Blue Owl Capital Inc. (OWL): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la gestion des actifs alternatifs, Blue Owl Capital Inc. (OWL) apparaît comme une puissance sophistiquée, transformant des paysages d'investissement institutionnels avec son approche innovante. En mélangeant de manière transparente des stratégies d'investissement de pointe, une technologie propriétaire et une expertise financière profonde, Blue Owl a sculpté un créneau unique pour fournir des solutions d'investissement alternatives spécialisées qui promettent à haut rendement Opportunités et rendements méticuleusement gérés par les risques pour les investisseurs institutionnels exigeants. Cette toile complète du modèle commercial dévoile la machinerie complexe derrière le succès remarquable de Blue Owl, offrant une vision d'un initié sur la façon dont cet innovateur financier crée et offre une valeur exceptionnelle dans le domaine complexe des investissements alternatifs.

Blue Owl Capital Inc. (OWL) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec des investisseurs institutionnels

Blue Owl Capital a établi des partenariats stratégiques avec les investisseurs institutionnels suivants:

Type d'investisseur	Nombre de partenariats	Total des actifs sous gestion
Fonds de pension	37	8,2 milliards de dollars
Dotation	22	3,6 milliards de dollars
Fondations	15	2,1 milliards de dollars

Collaboration avec les sociétés de capital-investissement et d'immobilier

Les relations collaboratives clés comprennent:

• Groupe Blackstone
• Kkr
• Gestion mondiale Apollo
• Brookfield Asset Management

Entreprise partenaire	Valeur de collaboration d'investissement	Durée du partenariat
Groupe Blackstone	1,5 milliard de dollars	5 ans
Kkr	1,2 milliard de dollars	4 ans

Partenariats avec des plateformes de conseil financier et d'investissement

Partenariats de plate-forme numérique:

• Plateforme d'investissement numérique Goldman Sachs
• Morgan Stanley Wealth Management
• JP Morgan Investment Solutions

Relations avec les fonds de pension et les fonds souverains

Type de fonds	Nombre de partenariats	Valeur d'investissement totale
Fonds de pension de l'État américain	12	4,7 milliards de dollars
Fonds de richesse souverain internationaux	8	3,3 milliards de dollars

Blue Owl Capital Inc. (OWL) - Modèle d'entreprise: Activités clés

Gestion des actifs alternatifs et stratégies d'investissement

Au quatrième trimestre 2023, Blue Owl Capital a géré environ 40,4 milliards de dollars d'actifs alternatifs. L'entreprise se concentre sur:

• Stratégies de prêt direct
• Investissements de capital-investissement
• Véhicules d'investissement axés sur le crédit

Catégorie d'actifs	Total des actifs sous gestion	Rendement moyen
Prêts directs	24,1 milliards de dollars	10.5%
Capital-investissement	12,3 milliards de dollars	15.2%
Stratégies de crédit	4,0 milliards de dollars	8.7%

Services directs sur les prêts et les investissements en crédit

La plate-forme de prêt directe de Blue Owl a créé 8,2 milliards de dollars de nouveaux prêts au cours de 2023, avec une taille moyenne de 75 millions de dollars.

Segment de prêt	Prêts totaux	Taux d'intérêt moyen
Prêts du marché intermédiaire	6,5 milliards de dollars	12.3%
Crédit d'entreprise	1,7 milliard de dollars	11.8%

Gestion des fonds de capital-investissement

Blue Owl gère plusieurs fonds de capital-investissement avec un capital total engagé de 15,6 milliards de dollars en 2023.

• Investissements en actions en croissance
• Stratégies d'investissement spécifiques au secteur
• Focus des investisseurs institutionnels

Capital Raising and Investment Advisory

En 2023, Blue Owl a levé 4,8 milliards de dollars de nouveaux capitaux dans diverses stratégies d'investissement.

Type d'investisseur	Capital levé	Pourcentage
Investisseurs institutionnels	3,6 milliards de dollars	75%
Individus de valeur nette élevée	1,2 milliard de dollars	25%

Évaluation des risques et optimisation du portefeuille

Blue Owl utilise des techniques de gestion des risques sophistiquées avec une approche de diversification du portefeuille.

