Blue Owl Capital (OWL) 10-Q 4 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Nov. 01, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-39653
Entity Registrant Name	BLUE OWL CAPITAL INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-3906032
Entity Address, Address Line One	399 Park Avenue,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	419-3000
Title of 12(b) Security	Class A common stock
Trading Symbol	OWL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001823945
Current Fiscal Year End Date	--12-31
Class A Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		438,600,597
Class B Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Class C Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		637,263,151
Class D Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		319,132,127

Consolidated and Combined State

Consolidated and Combined Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 39,534	$ 42,567
Due from related parties	368,057	224,576
Investments (includes $3,664 and $1,311 at fair value and $195,359 and $8,522 of investments in the Company’s products, respectively)	201,211	12,143
Operating lease assets	229,936	86,033
Strategic Revenue-Share Purchase consideration, net	467,708	495,322
Deferred tax assets	733,286	635,624
Intangible assets, net	2,470,085	2,611,411
Goodwill	4,205,159	4,132,245
Other assets, net	77,278	26,477
Total Assets	8,792,254	8,266,398
Liabilities
Debt obligations, net	1,525,967	1,174,167
Accrued compensation	245,795	155,606
Operating lease liabilities	237,497	88,480
Deferred tax liabilities	41,365	48,962
TRA liability (includes $116,008 and $111,325 at fair value, respectively)	791,990	670,676
Warrant liability, at fair value	7,450	68,798
Earnout liability, at fair value	160,046	143,800
Accounts payable, accrued expenses and other liabilities	147,208	68,339
Total Liabilities	3,157,318	2,418,828
Commitments and Contingencies
Shareholders’ Equity
Additional paid-in capital	2,292,736	2,160,934
Accumulated deficit	(638,300)	(497,506)
Total Shareholders’ Equity Attributable to Blue Owl Capital Inc.	1,654,576	1,663,567
Shareholders’ equity attributable to noncontrolling interests	3,980,360	4,184,003
Total Shareholders’ Equity	5,634,936	5,847,570
Total Liabilities and Shareholders’ Equity	8,792,254	8,266,398
Class A Shares
Shareholders’ Equity
Common stock value	44	40
Class C Shares
Shareholders’ Equity
Common stock value	64	67
Class D Shares
Shareholders’ Equity
Common stock value	$ 32	$ 32

Consolidated and Combined Sta_2

Consolidated and Combined Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Investments	$ 3,664	$ 1,311
Investments in the Company's products	195,359	8,522
TRA liability	$ 116,008	$ 111,325
Class A Shares
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, shares, issued (in shares)	441,838,181	404,919,411
Common stock, shares outstanding (in shares)	441,838,181	404,919,411
Class C Shares
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares, issued (in shares)	637,263,151	674,766,200
Common stock, shares outstanding (in shares)	637,263,151	674,766,200
Class D Shares
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares, issued (in shares)	319,132,127	319,132,127
Common stock, shares outstanding (in shares)	319,132,127	319,132,127

Consolidated and Combined Sta_3

Consolidated and Combined Statements of Operations (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Revenues		$ 370,986	$ 247,875	$ 974,209	$ 535,359
Expenses
Compensation and benefits		234,745	96,910	646,755	1,366,459
Amortization of intangible assets		65,835	46,191	192,246	67,527
General, administrative and other expenses		67,972	28,438	165,655	94,818
Total Expenses		368,552	171,539	1,004,656	1,528,804
Other Income (Loss)
Net losses on investments		(592)	(145)	(710)	(145)
Net losses on retirement of debt		0	0	0	(16,145)
Interest expense		(15,027)	(6,112)	(42,912)	(17,787)
Change in TRA liability		3,599	(4,733)	(4,683)	(5,879)
Change in warrant liability		(2,747)	(27,462)	35,734	(42,762)
Change in earnout liability		(1,760)	(293,122)	(2,464)	(756,092)
Total Other Income (Loss)		(16,527)	(331,574)	(15,035)	(838,810)
Loss Before Income Taxes		(14,093)	(255,238)	(45,482)	(1,832,255)
Income tax expense (benefit)		(4,085)	(14,391)	(3,492)	(43,402)
Consolidated and Combined Net Loss		(10,008)	(240,847)	(41,990)	(1,788,853)
Net loss attributable to noncontrolling interests		12,068	187,524	31,109	1,412,600
Net Income (Loss) Attributable to Blue Owl Capital Inc. (After May 19, 2021) / Owl Rock (Prior to May 19, 2021)		2,060	(53,323)	(10,881)	(376,253)
Net Income (Loss) Attributable to Class A Shares		$ 2,060	$ (53,323)	$ (10,881)
Net Income (Loss) per Class A Share
Basic (in dollars per share)		$ 0	$ (0.16)	$ (0.03)
Diluted (in dollars per share)		$ 0	$ (0.16)	$ (0.03)
Weighted-Average Class A Shares
Basic (in shares)	[1]	441,487,112	338,472,456	427,172,270
Diluted (in shares)		1,411,812,068	338,472,456	427,172,270
Management fees, net
Revenues
Revenues		$ 338,377	$ 203,750	$ 870,334	440,598
Administrative, transaction and other fees
Revenues
Revenues		$ 32,609	$ 44,125	$ 103,875	$ 94,761
[1]Included in the weighted-average Class A Shares outstanding were RSUs that have vested but have not been settled in Class A Shares. These RSUs do not participate in dividends until settled in Class A Shares. See Note 13.

Consolidated and Combined Sta_4

Consolidated and Combined Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues	$ 370,986	$ 247,875	$ 974,209	$ 535,359
Part 1 Fees
Revenues	$ 62,808	$ 43,659	$ 155,893	$ 108,646

Consolidated and Combined Sta_5

Consolidated and Combined Statements of Changes in Shareholders’ Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Members’ Deficit Prior to the Business Combination	Total Shareholders' Equity Attributable to Blue Owl Capital Inc.	Common Stock Class A Shares	Common Stock Class C Shares	Common Stock Class D Shares	Common Stock Class E Shares	Additional Paid-in Capital	Accumulated Deficit	Shareholders’ Equity Attributable to Noncontrolling Interests
Beginning balance at Dec. 31, 2020		$ (507,687)		$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 6,526
Beginning balance (in shares) at Dec. 31, 2020				0	0	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions		(103,143)
Comprehensive income (loss) prior to and following the Business Combination		74,259							(450,512)	(1,412,600)
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
Share issuance in connection with Strategic Revenue-Share Purchase				3				200,434		331,903
Cash proceeds from the Business Combination								1,738,478
Class C Shares and Common Units exchanged for Class A Shares				0	0
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)
Offering costs related to the Business Combination								(126,423)
Allocation of cash proceeds to warrant liability								(25,128)
Allocation to earnout liability for Class E Shares issued in connection with the Business Combination								(83,949)		(160,540)
Deferred taxes recognized in the Business Combination								145,163
Equity classified contingent consideration in connection with Wellfleet Acquisition								0
Deferred taxes on capital transactions								0
TRA liability on capital transactions								0
Reallocation between additional paid-in capital and noncontrolling interests related to the Business Combination								(325,222)		325,222
Exercise of warrants								0
Equity-based compensation								311,926		952,918
Settlement of Earnout Securities				1	3	2		114,312		437,324
Contributions										10,737
Distributions										(49,167)
Withholding taxes on vested RSUs								0		0
Class A Share repurchases								0
Reallocation between additional paid-in capital and noncontrolling interests due to changes in Blue Owl Operating Group ownership								67,582		(71,257)
Cash dividends declared on Class A Shares									(13,100)
Ending Balance at Sep. 30, 2021	$ 5,181,593	0	$ 1,415,562	$ 36	$ 66	$ 31	$ 1	1,879,040	(463,612)	3,766,031
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact of the Business Combination (in shares)				320,005,258	628,380,707	294,656,373	14,990,864
Share issuance in connection with Strategic Revenue-Share Purchase (in shares)				29,701,013
Class A Share repurchases (in shares)	0			0
Shares delivered on vested RSUs (in shares)				0
Settlement of Earnout Securities (in shares)				7,495,432	30,266,653	12,237,877	(7,495,432)
Class C Shares and Common Units exchanged for Class A Shares ( in shares)				0	0
Exercise of warrants (in shares)				0
Ending balance (in shares) at Sep. 30, 2021				357,201,703	658,647,360	306,894,250	7,495,432
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash Dividends Paid per Class A Share (in dollars per share)	$ 0.04
Beginning balance at Jun. 30, 2021		0		$ 32	$ 63	$ 29	$ 1	1,496,826	(397,189)	3,283,985
Beginning balance (in shares) at Jun. 30, 2021				320,005,258	628,380,707	294,656,373	14,990,864
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions		0
Comprehensive income (loss) prior to and following the Business Combination		0							(53,323)	(187,524)
Transfer of predecessor members’ deficit to additional paid-in capital and noncontrolling interests		0						0		0
Impact of the Business Combination				$ 0	$ 0	$ 0	$ 0
Share issuance in connection with Strategic Revenue-Share Purchase				3				200,434		331,903
Cash proceeds from the Business Combination								0
Class C Shares and Common Units exchanged for Class A Shares				0	0
Common Units issued as consideration related to the Dyal Acquisition										0
Acquisition of noncontrolling interests in the Blue Owl Operating Group in connection with the Business Combination										0
Offering costs related to the Business Combination								(114)
Allocation of cash proceeds to warrant liability								0
Allocation to earnout liability for Class E Shares issued in connection with the Business Combination								0		0
Deferred taxes recognized in the Business Combination								0
Equity classified contingent consideration in connection with Wellfleet Acquisition								0
Deferred taxes on capital transactions								0
TRA liability on capital transactions								0
Reallocation between additional paid-in capital and noncontrolling interests related to the Business Combination								0		0
Exercise of warrants								0
Equity-based compensation								0		15,722
Settlement of Earnout Securities				1	3	2		114,312		437,324
Contributions										3,566
Distributions										(47,688)
Withholding taxes on vested RSUs								0		0
Class A Share repurchases								0
Reallocation between additional paid-in capital and noncontrolling interests due to changes in Blue Owl Operating Group ownership								67,582		(71,257)
Cash dividends declared on Class A Shares									(13,100)
Ending Balance at Sep. 30, 2021	$ 5,181,593	0	1,415,562	$ 36	$ 66	$ 31	$ 1	1,879,040	(463,612)	3,766,031
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact of the Business Combination (in shares)				0	0	0	0
Share issuance in connection with Strategic Revenue-Share Purchase (in shares)				29,701,013
Class A Share repurchases (in shares)	0			0
Shares delivered on vested RSUs (in shares)				0
Settlement of Earnout Securities (in shares)				7,495,432	30,266,653	12,237,877	(7,495,432)
Class C Shares and Common Units exchanged for Class A Shares ( in shares)				0	0
Exercise of warrants (in shares)				0
Ending balance (in shares) at Sep. 30, 2021				357,201,703	658,647,360	306,894,250	7,495,432
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash Dividends Paid per Class A Share (in dollars per share)	$ 0.04
Beginning balance at Dec. 31, 2021	$ 5,847,570	0		$ 40	$ 67	$ 32	$ 0	2,160,934	(497,506)	4,184,003
Beginning balance (in shares) at Dec. 31, 2021				404,919,411	674,766,200	319,132,127	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions		0
Comprehensive income (loss) prior to and following the Business Combination		0							(10,881)	(31,109)
Transfer of predecessor members’ deficit to additional paid-in capital and noncontrolling interests		0						0		0
Impact of the Business Combination				$ 0	$ 0	$ 0	$ 0
Share issuance in connection with Strategic Revenue-Share Purchase				0				0		0
Cash proceeds from the Business Combination								0
Class C Shares and Common Units exchanged for Class A Shares				4	(3)
Common Units issued as consideration related to the Dyal Acquisition										0
Acquisition of noncontrolling interests in the Blue Owl Operating Group in connection with the Business Combination										0
Offering costs related to the Business Combination								0
Allocation of cash proceeds to warrant liability								0
Allocation to earnout liability for Class E Shares issued in connection with the Business Combination								0		0
Deferred taxes recognized in the Business Combination								0
Equity classified contingent consideration in connection with Wellfleet Acquisition								969
Deferred taxes on capital transactions								90,125
TRA liability on capital transactions								(116,634)
Reallocation between additional paid-in capital and noncontrolling interests related to the Business Combination								0		0
Exercise of warrants								25,765
Equity-based compensation								8,402		272,484
Settlement of Earnout Securities				0	0	0		0		0
Contributions										22,311
Distributions										(308,289)
Withholding taxes on vested RSUs								(600)		(1,298)
Class A Share repurchases								(33,967)
Reallocation between additional paid-in capital and noncontrolling interests due to changes in Blue Owl Operating Group ownership								157,742		(157,742)
Cash dividends declared on Class A Shares									(129,913)
Ending Balance at Sep. 30, 2022	$ 5,634,936	0	1,654,576	$ 44	$ 64	$ 32	$ 0	2,292,736	(638,300)	3,980,360
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact of the Business Combination (in shares)				0	0	0	0
Share issuance in connection with Strategic Revenue-Share Purchase (in shares)				0
Class A Share repurchases (in shares)	(3,021,079)			(3,021,079)
Shares delivered on vested RSUs (in shares)				280,446
Settlement of Earnout Securities (in shares)				0	0	0	0
Class C Shares and Common Units exchanged for Class A Shares ( in shares)				(37,503,049)	(37,503,049)
Exercise of warrants (in shares)				2,156,354
Ending balance (in shares) at Sep. 30, 2022				441,838,181	637,263,151	319,132,127	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash Dividends Paid per Class A Share (in dollars per share)	$ 0.31
Beginning balance at Jun. 30, 2022		0		$ 42	$ 66	$ 32	$ 0	2,214,274	(591,727)	4,064,351
Beginning balance (in shares) at Jun. 30, 2022				420,102,492	657,808,589	319,132,127	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions		0
Comprehensive income (loss) prior to and following the Business Combination		0							2,060	(12,068)
Transfer of predecessor members’ deficit to additional paid-in capital and noncontrolling interests		0						0		0
Impact of the Business Combination				$ 0	$ 0	$ 0	$ 0
Share issuance in connection with Strategic Revenue-Share Purchase				0				0		0
Cash proceeds from the Business Combination								0
Class C Shares and Common Units exchanged for Class A Shares				2	(2)
Common Units issued as consideration related to the Dyal Acquisition										0
Acquisition of noncontrolling interests in the Blue Owl Operating Group in connection with the Business Combination										0
Offering costs related to the Business Combination								0
Allocation of cash proceeds to warrant liability								0
Allocation to earnout liability for Class E Shares issued in connection with the Business Combination								0		0
Deferred taxes recognized in the Business Combination								0
Equity classified contingent consideration in connection with Wellfleet Acquisition								969
Deferred taxes on capital transactions								47,135
TRA liability on capital transactions								(60,869)
Reallocation between additional paid-in capital and noncontrolling interests related to the Business Combination								0		0
Exercise of warrants								25,763
Equity-based compensation								662		98,334
Settlement of Earnout Securities				0	0	0		0		0
Contributions										11,550
Distributions										(106,685)
Withholding taxes on vested RSUs								(207)		(384)
Class A Share repurchases								(9,729)
Reallocation between additional paid-in capital and noncontrolling interests due to changes in Blue Owl Operating Group ownership								74,738		(74,738)
Cash dividends declared on Class A Shares									(48,633)
Ending Balance at Sep. 30, 2022	$ 5,634,936	$ 0	$ 1,654,576	$ 44	$ 64	$ 32	$ 0	$ 2,292,736	$ (638,300)	$ 3,980,360
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact of the Business Combination (in shares)				0	0	0	0
Share issuance in connection with Strategic Revenue-Share Purchase (in shares)				0
Class A Share repurchases (in shares)	(1,021,079)			(1,021,079)
Shares delivered on vested RSUs (in shares)				55,176
Settlement of Earnout Securities (in shares)				0	0	0	0
Class C Shares and Common Units exchanged for Class A Shares ( in shares)				(20,545,438)	(20,545,438)
Exercise of warrants (in shares)				2,156,154
Ending balance (in shares) at Sep. 30, 2022				441,838,181	637,263,151	319,132,127	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash Dividends Paid per Class A Share (in dollars per share)	$ 0.11

Consolidated and Combined Sta_6

Consolidated and Combined Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash Flows from Operating Activities
Consolidated and combined net loss	$ (41,990)	$ (1,788,853)
Adjustments to reconcile consolidated and combined net loss to net cash from operating activities:
Amortization of intangible assets	192,246	67,527
Equity-based compensation	309,362	1,174,319
Depreciation and amortization of fixed assets	694	456
Amortization of debt discounts and deferred financing costs	3,268	1,125
Amortization of investment discounts and premiums	6	451
Non-cash lease expense	5,114	625
Net losses on retirement of debt	0	16,145
Net gains on investments, net of dividends	710	185
Change in TRA liability	4,683	5,879
Change in warrant liability	(35,734)	42,762
Change in earnout liability	2,464	756,092
Deferred income taxes	(15,174)	(43,793)
Changes in operating assets and liabilities:
Due from related parties	(138,170)	(78,209)
Strategic Revenue-Share Purchase consideration	27,614	(49,563)
Other assets, net	(3,070)	(8,480)
Accrued compensation	61,713	48,685
Accounts payable, accrued expenses and other liabilities	78,657	(17,983)
Net Cash Provided by Operating Activities	452,393	127,370
Cash Flows from Investing Activities
Purchases of fixed assets	(41,635)	(2,043)
Purchases of investments	(192,812)	(304,221)
Proceeds from investment sales and maturities	3,027	5,613
Cash consideration paid for acquisitions, net of cash consideration received	(114,454)	(973,457)
Net Cash Used in Investing Activities	(345,874)	(1,274,108)
Cash Flows from Financing Activities
Cash proceeds from the Business Combination	0	1,738,603
Offering costs related to the Business Combination	0	(126,423)
Acquisition of noncontrolling interests in the Blue Owl Operating Group in connection with the Business Combination	0	(491,956)
Proceeds from debt obligations	583,060	896,008
Debt issuance costs	(8,536)	(9,862)
Repayments of debt obligations, including retirement costs	(229,000)	(577,713)
Withholding taxes on vested RSUs	(1,898)	0
Dividends paid on Class A Shares	(129,913)	(13,100)
Proceeds from exercise of warrants	151	0
Class A Share repurchases	(33,967)	0
Distributions to members prior to the Business Combination	0	(103,144)
Contributions from noncontrolling interests	18,840	10,737
Distributions to noncontrolling interests	(308,289)	(49,167)
Net Cash (Used in) Provided by Financing Activities	(109,552)	1,273,983
Net (Decrease) Increase in Cash and Cash Equivalents	(3,033)	127,245
Cash and cash equivalents, beginning of period	42,567	11,630
Cash and Cash Equivalents, End of Period	39,534	138,875
Supplemental Information
Cash paid for interest	28,113	13,822
Cash paid for income taxes	$ 4,620	$ 4,355

