Cover
Cover | 6 Months Ended |
Jun. 30, 2021 | |
Cover [Abstract] | |
Document Type | S-1 |
Amendment Flag | false |
Entity Registrant Name | BLUE OWL CAPITAL INC. |
Entity Central Index Key | 0001823945 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity ExTransition Period | false |
Consolidated and Combined State
Consolidated and Combined Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | |||
Cash and cash equivalents | $ 436,033 | $ 11,630 | |
Due from related parties | 147,527 | 92,698 | |
Operating lease assets | 57,506 | 0 | |
Deferred tax assets | 442,165 | 800 | |
Intangible assets, net | 2,211,864 | 0 | |
Goodwill | 3,548,222 | 0 | |
Other assets, net | 28,920 | 16,469 | |
Total Assets | 6,872,237 | 121,597 | |
Liabilities | |||
Debt obligations, net | 683,338 | 356,386 | |
Accrued compensation | 131,521 | 207,957 | |
Operating lease liabilities | 58,004 | 0 | |
Deferred tax liabilities | 48,613 | 0 | |
TRA liability (includes $102,791 and $- at fair value) | 462,179 | 0 | |
Warrant liability, at fair value | 40,429 | 0 | |
Earnout Securities liability, at fair value | 954,247 | 0 | |
Accounts payable, accrued expenses and other liabilities | 110,159 | 58,415 | |
Total Liabilities | 2,488,490 | 622,758 | |
Commitments and Contingencies | |||
Members' Equity [Abstract] | |||
Total members' capital (deficit) | 507,687 | ||
Shareholders' Equity (Deficit) | |||
Additional paid-in capital | 1,496,826 | ||
Accumulated deficit | (397,189) | ||
Total Shareholders' Equity Attributable to Blue Owl Capital Inc. | 1,099,762 | ||
Shareholders' equity attributable to noncontrolling interests | 3,283,985 | 6,526 | |
Total Shareholders' Equity (Deficit) | 4,383,747 | 501,161 | |
Total liabilities, Shareholders' equity and members' capital (deficit) | 6,872,237 | 121,597 | |
Class A Shares | |||
Shareholders' Equity (Deficit) | |||
Common stock value | 32 | ||
Class C Shares | |||
Shareholders' Equity (Deficit) | |||
Common stock value | 63 | ||
Class D Shares | |||
Shareholders' Equity (Deficit) | |||
Common stock value | 29 | ||
Class E Shares | |||
Shareholders' Equity (Deficit) | |||
Common stock value | $ 1 | ||
Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | |||
Assets | |||
Cash and cash equivalents | 11,630 | $ 7,343 | |
Due from affiliates, net | 92,698 | 42,874 | |
Other assets, net | 17,269 | 6,501 | |
Total Assets | 121,597 | 56,718 | |
Liabilities | |||
Debt obligations, net | 356,386 | 287,104 | |
Accrued compensation | 207,957 | 72,849 | |
Accounts payable, accrued expenses and other liabilities | 58,415 | 47,262 | |
Total Liabilities | 622,758 | 407,215 | |
Commitments and Contingencies | |||
Members' Equity [Abstract] | |||
Members' capital (deficit) attributed to members of Owl Rock Capital and sole member of Owl Rock Capital Securities LLC | (507,687) | (352,756) | |
Non-controlling interests | 6,526 | 2,259 | |
Total members' capital (deficit) | (501,161) | (350,497) | |
Shareholders' Equity (Deficit) | |||
Total liabilities, Shareholders' equity and members' capital (deficit) | $ 121,597 | $ 56,718 |
Consolidated and Combined Sta_2
Consolidated and Combined Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Tax Receivable Agreement liability | $ 102,791 | $ 0 |
Class A Shares | ||
Common stock, par value (in dollars per share) | $ 0.0001 | |
Common stock, shares authorized (in shares) | 2,500,000,000 | 0 |
Common stock, shares, issued (in shares) | 320,005,258 | 0 |
Common stock, shares outstanding (in shares) | 320,005,258 | 0 |
Class C Shares | ||
Common stock, par value (in dollars per share) | $ 0.0001 | |
Common stock, shares authorized (in shares) | 1,500,000,000 | 0 |
Common stock, shares, issued (in shares) | 628,380,707 | 0 |
Common stock, shares outstanding (in shares) | 628,380,707 | 0 |
Class D Shares | ||
Common stock, par value (in dollars per share) | $ 0.0001 | |
Common stock, shares authorized (in shares) | 350,000,000 | 0 |
Common stock, shares, issued (in shares) | 294,656,373 | 0 |
Common stock, shares outstanding (in shares) | 294,656,373 | 0 |
Class E Shares | ||
Common stock, par value (in dollars per share) | $ 0.0001 | |
Common stock, shares authorized (in shares) | 100,000,000 | 0 |
Common stock, shares, issued (in shares) | 14,990,864 | 0 |
Common stock, shares outstanding (in shares) | 14,990,864 | 0 |
Consolidated and Combined Sta_3
Consolidated and Combined Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | |||||||
Revenues | $ 179,260 | $ 40,498 | $ 287,484 | $ 89,766 | |||
Expenses | |||||||
Compensation and benefits | 1,221,565 | 32,269 | 1,269,549 | 64,444 | |||
Amortization of intangible assets | 21,336 | 0 | 21,336 | 0 | |||
General, administrative and other expenses | 51,520 | 15,595 | 66,380 | 34,815 | |||
Total Expenses | 1,294,421 | 47,864 | 1,357,265 | 99,259 | |||
Other Income (Loss) | |||||||
Net losses on retirement of debt | (16,145) | 0 | (16,145) | 0 | |||
Interest expense | (5,817) | (5,986) | (11,675) | (11,880) | |||
Change in TRA liability | (1,146) | 0 | (1,146) | 0 | |||
Change in warrant liability | (15,300) | 0 | (15,300) | 0 | |||
Change in Earnout Securities liability | 462,970 | 0 | 462,970 | 0 | |||
Total Other Income (Loss) | (501,378) | (5,986) | (507,236) | (11,880) | |||
Income (Loss) Before Income Taxes | (1,616,539) | (13,352) | (1,577,017) | (21,373) | |||
Income tax expense (benefit) | (29,199) | (47) | (29,011) | (93) | |||
Net income (loss) including non-controlling interests | (1,587,340) | (13,305) | (1,548,006) | (21,280) | |||
Net (income) loss attributed to non-controlling interests | 1,224,996 | 862 | 1,225,076 | 1,777 | |||
Net income (loss) | (362,344) | (12,443) | (322,930) | (19,503) | |||
Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | |||||||
Revenues | |||||||
Management fees, net | $ 194,906 | $ 123,957 | $ 62,009 | ||||
Administrative, transaction and other fees | 54,909 | 66,893 | 59,240 | ||||
Total Revenues, Net | 249,815 | 190,850 | 121,249 | ||||
Expenses | |||||||
Compensation and benefits | 240,731 | 111,773 | 59,493 | ||||
General, administrative and other expenses | 67,811 | 51,710 | 63,395 | ||||
Total Expenses | 308,542 | 163,483 | 122,888 | ||||
Other Income (Loss) | |||||||
Interest expense | 23,816 | 6,662 | 1,128 | ||||
Income (Loss) Before Income Taxes | (82,543) | 20,705 | (2,767) | ||||
Income tax expense (benefit) | (102) | 240 | (180) | ||||
Net income (loss) including non-controlling interests | (82,441) | 20,465 | (2,587) | ||||
Net (income) loss attributed to non-controlling interests | 4,610 | 2,493 | 4,635 | ||||
Net income (loss) | $ (77,831) | $ 22,958 | $ 2,048 | ||||
Management fees, net | |||||||
Revenues | |||||||
Revenues | 142,135 | 36,837 | 236,848 | 73,684 | |||
BDC Part 1 Fees | |||||||
Revenues | |||||||
Revenues | 36,073 | 2,424 | 64,987 | 6,351 | |||
Administrative, transaction and other fees | |||||||
Revenues | |||||||
Revenues | $ 37,125 | $ 3,661 | $ 50,636 | $ 16,082 |
Consolidated and Combined Sta_4
Consolidated and Combined Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Development Part One [Member] | Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | |||
Fee and other income | $ 34,404 | $ 11,515 | $ 0 |
Consolidated and Combined Sta_5
Consolidated and Combined Statements of Changes in Members' Capital Shareholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | Sole Member of Securities [Member]Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | Sponsor B Units [Member]Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | Class A Units [Member]Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | Members' Deficit Prior to the Business Combination | Common StockCommon Class A [Member] | Common StockCommon Class C [Member] | Common StockCommon Class D [Member] | Common StockCommon Class E [Member] | Additional Paid-in Capital | Accumulated Deficit | Noncontrolling Interest [Member] | Noncontrolling Interest [Member]Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | Parent [Member] |
Beginning balance at Dec. 31, 2017 | $ (46,295) | $ 3,023 | $ (35,354) | $ (13,964) | |||||||||||
Contributions | 21,126 | 19,180 | 1,946 | ||||||||||||
Distributions | (44,849) | (200) | (32,007) | (12,642) | |||||||||||
Net income (loss) | (2,587) | 1,026 | 1,022 | (4,635) | |||||||||||
Ending balance at Dec. 31, 2018 | (72,605) | 2,823 | (66,335) | (6,404) | (2,689) | ||||||||||
Contributions | 21,895 | 13,435 | 8,460 | ||||||||||||
Distributions | (320,252) | (159,935) | (159,298) | (1,019) | |||||||||||
Net income (loss) | 20,465 | 11,502 | 11,456 | (2,493) | |||||||||||
Ending balance at Dec. 31, 2019 | (350,497) | 2,823 | (214,768) | (140,811) | 2,259 | ||||||||||
Ending Balance at Dec. 31, 2019 | $ (352,756) | $ 0 | $ 0 | $ 0 | $ 0 | $ 2,259 | |||||||||
Ending Balance, Shares at Dec. 31, 2019 | |||||||||||||||
Net income (loss) | $ (21,280) | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Distributions | (24,325) | ||||||||||||||
Comprehensive income (loss) | (19,503) | (1,777) | |||||||||||||
Ending Balance at Jun. 30, 2020 | $ 4,908 | (396,584) | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 4,908 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Contributions | 4,602 | ||||||||||||||
Distributions | (176) | ||||||||||||||
Ending Balance, Shares at Jun. 30, 2020 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Cash Dividends Paid per Class A Share (in dollars per share) | |||||||||||||||
Beginning balance at Dec. 31, 2019 | (350,497) | 2,823 | (214,768) | (140,811) | 2,259 | ||||||||||
Contributions | 9,831 | 9,831 | |||||||||||||
Distributions | (78,054) | (1,500) | (37,876) | (37,724) | (954) | ||||||||||
Net income (loss) | (82,441) | (38,993) | (38,838) | (4,610) | |||||||||||
Ending balance at Dec. 31, 2020 | $ 507,687 | $ (501,161) | $ 1,323 | $ (291,637) | $ (217,373) | $ 6,526 | |||||||||
Beginning balance at Dec. 31, 2019 | (352,756) | $ 0 | $ 0 | $ 0 | $ 0 | 2,259 | |||||||||
Ending Balance at Dec. 31, 2020 | 501,161 | (507,687) | $ 0 | $ 0 | 6,526 | ||||||||||
Beginning balance, Shares at Dec. 31, 2019 | |||||||||||||||
Ending Balance, Shares at Dec. 31, 2020 | |||||||||||||||
Net income (loss) | (13,305) | ||||||||||||||
Beginning balance at Mar. 31, 2020 | (379,741) | $ 0 | $ 0 | $ 0 | $ 0 | 3,036 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Distributions | (4,400) | ||||||||||||||
Comprehensive income (loss) | (12,443) | (862) | |||||||||||||
Ending Balance at Jun. 30, 2020 | $ 4,908 | (396,584) | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 4,908 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Contributions | 2,734 | ||||||||||||||
Beginning balance, Shares at Mar. 31, 2020 | |||||||||||||||
Ending Balance, Shares at Jun. 30, 2020 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Cash Dividends Paid per Class A Share (in dollars per share) | |||||||||||||||
Net income (loss) | $ (1,548,006) | ||||||||||||||
Beginning balance at Dec. 31, 2020 | 501,161 | (507,687) | $ 0 | $ 0 | 6,526 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Distributions | (103,143) | ||||||||||||||
Comprehensive income (loss) | 74,259 | (397,189) | (1,225,076) | ||||||||||||
Ending Balance at Jun. 30, 2021 | $ 4,383,747 | 0 | 32 | 63 | 29 | 1 | 1,496,826 | (397,189) | 3,283,985 | 1,099,762 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Transfer of predecessor members' deficit to additional paid-in capital and noncontrolling interests | 536,571 | (138,133) | (398,438) | ||||||||||||
Impact of the Business Combination | $ 32 | $ 63 | $ 29 | $ 1 | 1,738,478 | ||||||||||
Impact of the Business Combination (in shares) | 320,005,258 | 628,380,707 | 294,656,373 | 14,990,864 | |||||||||||
Offering costs related to the Business Combination | (126,309) | ||||||||||||||
Allocation of cash proceeds to warrant liability | (25,128) | ||||||||||||||
Allocation of cash proceeds to Earnout Securities liability for Class E Shares issued in connection with the Business Combination | (83,949) | (160,540) | |||||||||||||
Deferred taxes and TRA liability recognized in the Business Combination (excluding Dyal Acquisition) | 145,163 | ||||||||||||||
Reallocation between additional paid-in capital and noncontrolling interests related to the Business Combination | (325,222) | 325,222 | |||||||||||||
Equity-based compensation | 311,926 | 937,196 | |||||||||||||
Common Units issued as consideration related to the Dyal Acquisition | 4,285,359 | ||||||||||||||
Acquisition of noncontrolling interests in the Blue Owl Operating Group in connection with the Business Combination | (491,956) | ||||||||||||||
Contributions | 7,171 | ||||||||||||||
Distributions | (1,479) | ||||||||||||||
Beginning balance, Shares at Dec. 31, 2020 | |||||||||||||||
Ending Balance, Shares at Jun. 30, 2021 | 320,005,258 | 628,380,707 | 294,656,373 | 14,990,864 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Cash Dividends Paid per Class A Share (in dollars per share) | |||||||||||||||
Net income (loss) | $ (1,587,340) | ||||||||||||||
Beginning balance at Mar. 31, 2021 | (477,398) | $ 0 | $ 0 | $ 0 | $ 0 | 9,100 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Distributions | (94,018) | ||||||||||||||
Comprehensive income (loss) | 34,845 | (397,189) | (1,224,996) | ||||||||||||
Ending Balance at Jun. 30, 2021 | $ 4,383,747 | 0 | 32 | 63 | 29 | 1 | 1,496,826 | $ (397,189) | 3,283,985 | $ 1,099,762 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Transfer of predecessor members' deficit to additional paid-in capital and noncontrolling interests | $ 536,571 | (138,133) | (398,438) | ||||||||||||
Impact of the Business Combination | $ 32 | $ 63 | $ 29 | $ 1 | 1,738,478 | ||||||||||
Impact of the Business Combination (in shares) | 320,005,258 | 628,380,707 | 294,656,373 | 14,990,864 | |||||||||||
Offering costs related to the Business Combination | (126,309) | ||||||||||||||
Allocation of cash proceeds to warrant liability | (25,128) | ||||||||||||||
Allocation of cash proceeds to Earnout Securities liability for Class E Shares issued in connection with the Business Combination | (83,949) | (160,540) | |||||||||||||
Deferred taxes and TRA liability recognized in the Business Combination (excluding Dyal Acquisition) | 145,163 | ||||||||||||||
Reallocation between additional paid-in capital and noncontrolling interests related to the Business Combination | (325,222) | 325,222 | |||||||||||||
Equity-based compensation | $ 311,926 | 937,196 | |||||||||||||
Common Units issued as consideration related to the Dyal Acquisition | 4,285,359 | ||||||||||||||
Acquisition of noncontrolling interests in the Blue Owl Operating Group in connection with the Business Combination | (491,956) | ||||||||||||||
Contributions | 4,517 | ||||||||||||||
Distributions | $ (1,479) | ||||||||||||||
Beginning balance, Shares at Mar. 31, 2021 | |||||||||||||||
Ending Balance, Shares at Jun. 30, 2021 | 320,005,258 | 628,380,707 | 294,656,373 | 14,990,864 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Cash Dividends Paid per Class A Share (in dollars per share) |
Consolidated and Combined Sta_6
Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||||||
Net income (loss) including non-controlling interests | $ (1,587,340) | $ (13,305) | $ (1,548,006) | $ (21,280) | |||
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||||||
Amortization of intangible assets | 21,336 | 0 | 21,336 | 0 | |||
Equity-based compensation | 1,158,597 | 0 | |||||
Depreciation and amortization of fixed assets | 265 | 459 | |||||
Amortization of debt discounts and deferred financing costs | 560 | 348 | |||||
Non-cash lease expense | (117) | 0 | |||||
Net losses on retirement of debt | 16,145 | 0 | 16,145 | 0 | |||
Change in TRA liability | 1,146 | 0 | 1,146 | 0 | |||
Change in warrant liability | 15,300 | 0 | 15,300 | 0 | |||
Change in Earnout Securities liability | 462,970 | 0 | 462,970 | 0 | |||
Deferred income taxes | (29,183) | 0 | |||||
Changes in operating assets and liabilities: | |||||||
Due from related parties | (41,387) | 2,769 | |||||
Other assets, net | (5,025) | 306 | |||||
Accrued compensation | 6,713 | 202 | |||||
Accounts payable, accrued expenses and other liabilities | (40,994) | (6,667) | |||||
Net cash provided by (used in) operating activities | 18,320 | (23,863) | |||||
Cash flows from investing activities | |||||||
Purchase of fixed assets | (533) | (42) | |||||
Purchase of investments | (3,450) | 0 | |||||
Cash consideration paid for Dyal Capital, net of cash consideration received | (973,457) | 0 | |||||
Net cash provided by (used in) investing activities | (977,440) | (42) | |||||
Cash flows from financing activities | |||||||
Cash proceeds from the Business Combination | 1,738,603 | 0 | |||||
Offering costs related to the Business Combination | (126,309) | 0 | |||||
Acquisition of noncontrolling interests in the Blue Owl Operating Group in connection with the Business Combination | (491,956) | 0 | |||||
Proceeds from debt obligations | 896,008 | 102,275 | |||||
Debt issuance costs | (9,663) | (300) | |||||
Repayments of debt obligations, including prepayment costs | (577,713) | (58,765) | |||||
Distributions to members prior to the Business Combination | (51,140) | (24,325) | |||||
Contributions from noncontrolling interests | 7,171 | 4,391 | |||||
Distributions to noncontrolling interests | (1,478) | (176) | |||||
Net cash provided by (used in) financing activities | 1,383,523 | 23,100 | |||||
Net increase (decrease) in cash and cash-equivalents | 424,403 | (805) | |||||
Cash and cash-equivalents, beginning of the period | 11,630 | 7,343 | $ 7,343 | ||||
Cash and cash-equivalents, end of the period | $ 436,033 | $ 6,538 | 436,033 | 6,538 | 11,630 | $ 7,343 | |
Supplemental and Non-Cash Information | |||||||
Cash paid for interest | 13,667 | 11,559 | |||||
Cash paid for income taxes | 470 | 142 | |||||
Owl Rock Capital And Subsidiaries And Owl Rock Capital Securities LLC [Member] | |||||||
Cash flows from operating activities | |||||||
Net income (loss) including non-controlling interests | (82,441) | 20,465 | $ (2,587) | ||||
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||||||
Depreciation and amortization | 673 | 829 | 304 | ||||
Amortization of deferred financing costs | 787 | 225 | 397 | ||||
Deferred income taxes | 475 | (159) | 180 | ||||
Changes in operating assets and liabilities: | |||||||
Due from affiliates, net | (49,824) | (12,407) | (9,930) | ||||
Other assets | (10,222) | 2,219 | 1,315 | ||||
Accounts payable, accrued expenses and other liabilities | 11,153 | (6,562) | 9,227 | ||||
Accrued compensation | 135,108 | 39,295 | 19,880 | ||||
Net cash provided by (used in) operating activities | 5,234 | 44,064 | 18,606 | ||||
Cash flows from investing activities | |||||||
Purchase of fixed assets | (652) | (1,173) | (3,176) | ||||
Proceeds from promissory note | (30,000) | ||||||
Repayments of promissory note | 30,000 | ||||||
Net cash provided by (used in) investing activities | (652) | (1,173) | (3,176) | ||||
Cash flows from financing activities | |||||||
Proceeds from debt obligations | 240,547 | 344,944 | 124,918 | ||||
Repayments of debt obligations | (171,458) | (83,590) | (109,690) | ||||
Deferred financing costs | (594) | (4,151) | (414) | ||||
Contributions | 9,264 | 20,042 | 18,520 | ||||
Distributions | (78,054) | (320,252) | (44,849) | ||||
Net cash provided by (used in) financing activities | (295) | (43,007) | (11,515) | ||||
Net increase (decrease) in cash and cash-equivalents | 4,287 | (116) | 3,915 | ||||
Cash and cash-equivalents, beginning of the period | $ 11,630 | $ 7,343 | 7,343 | 7,459 | 3,544 | ||
Cash and cash-equivalents, end of the period | 11,630 | 7,343 | 7,459 | ||||
Supplemental and Non-Cash Information | |||||||
Non-cash contributions (capital contribution receivable) | 567 | 1,853 | 2,606 | ||||
Cash paid for interest | 23,231 | 2,697 | $ 770 | ||||
Cash paid for income taxes | $ 142 | $ 359 |
Organization and Business Descr
Organization and Business Description | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Organization and Business Description | 1. ORGANIZATION Blue Owl Capital Inc. (the “Registrant”), a Delaware corporation, together with its consolidated subsidiaries (collectively, the “Company” or “Blue Owl”), is a leading alternative asset management firm that provides investors access to asset management capital solutions through its Direct Lending and GP Capital Solutions products. The Company’s breadth of offerings and permanent capital base enables it to offer a differentiated, holistic platform of capital solutions to both middle market companies and large alternative asset managers. The Company provides these solutions through permanent capital vehicles, and long-dated private funds, which underly a high degree of earnings stability and predictability of the Company’s business. The Registrant was initially incorporated in the Cayman Islands as Altimar Acquisition Corporation (“ALT”), a special purpose acquisition company. Pursuant to the Business Combination Agreement dated December 23, 2020, as amended, modified, supplemented or waived from time to time, (the “Business Combination Agreement”), on May 19, 2021 (“Business Combination Date”) (i) ALT was redomiciled as a Delaware corporation and changed its name to Blue Owl Capital Inc., (ii) ALT merged with Owl Rock (as defined below) and (iii) the Company acquired Dyal Capital Partners (“Dyal Capital”), a former division of Neuberger Berman Group LLC (the “Dyal Acquisition”) (collectively, the “Business Combination”). As further discussed in Note 2, for both the ALT merger and the Dyal Acquisition, Owl Rock was deemed to be the acquirer for accounting purposes. Therefore, the predecessor to Blue Owl is “Owl Rock,” a combined carve-out The Company’s primary sources of revenues are management fees, which are generally based on the amount of the Company’s fee-paying “one-firm The Company conducts its operations through Blue Owl Capital Holdings LP (“Blue Owl Capital Holdings”) and Blue Owl Capital Carry LP (“Blue Owl Carry”). Blue Owl Holdings and Blue Owl Carry are referred to, collectively, as the “Blue Owl Operating Partnerships,” and collectively with their consolidated subsidiaries, as the “Blue Owl Operating Group.” The Registrant holds its interests in the Blue Owl Operating Group indirectly through Blue Owl Capital GP LLC (“Blue Owl GP”), a wholly owned subsidiary of the Registrant. Capital Structure The Registrant has the following share classes and other instruments outstanding: • Class A Shares– • Class B Shares– one-for-one • Class C Shares– Shareholders non-Principals, • Class D Shares – • Class E Shares – There are two series of Class E Shares: Series E-1 E-2. E-1 E-2 The Series E-1 • RSUs – • Warrants – Once the warrants become exercisable, the Company may redeem for $0.01 per warrant the outstanding Public Warrants if the Company’s Class A Share price equals or exceeds $18.00 per share, subject to certain conditions and adjustments. If the Company’s Class A Share price is greater than $10.00 per share but less than $18.00 per share, then the Company may redeem the Public Warrants for $0.10 per warrant, subject to certain conditions and adjustments. Holders may elect to exercise their warrants on a cashless basis. The following table presents the number of shares of the Registrant, RSUs and warrants that were outstanding as of June 30, 2021: June 30, 2021 Class A Shares 320,005,258 Class C Shares 628,380,707 Class D Shares 294,656,373 Class E Shares Series E-1 7,495,432 Series E-2 7,495,432 RSUs 9,050,000 Warrants 14,159,381 The Blue Owl Operating Partnerships have the following equity interests outstanding as of June 30, 2021, which interests along with any future interests issued by the Blue Owl Operating Partnerships (unless context requires otherwise) are collectively referred to as “Blue Owl Operating Group Units”: • GP Units – • Common Units – one-for-one non-Principal non-Principals six-month two-year • Seller Earnout Units – The Series E-1 The following table presents the number of Blue Owl Operating Group Units that were outstanding as of June 30, 2021: Units June 30, 2021 GP Units 320,005,258 Common Units 923,037,080 Seller Earnout Units Series E-1(1) 49,999,962 Series E-2(2) 49,999,962 (1) Includes 7,495,432 units held indirectly by the Registrant, representing the indirect pro rata economic interests of Class E Shares (Series E-1) (2) Includes 7,495,432 units held indirectly by the Registrant, representing the indirect pro rata economic interests of Class E Shares (Series E-2) Share Repurchase Program On May 19, 2021, Blue Owl’s Board authorized the repurchase of up to $100.0 million of Class A Shares. Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual numbers repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and will terminate upon the earlier of May 19, 2022 and the purchase of all shares available under the repurchase program. As of June 30, 2021, the Company had not repurchased any of its Class A Shares. | |
Owl Rock Capital And Subsidiaries And Owl Rock Capital Securities LLC [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Organization and Business Description | 1. Organization and Business Description Owl Rock Capital Group LLC (“Group” or “Parent”) is a Delaware limited liability company, headquartered in New York. Group is a leading alternative asset management firm focused on providing direct lending solutions to U.S. middle market companies (the “Business”). Prior to the formation of Group on June 6, 2018, the Business operated under Owl Rock Capital Holdings LLC (“Holdings”), a Delaware limited liability company that was formed on October 15, 2015 and which is a wholly-owned subsidiary of Group. There are two types of equity interests in Group: Units, comprised of Class A Units and Sponsor B Units and which retain pro rata economic rights in the assets, liabilities, profits and losses of the Business, and FIC Interests, which retain pro rata economic rights in the assets, liabilities, profits and losses of certain assets (“FIC assets”), which are not assets of the Business. “Owl Rock Capital” is presented as a carve-out carve-out Sponsor B Units are owned by an entity indirectly controlled by certain executives of Owl Rock Capital and Class A Units are held by certain third-party investors. An entity controlled by certain executives of Owl Rock Capital has the right to manage and conduct the business and affairs of Owl Rock Capital. Owl Rock Capital Securities LLC (“Securities”) is a Delaware limited liability company formed on December 17, 2015. Securities is a broker-dealer registered with the Securities Exchange Commission (“SEC”), a member of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”). Securities is wholly owned by an affiliate of Owl Rock Capital and provides distribution services to Owl Rock Capital. Owl Rock Capital, collectively with its consolidated subsidiaries related to the Business (and excluding such subsidiaries constituting FIC assets), and combined with Securities, is referred to hereafter as “Owl Rock” or the “Company”. The Company measures its financial performance and allocates resources in a single segment, which operates primarily in the United States. Accordingly, Owl Rock considers itself to be in a single operating and reportable segment structure. On December 23, 2020, Group entered into a business combination agreement with Altimar Acquisition Corporation (“Altimar”) and Neuberger Berman Group LLC (“Neuberger”) with respect to a business combination transaction (the “transaction”) involving Owl Rock, Dyal Capital Partners, a division of Neuberger, and Altimar to form “Blue Owl,” a publicly-traded alternative asset manager. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Accounting Policies [Line Items] | ||
