Blue Owl Capital (OWL) 10-Q 3 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001823945
Current Fiscal Year End Date	--12-31
Class A Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		500,879,131
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		611,908,856
Class D Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		316,016,619

Consolidated Statements of Fina

Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 155,759	$ 104,160
Due from related parties	383,951	367,136
Investments (includes $88,059 and $78,779 at fair value and $351,236 and $337,595 of investments in the Company’s products, respectively)	357,774	344,265
Operating lease assets	276,862	281,669
Strategic Revenue-Share Purchase consideration, net	406,421	417,081
Deferred tax assets	930,108	781,694
Intangible assets, net	2,053,813	2,110,008
Goodwill	4,224,153	4,224,153
Other assets, net	196,636	187,455
Total Assets	8,985,477	8,817,621
Liabilities
Debt obligations, net	2,072,119	1,681,241
Accrued compensation	157,198	370,726
Operating lease liabilities	334,586	319,532
TRA liability (includes $107,311 and $116,398 at fair value, respectively)	1,017,379	879,509
Warrant liability, at fair value	37,300	22,600
Earnout liability, at fair value	10,619	92,909
Deferred tax liabilities	33,174	34,419
Accounts payable, accrued expenses and other liabilities	151,536	138,754
Total Liabilities	3,813,911	3,539,690
Commitments and Contingencies (Note 8)
Stockholders’ Equity
Additional paid-in capital	2,568,949	2,410,982
Accumulated deficit	(922,988)	(882,884)
Total Stockholders’ Equity Attributable to Blue Owl Capital Inc.	1,646,104	1,528,239
Stockholders’ equity attributable to noncontrolling interests	3,525,462	3,749,692
Total Stockholders’ Equity	5,171,566	5,277,931
Total Liabilities and Stockholders’ Equity	8,985,477	8,817,621
Class A Shares
Stockholders’ Equity
Common stock value	50	46
Class C Shares
Stockholders’ Equity
Common stock value	61	63
Class D Shares
Stockholders’ Equity
Common stock value	$ 32	$ 32

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investments at fair value	$ 88,059	$ 78,779
Investments in the company's products	351,236	337,595
Portion of TRA at fair value	$ 107,311	$ 116,398
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)	500,879,131	464,425,386
Common stock, shares outstanding (in shares)	500,879,131	464,425,386
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)	611,908,856	632,486,822
Common stock, shares outstanding (in shares)	611,908,856	632,486,822
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)	316,016,619	317,089,623
Common stock, shares outstanding (in shares)	316,016,619	317,089,623

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Revenues
Revenues		$ 513,340	$ 390,986
Expenses
Compensation and benefits		224,791	197,618
Amortization of intangible assets		56,195	70,891
General, administrative and other expenses		76,748	56,134
Total Expenses		357,734	324,643
Other Loss
Net gains on investments		3,173	612
Interest and dividend income		4,755	4,789
Interest expense		(22,484)	(18,362)
Change in TRA liability		1,019	(1,964)
Change in warrant liability		(14,700)	(1,950)
Change in earnout liability		(585)	(994)
Total Other Loss		(28,822)	(17,869)
Income Before Income Taxes		126,784	48,474
Income tax expense		14,771	6,440
Consolidated Net Income		112,013	42,034
Net income attributable to noncontrolling interests		(86,922)	(33,717)
Net Income Attributable to Blue Owl Capital Inc.		$ 25,091	$ 8,317
Earnings per Class A Share
Basic (in dollars per share)		$ 0.05	$ 0.02
Diluted (in dollars per share)		$ 0.04	$ 0.02
Weighted-Average Class A Shares
Basic (in shares)	[1]	488,435,221	456,189,118
Diluted (in shares)		498,738,547	461,911,117
Management Fees, Net
Revenues
Revenues		$ 447,898	$ 358,825
Administrative, transaction and other fees
Revenues
Revenues		63,397	31,655
Performance revenues
Revenues
Revenues		$ 2,045	$ 506
[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. See Note 12.

Consolidated Statements of Op_2

Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Part I fees	$ 120,161	$ 85,864