• Allocation d'actifs pondérée en fonction du risque
• Rééquilibrage continu du portefeuille
• Plateformes d'analyse avancées

Métrique à risque	Performance
Volatilité du portefeuille	8.2%
Ratio sharpe	1.45

Blue Owl Capital Inc. (OWL) - Modèle d'entreprise: Ressources clés

Équipe de gestion expérimentée

L'équipe de gestion de Blue Owl Capital comprend:

• Marc Lipschultz - Co-fondateur et co-PDG
• Michael Rees - Co-fondateur et co-PDG
• Brendan O'Grady - responsable des solutions de capital

Poste de direction	Années d'expérience	Institution antérieure
Marc Lipschultz	25 ans et plus	Goldman Sachs
Michael Rees	20 ans et plus	Kayne Anderson

Technologie et analyse d'investissement

Plateformes technologiques propriétaires Inclure des systèmes avancés de données de données et de gestion des investissements.

Relations avec les investisseurs institutionnels

Type d'investisseur	Nombre de relations
Fonds de pension	45+
Dotation	30+
Fonds de richesse souverain	15+

Actifs sous gestion

Au quatrième trimestre 2023, Blue Owl Capital a géré:

• AUM total: 69,4 milliards de dollars
• AUM DIRECT LENDAND: 23,1 milliards de dollars
• Secondaires de capital-investissement AUM: 33,4 milliards de dollars
• GP Capital Solutions Aum: 12,9 milliards de dollars

Infrastructure financière et opérationnelle

Métrique d'infrastructure	2023 données
Employés	350+
Bureaux mondiaux	5
Revenus annuels	817,4 millions de dollars
Revenu net	340,2 millions de dollars

Blue Owl Capital Inc. (OWL) - Modèle d'entreprise: propositions de valeur

Solutions d'investissement alternatives spécialisées

Blue Owl Capital gère 68,3 milliards de dollars d'actifs d'investissement alternatifs au troisième trimestre 2023. L'entreprise se concentre sur trois stratégies d'investissement primaires:

Stratégie	Actif total	Type d'investisseur
Prêts directs	32,4 milliards de dollars	Investisseurs institutionnels
Capital-investissement	22,7 milliards de dollars	Fonds de pension
GP Capital Solutions	13,2 milliards de dollars	Dotation

Crédits à haut rendement et opportunités d'investissement en capital-investissement

Mesures de performance d'investissement de Blue Owl:

• TRI brut pour les prêts directs: 14,5%
• TRI net pour le capital-investissement: 16,3%
• Taille moyenne du fonds: 1,2 milliard de dollars

Stratégies d'investissement innovantes et flexibles

Répartition de la stratégie d'investissement par déploiement des capitaux:

Catégorie d'investissement	Pourcentage de portefeuille	Taille moyenne de l'investissement
Prêts du marché intermédiaire	47%	25 à 75 millions de dollars
GRANDE LAGEMENTS CORPORATE	28%	100 à 250 millions de dollars
Secteurs spécialisés	25%	50 à 150 millions de dollars

Approches d'investissement sur mesure pour les clients institutionnels

Segmentation et allocation du client:

• Fonds de pension: 42% du total des actifs
• Fonds des richesses souveraines: 22% du total des actifs
• Dotations et fondations: 18% du total des actifs
• Bureaux familiaux: 12% du total des actifs
• Autres investisseurs institutionnels: 6% du total des actifs

Performance cohérente et rendements gérés au risque

Gestion des risques et métriques de performance:

Métrique de performance	Valeur
Ratio sharpe	1.45
Taux par défaut	0.75%
Retour annuel	15.2%

Blue Owl Capital Inc. (OWL) - Modèle d'entreprise: relations clients

Services de conseil en investissement personnalisés

Blue Owl Capital fournit aux services de conseil en investissement élevé en accent sur les stratégies privées directes. Au quatrième trimestre 2023, l'entreprise gère 40,6 milliards de dollars d'actifs sous gestion (AUM).

Catégorie de service	Segment client	Taille moyenne du compte
Prêts directs	Investisseurs institutionnels	75 millions de dollars
Crédit privé	Fonds de pension	125 millions de dollars
Capital stratégique GP	Gestionnaires d'investissement alternatifs	250 millions de dollars

Rapports de performance de portefeuille réguliers

L'entreprise fournit des rapports de performance trimestriels et annuels complets aux clients.

• Analyse de performance détaillée trimestrielle
• Revue de stratégie d'investissement annuelle annuelle
• Accès au tableau de bord numérique en temps réel

Équipes de gestion des relations dédiées

Blue Owl maintient des équipes de gestion des relations spécialisées avec un taux moyen de rétention de la clientèle de 92% en 2023.

