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Blue Owl Capital
Blue Owl Capital (OWL) investor relations material
Blue Owl Capital Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Achieved record fundraising in 2025, raising $56 billion, including $17 billion in Q4, with equity fundraising up over 50% year-over-year to $42 billion and institutional equity fundraising up 80% to $24.7 billion.
Assets under management (AUM) surpassed $300 billion in Q4 2025, ending the year at $307.4 billion, a 22% increase since December 31, 2024, driven by capital raised and the IPI Acquisition.
Investment performance across strategies remained robust, with net lease and digital infrastructure strategies outperforming benchmarks and strong direct lending returns.
Diversified product offerings and global distribution contributed to record institutional equity fundraising and significant expansion in private wealth products.
Maintained high liquidity and low leverage, meeting all investor redemption requests during periods of market volatility.
Financial highlights
Q4 2025 fee-related earnings (FRE) were $416.6 million ($0.27 per share), up 22% year-over-year; distributable earnings (DE) were $382.5 million ($0.24 per share), up 21% year-over-year.
Full year 2025 FRE was $1,496.5 million ($0.96 per share), up 19%, and DE was $1,309.1 million ($0.84 per share), up 16%.
Declared a Q4 dividend of $0.225 per share and set a 2026 annual fixed dividend of $0.92 ($0.23 per quarter).
Management fees for the year were $2,521.9 million (GAAP) and $2,532.6 million (FRE), up 26% and 24% year-over-year, respectively.
FRE margins ended 2025 at 61.6%, up from 58.9% in Q4 2024, with 12% FRE per share growth.
Outlook and guidance
Targeting modest FRE margin expansion to 58.5% in 2026 and aiming to accelerate FRE per share growth in 2027.
Expect 2% share count growth in 2026, mainly from digital infrastructure acquisition and stock compensation.
Effective tax rate for 2026 expected in the mid- to high single-digit percentage range.
Dividend payout ratio to be reduced from 107-108% in 2025 toward a target of 85% over time.
AUM not yet paying fees totals $28.4 billion, expected to generate $326 million in annual management fees once deployed.
AUM distribution across platforms
Key markets for global expansion efforts
Permanent capital base as % of total AUM
Software portfolio credit risk outlook?
Path to Investor Day FRE per share growth targets?
Future growth drivers beyond Direct Lending?
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Next Blue Owl Capital earnings date
Bank of America Financial Services Conference 202610 Feb, 2026
Blue Owl Capital
Next Blue Owl Capital earnings date
Bank of America Financial Services Conference 202610 Feb, 2026
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Frequently asked questions
Blue Owl Capital Inc is an alternative asset management firm providing capital solutions to asset managers and private businesses. It specializes in direct lending, GP capital solutions, and real estate investments. The company is headquartered in New York, New York, and its shares are listed on the NYSE.
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