Blue Owl Capital (OWL) Q2 2026 earnings summary

Executive summary

• Assets under management (AUM) reached $319.0 billion as of June 30, 2026, up 12% year-over-year and marking a five-fold increase since listing five years ago, with strong growth and diversification across Credit, Real Assets, and GP Strategic Capital platforms.

• Distributable earnings (DE) for Q2 2026 were $351.2 million ($0.22 per share), and fee-related earnings (FRE) were $392.2 million ($0.25 per share); a quarterly dividend of $0.23 per share was declared.

• Over $16.5 billion of equity capital was raised in the first half of 2026, with $7.8 billion raised in Q2 and 75% directed to non-direct lending strategies.

• Diversification remains a core theme, with real assets now nearly 30% of AUM and direct lending reduced to 35% of AUM.

• The company is positioned as a key provider of scaled capital solutions, serving institutional, individual, and insurance investors.

Financial highlights

• GAAP revenues for Q2 2026 were $753.1 million, up 7% year-over-year; last twelve months (LTM) GAAP revenues were $2.99 billion, up 14%.

• Management fees grew 8% year-over-year; FRE and DE both grew 9% compared to Q2 2025.

• FRE margin reached 58.5%, modestly up from prior periods.

• $50.5 billion in new capital commitments were raised over the last twelve months, with $39.8 billion in equity fundraises.

• Compensation and benefits expenses rose due to increased equity grants and headcount.

Outlook and guidance

• Management expects to exceed Visible Alpha consensus estimates for 2026 (FRE per share $1.02, DE per share $0.89), with continued margin improvement and strong institutional fundraising ahead.

• AUM not yet paying fees totaled $31.1 billion, expected to generate $380 million in annual FRE management fees once deployed.

• Target annual dividend for 2026 set at $0.92 per Class A Share, with a fixed quarterly dividend of $0.23.

• Management emphasizes ongoing growth, resilience, and capital preservation.