Blue Owl Capital Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Blue Owl Capital Inc. has filed its 2023 10-K annual report detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

BLUE OWL CAPITAL INC. (OWL) filed a Annual Report (10-K) with the SEC on February 23, 2024. Blue Owl Capital Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 399 Park Avenue, 37th Floor, New York, NY. Blue Owl Capital Inc. was formerly known as Altimar Acquisition Corp. until September 9, 2020. The report includes financial data for fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking BLUE OWL CAPITAL INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Blue Owl Capital's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors assessing the company's performance and future outlook. The detailed financial statements and disclosures within this report are essential for stakeholders to understand the company's revenue streams, profitability, and capital structure as of December 31, 2023.

Risk Assessment

Risk Level: medium — BLUE OWL CAPITAL INC. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not immediately highlight any significant negative trends or events that would classify the risk as high. However, the nature of financial reporting and market conditions introduces inherent medium risk.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-K to identify specific revenue growth drivers, expense management strategies, and any new business developments or risks for fiscal year 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-23 — Filing Date (Date of submission)
• 2023 — Fiscal Year (Primary year covered by the report)
• 2022 — Previous Fiscal Year (Comparative year)
• 2021 — Prior Fiscal Year (Comparative year)

Key Players & Entities

• BLUE OWL CAPITAL INC. (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-23 (date) — Filing date
• 399 PARK AVENUE, 37TH FLOOR (address) — Business address
• New York (location) — Business address city
• ALTIMAR ACQUISITION CORP. (company) — Former company name
• 20200909 (date) — Date of name change

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $0.0001 — to the Class A common stock, par value $0.0001 per share, of the Registrant. Class B
• $165.7 billion — a global alternative asset manager with $165.7 billion in AUM as of December 31, 2023. Anchore
• $102.7 billion — Blue Owl AUM: $165.7 billion FPAUM: $102.7 billion Credit AUM: $84.6 billion FPAUM: $5
• $84.6 billion — n FPAUM: $102.7 billion Credit AUM: $84.6 billion FPAUM: $57.1 billion GP Strategic Cap
• $57.1 billion — on Credit AUM: $84.6 billion FPAUM: $57.1 billion GP Strategic Capital AUM: $54.2 billi
• $54.2 billion — 7.1 billion GP Strategic Capital AUM: $54.2 billion FPAUM: $31.1 billion Real Estate AUM
• $31.1 billion — gic Capital AUM: $54.2 billion FPAUM: $31.1 billion Real Estate AUM: $26.9 billion FPAUM
• $26.9 billion — FPAUM: $31.1 billion Real Estate AUM: $26.9 billion FPAUM: $14.5 billion Diversified Len
• $14.5 billion — Real Estate AUM: $26.9 billion FPAUM: $14.5 billion Diversified Lending Commenced 2016
• $49.3 billion — versified Lending Commenced 2016 AUM: $49.3 billion FPAUM: $29.6 billion GP Minority Stak
• $29.6 billion — menced 2016 AUM: $49.3 billion FPAUM: $29.6 billion GP Minority Stakes Commenced 2010 AU
• $51.9 billion — P Minority Stakes Commenced 2010 AUM: $51.9 billion FPAUM: $29.9 billion Net Lease Comme
• $29.9 billion — menced 2010 AUM: $51.9 billion FPAUM: $29.9 billion Net Lease Commenced 2009 AUM: $26.9
• $20.0 billion — echnology Lending Commenced 2018 AUM: $20.0 billion FPAUM: $14.4 billion GP Debt Financin
• $14.4 billion — menced 2018 AUM: $20.0 billion FPAUM: $14.4 billion GP Debt Financing Commenced 2019 AUM

