Blue Owl Capital (OWL) Q3 2026 earnings summary

Executive summary

• AUM reached $329.9B, up 12% YoY; FPAUM was $192.2B, up 5%. Permanent capital totaled $227.8B and generated 85% of LTM FRE management fees.

• Q3 FRE rose 14% YoY to $427.5M; DE rose 13% to $385.5M.

Financial highlights

• GAAP revenue was $806.5M, up 11% YoY; GAAP net income attributable to Class A shares was $20.0M, or $0.03 per basic and diluted share.

• FRE revenue increased 10% YoY to $752.6M; FRE expenses rose 5% to $310.0M.

• LTM GAAP net income was $371.2M versus $225.8M; LTM FRE was $1.63B, up 15%, and DE was $1.41B, up 14%.

• Nearly $50B of capital was raised over the last 12 months; Q3 was a record quarter for institutional capital raising.

Outlook and guidance

• $36.3B of AUM was not yet paying fees, representing expected annual FRE management fees of ~$402M once deployed.

• Potential annual FRE management fees from AUM not yet paying fees: Credit ~$249M, Real Assets ~$142M and GP Strategic Capital ~$11M once deployed.

• Management cited investor interest in income-oriented returns and downside protection amid volatile, uncertain markets.