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Blue Owl Capital
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Updated Oct 30, 2026
Blue Owl Q3 2026: Record Institutional Fundraising Drives 12% AUM Growth to $330B, FRE Margin Expands to 58.8%
Blue Owl delivered its strongest institutional fundraising quarter on record in Q3 2026, with AUM reaching $329.9 billion (+12% YoY) and Fee-Related Earnings of $427.5 million (+13.6% YoY), reflecting durable Permanent Capital dominance at 85% of management fees. The Federal Reserve's 25bps rate hike to a 3.75%-4.00% target range created a structurally favorable environment for Blue Owl's floating-rate direct lending portfolio and widened spread capture across its Credit platform, while the $36.3 billion of AUM not yet paying fees represents a visible $402 million annualized fee runway. Private wealth fundraising remains the one soft spot, declining year-over-year amid industry-wide pressure on non-traded BDCs, a risk that the record institutional quarter only partially offsets.
Tone: bullishRevenue
$2.9B
OWL 10-K · FY 2025
Employees
1,365
Revenue FY2024
$2.3B
Founded
2021
Profile
OWL 10-K Item 1 · Feb 19, 2026Blue Owl Capital is a global alternative asset manager with $307.4 billion in AUM as of December 31, 2025, operating across three platforms: Credit, Real Assets, and GP Strategic Capital. The firm is anchored by a high proportion of Permanent Capital — approximately 85% of 2025 management fees were earned from Permanent Capital vehicles — which provides earnings stability and predictability. Blue Owl deploys private capital on behalf of institutional and private wealth clients globally, with a disciplined focus on long-term investment horizons.
Read filing description ↓ Collapse description ↑
Blue Owl is a global alternative asset manager with $307.4 billion in AUM as of December 31, 2025. Anchored by a strong Permanent Capital base, we deploy private capital across Credit, Real Assets and GP Strategic Capital platforms on behalf of institutional and private wealth clients. Our flexible, consultative approach helps position us as a partner of choice for businesses seeking capital solutions to support their sustained growth. Our management team is comprised of seasoned investment professionals with decades of experience building alternative investment businesses. 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. 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, which we believe provide our business with a high degree of earnings stability and predictability. For the year ended December 31, 2025, approximately 85% of our management fees were earned from Permanent Capital vehicles. Our global, high-caliber investor base includes a diversified mix of institutional investors, including prominent public and private pension funds, endowments, foundations, family offices, private banks, high net worth individuals, asset managers and insurance companies, as well as individual clients, accessed through well-known wealth management firms.
Primary products
- Direct Lending
- Alternative Credit
- Investment Grade Credit
- Liquid Credit
- Net Lease
- Real Estate Credit
Business segments
End markets
Geographies
Named customers
“Within GP Strategic Capital, we have also established ourselves as a market leader, with a long track record, the greatest amount of aggregate capital raised and the largest number of publicly announced deals.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Management attributed management fee growth of approximately 25% over the past year to fundraising, capital deployment, and acquisitions, with total revenues rising from $2.295 billion in 2024 to $2.870 billion in 2025.
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