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A Shares	Class C Shares	Class D Shares	Blue Owl Capital Inc.	Common Stock Class A Shares	Common Stock Class C Shares	Common Stock Class D Shares	Additional Paid-in Capital	Accumulated Deficit	Stockholders’ Equity Attributable to Noncontrolling Interests
Beginning balance at Dec. 31, 2022						$ 45	$ 63	$ 32	$ 2,293,903	$ (689,345)	$ 3,944,188
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares delivered on vested RSUs						0
Class C Shares and Common Units exchanged for Class A Shares						0	0
Settlement of Earnout Securities							1
Deferred taxes on capital transactions									(8,053)
TRA liability on capital transactions									(988)
Equity-based compensation									4,508		64,805
Withholding taxes on vested RSUs									(1,395)		(3,006)
Reallocation between additional paid-in capital and noncontrolling interests due to changes in Blue Owl Operating Group ownership									40,541		(40,541)
Cash dividends declared on Class A Shares										(57,921)
Comprehensive income										8,317	33,717
Contributions											9,825
Distributions											(129,358)
Ending Balance at Mar. 31, 2023	$ 5,469,338				$ 1,589,708	$ 45	$ 64	$ 32	2,328,516	(738,949)	3,879,630
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash Dividends Paid per Class A Share (in dollars per share)	$ 0.13
Beginning balance (in shares) at Dec. 31, 2022						445,131,351	629,402,505	319,132,127
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares delivered on vested common units (in shares)						424,933	0
Class C shares and common units exchanged for Class A shares ( in shares)						315,942	(315,942)
Class D shares exchanged for Class A shares (in shares)						0		0
Settlement of Oak Street earnout units (in shares)							13,037,165
Ending balance (in shares) at Mar. 31, 2023						445,872,226	642,123,728	319,132,127
Beginning balance at Dec. 31, 2023	$ 5,277,931					$ 46	$ 63	$ 32	2,410,982	(882,884)	3,749,692
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares delivered on vested RSUs						1
Class C Shares and Common Units exchanged for Class A Shares						3	(3)
Settlement of Earnout Securities							1
Deferred taxes on capital transactions									158,788
TRA liability on capital transactions									(166,763)
Equity-based compensation									5,081		63,374
Withholding taxes on vested RSUs									(6,112)		(11,323)
Reallocation between additional paid-in capital and noncontrolling interests due to changes in Blue Owl Operating Group ownership									166,973		(166,973)
Cash dividends declared on Class A Shares										(65,195)
Comprehensive income										25,091	86,922
Contributions											7,972
Distributions											(204,202)
Ending Balance at Mar. 31, 2024	$ 5,171,566				$ 1,646,104	$ 50	$ 61	$ 32	$ 2,568,949	$ (922,988)	$ 3,525,462
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash Dividends Paid per Class A Share (in dollars per share)	$ 0.14
Beginning balance (in shares) at Dec. 31, 2023		464,425,386	632,486,822	317,089,623		464,425,386	632,486,822	317,089,623
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares delivered on vested common units (in shares)						1,252,343	513,267
Class C shares and common units exchanged for Class A shares ( in shares)						34,128,398	(34,128,398)
Class D shares exchanged for Class A shares (in shares)						1,073,004		(1,073,004)
Settlement of Oak Street earnout units (in shares)							13,037,165
Ending balance (in shares) at Mar. 31, 2024		500,879,131	611,908,856	316,016,619		500,879,131	611,908,856	316,016,619

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities
Consolidated net income	$ 112,013	$ 42,034
Adjustments to reconcile consolidated net income to net cash from operating activities:
Amortization of intangible assets	56,195	70,891
Equity-based compensation	65,713	73,275
Depreciation and amortization of fixed assets	2,809	1,922
Amortization of debt discounts and deferred financing costs	1,326	1,117
Non-cash lease expense	19,861	5,081
Payment of earnout liability in excess of acquisition-date fair value	(13,137)	(7,188)
Net gains on investments, net of dividends on equity-method investments	(818)	(612)
Change in TRA liability	(1,019)	1,964
Change in warrant liability	14,700	1,950
Change in earnout liability	585	994
Deferred income taxes	9,130	1,619
Changes in operating assets and liabilities:
Due from related parties	(16,815)	58,301
Strategic Revenue-Share Purchase consideration	10,660	9,769
Other assets, net	(634)	(1,102)
Accrued compensation	(210,786)	(168,804)
Accounts payable, accrued expenses and other liabilities	(2,536)	29,798
Net Cash Provided by Operating Activities	47,247	121,009
Cash Flows from Investing Activities
Purchases of fixed assets	(6,141)	(5,672)
Purchases of investments	(12,940)	(37,686)
Proceeds from investment sales and maturities	3,750	8,998
Net Cash Used in Investing Activities	(15,331)	(34,360)
Cash Flows from Financing Activities
Proceeds from debt obligations	720,000	355,000
Debt issuance costs	66	0
Repayments of debt obligations, including retirement costs	(330,000)	(215,000)
Payment of earnout liability, up to acquisition-date fair value	(69,738)	(74,062)
Payments under the TRA	(28,166)	0
Withholding taxes on vested RSUs	(17,435)	(4,401)
Dividends paid on Class A Shares	(65,195)	(57,921)
Contributions from noncontrolling interests	14,535	8,927
Distributions to noncontrolling interests	(204,384)	(129,358)
Net Cash Provided by (Used in) Financing Activities	19,683	(116,815)
Net Increase (Decrease) in Cash and Cash Equivalents	51,599	(30,166)
Cash and cash equivalents, beginning of period	104,160	68,079
Cash and Cash Equivalents, End of Period	155,759	37,913
Supplemental Information
Cash paid for interest	11,018	11,254
Cash paid for income taxes	$ 5,077	$ 1,828