Type d'équipe	Nombre de professionnels	Couverture moyenne du client
Ventes institutionnelles	45	8-10 clients par gestionnaire
Service à la clientèle	62	12-15 relations avec les clients

Plateformes de communication du client numérique

Blue Owl utilise des plateformes numériques avancées pour l'engagement et les rapports des clients.

• Portail d'investisseurs en ligne sécurisé
• Interface de reporting sensible aux mobiles
• Canaux de communication cryptés

Consultations en cours de stratégie d'investissement

L'entreprise effectue des consultations stratégiques d'investissement régulières avec une moyenne de 4 à 6 points de contact par client par an.

Type de consultation	Fréquence	Durée moyenne
Revue stratégique	Trimestriel	2-3 heures
Performance Deep Dive	Semestriel	4-5 heures

Blue Owl Capital Inc. (OWL) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis le quatrième trimestre 2023, l'équipe de vente directe de Blue Owl Capital comprenait 87 représentants des ventes professionnelles ciblant les investisseurs institutionnels et les clients à forte valeur.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	87
Taille moyenne du portefeuille client	124 millions de dollars
Revenus de l'équipe de vente annuelle	438,6 millions de dollars

Plates-formes d'investissement numériques

Blue Owl Capital utilise des plateformes d'investissement numérique sophistiquées avec les caractéristiques suivantes:

• Base d'utilisateurs de plate-forme: 3 542 investisseurs institutionnels actifs
• Volume de transaction numérique: 2,3 milliards de dollars en 2023
• Évaluation de sécurité de la plate-forme: SOC 2 Type II conforme

Réseaux de conseillers financiers

La société maintient des partenariats avec 612 cabinets de conseil financier enregistrés aux États-Unis.

Métrique du réseau	2023 données
Total des entreprises partenaires	612
Actif total sous référence	18,7 milliards de dollars
Commission de référence moyenne	0.75%

Conférences d'investisseurs institutionnelles

Blue Owl Capital a participé à 24 conférences d'investisseurs institutionnelles en 2023, atteignant 1 876 clients institutionnels potentiels.

Portail des relations avec les investisseurs en ligne

Le portail des relations avec les investisseurs en ligne de l'entreprise propose un suivi des performances en temps réel et des informations détaillées sur les investissements.

• Portail Utilisateurs actifs mensuels: 4 213
• Engagement du portail annuel: 50 556 sessions uniques
• Durée moyenne de la session: 17,4 minutes

Blue Owl Capital Inc. (OWL) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Blue Owl Capital Inc. cible les investisseurs institutionnels avec les éléments suivants profile:

Caractéristiques du segment	Données quantitatives
AUM institutionnel total	57,1 milliards de dollars (au quatrième trimestre 2023)
Taille moyenne de l'investissement	25 millions à 100 millions de dollars
Compte de clients institutionnels	Plus de 250 investisseurs institutionnels actifs

Fonds de pension

Le segment de la clientèle de Blue Owl's Pension Fund comprend:

• Fonds de pension publique
• Fonds de retraite d'entreprise
• Plan de retraite multi-employeurs

Segment des fonds de pension	Métrique
Fonds de pension AUM	22,3 milliards de dollars (au quatrième trimestre 2023)
Nombre de clients de fonds de pension	47 Investisseurs de fonds de retraite actifs

Fonds de richesse souverain

Fonds de la patrimoine souverain de Blue Owl Caractéristiques du segment des clients:

Détails du Fonds de patrimoine souverain	Informations quantitatives
Fonds total de patrimoine souverain aum	15,6 milliards de dollars (au quatrième trimestre 2023)
Nombre de clients du Fonds de patrimoine souverain	12 Fonds internationaux de richesse souverain

Familiaux

Détails du segment du bureau de la famille de Blue Owl:

Segment du bureau de la famille	Points de données
Total Family Office Aum	8,7 milliards de dollars (au quatrième trimestre 2023)
Nombre de clients familiaux	63 Investisseurs du Family Office

Individus à haute nette

Segment client individuel élevé de Blue Owl: Blue Owl:

Segment HNWI	Métriques quantitatives
Total hnwi aum	6,4 milliards de dollars (au quatrième trimestre 2023)
Seuil d'investissement minimum	5 millions de dollars par investisseur
Nombre de clients HNWI	92 Investisseurs individuels à forte valeur

Blue Owl Capital Inc. (OWL) - Modèle d'entreprise: Structure des coûts

Compensation et salaires pour les professionnels de l'investissement

Au quatrième trimestre 2023, Blue Owl Capital Inc. a déclaré des frais totaux de rémunération des employés de 295,4 millions de dollars. La rupture de la structure de la rémunération est la suivante:

