Blue Owl Capital Inc - Class A
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.30%.
Did OWL Beat Earnings? Q2 2025 Results
Blue Owl Capital delivered a standout second quarter for 2025, posting adjusted earnings per share of $0.21 against a consensus estimate of $0.2061 — a beat of 1.89% — while revenue of $703.11 million cleared expectations by 10.23% and climbed 27.9% year-over-year. The firm's most powerful engine was a record $13.90 billion in new capital commitments, including $12.10 billion in new equity capital, an achievement management highlighted as particularly impressive given what it called "substantial market disruption and volatility" during the period. A 34% surge in management fees to $623.37 million drove the top-line strength, with assets under management reaching $284.10 billion — up 48% from a year ago. GAAP net income fell sharply due to acquisition-related costs, but Fee-Related Earnings grew 21% to $358.34 million on a non-GAAP basis. Looking ahead, a $28.60 billion pipeline of AUM not yet paying fees represents roughly $379 million in future annual management fees, supporting the firm's decision to raise its annual dividend 25% to $0.90 per share for 2025.
- Record quarter of capital raising including records for institutional, wealth, Credit, and Real Assets channels
- More than 30% growth in management fees over the last twelve months
- 17th consecutive quarter of management fee and FRE growth
- Kuvare, IPI Partners and Atalaya acquisitions driving AUM growth of 48% year-over-year
- Permanent capital generated 87% of management fees during the last twelve months
- Direct lending originations of $9.7 billion during the quarter
“Blue Owl's strong second quarter results reflect broad-based momentum across our platforms and notable steps forward on new strategic initiatives. Taken together, we reported record fundraising and more than 30% growth in management fees over the last twelve months during a quarter that included substantial market disruption and volatility.”
Blue Owl Capital CEO, on the earnings call
Forward Guidance & Outlook
Blue Owl has $28.6 billion in AUM not yet paying fees, reflecting expected annual management fees of approximately $379 million once deployed. The firm announced an annual dividend of $0.90 per Class A Share for 2025, a 25% increase from 2024. Management emphasized continued investment in global distribution, an expanded suite of offerings, and a wider origination funnel, with $3.5 billion raised across new organic strategies. New strategic initiatives include a Voya retirement-focused partnership, a Digital Infrastructure REIT coming soon, and the first vintage of Strategic Equity having raised nearly $1.7 billion.
OWL YoY Financials
OWL Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.