Second Quarter 2026
Filed Jul 30, 2026Blue 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
AlphAI 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.