Company Reports

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 $319.0 billion in total assets under management including $190.6 billion in fee-earning AUM, at the end of June 2026, Blue Owl is one of the world's larger stand-alone alternative-asset managers.

Blue Owl exited June 2026 with $190.6 billion in fee-earning assets, up 1.2% sequentially and 7.4% year over year. Despite fundraising efforts being down, due to private credit market concerns, the firm still pulled in slightly more than we had forecast.

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 $319.0 billion in total assets under management, or AUM, including $190.6 billion in fee-earning AUM, at the end of June 2026, Blue Owl is one of the world's larger stand-alone alternative-asset managers.

Blue Owl exited June 2026 with $190.6 billion in fee-earning assets, up 1.2% sequentially and 7.4% year over year. Base management fee revenue increased 8.5% year over year to $673 million in the quarter, while fee-related earnings increased 9.4% to $392 million.

The alternative asset managers were down 25% on average on a total return basis during the first half of 2026 as more volatile markets and uncertainties tied to US fiscal, tariff, and monetary policies, and concerns over the private credit market weighed on the group.

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 $314.9 billion in total assets under management, or AUM, including $188.4 billion in fee-earning AUM, at the end of March 2026, Blue Owl is one of the world's larger stand-alone alternative-asset managers.

We expect the negative perceptions attached to the private credit market, and Blue Owl in particular, will be a drag on the company's results in the near- to medium-term.

Blue Owl ended March 2026 with $188.4 billion in fee-earning assets, up 0.4% sequentially and 7.9% year over year. Base management fee revenue increased 13.2% year over year to $675 million in the quarter, while fee-related earnings increased 14.0% to $394 million.

When we initiated coverage on Blue Owl last year, we did not realize how prescient we'd be when we noted that two issues—the firm's smaller scale relative to other large alternative-asset managers and its heavy concentration in private credit—could affect the firm in the near to medium term.

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.

Shares of the alternative asset managers we cover were down close to 5% to 10% Feb. 19 but did recover to low- to mid-single-digit declines, after Blue Owl announced it was permanently halting redemptions at a private credit fund aimed at retail investors.

Shares of the alternative asset managers we cover have declined in the past several weeks, with the group as a whole down 10% since the start of 2025 and also down more than 15% over the past year.

Blue Owl ended December 2025 with $187.7 billion in fee-earning assets, up 2.1% sequentially and 17.5% year over year. Base management fee revenue increased 16.1% year over year to $660 million in the quarter, while fee-related earnings increased 17.8% to $701 million.

We're initiating coverage of Blue Owl, an alternative asset manager that specializes in private credit products and caters to both institutional and high-net-worth investors.

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 $295.6 billion in total assets under management, or AUM, including $183.8 billion in fee-earning AUM, at the end of September 2025, Blue Owl is one of the world's largest stand-alone alternative-asset managers.