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	1. ORGANIZATION Blue Owl Capital Inc. (the “Registrant”), a Delaware corporation, together with its consolidated subsidiaries (collectively, the “Company” or “Blue Owl”), is a global alternative asset manager. Anchored by a strong permanent capital base, the Company deploys private capital across Direct Lending, GP Capital Solutions and Real Estate strategies on behalf of institutional and private wealth clients. The Company’s primary sources of revenues are management fees, which are generally based on the amount of the Company’s fee-paying assets under management. The Company generates substantially all of its revenues in the United States. The Company operates through one operating and reportable segment. This single reportable segment reflects how the chief operating decision makers allocate resources and assess performance under the Company’s “one-firm approach,” which includes operating collaboratively across product lines, with predominantly a single expense pool. The Company conducts its operations through Blue Owl Capital Holdings LP (“Blue Owl 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 controlling financial interests in the Blue Owl Operating Group indirectly through Blue Owl Capital GP Holdings LLC and Blue Owl Capital GP LLC (collectively, “Blue Owl GP”), which are directly or indirectly wholly owned subsidiaries of the Registrant. Business Combination, Including Dyal Acquisition The Registrant was initially incorporated in the Cayman Islands as Altimar Acquisition Corporation (“Altimar”), 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) Altimar was redomiciled as a Delaware corporation and changed its name to Blue Owl Capital Inc., (ii) Altimar merged with Owl Rock (as defined below) (the “Altimar Merger”) and (iii) the Company acquired Dyal Capital Partners (“Dyal Capital”), a former division of Neuberger Berman Group LLC (the “Dyal Acquisition”) (collectively with the Altimar Merger, the “Business Combination”). As further discussed in Note 2, for both the Altimar 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 of Owl Rock Capital Group LLC and Blue Owl Securities LLC (formerly, Owl Rock Capital Securities LLC) (“Securities”). Oak Street Acquisition On December 29, 2021, the Company completed its acquisition of Oak Street Real Estate Capital, LLC (“Oak Street”) and its advisory business (the “Oak Street Acquisition”). Wellfleet Acquisition On April 1, 2022, the Company completed its acquisition of Wellfleet Credit Partners, LLC (“Wellfleet”), a manager of collateralized loan obligations (“CLOs”) (the “Wellfleet Acquisition,” and collectively with the Oak Street Acquisition and the Dyal Acquisition, the “Acquisitions”). See Note 3 for additional information. Registrant’s Capital Structure As of September 30, 2022, the Registrant had the following instruments outstanding: • Class A Shares —Shares of Class A common stock that are publicly traded. Class A Shareholders are entitled to dividends declared on the Class A Shares by the Registrant’s board of directors (the “Board”). As of September 30, 2022, the Class A Shares and Class C Shares (collectively, the “Low-Vote Shares”) represent a combined 20% of the total voting power of all shares. Prior to April 2022, the Low-Vote Shares represented 10% of the total voting power of all shares. • Class B Shares —Shares of Class B common stock that are not publicly traded. Class B Shareholders are entitled to dividends in the same amount per share as declared on Class A Shares. As of September 30, 2022, the Class B Shares and Class D Shares (collectively, the “High-Vote Shares”) represent a combined 80% of the total voting power of all shares. Prior to April 2022, the High-Vote Shares represented 90% of the total voting power of all shares. No Class B Shares have been issued from inception through September 30, 2022. Common Units (as defined below) held by certain senior members of management (“Principals”) are exchangeable on a one-for-one basis for Class B Shares. • Class C Shares —Shares of Class C common stock that are not publicly traded. Class C Shareholders do not participate in the earnings of the Registrant, as the holders of such shares participate in the economics of the Blue Owl Operating Group through their direct and indirect holdings of Common Units and Incentive Units (as defined below and subject to limitations on unvested units). For every Common Unit held directly or indirectly by non-Principals, one Class C Share is issued to grant a corresponding voting interest in the Registrant. The Class C Shares are Low-Vote Shares as described above. • Class D Shares —Shares of Class D common stock that are not publicly traded. Class D Shareholders do not participate in the earnings of the Registrant, as the holders of such shares participate in the economics of the Blue Owl Operating Group through their direct or indirect holdings of Common Units and Incentive Units (subject to limitations on unvested units). For every Common Unit held directly and indirectly by Principals, one Class D Share is issued to grant a corresponding voting interest in the Registrant. The Class D Shares are High-Vote Shares as described above. • Class E Shares —Shares of Class E common stock that were not publicly traded. Class E Shareholders were not entitled to a vote. Class E Shares accrued distributions equal to amounts declared per Class A Share; however, such distributions were not paid until the Company’s Class A Shares reached certain price levels (“Class E Triggering Events”). Class E Shares and Seller Earnout Units (defined below) are collectively referred to as “Earnout Securities.” In connection with the Business Combination, the Company issued two series of Class E Shares: Series E-1 and Series E-2. Series E-1 and E-2 vested upon a Class E Triggering Event, which occurred when the volume weighted-average price of a Class A Share exceeded $12.50 and $15.00, respectively, for 20 consecutive trading days. The Series E-1 Class E Shares had a Class E Triggering Event on July 21, 2021, at which time 7,495,432 Class E Shares were converted into an equal number of Class A Shares. The Series E-2 Class E Shares had a Class E Triggering Event on November 3, 2021, at which time 7,495,432 Class E Shares were converted into an equal number of Class A Shares. As a result, there are no longer any Class E Shares issued or outstanding. • RSUs —The Company grants Class A restricted share units (“RSUs”) to its employees and independent Board members. An RSU entitles the holder to receive a Class A Share, or cash equal to the fair value of a Class A Share at the election of the Board, upon completion of a requisite service period. RSUs granted to-date do not accrue dividend equivalents. No RSUs were issued prior to the Business Combination. RSU grants are accounted for as equity-based compensation. See Note 8 for additional information. • Warrants —In connection with the Business Combination, the Company issued warrants to purchase Class A Shares at a price of $11.50 per share. A portion of the outstanding warrants are held by the sponsor of Altimar (“Private Placement Warrants”) and the remaining warrants were held by other third-party investors (“Public Warrants”). The Private Placement Warrants will expire five years from the Business Combination Date. In August 2022, the Company redeemed all outstanding Public Warrants, as further discussed below. The following table presents the number of shares of the Registrant, RSUs and warrants that were outstanding as of September 30, 2022: September 30, 2022 Class A Shares 441,838,181 Class C Shares 637,263,151 Class D Shares 319,132,127 RSUs 21,458,757 Private Placement Warrants 5,000,000 Share Repurchases, RSUs Withheld for Tax Withholding and Warrants Redeemed On May 4, 2022, the Company’s Board authorized the repurchase of up to $150.0 million of Class A Shares. Under the repurchase program (the “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 Program may be changed, suspended or discontinued at any time and will terminate upon the earlier of (i) the purchase of all shares available under the Program or (ii) December 31, 2024. The Program replaced the previously authorized program (collectively, the “Programs”) under which the Company repurchased 2,000,000 shares during the first quarter of 2022. Pursuant to the terms of the Company’s RSU awards, upon the vesting of RSUs to employees, the Company net settles awards to satisfy employee tax withholding obligations. In such instances, the Company cancels a number of RSUs equivalent in value to the amount of tax withholding payments that the Company is making on behalf of employees out of available cash. During the third quarter of 2022, of the 9,159,048 Public Warrants that were outstanding on July 18, 2022, approximately 14,553 were exercised for cash at an exercise price of $11.50 per Class A Share in exchange for an aggregate of 14,553 Class A Shares and 8,961,029 Public Warrants were exercised on a cashless basis in exchange for an aggregate of 2,141,601 Class A Shares. The remaining 183,466 Public Warrants were redeemed for $0.10 per warrant. Total cash proceeds generated from exercises of the Public Warrants during the three months ended September 30, 2022 were $0.2 million. The following table presents share repurchase activity, RSUs withheld to satisfy tax withholding obligations and warrants cancelled in connection with the Public Warrants redemption during each of the indicated periods: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Number of shares purchased pursuant to the Programs 1,021,079 — 3,021,079 — Number of RSUs withheld to satisfy tax withholding obligations 45,668 — 152,838 — Number of warrants cancelled upon redemption, net of shares issued 7,002,894 — 7,002,894 — Blue Owl Operating Partnerships’ Capital Structure As of September 30, 2022, the Blue Owl Operating Partnerships had outstanding the following instruments, which are collectively referred to as “Blue Owl Operating Group Units”: • GP Units —The Registrant indirectly holds a general partner interest and all of the GP Units in each of the Blue Owl Operating Partnerships. The GP Units are general partner interests in the Blue Owl Operating Partnerships that represent the Registrant’s economic ownership in the Blue Owl Operating Group. For each Class A Share and Class B Share outstanding, the Registrant indirectly holds an equal number of GP Units. References to GP Units refer collectively to a GP Unit in each of the Blue Owl Operating Partnerships. References to GP Units also include Common Units (as defined below) acquired and held directly or indirectly by the Registrant as a result of Common Units exchanged for Class A Shares. • Common Units —Common Units are limited partner interests held by certain members of management, employees and other third parties in the Blue Owl Operating Partnerships. Subject to certain restrictions, Common Units are exchangeable on a one-for-one basis for either Class A Shares (if held by a non-Principal) or Class B Shares (if held by a Principal). Common Unit exchanges may be settled in cash, only at the election of the Company’s Exchange Committee (currently composed of independent members of the Board), and only if funded from proceeds of a new permanent equity offering. Common Units held by Principals are exchangeable after the two-year anniversary of the Business Combination Date. References to Common Units refer collectively to a Common Unit in each of the Blue Owl Operating Partnerships, but excludes any Common Units held directly or indirectly by the Registrant. Upon an exchange of Common Units for an equal number of Class A Shares or Class B Shares, a corresponding number of Class C Shares or Class D Shares, respectively, will be cancelled. Common Unitholders are entitled to distributions in the same amount per unit as declared on GP Units. • Incentive Units —Incentive Units are Class P limited partner interests in the Blue Owl Operating Partnerships granted to certain members of management, employees and consultants (collectively, “Incentive Unit Grantees”) and are generally subject to vesting conditions, as further discussed in Note 8. Incentive Units are held indirectly through Blue Owl Management Vehicle LP on behalf of Incentive Unit Grantees. A vested Incentive Unit may convert into a Common Unit upon becoming economically equivalent on a tax basis to a Common Unit. Once vested, Incentive Unitholders are entitled to distributions in the same amount per unit as declared on GP Units and Common Units. Unvested Incentive Unitholders generally are not entitled to distributions; however, consistent with other Blue Owl Operating Group Units (other than Oak Street Earnout Units), unvested Incentive Units receive taxable income allocations that may subject holders to tax liabilities. As a result, Incentive Unitholders (consistent with other Blue Owl Operating Group Units other than Oak Street Earnout Units) may receive tax distributions on unvested units to cover a portion or all of such tax liabilities. • Seller Earnout Units —Seller Earnout Units were limited partner interests held in the Blue Owl Operating Partnerships that had the same Class E Triggering Events, forfeiture provisions and distribution restrictions as the Class E Shares. In connection with the Business Combination, recipients of Earnout Securities had the option of selecting either Class E Shares or Seller Earnout Units. For recipients that elected to receive Class E Shares, a corresponding number of Seller Earnout Units were indirectly held by the Registrant. Upon meeting the respective Class E Triggering Events, Seller Earnout Units not held directly or indirectly by the Registrant automatically became Common Units, whereas the Seller Earnout Units held directly or indirectly by the Registrant automatically became GP Units. The Series E-1 Seller Earnout Units had a Class E Triggering Event on July 21, 2021. As a result, (i) 7,495,432 Seller Earnout Units underlying an equal number of Series E-1 Class E Shares were converted into an equal number of GP Units, (ii) 42,504,530 Seller Earnout Units were converted into an equal number of Common Units, and (iii) 42,504,530 non-economic, voting shares of the Registrant were issued to the holders of the converted Common Units (30,266,653 Class C Shares and 12,237,877 Class D Shares). The Series E-2 Seller Earnout Units had a Class E Triggering Event on November 3, 2021. As a result, (i) 7,495,432 Seller Earnout Units underlying an equal number of Series E-2 Class E Shares were converted into an equal number of GP Units, (ii) 42,504,530 Seller Earnout Units were converted into an equal number of Common Units, and (iii) 42,504,530 non-economic, voting shares of the Registrant were issued to the holders of the converted Common Units (30,266,653 Class C Shares and 12,237,877 Class D Shares). As a result, there are no longer any Class E Shares issued or outstanding. The following table presents the number of Blue Owl Operating Group Units that were outstanding as of September 30, 2022: Units September 30, 2022 GP Units 441,838,181 Common Units 956,395,278 Incentive Units 26,907,252 Acquisitions-Related Earnouts Units September 30, 2022 Oak Street Earnout Units 26,074,330 Wellfleet Earnout Shares 940,668 In connection with the Oak Street Acquisition, the Company agreed to make additional payments of cash (“Oak Street Cash Earnout”) and Common Units (“Oak Street Earnout Units” and collectively with the Oak Street Cash Earnout, the “Oak Street Earnouts”) in two tranches upon the occurrence of certain “Oak Street Triggering Events.” The Oak Street Triggering Events are based on achieving a certain level of quarterly management fee revenues from existing and future Oak Street products. See Note 3 to the consolidated and combined audited financial statements included in the Company’s Annual Report for the year ended December 31, 2021 (the “2021 Audited Financial Statements”) for additional information. In connection with the Wellfleet Acquisition, the Company agreed to make additional payments of cash (“Wellfleet Earnout Cash”) and Class A Shares (“Wellfleet Earnout Shares” and collectively with the Wellfleet Earnout Cash, the “Wellfleet Earnouts”) to the sellers in three tranches at each of the three anniversaries following the closing of the transaction, contingent upon the continued employment of certain Wellfleet employees (“Wellfleet Triggering Events”). See Note 3 for additional information. Common Unit Exchanges From time to time, the Company exchanges Common Units and Class C Shares for an equal number of Class A Shares. As a result of the exchange, the Company reallocated equity from noncontrolling interests to the Company’s additional paid-in capital and recorded additional deferred tax assets and TRA liability in connection with the exchanges. See the consolidated and combined statement of shareholders’ equity for these amounts.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
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 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). These interim consolidated and combined financial statements should be read in conjunction with the 2021 Audited Financial Statements. 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 merger between Owl Rock and Altimar was accounted for as a reverse asset acquisition, with no step-up to fair value on any assets or liabilities, and therefore no goodwill or other intangible assets were recorded. The Acquisitions were accounted for using the acquisition method of accounting. As a result, the Company recorded the fair value of the net assets acquired as of the closing date of each respective acquisition, and operating results for each acquired business are included starting as of such each respective date. During the third quarter of 2022, the Company began presenting investments separately on its consolidated and combined statements of financial condition. Prior period amounts have been reclassified to conform to the current period presentation. 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. 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 value of equity-based compensation grants; (iii) the fair values of liabilities with respect to the TRA (the portion considered contingent consideration), warrants and earnout liabilities; (iv) the estimate of future taxable income, which impacts the realizability and carrying amount of the Company’s deferred income tax assets; and (v) the qualitative and quantitative assessments of whether impairments of acquired intangible assets and goodwill exist. 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 entities in which it has a controlling financial interest based on the application of either the variable interest model or the voting interest model. An entity is considered to be a variable interest entity (“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. The Company is required to consolidate any VIEs for which it is the primary beneficiary. The Company is 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 or right to receive benefits that are more than insignificant to such entities. 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, are not considered to be variable interests. The Company factors in all economic interests, including proportionate interests held through related parties, to determine if fees are variable interests. The Company’s interests in the products it manages are primarily in the form of management fees, realized performance income, and insignificant direct or indirect equity interests, and therefore does not have variable interests in 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. For entities that are not VIEs, the Company evaluates such entities (“VOEs”) under the voting interest model. The Company consolidates VOEs where the Company controls a majority voting interest. The Company will generally not consolidate VOEs where a single investor or simple majority of third-party investors with equity have the ability to exercise substantive kick-out or participation rights. Acquisitions For business combinations accounted for under the acquisition method, management recognizes the fair value of assets acquired and liabilities assumed on the acquisition date. The excess of purchase price consideration over the fair value of net assets acquired is recorded as goodwill. Management’s determination of fair value of assets acquired and liabilities assumed at the acquisition date is based on the best information available in the circumstances and incorporates management’s own assumptions and involve a significant degree of judgment. 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 September 30, 2022 and December 31, 2021, 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. Investments Equity investments in the Company’s products are accounted for using the equity-method of accounting, whereby the Company recognizes its share of income in current-period earnings. Distributions, when received on these investments, generally reduce the carrying value of such investments. Investments in loans are accounted for at amortized cost, net of an allowance for current expected credit losses. The estimate of expected credit losses considers current conditions and reasonable and supportable forecasts. As of September 30, 2022 and December 31, 2021, the estimates of current expected credit losses were not material. For certain investments in debt securities, the Company has elected the fair value option in order to simplify the accounting for these instruments, and therefore changes in unrealized gains or losses are included in current-period earnings. Such elections are irrevocable and are applied on an investment-by-investment basis at initial recognition. Realized and changes in unrealized gains (losses) on investments are included within net gains (losses) on investments in the consolidated and combined statements of operations. See Note 9 for additional information. Leases Right-of-use assets and liabilities related to operating leases are included within operating lease assets and operating lease liabilities, respectively, in the Company’s consolidated and combined statements of financial condition. The Company determines if an arrangement is a lease at inception. Right-of-use lease assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Right-of-use lease assets represent the Company’s right to use a leased asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company does not recognize right-of-use lease assets and lease liabilities for leases with an initial term of one year or less. 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 components embedded within lease agreements. Lease expense for operating lease payments is recognized on a straight-line basis, which consists of amortization of right-of-use assets and interest accretion on lease liabilities, over the lease term and included within general, administrative and other expenses in the consolidated and combined statements of operations. The Company does not have any material finance leases. Strategic Revenue-Share Purchase Consideration On September 20, 2021, the Company entered into certain Agreements of Purchase and Sale (the “Strategic Revenue-Share Purchase”), whereby certain fund investors relinquished their rights to receive management fee shares with respect to certain existing and future GP Capital Solutions products. In exchange for the foregoing, the Company issued 29,701,013 Class A Shares with a fair value of $455.0 million and paid cash of $50.2 million (net of previously accrued management fee shares payable and other receivable) to such fund investors. The Company determined that it was not receiving a distinct good or service from the customers as a result of the Strategic Revenue-Share Purchase, and therefore determined that the consideration paid to the customers represents a reduction of the transaction price (i.e., a reduction to revenue). Accordingly, the total consideration paid was recorded within Strategic Revenue-Share Purchase consideration in the Company’s consolidated statements of financial condition and is being amortized as a reduction of management fees, net in the Company’s consolidated statements of operations. See Note 6 for additional information. Intangible Assets, Net and Goodwill The Company recognized certain finite-lived intangible assets and goodwill as a result of the Acquisitions. 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 client relationships and trademarks. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. The Company uses its best estimates and assumptions to accurately assign fair value to identifiable intangible assets acquired at the acquisition date as well as the useful lives of those acquired intangible assets. Examples of critical estimates in valuing certain of the intangible assets acquired include, but are not limited to, future expected cash inflows and outflows, expected useful life and discount rates. The Company’s estimates for future cash flows are based on historical data, various internal estimates and certain external sources, and are based on assumptions that are consistent with the plans and estimates the Company uses to manage the underlying assets acquired. The Company estimates the useful lives of the intangible assets based on the expected period over which the Company anticipates generating economic benefit from the asset. The Company bases its estimates on assumptions it believes to be reasonable but that are unpredictable and inherently uncertain. Unanticipated events and circumstances may occur that could affect the accuracy or validity of such assumptions, estimates or actual results. 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 on the Company’s acquired intangible assets. 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 that the fair value of the reporting unit inclusive of goodwill is less than its carrying amount, the Company will perform a quantitative assessment to determine whether an impairment exists. If an impairment exists, the Company adjusts the carrying value of goodwill so that the carrying value of the reporting unit is equal to its fair value by taking a charge through earnings. The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that it is more-likely-than-not to reduce the fair value of the reporting unit below its carrying amount. No impairments have been recognized to-date on the Company’s goodwill. 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 or the life of the asset, while other fixed assets are generally depreciated over a period of three 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 Combination equity holders of Owl Rock and Dyal Capital. The portion of the TRA liability related to the Dyal Acquisition is deemed contingent consideration payable to the previous owners of Dyal Capital, and therefore is carried at fair value, with changes in fair value reported within other loss in the consolidated and combined statements of operations. The remaining portion of the TRA is carried at a value equal to the expected future payments due under the TRA. The Company recorded its initial estimate of future payments under the TRA portion that is not related to the Dyal Acquisition, including as a result of exchanges of Common Units for Class A or B Shares, as a decrease to additional paid-in capital in the consolidated and combined statements of financial condition. Subsequent adjustments to the liability for future payments under the tax receivable agreement related to changes in estimated future tax rates or state income tax apportionment are recognized through current period earnings in the consolidated and combined statements of operations. See Note 11 for additional information. Warrant Liability, at Fair Value 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. Prior to the redemption of the Public Warrants in August 2022, the Public Warrants included 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 were also precluded from being classified within equity and were accounted for as derivative liabilities. This provision also applies to the Private Placement Warrants. Earnout Liability, at Fair Value Earnout liability is comprised of the Oak Street Cash Earnout and the Wellfleet Earnouts (collectively, the “Earnouts”). The Earnouts represent contingent consideration on the Oak Street and Wellfleet Acquisitions and are recorded at fair value until the contingencies have been resolved, with changes in fair value included within change in earnout liability in the Company’s consolidated and combined statements of operations. Once recognized, earnout liabilities are not derecognized until the contingencies are resolved and the consideration is paid or becomes payable. Earnout liabilities may expire and upon expiration, the consideration would not be paid or payable. Noncontrolling Interests Noncontrolling interests are primarily comprised of Common Units, which are interests in the Blue Owl Operating Group not held by the Company. Allocations to noncontrolling 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. The Company does not record income or loss allocations to noncontrolling interests to the extent that such allocations would be provisional in nature, such as for unvested Incentive Units (other than certain minimum tax distributions) or Seller Earnout Units prior to achieving their respective Class E Triggering Events. Provisional allocations to these interests would be subject to reversal in the event the unvested Incentive Units are forfeited or if the Seller Earnout Units would not have achieved their Class E Triggering Events. Certain consolidated holding companies for investment advisor 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; administrative, transaction and other fees; and realized performance income. 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 or net asset value. 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 also include a fee based on the net investment income of the Company’s BDCs and similarly structured products (“Part I Fees”), which are subject to performance hurdles. Such 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 collateralized loan obligations (“CLOs”) are generally based on the outstanding par value of the underlying collateral and recognized over time as the services are rendered. 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. Management fees for the Company’s net lease strategy are generally based on either a percentage of capital committed and/or called during the investment period, and thereafter generally based on the total cost of unrealized investments, or net asset value. Management fees, including Part I Fees, are generally cash settled every quarter and not subject to repayment, and therefore 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. As discussed above, amortization of the Strategic Revenue-Share Purchase consideration is recorded as a reduction of management fees, net in the Company’s consolidated and combined statements of operations. 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. Realized Performance Income The Company is entitled to receive certain realized performance income in the form of realized performance income and carried interest from the products that it manages. Realized performance income is based on the investment performance generated over time, subject to the achievement of minimum return levels in certain products. Realized performance income from the Company’s BDCs and certain products within the GP debt financing strategy (“Part II Fees”) are realized at the end of a measurement period, typically quarterly or annually. Once realized, such realized performance income is no longer subject to reversal. For certain non-BDC Direct Lending products and substantially all of the GP Capital Solutions and Real Estate products, realized performance income is in the form of carried interest that is allocated to the Company based on cumulative fund performance over time, subject to the achievement of minimum return levels in certain products. The Company recognizes carried interest only to the extent that it is not probable that a significant reversal will occur for amounts recognized. Generally, carried interest is earned after a return of all contributions and may be subject to a preferred return to investors; however, the Company is able to catch-up amounts subject to the preferred return in certain cases. Substantially all of the carried interest generated by the Company’s products is allocable to investors, including certain related parties, in vehicles in which the Company does not have a controlling financial interest, and therefore is not included in the Company’s consolidated and combined financial statements. 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 generally recognized on a straight-line basis over the awards’ requisite 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 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 settlement. Expenses related to equity-based grants to employees are included within compensation and benefits in the consolidated and combined statements of operations. 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 assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars using the historical exchange rate. The profit or loss arising from foreign currency transactions are remeasured using the rate in effect on the date of any relevant transaction. Gains and losses on transactions denominated in foreign currencies due to changes in exchange rates are recorded within general, administrative and other expenses. Income Taxes Substantially all of the earnings of the Blue Owl Operating Group are subject to New York City and Connecticut unincorporated business tax (“UBT”) and additionally, the portion of earnings allocable to the Registrant is subject to corporate tax rates at the U.S. federal and state and local levels. 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 depe

