Blue Owl Capital Inc. Files Q3 2024 10-Q Report

TL;DR

OWL Q3 24 10-Q filed. Financials updated.

AI Summary

Blue Owl Capital Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter of 2024 and provides financial updates for the company. Key financial data and operational details are disclosed within this report.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational insights for Blue Owl Capital Inc. during the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 2024 Q3 — Reporting Period (The filing covers the third quarter of 2024.)
• 2024-09-30 — Period End Date (The financial information reported is as of this date.)
• 2024-11-06 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• BLUE OWL CAPITAL INC. (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241106 (date) — Filing date
• 399 PARK AVENUE, 37TH FLOOR (location) — Company's business and mail address
• ALTIMAR ACQUISITION CORP. (company) — Former company name

FAQ

Key Financial Figures

• $0.0001 — 2024 Class A common stock, par value $0.0001 568,430,654 Class B common stock, par
• $1.0 billion — e IPI Acquisition will be approximately $1.0 billion. We will fund the IPI Acquisition throu
• $788.6 million — through a combination of approximately $788.6 million in Common Units and corresponding Class
• $203.8 million — onding Class C Shares and approximately $203.8 million in cash, subject to certain closing con
• $234.6 billion — ssets Under Management Blue Owl AUM: $234.6 billion FPAUM: $154.2 billion Credit AUM: $
• $154.2 billion — Blue Owl AUM: $234.6 billion FPAUM: $154.2 billion Credit AUM: $128.4 billion FPAUM: $
• $128.4 billion — n FPAUM: $154.2 billion Credit AUM: $128.4 billion FPAUM: $89.3 billion GP Strategic Cap
• $89.3 billion — n Credit AUM: $128.4 billion FPAUM: $89.3 billion GP Strategic Capital AUM: $62.0 billi
• $62.0 billion — 9.3 billion GP Strategic Capital AUM: $62.0 billion FPAUM: $35.1 billion Real Estate AUM
• $35.1 billion — gic Capital AUM: $62.0 billion FPAUM: $35.1 billion Real Estate AUM: $44.1 billion FPAUM
• $44.1 billion — FPAUM: $35.1 billion Real Estate AUM: $44.1 billion FPAUM: $29.8 billion Direct Lending
• $29.8 billion — Real Estate AUM: $44.1 billion FPAUM: $29.8 billion Direct Lending AUM: $91.0 billion F
• $91.0 billion — M: $29.8 billion Direct Lending AUM: $91.0 billion FPAUM: $57.5 billion GP Minority Stak
• $57.5 billion — ect Lending AUM: $91.0 billion FPAUM: $57.5 billion GP Minority Stakes AUM: $58.4 billion
• $58.4 billion — $57.5 billion GP Minority Stakes AUM: $58.4 billion FPAUM: $33.6 billion Net Lease AUM:

Filing Documents

• owl-20240930.htm (10-Q) — 2513KB
• a93024exhibit311.htm (EX-31.1) — 10KB
• a93024exhibit312.htm (EX-31.2) — 10KB
• a93024exhibit313.htm (EX-31.3) — 10KB
• a93024exhibit321.htm (EX-32.1) — 5KB
• a93024exhibit322.htm (EX-32.2) — 5KB
• a93024exhibit323.htm (EX-32.3) — 5KB
• owl-20240930_g1.jpg (GRAPHIC) — 68KB
• owl-20240930_g2.jpg (GRAPHIC) — 56KB
• owl-20240930_g3.jpg (GRAPHIC) — 46KB
• owl-20240930_g4.jpg (GRAPHIC) — 46KB
• 0001823945-24-000064.txt ( ) — 11884KB
• owl-20240930.xsd (EX-101.SCH) — 67KB
• owl-20240930_cal.xml (EX-101.CAL) — 94KB
• owl-20240930_def.xml (EX-101.DEF) — 401KB
• owl-20240930_lab.xml (EX-101.LAB) — 753KB
• owl-20240930_pre.xml (EX-101.PRE) — 571KB
• owl-20240930_htm.xml (XML) — 2072KB

Financial Statements

Financial Statements 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 7 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4 .

Controls and Procedures

Controls and Procedures 31 PART II OTHER INFORMATION 32 Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 3. Defaults Upon Senior Securities 32 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 32

Signatures

Signatures 34 Index to Financial Statements F- 1 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 Credit and Real Estate products; and (v) par value of collateral for collateralized loan obligations ("CLOs") and other securitizations. Annual Report Refers to our annual report for the year ended December 31, 2023, filed with the SEC on Form 10-K on February 23, 2024. our BDCs Refers to the business development companies ("BDCs") we manage, 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

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

Financial Statements Refers to our consolidated 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 includes our professional sports minority stakes strategy. NYSE Refers to the New York Stock Exchange. our products Refers to the products that we manage, including our BDCs, private funds, alternative credit offerings, insurance solutions offerings, CLOs and other securitizations, managed accounts and real estate investment trusts. 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 capital losses and aggregate unrealized capital depreciation, less the aggregate amount of Part II Fees paid in all prior years since inception. Part II Fees are classified as performance revenues throughout this report. Partner Manager Refers to alternative asset management firms in which the GP Strategic Capital products invest. Permanent Capital Refers to AUM in products that have an indefinite term and do not have a requirement to exit investments and return the proceeds to investors after a prescribed period of time. Some of these products, however, may be required or can elect to return all o

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. The information required by this item is included in the Financial Statements set forth in the F-pages of this report.

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A"), should be read in conjunction with the Financial Statements. For a description of our business, please see "Item 1. Business" in the Annual Report. 2024 Third Quarter Overview Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2024 2023 2024 2023 Net Income Attributable to Blue Owl Capital Inc. $ 29,805 $ 15,109 $ 88,841 $ 36,285 Fee-Related Earnings (1) $ 326,862 $ 247,829 $ 913,035 $ 718,325 Distributable Earnings (1) $ 301,007 $ 229,523 $ 814,071 $ 665,553 (1) For the specific components and calculations of these Non-GAAP measures, as well as a reconciliation of these measures to the most comparable measure in accordance with GAAP, see "—Non-GAAP Analysis" and "—Non-GAAP Reconciliations." Please see "—GAAP Results of Operations Analysis" and "—Non-GAAP Analysis" for a detailed discussion of the underlying drivers of our results. Acquisitions On July 1, 2024, we completed the KAM Acquisition (as defined in Note 1 to our Financial Statements). KAM is a boutique investment management firm focused on providing asset management services to the insurance industry. KAM's capabilities in investment grade credit and real estate strategies supplement Blue Owl's existing strength in these asset classes and further accelerate our ability to bring differentiated products and strategies to the market for insurance clients. Our acquisition of KAM enhances our ability to serve the insurance market at scale and marks the official launch of Blue Owl Insurance Solutions. Working seamlessly across our investment platforms, Blue Owl Insurance Solutions combines the focused alternatives approach with expanded industry capabilities to now serve insurance clients across a broader range of their needs. See Note 3 to our Financial St

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