Blue Owl Capital Inc. Reports Third Quarter 2021 Results

Rhea-AI Summary

Blue Owl Capital Inc. reported a GAAP net loss of $53.3 million for Q3 2021, equating to $0.16 per share. Distributable Earnings reached $142.8 million, or $0.11 per Adjusted Share. The company’s assets under management exceeded $70 billion, a 13% increase from the previous quarter, driven by record gross originations of $8.8 billion. Blue Owl declared a quarterly dividend of $0.09 per share, payable on November 30, 2021.

Positive

• Assets under management increased to over $70 billion, a 13% rise from Q2.
• Record gross originations of $8.8 billion in Direct Lending business.

Negative

• GAAP net loss of $53.3 million for Q3 2021.

NEW YORK, Nov. 9, 2021 /PRNewswire/ -- Blue Owl Capital Inc. ("Blue Owl") (NYSE: OWL) today reported its financial results for the third quarter ended September 30, 2021.

GAAP net loss attributable to Blue Owl Capital Inc. was $53.3 million, or $0.16 per basic and $0.16 per diluted Class A Share, for the quarter ended September 30, 2021.

Distributable Earnings were $142.8 million, or $0.11 per Adjusted Share, and Fee-Related Earnings were $141.9 million, or $0.11 per Adjusted Share, for the quarter ended September 30, 2021.

"Blue Owl's strong financial results for the third quarter of 2021 demonstrate the power of our permanent capital, which drives 97% percent of our management fees and enhances the trajectory of our AUM and earnings growth. Blue Owl's assets under management exceeded $70 billion for the third quarter, an increase of 13% from the prior quarter, reflecting record gross originations of $8.8 billion in our Direct Lending business and robust appreciation in our GP Solutions business." said Doug Ostrover, CEO of Blue Owl. "We have seen strong investor interest in our differentiated yield-oriented investment solutions and we continue to raise capital across a broad and expanding mix of distribution channels. Furthermore, we are looking forward to having the Oak Street team join Blue Owl. We believe that Oak Street will add a very complementary investment capability and create the potential for incremental synergies across the Blue Owl ecosystem."

Dividend

Blue Owl declared a quarterly dividend of $0.09 per Class A Share, payable on November 30, 2021, to shareholders of record at the close of business on November 22, 2021.

Quarterly Investor Call Details

Blue Owl will host its third quarter 2021 investor call via public webcast on November 9, 2021 at 8:30 a.m. ET. To register and access the full earnings presentation, please visit the Investor Resources section of Blue Owl's website at www.blueowl.com. For those unable to listen to the live broadcast, there will be a webcast replay available on the Investor Resources section of Blue Owl's website.

About Blue Owl

Blue Owl is an alternative asset manager that provides investors access to Direct Lending and GP Capital Solutions strategies through a variety of products. The firm's breadth of offerings and permanent capital base enables it to offer a differentiated, holistic platform of capital solutions to participants throughout the private market ecosystem, including alternative asset managers and private middle market corporations. The firm had approximately $70.5 billion of assets under management as of September 30, 2021. Blue Owl's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Blue Owl has approximately 300 employees across its Direct Lending and GP Capital Solutions divisions and has six offices globally. For more information, please visit us at www.blueowl.com.

Forward-Looking Statements

Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "would," "should," "future," "propose," "target," "goal," "objective," "outlook" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Blue Owl's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and speak only as of the date of this presentation. Blue Owl assumes no obligation to update or revise any such forward-looking statements except as required by law.

Important factors, among others, that may affect actual results or outcomes include the inability to recognize the anticipated benefits of the Business Combination; costs related to the recently completed business combination; Blue Owl's ability to manage growth; Blue Owl's ability to execute its business plan and meet its projections; potential litigation involving Blue Owl; changes in applicable laws or regulations; the possibility that Blue Owl may be adversely affected by other economic, business, and competitive factors; the impact of the continuing COVID-19 pandemic on Blue Owl's business as well as those factors described in the "Risk  Factors" section of our filings with the Securities and Exchange Commission ("SEC").

The information contained in this presentation is summary information that is intended to be considered in the context of Blue Owl's SEC filings and other public announcements that Blue Owl may make, by press release or otherwise, from time to time. Blue Owl also uses its website to distribute company information, including assets under management and performance information, and such information may be deemed material. Accordingly, investors should monitor Blue Owl's website (www.blueowl.com). Blue Owl undertakes no duty or obligation to publicly update or revise the forward-looking statements or other information contained in this presentation. These materials contain information about Blue Owl and its affiliates and certain of their respective personnel and affiliates, information about their respective historical performance and general information about the market. You should not view information related to the past performance of Blue Owl or information about the market, as indicative of future results, the achievement of which cannot be assured.

Investor Contact
Ann Dai
Head of Investor Relations
owlir@blueowl.com

Media Contact
Prosek Partners
David Wells / Josh Clarkson
Pro-blueowl@prosek.com

 

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SOURCE Blue Owl Capital

FAQ

What were Blue Owl's Q3 2021 financial results?

Blue Owl reported a GAAP net loss of $53.3 million and distributable earnings of $142.8 million.

How much did Blue Owl's assets under management grow in Q3 2021?

Assets under management exceeded $70 billion, representing a 13% increase from the prior quarter.

What dividend did Blue Owl declare for Q3 2021?

Blue Owl declared a quarterly dividend of $0.09 per Class A Share, payable on November 30, 2021.

What were the gross originations reported by Blue Owl in Q3 2021?

Blue Owl reported record gross originations of $8.8 billion in its Direct Lending business.