor call for 10 a.m. ET on Thursday.

Sources

1. Blue Owl Form 8-K with third-quarter 2026 earnings release and presentation (Exhibits 99.1 and 99.2) and dividend declaration (Item 8.01), filed Oct. 29, 2026 (accession 0001823945-26-000050)

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