OWL NYSE Russell 1000 Earnings call
Blue Owl Capital (OWL) · Q2 2026 results and valuation
Share price: $10.19 · 2026-11-11
Blue Owl Capital is a global alternative asset manager that provides capital solutions across credit, real assets, and GP strategic capital. The company serves institutional and private wealth clients, as well as middle market companies and real estate owners, in the global market. Source: 10-K annual report (2026-02-19)
Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 30 Apr 2026
Net income down 26.7% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
1 · Numbers
−26.7%
Net income vs Q1 2026
Outlook given
Net income 11.4M vs 15.5M
Revenue −0.7%
Against the same quarter last year (Q2 2025) it is −34.6%, so it is not just seasonal.
2 · How management spoke
Typical
Less upbeat than 62% of company calls
Answers to analysts: upbeat, in line with the script.
Similar to last call.
3 · What stood out
Blue Owl Capital raised more than $16.5 billion of equity capital this quarter, representing more than 40% of its total for the last 12-month period.
Valuation
Is Blue Owl Capital undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 20.0% growth a year (3-year revenue growth), the model's fair value is $83.70 a share — the stock trades 88% below it. Today's price assumes −3.9% growth a year.
Current price
$10.19
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
-3.9% for 10 yrs
Fair value / share
$83.70
Buy below
$62.77
Price vs fair value
Undervalued 88%
Price vs buy-below price
Undervalued 84%
Read between the lines
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Guidance
The FRE margin reached 58.5% in Q2 2026, which is in line with the annual outlook and modestly up from the first quarter and 2025 levels.
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Key theme
OWL expects equity based compensation other to run at $365 million for 2026, which is the number the company wants investors to focus on.
Source quote
“First, our regular way year end stock compensation what we call equity based compensation other, This is the number to focus on, and we continue to expect to run at $365 million for 2026.”
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Figure
OWL reported fee related earnings of 25¢ per share and distributable earnings of 22¢ per share for the second quarter of 2026.
Source quote
“This morning, we issued our financial results for the second quarter of 26 reporting fee related earnings or FRE of 25¢ per share and distributable earnings or DE of 22¢ per share.”
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Figure
The alternative credit interval fund reached its one-year anniversary with a size exceeding $2.7 billion and performance outperforming the leverage loan index by more than 600 basis points.
Source quote
“During the second quarter, we reached the 1-year anniversary of the inception of our alternative credit interval fund, which has surpassed $2.7 billion in size and has outperformed the leverage loan index by more than 600 basis points over that period.”
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Figure
The firm raised more than $16.5 billion of equity capital this quarter, representing more than 40% of its total for the last 12-month period.
Source quote
“We raised more than $16.5 billion of equity capital across the firm. For more than 40% of our last 12-month total.”
4 more
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Figure
During Q2, the company exceeded the hard cap for its net lease strategy and raised 1.5x more than the predecessor vintage.
Source quote
“On our net lease strategy, during Q2, we exceeded the hard cap initially set for this vintage and have raised 1.5x more than the predecessor vintage.”
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Figure
Last 12 month total returns were 8.3% for direct lending and 11.4% for alternative credit, which compared favorably to relevant public credit benchmarks over the same period.
Source quote
“Last 12 month total returns were 8.3% for direct lending, and 11.4% for alternative credit comparing favorably to relevant public credit benchmarks over the same period.”
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Figure
The company expects to exceed the prior figures of $1.02 FRE per share and $0.89 DE per share this year.
Source quote
“We reaffirm that again today. And to be specific, at that time, FRE per share was $1.02, and DE per share $0.89. We think we can beat those numbers this year.”
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Figure
The company raised approximately $15 billion for the current vintage including co-investments and strip sales since the beginning of the fundraise.
Source quote
“Since the beginning of fundraise for this vintage in total, we have actually raised about $15 billion when you include this vintage, co invest, and the strip sales that we have done.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Our growth rate has fluctuated through these landscapes, but we have consistently demonstrated growth and durability, and we maintained very strong investment performance throughout.”
“Look, we continue to be encouraged by the flows that we are seeing certainly ORENT as well, but your focus for the question, at least, on OWLCX and ODIT We...”