ACQUISITIONS AND INTANGIBLE ASS

ACQUISITIONS AND INTANGIBLE ASSETS, NET	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND INTANGIBLE ASSETS, NET	3. ACQUISITIONS AND INTANGIBLE ASSETS, NET Wellfleet Acquisition The following table presents the consideration and net identifiable assets acquired and goodwill related to the Wellfleet Acquisition: (dollars in thousands) Consideration Cash consideration (1) $ 113,272 Earnout consideration (2) 14,751 Total Consideration $ 128,023 Net Identifiable Assets Acquired and Goodwill Assets acquired: Intangible assets: Investment management agreements $ 39,120 Investor relationships 10,700 Trademarks 1,100 Total intangible assets 50,920 Due from related parties 5,272 Net Identifiable Assets Acquired $ 56,192 Goodwill (3) $ 71,831 (1) Includes cash consideration paid to reimburse seller for certain pre-acquisition expenses. (2) Represents the fair value of the portion of the Wellfleet Earnouts determined to be contingent consideration, as further discussed below. See Note 9 for additional information on the valuation of this liability. (3) Goodwill represents the amount of total consideration in excess of net identifiable assets acquired. Approximately $111.5 million of the goodwill and intangible assets recognized are expected to be deductible by the Blue Owl Operating Partnerships for tax purposes. The acquired investment management agreements, investor relationships and trademarks had a weighted-average amortization period from the date of acquisition of 4.7 years, 8.5 years and 7.0 years, respectively. Wellfleet’s results are included in the Company’s consolidated results starting from the date the acquisition closed, April 1, 2022. For the three and nine months ended September 30, 2022, the Company’s consolidated results included $6.8 million and $13.1 million, respectively, of GAAP revenues related to the acquired business. Given the Company operates through one operating and reportable segment, the impact of the Wellfleet Acquisition to GAAP consolidated net income is not tracked on a standalone basis. The Company incurred $3.7 million of acquisition-related costs, which costs were included within general, administrative and other expenses in the Company’s consolidated and combined statements of operations. Wellfleet Earnouts The table below summarizes the Wellfleet Earnouts and their respective Wellfleet Triggering Events. The Wellfleet Earnouts payable to non-employee sellers have been classified as contingent consideration on the Wellfleet Acquisition; whereas, the Wellfleet Earnouts payable to individuals that are subject to ongoing employment arrangements with the Company have been classified as compensation and are being amortized over the service period. See Note 8 for additional information on the compensation-classified Wellfleet Earnout Shares. (dollars in thousands) Wellfleet Earnouts Trigger Date Cash # of Shares Contingent consideration: First Wellfleet Earnout 4/1/2023 $ 5,000 26,131 Second Wellfleet Earnout 4/1/2024 5,000 26,131 Third Wellfleet Earnout 4/1/2025 5,000 26,131 Compensation: First Wellfleet Earnout 4/1/2023 287,425 Second Wellfleet Earnout 4/1/2024 287,425 Third Wellfleet Earnout 4/1/2025 287,425 Total $ 15,000 940,668 Intangible Assets, Net The following table summarizes the Company’s intangible assets, net: (dollars in thousands) September 30, December 31, Useful Life Remaining Weighted-Average Amortization Period as of September 30, 2022 Investment management agreements $ 2,222,320 $ 2,183,200 0.1 - 20.0 14.0 years Investor relationships 459,500 448,800 5.8 - 13.0 11.0 years Trademarks 94,400 93,300 7.0 - 7.0 7.0 years Total Intangible Assets 2,776,220 2,725,300 Less: accumulated amortization (306,135) (113,889) Total Intangible Assets, Net $ 2,470,085 $ 2,611,411 The following table presents expected future amortization of finite-lived intangible assets as of September 30, 2022: (dollars in thousands) Period Amortization October 1, 2022 to December 31, 2022 $ 64,729 2023 238,236 2024 237,542 2025 233,302 2026 219,053 Thereafter 1,477,223 Total $ 2,470,085 Pro Forma Financial Information Unaudited pro forma revenues were $338.4 million and $220.8 million for the three months ended September 30, 2022 and 2021, respectively, and $874.9 million and $491.6 million for the nine months ended September 30, 2022 and 2021, respectively. Unaudited pro forma net income (loss) allocated to Class A Shareholders was $4.1 million and $(61.2) million for the three months ended September 30, 2022 and 2021, respectively, and $(9.0) million and $(400.7) million for the nine months ended September 30, 2022 and 2021, respectively. This proforma financial information was computed by combining the historical financial information of the Company, including Owl Rock and Altimar for periods prior to the Business Combination, and Dyal Capital and Oak Street as though these acquisitions were consummated on January 1, 2020, and as if the Wellfleet Acquisition was consummated on January 1, 2021. These pro forma amounts assume a consistent ownership structure, annual effective tax rates and amortization of the fair value of acquired assets as of each respective acquisition 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 the dates above.

DEBT OBLIGATIONS, NET

DEBT OBLIGATIONS, NET	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
DEBT OBLIGATIONS, NET	4. DEBT OBLIGATIONS, NET The table below summarizes outstanding debt obligations of the Company: September 30, 2022 (dollars in thousands) Maturity Date Aggregate Facility Size Outstanding Debt Amount Available Net Carrying Value 2031 Notes 6/10/2031 $ 700,000 $ 700,000 $ — $ 685,034 2032 Notes 2/15/2032 400,000 400,000 — 391,576 2051 Notes 10/7/2051 350,000 350,000 — 337,357 Revolving Credit Facility 6/15/2027 1,115,000 112,000 997,876 112,000 Total $ 2,565,000 $ 1,562,000 $ 997,876 $ 1,525,967 December 31, 2021 (dollars in thousands) Maturity Date Aggregate Facility Size Outstanding Debt Amount Available Net Carrying Value 2031 Notes 6/10/2031 $ 700,000 $ 700,000 $ — $ 684,154 2051 Notes 10/7/2051 350,000 350,000 — 337,013 Revolving Credit Facility 12/7/2024 640,000 153,000 487,000 153,000 Total $ 1,690,000 $ 1,203,000 $ 487,000 $ 1,174,167 Amounts available for the Company’s Revolving Credit Facility as presented in the tables above are reduced by outstanding letters of credit related to certain leases. 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 fixed rate of 3.125% per annum and mature on June 10, 2031. Interest on the 2031 Notes is payable semi-annually in arrears on June 10 and December 10 of each year. 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. 2032 Notes On February 15, 2022, the Company, through its indirect subsidiary, Blue Owl Finance LLC, issued $400.0 million aggregate principal amount of 4.375% Senior Notes due 2032 (the “2032 Notes”). The 2032 Notes bear interest at a fixed rate of 4.375% per annum and mature on February 15, 2032. Interest on the 2032 Notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing August 15, 2022. The 2032 Notes are fully and unconditionally guaranteed, jointly and severally, by the Blue Owl Operating Partnerships and certain of their subsidiaries. The guarantees are unsecured and unsubordinated obligations of the guarantors. All or a portion of the 2032 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 November 15, 2031, the redemption price for the 2032 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 2032 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 2032 Notes also provide for customary events of default and acceleration. 2051 Notes On October 7, 2021, the Company, through its indirect subsidiary, Blue Owl Finance LLC, issued $350.0 million aggregate principal amount of 4.125% Senior Notes due 2051 (the “2051 Notes”). The 2051 Notes bear interest at a fixed rate of 4.125% per annum and mature on October 7, 2051. Interest on the 2051 Notes is payable semi-annually in arrears on April 7 and October 7 of each year, commencing April 7, 2022. The 2051 Notes are fully and unconditionally guaranteed, jointly and severally, by the Blue Owl Operating Partnerships and certain of their subsidiaries. The guarantees are unsecured and unsubordinated obligations of the guarantors. All or a portion of the 2051 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 April 7, 2051, the redemption price for the 2051 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 2051 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 2051 Notes also provide for customary events of default and acceleration. The 2031 Notes, 2032 Notes and 2051 Notes are collectively referred to as the “Notes.” Revolving Credit Facility On December 7, 2021, the Company entered into a revolving credit facility (the “Revolving Credit Facility”), which was amended on June 15, 2022, with a total borrowing capacity of $1.1 billion and a maturity date of June 15, 2027. Borrowings under the Revolving Credit Facility may be used to finance working capital needs and general corporate purposes. The amount borrowed under the Revolving Credit Facility as of September 30, 2022 was fully repaid subsequent to quarter end. Borrowings under the Revolving Credit Facility bear interest at the Company’s discretion at a rate per annum of adjusted-term secured overnight financing rate (“SOFR”) plus a margin of 1.25% to 1.875%, or (b) the greater of (i) prime rate, (ii) New York Fed Bank Rate plus 0.50% and (iii) adjusted-term SOFR plus 1%, plus a margin of 0.25% to 0.875%. The Company is subject to an undrawn commitment fee rate of 0.125% to 0.375% of the daily amount of available revolving commitment. The average borrowing rates for borrowings made under the Company’s Revolving Credit Facility and prior revolving credit facilities were 3.85% and 1.34% for the nine months ended September 30, 2022 and 2021, respectively. The Revolving Credit Facility contains customary events of defaults, as well as a financial covenant generally providing for a maximum net leverage ratio of 3.5 to 1. The net leverage ratio is generally calculated as the ratio of total consolidated debt less unrestricted cash and cash equivalents (up to $500.0 million) to the trailing 12-month consolidated EBITDA (each as defined in the agreement). The Revolving Credit Facility also requires the Company to maintain a minimum level of fee-paying assets under management of at least $50.5 billion as of September 30, 2022, plus 70% of any new fee-paying assets under management as a result of any future acquisitions.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
LEASES	5. LEASES The Company primarily has non-cancelable operating leases for its headquarters in New York and various other offices. The operating lease for the Company’s headquarters does not include any renewal options. (dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, Lease Cost 2022 2021 2022 2021 Operating lease cost $ 4,795 $ 2,181 $ 11,907 $ 4,809 Short term lease cost 513 117 1,319 166 Net Lease Cost $ 5,308 $ 2,298 $ 13,226 $ 4,975 (dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, Supplemental Lease Cash Flow Information 2022 2021 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 3,078 $ 1,390 $ 8,112 $ 4,184 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 149,365 $ 10,841 $ 153,638 $ 56,909 Lease Term and Discount Rate September 30, 2022 December 31, 2021 Weighted-average remaining lease term: Operating leases 13.2 years 10.2 years Weighted-average discount rate: Operating leases 4.0 % 3.1 % (dollars in thousands) Future Maturity of Operating Lease Payments Operating Leases October 1, 2022 to December 31, 2022 $ 590 2023 10,936 2024 6,152 2025 25,642 2026 26,626 Thereafter 256,184 Total Lease Payments 326,130 Imputed interest (88,633) Total Lease Liabilities $ 237,497 Amounts presented in the table above are presented net of tenant improvement allowances and reflect the impacts of rent holiday periods.

REVENUES

REVENUES	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
REVENUES	6. REVENUES The following table presents a disaggregated view of the Company’s revenues: Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2022 2021 2022 2021 Direct Lending Products Diversified lending $ 126,492 $ 90,885 $ 340,853 $ 251,136 Technology lending 29,905 16,820 76,738 47,404 First lien lending 4,213 4,098 11,867 11,730 Opportunistic lending 2,312 1,166 6,583 2,470 CLOs 6,778 — 13,073 — Management Fees, Net 169,700 112,969 449,114 312,740 Administrative, transaction and other fees 25,666 37,434 86,541 85,280 Total GAAP Revenues - Direct Lending Products 195,366 150,403 535,655 398,020 GP Capital Solutions Products GP minority equity investments 153,563 85,426 380,097 121,767 GP debt financing 3,532 6,165 9,990 6,901 Professional sports minority investments 283 160 1,296 160 Strategic Revenue-Share Purchase consideration amortization (9,770) (970) (27,614) (970) Management Fees, Net 147,608 90,781 363,769 127,858 Administrative, transaction and other fees 5,818 6,691 16,209 9,481 Total GAAP Revenues - GP Capital Solutions Products 153,426 97,472 379,978 137,339 Real Estate Products Net lease 21,069 — 57,451 — Management Fees, Net 21,069 — 57,451 — Administrative, transaction and other fees 1,125 — 1,125 — Total GAAP Revenues - Real Estate Products 22,194 — 58,576 — Total GAAP Revenues $ 370,986 $ 247,875 $ 974,209 $ 535,359 The table below presents the beginning and ending balances of the Company’s management fees, realized performance income and administrative, transaction and other fees receivable and unearned management fees. Substantially all of the amounts receivable are 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, realized performance income 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. Nine Months Ended September 30, (dollars in thousands) 2022 2021 Management Fees Receivable Beginning balance $ 168,057 $ 78,586 Ending balance $ 261,166 $ 132,867 Administrative, Transaction and Other Fees Receivable Beginning balance $ 19,535 $ 9,876 Ending balance $ 35,361 $ 16,376 Realized Performance Income Receivable Beginning balance $ 10,496 $ — Ending balance $ — $ — Unearned Management Fees Beginning balance $ 10,299 $ 11,846 Ending balance $ 9,913 $ 10,702 The table below presents the changes in the Company’s Strategic Revenue-Share Purchase consideration. The consideration paid, which includes $455.0 million paid in Class A Shares and $50.2 million in cash, is being amortized as a reduction of management fees, net in the Company’s consolidated statements of operations over a weighted-average period of 12 years, which represents the average period over which the related customer revenues are expected to be recognized. Nine Months Ended September 30, (dollars in thousands) 2022 2021 Beginning Balance $ 495,322 $ — Amortization (27,614) — Ending Balance $ 467,708 $ —

OTHER ASSETS, NET

OTHER ASSETS, NET	9 Months Ended
	Sep. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS, NET	7. OTHER ASSETS, NET (dollars in thousands) September 30, December 31, 2021 Fixed assets, net: Leasehold improvements $ 46,697 $ 6,692 Furniture and fixtures 1,639 1,631 Computer hardware and software 3,590 1,968 Accumulated depreciation and amortization (3,034) (2,340) Fixed assets, net 48,892 7,951 Prepaid expenses 6,564 8,496 Other assets 21,822 10,030 Total $ 77,278 $ 26,477