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These unaudited, interim, consolidated and combined financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). All intercompany transactions and balances have been eliminated in consolidation and combination. The notes are an integral part of the Company’s consolidated and combined financial statements. In the opinion of management, all adjustments necessary for a fair presentation of the Company’s unaudited, interim, consolidated and combined financial statements have been included and are of a normal and recurring nature. The Company’s comprehensive income (loss) is comprised solely of consolidated and combined net income (i.e., the Company has no other comprehensive income). Prior to the Business Combination, Blue Owl’s financial statements were prepared on a consolidated and combined basis. As part of the Business Combination, Securities was contributed to the Blue Owl Operating Group. Following the Business Combination, the financial statements are prepared on a consolidated basis. The consolidated and combined financial statements of Blue Owl should be read in connection with the consolidated and combined financial statements of Owl Rock as of December 31, 2020 included in the Company’s Current Report on Form 8-K, The merger between Owl Rock and ALT was accounted for as a reverse asset acquisition, with no step-up of the net assets acquired as of the Business Combination Date. Operating results for Dyal Capital are included starting from the Business Combination Date. See Note 3 for additional information regarding the Dyal Acquisition. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make assumptions and estimates that affect the amounts reported in the consolidated and combined financial statements of the Company. The most critical of these estimates are related to (i) the fair value of the investments held by the products the Company manages, as for many products, this impacts the amount of revenues the Company recognizes each period; (ii) the fair values of the Company’s liabilities with respect to the TRA (the portion considered contingent consideration), warrants and Earnout Securities, as changes in these fair values have a direct impact on the Company’s consolidated and combined net income (loss); (iii) the estimate of future taxable income, which impacts the realizability and carrying amount of the Company’s deferred income tax assets; (iv) the qualitative and quantitative assessments of whether impairments of acquired intangible assets and goodwill exist; and (v) the determination of whether to consolidate a variable interest entity (“VIE”). Inherent in such estimates and judgements relating to future cash flows, which include the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. While management believes that the estimates utilized in preparing the consolidated and combined financial statements are reasonable and prudent, actual results could differ materially from those estimates. Principles of Consolidation The Company consolidates those entities in which it has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. The Company determines whether an entity should be consolidated by first evaluating whether it holds a variable interest in the entity. Entities that are not VIEs are further evaluated for consolidation under the voting interest model (“VOE”). An entity is considered to be a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. Fees that are customary and commensurate with the level of services provided by the Company, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, would not be considered a variable interest. The Company factors in all economic interests, including proportionate interests through related parties, to determine if fees are considered a variable interest. Where the Company’s interests in funds are primarily management fees, incentive fees, and insignificant direct or indirect equity interests through related parties, the Company is not considered to have a variable interest in such entities. The Company consolidates all VIEs for which it is the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest, which is defined as having (a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company does not consolidate any of the products it manages as it does not hold any direct or indirect interests in such entities that could expose the Company to an obligation to absorb losses of an entity or the right to receive benefits from an entity that could potentially be significant to such entities. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and continuously reconsiders that conclusion. In evaluating whether the Company is the primary beneficiary, the Company evaluates its direct and indirect economic interests in the entity. The consolidation analysis is generally performed qualitatively, however, if the primary beneficiary is not readily determinable, a quantitative analysis may also be performed. This analysis requires judgment, including: (1) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the success of the entity, (3) determining whether two or more parties’ equity interests should be aggregated, (4) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity and (5) evaluating the nature of relationships and activities of the parties involved in determining which party within a related-party group is most closely associated with a VIE and therefore would be deemed the primary beneficiary. Under the voting interest model, the Company consolidates those entities it controls through a majority voting interest. The Company will generally not consolidate those VOEs where a single investor or simple majority of third-party investors with equity have the ability to exercise substantive kick-out Cash and Cash Equivalents The Company considers highly-rated liquid investments that have an original maturity of three months or less from the date of purchase to be cash equivalents. As of June 30, 2021 and December 31, 2020, the Company holds the majority of its cash balances with a single financial institution and such balances are in excess of Federal Deposit Insurance Corporation insured limits, which exposes the Company to a certain degree of credit risk concentration. Leases Right-of-use The Company adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) The Company determines if an arrangement is a lease at inception. Right-of-use Right-of-use liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company does not recognize right-of-use As the Company’s leases do not provide an implicit rate, the Company uses its estimated incremental borrowing rate based on information available at the lease commencement date in determining the present value of lease payments. The determination of an appropriate incremental borrowing rate requires judgment. The Company determines its incremental borrowing rate based on data for instruments with similar characteristics, including recently issued debt, as well as other factors. The operating lease assets include any lease payments made and lease incentives. Lease terms include options to extend or terminate when it is reasonably certain that the Company will exercise that option. In addition, the Company separates lease and non-lease right-of-use Intangible Assets, Net and Goodwill The Company recognized certain finite-lived intangible assets and goodwill as a result of the Dyal Acquisition. The Company’s finite-lived intangible assets consist of contractual rights to earn future management fees from the acquired investment management agreements and value associated with the acquired institutional client relationships and trademarks. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. The Company tests finite-lived intangible assets for impairment if certain events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable. The Company evaluates impairment by comparing the estimated fair value attributable to the intangible asset with its carrying amount. If an impairment exists, the Company adjusts the carrying value to equal the fair value by taking a charge through earnings. No impairments have been recognized to-date Goodwill represents the excess of consideration over identifiable net assets of an acquired business. The Company tests goodwill annually for impairment. If, after assessing qualitative factors, the Company believes that it is more-likely-than-not more-likely-than-not to-date See Note 3 for additional information. Fixed Assets Fixed assets are recorded at cost, less accumulated depreciation and amortization, and are included within other assets, net in the Company’s consolidated and combined statements of financial condition. Fixed assets are depreciated or amortized on a straight-line basis, with the corresponding depreciation and amortization expense included within general, administrative and other expenses in the Company’s consolidated and combined statements of operations. The estimated useful life for leasehold improvements is the lesser of the remaining lease term and the life of the asset, while other fixed assets are generally depreciated over a period of two Debt Obligations, Net The Company’s debt obligations, other than revolving credit facilities, are recorded at amortized cost, net of any debt issuance costs, discounts and premiums. Debt issuance costs are deferred and along with discounts and premiums are amortized to interest expense in the consolidated and combined statements of operations over the life of the related debt instrument using the effective interest method. Unamortized debt issuance costs, discounts and premiums are written off to net losses on retirement of debt in the consolidated and combined statements of operations when the Company prepays borrowings prior to maturity. The Company defers debt issuance costs associated with revolving credit facilities and presents them within other assets, net in the consolidated and combined statements of financial condition, and such amounts are amortized to interest expense in the consolidated and combined statements of operations on a straight-line basis over the life of the related facility. TRA Liability The tax receivable agreement (“TRA”) liability represents amounts payable to certain pre-Business paid-in Warrant Liability The Company’s warrants are recorded as liabilities carried at fair value, with changes in fair value included within other income (loss) in the Company’s consolidated and combined statements of operations. The Private Placement Warrants contain exercise and settlement features that may change with a change in the holder, which precludes the Private Placement Warrants from being considered indexed to the Company’s own stock, and therefore the Private Placement Warrants are precluded from being classified within equity and are accounted for as derivative liabilities. The Public Warrants include a provision that, in the event of a tender offer or exchange offer made to and accepted by holders of more than 50% of the outstanding Class A Shares, all holders of the warrants would be entitled to receive cash for their warrants. Such an event would not constitute a change in control because the Class A Shares do not represent a majority of the Registrant’s voting shares. Accordingly, the Public Warrants are also precluded from being classified within equity and are accounted for as derivative liabilities. This provision also applies to the Private Placement Warrants. Earnout Securities Liability Earnout Securities issued in connection with the Dyal Acquisition to the former owners who are not part of the continuing management team are treated as contingent consideration and are not considered indexed to the Company’s equity. Similarly, Earnout Securities issued to certain former owners of Owl Rock are not considered indexed to the Company’s equity. These Earnout Securities are accounted for as a liability carried at fair value, with changes in fair value included within other income (loss) in the Company’s consolidated and combined statements of operations. Once recognized, the contingent earnout liability is not derecognized until the contingency is resolved and the consideration is paid or becomes payable. Earnout Securities issued to certain employees in connection with the Business Combination were treated as compensation for post-combination employment services and accounted for as equity-based compensation. See Note 8 for additional information on these Earnout Securities. Noncontrolling Interests Noncontrolling interests are primarily comprised of Common Units and Seller Earnout Units, which are interests in the Blue Owl Operating Group not held by the Company. Allocations to these interests in the consolidated and combined statements of operations are based on the substantive profit-sharing arrangements in the operating agreements of the Blue Owl Operating Partnerships, and to the extent that such allocations are not provisional in nature, as is the case for the Seller Earnout Units, as any allocations to these interests (other than certain minimum tax distributions) would be subject to reversal in the event the Seller Earnout Units do not achieve a Triggering Event and are canceled. Additionally, certain consolidated subsidiaries of the Blue Owl Operating Group are partially owned by third-party investors. Such interests are also presented as noncontrolling interests. Revenue Recognition Revenues consist of management fees and administrative, transaction and other fees. The Company recognizes revenues when such amounts are probable that a significant reversal would not occur. The Company recognizes revenue at the time of transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services (i.e., the transaction price). Under this method, revenue is based on a contract with a determinable transaction price and distinct performance obligations with probable collectability. Revenues cannot be recognized until the performance obligations are satisfied and control is transferred to the customer. Management Fees, Net Management fees are recognized over the period in which the investment management services are performed because customers simultaneously consume and receive benefits continuously over time. Payment terms and fee rates of management fees vary by product but are generally collected on a quarterly basis and are not subject to clawback. Management fees for the Company’s business development company (“BDC”) products are typically based on a percentage of average fair value of gross assets excluding cash. For certain BDCs, the management fee base may also include uncalled capital commitments. For the Company’s other Direct Lending products, management fees are typically based on gross or net asset value or investment cost, and also may include uncalled capital. Management fees for the BDCs also include a fee based on the net investment income of the BDCs (“BDC Part I Fees”), which are subject to performance hurdles. Such BDC Part I Fees are classified as management fees in the consolidated and combined statements of operations as they are predictable and recurring in nature, not subject to repayment and cash-settled each quarter. Management fees for the Company’s GP minority equity investments strategy are generally based on a percentage of capital committed during the investment period, and thereafter generally based on the cost of unrealized investments. For the other GP Capital Solutions strategies, management fees are generally determined based on a percentage of investment cost. Because management fees, including BDC Part I Fees, are generally cash settled every quarter, the uncertainty underlying these fees are resolved each quarter. As such, on a quarterly basis, a subsequent significant reversal in relation to the cumulative revenue recognized is not probable for the quarter in arrears. Administrative, Transaction and Other Fees Administrative, transaction and other fees primarily include fee income, administrative fees and dealer manager revenue. Fee income is earned for services provided to portfolio companies, which may include arrangement, syndication, origination, structuring analysis, capital structure and business plan advice and other services. The fees are generally recognized as income at the point in time when the services rendered are completed, as there is no ongoing performance requirement. Administrative fees represent expenses incurred by certain professionals of the Company and reimbursed by products managed by the Company. The Company may incur certain costs in connection with satisfying its performance obligations under administrative agreements—including, but not limited to, employee compensation and travel costs—for which it receives reimbursements from the products it manages. The Company reports these expenses within compensation and benefits and general, administrative and other expenses and reports the related reimbursements as revenues within administrative, transaction and other fees (i.e., on a gross basis) in the consolidated and combined statements of operations. Dealer manager revenue consists of commissions earned for providing distribution services to certain products. Dealer manager revenue is recorded on an accrual basis at the point in time when the services are completed, as there is no ongoing performance requirement. The Company is also entitled to receive certain incentive income in the form of incentive fees and carried interest from the products that it manages. Incentive income is based on the investment performance generated over time, subject to the achievement of minimum return levels in certain products. Incentive fees from the Company’s BDCs and certain products within GP Capital Solutions are realized at the end of a measurement period, typically annually. Once realized, such incentive fees are no longer subject to reversal. For certain non-BDC catch-up financial interest, and therefore is not included in the Company’s consolidated and combined financial statements. The Company has not recognized any incentive income to-date. Compensation and Benefits Cash-Based Compensation Compensation and benefits consist of salaries, bonuses, commissions, long-term deferral programs, benefits and payroll taxes. Compensation is accrued over the related service period. Equity-Based Compensation Equity-based compensation awards are reviewed to determine whether such awards are equity-classified or liability-classified. Compensation expense related to equity-classified awards is equal to their grant-date fair value and recognized on a straight-line basis over the service period. When certain settlement features require an award to be liability-classified, compensation expense is recognized over the service period, and such amount is adjusted at each balance sheet date and through the settlement date to the then current fair value of such award. The Company accounts for forfeitures on equity-based compensation arrangements as they occur. The Company recognizes deferred income tax benefits throughout the service period, based on the grant date fair value. Any tax deduction shortfall or windfall due to the difference between grant date fair value and the ultimate deduction taken for tax purposes is recognized at the time of vesting. See Note 8 for additional information on the Company’s equity-based compensation plans. Foreign Currency The functional currency of the Company’s foreign consolidated subsidiaries is the U.S. dollar, as their operations are considered extensions of U.S. parent operations. Monetary assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars at the closing rates of exchange on the balance sheet date. Non-monetary Income Taxes Prior to the Business Combination, the Company’s earnings were subject to New York City unincorporated business tax (“UBT”), as well as certain U.S. Federal and foreign taxes. Subsequent to the Business Combination, substantially all of the earnings of the Blue Owl Operating Group remain subject to New York City UBT and additionally, the portion of earnings allocable to the Registrant is subject to corporate tax rates at the Federal and state and local levels. Therefore, the amount of income taxes recorded prior to the Business Combination is not representative of the expenses expected in the future. The computation of the effective tax rate and provision at each interim period requires the use of certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income that is subject to tax, permanent differences between the Company’s GAAP earnings and taxable income, and the likelihood of recovering deferred tax assets existing as of the balance sheet date. The estimates used to compute the provision for income taxes may change throughout the year as new events occur, additional information is obtained or as tax laws and regulations change. Accordingly, the effective tax rate for future interim periods may vary materially. Deferred income tax assets and liabilities resulting from temporary differences between the GAAP and tax bases of assets and liabilities are measured at the balance sheet date using enacted income tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. The Company offsets deferred income tax assets and liabilities for presentation in its consolidated and combined statements of financial condition when such assets and liabilities are within the same taxpayer and related to the same taxing jurisdiction. The realization of deferred tax assets depends upon the existence of sufficient taxable income within the carryback or carryforward periods under the enacted tax law in the applicable tax jurisdiction. A valuation allowance is established when management determines, based on available information, that it is more-likely-than-not The Company recognizes uncertain income tax positions when it is not more-likely-than-not New Accounting Pronouncements The Company considers the applicability and impact of all ASUs issued by the FASB. None of the ASUs that have been issued but not yet adopted are expected to have a material impact on the Company’s consolidated and combined financial statements. | |
Owl Rock Capital And Subsidiaries And Owl Rock Capital Securities LLC [Member] | ||
Accounting Policies [Line Items] | ||
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated and combined (thereafter referred to as “consolidated”) financial statements have been prepared from the Parent’s historical accounting records and are presented on a stand-alone basis. The Parent owns a residual interest in proceeds from the sale of Sponsor B Units, which are not presented as part of these stand-alone consolidated financial statements and footnotes. All inter-company balances and transactions have been eliminated upon consolidation and combination. These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated statements of operations include all revenues and costs directly attributable to Owl Rock. The consolidated statements of financial condition of Owl Rock include assets and liabilities of the Parent that are specifically identifiable or otherwise attributable to the Company. Management of Owl Rock and the Parent consider these allocations to be a reasonable reflection of the utilization of services by, or the benefits provided to Owl Rock. Certain prior period amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates and such differences could be material to the consolidated financial statements. Principles of Consolidation The Company consolidates those entities in which it has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. The Company determines whether an entity should be consolidated by first evaluating whether it holds a variable interest in the entity. Entities that are not variable interest entities (“VIEs”) are further evaluated for consolidation under the voting interest model (“VOE”). An entity is considered to be a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. Fees that are customary and commensurate with the level of services provided by the Company, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, would not be considered a variable interest. The Company factors in all economic interests, including proportionate interests through related parties, to determine if fees are considered a variable interest. Where the Company’s interests in funds are primarily management fees, incentive fees, and/or insignificant direct or indirect equity interests through related parties, the Company is not considered to have a variable interest in such entities. The Company consolidates all VIEs for which it is the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest, which is defined as having (a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and continuously reconsiders that conclusion. In evaluating whether the Company is the primary beneficiary, the Company evaluates its direct and indirect economic interests in the entity. The consolidation analysis is generally performed qualitatively, however, if the primary beneficiary is not readily determinable, a quantitative analysis may also be performed. This analysis requires judgment, including: (1) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the success of the entity, (3) determining whether two or more parties’ equity interests should be aggregated, (4) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity and (5) evaluating the nature of relationships and activities of the parties involved in determining which party within a related-party group is most closely associated with a VIE and hence would be deemed the primary beneficiary. Cash and Cash Equivalents Cash and cash equivalents of the Company include demand deposit accounts. As of December 31, 2020 and 2019, the Company had cash balances with financial institutions in excess of Federal Deposit Insurance Corporation insured limits. The Company monitors the credit standing of these financial institutions. Net Capital Requirement As a registered broker-dealer, Securities is subject to SEC Rule 15c3-1, in excess of the greater of $5 and 6.67% of aggregate indebtedness Other Assets Other assets include fixed assets, capital contribution receivable, prepaid expenses and other. Fixed assets, consisting of furniture, fixtures and equipment, leasehold improvements, computer hardware, and internal-use Direct costs associated with developing, purchasing, or otherwise acquiring software for internal use are capitalized and amortized on a straight-line basis over the expected useful life of the software, beginning when the software is ready for its intended purpose. Costs incurred