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2024
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 Credit, GP Strategic Capital and Real Estate platforms 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 the combined businesses of Blue Owl Capital Group LLC (formerly, Owl Rock Capital Group LLC) and Blue Owl Securities LLC (formerly, Owl Rock Securities LLC) (“Owl Rock”) (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 (“Securities”). Oak Street Acquisition On December 29, 2021, the Company completed its acquisition of Blue Owl Real Estate Capital, LLC (f/k/a 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 Blue Owl Liquid Credit Partners (f/k/a Wellfleet Credit Partners, LLC, “Wellfleet”), a manager of collateralized loan obligations (“CLOs”) (the “Wellfleet Acquisition”). Par Four Acquisition On August 15, 2023, the Company acquired the rights to certain CLO management agreements, related assets and personnel from Par Four CLO Management LLC (“Par Four”) (the “Par Four Acquisition”). CHI Acquisition On December 1, 2023, the Company acquired the rights to investment management agreements, investor relationships, related assets and personnel from Cowen Healthcare Investments (“CHI”) (the “CHI Acquisition,” and collectively with the Dyal Acquisition, Oak Street Acquisition, Wellfleet Acquisition, and Par Four Acquisition, the “Acquisitions”). Registrant’s Capital Structure The following table presents the number of shares of the Registrant, RSUs and warrants that were outstanding as of March 31, 2024: March 31, 2024 Class A Shares 500,879,131 Class C Shares 611,908,856 Class D Shares 316,016,619 RSUs 29,107,582 Private Placement Warrants 5,000,000 Class A Shares —Shares of Class A common stock that are publicly traded. Class A Stockholders are entitled to dividends declared on the Class A Shares by the Registrant’s board of directors (the “Board”). As of March 31, 2024, 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. Class B Shares —Shares of Class B common stock that are not publicly traded. Class B Stockholders are entitled to dividends in the same amount per share as declared on Class A Shares. As of March 31, 2024, 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. Class C Shares —Shares of Class C common stock that are not publicly traded. Class C Stockholders 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 Stockholders 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. 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 10 and the Company’s Annual Report for additional information. Warrants —In connection with the Business Combination, the Company issued warrants to purchase Class A Shares at an original price of $11.50 per share (currently, $11.29 due to certain dividend adjustments). 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. Blue Owl Operating Partnerships’ Capital Structure The following table presents the interests outstanding of the Blue Owl Operating Group that were outstanding as of March 31, 2024, which interests are collectively referred to as “Blue Owl Operating Group Units”: Units March 31, 2024 GP Units 500,879,131 Common Units 927,925,475 Incentive Units 34,665,699 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 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. 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 10 to the Financial Statements and Note 8 to the financial statements in our Annual Report. 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. Share Repurchases and RSUs Withheld for Tax Withholding 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. There were no repurchases made under the Program during the three months ended March 31, 2024 and 2023. 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. The following table presents RSUs withheld to satisfy tax withholding obligations during each of the indicated periods: Three Months Ended 2024 2023 Number of RSUs withheld to satisfy tax withholding obligations 969,149 319,306 Acquisitions-Related Earnouts 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 the Company’s Real Estate products. In January 2023, the Oak Street Triggering Event occurred with respect to the First Oak Street Earnout. In January 2024, the Oak Street Triggering Event occurred with respect to the Second Oak Street Earnout. See Note 3 to the financial statements in the Company’s Annual Report 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 anniversary following the closing of the transaction for three years, contingent upon the continued employment of certain Wellfleet employees (“Wellfleet Triggering Events”). In April 2023, the Company modified the Wellfleet Earnout Shares arrangement, such that the settlement of the Wellfleet Earnout Shares would be in cash at each payment date, including the settlement of the First Wellfleet Earnouts during the second quarter of 2023. In April 2024, the Wellfleet Triggering Event occurred with respect to the Second Wellfleet Earnout. See Note 3 to the financial statements in the Company’s Annual Report 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 these exchanges, the Company reallocates equity from noncontrolling interests to the Company’s additional paid-in capital and records additional deferred tax assets and TRA liability in connection with the exchanges. See the consolidated statement of stockholders’ equity for these amounts.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These unaudited, interim, consolidated financial statements (“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 Financial Statements. In the opinion of management, all adjustments necessary for a fair presentation of the Company’s Financial Statements have been included and are of a normal and recurring nature. The Company’s comprehensive income (loss) is comprised solely of consolidated net income (loss) (i.e., the Company has no other comprehensive income). These interim Financial Statements should be read in conjunction with the annual report for the year ended December 31, 2023, filed with the SEC on Form 10-K (“Annual Report”). Prior to the Business Combination, Blue Owl’s financial statements were prepared on a consolidated 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. For details about Blue Owl’s significant accounting policies and accounting updates adopted in the prior year, see Note 2 to the financial statements in the Company’s Annual Report. During the three months ended March 31, 2024, there were no material updates to Blue Owl’s significant accounting policies. 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 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 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, are assumptions about the Company’s strategic plans with regard to its operations. While management believes that the estimates utilized in preparing the Financial Statements are reasonable and prudent, actual results could differ materially from those estimates. New Accounting Pronouncements The Company considers the applicability and impact of all ASUs issued by the FASB. ASUs not listed below were not applicable, not expected to have a material impact on the Company’s Financial Statements when adopted or did not have a significant impact on the Company’s Financial Statements upon adoption. Standard Description Effective Date and Impact on Financial Statements ASU 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The guidance requires incremental disclosures related to a public entity’s reportable segment disclosure requirements. The amendments are as follows: • Introduce a new requirement to disclose significant segment expenses regularly provided to the chief operating decision maker (“CODM”). • Extend certain annual disclosures to interim periods. • Clarify single reportable segment entities must apply ASC 280 in its entirety. • Require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. • Permit more than one measure of segment profit or loss to be reported under certain conditions. The guidance does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments. Effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. A public entity should apply the amendments in this update retrospectively to all prior periods presented in the financial statements. The Company plans to adopt the ASU beginning with the 2024 Form 10-K. The Company is currently evaluating the impact of the required disclosures for entities with a single reportable segment, as well as the nature of other new quantitative and qualitative disclosures in the ASU. ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures The ASU enhances income tax disclosures for public business entities by requiring entities to disclose: • A tabular rate reconciliation using both percentages and amounts, broken out into specific categories with certain reconciling items at or above 5% of the statutory (i.e. expected) tax further broken out by nature and/or jurisdiction. • Income taxes paid (net of refunds received), broken out between federal (national), state/local and foreign, and amounts paid to individual jurisdictions when 5% or more of the total income taxes are paid. The ASU also includes other amendments, such as replacing the term ‘public entity’ with ‘public business entity’ and the removal of certain disclosures. For public business entities, the amendments in this update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis. Retrospective application is permitted. The Company plans to adopt the ASU beginning with the 2025 Form 10-K. The guidance will result in enhanced disclosures that will improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation, as well as income taxes paid disaggregated by jurisdiction.