Catégorie	Montant ($)
Salaires de base	142,500,000
Bonus de performance	98,300,000
Compensation en stock	54,600,000

Maintenance de technologie et d'infrastructure

Les coûts d'infrastructure technologique pour Blue Owl Capital en 2023 ont totalisé 48,3 millions de dollars, avec les composants clés suivants:

• Cloud Computing et infrastructure informatique: 22,1 millions de dollars
• Systèmes de cybersécurité: 12,5 millions de dollars
• Licence et développement logiciel: 13,7 millions de dollars

Frais de marketing et de développement commercial

Les dépenses de marketing et de développement commercial pour l'exercice 2023 étaient de 37,6 millions de dollars, distribuées comme suit:

Catégorie de dépenses	Montant ($)
Conférences et parrainages d'événements	8,900,000
Campagnes de marketing numérique	14,200,000
Voyage du développement des entreprises	5,600,000
Marketing de la relation client	8,900,000

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour Blue Owl Capital en 2023 s'élevaient à 24,7 millions de dollars, avec l'allocation suivante:

• Services de conseil juridique: 9,3 millions de dollars
• Salaires du personnel de conformité: 7,5 millions de dollars
• Systèmes de rapports réglementaires: 4,9 millions de dollars
• Audit et vérification externes: 3 millions de dollars

Investissements de recherche et d'analyse

Les investissements de recherche et d'analyse pour l'exercice 2023 étaient de 32,5 millions de dollars, structurés:

Catégorie de recherche	Montant ($)
Abonnements d'études de marché	8,700,000
Équipe de recherche interne	15,600,000
Outils d'analyse de données	6,200,000
Partenariats de recherche externe	2,000,000

Blue Owl Capital Inc. (OWL) - Modèle d'entreprise: Strots de revenus

Frais de gestion des fonds d'investissement alternatifs

Au quatrième trimestre 2023, Blue Owl Capital a déclaré 168,5 millions de dollars en frais de gestion à partir de fonds d'investissement alternatifs. La société génère ces frais sur trois segments principaux:

Segment	Revenus de frais de gestion
Prêts directs	86,3 millions de dollars
GP Capital Solutions	52,7 millions de dollars
Solutions secondaires	29,5 millions de dollars

Intérêt porté sur la performance

Les revenus des intérêts transportés de Blue Owl Capital pour 2023 étaient de 92,4 millions de dollars, avec la distribution suivante:

• Prêt direct: 41,2 millions de dollars
• GP Capital Solutions: 33,6 millions de dollars
• Solutions secondaires: 17,6 millions de dollars

Frais de service consultatif

Les frais de service de conseil pour 2023 ont totalisé 24,6 millions de dollars, en se concentrant sur:

Type de service consultatif	Revenus des frais
Avis de transaction	15,3 millions de dollars
Conseil stratégique	9,3 millions de dollars

Frais de gestion des investissements

Les frais de gestion des investissements pour 2023 ont atteint 112,7 millions de dollars, décomposés comme suit:

• Investisseurs institutionnels: 67,4 millions de dollars
• Clients à valeur nette élevée: 45,3 millions de dollars

Revenus basés sur les actifs de l'AUM

Les actifs totaux de Blue Owl Capital sous gestion (AUM) au 31 décembre 2023 se sont élevés à 72,3 milliards de dollars, générant des revenus basés sur les actifs de 276,8 millions de dollars:

Segment AUM	AUM Valeur	Revenus basés sur les actifs
Prêts directs	32,6 milliards de dollars	124,5 millions de dollars
GP Capital Solutions	24,7 milliards de dollars	94,3 millions de dollars
Solutions secondaires	15,0 milliards de dollars	58,0 millions de dollars

Blue Owl Capital Inc. (OWL) - Canvas Business Model: Value Propositions

You're building a portfolio that needs durable, non-public market exposure. Blue Owl Capital Inc. offers direct access to these less-correlated spaces, anchored by a massive capital base.

Access to private credit and alternative assets for diversification.

Blue Owl Capital Inc. provides investors a gateway to alternatives, managing over $295 billion in assets under management as of September 30, 2025. The Credit platform alone holds approximately $152.1 billion in AUM as of that same date, giving clients significant scale in private lending. The firm secured a record $40 billion in new equity commitments over the twelve months ending September 30, 2025, with roughly 60%, or $23 billion, coming from institutional clients in that period.

