BLUE OWL CAPITAL INC. (OWL): Results of Operations and Financial Condition
BLUE OWL CAPITAL INC. (OWL) filed an SEC Form 8-K — Results of Operations and Financial Condition. Blue Owl Capital Inc. Second Quarter 2026 Results NEW YORK (July 30, 2026) – Blue Owl Capital Inc. (NYSE:OWL) (“Blue Owl”) today reported its financial results for the second quarter ended June 30, 2026. “Blue Owl’s ongoing growth in the second quarter reflects the strong investm
How this was made
The 30-second read
Why it matters
The filing itself is a primary disclosure that earnings information is being released, but the excerpt does not provide the financial results or outlook needed to assess impact on OWL’s valuation.
Market read
Traders should treat this as an earnings-release trigger for OWL, then verify the actual Q2 metrics and any guidance in the attached exhibit.
What to watch
Traders will likely focus on AUM movement, fee-related metrics, credit performance, and any forward guidance, none of which appear in the scraped excerpt.
Blue Owl reported $319.0 billion of AUM, Fee-Related Earnings of $392.2 million and Distributable Earnings of $351.2 million for the second quarter of 2026, while GAAP Net Income was $11.4 million.
AUM, FPAUM and permanent capital increased from June 30, 2025, and the company reported substantial Fee-Related Earnings and Distributable Earnings. However, the filing excerpt reported GAAP Net Income of $11.4 million and does not provide revenue, margin, expense, cash-flow or full forward-guidance figures.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| GAAP Net IncomeGAAP | $11.4 million | – | – |
| Basic earnings per Class A ShareGAAP | $0.02 per basic Class A Share | – | – |
| Diluted earnings per Class A ShareGAAP | $0.02 per diluted Class A Share | – | – |
| Fee-Related Earningsnon-GAAP | $392.2 million | – | – |
| Fee-Related Earnings per Adjusted Sharenon-GAAP | $0.25 per Adjusted Share | – | – |
| Distributable Earningsnon-GAAP | $351.2 million | – | – |
| Distributable Earnings per Adjusted Sharenon-GAAP | $0.22 per Adjusted Share | – | – |
| Assets Under Managementother | $319.0 billion | – | up 12% since June 30, 2025 |
| Fee-Paying Assets Under Managementother | $190.6 billion | – | up 7% since June 30, 2025 |
| Permanent Capitalother | $225.0 billion | – | up 10% since June 30, 2025 |
| AUM Not Yet Paying Feesother | $31.1 billion | – | – |
| Expected annual FRE management fees once deployednon-GAAP | approximately $380 million | – | – |
| New Capital Commitments Raisedother | $7.8 billion | – | – |
| New equity capitalother | $7.6 billion | – | – |
| FPAUM Raised and Deployedother | $5.3 billion | – | – |
| Credit Assets Under Managementother | $158.1B | – | – |
| GP Strategic Capital Assets Under Managementother | $71.5B | – | – |
| Real Assets Assets Under Managementother | $89.4B | – | – |
Capital returns
- Annual Dividend of $0.92 per Class A Share announced for 2026.
What drove it
- AUM was $319.0 billion, up 12% since June 30, 2025.
- FPAUM was $190.6 billion, up 7% since June 30, 2025.
- Permanent Capital was $225.0 billion, up 10% since June 30, 2025.
- AUM Not Yet Paying Fees of $31.1 billion reflects expected annual FRE management fees of approximately $380 million once deployed.
- New Capital Commitments Raised were $7.8 billion, including $7.6 billion of new equity capital.
- FPAUM Raised and Deployed was $5.3 billion in the quarter.
Concerns
- GAAP Net Income was $11.4 million, compared with non-GAAP Fee-Related Earnings of $392.2 million and Distributable Earnings of $351.2 million.
- The presentation states that all current-period amounts are preliminary and unaudited.
- The available filing excerpt does not include total revenue, expenses, margins, cash flow, balance-sheet balances, or detailed forward guidance.