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS, NET	3. INTANGIBLE ASSETS, NET Intangible Assets, Net The following table summarizes the Company’s intangible assets, net: (dollars in thousands) March 31, December 31, Remaining Weighted-Average Amortization Period as of March 31, 2024 Intangible assets, gross: Investment management agreements $ 2,224,420 $ 2,224,420 11.5 years Investor relationships 460,300 460,300 8.4 years Total intangible assets, gross 2,684,720 2,684,720 Accumulated amortization: Investment management agreements (516,548) (471,104) Investor relationships (114,359) (103,608) Total accumulated amortization (630,907) (574,712) Total Intangible Assets, Net $ 2,053,813 $ 2,110,008 The following table presents expected future amortization of finite-lived intangible assets as of March 31, 2024: (dollars in thousands) Period Amortization April 1, 2024 to December 31, 2024 $ 169,819 2025 221,252 2026 207,408 2027 193,109 2028 189,458 Thereafter 1,072,767 Total $ 2,053,813

INVESTMENTS AND FAIR VALUE DISC

INVESTMENTS AND FAIR VALUE DISCLOSURES	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
INVESTMENTS AND FAIR VALUE DISCLOSURES	4. INVESTMENTS AND FAIR VALUE DISCLOSURES The following table presents the components of the Company’s investments: (dollars in thousands) March 31, December 31, Loans, at amortized cost (includes $207,500 and $207,500 of investments in the Company’s products, respectively) $ 214,038 $ 214,170 Equity investments in the Company’s products, equity method 55,677 51,316 Equity investments in the Company’s products, at fair value 85,682 76,258 Investments in the Company’s CLOs, at fair value 2,377 2,521 Total $ 357,774 $ 344,265 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 tables below summarizes the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023: March 31, 2024 (dollars in thousands) Level I Level II Level III Total Investments, at Fair Value Equity investments in the Company’s products $ — $ 85,682 $ — $ 85,682 CLOs — — 2,377 2,377 Total Assets, at Fair Value $ — $ 85,682 $ 2,377 $ 88,059 Liabilities, at Fair Value TRA liability $ — $ — $ 107,311 $ 107,311 Warrant liability — — 37,300 37,300 Earnout liability — 973 9,646 10,619 Total Liabilities, at Fair Value $ — $ 973 $ 154,257 $ 155,230 December 31, 2023 (dollars in thousands) Level I Level II Level III Total Investments, at Fair Value Equity investments in the Company’s products $ — $ 76,258 $ — $ 76,258 CLOs — — 2,521 2,521 Total Assets, at Fair Value $ — $ 76,258 $ 2,521 $ 78,779 Liabilities, at Fair Value TRA liability $ — $ — $ 116,398 $ 116,398 Warrant liability — — 22,600 22,600 Earnout liability — 790 92,119 92,909 Total Liabilities, at Fair Value $ — $ 790 $ 231,117 $ 231,907 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 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 March 31, 2024 and 2023: (dollars in thousands) Level III Assets Investment in CLOs Three Months Ended March 31, 2024 2023 Beginning balance $ 2,521 $ 2,843 Net losses (144) (165) Ending Balance $ 2,377 $ 2,678 Change in net unrealized losses on assets still recognized at the reporting date $ (144) $ (165) Three Months Ended March 31, 2024 Level III Liabilities (dollars in thousands) TRA Liability Warrant Liability Earnout Liability Total Beginning balance $ 116,398 $ 22,600 $ 92,119 $ 231,117 Settlements (8,551) — (82,875) (91,426) Net (gains) losses (536) 14,700 402 14,566 Ending Balance $ 107,311 $ 37,300 $ 9,646 $ 154,257 Change in net unrealized (gains) losses on liabilities still recognized at the reporting date $ (536) $ 14,700 $ 402 $ 14,566 Three Months Ended March 31, 2023 Level III Liabilities (dollars in thousands) TRA Liability Warrant Liability Earnout Liability Total Beginning balance $ 120,587 $ 8,550 $ 172,070 $ 301,207 Settlements — — (81,250) (81,250) Net losses 2,364 1,950 994 5,308 Ending Balance $ 122,951 $ 10,500 $ 91,814 $ 225,265 Change in net unrealized losses on liabilities still recognized at the reporting date $ 2,364 $ 1,950 $ 994 $ 5,308 Valuation Methodologies for Fair Value Measurements Categorized within Levels II and III Equity Investments in the Company’s Products The fair value of equity investments in the Company’s products is determined based on the published net asset value of these investments, as such values are the price at which contributions and redemptions are effectuated on a monthly basis. These investments are generally classified as Level II. The remaining balance is generally redeemable on a monthly basis at the Company’s option. CLOs The fair value of CLOs are determined based on inputs from independent pricing services. These investments are classified as Level III. The Company obtains prices from independent pricing services that utilize discounted cash flows, which take into account unobservable significant inputs, such as yield, prepayments and credit quality. 