for upgrades and enhancements that will not result in additional functionality are expensed as incurred. Fixed assets are depreciated or amortized on a straight-line basis over an asset’s estimated useful life, with the corresponding depreciation and amortization expense included within general, administrative and other expenses on the Company’s consolidated statements of operations. The estimated useful life for leasehold improvements is the lesser of the remaining lease term and the life of the asset, while other fixed assets and internal-use two seven years Direct and incremental costs incurred in connection with the Blue Owl transaction are capitalized and deferred in the consolidated statements of financial condition within other assets. These costs will be recorded as a reduction of capital when the transaction becomes effective. Distributions Distributions to members are determined in accordance with the Company’s operating agreements and are recorded on the payment date. Non-controlling Non-controlling non-controlling Revenue Recognition Revenues consist primarily of management fees, incentive fees and administrative and other transaction fees. Effective January 1, 2018, the Company adopted the Financial Accounting Standards Board (“FASB”) Topic 606 (“ASC 606”), Revenue from Contracts with Customers Pursuant to ASC 606, the Company recognizes revenue at the time of transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Under this standard, revenue is based on a contract with a determinable transaction price and distinct performance obligations with probable collectability. Revenues cannot be recognized until the performance obligation(s) are satisfied and control is transferred to the customer. Management Fees Management fees are recognized over the period in which the investment management services are performed because customers simultaneously consume and receive benefits continuously over time. Payment terms and fee rates of management fees vary by fund. Management fees are generally based upon a defined percentage of average fair value of gross assets (excluding cash) or average fair value of gross assets (excluding cash) plus undrawn commitments in the case of the Company’s business development companies (“BDCs”), or fair value of gross assets (excluding cash), fair value of investments plus undrawn commitments, or invested capital in the case of the Company’s long-dated private funds (“Private Debt funds”) and separately managed accounts (“Managed Accounts”). The contractual terms of management fees vary by fund structure and investment strategy. Management fees also include a fee based on the net investment income of the Company’s BDCs, Owl Rock Capital Corporation, Owl Rock Capital Corporation II, Owl Rock Technology Finance Corp. and Owl Rock Core Income Corp. (and should such BDC be listed in the future, Owl Rock Capital Corporation III, collectively, “BDC Part I Fees”), which are subject to performance hurdles. Such BDC Part I Fees are classified as management fees in the consolidated statements of operations as they are predictable and recurring in nature, not subject to contingent repayment and cash-settled each quarter. Incentive Fees Incentive fees earned on the performance of certain fund structures are recognized based on the fund’s performance during the period, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund’s investment management agreement. Incentive fees are realized at the end of a measurement period, typically annually. Once realized, such fees are no longer subject to reversal. The Company recognizes incentive fee revenue only when the amount is realized and no longer subject to reversal. Administrative, Transaction and Other Fees Administrative, transaction and other fees are comprised of fee income earned from services provided to portfolio companies, dealer manager revenue, and administrative fees reimbursed by products managed by the Company (“Owl Rock products”). Fee income is earned for services provided to portfolio companies, which may include arrangement, syndication, origination, structuring analysis, capital structure and business plan advice and other services. The fees are recognized as income when the services rendered are completed. Dealer manager revenue consists of commissions earned for providing distribution services to certain Owl Rock products. Dealer manager revenue is recorded on an accrual basis as earned. Administrative fees represent expenses incurred by certain professionals of the Company and reimbursed by products managed by the Company. The Company may incur certain costs in connection with satisfying its performance obligations for investment management services or similar agreements – primarily employee travel costs – for which it receives reimbursements from its customers under the administrative agreements or similar agreements with Owl Rock products. For reimbursable travel costs, the Company concluded it controls the services provided by its employees and other parties and, therefore, is acting as principal. For reimbursable costs incurred in connection with satisfying its performance obligations for administration services, the Company concluded it does not control, with the exception of the allocable compensation and employee travel costs, the services provided by its employees and other parties and, therefore, is acting as agent. Accordingly, the Company records expenses for which it is acting as the principal on a gross basis within administrative, transaction and other fees and general, administrative and other expenses, and records costs for which it is agent on a net basis within due from affiliates, net, within the consolidated statements of financial condition. Compensation and Benefits Compensation and benefits consist of salaries, bonuses, commissions, long-term deferral programs, benefits and payroll taxes. Compensation is accrued over the related service period and long-term deferral program awards are paid out based on the various vesting dates. On September 15, 2020, the Company issued a special incentive award (the “Award”). The Award is determined in relation to the fair value of Owl Rock, measured by an independent third party valuation firm, was fully vested upon issuance, will be settled in cash and is subject to the terms and conditions of the Award. The Award is classified as a liability and will be remeasured at fair value, which is equal to its settlement value, each reporting period until it is settled. The Award incurred a non-cash On December 28, 2020, the Company entered into an agreement to convert the cash settled Award into 9.05 million restricted stock units of Blue Owl common stock upon closing of the transaction. As this modification is contingent upon the closing of the transaction, it will not be recognized until the contingency is resolved. Deferred Financing Costs The Company records expenses related to debt obligations as deferred financing costs. These expenses are deferred and evenly amortized over the life of the related debt instrument and included within interest expense within the consolidated statements of operations. Deferred financing costs are presented on the consolidated statements of financial condition as a direct deduction from the outstanding debt obligations liability. Income Taxes Certain subsidiaries of the Company (the “Taxable Partnerships”) are treated as partnerships for federal income tax purposes and, accordingly, are generally not subject to federal and state income taxes, as such taxes are the responsibility of certain direct and indirect owners of the Taxable Partnerships. However, the Taxable Partnerships are subject to Unincorporated Business Tax in New York City and Connecticut at 4.00% and 6.99%, respectively (“UBT”) and other state taxes. Certain subsidiaries of the Company (the “Taxable Corporations”) are domestic and foreign corporations. Depending on the domicile of the Taxable Corporations, their income is subject to either U.S. federal, state and local income taxes or foreign income taxes (for which a foreign tax credit can generally offset U.S. corporate taxes imposed on the same income). The Company accounts for income taxes and UBT using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities, and their respective tax basis by applying statutory tax rates. The measurement of deferred tax assets is reduced by a valuation allowance if, based upon available evidence, it is more likely than not, that some or all of the deferred tax asset will not be realized. Interest and penalties, if any, assessed under the relevant tax law are recognized as incurred within income tax expense in the consolidated statements of operations. Based on the available evidence, the Company has determined that it is more likely than not that all deferred tax assets will be realized and that a valuation allowance is not needed as of December 31, 2020 and 2019. The Company is required to determine whether its tax positions are more-likely-than-not positions not deemed to meet a more-likely-than-not New Accounting Pronouncements The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued. ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) right-of-use In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities 2018-17, 2018-17 In December 2019, the FASB issued ASU 2019-12 , Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. 2019-12 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. An entity may elect to adopt the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. An entity may elect to apply the amendments in ASU 2020-04 |
Dyal Acquisition
Dyal Acquisition | 6 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Dyal Acquisition | 3. DYAL ACQUISITION The following table provides the consideration calculation in connection with the Dyal Acquisition (dollars in thousands): Consideration Equity consideration(1) $ 4,285,359 Cash consideration(2) 973,457 Tax receivable agreement(3) 101,645 Earnout Securities(3) 246,788 Total Consideration $ 5,607,249 Net Identifiable Assets Acquired and Goodwill Assets acquired: Due from related parties $ 13,442 Intangible assets 2,233,200 Deferred tax asset 29,770 Other assets, net 2,096 Total assets acquired 2,278,508 Liabilities assumed: Accrued compensation 7,376 Deferred tax liability 170,753 Accounts payable, accrued expenses and other liabilities 41,352 Total liabilities assumed 219,481 Net Identifiable Assets Acquired $ 2,059,027 Goodwill(4) $ 3,548,222 (1) Represents share consideration issued to the Dyal Capital selling shareholders based on the fair value of the acquired business, reflecting a discount for lack of control. (2) Includes cash consideration paid to reimburse seller for certain pre-acquisition (3) The TRA and Earnout Securities represent contingent consideration. See Note 9 for additional information on the valuation of these instruments. (4) Goodwill represents the amount of total consideration in excess of net identifiable assets acquired. None of the goodwill balance is expected to be deductible by the Blue Owl Operating Partnerships for tax purposes. The acquired investment management agreements, institutional investor relationships and trademarks had a weighted-average amortization period from the date of acquisition of 14.3 years, 10.0 years and 7.0 years, respectively. Finite Lived Intangible Assets, Net The following table summarizes the Company’s intangible assets, net (dollars in thousands): June 30, Useful Life Remaining Weighted-Average Investment management agreements $ 1,859,900 1.4 - 20.0 14.2 years Institutional investor relationships 306,600 10.0 9.9 years Trademarks 66,700 7.0 6.9 years Total Intangible Assets 2,233,200 Less: accumulated amortization (21,336 ) Total Intangible Assets, Net $ 2,211,864 At June 30, 2021, future amortization of finite-lived intangible assets is estimated to be (dollars in thousands): Period Amortization July 1, 2021 to December 31, 2021 $ 93,490 2022 184,699 2023 182,456 2024 182,956 2025 180,106 Thereafter 1,388,157 Total $ 2,211,864 Dyal Capital’s results are included in the Company’s consolidated results starting from the Closing Date. For the three and six months ended June 30, 2021, the Company’s consolidated results included $39.9 million of GAAP revenues related to the acquired business. Given the Company operates through one operating and reportable segment, the impact of the Dyal Acquisition to GAAP consolidated net income is not tracked on a standalone basis. Pro Forma Financial Information Unaudited pro forma revenues were $220.6 million and $116.9 million for the three months ended June 30, 2021 and 2020, respectively, and $410.9 million and $242.6 million for the six months ended June 30, 2021 and 2020, respectively. Unaudited pro forma net income (loss) allocated to Class A Shareholders was $(360.5) million and $(10.0) million for the three months ended June 30, 2021 and 2020, respectively, and $(358.8) million and $(28.7) million for the six months ended June 30, 2021 and 2020, respectively. This proforma financial information was computed by combining the historical financial information of the predecessor Owl Rock and acquired Dyal Capital businesses as though the Business Combination was consummated on January 1, 2020, assuming a consistent ownership structure, effective tax rate and amortization of the fair value of acquired assets as of the Business Combination Date. The proforma information does not reflect the potential benefits of cost and funding synergies, opportunities to earn additional revenues, or other factors, and therefore does not represent what the actual revenues and net income would have been had the businesses actually been combined as of this date. |
Debt Obligations, Net
Debt Obligations, Net | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Debt Obligations, Net [Line Items] | ||
Debt Obligations, Net | 4. DEBT OBLIGATIONS, NET The table below summarizes outstanding debt obligations of the Company (dollars in thousands): June 30, 2021 Current Maturity Date Aggregate Facility Size Outstanding Debt Amount Net Average Rate(2) 2031 Notes 6/10/2031 $ 700,000 $ 700,000 $ — $ 683,338 3.13 % Revolving Credit Facility 4/15/2024 150,000 — 149,102 — 3.47 % Total $ 850,000 $ 700,000 $ 149,102 $ 683,338 (1) Amount available is reduced by outstanding letters of credit related to certain leases. (2) Average interest rate noted above, excludes the impact of deferred financing costs and discounts. December 31, 2020 Current Maturity Date Aggregate Facility Size Outstanding Debt Amount Net Average Rate(2) Revolving Credit Facility #1 2/28/2022 $ 105,000 $ 92,895 $ 10,377 $ 92,522 4.75 % Revolving Credit Facility #2 8/20/2021 22,000 17,365 4,635 17,303 4.49 % Term Loan 10/25/2029 250,000 250,000 — 246,561 7.86 % Total $ 377,000 $ 360,260 $ 15,012 $ 356,386 (1) Amount available is reduced by outstanding letters of credit related to certain leases. (2) Average interest rate noted above, excludes the impact of deferred financing costs. 2031 Notes On June 10, 2021, the Company, through its indirect subsidiary, Blue Owl Finance LLC, issued $700.0 million aggregate principal amount of 3.125% Senior Notes due 2031 (the “2031 Notes”). The 2031 Notes bear interest at a rate of 3.125% per annum and mature on June 10, 2031. Interest on the 2031 Notes will be payable semi-annually in arrears on June 10 and December 10 of each year, commencing December 10, 2021. The 2031 Notes are fully and unconditionally guaranteed, jointly and severally, by the Blue Owl Operating Partnerships and certain of their respective subsidiaries. The guarantees are unsecured and unsubordinated obligations of the guarantors. All or a portion of the 2031 Notes may be redeemed at the Company’s option in whole, at any time, or in part, from time to time, prior to their stated maturity, subject to a make-whole redemption price; provided, however, that if the Company redeems any amounts on or after March 10, 2031, the redemption price for the 2031 Notes will be equal to 100% of the principal amount of the amounts redeemed, in each case, plus any accrued and unpaid interest. If a change of control repurchase event occurs, the 2031 Notes are subject to repurchase by the Company at a repurchase price in cash equal to 101% of the aggregate principal amount repurchased plus any accrued and unpaid interest. The 2031 Notes also provide for customary events of default and acceleration. Revolving Credit Facility On April 15, 2021, the Company entered into a $150.0 million credit facility (“Revolving Credit Facility”). The maximum capacity under the Revolving Credit Facility may be increased to $200 million through our exercise of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Revolving Credit Facility matures on April 15, 2024. Borrowings under the credit facility bear interest at a rate per annum equal to: (i) LIBOR + 2.50% or (ii) an alternate base rate (“ABR”) + 1.50% (subject to an ABR floor of 1.00%). The ABR is the greater of: (a) Prime Rate, (b) NY Fed Bank Rate + 0.50%, and (c) LIBOR + 1.00%. The Company also pays a fee on the unused portion of the credit facility in the amount of (i) 0.25% per annum to the extent utilization is greater than 50% and (ii) 0.375% per annum to the extent utilization is less than 50%. Borrowings under the credit facility are secured by a continuing interest in certain management fees, incentive fees and other fees or distributions. Revolving Credit Facility #1 and #2 In April 2021, the Company repaid all amounts outstanding under and terminated Revolving Credit Facility #1 and #2 in connection with closing the Revolving Credit Facility. Term Loan In June 2021, the Company prepaid the $250.0 million term loan agreement (the “Term Loan”) owed to a product managed by the Company with proceeds from the 2031 Notes. This prepayment resulted in a net loss on the retirement of debt of $15.8 million, which is inclusive of call protection premium and write-off | |
Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | ||
Debt Obligations, Net [Line Items] | ||
Debt Obligations, Net | 4. Debt Obligations, Net The table below summarizes outstanding debt obligations of the Company: December 31, 2020 Current Aggregate Outstanding Amount (1) Net (2) Interest (3) Revolving Credit Facility #1 2/28/202 $ 105,000 $ 92,895 $ 10,377 $ 92,522 4.75 % Revolving Credit Facility #2 8/20/202 22,000 17,365 4,635 17,303 4.49 % Term Loan 10/25/202 250,000 250,000 — 246,561 7.86 % Total $ 377,000 $ 360,260 $ 15,012 $ 356,386 (1) Amount available is reduced by outstanding letters of credit. (2) The carrying values of the Revolving Credit Facility #1, Revolving Credit Facility #2, and Term Loan are presented net of capitalized and unamortized deferred financing costs of $373, $62, and $3.4 million, respectively. (3) Average interest rate noted above, excludes impact of deferred financing and unused commitment fees. December 31, 2019 Current Aggregate Outstanding Amount (1) Net (2) Interest (3) Revolving Credit Facility #1 2/28/202 $ 50,000 $ 28,190 $ 20,082 $ 28,101 6.22 % Revolving Credit Facility #2 8/20/202 16,000 12,982 3,018 12,834 5.61 % Term Loan 10/25/202 250,000 250,000 — 246,169 7.94 % Total $ 316,000 $ 291,172 $ 23,100 $ 287,104 (1) Amount available is reduced by outstanding letters of credit. (2) The carrying values of the Revolving Credit Facility #1, Revolving Credit Facility #2, and Term Loan are presented net of capitalized and unamortized deferred financing costs of $89, $148, and $3.8 million, respectively. (3) Average interest rate noted above, excludes impact of deferred financing and unused commitment fees. Deferred financing cost amortization expense for the years ended December 31, 2020, 2019 and 2018 was $787, $225 and $397, respectively. Revolving Credit Facility #1 On February 22, 2017, Owl Rock entered into a $10 million credit facility (“Revolving Credit Facility #1”). On March 12, 2018, the credit facility was amended to, among other things: (i) increase facility size to $36.5 million, (ii) extend the maturity date to February 28, 2022, (iii) reduce the London Interbank Offered Rate (“LIBOR”) – based rate from LIBOR + 3.25% to LIBOR + 3.05% and prime rate – based rate from prime rate + 0.50% to prime rate + 0.25%, and (iv) added a letter of credit sublimit of $5 million. On December 13, 2018, the credit facility was increased to $50 million. On February 20, 2020, the credit facility was increased to $80 million. On October 30, 2020, the credit facility was increased to $105 million. Borrowings under the credit facility bear interest at a rate per annum equal to: (i) in the case of LIBOR – based advance, the greater of LIBOR + 3.05 % and 4.25%, or (ii) in the case of prime rate – based advance, the greater of prime rate, as published by the lending bank, + 0.25 % and 4.25%. The Company also pays fees of 0.5% and 2.0% per annum on the unused portion of the credit facility and outstanding letters of credit, respectively. Borrowings under the credit facility are secured by a continuing interest in management fees, incentive fees and other fees or distributions. Revolving Credit Facility #2 On February 22, 2019, Owl Rock entered into a $10 million credit facility (“Revolving Credit Facility #2”). On November 29, 2019, the credit facility was increased to $16 million. On September 14, 2020, the credit facility was increased to $22 million. Borrowings under the credit facility bear interest at a rate per annum equal to: (i) in the case of LIBOR – based advances, the greater of LIBOR + 3.05% and 4.25%, or (ii) in the case of the prime rate – based advances, the greater of the prime rate, as published by the lending bank, + 0.25% and 4.25%. The Company also pays a fee of 0.5% per annum on the unused portion of the credit facility. Borrowings under the credit facility are secured by a continuing interest in management fees, incentive fees and other fees or distributions. Term Loan On October 25, 2019, Holdings entered into a $250 million term loan agreement (“Term Loan”). The Term Loan bears interest at a rate per annum equal to LIBOR + 6.00% and is subject to a LIBOR floor of 1.50%. Borrowing under the Term Loan is secured by cash receipts and distributions from subsidiaries of Owl Rock. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | 5. LEASES The Company primarily has non-cancelable Lease Cost Three Months Ended Six Months Ended Operating lease cost $ 1,312 $ 2,628 Short term lease cost 49 49 Net Lease Cost $ 1,361 $ 2,677 Supplement Lease Cash Flow Information Three Months Ended Six Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 1,422 $ 2,794 Right-of-use Operating leases $ 46,068 $ 46,068 Lease Term and Discount Rate June 30, 2021 Weighted-average remaining lease term: Operating leases 10.7 years Weighted-average discount rate: Operating leases 3.07 % Future Maturity of Operating Lease Payments Operating Leases July 1, 2021 to December 31, 2021 $ 2,713 2022 2,766 2023 8,108 2024 6,000 2025 5,923 Thereafter 43,904 Total Lease Payments 69,414 Imputed interest (11,410 ) Total Lease Liabilities $ 58,004 The Company has future operating lease payments of $26.7 million related to leases that have not commenced that were entered into as of June 30, 2021. Such lease payments are not included in the table above or the Company’s consolidated statements of financial condition as operating lease assets and operating lease liabilities. These operating lease payments are anticipated to commence in the second half of 2022 and continue for 11.4 years. |
Members' Capital (Deficit)
Members' Capital (Deficit) | 12 Months Ended |
Dec. 31, 2020 | |
Owl Rock Capital And Subsidiaries And Owl Rock Capital Securities LLC [Member] | |
Members Capital (Deficit) [Line Items] | |
Members' Capital (Deficit) | 5. Members’ Capital (Deficit) Ownership Interests Sponsor B and Class A Units (collectively “Units”) provide each unitholder with legal and beneficial ownership interests in, and rights and duties as a member of Owl Rock Capital, including, without limitation, the right to share in net income (loss), and the right to receive distributions. Ownership interests of Owl Rock Capital are summarized in the following table: December 31, 2020 December 31, 2019 Units Economic Units Economic Sponsor B Units 5,010,000 50.1 % 5,010,000 50.1 % Class A Units 4,990,000 49.9 % 4,990,000 49.9 % Total 10,000,000 100.0 % 10,000,000 100.0 % Contributions Contributions by Class A members are made to the Company in accordance with the operating agreements and are recorded in the applicable period. During the years ended December 31, 2020, 2019 and 2018 the Company received contributions of $9.8 million, $21.9 million and $21.1 million, respectively. Distributions Distributions to members are determined in accordance with the Company’s operating agreements and are recorded on the payment date. During the years ended December 31, 2020, 2019 and 2018, the Company made distributions of $78.1 million, $320.3 million and $44.8 million, respectively. |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 6. REVENUES The following table presents a disaggregated view of the Company’s revenues: Three Months Ended Six Months Ended (dollars in thousands) 2021 2020 2021 2020 Direct Lending Products Diversified lending $ 83,773 $ 23,577 $ 160,251 $ 48,476 Technology lending 16,727 10,212 30,584 19,379 First lien lending 3,817 3,048 7,632 5,829 Opportunistic lending 741 — 1,304 — Management Fees, Net 105,058 36,837 199,771 73,684 Administrative, transaction and other fees 34,335 3,661 47,846 16,082 Total GAAP Revenues—Direct Lending Products 139,393 40,498 247,617 89,766 GP Capital Solutions Products GP minority equity investments 36,341 — 36,341 — GP debt financing 736 — 736 — Management Fees, Net 37,077 — 37,077 — Administrative, transaction and other fees 2,790 — 2,790 — Total GAAP Revenues—GP Capital Solutions Products 39,867 — 39,867 — Total GAAP Revenues $ 179,260 $ 40,498 $ 287,484 $ 89,766 The table below presents the beginning and ending balances of the Company’s management fees and administrative, transaction and other fees receivable and unearned management fees. Substantially all of these amounts receivable are generally collected during the following quarter. A liability for unearned management fees is generally recognized when management fees are paid to the Company in advance. The entire change in unearned management fees shown below relates to amounts recognized as revenues in the current year period. Management fees receivable and administrative, transaction and other fees receivable are included within due from related parties and unearned management fees are included within accounts payable, accrued expenses and other liabilities in the Company’s consolidated and combined statements of financial condition. Six Months Ended June 30, (dollars in thousands) 2021 2020 Management Fees Receivable Beginning balance $ 78,586 $ 32,473 Ending balance $ 113,104 $ 33,859 Administrative, Transaction and Other Fees Receivable Beginning balance $ 9,876 $ 8,667 Ending balance $ 13,334 $ 5,257 Unearned Management Fees Beginning balance $ 11,846 $ — Ending balance $ 11,087 $ — |
Other Assets, Net