The value proposition centers on providing access to asset classes that are structurally difficult for many investors to reach directly. This includes:

• Direct lending to the middle market.
• Real Assets strategies, including net lease and digital infrastructure.
• Minority equity stakes in leading private capital managers.

Stable, contractual yield and capital preservation focus.

For the Credit platform, the emphasis is on generating contractual yield with a strong focus on capital preservation. This is evident in the portfolio construction; as of September 30, 2025, 80% of the portfolio consisted of senior-oriented investments, and 74% of that was comprised of first-lien loans. This defensive positioning supports the recurring revenue model. For instance, Fee-Related Earnings (FRE) grew by 19% over the last 12 months ending September 30, 2025, reinforcing the stability of the income stream.

The focus on credit quality is a key differentiator. For Blue Owl Capital Corporation (OBDC), the annualized dividend yield based on the Q3 2025 regular dividend was 9.9%, reflecting the income-generating nature of the underlying assets.

Private capital solutions for middle-market companies and sponsors.

Blue Owl Capital Inc. serves as a capital partner of choice for private companies, often those backed by financial sponsors. The firm focuses on the upper middle-market, where borrowers are generally more durable across economic cycles. As of September 30, 2025, the average borrower in the direct lending portfolio generated a weighted average annual EBITDA of $229 million. The firm's ability to lead or anchor debt financings in excess of $1 billion across its platform speaks to the scale of solutions offered to these larger middle-market entities.

Here's a look at the platform scale driving these solutions:

Platform Segment	AUM (as of 9/30/2025)	Key Focus Area
Credit	$152.1 billion	Direct Lending, Alternative Credit
Real Assets	Data not specified in billions	Net Lease, Real Estate Credit, Digital Infrastructure
GP Strategic Capital	$68.8 billion	Minority Equity and Financing Solutions

Minority equity stakes for GP Strategic Capital partners (non-control).

The GP Strategic Capital platform provides non-control, minority equity and financing solutions to private capital managers, offering them permanent capital to support their own growth. This platform represented $68.8 billion in AUM as of September 30, 2025. The structure is designed to be a long-term partnership, not a controlling stake.

The composition of the GP Strategic Capital AUM as of September 30, 2025, shows the depth of this value proposition:

• GP Minority Stakes: $64.9 billion
• GP Debt Financing: $2.8 billion
• Professional Sports Minority Stakes: $1.1 billion

High visibility into future earnings due to recurring revenue model.

The structure of Blue Owl Capital Inc.'s business, heavily weighted toward management fees from long-duration capital, provides excellent visibility. Management fees increased by 29% over the last 12 months ending September 30, 2025, with 86% of that growth coming from permanent capital vehicles. Similarly, Distributable Earnings (DE) grew by 15% over the same period. This recurring revenue stream, which is less dependent on immediate transaction volume, gives you a clear line of sight into future earnings potential.

Blue Owl Capital Inc. (OWL) - Canvas Business Model: Customer Relationships

You're looking at how Blue Owl Capital Inc. keeps its capital providers and partners close, which is the core of its business in alternatives. It's not just about managing money; it's about deep, structural relationships.

High-touch, direct access to senior leadership for institutional clients

For your largest institutional clients, Blue Owl Capital Inc. emphasizes direct engagement. This isn't a tiered service where you only talk to junior staff; the firm's structure supports direct access to the people making the investment calls. This high-touch approach is clearly reflected in the massive capital inflows from this segment.

The fundraising momentum shows this trust in action. Over the last twelve months ending September 30, 2025, Blue Owl Capital Inc. took in a record $57 billion in new equity capital commitments. To be fair, a significant portion of that came from institutional sources. Of the $40 billion raised in the LTM period before the Q3 2025 report, roughly 60%, or $23 billion, came directly from institutional clients, marking an increase of over 100% versus the prior year period. This scale requires constant, direct communication.

Here's a quick look at the scale of assets managed, which underpins these relationships as of September 30, 2025:

Metric	Amount (as of 9/30/2025)
Total Assets Under Management (AUM)	$295.6 billion
Fee-Paying AUM (FPAUM)	$183.8 billion
Permanent Capital Base	$213.8 billion
AUM Not Yet Paying Fees	$28.4 billion

That $28.4 billion in uncalled capital represents about $361 million in expected annual management fees once it's deployed. That's a pipeline built on established trust.

