Blue Owl's Fee-Related Earnings Rise 14% to $427.5 Million

The Tip Desk · October 31, 2026 · 4 min read

Fee-Related Earnings reached $427.5 million, or $0.27 per adjusted share, as assets under management hit $329.9 billion and the firm raised $12.6 billion of new capital commitments.

Blue Owl Capital Inc. (OWL) reported Fee-Related Earnings of $427.5 million, or $0.27 per adjusted share, for the quarter ended September 30, 2026, up 14% from $376.2 million, or $0.24 a share, a year earlier.

The alternatives manager said Distributable Earnings were $385.5 million, or $0.24 per adjusted share, up 13% from $341.0 million, or $0.22 a share, a year earlier. GAAP net income attributable to the company was $20.0 million, or $0.03 a share, up 216% from $6.3 million, or $0.01 a share. GAAP revenues were $806.5 million, up 11% from $728.0 million a year earlier. GAAP margin was 11.7%, versus 7.6% a year earlier. FRE margin was 58.8%, versus 57.1%.

Assets under management stood at $329.9 billion as of September 30, 2026, up 12% from $295.6 billion a year earlier. The company said the increase was primarily driven by capital raised and appreciation across the business, partially offset by distributions and redemptions. Fee-paying AUM was $192.2 billion, up 5% since September 30, 2025. Permanent capital was $227.8 billion, up 7% since September 30, 2025, and generated 85% of FRE management fees during the last twelve months. AUM not yet paying fees totaled $36.3 billion, reflecting expected annual FRE management fees of about $402 million once deployed.

New capital commitments raised were $12.6 billion in the quarter, including $10.2 billion of new equity capital. FPAUM raised and deployed was $4.0 billion. Co-CEOs Doug Ostrover and Marc Lipschultz said the firm had a record institutional capital raising quarter with growth from an increasingly broad set of strategies, investors, and geographies, and that nearly $50 billion raised over the last twelve months reflected ongoing investor support.

Total equity fundraise was $10.2 billion in the quarter, versus $11.2 billion in the year-ago quarter. Credit equity fundraise was $5.6 billion, unchanged from $5.6 billion a year earlier. Real Assets equity fundraise was $4.0 billion, versus $3.0 billion a year earlier. GP Strategic Capital equity fundraise was $0.6 billion, versus $2.7 billion a year earlier. Private wealth equity fundraise was $1.9 billion, primarily driven by net lease and direct lending. Institutional equity fundraise was $8.3 billion, primarily driven by investment grade credit, direct lending, real estate credit, alternative credit, net lease and digital infrastructure.

Credit AUM was $162.8 billion, up 7% since September 30, 2025. Credit FPAUM was $97.0 billion, relatively unchanged since September 30, 2025. Direct lending originations were $5.2 billion in the quarter, with net deployment of $(0.3) billion. Credit AUM not yet paying fees was $21.9 billion, reflecting expected annual FRE management fees of about $249 million once deployed.

FRE management fees were $690.0 million, up 5% from $659.2 million a year earlier. FRE administrative, transaction and other fees were $71.1 million, up 136% from $30.1 million a year earlier. GAAP management fees were $678.3 million, up 5% from $648.1 million a year earlier. GAAP administrative, transaction and other fees were $136.7 million, up 66% from $82.1 million a year earlier. Fee offsets were $8.7 million, versus $2.5 million a year earlier. Management fees as a percentage from permanent capital were 85%, versus 86% a year earlier.

Blue Owl declared a quarterly dividend of $0.23 per Class A share, payable on November 23, 2026, matching the $0.23 declared in the second and first quarters of 2026. The company said an annual dividend of $0.92 per Class A share was announced for 2026. In August it issued $750 million of 10-year unsecured debt due 2036 with a 6.750% coupon, and in October it increased the revolving credit facility by $725 million to $3.225 billion and extended the maturity to 2031.