Financial Analysis

8. COMMITMENTS AND CONTINGENCIES Tax Receivable Agreement Pursuant to the TRA, the Company will pay 85% of certain tax benefits, if any, that it realizes (or in certain cases is deemed to realize) as a result of any increases in tax basis of the assets of Blue Owl Holdings related to the Business Combination and any subsequent exchanges of Common Units for shares of the Registrant or cash. Payments under the TRA will continue until all such tax benefits have been utilized or expired unless (i) the Company exercises its right to terminate the TRA and pays recipients an amount representing the present value of the remaining payments, (ii) there is a change of control or (iii) the Company breaches any of the material obligations of the TRA, in which case all obligations will generally be accelerated and due as if the Company had exercised its right to terminate the TRA. In each case, if payments are accelerated, such payments will be based on certain assumptions, including that the Company will have sufficient taxable income to fully utilize the deductions arising from the increased tax deductions. The estimate of the timing and the amount of future payments under the TRA involves several assumptions that do not account for the significant uncertainties associated with these potential payments, including an assumption that the Company will have sufficient taxable income in the relevant tax years to utilize the tax benefits that would give rise to an obligation to make payments. …

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7. DEBT OBLIGATIONS, NET The following tables summarize outstanding debt obligations of the Company: June 30, 2026 (dollars in thousands) Maturity Date Aggregate Facility Size Outstanding Debt Amount Available Net Carrying Value 2028 Notes 5/26/2028 $ 59,800 $ 59,800 $ $ 59,262 2031 Notes 6/10/2031 700,000 700,000 691,646 2032 Notes 2/15/2032 400,000 400,000 394,755 2034 Notes 4/18/2034 1,000,000 1,000,000 982,604 2051 Notes 10/7/2051 350,000 350,000 338,966 Revolving Credit Facility 8/8/2030 2,450,000 1,345,000 1,094,244 1,345,000 Total $ 4,959,800 $ 3,854,800 $ 1,094,244 $ 3,812,233 December 31, 2025 (dollars in thousands) Maturity Date Aggregate Facility Size Outstanding Debt Amount Available Net Carrying Value 2028 Notes 5/26/2028 $ 59,800 $ 59,800 $ $ 59,115 2031 Notes 6/10/2031 700,000 700,000 690,796 2032 Notes 2/15/2032 400,000 400,000 394,286 2034 Notes 4/18/2034 1,000,000 1,000,000 981,481 2051 Notes 10/7/2051 350,000 350,000 338,748 Revolving Credit Facility 8/8/2030 2,450,000 860,000 1,579,244 860,000 Total $ 4,959,800 $ 3,369,800 $ 1,579,244 $ 3,324,426 Revolving Credit Facility The Company, through its indirect subsidiary, Blue Owl Finance LLC, maintains a revolving credit facility (the Revolving Credit Facility). Amounts available for the Revolving Credit Facility presented in the tables above are reduced by outstanding letters of credit related to certain leases. Borrowings under the Revolving Credit Facility bear interest at the Companys discretion at a rate …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table presents a disaggregated view of the Companys revenues: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2026 2025 2026 2025 Credit Platform Direct lending $ 328,882 $ 314,731 $ 666,350 $ 613,820 Alternative credit 30,942 19,318 61,312 40,503 Investment grade credit 17,719 16,199 35,522 32,886 Liquid credit 4,367 5,555 9,119 13,035 Other 9,403 12,213 25,465 22,146 Management Fees 391,313 368,016 797,768 722,390 Administrative, transaction and other fees 57,847 54,609 114,483 106,219 Fee offsets (1) (7,355) (14,711) Total Management and Other Fees, Net 441,805 422,625 897,540 828,609 Performance revenues 94 979 2,209 3,935 Total GAAP Revenues - Credit Platform 441,899 423,604 899,749 832,544 Real Assets Platform Net lease 65,648 47,514 131,027 94,350 Real estate credit 11,957 9,687 23,899 20,068 Digital infrastructure 35,260 48,226 70,069 100,459 Management Fees 112,865 105,427 224,995 214,877 Administrative, transaction and other fees 27,197 11,444 52,279 21,950 Fee offsets (1) (3,713) (7,229) Total Management and Other Fees, Net 136,349 116,871 270,045 236,827 Performance revenues 8 3,958 3,356 Total GAAP Revenues - Real Assets Platform 136,357 116,871 274,003 240,183 GP Strategic Capital Platform GP minority stakes 162,541 154,269 312,881 302,712 GP debt financing 4,647 5,833 9,445 8,225 Professional sports minority stakes 1,242 941 2,407 1,584 Strategic Revenue-Share Purchase consideration amortization (11,043) (11,117) (22,0 …