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
EQUITY-BASED COMPENSATION	8. EQUITY-BASED COMPENSATION The Company grants equity-based compensation awards in the form of RSUs and Incentive Units to its management, employees, consultants and independent members of the Board under the 2021 Omnibus Equity Incentive Plan (“2021 Equity Incentive Plan”). The total number of Class A Shares and Blue Owl Operating Group Units, collectively, that may be issued under the 2021 Equity Incentive Plan is 101,230,522, of which 45,857,254 remain available as of September 30, 2022. To the extent that an award expires or is canceled, forfeited, terminated, surrendered, exchanged or withheld to cover tax withholding obligations, the unissued awards will again be available for grant under the 2021 Equity Incentive Plan. 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. On July 21, 2021, a Triggering Event occurred with respect to one-half of the Earnout Securities, as the volume weighted average Class A Share price equaled or exceeded $12.50 per share for 20 consecutive trading days ending July 21, 2021. In connection with the Triggering Event, the Company recognized $15.0 million of non-cash equity-based compensation expense in the third quarter of 2021. The table below presents information regarding equity-based compensation expense. Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2022 2021 2022 2021 Acquisition related Common Units issued in connection with the Business Combination $ — $ — $ — $ 1,121,139 Seller Earnout Units issued in connection with the Business Combination — 15,722 — 53,180 Oak Street Earnout Units 62,002 — 183,984 — Wellfleet Earnout Shares 829 — 1,640 — Total acquisition related 62,831 15,722 185,624 1,174,319 Incentive Units 36,912 — 98,238 — RSUs 8,333 — 25,500 — Equity-Based Compensation Expense $ 108,076 $ 15,722 $ 309,362 $ 1,174,319 Corresponding tax benefit $ 152 $ — $ 456 $ — Fair value of RSUs settled in Class A Shares $ 715 $ — $ 3,474 $ — Fair value of RSUs withheld to satisfy tax withholding obligations $ 590 $ — $ 1,897 $ — The table below presents activity related to the Company’s unvested equity-based compensation awards for the nine months ended September 30, 2022. Incentive Units RSUs Oak Street Earnout Units Wellfleet Earnout Shares Number of Units Weighted-Average Grant Date Fair Value Per Unit Number of Units Weighted-Average Grant Date Fair Value Per Unit Number of Units Weighted-Average Grant Date Fair Value Per Unit Number of Units Weighted Average Grant Date Fair Value Per Unit December 31, 2021 23,080,845 $ 13.87 10,118,104 $ 13.84 26,074,330 $ 12.53 — $ — Granted 3,789,937 10.33 1,384,889 10.71 — — 862,275 11.44 Vested (1,962,310) 11.06 (357,196) 14.17 — — — — Forfeited (127,058) 12.69 (552,291) 13.81 — — — — September 30, 2022 24,781,414 $ 13.56 10,593,506 $ 13.42 26,074,330 $ 12.53 862,275 $ 11.44 Incentive Units The grant date fair value of Incentive Units was determined using the Company’s Class A Share price on the grant date, adjusted for the lack of dividend participation during the vesting period, and the application of a 14% - 18% d iscount for lack of marketability on certain Incentive Units that are subject to a one-year post-vesting transfer restriction. As of September 30, 2022, unamortized expense related to Incentive Units was $269.1 million, with a weighted-average amortization period of 3.9 years. RSUs The grant date fair value of RSUs was determined using the Company’s Class A Share price on the grant date, adjusted for the lack of dividend participation during the vesting period, and as applicable a 14% discount for lack of marketability on RSUs that are subject to a one-year post-vesting transfer restriction. As of September 30, 2022, unamortized expense related to RSUs was $84.8 million, with a weighted-average amortization period of 3.1 years. Oak Street Earnout Units The grant date fair value of the Oak Street Earnout Units was determined using a Monte Carlo simulation valuation model, with the following weighted average assumptions: annualized revenue volatility of 38%, revenue discount rate of 15%, discount for lack of marketability of 13% and expected holding period of approximately 2.0 years. As of September 30, 2022, unamortized expense related to the Oak Street Earnout Units was $142.6 million, with a weighted average amortization period of 1.0 years. Wellfleet Earnout Shares The grant date fair value of the Wellfleet Earnout Shares treated as compensation was determined using the Company’s Class A Share price on the grant date, adjusted for the lack of dividend participation during the vesting period. As of September 30, 2022, unamortized expense related to the Wellfleet Ea rnout Shares was $8.2 million, with a weighted-average amortization period of 2.5 years .

INVESTMENTS AND FAIR VALUE DISC

INVESTMENTS AND FAIR VALUE DISCLOSURES	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
INVESTMENTS AND FAIR VALUE DISCLOSURES	9. INVESTMENTS AND FAIR VALUE DISCLOSURES The following table presents the components of the Company’s investments: (dollars in thousands) September 30, December 31, 2021 Loans, at amortized cost (includes $150,000 and $— of investments in the Company’s products, respectively) $ 152,188 $ 2,310 Equity investments in the Company’s products, equity method 45,359 8,522 Investments in the Company's CLOs, at fair value 3,664 — Corporate bonds, at fair value — 1,311 Total $ 201,211 $ 12,143 Fair Value Measurements Categorized within the Fair Value Hierarchy 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. The table below summarizes the Company’s liabilities measured at fair value on a recurring basis as of September 30, 2022: September 30, 2022 (dollars in thousands) Level I Level II Level III Total Investments, at Fair Value CLOs $ — $ — $ 3,664 $ 3,664 Total Assets, at Fair Value $ — $ — $ 3,664 $ 3,664 Liabilities, at Fair Value TRA liability $ — $ — $ 116,008 $ 116,008 Warrant liability — — 7,450 7,450 Earnout liability — — 160,046 160,046 Total Liabilities, at Fair Value $ — $ — $ 283,504 $ 283,504 The table below summarizes the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2021: December 31, 2021 (dollars in thousands) Level I Level II Level III Total Investments, at Fair Value Corporate bonds $ — $ 1,311 $ — $ 1,311 $ — $ 1,311 $ — $ 1,311 Liabilities, at Fair Value TRA liability $ — $ — $ 111,325 $ 111,325 Warrant liability 43,048 — 25,750 68,798 Earnout liability — — 143,800 143,800 Total Liabilities, at Fair Value $ 43,048 $ — $ 280,875 $ 323,923 Reconciliation of Fair Value Measurements Categorized within Level III Unrealized gains and losses on the Company’s assets and liabilities carried at fair value on a recurring basis are included within other loss in the consolidated and combined statements of operations. There were no transfers in or out of Level III. The following table sets forth a summary of changes in the fair value of the Level III measurements for the three months ended September 30, 2022: Level III Assets and Liabilities (dollars in thousands) Investment in CLOs TRA Liability Warrant Liability Earnout Liability Total Beginning balance $ — $ 119,607 $ 11,100 $ 159,255 $ 289,962 Acquisitions 3,738 — — (969) 2,769 Net (gains) losses (74) (3,599) (3,650) 1,760 (5,563) Ending Balance $ 3,664 $ 116,008 $ 7,450 $ 160,046 $ 287,168 Change in net unrealized losses on liabilities still recognized at the reporting date $ (74) $ (3,599) $ (3,650) $ 1,760 $ (5,563) The following table sets forth a summary of changes in the fair value of the Level III measurements for the nine months ended September 30, 2022: Level III Assets and Liabilities (dollars in thousands) Investment in CLOs TRA Liability Warrant Liability Earnout Liability Total Beginning balance $ — $ 111,325 $ 25,750 $ 143,800 $ 280,875 Acquisitions 3,738 — — 13,782 17,520 Net losses (gains) (74) 4,683 (18,300) 2,464 (11,227) Ending Balance $ 3,664 $ 116,008 $ 7,450 $ 160,046 $ 287,168 Change in net unrealized losses on liabilities still recognized at the reporting date $ (74) $ 4,683 $ (18,300) $ 2,464 $ (11,227) The following table sets forth a summary of changes in the fair value of the Level III measurements for the three months ended September 30, 2021: Level III Liabilities (dollars in thousands) TRA Liability Warrant Liability Earnout Liability Total Beginning balance $ 102,791 $ 14,600 $ 954,247 $ 1,071,638 Additional TRA resulting from settlement of Earnout Securities liability 15,598 — — 15,598 Settlement of Earnout Securities liability — — (585,662) (585,662) Net (gains) losses 4,733 10,150 293,122 308,005 Ending Balance $ 123,122 $ 24,750 $ 661,707 $ 809,579 Change in net unrealized (gains) on liabilities still recognized at the reporting date $ 4,733 $ 10,150 $ 242,132 $ 257,015 The following table sets forth a summary of changes in the fair value of the Level III measurements for the nine months ended September 30, 2021: Level III Liabilities (dollars in thousands) TRA Liability Warrant Liability Earnout Liability Total Beginning balance $ — $ — $ — $ — Impact of the Business Combination 101,645 9,131 491,277 602,053 Additional TRA resulting from settlement of Earnout Securities liability 15,598 — — 15,598 Settlement of Earnout Securities liability — — (585,662) (585,662) Net (gains) losses 5,879 15,619 756,092 777,590 Ending Balance $ 123,122 $ 24,750 $ 661,707 $ 809,579 Change in net unrealized (gains) on liabilities still recognized at the reporting date $ 5,879 $ 15,619 $ 461,490 $ 482,988 Valuation Methodologies for Fair Value Measurements Categorized within Levels II and III CLOs The fair value of CLOs are determined using independent pricing services. The Company performs analytical procedures over these valuations and compares such valuations to other vendors’ pricing, as applicable. Corporate Bonds The fair value of corporate bonds are estimated based on quoted prices in markets that are not active, dealer quotations or alternative pricing sources supported by observable inputs. These investments are generally classified as Level II. The Company obtains prices from independent pricing services that generally utilize broker quotes and may use various other pricing techniques, which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. 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 on the Company’s consolidated and combined statements of financial condition is not measured at fair value. Warrant Liability 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 our peer group. 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. The Public Warrants were traded on the NYSE and were stated at the last reported sales price without any valuation adjustments, and therefore were classified as Level I. Earnout Liability The fair value of the earnout liability was comprised of the Oak Street Cash Earnout and the Wellfleet Earnouts, each of which were deemed to be contingent consideration on the respective Acquisitions. The fair value of the Oak Street Cash Earnout was determined using a Monte Carlo simulation model. The model incorporates management revenue forecast and makes the following adjustments: historical revenue volatility, risk free rate based on U.S. Treasuries for a maturity similar to the expected remaining life and a discount rate to adjust management’s revenue forecast from a risk-based forecast to a risk-neutral forecast. The fair value of the Wellfleet Earnouts, which are primarily comprised of future contingent cash payments, was determined using a discounted cash flow model, which incorporates a discount rate based on the Company’s credit rating. 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 September 30, 2022: (dollars in thousands) Fair Value Valuation Technique Significant Unobservable Inputs Range Weighted Average Impact to Valuation from an Increase in Input TRA liability $ 116,008 Discounted cash flow Discount Rate 11 % - 11% 11 % Decrease Warrant liability 7,450 Monte Carlo Simulation Volatility 37 % - 37% 37 % Increase Earnout liability: Oak Street Earnouts 146,293 Monte Carlo Simulation Revenue Volatility 63 % - 63% 63 % Increase Discount Rate 17 % 17% 17 % Decrease Wellfleet Earnouts 13,753 Discounted cash flow Discount Rate 4 % - 4% 4 % Decrease 160,046 Total Liabilities, at Fair Value $ 283,504 The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of December 31, 2021: (dollars in thousands) Fair Value Valuation Technique Significant Unobservable Inputs Range Weighted Average Impact to Valuation from an Increase in Input TRA liability $ 111,325 Discounted cash flow Discount rate 10 % - 10% 10 % Decrease Warrant liability 25,750 Monte Carlo simulation Volatility 26 % - 26% 26 % Increase Earnout liability: Oak Street Earnouts 143,800 Monte Carlo simulation Revenue volatility 38 % - 38% 38 % Increase Discount rate 15 % - 15% 15 % Decrease Total Liabilities, at Fair Value $ 280,875 Fair Value of Other Financial Instruments As of September 30, 2022, the fair value of the Company’s debt obligations was approximately $1.1 billion compared to a carrying value of $1.5 billion, and such fair value measurements are categorized as Level II within the fair value hierarchy. Management estimates that the carrying value of the Company’s other financial instruments, which are not carried at fair value, approximated their fair values as of September 30, 2022, and such fair value measurements are categorized as Level III within the fair value hierarchy. As of December 31, 2021, management estimates that the carrying value of the Company’s other investments and debt obligations, which are not carried at fair value, approximated their fair values, and such fair value measurements for the other investments are categorized as Level III and its debt obligations are categorized as Level I within the fair value hierarchy.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	10. INCOME TAXES The Registrant is a domestic corporation for U.S. federal income tax purposes and is subject to U.S. federal and state and local corporate-level income taxes on its share of taxable income from the Blue Owl Operating Group. Further, the Registrant’s income tax provision and related income tax assets and liabilities are based on, among other things, an estimate of the impact of exchanges of Common Units for Class A Shares, 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. 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. The Blue Owl Operating Partnerships, are partnerships for U.S. federal income tax purposes and taxable entities for certain state and local taxes, such as New York City and Connecticut UBT. The Company had an effective tax rate of 29.0% and 7.7% for the three and nine months ended September 30, 2022, respectively, and 5.6% and 2.4% for the three and nine months ended September 30, 2021, respectively. The 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 generally subject to U.S. federal and state and local corporate-level income taxes. The Company regularly evaluates the realizability of its deferred tax asset 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 September 30, 2022, the Company has not recorded any valuation allowances. 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 may 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.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
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 September 30, 2022, 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 the Tax Receivable Agreement October 1, 2022 to December 31, 2022 $ — 2023 39,503 2024 54,955 2025 69,170 2026 54,617 Thereafter 689,970 Total Payments 908,215 Less adjustment to fair value for contingent consideration (116,225) Total TRA Liability $ 791,990 Unfunded Product Commitments As of September 30, 2022, the Company had unfunded investment commitments to its products of $34.8 million, which is exclusive of commitments that employees and other related parties have directly to the Company’s products, and which the Company expects to fund over the next several years. In addition, the Company has unfunded commitments under a promissory note with one of its products, as further discussed in Note 12. Indemnification and Guarantee Arrangements In the normal course of business, the Company enters into contracts that contain indemnities or guarantees for related parties of the Company, including the Company’s products, as well as persons acting on behalf of the Company or such related parties and third parties. The terms of the indemnities and guarantees vary from contract to contract and the Company’s maximum exposure under these arrangements cannot be determined or the risk of material loss is remote, and therefore no amounts have been recorded in the consolidated statements of financial condition. As of September 30, 2022, the Company has not had prior claims or losses pursuant to these arrangements. 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.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	12. RELATED PARTY TRANSACTIONS The majority of the Company’s revenues, including all management fees and certain administrative, transaction and other fees, are earned from the products it manages, which are related parties of the Company. 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) September 30, 2022 December 31, 2021 Management fees $ 261,166 $ 168,057 Realized performance income — 10,496 Administrative fees and other expenses paid on behalf of the Company’s products and other related parties 106,891 46,023 Due from Related Parties $ 368,057 $ 224,576 Reimbursements from the Company’s Products Administrative fees represent allocable compensation and other expenses incurred by the Company, pursuant to administrative and other 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 $14.3 million and $37.6 million during the three and nine months ended September 30, 2022, respectively, and $11.4 million and $21.7 million for the three and nine months ended September 30, 2021, respectively. Dealer Manager Revenues Dealer manager revenues represent commissions earned from certain of the Company’s products for distribution services provided. These dealer manager revenues are included within administrative, transaction and other fees on the consolidated and combined statements of operations and totaled $5.9 million and $18.4 million during the three and nine months ended September 30, 2022, respectively, and $2.0 million and $4.0 million for the three and nine months ended September 30, 2021, respectively. Substantially all of these dealer manager revenues are subsequently paid out to third party brokers, and such payments are recorded within general, administrative and other expenses on the consolidated and combined statements of operations. 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, cash flow or fundraising thresholds. In certain cases, the Company is able to recover these expenses once certain profitability, cash flow or fundraising thresholds are met. The Company recorded net expenses (recoveries) related to these arrangements of $0.8 million and $13.5 million for the three and nine months ended September 30, 2022, respectively, and $(4.1) million and $(1.1) million for the three and nine months ended September 30, 2021, respectively. These net expenses (recoveries) are included in general, administrative and other expenses within the consolidated and combined statements of operations. Aircraft Reimbursements 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 expenses for these aircraft reimbursements of $0.6 million and $1.7 million for the three and nine months ended September 30, 2022, respectively, $0.1 million and $0.3 million for the three and nine months ended September 30, 2021. Promissory Note