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 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. Earnout Liability As of March 31, 2024, the earnout liability was comprised of the Wellfleet Earnouts. As of December 31, 2023, 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 Oak Street Acquisition and Wellfleet Acquisition, respectively. The fair value of the Oak Street Cash Earnout was determined using a discounted cash flow model as of December 31, 2023. The fair value of the Wellfleet Earnouts, which are primarily comprised of future contingent cash payments, was determined using a discounted cash flow model. 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 March 31, 2024: (dollars in thousands) Fair Value Valuation Technique Significant Unobservable Inputs Range Weighted Average Impact to Valuation from an Increase in Input Assets CLOs $ 2,377 Discounted cash flow Yield 13 % - 17% 15 % Decrease Liabilities TRA liability $ 107,311 Discounted cash flow Discount Rate 12 % - 12% 12 % Decrease Warrant liability 37,300 Monte Carlo Simulation Volatility 27 % - 27% 27 % Increase Earnout liability: Wellfleet Earnouts 9,646 Discounted cash flow Discount Rate 6 % - 6% 6 % Decrease Total Liabilities, at Fair Value $ 154,257 The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of December 31, 2023: (dollars in thousands) Fair Value Valuation Technique Significant Unobservable Inputs Range Weighted Average Impact to Valuation from an Increase in Input Assets CLOs $ 2,521 Discounted cash flow Yield 15 % - 19% 17 % Decrease Liabilities TRA liability $ 116,398 Discounted cash flow Discount Rate 11 % - 11% 11 % Decrease Warrant liability 22,600 Monte Carlo Simulation Volatility 31 % - 31% 31 % Increase Earnout liability: Oak Street Earnouts 82,875 Discounted cash flow Discount Rate 16 % - 16% 16 % Decrease - Wellfleet Earnouts 9,244 Discounted cash flow Discount Rate 6 % - 6% 6 % Decrease 92,119 Total Liabilities, at Fair Value $ 231,117 Fair Value of Other Financial Instruments As of March 31, 2024, the fair value of the Company’s debt obligations was approximately $1.8 billion compared to a carrying value of $2.1 billion, of which $1.2 billion of the fair value would have been categorized as Level II within the fair value hierarchy and the remainder as Level III. As of December 31, 2023, the fair value of the Company’s debt obligations was approximately $1.4 billion compared to a carrying value of $1.7 billion, of which $1.2 billion of the fair value would have been categorized as Level II within the fair value hierarchy and the remainder as Level III. 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 March 31, 2024 and December 31, 2023, respectively, and such fair value measurements are categorized as Level III within the fair value hierarchy.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2024
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; however, certain of the Company’s other leases contain renewal and early termination options that the Company has determined are not reasonably certain of being exercised. (dollars in thousands) Three Months Ended March 31, Lease Cost 2024 2023 Operating lease cost $ 10,759 $ 8,171 Short term lease cost 37 62 Net Lease Cost $ 10,796 $ 8,233 (dollars in thousands) Three Months Ended March 31, Supplemental Lease Cash Flow Information 2024 2023 Cash paid (received) for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases (1) $ (9,065) $ 3,152 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 5,495 $ 35,933 (1) The amount presented above for the three months ended March 31, 2024, includes $14.7 million of tenant improvement allowances received from the lessor. Lease Term and Discount Rate March 31, 2024 December 31, 2023 Weighted-average remaining lease term: Operating leases 12.4 years 12.5 years Weighted-average discount rate: Operating leases 5.5 % 5.4 % (dollars in thousands) Future Maturity of Operating Lease Payments Operating Leases April 1, 2024 to December 31, 2024 $ 19,081 2025 36,427 2026 39,642 2027 38,435 2028 39,366 Thereafter 303,774 Total Lease Payments 476,725 Imputed interest (142,139) Total Lease Liabilities $ 334,586 Amounts presented in the table above are presented net of tenant improvement allowances and reflect the impacts of rent holiday periods. The Company has future operating lease payments of approximately $30.9 million related to leases that have not commenced that were entered into as of March 31, 2024. Such lease payments are not included in the table above or the Company’s consolidated statements of financial condition as operating lease assets and operating lease liabilities. These operating lease payments are anticipated to commence in the second quarter of 2024 and continue for approximately 14 years.