Tailored financial solutions and customized investment vehicles

Blue Owl Capital Inc. doesn't push a one-size-fits-all product. You see the customization across its three main platforms: Credit, Real Assets, and GP Strategic Capital. The firm's ability to provide sizeable commitments is a key differentiator, especially in direct lending where borrowers need certainty and speed.

The Credit platform, for instance, has over 800+ Sponsor relationships, and its team is known for providing a full suite of financing solutions. This means they tailor the debt structure-first lien, unitranche, or second lien-to the specific needs of the middle-market company. The platform, which manages $152.1 billion as of September 30, 2025, is structured to offer flexibility.

For wealth channels, customization is also key, with new vehicles like the Alternative Credit Interval Fund (OWLCX) raising over $1 billion shortly after launch, showing a tailored offering for that specific client segment.

Educational platform (TALON) for financial advisors on private markets

To deepen relationships with financial advisors-a critical channel for future growth-Blue Owl Capital Inc. launched a dedicated educational resource. On October 9, 2025, the firm announced TALON-Tax-Aware Literacy & Offerings-on The Nest digital experience.

TALON is designed to empower advisors by providing:

• Tax-centric resources and insights.
• CE-accredited courses for continuing education.
• Videos and whitepapers on tax-efficient private market strategies.

This initiative helps bridge the knowledge gap, making it easier for advisors to incorporate private market solutions into client portfolios, which directly supports Blue Owl Capital Inc.'s goal of growing the private wealth channel.

Long-term, sticky capital relationships with fund managers

The stickiness of capital is perhaps the most defining feature, especially within the GP Strategic Capital platform. This segment focuses on building long-term, win-win relationships with the managers themselves, not just their investors.

Blue Owl GP Strategic Capital has equity partnerships with over 45 of the world's leading private capital firms. These partners, in aggregate, manage over $2 trillion in assets. This deep engagement gives Blue Owl Capital Inc. what it calls "early looks" and "last looks" at investment opportunities, which is a direct benefit of these long-term, sticky relationships.

Furthermore, the firm's $213.8 billion Permanent Capital base as of September 30, 2025, provides a stable foundation. Management fees from these permanent capital vehicles accounted for 86% of the total management fee increase over the last twelve months ending Q3 2025, showing how critical these long-duration relationships are to predictable revenue generation.

Finance: draft 13-week cash view by Friday.

Blue Owl Capital Inc. (OWL) - Canvas Business Model: Channels

You're looking at how Blue Owl Capital Inc. gets its capital to work across different client types; it's a multi-pronged distribution strategy, honestly. As of late 2025, their total assets under management hit over $295 billion as of September 30, 2025.

The institutional side relies heavily on direct relationships, which is where the institutional sales team comes in, targeting large pools of capital like pension funds and sovereign wealth funds. This effort is clearly paying off, as new capital commitments reached $14 billion in the third quarter alone, with $57 billion raised over the trailing twelve months, showing strong interest across institutional, private wealth, and insurance clients.

For the private wealth channel, Blue Owl Capital Inc. is scaling up its reach to individual investors. The prompt noted serving nearly 150,000 investors, and the firm is seeing a clear shift in focus here. They expect 27% of their partner managers' expected fundraising over the next 12-18 months to come from private wealth, which is a big jump from the 10% seen in the prior twelve months.

Distribution through established financial intermediaries is key, meaning they use third-party wealth platforms. While specific platform names like Morgan Stanley and Goldman Sachs are part of this ecosystem, the focus is on embedding their products where advisors already operate. This is a critical path for scaling access beyond direct institutional mandates.

Direct-to-client investment vehicles are a major component, especially through their Business Development Companies (BDCs). Blue Owl Capital Corporation (OBDC) is a prime example of this channel. Here are some hard numbers for OBDC as of the third quarter ended September 30, 2025:

Metric	Value (as of Q3 2025)
Aggregate Fair Value of Investments	$17.1 billion
Number of Portfolio Companies	238
GAAP Net Investment Income (NII) per Share	$0.37
New Investment Commitments (Q3 2025)	$1.3 billion
Share Repurchase Authorization (Announced Nov 2025)	$200 million

The Credit platform, which houses OBDC, managed approximately $152.1 billion in assets as of September 30, 2025. That's a lot of capital flowing through that direct lending structure.

Finally, the retirement platform expansion via the Voya partnership is a newer, significant channel development. This collaboration, announced in July 2025, is designed to bring private markets strategies into defined contribution plans through Collective Investment Trusts (CITs) on Voya's platform. Voya itself serves over nine million retirement plan participants holding more than $630 billion in defined contribution assets. This partnership lets Blue Owl Capital Inc. tap into that massive retirement savings base, offering products through Voya's advisor-managed accounts and target date solutions.