Other Assets, Net | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Other Assets, Net | 7. OTHER ASSETS, NET (dollars in thousands) June 30, December 31, Fixed assets, net: Leasehold improvements $ 2,133 $ 2,133 Furniture and fixtures 1,872 1,612 Computer equipment 783 730 Computer software 775 556 Accumulated depreciation and amortization (1,940 ) (1,675 ) Fixed assets, net 3,623 3,356 Prepaid assets 7,072 874 Investments (includes $2,617 and $5 of investments in the Company’s products) 7,994 2,678 Deferred Business Combination-related expenses — 8,255 Other 10,231 1,306 Total Other Assets, Net $ 28,920 $ 16,469 | |
Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | ||
Other Assets, Net | 3. Other Assets Other assets consist of the following: December 31, December 31, Deferred transaction costs $ 8,255 $ — Fixed assets, net 3,356 3,377 Deferred tax assets 800 326 Contributions receivable 567 1,853 Other assets 4,291 945 Total $ 17,269 $ 6,501 Fixed assets consist of the following: December 31, December 31, Leasehold improvements $ 2,133 $ 2,128 Furniture and fixtures 1,612 1,550 Computer equipment 730 702 Computer software 556 56 Fixed assets 5,031 4,436 Accumulated depreciation and amortization (1,675 ) (1,059 ) Fixed assets, net $ 3,356 $ 3,377 The depreciation and amortization expense for the years ended December 31, 2020, 2019 and 2018 was $673, $829 and $304, respectively, and included in general, administrative and other expenses within the consolidated statements of operations. |
Equity-Based Compensation
Equity-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity-Based Compensation | 8. EQUITY-BASED COMPENSATION The Company may from time-to-time In addition, the Company granted Common Units and Seller Earnout Units in connection with the Business Combination, which grants were not made under the 2021 Equity Incentive Plan. A portion of these Common Units and Seller Earnout Units were considered equity-based compensation grants and a portion were considered consideration related to the Dyal Acquisition. The portion considered equity-based compensation is included in the disclosures below. The table below presents information regarding equity-based compensation expense included within compensation and benefits in the Company’s consolidated and combined statements of operations. As of June 30, 2021, no RSUs have been settled in cash or Class A Shares. Three Months Ended Six Months Ended (dollars in thousands) 2021 2020 2021 2020 Common Units $ 1,121,139 $ — $ 1,121,139 $ — Seller Earnout Units 37,458 — 37,458 — Equity-Based Compensation Expense $ 1,158,597 $ — $ 1,158,597 $ — Corresponding tax benefit $ — $ — $ — $ — The table below presents activity related to the Company’s unvested equity-based compensation awards for the six months ended June 30, 2021. Common Units and Seller Earnout Units recorded as consideration related to the Dyal Acquisition are not included in these tables, as such units are not accounted for as equity-based compensation expense. Common Units Seller Earnout Units Equity-Classified RSUs Unvested Weighted-Average Unvested Weighted-Average Unvested Weighted-Average December 31, 2020 — $ — — $ — — $ — Granted 132,808,673 9.00 11,608,004 5.43 9,050,000 10.00 Vested (132,808,673 ) 9.00 — — (9,050,000 ) 10.00 June 30, 2021 — $ — 11,608,004 $ 5.43 — $ — Common Units Prior to the Business Combination, certain members of Dyal Capital were entitled to receive rights to distributions of certain future profits (the “Profit Interest Units”) that were subject to certain forfeiture conditions that would have lapsed in four equal annual installments beginning on November 3, 2027. In connection with the Business Combination, the forfeiture conditions of the Profit Interest Units were modified to eliminate any future service requirements. The Profit Interest Units were replaced with Common Units on the Business Combination Date. The Company recognized a one-time non-cash Seller Earnout Units In connection with the Business Combination, the Company granted Seller Earnout Units to certain pre-Business based compensation. Half of the Seller Earnout Units presented in the table above relate to Series E-1 E-2. E-1 E-2, E-1 RSUs On September 15, 2020, the Company issued an award that was based on the fair value of Owl Rock and that was fully vested upon issuance. The original terms of the award required cash settlement at a future date and was, therefore, classified as a liability that was remeasured to its settlement value at each reporting period. The Company recorded compensation expense of $90.5 million in 2020 related to the award. Prior to and contingent on the close of the Business Combination, the Company modified this award to be settled in 9,050,000 RSUs that were immediately vested but would be settled in Class A Shares in future years. The modification did not result in any incremental compensation expense, as the value immediately prior to modification was greater than the value immediately following the modification. Accordingly, the Company reclassified the existing liability of $90.5 million to equity on the Business Combination Date. |
Fair Value Disclosures
Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 9. FAIR VALUE DISCLOSURES Fair value represents the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date (i.e., an exit price). The Company and the products it manages hold a variety of assets and liabilities, certain of which are not publicly traded or that are otherwise illiquid. Significant judgement and estimation go into the assumptions that drive the fair value of these assets and liabilities. The fair value of these assets and liabilities may be estimated using a combination of observed transaction prices, prices from third parties (including independent pricing services and relevant broker quotes), models or other valuation methodologies based on pricing inputs that are neither directly nor indirectly market observable. Due to the inherent uncertainty of valuations of assets and liabilities that are determined to be illiquid or do not have readily ascertainable fair values, the estimates of fair value may differ from the values ultimately realized, and those differences can be material. GAAP prioritizes the level of market price observability used in measuring assets and liabilities at fair value. Market price observability is impacted by a number of factors, including the type of assets and liabilities and the specific characteristics of the financial assets and liabilities. Financial assets and liabilities with readily available, actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and lesser degree of judgment used in measuring fair value. Financial assets and liabilities measured at fair value are classified and disclosed into one of the following categories based on the observability of inputs used in the determination of fair values: • Level I—Quoted prices that are available in active markets for identical financial assets or liabilities as of the reporting date. • Level II—Valuations obtained from independent third-party pricing services, the use of models or other valuation methodologies based on pricing inputs that are either directly or indirectly market observable as of the measurement date. These financial assets and liabilities exhibit higher levels of liquid market observability as compared to Level III financial assets and liabilities. • Level III—Pricing inputs that are unobservable in the market and includes situations where there is little, if any, market activity for the financial asset or liability. The inputs into the determination of fair value of financial assets and liabilities in this category may require significant management judgment or estimation. The fair value of these financial assets and liabilities may be estimated using a combination of observed transaction prices, independent pricing services, models or other valuation methodologies based on pricing inputs that are neither directly nor indirectly market observable (e.g., cash flows, implied yields). In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial asset or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial asset or liability when the fair value is based on unobservable inputs. Fair Value Measurements Categorized within the Fair Value Hierarchy The following table summarizes the Company’s liabilities measured at fair value on a recurring basis: June 30, 2021 (dollars in thousands) Level I Level II Level III Total Liabilities, at Fair Value TRA liability $ — $ — $ 102,791 $ 102,791 Warrant liability 25,829 — 14,600 40,429 Earnout Securities liability — — 954,247 954,247 Total Liabilities, at Fair Value $ 25,829 $ — $ 1,071,638 $ 1,097,467 Reconciliation of Fair Value Measurements Categorized within Level III Unrealized gains and losses on the Company’s liabilities carried at fair value on a recurring basis are included within other income (loss) in the consolidated and combined statements of operations. There were no transfers in or out of Level III during the periods presented. The following table sets for a summary of changes in the fair value of the Level III measurements for the three months ended June 30, 2021: Level III Liabilities (dollars in thousands) TRA Warrant Earnout Total Beginning balance $ — $ — $ — $ — Impact of the Business Combination 101,645 9,131 491,277 602,053 Unrealized (gains) losses 1,146 5,469 462,970 469,585 Ending Balance $ 102,791 $ 14,600 $ 954,247 $ 1,071,638 Net change in unrealized (gains) losses held as of the reporting date $ 1,146 $ 5,469 $ 462,970 $ 469,585 The following table sets forth a summary of changes in the fair value of the Level III measurements for the six months ended June 30, 2021: Level III Liabilities (dollars in thousands) TRA Warrant Earnout Total Beginning balance $ — $ — $ — $ — Impact of the Business Combination 101,645 9,131 491,277 602,053 Unrealized (gains) losses 1,146 5,469 462,970 469,585 Ending Balance $ 102,791 $ 14,600 $ 954,247 $ 1,071,638 Net change in unrealized (gains) losses held as of the reporting date $ 1,146 $ 5,469 $ 462,970 $ 469,585 Valuation Methodologies TRA Liability The TRA related to the Dyal Acquisition is considered contingent consideration and is measured at fair value based on discounted future cash flows. The remaining TRA liability is not measured at fair value, as it was not part of the Dyal Acquisition, and therefore was not contingent consideration. Warrant Liability The Public Warrants are traded on the NYSE and are stated at the last reported sales price as of each balance sheet date. These warrants are actively traded, and valuation adjustments are not applied, and therefore are classified as Level I. The Company uses a Monte Carlo simulation model to value the Private Placement Warrants. The Company estimates the volatility of its Class A Shares based on the volatility implied by the Public Warrants. The risk-free interest rate is based on U.S. Treasuries for a maturity similar to the expected remaining life of the warrants. The expected term of the warrants is assumed to be equivalent to their remaining contractual term. Earnout Securities Liability In connection with the Business Combination, the Company recognized a liability for a certain portion of the Earnout Securities issued (the remaining Earnout Securities were accounted for as equity-classified equity-based compensation). The fair value of the Earnout Securities liability is determined by using a Monte Carlo simulation model to forecast the future price of Class A Shares. The Company estimates the volatility of its Class A Shares based on the volatility implied by the Public Warrants and a review of historical volatility for similar publicly traded companies over a horizon that matches the expected remaining life of the Earnout Securities. The risk-free interest rate is based on U.S. Treasuries for a maturity similar to the expected remaining life of the Earnout Securities. The expected remaining life of the Earnout Securities is assumed to be the equivalent to their remaining contractual term. Quantitative Inputs and Assumptions for Fair Value Measurements Categorized within Level III The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of June 30, 2021: Fair Value Valuation Technique Significant Unobservable Input Impact to (dollars in thousands) TRA liability $ 102,791 Discounted Discount rate 11 % Decrease Warrant liability 14,600 Monte Carlo Volatility 18 % Increase Risk-free rate 1 % Increase Earnout Securities liability 954,247 Monte Carlo Volatility 23 % Increase Risk-free rate 1 % Increase Discount for lack of 10 % Decrease Total Liabilities, at Fair Value $ 1,071,638 Fair Value of Other Financial Instruments Management estimates that the carrying value of the Company’s debt obligations, which are not carried at fair value, approximated fair value as of June 30, 2021. The fair value measurements for the Company’s debt obligations are categorized as Level I within the fair value hierarchy. |
Income Taxes
Income Taxes | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Income Taxes [Line Items] | ||
Income Taxes | 10. INCOME TAXES The Company’s income tax provision and related income tax assets and liabilities are based on, among other things, an estimate of the impact of the Business Combination, inclusive of an analysis of tax basis and state tax implications of the Blue Owl Operating Group and their underlying assets and liabilities. The Company’s estimate is based on the most recent information available; however, the impact of the Business Combination cannot be finally determined until the Company’s 2021 tax returns have been filed. The tax basis and state impact of the Blue Owl Operating Group and their underlying assets and liabilities are based on estimates subject to finalization of the Company’s tax returns, and the impact of the Business Combination may differ, possibly materially, from the current estimates described herein. The Blue Owl Operating Partnerships, and prior to the Business Combination, Owl Rock, are partnerships for U.S. Federal income tax purposes subject to the New York City UBT. Effective upon the consummation of the Business Combination, generally all of the income the Registrant earns will be subject to corporate-level income taxes in the United States. Further, the amount of income taxes recorded prior to the Business Combination are not representative of the expenses expected in the future. The Company had an effective tax rate of 1.8% and 0.4% for the three months ended June 30, 2021 and 2020, respectively, and 1.8% and 0.4% for the six months ended June 30, 2021 and 2020, respectively. The three and six months ended June 30, 2021 effective tax rates differed from the statutory rate primarily due to the portion of income allocated to noncontrolling interests, nondeductible compensation and state and local taxes. Prior to the Business Combination, the Company was not subject to corporate-level income taxes. The Company evaluates the realizability of its deferred tax asset on a quarterly basis and may recognize or adjust any valuation allowance when it is more likely than not that all or a portion of the deferred tax asset may not be realized. As of June 30, 2021, the Company has not recorded any valuation allowances. As of and prior to June 30, 2021, the Company has not recognized any liability for uncertain tax positions. The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the tax years that remain open under the statute of limitations will be subject to examinations by the appropriate tax authorities. The Company is generally no longer subject to state or local examinations by tax authorities for tax years prior to 2017. As a result of the Business Combination, the Registrant recognized a deferred tax asset in the amount of $363.6 million to account primarily for the difference between the Company’s book and tax basis in its investment in the Blue Owl Operating Partnerships, as well as a portion related to the TRA liability that will eventually lead to additional tax basis in the Blue Owl Operating Partnerships upon future TRA payments. Net deferred tax assets of $504.6 million related to the purchase of partnership interests from and future TRA payments to the pre-Business paid-in pre-Business pre-Business paid-in | |
Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | ||
Income Taxes [Line Items] | ||
Income Taxes | 7. Income Taxes Income tax expense (benefit) consisted of the following: For the Years Ended 2020 2019 2018 Current: U.S. federal income tax (benefit) $ — $ — $ — State and local income tax (benefit) 359 81 — Foreign income tax (benefit) 14 — — 373 81 — Deferred: U.S. federal income tax (benefit) — — — State and local income tax (benefit) (475 ) 159 (180 ) Foreign income tax (benefit) — — — (475 ) 159 (180 ) Total: U.S. federal income tax (benefit) — — — State and local income tax (benefit) (116 ) 240 (180 ) Foreign income tax (benefit) 14 — — $ (102 ) $ 240 $ (180 ) The effective income tax rate differed from the New York City UBT rate, the most material effective income tax statutory rate, for the following reasons: For the Years Ended 2020 2019 2018 Income tax expense (benefit) at statutory rate (4.00 )% 4.00 % (4.00 )% Non-taxable 3.89 % (3.28 )% 5.40 % Transaction costs — % — % 1.43 % Impact of the Company’s subsidiary’s local taxes (0.08 )% 0.10 % (8.07 )% Provision to return adjustments and other 0.07 % 0.34 % (1.27 )% Total effective rate (0.12 )% 1.16 % (6.51 )% Deferred tax assets and deferred tax liabilities are included within other assets and accounts payable, accrued expenses and other liabilities within the consolidated statements of financial condition, respectively. The income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows: December 31, December 31, Deferred tax assets: Net operating losses $ 180 $ 162 Deferred compensation 496 133 Basis difference in subsidiaries 69 — Other 55 31 Total gross deferred tax assets 800 326 Valuation allowance — — Total deferred tax assets, net $ 800 $ 326 Deferred tax liabilities $ — $ — The Company’s net operating losses expire during the 2036-2038 tax years. The Company’s tax years ended December 31, 2017, 2018 and 2019 remain open to examination by U.S. Federal, state and local tax authorities. No penalties or interest were incurred during years ended December 31, 2020, 2019 and 2018. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies [Line Items] | ||
Commitments and Contingencies | 11. COMMITMENTS AND CONTINGENCIES Tax Receivable Agreement Pursuant to the TRA, the Company will pay 85% of certain tax benefits, if any, that it realizes (or in certain cases is deemed to realize) as a result of any increases in tax basis of the assets of the Blue Owl Operating Group related to the Business Combination and any subsequent exchanges of Blue Owl Operating Group Units for shares of the Registrant or cash. Payments under the TRA will continue until all such tax benefits have been utilized or expired unless (i) the Company exercises its right to terminate the TRA and paying recipients an amount representing the present value of the remaining payments, (ii) there is a change of control or (iii) the Company breaches any of the material obligations of the TRA, in which case all obligations will generally be accelerated and due as if the Company had exercised its right to terminate the TRA. In each case, if payments are accelerated, such payments will be based on certain assumptions, including that the Company will have sufficient taxable income to fully utilize the deductions arising from the increased tax deductions. The estimate of the timing and the amount of future payments under the TRA involves several assumptions that do not account for the significant uncertainties associated with these potential payments, including an assumption that the Company will have sufficient taxable income in the relevant tax years to utilize the tax benefits that would give rise to an obligation to make payments. The table below presents management’s estimate as of June 30, 2021, of the maximum amounts that would be payable under the TRA assuming that the Company will have sufficient taxable income each year to fully realize the expected tax savings. In light of the numerous factors affecting the Company’s obligation to make such payments, the timing and amounts of any such actual payments may differ materially from those presented in the table . (dollars in thousands) Potential Payments Under July 1, 2021 to December 31, 2021 $ — 2022 18,710 2023 33,871 2024 32,089 2025 32,703 Thereafter 470,546 Total Payments 587,919 Less adjustment to fair value for contingent consideration (125,740 ) Total TRA Liability $ 462,179 Unfunded Product Commitments As of June 30, 2021, the Company had unfunded investment commitments to its products of $4.4 million, which is exclusive of commitments that employees and other related parties have to the products. Indemnification Arrangements In the normal course of business, the Company enters into contracts that contain indemnities for related parties of the Company, persons acting on behalf of the Company or such related parties and third parties. The terms of the indemnities vary from contract to contract and the Company’s maximum exposure under these arrangements cannot be determined and has not been recorded in the consolidated statements of financial condition. As of June 30, 2021, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of material loss to be remote. Litigation From time to time, the Company is involved in legal actions in the ordinary course of business. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, the Company does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial condition or cash flows. | |
Owl Rock Capital And Subsidiaries And Owl Rock Capital Securities LLC [Member] | ||
Commitments and Contingencies [Line Items] | ||
Commitments and Contingencies | 8. Commitments and Contingencies Indemnification Arrangements Consistent with standard business practices in the normal course of business, the Company enters into contracts that contain indemnities for affiliates of the Company, persons acting on behalf of the Company or such affiliates and third parties. The terms of the indemnities vary from contract to contract and the Company’s maximum exposure under these arrangements cannot be determined and has not been recorded in the consolidated statements of financial condition. As of December 31, 2020, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. Litigation From time to time, the Company is named as a defendant in legal actions in the ordinary course of business. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, the Company does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial condition or cash flows. Promissory Note Commitment The Company was a party to an interest bearing promissory note with one of the Owl Rock products allowing it to borrow from the Company up to an aggregate of $50 million. Interest on the promissory note matches the one paid pursuant to Revolving Credit Facility #1. The unpaid principal balance and accrued interest are payable from time to time at the discretion of the Owl Rock product but immediately due and payable upon 120 days written notice by the Company. The promissory note matured on December 31, 2020. Operating Leases The Company leases two offices in New York, one office in Connecticut, one office in California and one office in London, England pursuant to current lease agreements expiring through 2031. The Company has the option to extend the term of the lease for the Connecticut and California office spaces for five years from the current 2023 and 2024 expiration dates, respectively. No such option exists for the two New York office leases. The leases include escalation clauses and require the Company to pay for utilities, taxes and maintenance expenses. Lease expense was $4.5 million, $3.8 million and $2.1 million for the years ended December 31, 2020, 2019 and 2018, respectively, and is included in general, administrative and other expenses within the consolidated statements of operations. As of December 31, 2020, aggregate estimated minimum lease commitments under the Company’s operating leases were as follows: Year Ended December 31, Amount 2021 $ 5,882 2022 8,354 2023 8,101 2024 6,000 2025 5,923 Thereafter 37,061 Total $ 71,321 |
Related Party Transactions
Related Party Transactions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Related Party Transactions | 12. RELATED PARTY TRANSACTIONS The majority of the Company’s revenues, including all management fees and administrative fees, are earned from the products it manages, which are considered related parties. Reimbursements from the Company’s Products Administrative fees represent allocable compensation and other expenses incurred by the Company, pursuant to administrative agreements, that are reimbursed by products it manages. These administrative fees are included within administrative, transaction and other fees on the consolidated and combined statements of operations and totaled $6.8 million and $10.3 million during the three and six months ended June 30, 2021, respectively, and $3.0 million and $5.8 million during the three and six months ended June 30, 2020, respectively. The Company also has arrangements in place with products that it manages, whereby certain costs are initially paid by the Company and subsequently are reimbursed by the products. These amounts are included within due from related parties in the Company’s consolidated and combined statements of financial condition. (dollars in thousands) June 30, 2021 December 31, 2020 Management fees $ 113,104 $ 78,586 Administrative fees and other expenses paid on behalf of the Company’s products and other related parties 34,423 14,112 Due from Related Parties $ 147,527 $ 92,698 Employee Capital Invested in the Company’s Products The Company’s executives and other employees have invested in and committed to the Company’s products approximately $1.9 billion and $480.0 million as of June 30, 2021 and December 31, 2020, respectively, and a portion of these investments are not charged fees. The increase from the prior year is a result of the Business Combination due to the addition of related party investments and commitments in the GP Capital Solutions products. Expense Support and Caps Arrangements The Company is party to expense support and cap arrangements with certain of the products it manages. Pursuant to these arrangements, the Company may absorb certain expenses of these products when in excess of stated expense caps or until such products reach certain profitability and cash flow thresholds. In certain cases, the Company is able to recover these expenses once certain profitability and cash flow thresholds are met. The Company recorded expenses related to these arrangements of $0.8 million and $5.8 million for the three months ended June 30, 2021 and 2020, respectively, and $3.0 million and $12.4 million for the six months ended June 30, 2021 and 2020, respectively. These expenses, net of recoveries, are included in general, administrative and other expenses within the consolidated and combined statements of operations. Aircraft and Other Services In the normal course of business, the Company reimburses certain related parties for business use of their aircraft based on current market rates. Personal use of the aircraft is not charged to the Company. The Company recorded expense for aircraft reimbursements of $169 thousand for the three and six months ended June 30, 2021, and $3 thousand and $819 thousand for the three and six months ended June 30, 2020, respectively. | |