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	13. EARNINGS (LOSS) PER SHARE The table below presents the Company’s treatment for basic and diluted earnings (loss) per share for instruments outstanding of the Registrant and the Blue Owl Operating Group. Potentially dilutive instruments are only considered in the calculation to the extent they would be dilutive. Basic Diluted Class A Shares (1) Included Included Class B Shares None outstanding None outstanding Class C Shares and Class D Shares Non-economic voting shares of the Registrant Non-economic voting shares of the Registrant Vested RSUs (1) Contingently issuable shares Contingently issuable shares Unvested RSUs Excluded Treasury stock method Warrants (2) Excluded Treasury stock method Compensation-classified Wellfleet Earnout Shares Excluded Treasury stock method Contingent consideration-classified Wellfleet Earnout Shares (3) Contingently issuable shares Contingently issuable shares Potentially Dilutive Instruments of the Blue Owl Operating Group: Vested Common Units and Incentive Units (4) Excluded If-converted method Unvested Incentive Units (4) Excluded The Company first applies the treasury stock method to determine the number of units that would have been issued, then applies the if-converted method to the resulting number of units Oak Street Earnout Units (5) Excluded Contingently issuable shares Earnout Securities (6) Contingently issuable shares Contingently issuable shares (1) Included in the weighted-average Class A Shares outstanding are RSUs that have vested but have not been settled in Class A Shares. These RSUs do not participate in dividends until settled in Class A Shares. These vested RSUs totaled 10,752,588 and 10,839,982 for the three and nine months ended September 30, 2022, respectively, and 9,050,000 for the three months ended September 30, 2021 and the period from May 19, 2021 to September 30, 2021. (2) The treasury stock method for warrants, which are carried at fair value, includes adjusting the numerator for changes in fair value impacting net income (loss) for the period. (3) As of September 30, 2022, the Wellfleet Triggering Events with respect to the Wellfleet Earnout Shares had not occurred, and therefore such shares have not been included in the calculation of basic earnings (loss) per share for the three and nine months ended September 30, 2022. However, had the end of the reporting period also been the end of the contingency period for the Wellfleet Earnout Shares, the Wellfleet Triggering Events would have occurred, and therefore the Wellfleet Earnout Shares have been included in the calculation of diluted earnings (loss) per share for the three and nine months ended September 30, 2022, as if such shares were outstanding from the date of the Wellfleet Acquisition. (4) The if-converted method for these instruments includes adding back to the numerator any related income or loss allocations to noncontrolling interest, as well as any incremental tax expense had the instruments converted into Class A Shares as of the beginning of the period. For Earnout Securities carried at fair value, the numerator is also adjusted for changes in fair value impacting net income (loss) for the period. (5) As of September 30, 2022, the Oak Street Triggering Events with respect to the Oak Street Earnout Units had not occurred nor are these units issuable by the Registrant (they would be issued as Common Units of the Blue Owl Operating Group), and therefore such units have not been included in the calculation of basic earnings (loss) per share for the three and nine months ended September 30, 2022. Additionally, had the end of the reporting period also been the end of the contingency period for the Oak Street Earnout Units, the Oak Street Triggering Events would not yet have occurred, and therefore the Oak Street Earnout Units have not been included in the calculation of diluted earnings (loss) per share for the three and nine months ended September 30, 2022. (6) As of September 30, 2021, the Class E Triggering Events with respect to the Series E-2 Earnout Securities had not occurred, and therefore such securities have not been included in the calculation of basic earnings (loss) per share for the three months ended September 30, 2021 and the period from May 19, 2021 to September 30, 2021. Additionally, had the end of the reporting period also been the end of the contingency period for the Earnout Securities, the Class E Triggering Events with respect to the Series E-2 Earnout Securities would not yet have occurred, and therefore such Earnout Securities have not been included in the calculation of diluted earnings (loss) per share for the for the three months ended September 30, 2021and the period from May 19, 2021 to September 30, 2021. Three Months Ended September 30, 2022 Net Loss Attributable to Class A Shareholders Weighted-Average Class A Shares Outstanding Income Per Class A Share Weighted-Average Number of Antidilutive Instruments (dollars in thousands, except per share amounts) Basic $ 2,060 441,487,112 $ 0.00 Effect of dilutive securities: Unvested RSUs — 2,757,915 — Warrants — — 8,610,237 Compensation-classified Wellfleet Earnout Shares — 84,672 — Contingent consideration-classified Wellfleet Earnout Shares — 78,393 — Vested Common Units (8,600) 967,403,976 — Vested Incentive Units — — 1,706,416 Unvested Incentive Units — — 24,830,502 Oak Street Earnout Units — — 26,074,330 Diluted $ (6,540) 1,411,812,068 $ 0.00 Nine Months Ended September 30, 2022 Net Loss Attributable to Class A Shareholders Weighted-Average Class A Shares Outstanding Loss Per Class A Share Weighted-Average Number of Antidilutive Instruments (dollars in thousands, except per share amounts) Basic $ (10,881) 427,172,270 $ (0.03) Effect of dilutive securities: Unvested RSUs — — 10,772,062 Warrants — — 12,289,159 Compensation-classified Wellfleet Earnout Shares — — 578,009 Contingent consideration-classified Wellfleet Earnout Shares — — 52,549 Vested Common Units — — 981,549,708 Vested Incentive Units — — 925,932 Unvested Incentive Units — — 24,708,247 Oak Street Earnout Units — — 26,074,330 Diluted $ (10,881) 427,172,270 $ (0.03) Three Months Ended September 30, 2021 Net Loss Attributable to Class A Shareholders Weighted-Average Class A Shares Outstanding Loss Per Class A Share Weighted-Average Number of Antidilutive Instruments (dollars in thousands, except per share amounts) Basic $ (53,323) 338,472,456 $ (0.16) Effect of dilutive securities: Common Units — — 956,301,495 Warrants — — 14,159,381 Earnout Securities — — 49,999,962 Diluted $ (53,323) 338,472,456 $ (0.16) For the Period from May 19, 2021 to September 30, 2021 Net Loss Attributable to Class A Shareholders Weighted-Average Class A Shares Outstanding Loss Per Class A Share Weighted-Average Number of Antidilutive Instruments (dollars in thousands, except per share amounts) Basic $ (450,512) 335,472,904 $ (1.34) Effect of dilutive securities: Common Units (1,292,764) 945,706,163 — Warrants — — 14,159,381 Earnout Securities — — 49,999,962 Diluted $ (1,743,276) 1,281,179,067 $ (1.36) For periods prior to the Business Combination, earnings per share results 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	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	14. SUBSEQUENT EVENTS Dividend On November 4, 2022, the Company announced a cash dividend of $0.12 per Class A Share. The dividend is payable on November 30, 2022, to holders of record as of the close of business on November 21, 2022. Share Repurchase In October 2022, the Company repurchased 3,237,584 shares under the Program for an aggregate amount of $29.7 million, excluding commission costs.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2022
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 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). These interim consolidated and combined financial statements should be read in conjunction with the 2021 Audited Financial Statements.
Reclassification	The merger between Owl Rock and Altimar was accounted for as a reverse asset acquisition, with no step-up to fair value on any assets or liabilities, and therefore no goodwill or other intangible assets were recorded. The Acquisitions were accounted for using the acquisition method of accounting. As a result, the Company recorded the fair value of the net assets acquired as of the closing date of each respective acquisition, and operating results for each acquired business are included starting as of such each respective date. During the third quarter of 2022, the Company began presenting investments separately on its consolidated and combined statements of financial condition. Prior period amounts have been reclassified to conform to the current period presentation.
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. 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 value of equity-based compensation grants; (iii) the fair values of liabilities with respect to the TRA (the portion considered contingent consideration), warrants and earnout liabilities; (iv) the estimate of future taxable income, which impacts the realizability and carrying amount of the Company’s deferred income tax assets; and (v) the qualitative and quantitative assessments of whether impairments of acquired intangible assets and goodwill exist. 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	Principles of Consolidation The Company consolidates entities in which it has a controlling financial interest based on the application of either the variable interest model or the voting interest model.
Consolidation, Variable Interest Entity	An entity is considered to be a variable interest entity (“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. The Company is required to consolidate any VIEs for which it is the primary beneficiary. The Company is 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 or right to receive benefits that are more than insignificant to such entities. 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, are not considered to be variable interests. The Company factors in all economic interests, including proportionate interests held through related parties, to determine if fees are variable interests. The Company’s interests in the products it manages are primarily in the form of management fees, realized performance income, and insignificant direct or indirect equity interests, and therefore does not have variable interests in 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. For entities that are not VIEs, the Company evaluates such entities (“VOEs”) under the voting interest model. The Company consolidates VOEs where the Company controls a majority voting interest. The Company will generally not consolidate VOEs where a single investor or simple majority of third-party investors with equity have the ability to exercise substantive kick-out or participation rights.
Acquisitions	Acquisitions For business combinations accounted for under the acquisition method, management recognizes the fair value of assets acquired and liabilities assumed on the acquisition date. The excess of purchase price consideration over the fair value of net assets acquired is recorded as goodwill. Management’s determination of fair value of assets acquired and liabilities assumed at the acquisition date is based on the best information available in the circumstances and incorporates management’s own assumptions and involve a significant degree of judgment.
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 September 30, 2022 and December 31, 2021, 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.
Investments	Investments Equity investments in the Company’s products are accounted for using the equity-method of accounting, whereby the Company recognizes its share of income in current-period earnings. Distributions, when received on these investments, generally reduce the carrying value of such investments. Investments in loans are accounted for at amortized cost, net of an allowance for current expected credit losses. The estimate of expected credit losses considers current conditions and reasonable and supportable forecasts. As of September 30, 2022 and December 31, 2021, the estimates of current expected credit losses were not material. For certain investments in debt securities, the Company has elected the fair value option in order to simplify the accounting for these instruments, and therefore changes in unrealized gains or losses are included in current-period earnings. Such elections are irrevocable and are applied on an investment-by-investment basis at initial recognition.
Leases	Leases Right-of-use assets and liabilities related to operating leases are included within operating lease assets and operating lease liabilities, respectively, in the Company’s consolidated and combined statements of financial condition. The Company determines if an arrangement is a lease at inception. Right-of-use lease assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Right-of-use lease assets represent the Company’s right to use a leased asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company does not recognize right-of-use lease assets and lease liabilities for leases with an initial term of one year or less. 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 components embedded within lease agreements. Lease expense for operating lease payments is recognized on a straight-line basis, which consists of amortization of right-of-use assets and interest accretion on lease liabilities, over the lease term and included within general, administrative and other expenses in the consolidated and combined statements of operations. The Company does not have any material finance leases.
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 Acquisitions. 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 client relationships and trademarks. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. The Company uses its best estimates and assumptions to accurately assign fair value to identifiable intangible assets acquired at the acquisition date as well as the useful lives of those acquired intangible assets. Examples of critical estimates in valuing certain of the intangible assets acquired include, but are not limited to, future expected cash inflows and outflows, expected useful life and discount rates. The Company’s estimates for future cash flows are based on historical data, various internal estimates and certain external sources, and are based on assumptions that are consistent with the plans and estimates the Company uses to manage the underlying assets acquired. The Company estimates the useful lives of the intangible assets based on the expected period over which the Company anticipates generating economic benefit from the asset. The Company bases its estimates on assumptions it believes to be reasonable but that are unpredictable and inherently uncertain. Unanticipated events and circumstances may occur that could affect the accuracy or validity of such assumptions, estimates or actual results. 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 on the Company’s acquired intangible assets.
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 or the life of the asset, while other fixed assets are generally depreciated over a period of three
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 LiabilityThe tax receivable agreement (“TRA”) liability represents amounts payable to certain pre-Business Combination equity holders of Owl Rock and Dyal Capital. The portion of the TRA liability related to the Dyal Acquisition is deemed contingent consideration payable to the previous owners of Dyal Capital, and therefore is carried at fair value, with changes in fair value reported within other loss in the consolidated and combined statements of operations. The remaining portion of the TRA is carried at a value equal to the expected future payments due under the TRA. The Company recorded its initial estimate of future payments under the TRA portion that is not related to the Dyal Acquisition, including as a result of exchanges of Common Units for Class A or B Shares, as a decrease to additional paid-in capital in the consolidated and combined statements of financial condition. Subsequent adjustments to the liability for future payments under the tax receivable agreement related to changes in estimated future tax rates or state income tax apportionment are recognized through current period earnings in the consolidated and combined statements of operations.
Warrant Liability, at Fair Value	Warrant Liability, at Fair Value 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. Prior to the redemption of the Public Warrants in August 2022, the Public Warrants included 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 were also precluded from being classified within equity and were accounted for as derivative liabilities. This provision also applies to the Private Placement Warrants.
Earnout Liability, at Fair Value	Earnout Liability, at Fair Value Earnout liability is comprised of the Oak Street Cash Earnout and the Wellfleet Earnouts (collectively, the “Earnouts”). The Earnouts represent contingent consideration on the Oak Street and Wellfleet Acquisitions and are recorded at fair value until the contingencies have been resolved, with changes in fair value included within change in earnout liability in the Company’s consolidated and combined statements of operations. Once recognized, earnout liabilities are not derecognized until the contingencies are resolved and the consideration is paid or becomes payable. Earnout liabilities may expire and upon expiration, the consideration would not be paid or payable.
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests are primarily comprised of Common Units, which are interests in the Blue Owl Operating Group not held by the Company. Allocations to noncontrolling 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. The Company does not record income or loss allocations to noncontrolling interests to the extent that such allocations would be provisional in nature, such as for unvested Incentive Units (other than certain minimum tax distributions) or Seller Earnout Units prior to achieving their respective Class E Triggering Events. Provisional allocations to these interests would be subject to reversal in the event the unvested Incentive Units are forfeited or if the Seller Earnout Units would not have achieved their Class E Triggering Events. Certain consolidated holding companies for investment advisor subsidiaries of the Blue Owl Operating Group are partially owned by third-party investors. Such interests are also presented as noncontrolling interests.
Revenue Recognition	Revenue Recognition Revenues consist of management fees; administrative, transaction and other fees; and realized performance income. 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 or net asset value. 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 also include a fee based on the net investment income of the Company’s BDCs and similarly structured products (“Part I Fees”), which are subject to performance hurdles. Such 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 collateralized loan obligations (“CLOs”) are generally based on the outstanding par value of the underlying collateral and recognized over time as the services are rendered. 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. Management fees for the Company’s net lease strategy are generally based on either a percentage of capital committed and/or called during the investment period, and thereafter generally based on the total cost of unrealized investments, or net asset value. Management fees, including Part I Fees, are generally cash settled every quarter and not subject to repayment, and therefore 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. As discussed above, amortization of the Strategic Revenue-Share Purchase consideration is recorded as a reduction of management fees, net in the Company’s consolidated and combined statements of operations. 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. Realized Performance Income The Company is entitled to receive certain realized performance income in the form of realized performance income and carried interest from the products that it manages. Realized performance income is based on the investment performance generated over time, subject to the achievement of minimum return levels in certain products. Realized performance income from the Company’s BDCs and certain products within the GP debt financing strategy (“Part II Fees”) are realized at the end of a measurement period, typically quarterly or annually. Once realized, such realized performance income is no longer subject to reversal. For certain non-BDC Direct Lending products and substantially all of the GP Capital Solutions and Real Estate products, realized performance income is in the form of carried interest that is allocated to the Company based on cumulative fund performance over time, subject to the achievement of minimum return levels in certain products. The Company recognizes carried interest only to the extent that it is not probable that a significant reversal will occur for amounts recognized. Generally, carried interest is earned after a return of all contributions and may be subject to a preferred return to investors; however, the Company is able to catch-up amounts subject to the preferred return in certain cases. Substantially all of the carried interest generated by the Company’s products is allocable to investors, including certain related parties, in vehicles in which the Company does not have a controlling financial interest, and therefore is not included in the Company’s consolidated and combined financial statements.
Cash-Based Compensation	Cash-Based CompensationCompensation 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 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 generally recognized on a straight-line basis over the awards’ requisite 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 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 settlement. Expenses related to equity-based grants to employees are included within compensation and benefits in the consolidated and combined statements of operations.
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 assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars using the historical exchange rate. The profit or loss arising from foreign currency transactions are remeasured using the rate in effect on the date of any relevant transaction. Gains and losses on transactions denominated in foreign currencies due to changes in exchange rates are recorded within general, administrative and other expenses.
Income Taxes	Income Taxes Substantially all of the earnings of the Blue Owl Operating Group are subject to New York City and Connecticut unincorporated business tax (“UBT”) and additionally, the portion of earnings allocable to the Registrant is subject to corporate tax rates at the U.S. federal and state and local levels. 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 that deferred income tax assets will not be realized. Significant judgment is required in determining whether a valuation allowance should be established, as well as the amount of such valuation allowance. The Company recognizes uncertain income tax positions when it is not more-likely-than-not a tax position will be sustained upon examination. If the Company were to recognize an uncertain tax position, the Company would accrue interest and penalties related to uncertain tax positions as a component of the income tax provision in the consolidated and combined statements of operations.
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.

ORGANIZATION (Tables)

ORGANIZATION (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022: September 30, 2022 Class A Shares 441,838,181 Class C Shares 637,263,151 Class D Shares 319,132,127 RSUs 21,458,757 Private Placement Warrants 5,000,000
Schedule of Repurchase of Shares Activity	The following table presents share repurchase activity, RSUs withheld to satisfy tax withholding obligations and warrants cancelled in connection with the Public Warrants redemption during each of the indicated periods: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Number of shares purchased pursuant to the Programs 1,021,079 — 3,021,079 — Number of RSUs withheld to satisfy tax withholding obligations 45,668 — 152,838 — Number of warrants cancelled upon redemption, net of shares issued 7,002,894 — 7,002,894 —
Schedule of Units Outstanding	The following table presents the number of Blue Owl Operating Group Units that were outstanding as of September 30, 2022: Units September 30, 2022 GP Units 441,838,181 Common Units 956,395,278 Incentive Units 26,907,252 Acquisitions-Related Earnouts Units September 30, 2022 Oak Street Earnout Units 26,074,330 Wellfleet Earnout Shares 940,668

ACQUISITIONS AND INTANGIBLE A_2

ACQUISITIONS AND INTANGIBLE ASSETS, NET (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table presents the consideration and net identifiable assets acquired and goodwill related to the Wellfleet Acquisition: (dollars in thousands) Consideration Cash consideration (1) $ 113,272 Earnout consideration (2) 14,751 Total Consideration $ 128,023 Net Identifiable Assets Acquired and Goodwill Assets acquired: Intangible assets: Investment management agreements $ 39,120 Investor relationships 10,700 Trademarks 1,100 Total intangible assets 50,920 Due from related parties 5,272 Net Identifiable Assets Acquired $ 56,192 Goodwill (3) $ 71,831 (1) Includes cash consideration paid to reimburse seller for certain pre-acquisition expenses. (2) Represents the fair value of the portion of the Wellfleet Earnouts determined to be contingent consideration, as further discussed below. See Note 9 for additional information on the valuation of this liability. (3) Goodwill represents the amount of total consideration in excess of net identifiable assets acquired. Approximately $111.5 million of the goodwill and intangible assets recognized are expected to be deductible by the Blue Owl Operating Partnerships for tax purposes.
Schedule of Business Acquisitions by Acquisition, Contingent Consideration	The table below summarizes the Wellfleet Earnouts and their respective Wellfleet Triggering Events. The Wellfleet Earnouts payable to non-employee sellers have been classified as contingent consideration on the Wellfleet Acquisition; whereas, the Wellfleet Earnouts payable to individuals that are subject to ongoing employment arrangements with the Company have been classified as compensation and are being amortized over the service period. See Note 8 for additional information on the compensation-classified Wellfleet Earnout Shares. (dollars in thousands) Wellfleet Earnouts Trigger Date Cash # of Shares Contingent consideration: First Wellfleet Earnout 4/1/2023 $ 5,000 26,131 Second Wellfleet Earnout 4/1/2024 5,000 26,131 Third Wellfleet Earnout 4/1/2025 5,000 26,131 Compensation: First Wellfleet Earnout 4/1/2023 287,425 Second Wellfleet Earnout 4/1/2024 287,425 Third Wellfleet Earnout 4/1/2025 287,425 Total $ 15,000 940,668
Schedule of Finite-Lived Intangible Assets	The following table summarizes the Company’s intangible assets, net: (dollars in thousands) September 30, December 31, Useful Life Remaining Weighted-Average Amortization Period as of September 30, 2022 Investment management agreements $ 2,222,320 $ 2,183,200 0.1 - 20.0 14.0 years Investor relationships 459,500 448,800 5.8 - 13.0 11.0 years Trademarks 94,400 93,300 7.0 - 7.0 7.0 years Total Intangible Assets 2,776,220 2,725,300 Less: accumulated amortization (306,135) (113,889) Total Intangible Assets, Net $ 2,470,085 $ 2,611,411
Schedule of Finite-lived Intangible Assets Amortization Expense	The following table presents expected future amortization of finite-lived intangible assets as of September 30, 2022: (dollars in thousands) Period Amortization October 1, 2022 to December 31, 2022 $ 64,729 2023 238,236 2024 237,542 2025 233,302 2026 219,053 Thereafter 1,477,223 Total $ 2,470,085

DEBT OBLIGATIONS, NET (Tables)

DEBT OBLIGATIONS, NET (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Summary of Outstanding Debt Obligations	The table below summarizes outstanding debt obligations of the Company: September 30, 2022 (dollars in thousands) Maturity Date Aggregate Facility Size Outstanding Debt Amount Available Net Carrying Value 2031 Notes 6/10/2031 $ 700,000 $ 700,000 $ — $ 685,034 2032 Notes 2/15/2032 400,000 400,000 — 391,576 2051 Notes 10/7/2051 350,000 350,000 — 337,357 Revolving Credit Facility 6/15/2027 1,115,000 112,000 997,876 112,000 Total $ 2,565,000 $ 1,562,000 $ 997,876 $ 1,525,967 December 31, 2021 (dollars in thousands) Maturity Date Aggregate Facility Size Outstanding Debt Amount Available Net Carrying Value 2031 Notes 6/10/2031 $ 700,000 $ 700,000 $ — $ 684,154 2051 Notes 10/7/2051 350,000 350,000 — 337,013 Revolving Credit Facility 12/7/2024 640,000 153,000 487,000 153,000 Total $ 1,690,000 $ 1,203,000 $ 487,000 $ 1,174,167

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Schedule of Lease Cost Information	(dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, Lease Cost 2022 2021 2022 2021 Operating lease cost $ 4,795 $ 2,181 $ 11,907 $ 4,809 Short term lease cost 513 117 1,319 166 Net Lease Cost $ 5,308 $ 2,298 $ 13,226 $ 4,975 (dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, Supplemental Lease Cash Flow Information 2022 2021 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 3,078 $ 1,390 $ 8,112 $ 4,184 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 149,365 $ 10,841 $ 153,638 $ 56,909
Schedule of Supplemental Balance Sheet Information	Lease Term and Discount Rate September 30, 2022 December 31, 2021 Weighted-average remaining lease term: Operating leases 13.2 years 10.2 years Weighted-average discount rate: Operating leases 4.0 % 3.1 %
Schedule of Operating Lease Maturity	(dollars in thousands) Future Maturity of Operating Lease Payments Operating Leases October 1, 2022 to December 31, 2022 $ 590 2023 10,936 2024 6,152 2025 25,642 2026 26,626 Thereafter 256,184 Total Lease Payments 326,130 Imputed interest (88,633) Total Lease Liabilities $ 237,497