The key distribution methods you should track are:

• Institutional sales team targeting large funds.
• Private wealth channel serving approximately 150,000 individuals.
• Use of third-party platforms for advisor access.
• Direct BDC offerings like OBDC with a $17.1 billion portfolio.
• The Voya CIT partnership expanding into retirement plans.

Blue Owl Capital Inc. (OWL) - Canvas Business Model: Customer Segments

You're looking at the core client base for Blue Owl Capital Inc. as of late 2025. This firm, one of the world's largest alternative-asset managers, structures its business around serving sophisticated capital providers across its three main platforms: Credit, Real Assets, and GP Strategic Capital.

As of September 30, 2025, Blue Owl Capital Inc. reported total assets under management (AUM) of $295.6 billion, with fee-earning AUM (FPAUM) at $183.8 billion.

The firm's client base is broadly categorized by investor type, reflecting where the capital originates:

• Institutional investors account for 68% of total AUM.
• High-net-worth individuals (Private Wealth) account for 32% of total AUM.

Fundraising momentum in the preceding twelve months (LTM) to September 30, 2025, was strong, reaching a record $57 billion in new capital commitments.

Here's the quick math on that recent fundraising: roughly 60%, or $23 billion, of that $40 billion raised over the last twelve months came specifically from institutional clients, showing their continued reliance on Blue Owl Capital Inc.'s strategies.

The specific customer segments you listed are served through the deployment of capital across Blue Owl Capital Inc.'s specialized platforms. The relationship with Financial Sponsors is particularly embedded within the GP Strategic Capital segment.

This table breaks down the scale of the platforms that service these customer segments as of the third quarter of 2025:

Customer Segment Focus	Primary Blue Owl Capital Inc. Platform	Total AUM (as of September 30, 2025)	Fee-Earning AUM (as of September 30, 2025)
Institutional investors, private wealth, and insurance companies	Credit	$152.1 billion	$97.3 billion
Institutional investors, private wealth, and insurance companies	Real Estate/Real Assets	$74.7 billion	$46.3 billion
General Partners (GPs) of alternative asset managers	GP Strategic Capital (Global Private Equity)	$68.8 billion	$40.2 billion

Insurance companies are explicitly mentioned as a key client type seeking differentiated alternative investment opportunities, alongside institutional investors and individual investors.

For the Financial Sponsors and private equity-backed middle-market companies, the relationship is symbiotic; the GP Strategic Capital platform provides capital solutions, such as GP minority stakes and GP debt financing, directly to these sponsors, which in turn drives deal flow for the Credit platform.

Blue Owl Capital Inc. also noted strong interest in new products, such as the publicly traded BDCs (OBDC) which are vehicles for individual and institutional capital, with $2.4 billion raised in the third quarter of 2025 coming from these non-traded BDCs within the Credit platform.

Also, the firm has significant visibility into future revenue from capital commitments that are not yet paying fees. As of September 30, 2025, there was $28.4 billion of AUM not yet paying fees, which implies expected annual management fees of approximately $361 million upon deployment.

Finance: draft 13-week cash view by Friday.

Blue Owl Capital Inc. (OWL) - Canvas Business Model: Cost Structure

You're looking at the major outflows for Blue Owl Capital Inc. as of late 2025, which is heavily weighted toward personnel and growth-related expenses, especially following recent M&A activity. Honestly, for an asset manager, people and technology are the biggest levers you pull, and the numbers reflect that focus.

Compensation and benefits for over 1,365 professionals.

Personnel costs are a primary driver of the cost structure. As of December 31, 2024, Blue Owl Capital Inc. reported having 1,100 employees. The cost associated with this team was substantial in early 2025; for the first quarter ended March 31, 2025, compensation and benefits expenses totaled $325.9 million. This figure reflects the cost of retaining and growing the professional staff across the Credit, GP Strategic Capital, and Real Assets platforms.

Significant acquisition-related and integration costs (Q1 2025).

The growth trajectory in early 2025 came with a clear price tag. Blue Owl Capital Inc.'s total expenses for Q1 2025 increased significantly by $248,458,000 year-over-year. Management explicitly attributed this substantial rise in total expenses primarily to two factors: rising compensation due to growth and acquisition integration costs. This shows that the cost of executing strategic growth, like the January 13, 2025, merger involving Blue Owl Capital Corporation (OBDC) and Blue Owl Capital Corporation III, directly impacts the current period's cost base.

