Monitor the pace of AUM deployment from the $31.1B not-yet-paying-fees backlog ($380M expected annual fees) and the trajectory of GAAP net income, which declined despite revenue growth. The dividend remains stable at $0.23/quarter. Watch for any shift in fundraising momentum in the next quarter.
Price Chart
Executive Summary
Blue Owl Capital reported Q2 2026 results with GAAP revenue of $753M (+7% YoY), GAAP net income attributable to Class A shares of $11.4M (-35% YoY), and Distributable Earnings of $351.2M ($0.22 per adjusted share, in line with consensus). AUM grew 12% YoY to $319B, driven by $7.6B in equity fundraising. The company declared a $0.23/quarter dividend. The GAAP net income decline reflects higher compensation and interest costs, but the core fee-related earnings and AUM growth remain steady.
Key Financial Metrics
Key Facts
- GAAP revenue $753.1M in Q2 2026, up 7% from $703.1M in Q2 2025
- GAAP net income attributable to Class A shares $11.4M, down 35% from $17.4M in Q2 2025
- Distributable Earnings $351.2M ($0.22 per adjusted share), up 9% from $323.0M ($0.21) in Q2 2025
- Fee-Related Earnings $392.2M ($0.25 per adjusted share), up 9% from $358.3M ($0.23) in Q2 2025
- AUM of $319.0B as of June 30, 2026, up 12% from $284.1B a year ago
- FPAUM of $190.6B, up 7% from $177.5B a year ago
- Permanent capital of $225.0B, up 10% from $204.6B a year ago
- New capital commitments raised of $7.8B ($7.6B equity) in the quarter
- Quarterly dividend of $0.23 per Class A share declared, payable August 27, 2026
- FRE margin improved to 58.5% from 57.0% a year ago
Financial Impact
Distributable Earnings of $351.2M, up 9% YoY; GAAP net income down 35% YoY to $11.4M
Risk Factors
- GAAP net income declining 35% YoY due to higher compensation and interest costs
- Credit platform direct lending net deployment was negative $(0.5)B in Q1 2026 (per prior quarter), though Q2 2026 showed positive $0.6B net deployment
- Interest expense rose to $47.7M from $42.0M a year ago, pressuring GAAP earnings
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001823945-26-000036 |
| Document: owl-20260730.htm | 0001823945-26-000036 |
| Document: a63026-ex991xearningspress.htm | 0001823945-26-000036 |
| Document: 0001823945-26-000036-index-headers.html | 0001823945-26-000036 |
| Document: 0001823945-26-000036-index.html | 0001823945-26-000036 |
| Document: 0001823945-26-000036.txt | 0001823945-26-000036 |
| 8-K Data (Synthetic) | 0001823945-26-000036 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 30, 2026 9w ago | 8-K | $10.16 $12.02 | ▲ +18.31% | ▲ +14.34% | $9.17 (−9.74%) |
Jul 8, 2026 12w ago | Press Release | $9.24 $11.55 | ▲ +25.00% | ▲ +21.73% | $9.17 (−0.76%) |
Apr 17, 2026 23w ago | DEFA14A | $9.89 $9.49 | ▼ −4.04% | ▼ −8.25% | $9.17 (−7.28%) |
US Market Status
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