Distributable earnings reached $385.5 million, or 24 cents an adjusted share, underscoring the firm’s momentum in a volatile market. Fee-related earnings climbed to $427.5 million, up from $376.2 million a year ago, as the company’s focus on income-oriented returns attracted institutional capital. Total revenue grew 11% to $806.5 million, supported by $12.6 billion in new capital commitments.

Co-Chief Executives Doug Ostrover and Marc Lipschultz attributed the performance to a broad expansion across strategies and geographies. The real assets platform led this growth, with assets under management jumping 27% to $94.9 billion. Meanwhile, the firm’s credit segment secured $5.6 billion in fundraising, complementing $4 billion in real estate and $600 million in GP Strategic Capital. With 85% of management fees tied to permanent capital, Blue Owl continues to prioritize downside protection to navigate current market uncertainty.