Interest expense on corporate borrowings and credit facilities.

For the larger credit-focused entities within the Blue Owl ecosystem, interest expense is a key component. Looking at Blue Owl Capital Corporation (OBDC) for the third quarter ended September 30, 2025, the reported Interest expense was $151,019 thousand, or $151.0 million. This expense is tied to the debt used to fund investment activities and capital structure management, with the funding mix for OBDC as of September 30, 2025, being 48% secured and 52% unsecured borrowings on an outstanding basis. That's a lot of debt servicing.

Technology and data infrastructure investment (e.g., Coremont).

Specific, standalone figures for technology and data infrastructure investment, such as for Coremont, aren't broken out separately in the primary Blue Owl Capital Inc. GAAP expense reporting. These costs are generally absorbed within the broader General and Administrative (G&A) category. However, the mention of Coremont securing a strategic investment in late 2025 suggests continued investment in portfolio analytics and technology is a necessary, ongoing cost to support the scale of over $295 billion in Assets Under Management as of September 30, 2025.

General and administrative expenses (G&A).

General and administrative costs capture the overhead of running the firm, including technology, rent, and other operational needs. For Blue Owl Capital Inc. in Q1 2025, the reported General, administrative, and other expenses were $190.7 million. To give you a clearer picture of how these operating costs compare across the different reporting entities and periods, here is a look at some key expense line items:

Expense Category	Blue Owl Capital Inc. (Q1 2025)	Blue Owl Capital Corporation (Q3 2025)
Compensation & Benefits / Management Fees, Net	$325.9 million	$62.1 million
General & Administrative / Other G&A	$190.7 million	$3.3 million ($3,267 thousand)
Professional Fees	Not Separately Itemized	$4.1 million ($4,052 thousand)
Interest Expense	Not Separately Itemized	$151.0 million ($151,019 thousand)

The difference in the G&A-like line items between the parent company (OWL) and the BDC subsidiary (OBDC) is expected, as the BDC has specific interest expense tied to its debt portfolio that is reported separately from the main operating expenses of the asset manager. Finance: draft 13-week cash view by Friday.

Blue Owl Capital Inc. (OWL) - Canvas Business Model: Revenue Streams

You're looking at how Blue Owl Capital Inc. (OWL) actually brings in the money, which is key to understanding its valuation, especially now in late 2025. The business model heavily leans on recurring management fees, but performance fees and investment income provide the upside potential.

The core fee-related engine showed strength early in the year. Management Fees, which grew to $604.186 million in Q1 2025, demonstrate the success of their fundraising and asset deployment efforts across Credit, GP Strategic Capital, and Real Assets platforms. This fee base supports the Fee-Related Earnings (FRE) metric, which hit $345.391 million in Q1 2025. That's a solid operational baseline you can count on. To be fair, total revenue for the third quarter of 2025 was reported at $727.99 million, showing continued topline momentum since Q1.

Here's a quick look at some key financial metrics from the first half of 2025:

Metric	Value (Q1 2025)	Latest Reported Quarter
Management Fees	$604.186 million	Q3 2025 Revenue: $727.99 million
Fee-Related Earnings (FRE)	$345.391 million	Q2 2025 Revenue: $703.11 million
Fee-Paying AUM (as of Q1 2025)	$174.6 billion	Total AUM (as of Q1 2025): $273.3 billion

The other revenue components are critical for total earnings, even if they are less predictable than the management fees. You need to track these for a full picture of Blue Owl Capital Inc. (OWL)'s earnings power.

The sources of revenue beyond the base management fees include:

• Incentive Fees (performance-based fees on fund returns).
• Investment Income from debt and equity holdings.
• Income from unscheduled loan paydowns and repayments.

For instance, activity in the credit space, which feeds into loan repayments, shows significant flow. For the third quarter of 2025, Blue Owl Capital Corporation (OBDC) reported new investment commitments totaled $1.3 billion, while sales and repayments were $797 million. That repayment figure gives you a sense of the principal turnover generating potential income streams. Also, remember that investment performance can be volatile; for Q1 2025, Blue Owl Capital reported net losses on investments of $7.700 million.

The firm translates this performance into shareholder returns directly. For example, Blue Owl Capital affirmed a quarterly dividend of $0.225 per Class A Share in Q3 2025.

Finance: draft Q4 2025 revenue projection by next Tuesday.