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10. EQUITY-BASED COMPENSATION The Company grants equity-based compensation awards in the form of RSUs and Incentive Units to its management, employees, consultants and independent members of the Board under the Second Amended and Restated Blue Owl Capital Inc. 2021 Omnibus Equity Incentive Plan, approved by stockholders on June 13, 2024 and further amended on April 1, 2025 (the 2021 Omnibus Plan). Equity-based compensation awards are generally subject to a three-year to five-year requisite service period, although certain grants are immediately vested at grant. As of June 30, 2026, the total number of Class A Shares and Common Units, collectively, that may be issued in respect of any RSUs, Incentive Units or other instruments awarded under the 2021 Omnibus Plan was 202,493,661, of which 68,811,811 remain available for issuance. To the extent that an award expires or is canceled, forfeited, terminated, surrendered, exchanged or withheld to cover tax withholding obligations, the unissued awards will again be available for grant under the 2021 Omnibus Plan. The 2021 Omnibus Plan features an evergreen provision that provides for an automatic increase to the total number of Class A Shares and Common Units that may be issued in respect of any RSUs, Incentive Units or other instruments awarded under the 2021 Omnibus Plan on the first day of each fiscal year beginning in calendar year 2025, and ending in and including 2034, by a number equal to the positive difference, if any, of (a) …

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4. INVESTMENTS AND FAIR VALUE DISCLOSURES The following table presents the components of the Companys investments: (dollars in thousands) June 30, 2026 December 31, 2025 Preferred equity investment, at fair value $ 310,171 $ 290,594 Equity investments in the Companys products, equity method 79,482 67,391 Loans and deferred purchase price receivable, at amortized cost (includes $29,431 and $27,797 in the Companys products, respectively) 60,850 58,845 Equity investments in the Companys products, at fair value 108,545 61,906 Investments in the Companys CLOs, at fair value 4,623 5,653 Total $ 563,671 $ 484,389 Fair Value Measurements Categorized within the Fair Value Hierarchy Fair value represents the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date (i.e., an exit price). The Company and the products it manages hold a variety of assets and liabilities, certain of which are not publicly traded or that are otherwise illiquid. Significant judgment and estimation go into the assumptions that drive the fair value of these assets and liabilities. The fair value of these assets and liabilities may be estimated using a combination of observed transaction prices, prices from third parties (including independent pricing services and relevant broker quotes), models or other valuation methodologies based on pricing inputs that are neither directly nor indirectly market obse …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

11. INCOME TAXES The computation of the effective tax rate and provision at each interim period requires the use of certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income that is subject to tax, permanent differences between the Companys GAAP earnings and taxable income, and the likelihood of recovering deferred tax assets existing as of the balance sheet date. The estimates used to compute the provision for income taxes may change throughout the year as new events occur, additional information is obtained or as tax laws and regulations change. Accordingly, the effective tax rate for future interim periods may vary materially. The Registrant is a domestic corporation for U.S. federal income tax purposes and is subject to U.S. federal and state and local corporate-level income taxes on its share of taxable income from the Blue Owl Operating Group. Further, the Registrants income tax provision and related income tax assets and liabilities are based on, among other things, an estimate of the impact of the exchanges of Common Units for Class A Shares, inclusive of an analysis of tax basis and state tax implications of the Blue Owl Operating Group and their underlying assets and liabilities. The Companys estimate is based on the most recent information available. The tax basis and state impact of the Blue Owl Operating Group and their underlying assets and liabilities are based o …

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5. LEASES The Company primarily has non-cancelable operating leases for its headquarters in New York and various other offices. The operating lease for the Companys headquarters does not include any renewal options; however, certain of the Companys other leases contain renewal and early termination options that the Company has determined are not reasonably certain of being exercised. (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, Lease Cost 2026 2025 2026 2025 Operating lease cost $ 15,618 $ 11,003 $ 31,183 $ 21,749 Short term lease cost 132 687 304 1,386 Net Lease Cost $ 15,750 $ 11,690 $ 31,487 $ 23,135 (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, Supplemental Lease Cash Flow Information 2026 2025 2026 2025 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases (1) $ 14,239 $ 8,766 $ 29,197 $ 17,943 Right-of-use assets obtained in exchange for lease obligations: Operating leases (2) $ 9,765 $ (2,241) $ 10,977 $ 22,845 The amount presented above includes tenant improvement allowances received from the lessor of $0.9 million for the three and six months ended June 30, 2026. The amount presented above includes a reduction related to the shortening of a lease term and rent abatements on existing leases of $2.6 million for the three and six months ended June 30, 2025. Lease Term and Discount Rate June 30, 2026 December 31, 2025 Weighted-average remaining lease …

