Blue Owl Capital raised $56 billion in 2025, including $17 billion in Q4, crossing $300 billion in AUM. Equity fundraising soared over 50% YoY to $42 billion, with institutional equity up 80% YoY to $25 billion. Q4 FRE was $0.27, DE $0.24, FY2025 FRE $0.96, DE $0.84, with a 2026 fixed dividend of $0.92.

Blue Owl Capital (NYSE:OWL) reported record fundraising and performance in Q4 and full-year 2025. Q4 earnings included FRE of $0.27 and DE of $0.24 per share. A Q4 dividend of $0.225 was declared, with an annual fixed dividend of $0.92 for 2026. Co-CEO Lipschultz highlighted significant growth and diversification.

In Q4, Blue Owl raised $12 billion of equity and $5 billion in private wealth, a record level for the year. A $1.7 billion first close for ODIT and $850 million for LLCX were mentioned. Net lease returns were over 13%, digital infrastructure funds saw growth, and tech lending remained strong and “pristine.”

Blue Owl’s management emphasized strong investment performance, with net lease returns over 13% and ORENT delivering an 11% net return, outperforming FTSE REIT. Software loans represented 8% of AUM, with LTV remaining high-30s in direct lending. The firm saw consistent growth and low stress in its credit health.

Read more at Yahoo Finance: Blue Owl Capital Q4 Earnings Call Highlights