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Sep 30
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.
Blue Owl Capital
Blue Owl Capital
Blue Owl Capital Revenue by Segment
Revenue by Segment
Credit Revenue
CapyFin.comReal Assets Revenue
CapyFin.comGP Strategic Capital Revenue
CapyFin.com 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
- Some AUM still not generating fees until deployment is completed