Owl Rock Capital And Subsidiaries And Owl Rock Capital Securities LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transactions | 6. Related Party Transactions Due from Affiliates, Net The Company considers its professionals and non-consolidated December 31, December 31, Management and BDC Part I Fees receivable $ 78,586 $ 32,473 Payments made on behalf of and amounts due from Owl Rock products and other amounts due 14,112 10,401 Total $ 92,698 $ 42,874 Management fees, incentive fees, and administrative fees represent revenue that is earned from the Company’s affiliates. The related accounts receivable is included within due from affiliates, net within the consolidated statements of financial condition. Administrative fees represent allocable compensation and expenses incurred by certain professionals of the Company and reimbursed by products managed by the Company. For reimbursable expenses in which the Company is determined to be principal, during the years ended December 31, 2020, 2019 and 2018 the Company has recorded revenue of $13.0 million, $12.0 million and $6.8 million, respectively, within administrative, transaction and other fees on the consolidated statements of operations. Employees and other related parties may be permitted to directly or indirectly invest in Owl Rock products alongside fund investors. Participation is limited to individuals who qualify under applicable securities laws. Fee Waivers The Company is party to fee waiver agreements with certain BDCs pursuant to which certain portions of management fee and BDC Part I Fee revenue are waived. The management fees and BDC Part I Fees are reported net of the fee waivers. For the year ended December 31, 2020 the Company waived management fees and BDC Part I Fees in the amount of $56.6 million and $74.8 million, respectively. For the year ended December 31, 2019, the Company waived management fees and BDC Part I Fees in the amount of $31.1 million and $46.4 million, respectively. For the year ended December 31, 2018, the Company waived management fees and BDC Part I Fees in the amount of $0.8 million and $2.4 million, respectively. Expense Support Agreement The Company is a party to an expense support agreement with one of the Owl Rock products. Pursuant to this agreement, the Company may not be reimbursed for certain of its expenditures made in connection with such fund until certain profitability and cash flow thresholds of the fund are achieved (“Expense Support”). During the years ended December 31, 2020, 2019 and 2018, Expense Support amounted to $18.7 million, $7.0 million and $1.3 million, respectively, and is included in general, administrative and other expenses within the consolidated statements of operations. These amounts are subject to recoupment from the Owl Rock product in the event certain criteria are met. As of December 31, 2020, 2019 and 2018, Expense Support recognized during the years ended December 31, 2020, 2019 and 2018, respectively, had not been reimbursed. Aircraft and Other Services In the normal course of business, Owl Rock makes use of aircraft owned by affiliates of Owl Rock and reimburses such affiliates for such use based on current market rates. Affiliates of Owl Rock bear the share of all operating, personnel and maintenance costs associated with the aircraft. Personal use of the aircraft is not charged to Owl Rock. The transactions described herein are not material to the consolidated financial statements. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | 13. EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share attributable to Class A Shareholders is computed by dividing the earnings or loss attributable to Class A Shares by the weighted-average number of Class A Shares outstanding during the period. Class E Shares do not participate in the earnings or losses of the Company until a Triggering Event has occurred, and therefore no earnings per share has been presented for these shares. The Company’s Class C and D Shares represent voting interests and do not participate in the earnings of the Company. Accordingly, earnings per share is not presented for Class C and D Shares. As of June 30, 2021, the Company had 9,050,000 RSUs that have vested but have not been settled in Class A Shares. These contingently issuable shares have been included in the calculation of basic earnings (loss) per Class A Share, but do not participate in earnings until they are settled in Class A Shares. Diluted earnings (loss) per Class A Share attributable to common shareholders adjusts basic earnings (loss) per Class A Share for the potentially dilutive impact of RSUs, Seller Earnout Units, Common Units, and warrants. Unvested RSUs and all outstanding warrants are included in dilutive earning per Class A Share using the treasury stock method. Common Units are included using the if-converted For the Period from May 19, 2021 to Net Loss Attributable Weighted-Average Loss Number of (dollars in thousands, except per share amounts) Basic $ (397,189 ) 329,055,258 $ (1.21 ) Effect of dilutive securities: Common Units (1,143,082 ) 923,037,080 — Warrants — — 14,159,381 Earnout Securities — — 99,999,924 Diluted $ (1,540,271 ) 1,252,092,338 $ (1.23 ) The Company analyzed the calculation of earnings (loss) per share for periods prior to the Business Combination, and determined that it resulted in values that would not be meaningful to the users of the consolidated and combined financial statements, as the Company’s capital structure completely changed as a result of the Business Combination. Therefore, earnings (loss) per share information has not been presented for periods prior to the Business Combination. |
Subsequent Events
Subsequent Events | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Subsequent Event [Line Items] | ||
Subsequent Events | 14. SUBSEQUENT EVENTS Dividend On August 10, 2021, the Company announced a cash dividend of $0.04 per Class A Share. The dividend is payable on September 8, 2021, to holders of record as of the close of business on August 24, 2021. Earnout Securities Triggering Event On July 21, 2021, a Triggering Event occurred with respect to one-half Shares, (ii) 7,495,432 Seller Earnout Units were converted into an equal number of GP Units, (iii) 42,504,530 Seller Earnout Units were converted into an equal number of Common Units, and (iv) 42,504,530 non-economic, non-cash F-36 | |
Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | ||
Subsequent Event [Line Items] | ||
Subsequent Events | 9. Subsequent Events The Company evaluated subsequent events and transactions that occurred after December 31, 2020 through the date the consolidated financial statements were available to be issued. Other than described in these consolidated financial statements, the Company did not identify any subsequent events that require recognition or disclosure in the consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Basis of Presentation | Basis of Presentation These unaudited, interim, consolidated and combined financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). All intercompany transactions and balances have been eliminated in consolidation and combination. The notes are an integral part of the Company’s consolidated and combined financial statements. In the opinion of management, all adjustments necessary for a fair presentation of the Company’s unaudited, interim, consolidated and combined financial statements have been included and are of a normal and recurring nature. The Company’s comprehensive income (loss) is comprised solely of consolidated and combined net income (i.e., the Company has no other comprehensive income). Prior to the Business Combination, Blue Owl’s financial statements were prepared on a consolidated and combined basis. As part of the Business Combination, Securities was contributed to the Blue Owl Operating Group. Following the Business Combination, the financial statements are prepared on a consolidated basis. The consolidated and combined financial statements of Blue Owl should be read in connection with the consolidated and combined financial statements of Owl Rock as of December 31, 2020 included in the Company’s Current Report on Form 8-K, The merger between Owl Rock and ALT was accounted for as a reverse asset acquisition, with no step-up | Basis of Presentation The accompanying consolidated and combined (thereafter referred to as “consolidated”) financial statements have been prepared from the Parent’s historical accounting records and are presented on a stand-alone basis. The Parent owns a residual interest in proceeds from the sale of Sponsor B Units, which are not presented as part of these stand-alone consolidated financial statements and footnotes. All inter-company balances and transactions have been eliminated upon consolidation and combination. These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated statements of operations include all revenues and costs directly attributable to Owl Rock. The consolidated statements of financial condition of Owl Rock include assets and liabilities of the Parent that are specifically identifiable or otherwise attributable to the Company. Management of Owl Rock and the Parent consider these allocations to be a reasonable reflection of the utilization of services by, or the benefits provided to Owl Rock. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make assumptions and estimates that affect the amounts reported in the consolidated and combined financial statements of the Company. The most critical of these estimates are related to (i) the fair value of the investments held by the products the Company manages, as for many products, this impacts the amount of revenues the Company recognizes each period; (ii) the fair values of the Company’s liabilities with respect to the TRA (the portion considered contingent consideration), warrants and Earnout Securities, as changes in these fair values have a direct impact on the Company’s consolidated and combined net income (loss); (iii) the estimate of future taxable income, which impacts the realizability and carrying amount of the Company’s deferred income tax assets; (iv) the qualitative and quantitative assessments of whether impairments of acquired intangible assets and goodwill exist; and (v) the determination of whether to consolidate a variable interest entity (“VIE”). Inherent in such estimates and judgements relating to future cash flows, which include the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. While management believes that the estimates utilized in preparing the consolidated and combined financial statements are reasonable and prudent, actual results could differ materially from those estimates. | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates and such differences could be material to the consolidated financial statements. |
Principles of Consolidation | Principles of Consolidation The Company consolidates those entities in which it has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. The Company determines whether an entity should be consolidated by first evaluating whether it holds a variable interest in the entity. Entities that are not VIEs are further evaluated for consolidation under the voting interest model (“VOE”). An entity is considered to be a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. Fees that are customary and commensurate with the level of services provided by the Company, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, would not be considered a variable interest. The Company factors in all economic interests, including proportionate interests through related parties, to determine if fees are considered a variable interest. Where the Company’s interests in funds are primarily management fees, incentive fees, and insignificant direct or indirect equity interests through related parties, the Company is not considered to have a variable interest in such entities. The Company consolidates all VIEs for which it is the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest, which is defined as having (a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company does not consolidate any of the products it manages as it does not hold any direct or indirect interests in such entities that could expose the Company to an obligation to absorb losses of an entity or the right to receive benefits from an entity that could potentially be significant to such entities. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and continuously reconsiders that conclusion. In evaluating whether the Company is the primary beneficiary, the Company evaluates its direct and indirect economic interests in the entity. The consolidation analysis is generally performed qualitatively, however, if the primary beneficiary is not readily determinable, a quantitative analysis may also be performed. This analysis requires judgment, including: (1) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the success of the entity, (3) determining whether two or more parties’ equity interests should be aggregated, (4) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity and (5) evaluating the nature of relationships and activities of the parties involved in determining which party within a related-party group is most closely associated with a VIE and therefore would be deemed the primary beneficiary. Under the voting interest model, the Company consolidates those entities it controls through a majority voting interest. The Company will generally not consolidate those VOEs where a single investor or simple majority of third-party investors with equity have the ability to exercise substantive kick-out | Principles of Consolidation The Company consolidates those entities in which it has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. The Company determines whether an entity should be consolidated by first evaluating whether it holds a variable interest in the entity. Entities that are not variable interest entities (“VIEs”) are further evaluated for consolidation under the voting interest model (“VOE”). An entity is considered to be a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. Fees that are customary and commensurate with the level of services provided by the Company, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, would not be considered a variable interest. The Company factors in all economic interests, including proportionate interests through related parties, to determine if fees are considered a variable interest. Where the Company’s interests in funds are primarily management fees, incentive fees, and/or insignificant direct or indirect equity interests through related parties, the Company is not considered to have a variable interest in such entities. The Company consolidates all VIEs for which it is the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest, which is defined as having (a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and continuously reconsiders that conclusion. In evaluating whether the Company is the primary beneficiary, the Company evaluates its direct and indirect economic interests in the entity. The consolidation analysis is generally performed qualitatively, however, if the primary beneficiary is not readily determinable, a quantitative analysis may also be performed. This analysis requires judgment, including: (1) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the success of the entity, (3) determining whether two or more parties’ equity interests should be aggregated, (4) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity and (5) evaluating the nature of relationships and activities of the parties involved in determining which party within a related-party group is most closely associated with a VIE and hence would be deemed the primary beneficiary. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers highly-rated liquid investments that have an original maturity of three months or less from the date of purchase to be cash equivalents. As of June 30, 2021 and December 31, 2020, the Company holds the majority of its cash balances with a single financial institution and such balances are in excess of Federal Deposit Insurance Corporation insured limits, which exposes the Company to a certain degree of credit risk concentration. | Cash and Cash Equivalents Cash and cash equivalents of the Company include demand deposit accounts. As of December 31, 2020 and 2019, the Company had cash balances with financial institutions in excess of Federal Deposit Insurance Corporation insured limits. The Company monitors the credit standing of these financial institutions. |
Net Capital Requirement | Net Capital Requirement As a registered broker-dealer, Securities is subject to SEC Rule 15c3-1, in excess of the greater of $5 and 6.67% of aggregate indebtedness | |
Leases | Leases Right-of-use The Company adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) The Company determines if an arrangement is a lease at inception. Right-of-use Right-of-use liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company does not recognize right-of-use As the Company’s leases do not provide an implicit rate, the Company uses its estimated incremental borrowing rate based on information available at the lease commencement date in determining the present value of lease payments. The determination of an appropriate incremental borrowing rate requires judgment. The Company determines its incremental borrowing rate based on data for instruments with similar characteristics, including recently issued debt, as well as other factors. The operating lease assets include any lease payments made and lease incentives. Lease terms include options to extend or terminate when it is reasonably certain that the Company will exercise that option. In addition, the Company separates lease and non-lease right-of-use | |
Intangible Assets, Net and Goodwill | Intangible Assets, Net and Goodwill The Company recognized certain finite-lived intangible assets and goodwill as a result of the Dyal Acquisition. The Company’s finite-lived intangible assets consist of contractual rights to earn future management fees from the acquired investment management agreements and value associated with the acquired institutional client relationships and trademarks. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. The Company tests finite-lived intangible assets for impairment if certain events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable. The Company evaluates impairment by comparing the estimated fair value attributable to the intangible asset with its carrying amount. If an impairment exists, the Company adjusts the carrying value to equal the fair value by taking a charge through earnings. No impairments have been recognized to-date Goodwill represents the excess of consideration over identifiable net assets of an acquired business. The Company tests goodwill annually for impairment. If, after assessing qualitative factors, the Company believes that it is more-likely-than-not more-likely-than-not to-date | |
Fixed Assets | Fixed Assets Fixed assets are recorded at cost, less accumulated depreciation and amortization, and are included within other assets, net in the Company’s consolidated and combined statements of financial condition. Fixed assets are depreciated or amortized on a straight-line basis, with the corresponding depreciation and amortization expense included within general, administrative and other expenses in the Company’s consolidated and combined statements of operations. The estimated useful life for leasehold improvements is the lesser of the remaining lease term and the life of the asset, while other fixed assets are generally depreciated over a period of two | |
Debt Obligations, Net | Debt Obligations, Net The Company’s debt obligations, other than revolving credit facilities, are recorded at amortized cost, net of any debt issuance costs, discounts and premiums. Debt issuance costs are deferred and along with discounts and premiums are amortized to interest expense in the consolidated and combined statements of operations over the life of the related debt instrument using the effective interest method. Unamortized debt issuance costs, discounts and premiums are written off to net losses on retirement of debt in the consolidated and combined statements of operations when the Company prepays borrowings prior to maturity. The Company defers debt issuance costs associated with revolving credit facilities and presents them within other assets, net in the consolidated and combined statements of financial condition, and such amounts are amortized to interest expense in the consolidated and combined statements of operations on a straight-line basis over the life of the related facility. | |
TRA Liability | TRA Liability The tax receivable agreement (“TRA”) liability represents amounts payable to certain pre-Business paid-in | |
Warrant Liability | Warrant Liability The Company’s warrants are recorded as liabilities carried at fair value, with changes in fair value included within other income (loss) in the Company’s consolidated and combined statements of operations. The Private Placement Warrants contain exercise and settlement features that may change with a change in the holder, which precludes the Private Placement Warrants from being considered indexed to the Company’s own stock, and therefore the Private Placement Warrants are precluded from being classified within equity and are accounted for as derivative liabilities. The Public Warrants include a provision that, in the event of a tender offer or exchange offer made to and accepted by holders of more than 50% of the outstanding Class A Shares, all holders of the warrants would be entitled to receive cash for their warrants. Such an event would not constitute a change in control because the Class A Shares do not represent a majority of the Registrant’s voting shares. Accordingly, the Public Warrants are also precluded from being classified within equity and are accounted for as derivative liabilities. This provision also applies to the Private Placement Warrants. | |
Earnout Securities Liability | Earnout Securities Liability Earnout Securities issued in connection with the Dyal Acquisition to the former owners who are not part of the continuing management team are treated as contingent consideration and are not considered indexed to the Company’s equity. Similarly, Earnout Securities issued to certain former owners of Owl Rock are not considered indexed to the Company’s equity. These Earnout Securities are accounted for as a liability carried at fair value, with changes in fair value included within other income (loss) in the Company’s consolidated and combined statements of operations. Once recognized, the contingent earnout liability is not derecognized until the contingency is resolved and the consideration is paid or becomes payable. Earnout Securities issued to certain employees in connection with the Business Combination were treated as compensation for post-combination employment services and accounted for as equity-based compensation. See Note 8 for additional information on these Earnout Securities. | |
Compensation and Benefits | Compensation and Benefits Cash-Based Compensation Compensation and benefits consist of salaries, bonuses, commissions, long-term deferral programs, benefits and payroll taxes. Compensation is accrued over the related service period. | |
Other Assets | Other Assets Other assets include fixed assets, capital contribution receivable, prepaid expenses and other. Fixed assets, consisting of furniture, fixtures and equipment, leasehold improvements, computer hardware, and internal-use Direct costs associated with developing, purchasing, or otherwise acquiring software for internal use are capitalized and amortized on a straight-line basis over the expected useful life of the software, beginning when the software is ready for its intended purpose. Costs incurred for upgrades and enhancements that will not result in additional functionality are expensed as incurred. Fixed assets are depreciated or amortized on a straight-line basis over an asset’s estimated useful life, with the corresponding depreciation and amortization expense included within general, administrative and other expenses on the Company’s consolidated statements of operations. The estimated useful life for leasehold improvements is the lesser of the remaining lease term and the life of the asset, while other fixed assets and internal-use two seven years Direct and incremental costs incurred in connection with the Blue Owl transaction are capitalized and deferred in the consolidated statements of financial condition within other assets. These costs will be recorded as a reduction of capital when the transaction becomes effective. | |
Distributions | Distributions Distributions to members are determined in accordance with the Company’s operating agreements and are recorded on the payment date. | |
Foreign Currency | Foreign Currency The functional currency of the Company’s foreign consolidated subsidiaries is the U.S. dollar, as their operations are considered extensions of U.S. parent operations. Monetary assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars at the closing rates of exchange on the balance sheet date. Non-monetary | |
Equity-Based Compensation | Equity-Based Compensation Equity-based compensation awards are reviewed to determine whether such awards are equity-classified or liability-classified. Compensation expense related to equity-classified awards is equal to their grant-date fair value and recognized on a straight-line basis over the service period. When certain settlement features require an award to be liability-classified, compensation expense is recognized over the service period, and such amount is adjusted at each balance sheet date and through the settlement date to the then current fair value of such award. The Company accounts for forfeitures on equity-based compensation arrangements as they occur. The Company recognizes deferred income tax benefits throughout the service period, based on the grant date fair value. Any tax deduction shortfall or windfall due to the difference between grant date fair value and the ultimate deduction taken for tax purposes is recognized at the time of vesting. | |
