Blue Owl Capital ( OWL ) reported better-than-expected results for the fourth quarter of 2025 on Thursday. "We surpassed the $300 billion mark in assets under management, a significant milestone for the firm, and we continue to deliver strong investment performance for our clients," said co-CEOs Doug Ostrover and Marc Lipschultz in a statement.
Shares of OWL fell 7.1% in late morning trading as part of a broader selloff in risky assets. This brings the stock's year-to-date loss to 25%.
Distributable earnings per share (EPS) in the fourth quarter amounted to USD 0.24, exceeding the average analyst estimate of USD 0.22. In the fourth quarter of 2024, it was USD 0.21.
GAAP revenue amounted to USD 755.6 million, exceeding the consensus forecast of USD 700.6 million. This represents an increase of 20% compared to the previous year. Net management fees amounted to USD 648.7 million (+16%), administrative, transaction and other fees to USD 87.6 million (+26%) and performance fees to USD 19.3 million (+321%).
Expenses in the fourth quarter totaled USD 588.6 million, which also corresponds to an increase of 20% compared to the previous year.
Fee-related income rose to USD 416.6 million, or USD 0.27 per adjusted share, compared to USD 340.3 million in the fourth quarter of the previous year, or USD 0.23 per adjusted share.
Assets under management amounted to USD 307.4 billion at the end of the fourth quarter, compared to USD 251.1 billion in the previous year. In the area of capital raising, the company recorded new capital commitments of USD 17.3 billion in the three-month period, most of which consisted of new equity.
