Blue Owl Capital Stock Earnings Reports

Blue Owl reported resilient first-quarter 2026 results with platform diversification and fundraising driving growth despite macro volatility. Key financials: FRE $0.25/share, DE $0.19/share, and a declared quarterly dividend of $0.23 (payable May 27). Revenues rose 13%, FRE +14%, DE +11% year-over-year. Fundraising totaled $11 billion in 1Q and $57 billion over the last 12 months, with institutional investors representing ~2/3 of equity raised. Direct lending is 37% of AUM while real assets (27%) and GP Strategic Capital (22%) are meaningful and growing contributors. Notable closes: BOSE (GP-led secondaries) and ASOF IX (alternative credit) each ~ $3 billion (above target). Dry powder/AUM not yet paying fees is ~$30 billion (estimated $350 million of annual fees when deployed). Portfolio health metrics remained stable: low average annual loss rate (~12 bps), LTVs moved modestly higher (software LTVs from low-30s to low-40s) but still show significant equity cushion, strong repayment activity (billions in paydowns), and continued outperformance versus public indices (examples: OCIC ~9.1% annualized since inception; net lease ~14.7% last 12 months). The company reiterated its focus on disciplined expense management and reconfirmed a 2026 FRE margin target of ~58.5% and commitment to a $0.92 annual dividend. Management emphasized that recent retail redemptions were modest in scale relative to total AUM, were concentrated among a small subset of investors, and that flows largely reflect headline-driven, not fundamental-driven, concerns. Management sees selective deployment opportunities as spreads widen and expects fundraising and fee-paying AUM to continue growing over the year.