The company was at the center of this year’s turmoil in the private lending sector and has sought to move past it by shifting its focus to areas beyond direct lending—such as investments in infrastructure, real estate, and stakes in asset managers.
Blue Owl raised a total of $7.6 billion in new capital, compared with $12.1 billion the previous year. Combined with redemptions from some funds, this resulted in a slight decrease in assets under management from $159.2 billion at the end of March to $158.1 billion.
Inflows from private wealth fell from $4.4 billion the previous year to $1.7 billion.
Institutional investors, which typically include pension funds and insurance companies, invested $5.9 billion, compared with $7.6 billion in the previous year.
Adjusted distributable earnings per share were 22 cents, in line with LSEG estimates. Blue Owl’s assets under management rose by 12 percent to $319 billion in the second quarter.
Blue Owl extended $3.6 billion in direct loans during the second quarter. Of that amount, $600 million was deployed.
The gross return from direct lending strategies was 2.6 percent for the quarter, recovering from a negative 0.4 percent in the first quarter but falling short of the 3 percent recorded in the same quarter of 2025.