Non-controlling Interests | Noncontrolling Interests Noncontrolling interests are primarily comprised of Common Units and Seller Earnout Units, which are interests in the Blue Owl Operating Group not held by the Company. Allocations to these interests in the consolidated and combined statements of operations are based on the substantive profit-sharing arrangements in the operating agreements of the Blue Owl Operating Partnerships, and to the extent that such allocations are not provisional in nature, as is the case for the Seller Earnout Units, as any allocations to these interests (other than certain minimum tax distributions) would be subject to reversal in the event the Seller Earnout Units do not achieve a Triggering Event and are canceled. Additionally, certain consolidated subsidiaries of the Blue Owl Operating Group are partially owned by third-party investors. Such interests are also presented as noncontrolling interests. | Non-controlling Non-controlling non-controlling |
Revenue Recognition | Revenue Recognition Revenues consist of management fees and administrative, transaction and other fees. The Company recognizes revenues when such amounts are probable that a significant reversal would not occur. The Company recognizes revenue at the time of transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services (i.e., the transaction price). Under this method, revenue is based on a contract with a determinable transaction price and distinct performance obligations with probable collectability. Revenues cannot be recognized until the performance obligations are satisfied and control is transferred to the customer. Management Fees, Net Management fees are recognized over the period in which the investment management services are performed because customers simultaneously consume and receive benefits continuously over time. Payment terms and fee rates of management fees vary by product but are generally collected on a quarterly basis and are not subject to clawback. Management fees for the Company’s business development company (“BDC”) products are typically based on a percentage of average fair value of gross assets excluding cash. For certain BDCs, the management fee base may also include uncalled capital commitments. For the Company’s other Direct Lending products, management fees are typically based on gross or net asset value or investment cost, and also may include uncalled capital. Management fees for the BDCs also include a fee based on the net investment income of the BDCs (“BDC Part I Fees”), which are subject to performance hurdles. Such BDC Part I Fees are classified as management fees in the consolidated and combined statements of operations as they are predictable and recurring in nature, not subject to repayment and cash-settled each quarter. Management fees for the Company’s GP minority equity investments strategy are generally based on a percentage of capital committed during the investment period, and thereafter generally based on the cost of unrealized investments. For the other GP Capital Solutions strategies, management fees are generally determined based on a percentage of investment cost. Because management fees, including BDC Part I Fees, are generally cash settled every quarter, the uncertainty underlying these fees are resolved each quarter. As such, on a quarterly basis, a subsequent significant reversal in relation to the cumulative revenue recognized is not probable for the quarter in arrears. Administrative, Transaction and Other Fees Administrative, transaction and other fees primarily include fee income, administrative fees and dealer manager revenue. Fee income is earned for services provided to portfolio companies, which may include arrangement, syndication, origination, structuring analysis, capital structure and business plan advice and other services. The fees are generally recognized as income at the point in time when the services rendered are completed, as there is no ongoing performance requirement. Administrative fees represent expenses incurred by certain professionals of the Company and reimbursed by products managed by the Company. The Company may incur certain costs in connection with satisfying its performance obligations under administrative agreements—including, but not limited to, employee compensation and travel costs—for which it receives reimbursements from the products it manages. The Company reports these expenses within compensation and benefits and general, administrative and other expenses and reports the related reimbursements as revenues within administrative, transaction and other fees (i.e., on a gross basis) in the consolidated and combined statements of operations. Dealer manager revenue consists of commissions earned for providing distribution services to certain products. Dealer manager revenue is recorded on an accrual basis at the point in time when the services are completed, as there is no ongoing performance requirement. The Company is also entitled to receive certain incentive income in the form of incentive fees and carried interest from the products that it manages. Incentive income is based on the investment performance generated over time, subject to the achievement of minimum return levels in certain products. Incentive fees from the Company’s BDCs and certain products within GP Capital Solutions are realized at the end of a measurement period, typically annually. Once realized, such incentive fees are no longer subject to reversal. For certain non-BDC catch-up to-date. | Revenue Recognition Revenues consist primarily of management fees, incentive fees and administrative and other transaction fees. Effective January 1, 2018, the Company adopted the Financial Accounting Standards Board (“FASB”) Topic 606 (“ASC 606”), Revenue from Contracts with Customers Pursuant to ASC 606, the Company recognizes revenue at the time of transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Under this standard, revenue is based on a contract with a determinable transaction price and distinct performance obligations with probable collectability. Revenues cannot be recognized until the performance obligation(s) are satisfied and control is transferred to the customer. Management Fees Management fees are recognized over the period in which the investment management services are performed because customers simultaneously consume and receive benefits continuously over time. Payment terms and fee rates of management fees vary by fund. Management fees are generally based upon a defined percentage of average fair value of gross assets (excluding cash) or average fair value of gross assets (excluding cash) plus undrawn commitments in the case of the Company’s business development companies (“BDCs”), or fair value of gross assets (excluding cash), fair value of investments plus undrawn commitments, or invested capital in the case of the Company’s long-dated private funds (“Private Debt funds”) and separately managed accounts (“Managed Accounts”). The contractual terms of management fees vary by fund structure and investment strategy. Management fees also include a fee based on the net investment income of the Company’s BDCs, Owl Rock Capital Corporation, Owl Rock Capital Corporation II, Owl Rock Technology Finance Corp. and Owl Rock Core Income Corp. (and should such BDC be listed in the future, Owl Rock Capital Corporation III, collectively, “BDC Part I Fees”), which are subject to performance hurdles. Such BDC Part I Fees are classified as management fees in the consolidated statements of operations as they are predictable and recurring in nature, not subject to contingent repayment and cash-settled each quarter. Incentive Fees Incentive fees earned on the performance of certain fund structures are recognized based on the fund’s performance during the period, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund’s investment management agreement. Incentive fees are realized at the end of a measurement period, typically annually. Once realized, such fees are no longer subject to reversal. The Company recognizes incentive fee revenue only when the amount is realized and no longer subject to reversal. Administrative, Transaction and Other Fees Administrative, transaction and other fees are comprised of fee income earned from services provided to portfolio companies, dealer manager revenue, and administrative fees reimbursed by products managed by the Company (“Owl Rock products”). Fee income is earned for services provided to portfolio companies, which may include arrangement, syndication, origination, structuring analysis, capital structure and business plan advice and other services. The fees are recognized as income when the services rendered are completed. Dealer manager revenue consists of commissions earned for providing distribution services to certain Owl Rock products. Dealer manager revenue is recorded on an accrual basis as earned. Administrative fees represent expenses incurred by certain professionals of the Company and reimbursed by products managed by the Company. The Company may incur certain costs in connection with satisfying its performance obligations for investment management services or similar agreements – primarily employee travel costs – for which it receives reimbursements from its customers under the administrative agreements or similar agreements with Owl Rock products. For reimbursable travel costs, the Company concluded it controls the services provided by its employees and other parties and, therefore, is acting as principal. For reimbursable costs incurred in connection with satisfying its performance obligations for administration services, the Company concluded it does not control, with the exception of the allocable compensation and employee travel costs, the services provided by its employees and other parties and, therefore, is acting as agent. Accordingly, the Company records expenses for which it is acting as the principal on a gross basis within administrative, transaction and other fees and general, administrative and other expenses, and records costs for which it is agent on a net basis within due from affiliates, net, within the consolidated statements of financial condition. Compensation and Benefits Compensation and benefits consist of salaries, bonuses, commissions, long-term deferral programs, benefits and payroll taxes. Compensation is accrued over the related service period and long-term deferral program awards are paid out based on the various vesting dates. On September 15, 2020, the Company issued a special incentive award (the “Award”). The Award is determined in relation to the fair value of Owl Rock, measured by an independent third party valuation firm, was fully vested upon issuance, will be settled in cash and is subject to the terms and conditions of the Award. The Award is classified as a liability and will be remeasured at fair value, which is equal to its settlement value, each reporting period until it is settled. The Award incurred a non-cash On December 28, 2020, the Company entered into an agreement to convert the cash settled Award into 9.05 million restricted stock units of Blue Owl common stock upon closing of the transaction. As this modification is contingent upon the closing of the transaction, it will not be recognized until the contingency is resolved. |
Deferred Financing Costs | Deferred Financing Costs The Company records expenses related to debt obligations as deferred financing costs. These expenses are deferred and evenly amortized over the life of the related debt instrument and included within interest expense within the consolidated statements of operations. Deferred financing costs are presented on the consolidated statements of financial condition as a direct deduction from the outstanding debt obligations liability. | |
Income Taxes | Income Taxes Prior to the Business Combination, the Company’s earnings were subject to New York City unincorporated business tax (“UBT”), as well as certain U.S. Federal and foreign taxes. Subsequent to the Business Combination, substantially all of the earnings of the Blue Owl Operating Group remain subject to New York City UBT and additionally, the portion of earnings allocable to the Registrant is subject to corporate tax rates at the Federal and state and local levels. Therefore, the amount of income taxes recorded prior to the Business Combination is not representative of the expenses expected in the future. The computation of the effective tax rate and provision at each interim period requires the use of certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income that is subject to tax, permanent differences between the Company’s GAAP earnings and taxable income, and the likelihood of recovering deferred tax assets existing as of the balance sheet date. The estimates used to compute the provision for income taxes may change throughout the year as new events occur, additional information is obtained or as tax laws and regulations change. Accordingly, the effective tax rate for future interim periods may vary materially. Deferred income tax assets and liabilities resulting from temporary differences between the GAAP and tax bases of assets and liabilities are measured at the balance sheet date using enacted income tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. The Company offsets deferred income tax assets and liabilities for presentation in its consolidated and combined statements of financial condition when such assets and liabilities are within the same taxpayer and related to the same taxing jurisdiction. The realization of deferred tax assets depends upon the existence of sufficient taxable income within the carryback or carryforward periods under the enacted tax law in the applicable tax jurisdiction. A valuation allowance is established when management determines, based on available information, that it is more-likely-than-not The Company recognizes uncertain income tax positions when it is not more-likely-than-not | Income Taxes Certain subsidiaries of the Company (the “Taxable Partnerships”) are treated as partnerships for federal income tax purposes and, accordingly, are generally not subject to federal and state income taxes, as such taxes are the responsibility of certain direct and indirect owners of the Taxable Partnerships. However, the Taxable Partnerships are subject to Unincorporated Business Tax in New York City and Connecticut at 4.00% and 6.99%, respectively (“UBT”) and other state taxes. Certain subsidiaries of the Company (the “Taxable Corporations”) are domestic and foreign corporations. Depending on the domicile of the Taxable Corporations, their income is subject to either U.S. federal, state and local income taxes or foreign income taxes (for which a foreign tax credit can generally offset U.S. corporate taxes imposed on the same income). The Company accounts for income taxes and UBT using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities, and their respective tax basis by applying statutory tax rates. The measurement of deferred tax assets is reduced by a valuation allowance if, based upon available evidence, it is more likely than not, that some or all of the deferred tax asset will not be realized. Interest and penalties, if any, assessed under the relevant tax law are recognized as incurred within income tax expense in the consolidated statements of operations. Based on the available evidence, the Company has determined that it is more likely than not that all deferred tax assets will be realized and that a valuation allowance is not needed as of December 31, 2020 and 2019. The Company is required to determine whether its tax positions are more-likely-than-not more-likely-than-not |
New Accounting Pronouncements | New Accounting Pronouncements The Company considers the applicability and impact of all ASUs issued by the FASB. None of the ASUs that have been issued but not yet adopted are expected to have a material impact on the Company’s consolidated and combined financial statements. | New Accounting Pronouncements The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued. ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) right-of-use In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities 2018-17, 2018-17 In December 2019, the FASB issued ASU 2019-12 , Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. 2019-12 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. An entity may elect to adopt the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. An entity may elect to apply the amendments in ASU 2020-04 |
Organization (Tables)
Organization (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements Abstract | |
Schedule Of Shares Issued And Outstanding | The following table presents the number of shares of the Registrant, RSUs and warrants that were outstanding as of June 30, 2021: June 30, 2021 Class A Shares 320,005,258 Class C Shares 628,380,707 Class D Shares 294,656,373 Class E Shares Series E-1 7,495,432 Series E-2 7,495,432 RSUs 9,050,000 Warrants 14,159,381 |
Schedule Of Units Outstanding | The following table presents the number of Blue Owl Operating Group Units that were outstanding as of June 30, 2021: Units June 30, 2021 GP Units 320,005,258 Common Units 923,037,080 Seller Earnout Units Series E-1(1) 49,999,962 Series E-2(2) 49,999,962 (1) Includes 7,495,432 units held indirectly by the Registrant, representing the indirect pro rata economic interests of Class E Shares (Series E-1) (2) Includes 7,495,432 units held indirectly by the Registrant, representing the indirect pro rata economic interests of Class E Shares (Series E-2) |
Dyal Acquisition (Tables)
Dyal Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table provides the consideration calculation in connection with the Dyal Acquisition (dollars in thousands): Consideration Equity consideration(1) $ 4,285,359 Cash consideration(2) 973,457 Tax receivable agreement(3) 101,645 Earnout Securities(3) 246,788 Total Consideration $ 5,607,249 Net Identifiable Assets Acquired and Goodwill Assets acquired: Due from related parties $ 13,442 Intangible assets 2,233,200 Deferred tax asset 29,770 Other assets, net 2,096 Total assets acquired 2,278,508 Liabilities assumed: Accrued compensation 7,376 Deferred tax liability 170,753 Accounts payable, accrued expenses and other liabilities 41,352 Total liabilities assumed 219,481 Net Identifiable Assets Acquired $ 2,059,027 Goodwill(4) $ 3,548,222 (1) Represents share consideration issued to the Dyal Capital selling shareholders based on the fair value of the acquired business, reflecting a discount for lack of control. (2) Includes cash consideration paid to reimburse seller for certain pre-acquisition (3) The TRA and Earnout Securities represent contingent consideration. See Note 9 for additional information on the valuation of these instruments. (4) Goodwill represents the amount of total consideration in excess of net identifiable assets acquired. None of the goodwill balance is expected to be deductible by the Blue Owl Operating Partnerships for tax purposes. |
Schedule of Finite-Lived Intangible Assets | The following table summarizes the Company’s intangible assets, net (dollars in thousands): June 30, Useful Life Remaining Weighted-Average Investment management agreements $ 1,859,900 1.4 - 20.0 14.2 years Institutional investor relationships 306,600 10.0 9.9 years Trademarks 66,700 7.0 6.9 years Total Intangible Assets 2,233,200 Less: accumulated amortization (21,336 ) Total Intangible Assets, Net $ 2,211,864 |
Finite-lived Intangible Assets Amortization Expense | At June 30, 2021, future amortization of finite-lived intangible assets is estimated to be (dollars in thousands): Period Amortization July 1, 2021 to December 31, 2021 $ 93,490 2022 184,699 2023 182,456 2024 182,956 2025 180,106 Thereafter 1,388,157 Total $ 2,211,864 |
Debt Obligations, Net (Tables)
Debt Obligations, Net (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Debt Obligations, Net [Line Items] | ||
Summary of Outstanding Debt Obligations | The table below summarizes outstanding debt obligations of the Company (dollars in thousands): June 30, 2021 Current Maturity Date Aggregate Facility Size Outstanding Debt Amount Net Average Rate(2) 2031 Notes 6/10/2031 $ 700,000 $ 700,000 $ — $ 683,338 3.13 % Revolving Credit Facility 4/15/2024 150,000 — 149,102 — 3.47 % Total $ 850,000 $ 700,000 $ 149,102 $ 683,338 (1) Amount available is reduced by outstanding letters of credit related to certain leases. (2) Average interest rate noted above, excludes the impact of deferred financing costs and discounts. December 31, 2020 Current Maturity Date Aggregate Facility Size Outstanding Debt Amount Net Average Rate(2) Revolving Credit Facility #1 2/28/2022 $ 105,000 $ 92,895 $ 10,377 $ 92,522 4.75 % Revolving Credit Facility #2 8/20/2021 22,000 17,365 4,635 17,303 4.49 % Term Loan 10/25/2029 250,000 250,000 — 246,561 7.86 % Total $ 377,000 $ 360,260 $ 15,012 $ 356,386 (1) Amount available is reduced by outstanding letters of credit related to certain leases. (2) Average interest rate noted above, excludes the impact of deferred financing costs. | |
Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | ||
Debt Obligations, Net [Line Items] | ||
Summary of Outstanding Debt Obligations | The table below summarizes outstanding debt obligations of the Company: December 31, 2020 Current Aggregate Outstanding Amount (1) Net (2) Interest (3) Revolving Credit Facility #1 2/28/202 $ 105,000 $ 92,895 $ 10,377 $ 92,522 4.75 % Revolving Credit Facility #2 8/20/202 22,000 17,365 4,635 17,303 4.49 % Term Loan 10/25/202 250,000 250,000 — 246,561 7.86 % Total $ 377,000 $ 360,260 $ 15,012 $ 356,386 (1) Amount available is reduced by outstanding letters of credit. (2) The carrying values of the Revolving Credit Facility #1, Revolving Credit Facility #2, and Term Loan are presented net of capitalized and unamortized deferred financing costs of $373, $62, and $3.4 million, respectively. (3) Average interest rate noted above, excludes impact of deferred financing and unused commitment fees. December 31, 2019 Current Aggregate Outstanding Amount (1) Net (2) Interest (3) Revolving Credit Facility #1 2/28/202 $ 50,000 $ 28,190 $ 20,082 $ 28,101 6.22 % Revolving Credit Facility #2 8/20/202 16,000 12,982 3,018 12,834 5.61 % Term Loan 10/25/202 250,000 250,000 — 246,169 7.94 % Total $ 316,000 $ 291,172 $ 23,100 $ 287,104 (1) Amount available is reduced by outstanding letters of credit. (2) The carrying values of the Revolving Credit Facility #1, Revolving Credit Facility #2, and Term Loan are presented net of capitalized and unamortized deferred financing costs of $89, $148, and $3.8 million, respectively. (3) Average interest rate noted above, excludes impact of deferred financing and unused commitment fees. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Summary of Non-Cancelable Operating Leases | Lease Cost Three Months Ended Six Months Ended Operating lease cost $ 1,312 $ 2,628 Short term lease cost 49 49 Net Lease Cost $ 1,361 $ 2,677 |
Supplemental Balance Sheet Information | Supplement Lease Cash Flow Information Three Months Ended Six Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 1,422 $ 2,794 Right-of-use Operating leases $ 46,068 $ 46,068 Lease Term and Discount Rate June 30, 2021 Weighted-average remaining lease term: Operating leases 10.7 years Weighted-average discount rate: Operating leases 3.07 % |
Summary of Maturity of Lease Liabilities | Future Maturity of Operating Lease Payments Operating Leases July 1, 2021 to December 31, 2021 $ 2,713 2022 2,766 2023 8,108 2024 6,000 2025 5,923 Thereafter 43,904 Total Lease Payments 69,414 Imputed interest (11,410 ) Total Lease Liabilities $ 58,004 |
Members' Capital (Deficit) (Tab
Members' Capital (Deficit) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Owl Rock Capital And Subsidiaries And Owl Rock Capital Securities LLC [Member] | |
Members Capital (Deficit) [Line Items] | |
Summary of Ownership Interests | Ownership interests of Owl Rock Capital are summarized in the following table: December 31, 2020 December 31, 2019 Units Economic Units Economic Sponsor B Units 5,010,000 50.1 % 5,010,000 50.1 % Class A Units 4,990,000 49.9 % 4,990,000 49.9 % Total 10,000,000 100.0 % 10,000,000 100.0 % |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents a disaggregated view of the Company’s revenues: Three Months Ended Six Months Ended (dollars in thousands) 2021 2020 2021 2020 Direct Lending Products Diversified lending $ 83,773 $ 23,577 $ 160,251 $ 48,476 Technology lending 16,727 10,212 30,584 19,379 First lien lending 3,817 3,048 7,632 5,829 Opportunistic lending 741 — 1,304 — Management Fees, Net 105,058 36,837 199,771 73,684 Administrative, transaction and other fees 34,335 3,661 47,846 16,082 Total GAAP Revenues—Direct Lending Products 139,393 40,498 247,617 89,766 GP Capital Solutions Products GP minority equity investments 36,341 — 36,341 — GP debt financing 736 — 736 — Management Fees, Net 37,077 — 37,077 — Administrative, transaction and other fees 2,790 — 2,790 — Total GAAP Revenues—GP Capital Solutions Products 39,867 — 39,867 — Total GAAP Revenues $ 179,260 $ 40,498 $ 287,484 $ 89,766 |
Schedule of Company's Fees and Receivables | The table below presents the beginning and ending balances of the Company’s management fees and administrative, transaction and other fees receivable and unearned management fees. Substantially all of these amounts receivable are generally collected during the following quarter. A liability for unearned management fees is generally recognized when management fees are paid to the Company in advance. The entire change in unearned management fees shown below relates to amounts recognized as revenues in the current year period. Management fees receivable and administrative, transaction and other fees receivable are included within due from related parties and unearned management fees are included within accounts payable, accrued expenses and other liabilities in the Company’s consolidated and combined statements of financial condition. Six Months Ended June 30, (dollars in thousands) 2021 2020 Management Fees Receivable Beginning balance $ 78,586 $ 32,473 Ending balance $ 113,104 $ 33,859 Administrative, Transaction and Other Fees Receivable Beginning balance $ 9,876 $ 8,667 Ending balance $ 13,334 $ 5,257 Unearned Management Fees Beginning balance $ 11,846 $ — Ending balance $ 11,087 $ — |
Other Assets, Net (Tables)
Other Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | Other assets consist of the following: December 31, December 31, Deferred transaction costs $ 8,255 $ — Fixed assets, net 3,356 3,377 Deferred tax assets 800 326 Contributions receivable 567 1,853 Other assets 4,291 945 Total $ 17,269 $ 6,501 |