Filing Documents

• owl-20231231.htm (10-K) — 3156KB
• a123123exhibit41.htm (EX-4.1) — 66KB
• a123123exhibit106.htm (EX-10.6) — 14KB
• a123123exhibit107.htm (EX-10.7) — 14KB
• a123123exhibit1014.htm (EX-10.14) — 277KB
• a123123exhibit1036.htm (EX-10.36) — 31KB
• a123123exhibit211.htm (EX-21.1) — 57KB
• a123123exhibit231.htm (EX-23.1) — 2KB
• a123123exhibit311.htm (EX-31.1) — 10KB
• a123123exhibit312.htm (EX-31.2) — 10KB
• a123123exhibit313.htm (EX-31.3) — 10KB
• a123123exhibit321.htm (EX-32.1) — 5KB
• a123123exhibit322.htm (EX-32.2) — 5KB
• a123123exhibit323.htm (EX-32.3) — 5KB
• a123123exhibit971.htm (EX-97.1) — 36KB
• image_0.jpg (GRAPHIC) — 43KB
• owl-20231231_g1.jpg (GRAPHIC) — 68KB
• owl-20231231_g2.jpg (GRAPHIC) — 222KB
• owl-20231231_g3.jpg (GRAPHIC) — 95KB
• owl-20231231_g4.jpg (GRAPHIC) — 55KB
• owl-20231231_g5.jpg (GRAPHIC) — 45KB
• owl-20231231_g6.jpg (GRAPHIC) — 44KB
• 0001823945-24-000016.txt (&nbsp;) — 16023KB
• owl-20231231.xsd (EX-101.SCH) — 86KB
• owl-20231231_cal.xml (EX-101.CAL) — 118KB
• owl-20231231_def.xml (EX-101.DEF) — 518KB
• owl-20231231_lab.xml (EX-101.LAB) — 1025KB
• owl-20231231_pre.xml (EX-101.PRE) — 735KB
• owl-20231231_htm.xml (XML) — 2412KB

Business

Business 7 Item 1A.

Risk Factors

Risk Factors 21 Item 1B. Unresolved Staff Comments 62 Item 1 C. Cybersecurity 62 Item 2.

Properties

Properties 63 Item 3.

Legal Proceedings

Legal Proceedings 63 Item 4. Mine Safety Disclosures 63 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 64 Item 6. [Reserved] 65 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 65 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 85 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 86 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 86 Item 9A.

Controls and Procedures

Controls and Procedures 86 Item 9B. Other Information 87 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 87 PART III Item 10. Directors, Executive Officers and Corporate Governance 88 Item 11.

Executive Compensation

Executive Compensation 88 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 88 Item 13. Certain Relationships and Related Transactions, and Director Independence 88 Item 14. Principal Accountant Fees and Services 88 PART IV Item 15. Exhibit and Financial Statement Schedules 89 Item 16. Form 10-K Summary 89 Exhibit Index 90

Signatures

Signatures 94 Index to Financial Statements F- 1 2 Table of Contents DEFINED TERMS Assets Under Management or AUM Refers to the assets that we manage, and is generally equal to the sum of (i) net asset value ("NAV"); (ii) drawn and undrawn debt; (iii) uncalled capital commitments; (iv) total managed assets for certain Real Estate products; and (v) par value of collateral for collateralized loan obligations ("CLOs"). our BDCs Refers to our business development companies, as regulated under the Investment Company Act of 1940, as amended: Blue Owl Capital Corporation (NYSE: OBDC) ("OBDC"), Blue Owl Capital Corporation II ("OBDC II"), Blue Owl Capital Corporation III (NYSE: OBDE) ("OBDC III"), Blue Owl Technology Finance Corp. ("OTF"), Blue Owl Technology Finance Corp. II ("OTF II"), Blue Owl Credit Income Corp. ("OCIC") and Blue Owl Technology Income Corp. ("OTIC"). Blue Owl, the Company, the firm, we, us, and our Refers to the Registrant and its consolidated subsidiaries. Blue Owl Carry Refers to Blue Owl Capital Carry LP. Blue Owl GP Refers collectively to Blue Owl Capital GP Holdings LLC and Blue Owl Capital GP LLC, which are directly or indirectly wholly owned subsidiaries of the Registrant that hold the Registrants interests in the Blue Owl Operating Partnerships. Blue Owl Holdings Refers to Blue Owl Capital Holdings LP. Blue Owl Operating Group Refers collectively to the Blue Owl Operating Partnerships and their consolidated subsidiaries. Blue Owl Operating Group Units Refers collectively to a unit in each of the Blue Owl Operating Partnerships. Blue Owl Operating Partnerships Refers to Blue Owl Carry and Blue Owl Holdings, collectively. Blue Owl Securities Refers to Blue Owl Securities LLC, a Delaware limited liability company. Blue Owl Securities is a broker-dealer registered with the SEC, a member of Financial Industry Regulatory Authority, Inc. ("FINRA") and the Securities Investor Protection Corporation (" SIPC"). Blue Owl Secur