OTHER ASSETS, NET

OTHER ASSETS, NET	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS, NET	6. OTHER ASSETS, NET (dollars in thousands) March 31, December 31, Fixed assets, net: Leasehold improvements $ 147,904 $ 127,612 Furniture and fixtures 13,936 13,823 Computer hardware and software 9,361 8,328 Accumulated depreciation and amortization (17,683) (14,870) Fixed assets, net 153,518 134,893 Receivables 11,386 15,853 Prepaid expenses 9,079 7,212 Unamortized debt issuance costs on revolving credit facilities 8,750 9,265 Other assets 13,903 20,232 Total $ 196,636 $ 187,455

DEBT OBLIGATIONS, NET

DEBT OBLIGATIONS, NET	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT OBLIGATIONS, NET	7. DEBT OBLIGATIONS, NET The following tables summarize outstanding debt obligations of the Company: March 31, 2024 (dollars in thousands) Maturity Date Aggregate Facility Size Outstanding Debt Amount Available Net Carrying Value 2028 Notes 5/26/2028 $ 59,800 $ 59,800 $ — $ 58,504 2031 Notes 6/10/2031 700,000 700,000 — 687,585 2032 Notes 2/15/2032 400,000 400,000 — 393,000 2051 Notes 10/7/2051 350,000 350,000 — 338,030 Revolving Credit Facility 6/29/2028 1,550,000 595,000 948,300 595,000 Total $ 3,059,800 $ 2,104,800 $ 948,300 $ 2,072,119 December 31, 2023 (dollars in thousands) Maturity Date Aggregate Facility Size Outstanding Debt Amount Available Net Carrying Value 2028 Notes 5/26/2028 $ 59,800 $ 59,800 $ — $ 58,390 2031 Notes 6/10/2031 700,000 700,000 — 687,163 2032 Notes 2/15/2032 400,000 400,000 — 392,766 2051 Notes 10/7/2051 350,000 350,000 — 337,922 Revolving Credit Facility 6/29/2028 1,550,000 205,000 1,338,300 205,000 Total $ 3,059,800 $ 1,714,800 $ 1,338,300 $ 1,681,241 Revolving Credit Facility On December 7, 2021, the Company entered into a revolving credit facility (the “Revolving Credit Facility”), which was amended in June 2023 to increase total borrowing capacity to $1.6 billion and extend the maturity date to June 29, 2028. Amounts available for the Revolving Credit Facility presented in the tables above are reduced by outstanding letters of credit related to certain leases. Borrowings under the Revolving Credit Facility bear interest at the Company’s discretion at a rate (a) per annum of adjusted-term secured overnight financing rate (“SOFR”) plus a margin of 1.25% to 1.875%, plus 0.1% term SOFR adjustment, or (b) the greater of the (i) prime rate, (ii) New York Fed Bank Rate plus 0.50% or (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 borrowing rates for balances outstanding under the Revolving Credit Facility as of March 31, 2024 and December 31, 2023, were 6.92% and 6.96% , respectively. As of the date of this report, the amount borrowed under the Revolving Credit Facility was fully repaid. For a description of terms of the other debt obligations presented in the tables above as well as related financial covenants, see Note 4 to the financial statements in the Company’s Annual Report.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	8. 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 pays 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. During the three months ended March 31, 2024, the Company made a TRA payment of $28.2 million (including $2.8 million to related parties). The table below presents management’s estimate as of March 31, 2024, 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 April 1, 2024 to December 31, 2024 $ — 2025 53,732 2026 62,268 2027 82,022 2028 82,180 Thereafter 858,518 Total Payments 1,138,720 Less adjustment to fair value for contingent consideration (121,341) Total TRA Liability $ 1,017,379 Unfunded Product Commitments As of March 31, 2024, the Company had unfunded investment commitments to its products of $33.2 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 13. 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 March 31, 2024, 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.