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New Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (ASUs) issued by the FASB. ASUs not listed below were not applicable, not expected to have a material impact on the Companys Financial Statements when adopted or did not have a material impact on the Companys Financial Statements upon adoption. Standard Description Effective Date and Method of Adoption Impact on Financial Statements ASU 2024-03 & ASU 2025-01 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses The ASU requires additional disclosures of the nature of expenses included in the income statement. The guidance requires footnote disclosures in a tabular format, disaggregating certain costs and expenses that include any of the following expenses: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depletion. All public business entities are required to adopt the ASU prospectively for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company plans to adopt the ASU beginning with the Form 10-K for the fiscal year ending December 31, 2027. The guidance is expected to have minimal impact on the Companys Consolidated Financial Statements presentation and disclosure because the relevant expenses are disaggregated in the Consolidated State …

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13. RELATED PARTY TRANSACTIONS The majority of the Companys revenues, including substantially all management fees and certain administrative, transaction and other fees, are earned from the products it manages, which are related parties of the Company. The Company also has arrangements in place with products that it manages, whereby certain costs are initially paid by the Company and subsequently are reimbursed by the products. These amounts are included within due from related parties in the Companys consolidated statements of financial condition. (dollars in thousands) June 30, 2026 December 31, 2025 Management fees $ 420,520 $ 430,539 Performance revenues 1,381 Administrative fees 104,014 111,690 Other expenses paid on behalf of the Companys products and other related parties 166,304 150,446 Due from Related Parties $ 690,838 $ 694,056 Administrative Fees Administrative fees represent allocable compensation and other expenses incurred by the Company, pursuant to administrative and other agreements, that are reimbursed by the products it manages and other related parties. These administrative fees are included within administrative, transaction and other fees on the consolidated statements of operations and totaled $47.7 million and $85.3 million for the three and six months ended June 30, 2026, respectively, and $27.7 million and $58.1 million for the three and six months ended June 30, 2025, respectively. Dealer Manager Revenues Dealer manager revenues represent commissio …

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9. REVENUES The following table presents a disaggregated view of the Companys revenues: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2026 2025 2026 2025 Credit Platform Direct lending $ 328,882 $ 314,731 $ 666,350 $ 613,820 Alternative credit 30,942 19,318 61,312 40,503 Investment grade credit 17,719 16,199 35,522 32,886 Liquid credit 4,367 5,555 9,119 13,035 Other 9,403 12,213 25,465 22,146 Management Fees 391,313 368,016 797,768 722,390 Administrative, transaction and other fees 57,847 54,609 114,483 106,219 Fee offsets (1) (7,355) (14,711) Total Management and Other Fees, Net 441,805 422,625 897,540 828,609 Performance revenues 94 979 2,209 3,935 Total GAAP Revenues - Credit Platform 441,899 423,604 899,749 832,544 Real Assets Platform Net lease 65,648 47,514 131,027 94,350 Real estate credit 11,957 9,687 23,899 20,068 Digital infrastructure 35,260 48,226 70,069 100,459 Management Fees 112,865 105,427 224,995 214,877 Administrative, transaction and other fees 27,197 11,444 52,279 21,950 Fee offsets (1) (3,713) (7,229) Total Management and Other Fees, Net 136,349 116,871 270,045 236,827 Performance revenues 8 3,958 3,356 Total GAAP Revenues - Real Assets Platform 136,357 116,871 274,003 240,183 GP Strategic Capital Platform GP minority stakes 162,541 154,269 312,881 302,712 GP debt financing 4,647 5,833 9,445 8,225 Professional sports minority stakes 1,242 941 2,407 1,584 Strategic Revenue-Share Purchase consideration amortization (11,043) (1 …

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These unaudited, interim, consolidated financial statements (Financial Statements) are prepared in accordance with U.S. generally accepted accounting principles (GAAP) as set forth in the Financial Accounting Standards Boards (FASB) Accounting Standards Codification. All intercompany transactions and balances have been eliminated in consolidation. The notes are an integral part of the Companys Financial Statements. In the opinion of management, all adjustments necessary for a fair presentation of the Companys Financial Statements have been included and are of a normal and recurring nature. These interim Financial Statements should be read in conjunction with the annual report for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (SEC) on Form 10-K (the Annual Report). Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make assumptions and estimates that affect the amounts reported in the Financial Statements. The most critical of these estimates are related to (i) the fair value of the investments held by the products the Company manages, as for many products, this impacts the amount of revenues the Company recognizes each period; (ii) the fair value of the preferred equity investment; (iii) the fair value of equity-based compensation grants; (iv) the fair values of liabilities with respect to the TRA (the portion cons …

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14. SUBSEQUENT EVENTS Dividend On July 30, 2026, the Company announced a cash dividend of $0.23 per Class A Share. The dividend is payable on August 27, 2026, to holders of record as of the close of business on August 13, 2026.

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