Blue Owl's Missteps in the Private Credit Market Have Led Us to Reduce Our Fair Value Estimate

Blue Owl Capital has built a solid position in the alternative-asset management industry. It relies on its reputation, fairly broad product portfolio, investment performance history, and cadre of dedicated professionals to not only raise capital but maintain its standing as a go-to firm for institutional and high-net-worth investors looking for exposure to alternative assets. With $307.7 billion in total assets under management, or AUM, including $187.7 billion in fee-earning AUM, at the end of 2025, Blue Owl is one of the world's larger stand-alone alternative-asset managers.