REVENUES (Tables)

REVENUES (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents a disaggregated view of the Company’s revenues: Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2022 2021 2022 2021 Direct Lending Products Diversified lending $ 126,492 $ 90,885 $ 340,853 $ 251,136 Technology lending 29,905 16,820 76,738 47,404 First lien lending 4,213 4,098 11,867 11,730 Opportunistic lending 2,312 1,166 6,583 2,470 CLOs 6,778 — 13,073 — Management Fees, Net 169,700 112,969 449,114 312,740 Administrative, transaction and other fees 25,666 37,434 86,541 85,280 Total GAAP Revenues - Direct Lending Products 195,366 150,403 535,655 398,020 GP Capital Solutions Products GP minority equity investments 153,563 85,426 380,097 121,767 GP debt financing 3,532 6,165 9,990 6,901 Professional sports minority investments 283 160 1,296 160 Strategic Revenue-Share Purchase consideration amortization (9,770) (970) (27,614) (970) Management Fees, Net 147,608 90,781 363,769 127,858 Administrative, transaction and other fees 5,818 6,691 16,209 9,481 Total GAAP Revenues - GP Capital Solutions Products 153,426 97,472 379,978 137,339 Real Estate Products Net lease 21,069 — 57,451 — Management Fees, Net 21,069 — 57,451 — Administrative, transaction and other fees 1,125 — 1,125 — Total GAAP Revenues - Real Estate Products 22,194 — 58,576 — Total GAAP Revenues $ 370,986 $ 247,875 $ 974,209 $ 535,359
Schedule of Company's Fees and Receivables	The table below presents the beginning and ending balances of the Company’s management fees, realized performance income and administrative, transaction and other fees receivable and unearned management fees. Substantially all of the amounts receivable are 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, realized performance income 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. Nine Months Ended September 30, (dollars in thousands) 2022 2021 Management Fees Receivable Beginning balance $ 168,057 $ 78,586 Ending balance $ 261,166 $ 132,867 Administrative, Transaction and Other Fees Receivable Beginning balance $ 19,535 $ 9,876 Ending balance $ 35,361 $ 16,376 Realized Performance Income Receivable Beginning balance $ 10,496 $ — Ending balance $ — $ — Unearned Management Fees Beginning balance $ 10,299 $ 11,846 Ending balance $ 9,913 $ 10,702
Schedule of Changes in Strategic Revenue Share Purchase Consideration	The table below presents the changes in the Company’s Strategic Revenue-Share Purchase consideration. The consideration paid, which includes $455.0 million paid in Class A Shares and $50.2 million in cash, is being amortized as a reduction of management fees, net in the Company’s consolidated statements of operations over a weighted-average period of 12 years, which represents the average period over which the related customer revenues are expected to be recognized. Nine Months Ended September 30, (dollars in thousands) 2022 2021 Beginning Balance $ 495,322 $ — Amortization (27,614) — Ending Balance $ 467,708 $ —

OTHER ASSETS, NET (Tables)

OTHER ASSETS, NET (Tables)	9 Months Ended
	Sep. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	(dollars in thousands) September 30, December 31, 2021 Fixed assets, net: Leasehold improvements $ 46,697 $ 6,692 Furniture and fixtures 1,639 1,631 Computer hardware and software 3,590 1,968 Accumulated depreciation and amortization (3,034) (2,340) Fixed assets, net 48,892 7,951 Prepaid expenses 6,564 8,496 Other assets 21,822 10,030 Total $ 77,278 $ 26,477

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Equity-based Compensation Expense	The table below presents information regarding equity-based compensation expense. Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2022 2021 2022 2021 Acquisition related Common Units issued in connection with the Business Combination $ — $ — $ — $ 1,121,139 Seller Earnout Units issued in connection with the Business Combination — 15,722 — 53,180 Oak Street Earnout Units 62,002 — 183,984 — Wellfleet Earnout Shares 829 — 1,640 — Total acquisition related 62,831 15,722 185,624 1,174,319 Incentive Units 36,912 — 98,238 — RSUs 8,333 — 25,500 — Equity-Based Compensation Expense $ 108,076 $ 15,722 $ 309,362 $ 1,174,319 Corresponding tax benefit $ 152 $ — $ 456 $ — Fair value of RSUs settled in Class A Shares $ 715 $ — $ 3,474 $ — Fair value of RSUs withheld to satisfy tax withholding obligations $ 590 $ — $ 1,897 $ —
Schedule of Nonvested Share Activity	The table below presents activity related to the Company’s unvested equity-based compensation awards for the nine months ended September 30, 2022. Incentive Units RSUs Oak Street Earnout Units Wellfleet Earnout Shares Number of Units Weighted-Average Grant Date Fair Value Per Unit Number of Units Weighted-Average Grant Date Fair Value Per Unit Number of Units Weighted-Average Grant Date Fair Value Per Unit Number of Units Weighted Average Grant Date Fair Value Per Unit December 31, 2021 23,080,845 $ 13.87 10,118,104 $ 13.84 26,074,330 $ 12.53 — $ — Granted 3,789,937 10.33 1,384,889 10.71 — — 862,275 11.44 Vested (1,962,310) 11.06 (357,196) 14.17 — — — — Forfeited (127,058) 12.69 (552,291) 13.81 — — — — September 30, 2022 24,781,414 $ 13.56 10,593,506 $ 13.42 26,074,330 $ 12.53 862,275 $ 11.44

INVESTMENTS AND FAIR VALUE DI_2

INVESTMENTS AND FAIR VALUE DISCLOSURES (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Components Of the Company Investment	The following table presents the components of the Company’s investments: (dollars in thousands) September 30, December 31, 2021 Loans, at amortized cost (includes $150,000 and $— of investments in the Company’s products, respectively) $ 152,188 $ 2,310 Equity investments in the Company’s products, equity method 45,359 8,522 Investments in the Company's CLOs, at fair value 3,664 — Corporate bonds, at fair value — 1,311 Total $ 201,211 $ 12,143
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The table below summarizes the Company’s liabilities measured at fair value on a recurring basis as of September 30, 2022: September 30, 2022 (dollars in thousands) Level I Level II Level III Total Investments, at Fair Value CLOs $ — $ — $ 3,664 $ 3,664 Total Assets, at Fair Value $ — $ — $ 3,664 $ 3,664 Liabilities, at Fair Value TRA liability $ — $ — $ 116,008 $ 116,008 Warrant liability — — 7,450 7,450 Earnout liability — — 160,046 160,046 Total Liabilities, at Fair Value $ — $ — $ 283,504 $ 283,504 The table below summarizes the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2021: December 31, 2021 (dollars in thousands) Level I Level II Level III Total Investments, at Fair Value Corporate bonds $ — $ 1,311 $ — $ 1,311 $ — $ 1,311 $ — $ 1,311 Liabilities, at Fair Value TRA liability $ — $ — $ 111,325 $ 111,325 Warrant liability 43,048 — 25,750 68,798 Earnout liability — — 143,800 143,800 Total Liabilities, at Fair Value $ 43,048 $ — $ 280,875 $ 323,923
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table sets forth a summary of changes in the fair value of the Level III measurements for the three months ended September 30, 2022: Level III Assets and Liabilities (dollars in thousands) Investment in CLOs TRA Liability Warrant Liability Earnout Liability Total Beginning balance $ — $ 119,607 $ 11,100 $ 159,255 $ 289,962 Acquisitions 3,738 — — (969) 2,769 Net (gains) losses (74) (3,599) (3,650) 1,760 (5,563) Ending Balance $ 3,664 $ 116,008 $ 7,450 $ 160,046 $ 287,168 Change in net unrealized losses on liabilities still recognized at the reporting date $ (74) $ (3,599) $ (3,650) $ 1,760 $ (5,563) The following table sets forth a summary of changes in the fair value of the Level III measurements for the nine months ended September 30, 2022: Level III Assets and Liabilities (dollars in thousands) Investment in CLOs TRA Liability Warrant Liability Earnout Liability Total Beginning balance $ — $ 111,325 $ 25,750 $ 143,800 $ 280,875 Acquisitions 3,738 — — 13,782 17,520 Net losses (gains) (74) 4,683 (18,300) 2,464 (11,227) Ending Balance $ 3,664 $ 116,008 $ 7,450 $ 160,046 $ 287,168 Change in net unrealized losses on liabilities still recognized at the reporting date $ (74) $ 4,683 $ (18,300) $ 2,464 $ (11,227) The following table sets forth a summary of changes in the fair value of the Level III measurements for the three months ended September 30, 2021: Level III Liabilities (dollars in thousands) TRA Liability Warrant Liability Earnout Liability Total Beginning balance $ 102,791 $ 14,600 $ 954,247 $ 1,071,638 Additional TRA resulting from settlement of Earnout Securities liability 15,598 — — 15,598 Settlement of Earnout Securities liability — — (585,662) (585,662) Net (gains) losses 4,733 10,150 293,122 308,005 Ending Balance $ 123,122 $ 24,750 $ 661,707 $ 809,579 Change in net unrealized (gains) on liabilities still recognized at the reporting date $ 4,733 $ 10,150 $ 242,132 $ 257,015 The following table sets forth a summary of changes in the fair value of the Level III measurements for the nine months ended September 30, 2021: Level III Liabilities (dollars in thousands) TRA Liability Warrant Liability Earnout Liability Total Beginning balance $ — $ — $ — $ — Impact of the Business Combination 101,645 9,131 491,277 602,053 Additional TRA resulting from settlement of Earnout Securities liability 15,598 — — 15,598 Settlement of Earnout Securities liability — — (585,662) (585,662) Net (gains) losses 5,879 15,619 756,092 777,590 Ending Balance $ 123,122 $ 24,750 $ 661,707 $ 809,579 Change in net unrealized (gains) on liabilities still recognized at the reporting date $ 5,879 $ 15,619 $ 461,490 $ 482,988
Schedule of Fair Value Measurement Inputs and Valuation Techniques	The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of September 30, 2022: (dollars in thousands) Fair Value Valuation Technique Significant Unobservable Inputs Range Weighted Average Impact to Valuation from an Increase in Input TRA liability $ 116,008 Discounted cash flow Discount Rate 11 % - 11% 11 % Decrease Warrant liability 7,450 Monte Carlo Simulation Volatility 37 % - 37% 37 % Increase Earnout liability: Oak Street Earnouts 146,293 Monte Carlo Simulation Revenue Volatility 63 % - 63% 63 % Increase Discount Rate 17 % 17% 17 % Decrease Wellfleet Earnouts 13,753 Discounted cash flow Discount Rate 4 % - 4% 4 % Decrease 160,046 Total Liabilities, at Fair Value $ 283,504 The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of December 31, 2021: (dollars in thousands) Fair Value Valuation Technique Significant Unobservable Inputs Range Weighted Average Impact to Valuation from an Increase in Input TRA liability $ 111,325 Discounted cash flow Discount rate 10 % - 10% 10 % Decrease Warrant liability 25,750 Monte Carlo simulation Volatility 26 % - 26% 26 % Increase Earnout liability: Oak Street Earnouts 143,800 Monte Carlo simulation Revenue volatility 38 % - 38% 38 % Increase Discount rate 15 % - 15% 15 % Decrease Total Liabilities, at Fair Value $ 280,875

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Payments Under Tax Receivable Agreement	The table below presents management’s estimate as of September 30, 2022, 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 the Tax Receivable Agreement October 1, 2022 to December 31, 2022 $ — 2023 39,503 2024 54,955 2025 69,170 2026 54,617 Thereafter 689,970 Total Payments 908,215 Less adjustment to fair value for contingent consideration (116,225) Total TRA Liability $ 791,990

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	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) September 30, 2022 December 31, 2021 Management fees $ 261,166 $ 168,057 Realized performance income — 10,496 Administrative fees and other expenses paid on behalf of the Company’s products and other related parties 106,891 46,023 Due from Related Parties $ 368,057 $ 224,576

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The table below presents the Company’s treatment for basic and diluted earnings (loss) per share for instruments outstanding of the Registrant and the Blue Owl Operating Group. Potentially dilutive instruments are only considered in the calculation to the extent they would be dilutive. Basic Diluted Class A Shares (1) Included Included Class B Shares None outstanding None outstanding Class C Shares and Class D Shares Non-economic voting shares of the Registrant Non-economic voting shares of the Registrant Vested RSUs (1) Contingently issuable shares Contingently issuable shares Unvested RSUs Excluded Treasury stock method Warrants (2) Excluded Treasury stock method Compensation-classified Wellfleet Earnout Shares Excluded Treasury stock method Contingent consideration-classified Wellfleet Earnout Shares (3) Contingently issuable shares Contingently issuable shares Potentially Dilutive Instruments of the Blue Owl Operating Group: Vested Common Units and Incentive Units (4) Excluded If-converted method Unvested Incentive Units (4) Excluded The Company first applies the treasury stock method to determine the number of units that would have been issued, then applies the if-converted method to the resulting number of units Oak Street Earnout Units (5) Excluded Contingently issuable shares Earnout Securities (6) Contingently issuable shares Contingently issuable shares (1) Included in the weighted-average Class A Shares outstanding are RSUs that have vested but have not been settled in Class A Shares. These RSUs do not participate in dividends until settled in Class A Shares. These vested RSUs totaled 10,752,588 and 10,839,982 for the three and nine months ended September 30, 2022, respectively, and 9,050,000 for the three months ended September 30, 2021 and the period from May 19, 2021 to September 30, 2021. (2) The treasury stock method for warrants, which are carried at fair value, includes adjusting the numerator for changes in fair value impacting net income (loss) for the period. (3) As of September 30, 2022, the Wellfleet Triggering Events with respect to the Wellfleet Earnout Shares had not occurred, and therefore such shares have not been included in the calculation of basic earnings (loss) per share for the three and nine months ended September 30, 2022. However, had the end of the reporting period also been the end of the contingency period for the Wellfleet Earnout Shares, the Wellfleet Triggering Events would have occurred, and therefore the Wellfleet Earnout Shares have been included in the calculation of diluted earnings (loss) per share for the three and nine months ended September 30, 2022, as if such shares were outstanding from the date of the Wellfleet Acquisition. (4) The if-converted method for these instruments includes adding back to the numerator any related income or loss allocations to noncontrolling interest, as well as any incremental tax expense had the instruments converted into Class A Shares as of the beginning of the period. For Earnout Securities carried at fair value, the numerator is also adjusted for changes in fair value impacting net income (loss) for the period. (5) As of September 30, 2022, the Oak Street Triggering Events with respect to the Oak Street Earnout Units had not occurred nor are these units issuable by the Registrant (they would be issued as Common Units of the Blue Owl Operating Group), and therefore such units have not been included in the calculation of basic earnings (loss) per share for the three and nine months ended September 30, 2022. Additionally, had the end of the reporting period also been the end of the contingency period for the Oak Street Earnout Units, the Oak Street Triggering Events would not yet have occurred, and therefore the Oak Street Earnout Units have not been included in the calculation of diluted earnings (loss) per share for the three and nine months ended September 30, 2022. (6) As of September 30, 2021, the Class E Triggering Events with respect to the Series E-2 Earnout Securities had not occurred, and therefore such securities have not been included in the calculation of basic earnings (loss) per share for the three months ended September 30, 2021 and the period from May 19, 2021 to September 30, 2021. Additionally, had the end of the reporting period also been the end of the contingency period for the Earnout Securities, the Class E Triggering Events with respect to the Series E-2 Earnout Securities would not yet have occurred, and therefore such Earnout Securities have not been included in the calculation of diluted earnings (loss) per share for the for the three months ended September 30, 2021and the period from May 19, 2021 to September 30, 2021. Three Months Ended September 30, 2022 Net Loss Attributable to Class A Shareholders Weighted-Average Class A Shares Outstanding Income Per Class A Share Weighted-Average Number of Antidilutive Instruments (dollars in thousands, except per share amounts) Basic $ 2,060 441,487,112 $ 0.00 Effect of dilutive securities: Unvested RSUs — 2,757,915 — Warrants — — 8,610,237 Compensation-classified Wellfleet Earnout Shares — 84,672 — Contingent consideration-classified Wellfleet Earnout Shares — 78,393 — Vested Common Units (8,600) 967,403,976 — Vested Incentive Units — — 1,706,416 Unvested Incentive Units — — 24,830,502 Oak Street Earnout Units — — 26,074,330 Diluted $ (6,540) 1,411,812,068 $ 0.00 Nine Months Ended September 30, 2022 Net Loss Attributable to Class A Shareholders Weighted-Average Class A Shares Outstanding Loss Per Class A Share Weighted-Average Number of Antidilutive Instruments (dollars in thousands, except per share amounts) Basic $ (10,881) 427,172,270 $ (0.03) Effect of dilutive securities: Unvested RSUs — — 10,772,062 Warrants — — 12,289,159 Compensation-classified Wellfleet Earnout Shares — — 578,009 Contingent consideration-classified Wellfleet Earnout Shares — — 52,549 Vested Common Units — — 981,549,708 Vested Incentive Units — — 925,932 Unvested Incentive Units — — 24,708,247 Oak Street Earnout Units — — 26,074,330 Diluted $ (10,881) 427,172,270 $ (0.03) Three Months Ended September 30, 2021 Net Loss Attributable to Class A Shareholders Weighted-Average Class A Shares Outstanding Loss Per Class A Share Weighted-Average Number of Antidilutive Instruments (dollars in thousands, except per share amounts) Basic $ (53,323) 338,472,456 $ (0.16) Effect of dilutive securities: Common Units — — 956,301,495 Warrants — — 14,159,381 Earnout Securities — — 49,999,962 Diluted $ (53,323) 338,472,456 $ (0.16) For the Period from May 19, 2021 to September 30, 2021 Net Loss Attributable to Class A Shareholders Weighted-Average Class A Shares Outstanding Loss Per Class A Share Weighted-Average Number of Antidilutive Instruments (dollars in thousands, except per share amounts) Basic $ (450,512) 335,472,904 $ (1.34) Effect of dilutive securities: Common Units (1,292,764) 945,706,163 — Warrants — — 14,159,381 Earnout Securities — — 49,999,962 Diluted $ (1,743,276) 1,281,179,067 $ (1.36)