REVENUES

REVENUES	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUES	9. REVENUES The following table presents a disaggregated view of the Company’s revenues: Three Months Ended March 31, (dollars in thousands) 2024 2023 Credit Platform Diversified lending $ 192,378 $ 146,095 Technology lending 59,210 47,690 First lien lending 4,103 4,485 Opportunistic lending 2,385 2,400 Liquid credit 6,799 7,518 Other 5,926 — Management Fees, Net 270,801 208,188 Administrative, transaction and other fees 47,421 20,091 Performance revenues 175 — Total GAAP Revenues - Credit Platform 318,397 228,279 GP Strategic Capital Platform GP minority stakes 139,786 130,296 GP debt financing 5,405 3,751 Professional sports minority stakes 1,232 402 Strategic Revenue-Share Purchase consideration amortization (10,660) (9,769) Management Fees, Net 135,763 124,680 Administrative, transaction and other fees 10,800 8,405 Total GAAP Revenues - GP Strategic Capital Platform 146,563 133,085 Real Estate Platform Net lease 41,334 25,957 Management Fees, Net 41,334 25,957 Administrative, transaction and other fees 5,176 3,159 Performance revenues 1,870 506 Total GAAP Revenues - Real Estate Platform 48,380 29,622 Total GAAP Revenues $ 513,340 $ 390,986 The table below presents the beginning and ending balances of the Company’s management fees, performance revenues 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, performance revenues 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 statements of financial condition. Three Months Ended March 31, (dollars in thousands) 2024 2023 Management Fees Receivable Beginning balance $ 243,203 $ 262,059 Ending balance $ 270,139 $ 213,969 Administrative, Transaction and Other Fees Receivable Beginning balance $ 42,059 $ 44,060 Ending balance $ 41,805 $ 32,331 Performance Revenues Receivable Beginning balance $ 2,975 $ 1,132 Ending balance $ 1,184 $ 320 Unearned Management Fees Beginning balance $ 9,398 $ 9,389 Ending balance $ 7,610 $ 12,764 The table below presents the changes in the Company’s Strategic Revenue-Share Purchase consideration. The consideration paid in 2021, 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. Three Months Ended March 31, (dollars in thousands) 2024 2023 Beginning Balance $ 417,081 $ 457,939 Amortization (10,660) (9,769) Ending Balance $ 406,421 $ 448,170

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
EQUITY-BASED COMPENSATION	10. 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, as amended (“2021 Equity Incentive Plan”). Equity-based compensation awards are generally subject to a three The table below presents information regarding equity-based compensation expense. Three Months Ended March 31, (dollars in thousands) 2024 2023 Acquisition related Oak Street Earnout Units $ — $ 19,868 Wellfleet Earnout Shares 2,103 811 Total acquisition related 2,103 20,679 Incentive Units 46,503 39,474 RSUs 17,107 13,122 Equity-Based Compensation Expense $ 65,713 $ 73,275 Corresponding tax benefit $ 825 $ 242 Fair value of RSUs settled in Class A Shares $ 22,580 $ 5,856 Fair value of RSUs withheld to satisfy tax withholding obligations $ 17,435 $ 4,400

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	11. INCOME TAXES 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. 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 UBT. The Company had an effective tax rate of 11.7% for the three months ended March 31, 2024 and 13.3% for the three months ended March 31, 2023. 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. 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 March 31, 2024, 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 2019. In connection with and subsequent to the Business Combination, the Company recorded to additional paid-in capital various adjustments to deferred tax assets and liabilities, as well as related impacts to the TRA liability, related to capital transactions. These adjustments primarily resulted from differences between the Company’s GAAP and tax basis in its investment in the Blue Owl Operating Partnerships, as well as portions related to the TRA liability that may eventually lead to additional tax basis in the Blue Owl Operating Partnerships upon future TRA payments. The deferred tax assets will be recovered as the basis is amortized. See the Company’s consolidated statements of stockholders’ equity for these amounts.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	12. EARNINGS PER SHARE The table below presents the Company’s treatment for basic and diluted earnings 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 (3) Excluded Excluded Contingent consideration-classified Wellfleet Earnout Shares (3) Excluded Excluded 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 (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 12,098,617 for the three months ended March 31, 2024, and 10,736,476 for the three months ended March 31, 2023. (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 for the period. (3) During the second quarter of 2023, the Company modified the Wellfleet Earnout Shares arrangement such that settlement of the Wellfleet Earnout Shares would be in cash at each payment date. As a result of the modification, Wellfleet Earnout Shares are excluded from basic and diluted earnings per share for three months ended March 31, 2024. As of March 31, 2023, 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 per share for the three months ended March 31, 2023. However, had March 31, 2023, 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 per share for the three months ended March 31, 2023, 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. (5) The Second Oak Street Earnouts and the First Oak Street Earnouts were settled as common units during the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2023, the Oak Street Triggering Events with respect to the Second 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 per share for the three months ended March 31, 2023. Had March 31, 2023, also been the end of the contingency period for the Second Oak Street Earnout Units, the Oak Street Triggering Event would have not occurred, and therefore the Second Oak Street Earnout Units have not been included in the calculation of diluted earnings per share for the three months ended March 31, 2023. Three Months Ended March 31, 2024 Net Income Weighted-Average Class A Shares Outstanding Earnings Per Class A Share Weighted-Average Number of Antidilutive Instruments (dollars in thousands, except per share amounts) Basic $ 25,091 488,435,221 $ 0.05 Effect of dilutive securities: Unvested RSUs — 8,685,416 — Warrants (5,153) 1,617,910 — Vested Common Units — — 951,592,871 Vested Incentive Units — — 8,636,283 Unvested Incentive Units — — 25,282,958 Diluted $ 19,938 498,738,547 $ 0.04 Three Months Ended March 31, 2023 Net Income Attributable To Weighted-Average Class A Shares Outstanding Earnings Per Class A Share Weighted-Average Number of Antidilutive Instruments (dollars in thousands, except per share amounts) Basic $ 8,317 456,189,118 $ 0.02 Effect of dilutive securities: Unvested RSUs — 5,164,511 — Warrants (618) 200,334 — Compensation-classified Wellfleet Earnout Shares — 278,761 — Contingent consideration-classified Wellfleet Earnout Shares — 78,393 — Vested Common Units — — 961,462,973 Vested Incentive Units — — 6,406,975 Unvested Incentive Units — — 25,016,462 Diluted $ 7,699 461,911,117 $ 0.02

