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Sep 30, 2025
Blue Owl Capital Q3 2025 Earnings Report
Blue Owl Capital reported Q3 2025 results with strong AUM growth and solid fee-related and distributable earnings, despite a decline in GAAP net income.
Key Takeaways
Blue Owl Capital delivered a strong quarter with $728 million in revenue and $6.3 million in net income. AUM rose to $295.6 billion, driven by new capital commitments and acquisitions across all three platforms.
GAAP revenue was $728 million and net income was $6.3 million for Q3 2025.
Adjusted EPS (Distributable Earnings per Adjusted Share) came in at $0.22.
AUM grew 26% year-over-year to $295.6 billion; Fee-paying AUM rose to $183.8 billion.
The firm raised $14.4 billion in new capital commitments during the quarter, with $11.2 billion in equity capital.
Forward Guidance
Blue Owl Capital expressed confidence in continued growth across its platforms, citing strong fundraising momentum and scalable platform expansion.
Positive Outlook
- Strong capital raising across Credit, Real Assets, and GP Strategic Capital
- Sustained demand in private wealth and institutional channels
- Increased recurring management fees from fee-paying AUM
- Growth supported by strategic acquisitions and product expansion
- Expectations for continued deployment of AUM not yet paying fees
Challenges Ahead
- Decline in GAAP net income year-over-year due to higher expenses
- Lower GAAP margin at 7.6% compared to 18.7% last year
- Reduction in performance revenues year-over-year
- Volatility in digital infrastructure returns
Historical Earnings Impact
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Avg. Return Before/After Earnings
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