ORGANIZATION - Additional Infor

ORGANIZATION - Additional Information (Details) $ / shares in Units, $ in Thousands				3 Months Ended			5 Months Ended	9 Months Ended
	Jul. 18, 2022 $ / shares shares	Nov. 03, 2021 $ / shares shares	Jul. 21, 2021 segment $ / shares shares	Sep. 30, 2022 USD ($) share $ / shares shares	Mar. 31, 2022 shares	Sep. 30, 2021 shares	May 18, 2021 shares	Sep. 30, 2022 USD ($) share segment $ / shares shares	Sep. 30, 2021 USD ($) shares	Jun. 30, 2022 shares	May 04, 2022 USD ($)	Dec. 31, 2021 shares	Jun. 30, 2021 shares	Dec. 31, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of operating segments | segment								1
Number of reportable segments | segment								1
Warrants to purchase Class A shares, price (in dollars per share) | $ / shares				$ 11.50				$ 11.50
Warrant expiration term				5 years				5 years
Number of shares purchased pursuant to the programs (in shares)				1,021,079		0		3,021,079	0
Proceeds from exercise of warrants | $								$ 151	$ 0
May 4, 2022 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for repurchase | $											$ 150,000
Previously Authorized Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares purchased pursuant to the programs (in shares)					2,000,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)							0	1,384,889
Vested Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued as a result of conversion (in shares)			42,504,530
Public Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants (in shares)	9,159,048
Warrants exercised on cashless basis(in shares)	8,961,029
Redemption price (in dollars per share) | $ / shares	$ 0.10
Proceeds from exercise of warrants | $				$ 200
Class Of Warrant Or Right, Redemption, Period One | Public Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Redemption of shares (in shares)				183,466
Principals
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period after business combination anniversary								2 years
Common Class A and Common Class C
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of votes per share, combined				20%	10%			20%
Class C Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares, issued (in shares)				637,263,151				637,263,151				674,766,200
Shares issued to grant holder a corresponding voting interest (in shares) | share				1				1
Class C Shares | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding balance (in shares)				637,263,151		658,647,360		637,263,151	658,647,360	657,808,589		674,766,200	628,380,707	0
Class C Shares | Vested Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued as a result of conversion (in shares)		30,266,653	30,266,653
Class A Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares, issued (in shares)				441,838,181				441,838,181				404,919,411
Right to exchange, conversion ratio								1
Number of consecutive trading days | segment			20
Aggregate Number of shares (in shares)	14,553
Warrants exchange cashless basis (in shares)	2,141,601
Class A Shares | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares purchased pursuant to the programs (in shares)				1,021,079		0		3,021,079	0
Outstanding balance (in shares)				441,838,181		357,201,703		441,838,181	357,201,703	420,102,492		404,919,411	320,005,258	0
Class A Shares | Public Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants to purchase Class A shares, price (in dollars per share) | $ / shares	$ 11.50
Warrants exercised (in shares)	14,553
Class A Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average price of Class A shares equals or exceeds (in dollars per share) | $ / shares		$ 15	$ 12.50
Common Class B and Common Class D
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of votes per share, combined				80%	90%			80%
Class B Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares, issued (in shares)				0				0
Right to exchange, conversion ratio								1
Class D Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares, issued (in shares)				319,132,127				319,132,127				319,132,127
Shares issued to grant holder a corresponding voting interest (in shares) | share				1				1
Class D Shares | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding balance (in shares)				319,132,127		306,894,250		319,132,127	306,894,250	319,132,127		319,132,127	294,656,373	0
Class D Shares | Vested Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued as a result of conversion (in shares)		12,237,877	12,237,877
Class E Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares converted (in shares)		7,495,432	7,495,432
Class E Shares | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding balance (in shares)				0		7,495,432		0	7,495,432	0		0	14,990,864	0
Earnout Securities | Vested Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares converted (in shares)		42,504,530	42,504,530
Vested Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued as a result of conversion (in shares)		42,504,530

ORGANIZATION - Shares Issued an

ORGANIZATION - Shares Issued and Outstanding (Details) - shares	Sep. 30, 2022	Dec. 31, 2021
Private Placement Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants (in shares)	5,000,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Instruments other than options outstanding (in shares)	21,458,757
Class A Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	441,838,181	404,919,411
Class C Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	637,263,151	674,766,200
Class D Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	319,132,127	319,132,127

ORGANIZATION - Schedule Of Re P

ORGANIZATION - Schedule Of Re Purchase Of Shares Activity (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares purchased pursuant to the programs (in shares)	1,021,079	0	3,021,079	0
Number of warrants cancelled upon redemption, net of shares issued (in shares)	7,002,894	0	7,002,894	0
Unvested RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of RSUs withheld to satisfy tax withholding obligations (in shares)	45,668	0	152,838	0

ORGANIZATION - Units Outstandin

ORGANIZATION - Units Outstanding (Details)	Sep. 30, 2022 shares
Oak Street
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential earnout units (in units)	26,074,330
Wellfleet
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential earnout units (in units)	940,668
Blue Owl Operating Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
GP units (in shares)	441,838,181
Common units (in shares)	956,395,278
Blue Owl Operating Group | Incentive Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive units (in shares)	26,907,252

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)		9 Months Ended
	Sep. 20, 2021	Sep. 30, 2022
Property, Plant and Equipment [Line Items]
Intangible asset impairment		$ 0
Goodwill impairment		$ 0
Public warrants provision, amounts of shareholders needed to accept tender offer resulting in cash entitlements (more than)		50%
Minimum
Property, Plant and Equipment [Line Items]
General depreciation period of fixed assets		3 years
Maximum
Property, Plant and Equipment [Line Items]
General depreciation period of fixed assets		7 years
Equity Interest Consideration
Property, Plant and Equipment [Line Items]
Consideration paid	$ 455,000,000	$ 455,000,000
Cash Consideration
Property, Plant and Equipment [Line Items]
Consideration paid	$ 50,200,000	$ 50,200,000
Class A Shares
Property, Plant and Equipment [Line Items]
Strategic revenue share purchase consideration, shares issued (in shares)	29,701,013

ACQUISITIONS AND INTANGIBLE A_3

ACQUISITIONS AND INTANGIBLE ASSETS, NET - Consideration Calculation (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Intangible assets:
Goodwill	$ 4,205,159	$ 4,132,245
Wellfleet
Asset Acquisition [Line Items]
Cash consideration	113,272
Earnout consideration	14,751
Total Consideration	128,023
Intangible assets:
Intangible assets	50,920
Due from Related Parties	5,272
Net Identifiable Assets Acquired	56,192
Goodwill	71,831
Goodwill expected to be deductible for tax purposes	111,500
Wellfleet | Investment management agreements
Intangible assets:
Intangible assets	39,120
Wellfleet | Investor relationships
Intangible assets:
Intangible assets	10,700
Wellfleet | Trademarks
Intangible assets:
Intangible assets	$ 1,100

ACQUISITIONS AND INTANGIBLE A_4

ACQUISITIONS AND INTANGIBLE ASSETS, NET - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Number of operating segments | segment			1
Number of reportable segments | segment			1
Unaudited pro forma revenue	$ 338.4	$ 220.8	$ 874.9	$ 491.6
Unaudited pro forma net income (loss)	4.1	$ (61.2)	(9)	$ (400.7)
Wellfleet
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
GAAP revenue	6.8		13.1
Acquisition-related costs	$ 3.7		$ 3.7
Investment management agreements | Wellfleet
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Weighted average amortization period			4 years 8 months 12 days
Investor relationships | Wellfleet
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Weighted average amortization period			8 years 6 months
Trademarks | Wellfleet
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Weighted average amortization period			7 years

ACQUISITIONS AND INTANGIBLE A_5

ACQUISITIONS AND INTANGIBLE ASSETS, NET - Schedule of Business Acquisitions by Acquisition, Contingent Consideration (Details) - Wellfleet $ in Thousands	Sep. 30, 2022 USD ($) shares
Asset Acquisition [Line Items]
Cash | $	$ 15,000
Potential unit earnout (in shares)	940,668
First Wellfleet Earnout | Contingent consideration:
Asset Acquisition [Line Items]
Cash | $	$ 5,000
Potential unit earnout (in shares)	26,131
First Wellfleet Earnout | Compensation:
Asset Acquisition [Line Items]
Potential unit earnout (in shares)	287,425
Second Wellfleet Earnout | Contingent consideration:
Asset Acquisition [Line Items]
Cash | $	$ 5,000
Potential unit earnout (in shares)	26,131
Second Wellfleet Earnout | Compensation:
Asset Acquisition [Line Items]
Potential unit earnout (in shares)	287,425
Third Wellfleet Earnout | Contingent consideration:
Asset Acquisition [Line Items]
Cash | $	$ 5,000
Potential unit earnout (in shares)	26,131
Third Wellfleet Earnout | Compensation:
Asset Acquisition [Line Items]
Potential unit earnout (in shares)	287,425

ACQUISITIONS AND INTANGIBLE A_6

ACQUISITIONS AND INTANGIBLE ASSETS, NET - Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Total Intangible Assets	$ 2,776,220	$ 2,725,300
Less: accumulated amortization	(306,135)	(113,889)
Total Intangible Assets, Net	2,470,085	2,611,411
Investment management agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Total Intangible Assets	$ 2,222,320	2,183,200
Remaining weighted-average amortization period	14 years
Investment management agreements | Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	1 month 6 days
Investment management agreements | Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	20 years
Investor relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Total Intangible Assets	$ 459,500	448,800
Remaining weighted-average amortization period	11 years
Investor relationships | Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	5 years 9 months 18 days
Investor relationships | Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	13 years
Trademarks
Acquired Finite-Lived Intangible Assets [Line Items]
Total Intangible Assets	$ 94,400	$ 93,300
Remaining weighted-average amortization period	7 years
Trademarks | Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	7 years
Trademarks | Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	7 years

ACQUISITIONS AND INTANGIBLE A_7

ACQUISITIONS AND INTANGIBLE ASSETS, NET - Finite-Lived Intangible Asset Expected Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
October 1, 2022 to December 31, 2022	$ 64,729
2023	238,236
2024	237,542
2025	233,302
2026	219,053
Thereafter	1,477,223
Total Intangible Assets, Net	$ 2,470,085	$ 2,611,411

DEBT OBLIGATIONS, NET - Summary

DEBT OBLIGATIONS, NET - Summary of Debt Obligations (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Jun. 15, 2022
Debt Instrument [Line Items]
Aggregate Facility Size	$ 2,565,000,000	$ 1,690,000,000
Outstanding Debt	1,562,000,000	1,203,000,000
Amount Available	997,876,000	487,000,000
Net Carrying Value	$ 1,525,967,000	$ 1,174,167,000
2031 Notes | Senior Notes
Debt Instrument [Line Items]
Maturity Date	Jun. 10, 2031	Jun. 10, 2031
Aggregate Facility Size	$ 700,000,000	$ 700,000,000
Outstanding Debt	700,000,000	700,000,000
Amount Available	0	0
Net Carrying Value	$ 685,034,000	$ 684,154,000
2032 Notes | Senior Notes
Debt Instrument [Line Items]
Maturity Date	Feb. 15, 2032
Aggregate Facility Size	$ 400,000,000
Outstanding Debt	400,000,000
Amount Available	0
Net Carrying Value	$ 391,576,000
2051 Notes | Senior Notes
Debt Instrument [Line Items]
Maturity Date	Oct. 07, 2051	Oct. 07, 2051
Aggregate Facility Size	$ 350,000,000	$ 350,000,000
Outstanding Debt	350,000,000	350,000,000
Amount Available	0	0
Net Carrying Value	$ 337,357,000	$ 337,013,000
Revolving Credit Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Maturity Date	Jun. 15, 2027	Dec. 07, 2024
Aggregate Facility Size	$ 1,115,000,000	$ 640,000,000	$ 1,100,000,000
Outstanding Debt	112,000,000	153,000,000
Amount Available	997,876,000	487,000,000
Net Carrying Value	$ 112,000,000	$ 153,000,000

DEBT OBLIGATIONS, NET - 2031, 2

DEBT OBLIGATIONS, NET - 2031, 2032 and 2051 Notes (Details) - Senior Notes - USD ($)	9 Months Ended
	Sep. 30, 2022	Feb. 15, 2022	Oct. 07, 2021	Jun. 10, 2021
2031 Notes
Debt Instrument [Line Items]
Face amount				$ 700,000,000
Fixed interest rate				3.125%
2031 Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemtion price	100%
2031 Notes | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemtion price	101%
2032 Notes
Debt Instrument [Line Items]
Face amount		$ 400,000,000
Fixed interest rate		4.375%
2032 Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemtion price	100%
2032 Notes | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemtion price	101%
2051 Notes
Debt Instrument [Line Items]
Face amount			$ 350,000,000
Fixed interest rate			4.125%
2051 Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemtion price	100%
2051 Notes | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemtion price	101%

DEBT OBLIGATIONS, NET - Revolvi

DEBT OBLIGATIONS, NET - Revolving Credit Facility (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Jun. 15, 2022	Dec. 31, 2021	Sep. 30, 2021
Line of Credit Facility [Line Items]
Aggregate facility size	$ 2,565,000,000		$ 1,690,000,000
Revolving Credit Facility | Line of Credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Aggregate facility size	$ 1,115,000,000	$ 1,100,000,000	$ 640,000,000
Average interest rate (percent)	3.85%			1.34%
Maximum net leverage ratio	3.5
Maximum cash and cash equivalents amount used in net leverage ration calculation	$ 500,000,000
Minimum level of fee-paying assets under management	$ 50,500,000,000
New fee-paying assets under management, percentage	70%
Revolving Credit Facility | Line of Credit | Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Fee on unused portion of credit facility	0.125%
Revolving Credit Facility | Line of Credit | Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Fee on unused portion of credit facility	0.375%
Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility | Minimum | Variable Alternative Rate, Option Two
Line of Credit Facility [Line Items]
Variable rate	1.25%
Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility | Minimum | Adjusted-Term, Alternative Rate
Line of Credit Facility [Line Items]
Variable rate	0.25%
Adjusted-term financing rate	1%
Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility | Maximum | Variable Alternative Rate, Option Two
Line of Credit Facility [Line Items]
Variable rate	1.875%
Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility | Maximum | Adjusted-Term, Alternative Rate
Line of Credit Facility [Line Items]
Variable rate	0.875%
Revolving Credit Facility | Line of Credit | New York Fed Bank Rate | Revolving Credit Facility | Adjusted-Term, Alternative Rate
Line of Credit Facility [Line Items]
Variable rate	0.50%

LEASES - Lease Cost Information

LEASES - Lease Cost Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease cost	$ 4,795	$ 2,181	$ 11,907	$ 4,809
Short term lease cost	513	117	1,319	166
Net Lease Cost	$ 5,308	$ 2,298	$ 13,226	$ 4,975

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 3,078	$ 1,390	$ 8,112	$ 4,184
Right-of-use assets obtained in exchange for lease obligations:
Right-of-use assets obtained in exchange for lease obligations	$ 149,365	$ 10,841	$ 153,638	$ 56,909

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet Information (Details)	Sep. 30, 2022	Dec. 31, 2021
Weighted-average remaining lease term:
Operating leases	13 years 2 months 12 days	10 years 2 months 12 days
Weighted-average discount rate:
Operating leases	4%	3.10%

LEASES - Maturities Of Operatin

LEASES - Maturities Of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Leases [Abstract]
October 1, 2022 to December 31, 2022	$ 590
2023	10,936
2024	6,152
2025	25,642
2026	26,626
Thereafter	256,184
Total Lease Payments	326,130
Imputed interest	(88,633)
Total Lease Liabilities	$ 237,497	$ 88,480

REVENUES - Disaggregation of Re

REVENUES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 370,986	$ 247,875	$ 974,209	$ 535,359
Direct Lending Products
Disaggregation of Revenue [Line Items]
Revenues	195,366	150,403	535,655	398,020
GP Capital Solutions Products
Disaggregation of Revenue [Line Items]
Revenues	153,426	97,472	379,978	137,339
Real Estate Products
Disaggregation of Revenue [Line Items]
Revenues	22,194	0	58,576	0
Management fees, net
Disaggregation of Revenue [Line Items]
Revenues	338,377	203,750	870,334	440,598
Management fees, net | Direct Lending Products
Disaggregation of Revenue [Line Items]
Revenues	169,700	112,969	449,114	312,740
Management fees, net | GP Capital Solutions Products
Disaggregation of Revenue [Line Items]
Revenues	147,608	90,781	363,769	127,858
Management fees, net | Real Estate Products
Disaggregation of Revenue [Line Items]
Revenues	21,069	0	57,451	0
Diversified lending | Direct Lending Products
Disaggregation of Revenue [Line Items]
Revenues	126,492	90,885	340,853	251,136
Technology lending | Direct Lending Products
Disaggregation of Revenue [Line Items]
Revenues	29,905	16,820	76,738	47,404
First lien lending | Direct Lending Products
Disaggregation of Revenue [Line Items]
Revenues	4,213	4,098	11,867	11,730
Opportunistic lending | Direct Lending Products
Disaggregation of Revenue [Line Items]
Revenues	2,312	1,166	6,583	2,470
CLOs | Direct Lending Products
Disaggregation of Revenue [Line Items]
Revenues	6,778	0	13,073	0
GP minority equity investments | GP Capital Solutions Products
Disaggregation of Revenue [Line Items]
Revenues	153,563	85,426	380,097	121,767
GP debt financing | GP Capital Solutions Products
Disaggregation of Revenue [Line Items]
Revenues	3,532	6,165	9,990	6,901
Professional sports minority investments | GP Capital Solutions Products
Disaggregation of Revenue [Line Items]
Revenues	283	160	1,296	160
Strategic Revenue-Share Purchase consideration amortization | GP Capital Solutions Products
Disaggregation of Revenue [Line Items]
Revenues	(9,770)	(970)	(27,614)	(970)
Net lease | Real Estate Products
Disaggregation of Revenue [Line Items]
Revenues	21,069	0	57,451	0
Administrative, transaction and other fees
Disaggregation of Revenue [Line Items]
Revenues	32,609	44,125	103,875	94,761
Administrative, transaction and other fees | Direct Lending Products
Disaggregation of Revenue [Line Items]
Revenues	25,666	37,434	86,541	85,280
Administrative, transaction and other fees | GP Capital Solutions Products
Disaggregation of Revenue [Line Items]
Revenues	5,818	6,691	16,209	9,481
Administrative, transaction and other fees | Real Estate Products
Disaggregation of Revenue [Line Items]
Revenues	$ 1,125	$ 0	$ 1,125	$ 0

REVENUES - Beginning and Ending

REVENUES - Beginning and Ending Balances of Company's Fees (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Management Fees Receivable
Fees Receivable
Fees receivable, beginning balance	$ 168,057	$ 132,867	$ 78,586
Fees receivable, ending balance	261,166	168,057	132,867
Unearned Management Fees
Fee liability, beginning balance	10,299	10,702	11,846
Fee liability, ending balance	9,913	10,299	10,702
Administrative, Transaction and Other Fees Receivable
Fees Receivable
Fees receivable, beginning balance	19,535	16,376	9,876
Fees receivable, ending balance	35,361	19,535	16,376
Realized Performance Income Receivable
Fees Receivable
Fees receivable, beginning balance	10,496	0	0
Fees receivable, ending balance	$ 0	$ 10,496	$ 0

REVENUES - Changes In Strategic

REVENUES - Changes In Strategic Revenue Share Purchase Consideration (Details) - USD ($) $ in Thousands		9 Months Ended
	Sep. 20, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Weighted-average amortization period		12 years
Changes In Strategic Revenue Share Purchase Consideration [Roll Forward]
Beginning balance		$ 495,322	$ 0
Amortization		(27,614)	0
Ending balance		467,708	$ 0
Equity Interest Consideration
Changes In Strategic Revenue Share Purchase Consideration [Roll Forward]
Consideration paid	$ 455,000	455,000
Cash Consideration
Changes In Strategic Revenue Share Purchase Consideration [Roll Forward]
Consideration paid	$ 50,200	$ 50,200

OTHER ASSETS, NET (Details)

OTHER ASSETS, NET (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Accumulated depreciation and amortization	$ (3,034)	$ (2,340)
Fixed assets, net	48,892	7,951
Prepaid expenses	6,564	8,496
Other assets	21,822	10,030
Total	77,278	26,477
Leasehold improvements
Property, Plant and Equipment [Line Items]
Fixed assets, gross	46,697	6,692
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Fixed assets, gross	1,639	1,631
Computer hardware and software
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 3,590	$ 1,968

EQUITY-BASED COMPENSATION- Addi

EQUITY-BASED COMPENSATION- Additional Information (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2021 USD ($)	Sep. 30, 2022 shares	Nov. 03, 2021 $ / shares	Jul. 21, 2021 segment $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense | $	$ 15
Class A Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of consecutive trading days | segment				20
Class A Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Unvested, Stock Price Trigger | $ / shares			$ 15	$ 12.50
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares and units authorized (in shares)		101,230,522
Total shares available (in shares)		45,857,254