Fixed assets consist of the following | Fixed assets consist of the following: December 31, December 31, Leasehold improvements $ 2,133 $ 2,128 Furniture and fixtures 1,612 1,550 Computer equipment 730 702 Computer software 556 56 Fixed assets 5,031 4,436 Accumulated depreciation and amortization (1,675 ) (1,059 ) Fixed assets, net $ 3,356 $ 3,377 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Equity-based Compensation Expense | The table below presents information regarding equity-based compensation expense included within compensation and benefits in the Company’s consolidated and combined statements of operations. As of June 30, 2021, no RSUs have been settled in cash or Class A Shares. Three Months Ended Six Months Ended (dollars in thousands) 2021 2020 2021 2020 Common Units $ 1,121,139 $ — $ 1,121,139 $ — Seller Earnout Units 37,458 — 37,458 — Equity-Based Compensation Expense $ 1,158,597 $ — $ 1,158,597 $ — Corresponding tax benefit $ — $ — $ — $ — |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table summarizes the Company’s liabilities measured at fair value on a recurring basis: June 30, 2021 (dollars in thousands) Level I Level II Level III Total Liabilities, at Fair Value TRA liability $ — $ — $ 102,791 $ 102,791 Warrant liability 25,829 — 14,600 40,429 Earnout Securities liability — — 954,247 954,247 Total Liabilities, at Fair Value $ 25,829 $ — $ 1,071,638 $ 1,097,467 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table sets for a summary of changes in the fair value of the Level III measurements for the three months ended June 30, 2021: Level III Liabilities (dollars in thousands) TRA Warrant Earnout Total Beginning balance $ — $ — $ — $ — Impact of the Business Combination 101,645 9,131 491,277 602,053 Unrealized (gains) losses 1,146 5,469 462,970 469,585 Ending Balance $ 102,791 $ 14,600 $ 954,247 $ 1,071,638 Net change in unrealized (gains) losses held as of the reporting date $ 1,146 $ 5,469 $ 462,970 $ 469,585 The following table sets forth a summary of changes in the fair value of the Level III measurements for the six months ended June 30, 2021: Level III Liabilities (dollars in thousands) TRA Warrant Earnout Total Beginning balance $ — $ — $ — $ — Impact of the Business Combination 101,645 9,131 491,277 602,053 Unrealized (gains) losses 1,146 5,469 462,970 469,585 Ending Balance $ 102,791 $ 14,600 $ 954,247 $ 1,071,638 Net change in unrealized (gains) losses held as of the reporting date $ 1,146 $ 5,469 $ 462,970 $ 469,585 The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of June 30, 2021: Fair Value Valuation Technique Significant Unobservable Input Impact to (dollars in thousands) TRA liability $ 102,791 Discounted Discount rate 11 % Decrease Warrant liability 14,600 Monte Carlo Volatility 18 % Increase Risk-free rate 1 % Increase Earnout Securities liability 954,247 Monte Carlo Volatility 23 % Increase Risk-free rate 1 % Increase Discount for lack of 10 % Decrease Total Liabilities, at Fair Value $ 1,071,638 |
Income Taxes (Tables)
Income Taxes (Tables) - Owl Rock Capital And Subsidiaries And Owl Rock Capital Securities LLC [Member] | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Line Items] | |
Schedule of Income tax expense (benefit) | Income tax expense (benefit) consisted of the following: For the Years Ended 2020 2019 2018 Current: U.S. federal income tax (benefit) $ — $ — $ — State and local income tax (benefit) 359 81 — Foreign income tax (benefit) 14 — — 373 81 — Deferred: U.S. federal income tax (benefit) — — — State and local income tax (benefit) (475 ) 159 (180 ) Foreign income tax (benefit) — — — (475 ) 159 (180 ) Total: U.S. federal income tax (benefit) — — — State and local income tax (benefit) (116 ) 240 (180 ) Foreign income tax (benefit) 14 — — $ (102 ) $ 240 $ (180 ) |
Reconciliation of Federal Statutory Income Taxes Rate | The effective income tax rate differed from the New York City UBT rate, the most material effective income tax statutory rate, for the following reasons: For the Years Ended 2020 2019 2018 Income tax expense (benefit) at statutory rate (4.00 )% 4.00 % (4.00 )% Non-taxable 3.89 % (3.28 )% 5.40 % Transaction costs — % — % 1.43 % Impact of the Company’s subsidiary’s local taxes (0.08 )% 0.10 % (8.07 )% Provision to return adjustments and other 0.07 % 0.34 % (1.27 )% Total effective rate (0.12 )% 1.16 % (6.51 )% |
Schedule of Deferred Tax Assets (Liabilities) | The income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows: December 31, December 31, Deferred tax assets: Net operating losses $ 180 $ 162 Deferred compensation 496 133 Basis difference in subsidiaries 69 — Other 55 31 Total gross deferred tax assets 800 326 Valuation allowance — — Total deferred tax assets, net $ 800 $ 326 Deferred tax liabilities $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies [Line Items] | ||
Schedule of Aggregate Estimated Minimum Operating Leases | The table below presents management’s estimate as of June 30, 2021, of the maximum amounts that would be payable under the TRA assuming that the Company will have sufficient taxable income each year to fully realize the expected tax savings. In light of the numerous factors affecting the Company’s obligation to make such payments, the timing and amounts of any such actual payments may differ materially from those presented in the table . (dollars in thousands) Potential Payments Under July 1, 2021 to December 31, 2021 $ — 2022 18,710 2023 33,871 2024 32,089 2025 32,703 Thereafter 470,546 Total Payments 587,919 Less adjustment to fair value for contingent consideration (125,740 ) Total TRA Liability $ 462,179 | |
Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | ||
Commitments and Contingencies [Line Items] | ||
Schedule of Aggregate Estimated Minimum Operating Leases | As of December 31, 2020, aggregate estimated minimum lease commitments under the Company’s operating leases were as follows: Year Ended December 31, Amount 2021 $ 5,882 2022 8,354 2023 8,101 2024 6,000 2025 5,923 Thereafter 37,061 Total $ 71,321 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Summary of Due from Affiliates, Net | (dollars in thousands) June 30, 2021 December 31, 2020 Management fees $ 113,104 $ 78,586 Administrative fees and other expenses paid on behalf of the Company’s products and other related parties 34,423 14,112 Due from Related Parties $ 147,527 $ 92,698 | |
Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | ||
Related Party Transaction [Line Items] | ||
Summary of Due from Affiliates, Net | The Company considers its professionals and non-consolidated December 31, December 31, Management and BDC Part I Fees receivable $ 78,586 $ 32,473 Payments made on behalf of and amounts due from Owl Rock products and other amounts due 14,112 10,401 Total $ 92,698 $ 42,874 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | For the Period from May 19, 2021 to Net Loss Attributable Weighted-Average Loss Number of (dollars in thousands, except per share amounts) Basic $ (397,189 ) 329,055,258 $ (1.21 ) Effect of dilutive securities: Common Units (1,143,082 ) 923,037,080 — Warrants — — 14,159,381 Earnout Securities — — 99,999,924 Diluted $ (1,540,271 ) 1,252,092,338 $ (1.23 ) |
Organization - Additional Infor
Organization - Additional Information (Details) $ / shares in Units, $ in Millions | 5 Months Ended | 6 Months Ended | ||||||
May 18, 2021shares | Jun. 30, 2021VotesharesSEGMENT$ / shares | Jun. 30, 2021VotesharesSEGMENT$ / shares | Jun. 30, 2021VotesharessegmentSEGMENT$ / shares | Jun. 30, 2021VotesharesSEGMENT$ / shares | Jun. 30, 2021VotesharesSEGMENT$ / shares | May 19, 2021USD ($) | Dec. 31, 2020shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of operating segments | 1 | 1 | ||||||
Number of reportable segments | 1 | 1 | ||||||
Warrants to purchase Class A shares, price | $ / shares | $ 11.50 | $ 11.50 | $ 11.50 | $ 11.50 | $ 11.50 | |||
Warrant expiration term | 5 years | 5 years | 5 years | 5 years | 5 years | |||
Shares authorized for repurchase | $ | $ 100 | |||||||
Repurchased shares | 0 | |||||||
RSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted (in shares) | 0 | 9,050,000 | ||||||
Class Of Warrant Or Right, Redemption, Period One | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Redemption price (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||
Stock trigger price (in dollars per share) | $ / shares | 18 | 18 | 18 | 18 | 18 | |||
Class Of Warrant Or Right, Redemption, Period Two | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Redemption price (in dollars per share) | $ / shares | $ 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | |||
Non-Principals | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Period after business combination anniversary | 6 months | |||||||
Principals | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Period after business combination anniversary | 2 years | |||||||
Minimum [Member] | Class Of Warrant Or Right, Redemption, Period Two | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock trigger price (in dollars per share) | $ / shares | $ 10 | 10 | 10 | 10 | 10 | |||
Maximum [Member] | Class Of Warrant Or Right, Redemption, Period Two | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock trigger price (in dollars per share) | $ / shares | $ 18 | $ 18 | $ 18 | $ 18 | $ 18 | |||
Class A Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of votes per share | Vote | 1 | 1 | 1 | 1 | 1 | |||
Common stock, shares outstanding (in shares) | 320,005,258 | 320,005,258 | 320,005,258 | 320,005,258 | 320,005,258 | 0 | ||
Common stock, shares, issued (in shares) | 320,005,258 | 320,005,258 | 320,005,258 | 320,005,258 | 320,005,258 | 0 | ||
Number of consecutive trading days | 20 | 20 | 20 | 20 | 20 | |||
Right to exchange, conversion ratio | 1 | |||||||
Class A Shares | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Weighted-average price of Class A shares equals or exceeds | $ / shares | $ 12.50 | $ 12.50 | $ 12.50 | $ 12.50 | $ 12.50 | |||
Class A Shares | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Weighted-average price of Class A shares equals or exceeds | $ / shares | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | |||
Common Class B and Common Class D | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of votes per share, combined Class B and Class D shares | 90.00% | 90.00% | 90.00% | 90.00% | 90.00% | |||
Class B Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common stock, shares outstanding (in shares) | 0 | 0 | 0 | 0 | 0 | |||
Common stock, shares, issued (in shares) | 0 | 0 | 0 | 0 | 0 | |||
Right to exchange, conversion ratio | 1 | |||||||
Class C Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of votes per share | Vote | 1 | 1 | 1 | 1 | 1 | |||
Common stock, shares outstanding (in shares) | 628,380,707 | 628,380,707 | 628,380,707 | 628,380,707 | 628,380,707 | 0 | ||
Common stock, shares, issued (in shares) | 628,380,707 | 628,380,707 | 628,380,707 | 628,380,707 | 628,380,707 | 0 | ||
Shares issued to grant holder a corresponding voting interest (in shares) | 1 | 1 | 1 | 1 | 1 | |||
Class D Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common stock, shares outstanding (in shares) | 294,656,373 | 294,656,373 | 294,656,373 | 294,656,373 | 294,656,373 | 0 | ||
Common stock, shares, issued (in shares) | 294,656,373 | 294,656,373 | 294,656,373 | 294,656,373 | 294,656,373 | 0 | ||
Shares issued to grant holder a corresponding voting interest (in shares) | Vote | 1 | 1 | 1 | 1 | 1 | |||
Class E Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of votes per share | SEGMENT | 0 | 0 | 0 | 0 | 0 | |||
Common stock, shares outstanding (in shares) | 14,990,864 | 14,990,864 | 14,990,864 | 14,990,864 | 14,990,864 | 0 | ||
Common stock, shares, issued (in shares) | 14,990,864 | 14,990,864 | 14,990,864 | 14,990,864 | 14,990,864 | 0 |
Organization - Shares Issued an
Organization - Shares Issued and Outstanding (Details) - shares | Jun. 30, 2021 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants | 14,159,381 | |
Class A Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock, shares outstanding (in shares) | 320,005,258 | 0 |
Class C Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock, shares outstanding (in shares) | 628,380,707 | 0 |
Class D Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock, shares outstanding (in shares) | 294,656,373 | 0 |
Series E-1 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock, shares outstanding (in shares) | 7,495,432 | |
Series E-2 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock, shares outstanding (in shares) | 7,495,432 | |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Instruments other than options outstanding | 9,050,000 |
Organization - Units Outstandin
Organization - Units Outstanding (Details) | Jun. 30, 2021shares |
Series E1 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock, shares outstanding (in shares) | 7,495,432 |
Series E2 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock, shares outstanding (in shares) | 7,495,432 |
Blue Owl Operating Group | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
GP Units | 320,005,258 |
Common Unit | 923,037,080 |
Blue Owl Operating Group | Series E1 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock, shares outstanding (in shares) | 49,999,962 |
Blue Owl Operating Group | Series E2 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock, shares outstanding (in shares) | 49,999,962 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) shares in Thousands | Dec. 28, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2021 |
Operating lease assets | $ 57,506,000 | $ 0 | ||||
Operating lease liabilities | 58,004,000 | $ 0 | ||||
Intangible asset impairment | 0 | |||||
Goodwill impairment | $ 0 | |||||
Public warrants provision, amounts of shareholders needed to accept tender offer resulting in cash entitlements | 50.00% | |||||
Owl Rock Capital And Subsidiaries And Owl Rock Capital Securities LLC [Member] | ||||||
Estimated useful life | 2 years | |||||
Compensation expense | $ 90,500,000 | |||||
Unincorporated Business Tax | (0.08%) | 0.10% | (8.07%) | |||
Minimum [Member] | ||||||
Estimated useful life | 2 years | |||||
Maximum [Member] | ||||||
Estimated useful life | 7 years | |||||
Maximum [Member] | Owl Rock Capital And Subsidiaries And Owl Rock Capital Securities LLC [Member] | ||||||
Estimated useful life | 7 years | |||||
Accounting Standards Update 2016-02 | ||||||
Operating lease assets | $ 13,800,000 | |||||
Operating lease liabilities | $ 14,400,000 | |||||
NEW YORK | Owl Rock Capital And Subsidiaries And Owl Rock Capital Securities LLC [Member] | ||||||
Unincorporated Business Tax | 4.00% | |||||
CONNECTICUT | Owl Rock Capital And Subsidiaries And Owl Rock Capital Securities LLC [Member] | ||||||
Unincorporated Business Tax | 6.99% | |||||
Restricted Stock Units (RSUs) [Member] | Owl Rock Capital And Subsidiaries And Owl Rock Capital Securities LLC [Member] | ||||||
Conversion of stock | 9,050 |
Dyal Acquisition - Consideratio
Dyal Acquisition - Consideration Calculation (Details) - USD ($) $ in Thousands | May 19, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Asset Acquisition [Line Items] | ||||
Cash consideration | $ 973,457 | $ 0 | ||
Assets acquired: | ||||
Intangible assets | 2,233,200 | |||
Liabilities assumed: | ||||
Goodwill | $ 3,548,222 | $ 0 | ||
Dyal | ||||
Asset Acquisition [Line Items] | ||||
Equity consideration | $ 4,285,359 | |||
Cash consideration | 973,457 | |||
Tax receivable agreement | 101,645 | |||
Earnout Securities | 246,788 | |||
Total Consideration | 5,607,249 | |||
Assets acquired: | ||||
Due from related parties | 13,442 | |||
Intangible assets | 2,233,200 | |||
Deferred tax asset | 29,770 | |||
Other assets, net | 2,096 | |||
Total assets acquired | 2,278,508 | |||
Liabilities assumed: | ||||
Accrued compensation | 7,376 | |||
Deferred tax liability | 170,753 | |||
Accounts payable, accrued expenses and other liabilities | 41,352 | |||
Total liabilities assumed | 219,481 | |||
Net Identifiable Assets Acquired | 2,059,027 | |||
Goodwill | $ 3,548,222 |
Dyal Acquisition - Identifiabl
Dyal Acquisition - Identifiable Intangible Assets (Details) - Dyal [Member] | 6 Months Ended |
Jun. 30, 2021 | |
Investment management agreements | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 14 years 3 months 18 days |
Institutional investor relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 10 years |
Trademarks | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 7 years |
Dyal Acquisition - Summary of C
Dyal Acquisition - Summary of Carrying Value of Company's Intangible Assets, Net (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 2,233,200 | |
Less: accumulated amortization | (21,336) | |
Total | 2,211,864 | $ 0 |
Investment management agreements | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 1,859,900 | |
Remaining Weighted-Average Amortization Period as of June 30, 2021 | 14 years 2 months 12 days | |
Investment management agreements | Minimum [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (in years) | 1 year 4 months 24 days | |
Investment management agreements | Maximum [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (in years) | 20 years | |
Institutional investor relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 306,600 | |
Useful Life (in years) | 10 years | |
Remaining Weighted-Average Amortization Period as of June 30, 2021 | 9 years 10 months 24 days | |
Trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 66,700 | |
Useful Life (in years) | 7 years | |
Remaining Weighted-Average Amortization Period as of June 30, 2021 | 6 years 10 months 24 days |
Dyal Acquisition - Finite-Lived
Dyal Acquisition - Finite-Lived Intangible Asset Expected Amortization Expense (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Business Combination and Asset Acquisition [Abstract] | ||
July 1, 2021 to December 31, 2021 | $ 93,490 | |
2022 | 184,699 | |
2023 | 182,456 | |
2024 | 182,956 | |
2025 | 180,106 | |
Thereafter | 1,388,157 | |
Total | $ 2,211,864 | $ 0 |
Dyal Acquisition - Additional I
Dyal Acquisition - Additional Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2021segment | Jun. 30, 2021USD ($) | Jun. 30, 2021SEGMENT | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Number of operating segments | 1 | 1 | ||
Number of reportable segments | 1 | 1 | ||
Dyal [Member] | ||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
GAAP revenue | $ 39.9 | $ 39.9 |
Dya Acquisition - Pro Forma Fin
Dya Acquisition - Pro Forma Financial Information (Details) - Dyal - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Unaudited pro forma revenue | $ 220.6 | $ 116.9 | $ 410.9 | $ 242.6 |
Unaudited pro forma net income | $ (360.5) | $ (10) | $ (358.8) | $ (28.7) |
Debt Obligations Net - Summary
Debt Obligations Net - Summary of Outstanding Debt Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2021 | Jun. 10, 2021 | Oct. 25, 2019 | |
Debt Instrument [Line Items] | |||||
Aggregate Facility Size | $ 377,000 | $ 850,000 | |||
Outstanding Debt | 360,260 | $ 28,190 | 700,000 | ||
Amount Available | 15,012 | 149,102 | |||
Carrying value | 356,386 | $ 683,338 | |||
Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | |||||
Debt Instrument [Line Items] | |||||
Aggregate Facility Size | 377,000 | 316,000 | |||
Outstanding Debt | 360,260 | 291,172 | |||
Amount Available | 15,012 | 23,100 | |||
Carrying value | $ 356,386 | $ 287,104 | |||
Interest Rate | 7.94% | ||||
Revolving Credit Facility #1 [Member] | Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | |||||
Debt Instrument [Line Items] | |||||
Current Maturity Date | Feb. 28, 2022 | Feb. 28, 2022 | |||
Aggregate Facility Size | $ 105,000 | $ 50,000 | |||
Outstanding Debt | 92,895 | ||||
Amount Available | 10,377 | 20,082 | |||
Carrying value | $ 92,522 | $ 28,101 | |||
Interest Rate | 4.75% | 6.22% | |||
Revolving Credit Facility #2 [Member] | Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | |||||
Debt Instrument [Line Items] | |||||
Current Maturity Date | Aug. 20, 2021 | Aug. 20, 2021 | |||
Aggregate Facility Size | $ 22,000 | $ 16,000 | |||
Outstanding Debt | 17,365 | 12,982 | |||
Amount Available | 4,635 | 3,018 | |||
Carrying value | $ 17,303 | $ 12,834 | |||
Interest Rate | 4.49% | 5.61% | |||
Term Loan [Member] | Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | |||||
Debt Instrument [Line Items] | |||||
Current Maturity Date | Oct. 25, 2029 | Oct. 25, 2029 | |||
Aggregate Facility Size | $ 250,000 | $ 250,000 | $ 250,000 | ||
Outstanding Debt | 250,000 | 250,000 | |||
Amount Available | 0 | 0 | |||
Carrying value | $ 246,561 | $ 246,169 | |||
Interest Rate | 7.86% | ||||
2031 Notes | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 3.13% | ||||
Senior Notes | 2031 Notes | |||||
Debt Instrument [Line Items] | |||||
Aggregate Facility Size | $ 700,000 | $ 700,000 | |||
Outstanding Debt | 700,000 | ||||
Amount Available | 0 | ||||
Carrying value | 683,338 | ||||
Interest Rate | 3.125% | ||||
Line of Credit | Revolving Credit Facility | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate Facility Size | 150,000 | ||||
Outstanding Debt | 0 | ||||
Amount Available | 149,102 | ||||
Carrying value | $ 0 | ||||
Interest Rate | 3.47% | ||||
Line of Credit | Revolving Credit Facility #1 [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate Facility Size | $ 105,000 | ||||
Outstanding Debt | 92,895 | ||||
Amount Available | 10,377 | ||||
Carrying value | $ 92,522 | ||||
Interest Rate | 4.75% | ||||
Line of Credit | Revolving Credit Facility #2 [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate Facility Size | $ 22,000 | ||||
Outstanding Debt | 17,365 | ||||
Amount Available | 4,635 | ||||
Carrying value | $ 17,303 | ||||
Interest Rate | 4.49% | ||||
Secured Debt | Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate Facility Size | $ 250,000 | ||||
Outstanding Debt | 250,000 | ||||
Amount Available | 0 | ||||
Carrying value | $ 246,561 | ||||
Interest Rate | 7.86% |
Debt Obligations Net - Summar_2
Debt Obligations Net - Summary of Outstanding Debt Obligations (Parenthetical) (Details) - Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Revolving Credit Facility #1 [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized deferred financing costs | $ 373 | $ 89 |
Revolving Credit Facility #2 [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized deferred financing costs | 62 | 148 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized deferred financing costs | $ 3.4 | $ 3.8 |
Debt Obligations Net - 2031 Not
Debt Obligations Net - 2031 Notes (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 10, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Face amount | $ 850,000 | $ 377,000 | |
2031 Notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.13% | ||
2031 Notes | Senior Notes | |||
Debt Instrument [Line Items] | |||
Face amount | $ 700,000 | $ 700,000 | |
Stated interest rate | 3.125% | ||
2031 Notes | Senior Notes | Debt Instrument, Redemption, Period One | |||
Debt Instrument [Line Items] | |||
Redemtion price | 100.00% | ||
2031 Notes | Senior Notes | Debt Instrument, Redemption, Period Two | |||
Debt Instrument [Line Items] | |||
Redemtion price | 101.00% |
Debt Obligations, Net - Revolvi
Debt Obligations, Net - Revolving Credit Facility (Details) - Revolving Credit Facility [Member] - Line of Credit - Revolving Credit Facility $ in Millions | Apr. 15, 2021USD ($) |
Line of Credit Facility [Line Items] | |
Aggregate Facility Size | $ 150 |
Accordion feature, higher borrowing capacity option | $ 200 |
Greater Than, Threshold | |
Line of Credit Facility [Line Items] | |
Fee on unused portion of credit facility | 0.25% |
Utilization rate threshold | 50.00% |
Less Than, Threshold | |
Line of Credit Facility [Line Items] | |
Fee on unused portion of credit facility | 0.375% |
Utilization rate threshold | 50.00% |
London Interbank Offered Rate (LIBOR) | |
Line of Credit Facility [Line Items] | |
Variable rate | 2.50% |
Alternate base rate | 1.00% |
Base Rate | |
Line of Credit Facility [Line Items] | |
Variable rate | 1.50% |
Variable rate, floor | 1.00% |
Fed Funds Effective Rate Overnight Index Swap Rate | |
Line of Credit Facility [Line Items] | |
Alternate base rate | 0.50% |
Debt Obligations, Net - Term Lo
Debt Obligations, Net - Term Loan (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Debt Instrument [Line Items] | |||||
Prepayment of term loan agreement | $ 577,713 | $ 58,765 | |||
Net losses on retirement of debt | $ (16,145) | $ 0 | $ (16,145) | $ 0 | |
Term Loan [Member] | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Prepayment of term loan agreement | $ 250,000 | ||||
Net losses on retirement of debt | $ 15,800 |
Debt Obligations Net - Addition
Debt Obligations Net - Additional information (Details) - USD ($) $ in Thousands | Oct. 25, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2021 | Oct. 30, 2020 | Sep. 14, 2020 | Feb. 20, 2020 | Nov. 29, 2019 | Feb. 22, 2019 | Dec. 13, 2018 | Feb. 22, 2017 |
Debt Disclosure [Line Items] | ||||||||||||
Principal amount | $ 377,000 | $ 850,000 | ||||||||||
Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | ||||||||||||
Debt Disclosure [Line Items] | ||||||||||||
Deferred financing cost amortization expense | 787 | $ 225 | $ 397 | |||||||||
Principal amount | $ 377,000 | 316,000 | ||||||||||
Revolving Credit Facility #1 [Member] | Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | ||||||||||||
Debt Disclosure [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 105,000 | $ 80,000 | $ 50,000 | $ 10,000 | ||||||||
Line of credit facility, interest rate description | Borrowings under the credit facility bear interest at a rate per annum equal to: (i) in the case of LIBOR – based advance, the greater of LIBOR + 3.05 % and 4.25%, or (ii) in the case of prime rate – based advance, the greater of prime rate, as published by the lending bank, + 0.25 % and 4.25%. | |||||||||||
Percentage of fees paid | The Company also pays fees of 0.5% and 2.0% per annum on the unused portion of the credit facility and outstanding letters of credit, respectively. | |||||||||||
Line of credit facility, amendment description | On March 12, 2018, the credit facility was amended to, among other things: (i) increase facility size to $36.5 million, (ii) extend the maturity date to February 28, 2022, (iii) reduce the London Interbank Offered Rate (“LIBOR”) – based rate from LIBOR + 3.25% to LIBOR + 3.05% and prime rate – based rate from prime rate + 0.50% to prime rate + 0.25%, and (iv) added a letter of credit sublimit of $5 million. | |||||||||||
Principal amount | $ 105,000 | 50,000 | ||||||||||
Revolving Credit Facility #2 [Member] | Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | ||||||||||||
Debt Disclosure [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 22,000 | $ 16,000 | $ 10,000 | |||||||||
Line of credit facility, interest rate description | Borrowings under the credit facility bear interest at a rate per annum equal to: (i) in the case of LIBOR – based advances, the greater of LIBOR + 3.05% and 4.25%, or (ii) in the case of the prime rate – based advances, the greater of the prime rate, as published by the lending bank, + 0.25% and 4.25%. | |||||||||||
Percentage of fees paid | The Company also pays a fee of 0.5% per annum on the unused portion of the credit facility. | |||||||||||
Principal amount | $ 22,000 | 16,000 | ||||||||||
Term Loan [Member] | Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | ||||||||||||
Debt Disclosure [Line Items] | ||||||||||||
Principal amount | $ 250,000 | $ 250,000 | $ 250,000 | |||||||||
LIBOR [Member] | Term Loan [Member] | Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | ||||||||||||
Debt Disclosure [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 6.00% | |||||||||||
LIBOR Floor [Member] | Term Loan [Member] | Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | ||||||||||||
