Blue Owl Capital (OWL) Q1 2026 earnings summary

Executive summary

• Assets under management (AUM) reached $314.9 billion as of March 31, 2026, up 15% year-over-year, with continued expansion across Credit, Real Assets, and GP Strategic Capital platforms.

• Fee-Related Earnings (FRE) rose 14% to $393.6 million, and Distributable Earnings (DE) increased 11% to $292.5 million for Q1 2026.

• $11 billion in new capital commitments were raised in Q1 2026, with institutional capital accounting for two-thirds of equity raised.

• Dividend of $0.23 per share declared for Q1 2026, with an annual dividend of $0.92 per share announced for 2026.

• Financial results reflect stability from a durable capital base and growth driven by fundraising and capital deployment.

Financial highlights

• Q1 2026 revenues were $753.8 million, up 10% year-over-year; management fees for LTM were $2.59 billion, up 21% year-over-year.

• FRE margin for Q1 2026 was 58.4%, up from 57.2% in Q1 2025.

• Share repurchases totaled 1.7 million shares for $25 million in Q1 2026.

• Compensation and benefits expenses rose to $375.9 million, reflecting higher headcount and equity grants.

• AUM not yet paying fees increased to $29.9 billion, representing $349 million in expected annual management fees.

Outlook and guidance

• Management remains focused on disciplined expense management and reaffirmed the 58.5% FRE margin target for 2026.

• Management expects current liquidity and cash flows from management fees to be sufficient for anticipated working capital needs for at least the next 12 months.

• Cautiously optimistic fundraising outlook, with strong interest in new and existing products and strategies.

• Committed to $0.92 dividend for 2026 and targeting an 85% payout ratio over the next few years.

• Expectation to hit hard cap of $7.5 billion for Net Lease flagship by year-end.