Blue Owl Capital Inc. published the transcript of its fourth-quarter and full-year 2025 earnings call held on February 5, 2026. The call was hosted by Head of Investor Relations Ann Dai, with Co-CEO Marc Lipschultz and CFO Alan Kirshenbaum participating. Management highlighted record 2025 fundraising of $56 billion, including more than $17 billion in the fourth quarter, and said the firm surpassed $300 billion in AUM. Blue Owl reported fourth-quarter fee-related earnings (FRE) of $0.27 per share and distributable earnings $(DE)$ of $0.24 per share, and full-year 2025 FRE of $0.96 per share and DE of $0.84 per share. The company declared a $0.225 per share dividend for 4Q25 and announced a fixed $0.92 annual dividend for 2026 ($0.23 quarterly). It also guided to modest FRE margin expansion to about 58.5% in 2026 after ending 2025 at 58.3%. A key theme was management’s pushback on concerns about AI-driven disruption in software and private credit. Lipschultz said, “Tech lending has worked, continues to work… we don't have red flags and point of fact, we don't have yellow flags. We actually have largely green flags,” adding that the tech portfolio is “the most pristine” among the firm’s subsectors. Kirshenbaum noted software loans are 8% of total AUM and emphasized portfolio metrics at the publicly traded BDC, citing “Non-accruals is 0.1%… of the portfolio.” The firm also discussed growth in private wealth products and newer platforms, including a $1.7 billion first close for its digital infrastructure evergreen product (ODIT) and momentum in the alternative credit interval fund (OWLCX), which reached $1.8 billion of AUM in three quarters. On liquidity management for non-traded BDC tenders, Lipschultz said, “We manage our businesses with very low leverage… lots of liquidity… so there really was no reason to not fulfill investors' request for their capital back.” The full transcript can be accessed through the link below.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Blue Owl Capital Inc. published the original content used to generate this news brief on March 05, 2026, and is solely responsible for the information contained therein.
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