Financial Statements Refers to our consolidated and combined financial statements included in this report

Financial Statements Refers to our consolidated and combined financial statements included in this report. GAAP Refers to U.S. generally accepted accounting principles. GP Strategic Capital Refers to our GP Strategic Capital platform that primarily focuses on acquiring equity stakes in, and providing debt financing to, large, multi-product private equity and private credit firms through two existing investment strategies: GP minority stakes and GP debt financing, and also include our professional sports minority stakes. NYSE Refers to the New York Stock Exchange. Oak Street Refers to the investment advisory business of Blue Owl Real Estate Capital, LLC (f/k/a Oak Street Real Estate Capital, LLC) that was acquired in the Oak Street Acquisition. Oak Street Acquisition Refers to the acquisition of Oak Street completed on December 29, 2021. our products Refers to the products that we manage, including our BDCs, private funds, CLOs, managed accounts and real estate investment trusts. Owl Rock Refers collectively to the combined businesses of Owl Rock Capital Group LLC ("Owl Rock Capital Group") and Blue Owl Securities LLC (formerly, Owl Rock Capital Securities LLC), which was the predecessor of Blue Owl for accounting and financial reporting purposes. Par Four Acquisition Refers to the acquisition of Par Four CLO Management LLC, a CLO manager, that was completed on August 15, 2023. Part I Fees Refers to quarterly performance income on the net investment income of our BDCs and similarly structured products, subject to a fixed hurdle rate. These fees are classified as management fees throughout this report, as they are predictable and recurring in nature, not subject to repayment, and cash-settled each quarter. Part II Fees Generally refers to fees from our BDCs and similarly structured products that are paid in arrears as of the end of each measurement period when the cumulative aggregate realized capital gains exceed the cumulative aggregate realized

Business

Item 1. Business. Blue Owl is a global alternative asset manager with $165.7 billion in AUM as of December 31, 2023. Anchored by a strong Permanent Capital base, the firm deploys private capital across Credit, GP Strategic Capital and Real Estate platforms on behalf of institutional and private wealth clients. Blue Owl's flexible, consultative approach helps position the firm as a partner of choice for businesses seeking capital solutions to support their sustained growth. The firm's management team is comprised of seasoned investment professionals with decades of experience building alternative investment businesses. Blue Owl employs over 685 people globally. Blue Owl was formed in May 2021 through the combination of Owl Rock, a leader in credit solutions, and Dyal Capital, a leading capital solutions provider to large private capital managers. In December 2021, we acquired Oak Street, which expanded our offerings to include real estate-focused products. In April 2022, we acquired Wellfleet, which expanded our reach in the broadly syndicated leveraged loans market, including CLO product offerings. In August 2023, the Par Four Acquisition expanded our liquid credit strategy team. In December 2023, the CHI Acquisition expanded our offerings to include mid-to-late-stage equity investments into biopharmaceutical and healthcare companies. Our breadth of offerings and Permanent Capital base enable us to offer a differentiated, holistic framework of capital solutions to middle market companies, large alternative asset managers and corporate real estate owners and tenants. We provide these solutions through our Permanent Capital vehicles and long-dated private funds, that we believe provide our business with a high degree of earnings stability and predictability. Our Permanent Capital vehicles are products that do not have ordinary redemption provisions or a requirement to exit investments after a prescribed period of time to return invested capital to investors, except

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View this 10-K filing on SEC EDGAR