“In GP's strategic capital, our market leading position in the specialist strategy has continued to pay off, with approximately $5.5 billion raised over the last year across the commingled fund,...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 137.0M | 138.0M | −0.7% | 138.0M | −0.7% |
| Operating income | 70.9M | 95.8M | −26.0% | 84.5M | −16.0% |
| Net income | 11.4M | 15.5M | −26.7% | 17.4M | −34.6% |
| EPS | 0.02 | 0.02 | ±0% | 0.02 | ±0% |
| P/E today 70.1 | 72.9 | 76.1 | −3.2 | 174.6 | −101.7 |
Topics
Most discussed now
- Blue Owl Capital also likes to remind everyone that it will refer to non GAAP measures on the call, which are reconciled...
- In this platform, Blue Owl Capital's central positioning and strong track record in these markets have continued to resonate with…
- In a rising rate environment, which apparently now is the new norm from 6 months ago, direct lending...
- Performance in its, retail direct lending product continues to be, and Blue Owl Capital expects will continue to be extremely strong.
- Blue Owl Capital is seeing strong flows into its ORENT product, and both ORENT and ODiT raised their dividend this year.
Faded since Q1 2026
- Fading Growth driven by fundraising and ongoing capital deployment.
- Fading Fundamental performance remains strong, portfolios remain strong, and the portfolios continue to behave in line with the discipline with…
- Fading Revenues increased by 13%, fee related earnings by 14%, and distributable earnings by 11% compared to 2025 against a backdrop...
- Fading Products like real estate credit and data center credit—the goal has been to raise about $1 billion plus between the...
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations; Other events · SEC 8-K
- Material agreement; New financial obligation · SEC 8-K
- Material agreement; New financial obligation; Other events · SEC 8-K
Blue Owl Finance LLC completed an offering of $750,000,000 aggregate principal amount of its 6.750% Senior Notes due 2036 on August 18, 2026.
- Other events · SEC 8-K
Blue Owl Capital Inc. priced an offering of $750,000,000 of its 6.750% Senior Notes due 2036 to repay a portion of outstanding borrowings.
- Results of operations; Other events · SEC 8-K
Blue Owl Capital reported assets under management of $319 billion as of June 30, 2026, which represents a five-fold increase since its listing five years ago.
- Shareholder vote results · SEC 8-K · routine
- Results of operations; Other events · SEC 8-K
Blue Owl Capital Inc. reported assets under management of $315 billion as of March 31, 2026, and declared a cash dividend of $0.23 per Class A Share.
- Results of operations; Other events · SEC 8-K
Blue Owl Capital reported assets under management exceeding $300 billion as of December 31, 2025, with new capital commitments reaching $17 billion in the fourth quarter and $56 billion for the full year.
Balance sheet & ownership
From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-12.
Cash & runway
Cash & equivalents
$169.1M
2026-06-30
Implied runway
—
operating cash flow positive over the TTM window
Dilution
weighted-average basic shares, per quarter. Change: +6.0% YoY, +1.2% QoQ.
| Quarter | Shares |
|---|---|
| Q3 2024 | 575.2M |
| Q1 2025 | 625.9M |
| Q2 2025 | 649.7M |
| Q3 2025 | 667.1M |
| Q1 2026 | 680.4M |
| Q2 2026 | 688.5M |
Insider transactions
Form 4 open-market trades (codes S/P), trailing 12 months. 45 filings parsed.
Sold by insiders
0 shares
0 transactions
Bought by insiders
474.7K shares
$7.1M · 11 transactions
Net direction
net buying
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
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August 27
dividend payable to holders of record
Source quote
“We declared a dividend of $0.23 per share for the second quarter payable on August 27 to holders of record as of August 13.”
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the second half of the year
institutional fundraising to remain strong
Source quote
“First, given the number of drawdown funds we have in market this year, we expect institutional fundraising to remain strong in the second half of the year.”
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by the end of the year
capital calls to be virtually fully called
Source quote
“In net lease fund 6, we have fully committed the funds and continue to have visibility with capital calls in motion and to be virtually fully called by the end of the year.”
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this year
finish up capital raising for the next vintage
Source quote
“As I noted earlier, we are making excellent progress on the next vintage which has already exceeded its $7.5 billion hard cap and we plan to finish up capital raising this year.”
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2026
expected to run at $365 million for stock compensation
Source quote
“First, our regular way year end stock compensation what we call equity based compensation other, This is the number to focus on, and we continue to expect to run at $365 million for 2026.”