$36.3 billion in non-fee-earning assets could generate $402 million annually for Blue Owl
Key Facts
Blue Owl Capital said it had $36.3 billion in assets under management that do not earn fees and expects them to generate about $402 million in annual management fees once deployed. The announcement came as part of the third-quarter results the company released on October 29, 2026, for the period ended September 30. The company presented the amount as expected fee revenue after deployment of the assets, not fees already earned. The figure puts non-fee-earning assets at the center of the assessment of the company’s revenue growth trajectory. The company’s wording means that the fees depend on deployment of the assets, while the disclosure did not say that the entire balance represents committed, uninvested capital.
Blue Owl’s total assets under management stood at $330 billion on September 30, according to the rounded figure reported by the company. On the same date, fee-earning assets reached $192.2 billion, up 5% from September 30, 2025. Permanent capital also rose to $227.8 billion, marking annual growth of 7%. These figures show that the fee-earning asset base and permanent capital continued to expand over the year. The $36.3 billion balance of non-fee-earning assets remains separate from the assets currently generating fees in the company’s results presentation.
On earnings, distributable adjusted earnings rose to 24 cents per share in the quarter ended September 30, compared with 22 cents in the year-earlier period. The result topped analysts’ estimate of 23 cents per share, according to Reuters. The company’s shares rose about 5% in premarket trading on October 29 following the results announcement. The market reaction came after the company reported earnings growth and a beat on estimates, alongside figures on assets and future fees. The earnings beat provides an additional point of comparison with analyst expectations for the quarter, while the fee estimate remains dependent on deployment of the assets.
The company said it raised $12.6 billion in new capital commitments during the third quarter, including $10.2 billion in new capital. The co-chief executives said the quarter marked a record for institutional fundraising, with growth across a broader range of strategies, investors and geographies. They added that the company had raised nearly $50 billion over the 12 months preceding October 29, 2026. This reflects the fundraising activity the company cited alongside growth in fee-earning assets. The company’s business spans credit, real assets and GP strategic capital platforms, according to its results disclosure.
In digital infrastructure, the chief financial officer said the target for Digital Infrastructure Fund IV, known as BODI IV, is to raise $10 billion. He added that fundraising would extend through 2027 and could continue into early 2028. He said: "Our target remains $10 billion, and we believe it is achievable." The timeline outlined by the chief financial officer places the fund within capital-raising efforts extending beyond next year. The fund’s target comes alongside the capital commitments the company raised in the quarter, but applies to a new fund with a separate fundraising timeline.
Blue Owl announced a quarterly cash distribution of $0.23 per Class A share, payable on November 23, 2026, to shareholders of record on November 10. It also said annual distributions for 2026 total $0.92 per Class A share. The company thereby set the next payment date and the record date for eligible shareholders. The distribution announcement was included in the third-quarter results release. The declared distribution adds another element to the company’s disclosure, alongside earnings, assets and fundraising plans.