EQUITY-BASED COMPENSATION - Equ

EQUITY-BASED COMPENSATION - Equity-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 108,076	$ 15,722	$ 309,362	$ 1,174,319
Corresponding tax benefit	152	0	456	0
Compensation and Benefits Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	62,831	15,722	185,624	1,174,319
Vested Common Units | Compensation and Benefits Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	0	0	0	1,121,139
Earnout Securities | Compensation and Benefits Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	0	15,722	0	53,180
Oak Street Earnout Units | Compensation and Benefits Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	62,002	0	183,984	0
Wellfleet Earnout Shares | Compensation and Benefits Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	829	0	1,640	0
Incentive Units | Compensation and Benefits Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	36,912	0	98,238	0
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of RSUs settled in Class A Shares	715	0	3,474	0
Fair value of RSUs withheld to satisfy tax withholding obligations	590	0	1,897	0
RSUs | Compensation and Benefits Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 8,333	$ 0	$ 25,500	$ 0

EQUITY-BASED COMPENSATION - Act

EQUITY-BASED COMPENSATION - Activity Related to Unvested Equity-Based Compensation Awards (Details) - $ / shares	5 Months Ended	9 Months Ended
	May 18, 2021	Sep. 30, 2022
Incentive Units
Number of Units
Unvested, beginning balance (in shares)		23,080,845
Granted (in shares)		3,789,937
Vested (in shares)		(1,962,310)
Forfeited (in shares)		(127,058)
Unvested, ending balance (in shares)		24,781,414
Weighted-Average Grant Date Fair Value Per Unit
Beginning balance (in dollars per share)		$ 13.87
Granted (in dollars per share)		10.33
Vested (in dollars per share)		11.06
Forfeited (in dollars per share)		12.69
Ending balance (in dollars per share)		$ 13.56
RSUs
Number of Units
Unvested, beginning balance (in shares)		10,118,104
Granted (in shares)	0	1,384,889
Vested (in shares)		(357,196)
Forfeited (in shares)		(552,291)
Unvested, ending balance (in shares)		10,593,506
Weighted-Average Grant Date Fair Value Per Unit
Beginning balance (in dollars per share)		$ 13.84
Granted (in dollars per share)		10.71
Vested (in dollars per share)		14.17
Forfeited (in dollars per share)		13.81
Ending balance (in dollars per share)		$ 13.42
Oak Street Earnout Units
Number of Units
Unvested, beginning balance (in shares)		26,074,330
Granted (in shares)		0
Vested (in shares)		0
Forfeited (in shares)		0
Unvested, ending balance (in shares)		26,074,330
Weighted-Average Grant Date Fair Value Per Unit
Beginning balance (in dollars per share)		$ 12.53
Granted (in dollars per share)		0
Vested (in dollars per share)		0
Forfeited (in dollars per share)		0
Ending balance (in dollars per share)		$ 12.53
Wellfleet Earnout Shares
Number of Units
Unvested, beginning balance (in shares)		0
Granted (in shares)		862,275
Vested (in shares)		0
Forfeited (in shares)		0
Unvested, ending balance (in shares)		862,275
Weighted-Average Grant Date Fair Value Per Unit
Beginning balance (in dollars per share)		$ 0
Granted (in dollars per share)		11.44
Vested (in dollars per share)		0
Forfeited (in dollars per share)		0
Ending balance (in dollars per share)		$ 11.44

EQUITY-BASED COMPENSATION - Inc

EQUITY-BASED COMPENSATION - Incentive Units (Details) - Incentive Units $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation expense	$ 269.1
Weighted-average amortization period	3 years 10 months 24 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount for lack of marketability	14%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount for lack of marketability	18%

EQUITY-BASED COMPENSATION - RSU

EQUITY-BASED COMPENSATION - RSUs (Details) - RSUs $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount for lack of marketability	14%
Post-vesting transfer restriction	1 year
Unamortized compensation expense	$ 84.8
Weighted-average amortization period	3 years 1 month 6 days

EQUITY-BASED COMPENSATION - Oak

EQUITY-BASED COMPENSATION - Oak Street Earnout Units (Details) - Oak Street Earnout Units $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	38%
Revenue discount rate	15%
Discount for lack of marketability	13%
Expected holding period	2 years
Unamortized compensation expense	$ 142.6
Weighted-average amortization period	1 year

EQUITY-BASED COMPENSATION - Wel

EQUITY-BASED COMPENSATION - Wellfleet Earnout Shares (Details) - Wellfleet Earnout $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation expense	$ 8.2
Weighted-average amortization period	2 years 6 months

INVESTMENTS AND FAIR VALUE DI_3

INVESTMENTS AND FAIR VALUE DISCLOSURES - Schedule of Components Of the Company Investment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, at amortized cost (includes $150,000 and $— of investments in the Company’s products, respectively)	$ 152,188	$ 2,310
Equity investments in the Company’s products, equity method	45,359	8,522
Investments	3,664	0
Corporate bonds, at fair value	0	1,311
Total	201,211	12,143
Trading securities	$ 150,000	$ 0

INVESTMENTS AND FAIR VALUE DI_4

INVESTMENTS AND FAIR VALUE DISCLOSURES - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 3,664	$ 0
TRA liability	116,008	111,325
Warrant liability	7,450	68,798
Earnout liability	160,046	143,800
Investments	3,664	1,311
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	3,664
TRA liability	116,008	111,325
Warrant liability	7,450	68,798
Earnout liability	160,046	143,800
Total Liabilities, at Fair Value	283,504	323,923
Investments		1,311
Fair Value, Recurring | CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	3,664
Fair Value, Recurring | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		1,311
Fair Value, Recurring | Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0
TRA liability	0	0
Warrant liability	0	43,048
Earnout liability	0	0
Total Liabilities, at Fair Value	0	43,048
Investments		0
Fair Value, Recurring | Level I | CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0
Fair Value, Recurring | Level I | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		0
Fair Value, Recurring | Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0
TRA liability	0	0
Warrant liability	0	0
Earnout liability	0	0
Total Liabilities, at Fair Value	0	0
Investments		1,311
Fair Value, Recurring | Level II | CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0
Fair Value, Recurring | Level II | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		1,311
Fair Value, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	3,664
TRA liability	116,008	111,325
Warrant liability	7,450	25,750
Earnout liability	160,046	143,800
Total Liabilities, at Fair Value	283,504	280,875
Investments		0
Fair Value, Recurring | Level III | CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 3,664
Fair Value, Recurring | Level III | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		$ 0

INVESTMENTS AND FAIR VALUE DI_5

INVESTMENTS AND FAIR VALUE DISCLOSURES - Change in Fair Value of Level III Measurements (Details) - Level III - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 289,962	$ 1,071,638	$ 280,875	$ 0
Acquisitions	2,769		17,520
Impact of the Business Combination				602,053
Additional TRA resulting from settlement of Earnout Securities liability		15,598		15,598
Settlement of Earnout Securities liability		(585,662)		(585,662)
Net losses (gains)	(5,563)	308,005	(11,227)	777,590
Ending Balance	287,168	809,579	287,168	809,579
Change in net unrealized gains (losses) on liabilities still recognized at the reporting date	(5,563)	257,015	(11,227)	482,988
TRA Liability
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	119,607	102,791	111,325	0
Acquisitions	0		0
Impact of the Business Combination				101,645
Additional TRA resulting from settlement of Earnout Securities liability		15,598		15,598
Settlement of Earnout Securities liability		0		0
Net losses (gains)	(3,599)	4,733	4,683	5,879
Ending Balance	116,008	123,122	116,008	123,122
Change in net unrealized gains (losses) on liabilities still recognized at the reporting date	(3,599)	4,733	4,683	5,879
CLOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0		0
Acquisitions	3,738		3,738
Net losses (gains)	(74)		(74)
Ending Balance	3,664		3,664
Change in net unrealized gains (losses) on liabilities still recognized at the reporting date	(74)		(74)
Warrant Liability
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	11,100	14,600	25,750	0
Acquisitions	0		0
Impact of the Business Combination				9,131
Additional TRA resulting from settlement of Earnout Securities liability		0		0
Settlement of Earnout Securities liability		0		0
Net losses (gains)	(3,650)	10,150	(18,300)	15,619
Ending Balance	7,450	24,750	7,450	24,750
Change in net unrealized gains (losses) on liabilities still recognized at the reporting date	(3,650)	10,150	(18,300)	15,619
Earnout Liability
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	159,255	954,247	143,800	0
Acquisitions	(969)		13,782
Impact of the Business Combination				491,277
Additional TRA resulting from settlement of Earnout Securities liability		0		0
Settlement of Earnout Securities liability		(585,662)		(585,662)
Net losses (gains)	1,760	293,122	2,464	756,092
Ending Balance	160,046	661,707	160,046	661,707
Change in net unrealized gains (losses) on liabilities still recognized at the reporting date	$ 1,760	$ 242,132	$ 2,464	$ 461,490

INVESTMENTS AND FAIR VALUE DI_6

INVESTMENTS AND FAIR VALUE DISCLOSURES - Valuation Assumptions (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
TRA liability	$ 116,008	$ 111,325
Warrant liability	7,450	68,798
Earnout liability	160,046	143,800
Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
TRA liability	116,008	111,325
Warrant liability	7,450	68,798
Earnout liability	160,046	143,800
Total Liabilities, at Fair Value	283,504	323,923
Level III | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
TRA liability	116,008	111,325
Warrant liability	7,450	25,750
Earnout liability	160,046	143,800
Total Liabilities, at Fair Value	283,504	280,875
Discounted cash flow | Level III | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
TRA liability	$ 116,008	$ 111,325
Discounted cash flow | Discount Rate | Level III | Fair Value, Recurring | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Tax liability rate (percent)	0.11	0.10
Discounted cash flow | Discount Rate | Level III | Fair Value, Recurring | Minimum | Wellfleet Earnout Shares
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (percent)	0.04
Discounted cash flow | Discount Rate | Level III | Fair Value, Recurring | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Tax liability rate (percent)	0.11	0.10
Discounted cash flow | Discount Rate | Level III | Fair Value, Recurring | Maximum | Wellfleet Earnout Shares
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (percent)	0.04
Discounted cash flow | Discount Rate | Level III | Fair Value, Recurring | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Tax liability rate (percent)	0.11	0.10
Discounted cash flow | Discount Rate | Level III | Fair Value, Recurring | Weighted Average | Wellfleet Earnout Shares
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (percent)	0.04
Monte Carlo Simulation | Level III | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liability	$ 7,450	$ 25,750
Earnout liability	160,046	$ 143,800
Monte Carlo Simulation | Level III | Fair Value, Recurring | Oak Street Earnouts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability	146,293
Monte Carlo Simulation | Level III | Fair Value, Recurring | Wellfleet Earnout Shares
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability	$ 13,753
Monte Carlo Simulation | Discount Rate | Level III | Fair Value, Recurring | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (percent)		0.15
Monte Carlo Simulation | Discount Rate | Level III | Fair Value, Recurring | Minimum | Oak Street Earnouts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (percent)	0.17
Monte Carlo Simulation | Discount Rate | Level III | Fair Value, Recurring | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (percent)		0.15
Monte Carlo Simulation | Discount Rate | Level III | Fair Value, Recurring | Maximum | Oak Street Earnouts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (percent)	0.17
Monte Carlo Simulation | Discount Rate | Level III | Fair Value, Recurring | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (percent)		0.15
Monte Carlo Simulation | Discount Rate | Level III | Fair Value, Recurring | Weighted Average | Oak Street Earnouts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (percent)	0.17
Monte Carlo Simulation | Volatility | Level III | Fair Value, Recurring | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liability rate (percent)	0.37	0.26
Monte Carlo Simulation | Volatility | Level III | Fair Value, Recurring | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liability rate (percent)	0.37	0.26
Monte Carlo Simulation | Volatility | Level III | Fair Value, Recurring | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liability rate (percent)	0.37	0.26
Monte Carlo Simulation | Revenue Volatility | Level III | Fair Value, Recurring | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (percent)		0.38
Monte Carlo Simulation | Revenue Volatility | Level III | Fair Value, Recurring | Minimum | Oak Street Earnouts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (percent)	0.63
Monte Carlo Simulation | Revenue Volatility | Level III | Fair Value, Recurring | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (percent)		0.38
Monte Carlo Simulation | Revenue Volatility | Level III | Fair Value, Recurring | Maximum | Oak Street Earnouts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (percent)	0.63
Monte Carlo Simulation | Revenue Volatility | Level III | Fair Value, Recurring | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (percent)		0.38
Monte Carlo Simulation | Revenue Volatility | Level III | Fair Value, Recurring | Weighted Average | Oak Street Earnouts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (percent)	0.63

INVESTMENTS AND FAIR VALUE DI_7

INVESTMENTS AND FAIR VALUE DISCLOSURES - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Debt obligations, fair value	$ 1,100,000
Debt obligations, net	$ 1,525,967	$ 1,174,167

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	29%	5.60%	7.70%	2.40%

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Millions	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Realized tax benefits payable under tax receivable agreement	85%
Unfunded investment commitments	$ 34.8

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Estimate of Maximum Amounts Payable Under Tax Receivable Agreement (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
October 1, 2022 to December 31, 2022	$ 0
2023	39,503
2024	54,955
2025	69,170
2026	54,617
Thereafter	689,970
Total Payments	908,215
Less adjustment to fair value for contingent consideration	(116,225)
Total TRA Liability	$ 791,990	$ 670,676

RELATED PARTY TRANSACTIONS - Du

RELATED PARTY TRANSACTIONS - Due From Related Parties (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Due from Related Parties	$ 368,057	$ 224,576
Affiliated Entity
Related Party Transaction [Line Items]
Due from Related Parties	368,057	224,576
Affiliated Entity | Management fees
Related Party Transaction [Line Items]
Due from Related Parties	261,166	168,057
Affiliated Entity | Realized performance income
Related Party Transaction [Line Items]
Due from Related Parties	0	10,496
Affiliated Entity | Administrative fees and other expenses paid on behalf of the Company’s products and other related parties
Related Party Transaction [Line Items]
Due from Related Parties	$ 106,891	$ 46,023

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Details) - Affiliated Entity - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Administrative fees and other expenses paid on behalf of the Company’s products and other related parties
Related Party Transaction [Line Items]
Revenue from related parties	$ 14.3	$ 11.4	$ 37.6	$ 21.7
Dealer Manager Revenue
Related Party Transaction [Line Items]
Revenue from related parties	5.9	2	18.4	4
Expense Support Arrangments
Related Party Transaction [Line Items]
Related party expenses	0.8	(4.1)	13.5	(1.1)
Aircraft Services
Related Party Transaction [Line Items]
Related party expenses	$ 0.6	$ 0.1	$ 1.7	$ 0.3

RELATED PARTY TRANSACTIONS - Pr

RELATED PARTY TRANSACTIONS - Promissory Note (Details) - Affiliated Entity - Related Party Promissory Note - USD ($) $ in Millions		3 Months Ended	9 Months Ended
	Aug. 08, 2022	Sep. 30, 2022	Sep. 30, 2022	Nov. 01, 2022
Related Party Transaction [Line Items]
Promissory note, maximum borrowing amount	$ 250
Promissory note outstanding		$ 150	$ 150
Interest income		$ 0.7	$ 0.7
Promissory note, payment period			120 days
Subsequent Event
Related Party Transaction [Line Items]
Promissory note outstanding				$ 250
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Related Party Transaction [Line Items]
Spread on SOFR rate (percent)	2%

EARNINGS (LOSS) PER SHARE (Deta

EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		4 Months Ended	9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Basic
Net Loss Attributable to Class A Shareholders		$ 2,060	$ (53,323)	$ (450,512)	$ (10,881)
Weighted-Average Class A Shares Outstanding - Basic (in shares)	[1]	441,487,112	338,472,456	335,472,904	427,172,270
Loss Per Class A Share (in dollars per share)		$ 0	$ (0.16)	$ (1.34)	$ (0.03)
Diluted
Net Loss Attributable to Class A Shareholders		$ (6,540)	$ (53,323)	$ (1,743,276)	$ (10,881)
Diluted (in shares)		1,411,812,068	338,472,456	1,281,179,067	427,172,270
Loss Per Class A Share (in dollars per share)		$ 0	$ (0.16)	$ (1.36)	$ (0.03)
RSUs
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares vested but not yet settled (in shares)		10,752,588	9,050,000	9,050,000	10,839,982
RSUs
Effect of dilutive securities:
Effect of dilutive common and incentive units		$ 0			$ 0
Effect of dilutive instruments (in shares)		2,757,915			0
Number of units excluded from diluted calculation (in shares)		0			10,772,062
Warrants
Effect of dilutive securities:
Effect of dilutive common and incentive units		$ 0	$ 0	$ 0	$ 0
Effect of dilutive instruments (in shares)		0	0	0	0
Number of units excluded from diluted calculation (in shares)		8,610,237	14,159,381	14,159,381	12,289,159
Compensation-classified Wellfleet Earnout Shares
Effect of dilutive securities:
Effect of dilutive common and incentive units		$ 0			$ 0
Effect of dilutive instruments (in shares)		84,672			0
Number of units excluded from diluted calculation (in shares)		0			578,009
Contingent consideration-classified Wellfleet Earnout Shares
Effect of dilutive securities:
Effect of dilutive common and incentive units		$ 0			$ 0
Effect of dilutive instruments (in shares)		78,393			0
Number of units excluded from diluted calculation (in shares)		0			52,549
Vested Common Units
Effect of dilutive securities:
Effect of dilutive common and incentive units		$ (8,600)	$ 0	$ (1,292,764)	$ 0
Effect of dilutive instruments (in shares)		967,403,976	0	945,706,163	0
Number of units excluded from diluted calculation (in shares)		0	956,301,495	0	981,549,708
Vested Incentive Units
Effect of dilutive securities:
Effect of dilutive common and incentive units		$ 0			$ 0
Effect of dilutive instruments (in shares)		0			0
Number of units excluded from diluted calculation (in shares)		1,706,416			925,932
Unvested Incentive Units
Effect of dilutive securities:
Effect of dilutive common and incentive units		$ 0			$ 0
Effect of dilutive instruments (in shares)		0			0
Number of units excluded from diluted calculation (in shares)		24,830,502			24,708,247
Oak Street Earnout Units
Effect of dilutive securities:
Effect of dilutive common and incentive units		$ 0			$ 0
Effect of dilutive instruments (in shares)		0			0
Number of units excluded from diluted calculation (in shares)		26,074,330			26,074,330
Earnout Securities
Effect of dilutive securities:
Effect of dilutive common and incentive units			$ 0	$ 0
Effect of dilutive instruments (in shares)			0	0
Number of units excluded from diluted calculation (in shares)			49,999,962	49,999,962
[1]Included in the weighted-average Class A Shares outstanding were RSUs that have vested but have not been settled in Class A Shares. These RSUs do not participate in dividends until settled in Class A Shares. See Note 13.

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 30, 2022	Nov. 04, 2022	Oct. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Subsequent Event [Line Items]
Cash dividends payable (in dollars per share)				$ 0.11	$ 0.04	$ 0.31	$ 0.04
Number of shares purchased pursuant to the programs (in shares)				1,021,079	0	3,021,079	0
Forecast
Subsequent Event [Line Items]
Cash dividends payable (in dollars per share)	$ 0.12
Subsequent Event
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)		$ 0.12
Number of shares purchased pursuant to the programs (in shares)			3,237,584
Shares aggregate amount			$ 29.7