Debt Disclosure [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 1.50% |
Leases - Lease Cost Information
Leases - Lease Cost Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Leases [Abstract] | ||
Operating lease costs | $ 1,312 | $ 2,628 |
Short term lease cost | 49 | 49 |
Net Lease Costs | $ 1,361 | $ 2,677 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows for operating leases | $ 1,422 | $ 2,794 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | $ 46,068 | $ 46,068 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) | Jun. 30, 2021 |
Weighted-average remaining lease term: | |
Operating leases | 10 years 8 months 12 days |
Weighted-average discount rate: | |
Operating leases | 3.07% |
Leases - Maturities Of Operatin
Leases - Maturities Of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Maturity of lease liabilities | ||
July 1, 2021 to December 31, 2021 | $ 2,713 | |
2022 | 2,766 | |
2023 | 8,108 | |
2024 | 6,000 | |
2025 | 5,923 | |
Thereafter | 43,904 | |
Total Lease Payments | 69,414 | |
Imputed interest | (11,410) | |
Total Lease Liabilities | $ 58,004 | $ 0 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | Jun. 30, 2021USD ($) |
Leases [Abstract] | |
Future operating lease payments related to leases that have not commenced | $ 26.7 |
Future operating lease payments term | 11 years 4 months 24 days |
Members' Capital (Deficit) - Su
Members' Capital (Deficit) - Summary of Ownership Interests (Details) - Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Units | 10,000,000 | 10,000,000 |
Economic interest percent | 100.00% | 100.00% |
Sponsor B Units [Member] | ||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Units | 5,010,000 | 5,010,000 |
Economic interest percent | 50.10% | 50.10% |
Class A Units [Member] | ||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Units | 4,990,000 | 4,990,000 |
Economic interest percent | 49.90% | 49.90% |
Members' Capital (Deficit) - Ad
Members' Capital (Deficit) - Additional Information (Details) - Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Contributions | $ 9,831 | $ 21,895 | $ 21,126 |
Distributions | $ 78,054 | $ 320,252 | $ 44,849 |
Revenues - Disaggregation of Re
Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 179,260 | $ 40,498 | $ 287,484 | $ 89,766 |
Direct Lending Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 139,393 | 40,498 | 247,617 | 89,766 |
GP Capital Solutions Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 39,867 | 0 | 39,867 | 0 |
Management fees, net | Direct Lending Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 105,058 | 36,837 | 199,771 | 73,684 |
Management fees, net | GP Capital Solutions Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 37,077 | 0 | 37,077 | 0 |
Diversified lending | Direct Lending Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 83,773 | 23,577 | 160,251 | 48,476 |
Technology lending | Direct Lending Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 16,727 | 10,212 | 30,584 | 19,379 |
First lien lending | Direct Lending Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 3,817 | 3,048 | 7,632 | 5,829 |
Opportunistic lending | Direct Lending Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 741 | 0 | 1,304 | 0 |
GP minority equity investments | GP Capital Solutions Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 36,341 | 0 | 36,341 | 0 |
GP debt financing | GP Capital Solutions Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 736 | 0 | 736 | 0 |
Administrative, transaction and other fees | Direct Lending Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 34,335 | 3,661 | 47,846 | 16,082 |
Administrative, transaction and other fees | GP Capital Solutions Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 2,790 | $ 0 | $ 2,790 | $ 0 |
Revenues - Beginning and Ending
Revenues - Beginning and Ending Balances of Company's Fees (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Management fees, net | |||
Disaggregation of Revenue [Line Items] | |||
Fees receivable, beginning balance | $ 78,586 | $ 33,859 | $ 32,473 |
Fees receivable, ending balance | 113,104 | 78,586 | 33,859 |
Fee liability, beginning balance | 11,846 | 0 | 0 |
Fee liability, ending balance | 11,087 | 11,846 | 0 |
Administrative, Transaction and Other Fees Receivable | |||
Disaggregation of Revenue [Line Items] | |||
Fees receivable, beginning balance | 9,876 | 5,257 | 8,667 |
Fees receivable, ending balance | $ 13,334 | $ 9,876 | $ 5,257 |
Other Assets, Net - Other Asset
Other Assets, Net - Other Assets Consist of the Following (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | May 19, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fixed assets, net | $ 3,623 | $ 3,356 | ||
Deferred tax assets | $ 363,600 | |||
Total | $ 28,920 | 16,469 | ||
Owl Rock Capital And Subsidiaries And Owl Rock Capital Securities LLC [Member] | ||||
Deferred transaction costs | 8,255 | $ 0 | ||
Fixed assets, net | 3,356 | 3,377 | ||
Deferred tax assets | 800 | 326 | ||
Contributions receivable | 567 | 1,853 | ||
Other assets | 4,291 | 945 | ||
Total | $ 17,269 | $ 6,501 |
Other Assets, Net - Fixed asset
Other Assets, Net - Fixed assets consist of the Following (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | |||
Accumulated depreciation and amortization | $ (1,940) | $ (1,675) | |
Fixed assets, net | 3,623 | 3,356 | |
Prepaid assets | 7,072 | 874 | |
Investments (includes $2,617 and $5 of investments in the Company's products) | 7,994 | 2,678 | |
Deferred Business Combination-related expenses | 0 | 8,255 | |
Other | 10,231 | 1,306 | |
Total | 28,920 | 16,469 | |
Investments in the Company's products | 2,617 | 5 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Fixed assets | 2,133 | 2,133 | |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Fixed assets | 1,872 | 1,612 | |
Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Fixed assets | 783 | 730 | |
Computer Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Fixed assets | $ 775 | 556 | |
Owl Rock Capital And Subsidiaries And Owl Rock Capital Securities LLC [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Fixed assets | 5,031 | $ 4,436 | |
Accumulated depreciation and amortization | (1,675) | (1,059) | |
Fixed assets, net | 3,356 | 3,377 | |
Total | 17,269 | 6,501 | |
Owl Rock Capital And Subsidiaries And Owl Rock Capital Securities LLC [Member] | Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Fixed assets | 2,133 | 2,128 | |
Owl Rock Capital And Subsidiaries And Owl Rock Capital Securities LLC [Member] | Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Fixed assets | 1,612 | 1,550 | |
Owl Rock Capital And Subsidiaries And Owl Rock Capital Securities LLC [Member] | Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Fixed assets | 730 | 702 | |
Owl Rock Capital And Subsidiaries And Owl Rock Capital Securities LLC [Member] | Computer Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Fixed assets | $ 556 | $ 56 |
Other Assets, Net - Additional
Other Assets, Net - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | |||
Depreciation and amortization expense | $ 673 | $ 829 | $ 304 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Details) - 2021 Equity Incentive Plan | Jun. 30, 2021shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total shares and units available | 101,230,522 |
Total shares and units that may be issued | 92,180,522 |
Equity-Based Compensation - Equ
Equity-Based Compensation - Equity-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 1,158,597 | $ 0 | $ 1,158,597 | $ 0 |
Corresponding tax benefit | 0 | 0 | 0 | 0 |
Common Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 1,121,139 | 0 | 1,121,139 | 0 |
Earnout Securities | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 37,458 | $ 0 | $ 37,458 | $ 0 |
Equity-Based Compensation - Act
Equity-Based Compensation - Activity Related to Unvested Equity-Based Compensation Awards (Details) - $ / shares | Sep. 14, 2020 | May 18, 2021 | Jun. 30, 2021 |
Common Units | |||
Unvested | |||
Unvested, beginning balance (in shares) | 0 | ||
Granted (in shares) | 132,808,673 | ||
Vested (in shares) | (132,808,673) | ||
Unvested, ending balance (in shares) | 0 | ||
Weighted-Average Grant Date Fair Value Per Unit | |||
Beginning balance, Weighted-Average Grant Date Fair Value Per Unit (in dollars per share) | $ 0 | ||
Granted (in dollars per share) | 9 | ||
Vested (in dollars per share) | 9 | ||
Ending balance, Weighted-Average Grant Date Fair Value Per Unit (in dollars per share) | $ 0 | ||
Earnout Securities | |||
Unvested | |||
Unvested, beginning balance (in shares) | 0 | ||
Granted (in shares) | 11,608,004 | ||
Vested (in shares) | 0 | ||
Unvested, ending balance (in shares) | 11,608,004 | ||
Weighted-Average Grant Date Fair Value Per Unit | |||
Beginning balance, Weighted-Average Grant Date Fair Value Per Unit (in dollars per share) | $ 0 | ||
Granted (in dollars per share) | 5.43 | ||
Vested (in dollars per share) | 0 | ||
Ending balance, Weighted-Average Grant Date Fair Value Per Unit (in dollars per share) | $ 5.43 | ||
RSUs | |||
Unvested | |||
Unvested, beginning balance (in shares) | 0 | ||
Granted (in shares) | 0 | 9,050,000 | |
Vested (in shares) | (9,050,000) | (9,050,000) | |
Unvested, ending balance (in shares) | 0 | ||
Weighted-Average Grant Date Fair Value Per Unit | |||
Beginning balance, Weighted-Average Grant Date Fair Value Per Unit (in dollars per share) | $ 0 | ||
Granted (in dollars per share) | 10 | ||
Vested (in dollars per share) | 10 | ||
Ending balance, Weighted-Average Grant Date Fair Value Per Unit (in dollars per share) | $ 0 |
Equity-Based Compensation - Com
Equity-Based Compensation - Common Units (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021USD ($)Installment | Jun. 30, 2020USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | $ 1,158,597 | $ 0 |
Common Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of installments | Installment | 4 | |
Equity-based compensation | $ 1,100,000 | |
Discount for lack of marketability | 10.00% | |
Volatility | 20.00% | |
Risk-free discount rate | 0.90% |
Equity-Based Compensation - Sel
Equity-Based Compensation - Seller Earnout Units (Details) - Earnout Securities $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense | $ 25.6 |
Weighted-average amortization period | 3 years 2 months 12 days |
Volatility | 22.00% |
Risk-free discount rate | 0.90% |
Discount for lack of marketability | 12.00% |
Expected holding period | 3 years |
Equity-Based Compensation - RSU
Equity-Based Compensation - RSUs (Details) - USD ($) $ in Thousands | Sep. 14, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | May 19, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation expense | $ 1,158,597 | $ 0 | $ 1,158,597 | $ 0 | |||
RSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation expense | $ 90,500 | ||||||
Shares vested but not yet settled (in shares) | 9,050,000 | 9,050,000 | |||||
RSUs | Revision of Prior Period, Reclassification, Adjustment | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Deferred compensation equity | $ 90,500 |
Fair Value Disclosures - Liabil
Fair Value Disclosures - Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Tax Receivable Agreement liability | $ 102,791 | $ 0 |
Warrant liability | 40,429 | 0 |
Earnout Securities liability | 954,247 | $ 0 |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Tax Receivable Agreement liability | 102,791 | |
Warrant liability | 40,429 | |
Earnout Securities liability | 954,247 | |
Total Liabilities, at Fair Value | 1,097,467 | |
Fair Value, Recurring | Level I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Tax Receivable Agreement liability | 0 | |
Warrant liability | 25,829 | |
Earnout Securities liability | 0 | |
Total Liabilities, at Fair Value | 25,829 | |
Fair Value, Recurring | Level II | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Tax Receivable Agreement liability | 0 | |
Warrant liability | 0 | |
Earnout Securities liability | 0 | |
Total Liabilities, at Fair Value | 0 | |
Fair Value, Recurring | Level III | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Tax Receivable Agreement liability | 102,791 | |
Warrant liability | 14,600 | |
Earnout Securities liability | 954,247 | |
Total Liabilities, at Fair Value | $ 1,071,638 |
Fair Value Disclosures - Change
Fair Value Disclosures - Change in Fair Value of Level III Measurements (Details) - Level III - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 0 | $ 0 |
Impact of the Business Combination | 602,053 | 602,053 |
Unrealized (gains) losses | 469,585 | 469,585 |
Ending Balance | 1,071,638 | 1,071,638 |
Net change in unrealized (gains) losses held as of the reporting date | 469,585 | 469,585 |
Contingent Consideration | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 0 | 0 |
Impact of the Business Combination | 101,645 | 101,645 |
Unrealized (gains) losses | 1,146 | 1,146 |
Ending Balance | 102,791 | 102,791 |
Net change in unrealized (gains) losses held as of the reporting date | 1,146 | 1,146 |
Warrants | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 0 | 0 |
Impact of the Business Combination | 9,131 | 9,131 |
Unrealized (gains) losses | 5,469 | 5,469 |
Ending Balance | 14,600 | 14,600 |
Net change in unrealized (gains) losses held as of the reporting date | 5,469 | 5,469 |
Earnout Securities Liability | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 0 | 0 |
Impact of the Business Combination | 491,277 | 491,277 |
Unrealized (gains) losses | 462,970 | 462,970 |
Ending Balance | 954,247 | 954,247 |
Net change in unrealized (gains) losses held as of the reporting date | $ 462,970 | $ 462,970 |
Fair Value Disclosures - Valuat
Fair Value Disclosures - Valuation Assumptions (Details) $ in Thousands | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Tax Receivable Agreement liability | $ 102,791 | $ 0 |
Warrant liability | 40,429 | 0 |
Earnout Securities liability | 954,247 | $ 0 |
Fair Value, Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Tax Receivable Agreement liability | 102,791 | |
Warrant liability | 40,429 | |
Earnout Securities liability | 954,247 | |
Total Liabilities, at Fair Value | 1,097,467 | |
Level III | Fair Value, Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Tax Receivable Agreement liability | 102,791 | |
Warrant liability | 14,600 | |
Earnout Securities liability | 954,247 | |
Total Liabilities, at Fair Value | $ 1,071,638 | |
Discounted cash flow | Discount rate | Level III | Fair Value, Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Contingent consideration liabilities, measurement input | 11 | |
Monte Carlo simulation | Level III | Fair Value, Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Warrant liability | $ 14,600 | |
Earnout Securities liability | $ 954,247 | |
Monte Carlo simulation | Volatility | Level III | Fair Value, Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Warrants and rights outstanding, measurement input | 18 | |
Earnout securities liability, measurement input | 23 | |
Monte Carlo simulation | Risk-free rate | Level III | Fair Value, Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Warrants and rights outstanding, measurement input | 1 | |
Earnout securities liability, measurement input | 1 | |
Monte Carlo simulation | Discount for lack of marketability | Level III | Fair Value, Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Earnout securities liability, measurement input | 10 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 19, 2021 | |
Deferred tax asset as a result of the Business Combination | $ 363,600 | |||||||
Effective tax rate | 1.80% | 0.40% | 1.80% | 0.40% | ||||
Net deferred tax assets | 504,600 | |||||||
Net deferred tax liabilities | 141,000 | |||||||
Tax receivable agreement liability | $ 462,179 | $ 462,179 | $ 0 | 461,000 | ||||
Adjustments to additional paid in capital, Tax Receivable Agreement liability | 359,400 | |||||||
Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | ||||||||
Deferred tax asset as a result of the Business Combination | 800 | $ 326 | ||||||
Income tax examination penalties and interest expense | $ 0 | $ 0 | $ 0 | |||||
Effective tax rate | (0.12%) | 1.16% | (6.51%) | |||||
Dyal | ||||||||
Tax receivable agreement liability | $ 101,600 | |||||||
Minimum [Member] | Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | ||||||||
Net operating losses expiration year | 2036 | |||||||
Maximum [Member] | Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | ||||||||
Net operating losses expiration year | 2038 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income tax expense (benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred: | |||||||
Deferred Income Tax Expense (Benefit), Total | $ 29,183 | $ 0 | |||||
Total: | |||||||
Total income tax (benefit) | $ (29,199) | $ (47) | $ (29,011) | $ (93) | |||
Owl Rock Capital And Subsidiaries And Owl Rock Capital Securities LLC [Member] | |||||||
Current: | |||||||
U.S. federal income tax (benefit) | $ 0 | $ 0 | $ 0 | ||||
State and local income tax (benefit) | 359 | 81 | 0 | ||||
Foreign income tax (benefit) | 14 | 0 | 0 | ||||
Current Income Tax Expense (Benefit), Total | 373 | 81 | 0 | ||||
Deferred: | |||||||
U.S. federal income tax (benefit) | 0 | 0 | 0 | ||||
State and local income tax (benefit) | (475) | 159 | (180) | ||||
Foreign income tax (benefit) | 0 | 0 | 0 | ||||
Deferred Income Tax Expense (Benefit), Total | (475) | 159 | (180) | ||||
Total: | |||||||
U.S. federal income tax (benefit) | 0 | 0 | 0 | ||||
State and local income tax (benefit) | (116) | 240 | (180) | ||||
Foreign income tax (benefit) | 14 | 0 | 0 | ||||
Total income tax (benefit) | $ (102) | $ 240 | $ (180) |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Line Items] | |||||||
Total effective rate | 1.80% | 0.40% | 1.80% | 0.40% | |||
Owl Rock Capital And Subsidiaries And Owl Rock Capital Securities LLC [Member] | |||||||
Income Taxes [Line Items] | |||||||
Income tax expense (benefit) at statutory rate | (4.00%) | 4.00% | (4.00%) | ||||
Non-taxable income resulting from use of state and local business apportionment factors and permanent items related to compensation | 3.89% | (3.28%) | 5.40% | ||||
Transaction costs | 0.00% | 0.00% | 1.43% | ||||
Impact of the Company's subsidiary's local taxes | (0.08%) | 0.10% | (8.07%) | ||||
Provision to return adjustments and other | 0.07% | 0.34% | (1.27%) | ||||
Total effective rate | (0.12%) | 1.16% | (6.51%) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | May 19, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | |||
Total deferred tax assets, net | $ 363,600 | ||
Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | |||
Deferred tax assets: | |||
Net operating losses | $ 180 | $ 162 | |
Deferred compensation | 496 | 133 | |
Basis difference in subsidiaries | 69 | 0 | |
Other | 55 | 31 | |
Total gross deferred tax assets | 800 | 326 | |
Valuation allowance | 0 | 0 | |
Total deferred tax assets, net | 800 | 326 | |
Deferred tax liabilities | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2021 | |
Realized tax benefits payable under Tax Receivable Agreement | 85.00% | |||
Unfunded investment commitments | $ 4.4 | |||
Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | ||||
Lease expense | $ 4.5 | $ 3.8 | $ 2.1 | |
Operating lease description | The Company leases two offices in New York, one office in Connecticut, one office in California and one office in London, England pursuant to current lease agreements expiring through 2031. The Company has the option to extend the term of the lease for the Connecticut and California office spaces for five years from the current 2023 and 2024 expiration dates, respectively. No such option exists for the two New York office leases. The leases include escalation clauses and require the Company to pay for utilities, taxes and maintenance expenses. | |||
Interest Promissory Note [Member] | Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | ||||
Borrowing capacity | $ 50 | |||
Borrowing capacity description | Interest on the promissory note matches the one paid pursuant to Revolving Credit Facility #1. The unpaid principal balance and accrued interest are payable from time to time at the discretion of the Owl Rock product but immediately due and payable upon 120 days written notice by the Company. The promissory note matured on December 31, 2020. |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Aggregate Estimated Minimum Operating Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | May 19, 2021 | Dec. 31, 2020 |
Commitments and Contingencies [Line Items] | |||
July 1, 2021 to December 31, 2021 | $ 0 | ||
2022 | 18,710 | ||
2023 | 33,871 | ||
2024 | 32,089 | ||
2025 | 32,703 | ||
Thereafter | 470,546 | ||
Total Payments | 587,919 | ||
Less adjustment to fair value for contingent consideration | (125,740) | ||
Total TRA Liability | $ 462,179 | $ 461,000 | $ 0 |
Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | |||
Commitments and Contingencies [Line Items] | |||
2021 | 5,882 | ||
2022 | 8,354 | ||
2023 | 8,101 | ||
2024 | 6,000 | ||
2025 | 5,923 | ||
Thereafter | 37,061 | ||
Total Payments | $ 71,321 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||||||
Commitment from executives and employees to Company's products | $ 1,900,000 | $ 1,900,000 | $ 480,000 | ||||
Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | |||||||
Related Party Transaction [Line Items] | |||||||
Revenue from related parties | 13,000 | $ 12,000 | $ 6,800 | ||||
Management Fee [Member] | Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | |||||||
Related Party Transaction [Line Items] | |||||||
Fee waived | 56,600 | 31,100 | 800 | ||||
BDC Part I Fee [Member] | Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | |||||||
Related Party Transaction [Line Items] | |||||||
Fee waived | 74,800 | 46,400 | 2,400 | ||||
Expense Support Agreement [Member] | Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction expense | $ 18,700 | $ 7,000 | $ 1,300 | ||||
Expense Support Agreement [Member] | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Expenses related to arrangements | 800 | $ 5,800 | 3,000 | $ 12,400 | |||
Administrative Fees | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Revenue from related parties | 6,800 | 3,000 | 10,300 | 5,800 | |||
Aircraft Services | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction expense | $ 169 | $ 3 | $ 169 | $ 819 |
Related Party Transactions - Su
Related Party Transactions - Summary of Due from Affiliates, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | |||
Related Party Transaction [Line Items] | |||
Due from affiliates, net | $ 92,698 | $ 42,874 | |
Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Due from affiliates, net | $ 147,527 | 92,698 | |
Management and BDC Part I Fees [Member] | Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | |||
Related Party Transaction [Line Items] | |||
Due from affiliates, net | 78,586 | 32,473 | |
Due from Owl Rock Products and Other [Member] | Owl Rock Capital and Subsidiaries and Owl Rock Capital Securities LLC | |||
Related Party Transaction [Line Items] | |||
Due from affiliates, net | 14,112 | $ 10,401 | |
Management Fees | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Due from affiliates, net | 113,104 | 78,586 | |
Administrative Fees | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Due from affiliates, net | $ 34,423 | $ 14,112 |
Earnings (Loss) Per Share - Add
Earnings (Loss) Per Share - Additional information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | |
Jun. 30, 2021USD ($)$ / sharesshares | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Shares vested but not yet settled (in shares) | 9,050,000 | |
Basic | ||
Net Income (Loss) Attributable to Class A Shares | $ | $ (397,189) | |
Weighted-Average Class A Shares Outstanding - Basic (in shares) | 329,055,258 | [1] |
Earnings Per Class A Share (in dollars per share) | $ / shares | $ (1.21) | |
Effect of dilutive securities | ||
Effect of dilutive common units (in shares) | $ | $ (1,143,082) | |
RSUs (in shares) | 923,037,080 | |
Diluted | ||
Net Loss Attributable to Class A Shareholders | $ | $ (1,540,271) | |
Diluted (in shares) | 1,252,092,338 | [1] |
Earnings Per Class A Share (in dollars per share) | $ / shares | $ (1.23) | |
Warrant [Member] | ||
Effect of dilutive securities | ||
Number of Units Excluded from Diluted Calculation (in shares) | 14,159,381 | |
Earnout Securities [Member] | ||
Effect of dilutive securities | ||
Number of Units Excluded from Diluted Calculation (in shares) | 99,999,924 | |
[1] | Includes 9,050,000 fully vested RSUs that do not participate in dividends until settled. See Note 13. |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | Aug. 10, 2021$ / shares | Jul. 21, 2021SEGMENT$ / sharesshares | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($)shares$ / shares | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)shares$ / shares | Jun. 30, 2020USD ($) |
Subsequent Event [Line Items] | |||||||
Non-cash equity-based compensation expense | $ | $ 1,158,597 | $ 0 | $ 1,158,597 | $ 0 | |||
Class A Shares | |||||||
Subsequent Event [Line Items] | |||||||
Number of consecutive trading days | 20 | 20 | |||||
Class A Shares | Minimum | |||||||
Subsequent Event [Line Items] | |||||||
Weighted-average price of Class A shares equals or exceeds | $ / shares | $ 12.50 | $ 12.50 | |||||
Common Units | |||||||
Subsequent Event [Line Items] | |||||||
Non-cash equity-based compensation expense | $ | $ 1,121,139 | 0 | $ 1,121,139 | 0 | |||
Earnout Securities | |||||||
Subsequent Event [Line Items] | |||||||
Non-cash equity-based compensation expense | $ | $ 37,458 | $ 0 | $ 37,458 | $ 0 | |||
Earnout Securities | Forecast | |||||||
Subsequent Event [Line Items] | |||||||
Non-cash equity-based compensation expense | $ | $ 15,000 | ||||||
Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Cash dividend (in dollars per share) | $ / shares | $ 0.04 | ||||||
Subsequent Event | Class A Shares | |||||||
Subsequent Event [Line Items] | |||||||
Number of consecutive trading days | SEGMENT | 20 | ||||||
Subsequent Event | Class A Shares | Minimum | |||||||
Subsequent Event [Line Items] | |||||||
Weighted-average price of Class A shares equals or exceeds | $ / shares | $ 12.50 | ||||||
Subsequent Event | Class E Shares | |||||||
Subsequent Event [Line Items] | |||||||
Shares converted (in shares) | 7,495,432 | ||||||
Subsequent Event | GP Units | Earnout Securities | |||||||
Subsequent Event [Line Items] | |||||||
Shares converted (in shares) | 7,495,432 | ||||||
Subsequent Event | Common Units | |||||||
Subsequent Event [Line Items] | |||||||
Shares issued as a result of conversion (in shares) | 42,504,530 | ||||||
Subsequent Event | Common Units | Class C Shares | |||||||
Subsequent Event [Line Items] | |||||||
Shares issued as a result of conversion (in shares) | 30,266,653 | ||||||
Subsequent Event | Common Units | Class D Shares | |||||||
Subsequent Event [Line Items] | |||||||
Shares issued as a result of conversion (in shares) | 12,237,877 | ||||||
Subsequent Event | Common Units | Earnout Securities | |||||||
Subsequent Event [Line Items] | |||||||
Shares converted (in shares) | 42,504,530 |