Blue Owl Capital (OWL) Investor presentation summary

Business overview and growth

• Manages $319 billion in assets across Credit, Real Assets, and GP Strategic Capital platforms, with a strong permanent capital base and global reach of over 1,380 professionals.

• Achieved a 39% CAGR in AUM since public listing, growing from $62B in 2Q21 to $319B in 2Q26, with diversified strategies including direct lending, net lease, and digital infrastructure.

• Fee-related earnings, revenues, and management fees have all grown at approximately 30% CAGR since listing, reflecting robust financial performance.

• 85% of management fees are from permanent capital vehicles, supporting predictable and durable earnings growth.

• Maintains a balance sheet light model with ample liquidity, $1.3B available, and investment-grade credit ratings.

Credit platform

• Credit AUM reached $158.1B, with direct lending as the largest component at $115.1B, followed by alternative, investment grade, and liquid credit strategies.

• Over $200B in gross direct lending originations since inception, with a highly selective approach and strong portfolio performance.

• Direct lending portfolios are defensive, with 87% senior secured positions and low annualized net realized loss ratios.

• Alternative Credit team has a 20+ year track record, $31B invested capital, and was recognized as Specialty Finance Lender of the Year multiple times.

• BDCs and tech BDCs show diversified portfolios, strong liquidity, and low non-accrual rates.

Real assets platform

• Real Assets AUM grew from $12B at acquisition in 2021 to $89.4B in 2026, with Net Lease as the foundation.

• Net Lease strategy has delivered 198 consecutive monthly distributions and a 24% closed-end net IRR across fully realized funds.

• Real Estate Credit and Digital Infrastructure strategies provide exposure to high-growth sectors, with a leading presence in data centers globally.

• Non-traded REITs increased distributions in 2026, with ORENT and ODIT raising annualized rates by 7.2% and 11.1%, respectively.

• Real Assets platform leverages scale, expertise, and long-term relationships to drive growth and performance.