What to watch
- Deployment of the $31.1 billion of AUM Not Yet Paying Fees and the associated approximately $380 million of expected annual FRE management fees once deployed.
- Conversion of $7.8 billion of New Capital Commitments Raised into FPAUM and deployment.
- The relationship between reported GAAP Net Income and non-GAAP Fee-Related Earnings and Distributable Earnings.
- Further details on the declared dividend for the second quarter of 2026, which are truncated in the provided filing excerpt.
Analysis
Blue Owl ended the second quarter of 2026 with $319.0 billion of AUM, up 12% since June 30, 2025. Fee-Paying Assets Under Management reached $190.6 billion, up 7%, while Permanent Capital was $225.0 billion, up 10%. The disclosed figures show continuing asset-base expansion across the company’s permanent-capital-oriented platform.
The period produced $392.2 million of non-GAAP Fee-Related Earnings, or $0.25 per Adjusted Share, and $351.2 million of non-GAAP Distributable Earnings, or $0.22 per Adjusted Share. GAAP Net Income was $11.4 million, or $0.02 per basic and diluted Class A Share. The supplied excerpt does not provide total revenue, operating expenses, tax expense, or a reconciliation detail needed to explain the difference between GAAP and non-GAAP earnings measures.
Fundraising and deployment were notable. Blue Owl raised $7.8 billion of New Capital Commitments, including $7.6 billion of new equity capital, and reported $5.3 billion of FPAUM Raised and Deployed in the quarter. AUM Not Yet Paying Fees totaled $31.1 billion and was described as reflecting approximately $380 million of expected annual FRE management fees once deployed, making conversion of that asset base a key reported earnings lever.
Capital returns included an announced Annual Dividend of $0.92 per Class A Share for 2026. The provided excerpt does not contain repurchase activity, cash balances, debt balances, operating cash flow, free cash flow, or a complete quarterly dividend declaration. It also does not provide full-period outlook figures, so no comparison with prior guidance is available.
Not in the filing
stated, not guessed- Total revenue, including prior-year and prior-quarter comparisons
- Segment revenue and segment profitability
- Gross profit and gross margin
- Operating income, operating expenses and operating margin
- GAAP net income prior-year and prior-quarter comparisons
- GAAP and non-GAAP EPS prior-year and prior-quarter comparisons
- Fee-Related Earnings and Distributable Earnings prior-year and prior-quarter comparisons
- Cash, debt and liquidity balances
- Operating cash flow and free cash flow
- Share repurchases
- Complete second-quarter dividend declaration details, including the truncated amount and timing
- Forward revenue, margin, expense, tax-rate and other guidance
- Prior-release outlook needed for comparison with prior guidance
- Named executive commentary and attributable executive quotes
- GAAP-to-non-GAAP reconciliations referenced as appearing on slides 33 to 37 but not included in the provided filing text
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The document is an SEC Form 8-K (Item 2.02) tied to Blue Owl’s Q2 2026 earnings materials (Exhibit 99.2).
Ticker impact
Blue Owl filed an 8-K for Q2 2026 results of operations and financial condition, indicating an earnings update for the stock.
Likely modest to moderate near-term volatility once the actual earnings deck and numbers are reviewed; direction cannot be inferred from the scraped excerpt.
The excerpt is largely boilerplate and does not include reported KPIs, revenue, earnings, AUM changes, or forward guidance.
Market effects
Earnings updates from alternative asset managers can affect sentiment toward credit and real-asset fee streams, but no sector datapoints are included here.
No regional market specifics provided in the excerpt.
No global macro or cross-border transaction details provided in the excerpt.
Counterpoint
Without the actual earnings numbers or guidance in the provided text, the filing may not change trading expectations materially until the deck’s KPIs are digested.
Key entities
- issuerBlue Owl Capital Inc.
Subject of the SEC 8-K, reporting results of operations and financial condition for Q2 2026.
- filingSEC Form 8-K
Regulatory filing type used to disclose material company updates, here tied to earnings results.
