Blue Owl Capital (OWL) Q3 2026 Earnings Call: AUM Reaches $330 Billion
Source Tradingkey
Key Takeaways
- Blue Owl Capital reported Q3 2026 fee-related earnings (FRE) of $0.27 per share and distributable earnings (DE) of $0.24 per share. Over the last 12 months, FRE grew 15% and DE increased 14%.
- Assets under management rose 12% year over year to $330 billion. The firm raised $12.6 billion during the quarter and $49 billion over the last 12 months, including a record quarter for institutional fundraising.
- AUM not yet earning fees reached $36 billion, nearly 30% higher year over year. Management estimates this capital will generate approximately $400 million in annual management fees when deployed.
- Credit and real assets performance remained firm. Last-12-month gross returns were 9.3% for direct lending, 10.3% for alternative credit, 12.3% for net lease and 13.4% for digital infrastructure.
- Management remains confident that full-year 2026 FRE will exceed $1.02 per share and DE will exceed $0.89 per share. It also expects management fee growth to accelerate in 2027.
- Blue Owl declared a Q3 dividend of $0.23 per share. Management expects DE to continue exceeding the dividend in Q4 2026 and through 2027.
Core Financial Data
| Metric | Q3 2026 / latest figure | Change or context |
|---|---|---|
| Fee-related earnings | $0.27 per share | FRE grew 15% over the last 12 months |
| Distributable earnings | $0.24 per share | DE grew 14% over the last 12 months |
| Dividend | $0.23 per share | Payable November 23 to holders of record November 10 |
| Assets under management | $330 billion | Up 12% year over year |
| Q3 capital raised | $12.6 billion | Record institutional fundraising quarter |
| Last-12-month capital raised | $49 billion | Equivalent to 16% of AUM one year earlier |
| AUM not yet earning fees | $36 billion | Expected to add about $400 million in annual management fees when deployed |
| Management fee growth | 11% | Excluding management fee offsets |
| Year-to-date FRE margin | 58.6% | Slightly above the 58.5% full-year outlook |
Business and Operating Performance
Fundraising and client channels
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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