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Blue Owl Capital OWL Amortization of deferred incentives paid to customers — Revenue

Other product segments

Direct lending
$337.47M+12.8%
GP minority stakes
$150.34M+1.3%
Net lease
$65.38M+39.6%
Administrative, transaction and other fees
$56.64M+9.7%
Digital infrastructure
$34.81M-33.4%
Alternative credit
$30.37M+43.4%
Investment grade credit
$17.8M+6.7%
Other
$16.06M+61.7%
Real estate credit
$11.94M+15.0%
Strategic Revenue-Share Purchase consideration amortization
-$11.04M+0.6%
Fee offsets
-$7.36M
Performance revenues
$6.07M-3.9%
GP debt financing
$4.8M+101%
Liquid credit
$4.75M-36.5%
Professional sports minority stakes
$1.17M+81.2%

Similar metrics at other companies

Lazard logo
LAZIncentive Fees — Revenue
$5.26M-0.3%
Rithm Capital logo
RITMIncentive income — Revenue
$15.66M-45.4%
Brookfield Asset Management logo
BAMIncentive Distributions — Revenue
$130M+11.1%
Brookfield Asset Management logo
BAMIncentive fees — Revenue
$130M+11.1%
Apollo Global Management logo
APOIncentive fees — Revenue
$64M+60.0%
KKR & Co. logo
KKRIncentive Fee — Revenue
$14.39M+4.4%

Other financials

Income statement

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Revenue$753.8M+10.3%
Net income$15.5M+109%
EPS (diluted)$0.02

Balance sheet

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Cash & equivalents$190.5M+95.1%
Total debt$4.4B+21.0%
Total equity$2.1B-10.1%
Total assets$12.4B+1.0%

Cash flow

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Operating cash flow$102.8M+485%
CapEx$13.8M+3.6%
Free cash flow$89.0M+1,996%

Valuation

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Market cap$7.81B-38.6%
Enterprise value$11.97B-26.3%
P/E89.8×-79.0×
P/S2.7×-2.2×

Profitability

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Net margin3%-0.8pp
FCF margin43.6%+7.2pp

Returns & leverage

See full
Return on equity3.9%-0.7pp
Debt / equity2.1×+0.5×
Current ratio11.8×

Where this comes from

Reported directly by Blue Owl Capital in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: Blue Owl Capital’s 10-K, filed February 19, 2026.

Filed
Feb 19, 2026, 4:38 PM EST
Fiscal year
FY2025
Accession
0001823945-26-000009
(dollars in thousands)Year Ended December 31, 2025Year Ended December 31, 20242023
Investment grade credit67,60527,892
Liquid credit23,14427,75027,936
Other41,98025,8141,491
Amortization of deferred incentives paid to customers(9,807)
Management Fees, Net1,521,4831,234,594899,902
Administrative, transaction and other fees216,936225,223154,537
Performance revenues6,9412,2741,276
Total GAAP Revenues - Credit Platform1,745,3601,462,0911,055,715

Item 16. Form 10-K Summary.

FAQ

What is Blue Owl Capital's amortization of deferred incentives paid to customers — revenue?
Blue Owl Capital (OWL) reported amortization of deferred incentives paid to customers — revenue of -$2.45M in Q4 2025.
What does amortization of deferred incentives paid to customers — revenue mean?
This metric represents the periodic recognition of expenses associated with upfront incentives or placement fees paid to customers or distribution partners to secure long-term capital commitments. It reflects the systematic allocation of these costs against revenues over the expected life of the investment management contract. Monitoring this figure provides insight into the long-term cost of customer acquisition and the impact of incentive structures on net revenue recognition.

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