BLUE OWL CAPITAL Business Summary

Blue Owl Capital Inc. is a global alternative asset manager that generates revenue primarily through management fees and administrative reimbursements, characterized by a high proportion of permanent capital which provides predictable, long-term fee streams. The company operates across four primary business segments: Credit, providing direct lending solutions to middle and upper-middle-market companies; GP Strategic Capital, which acquires minority equity stakes in institutional alternative asset managers; Real Estate, focusing on net lease strategies; and Insurance Solutions, which manages assets for the insurance sector. Blue Owl competes directly with diversified alternative managers such as Blackstone, Apollo Global Management, and Ares Management. It differentiates itself by maintaining a capital base that is approximately 90% permanent, significantly reducing the redemption and fundraising volatility faced by traditional private equity peers and positioning the firm as a specialized provider of ecosystem-wide liquidity solutions. The firm is steered by Co-Founders and Co-CEOs Doug Ostrover and Marc Lipschultz, both of whom were foundational members of Blackstone’s GSO Capital Partners and possess extensive backgrounds in leveraged finance. They are joined by Co-President Michael Rees, who pioneered the GP stakes asset class as the founder of Dyal Capital. The leadership team also includes Alan Kirshenbaum as Chief Financial Officer, who brings deep institutional experience from his previous roles at GSO and TPG. This executive core is recognized for institutionalizing private credit and secondary market strategies. Blue Owl’s board of directors includes seasoned industry veterans, reflecting the firm's origins from the 2021 merger between Owl Rock and Dyal Capital. The leadership has recently focused on scaling the firm's presence in the wealth management and insurance channels, bolstered by strategic acquisitions like Kuvare Asset Management to diversify its AUM base.