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	13. 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 statements of financial condition. (dollars in thousands) March 31, December 31, Management fees $ 270,139 $ 243,203 Performance revenues 1,184 2,975 Administrative fees 41,805 42,059 Other expenses paid on behalf of the Company’s products and other related parties 70,823 78,899 Due from Related Parties $ 383,951 $ 367,136 Administrative Fees Administrative fees represent allocable compensation and other expenses incurred by the Company, pursuant to administrative and other agreements, that are reimbursed by the products it manages and other related parties. These administrative fees are included within administrative, transaction and other fees on the consolidated statements of operations and totaled $24.0 million and $13.8 million for the three months ended March 31, 2024 and 2023, 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 statements of operations and totaled $16.7 million and $8.8 million for the three months ended March 31, 2024 and 2023, respectively. Substantially all of these dealer manager revenues are subsequently paid out to third party broker-dealers, and such payments are recorded within general, administrative and other expenses on the consolidated 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 $(1.8) million and $(1.9) million for the three months ended March 31, 2024 and 2023, respectively. These net expenses (recoveries) are included in general, administrative and other expenses within the consolidated 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 $0.9 million for the three months ended March 31, 2024 and 2023, respectively. Promissory Notes On August 8, 2022, the Company entered into an interest-bearing revolving promissory note with a product it manages, allowing the product to borrow from the Company up to an aggregate of $250.0 million. On November 9, 2023, the promissory note was amended to maintain the total borrowing capacity of $250.0 million upon repayment of borrowings and established a maturity date of June 30, 2024 unless extended. The promissory note bears interest at a rate of SOFR plus 1.7%, subject to change based on credit rating and leverage ratio. As of March 31, 2024, $200.0 million was outstanding under this promissory note, and the Company recorded $3.6 million of interest income for the three months ended March 31, 2024. As of March 31, 2023, $250.0 million was outstanding under this promissory note and the Company recorded $4.1 million of interest income for the three months ended March 31, 2023. Interest is payable monthly in arrears and may be settled in cash or equity in the related product. Any unpaid principal balance and unpaid accrued interest is payable at maturity. On November 15, 2022, the Company entered into an interest-bearing revolving promissory note with a product it manages, allowing the product to borrow from the Company up to an aggregate of $15.0 million. The promissory note bears interest at a rate of SOFR plus 4.75%, with any such interest amounts capitalized monthly. Any unpaid principal balance and unpaid accrued interest may be prepaid in full or in part any time prior to maturity in January 2026. As of March 31, 2024, $7.5 million was outstanding under this promissory note and the Company recorded $0.2 million of interest income for the three months ended March 31, 2024. As of March 31, 2023, $4.5 million was outstanding under this promissory note and the Company recorded $0.1 million of interest income for the three months ended March 31, 2023.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	14. SUBSEQUENT EVENTS Dividend On May 2, 2024, the Company announced a cash dividend of $0.18 per Class A Share. The dividend is payable on May 30, 2024, to holders of record as of the close of business on May 21, 2024. Acquisitions In April 2024, the Company announced its entry into an agreement to acquire Kuvare Insurance Services LP (dba Kuvare Asset Management) (“KAM”), a boutique investment management firm focused on providing asset management services to the insurance industry, including Kuvare UK Holdings (“Kuvare”), for $750 million (the “KAM Acquisition”). The Company will fund the KAM Acquisition through a combination of $325 million in cash and $425 million in Blue Owl Class A common stock. The KAM Acquisition is expected to close in the second or third quarter of 2024 and remains subject to customary regulatory approvals and other closing conditions and specified termination rights. Separately, the Company made a long-term investment in Kuvare, purchasing $250 million of preferred equity. In April 2024, the Company announced its entry into an agreement to acquire Prima Capital Advisors (“Prima”) for $170 million (the “Prima Acquisition”). The Prima Acquisition will be funded through a combination of approximately $157 million of Class A Shares, Class C Shares and Blue Owl Operating Group Units and approximately $13 million in cash, subject to certain closing consideration adjustments. The Prima Acquisition is expected to close in the second or third quarter of 2024, subject to customary closing conditions. 2034 Notes In April 2024, the Company, through its indirect subsidiary, Blue Owl Finance LLC, issued $750.0 million aggregate principal amount of 6.250% Senior Notes due 2034 (the “2034 Notes”). The 2034 Notes bear interest at a rate of 6.250% per annum and mature on April 18, 2034. Interest on the 2034 Notes will be payable semi-annually in arrears on April 18 and October 18 of each year, commencing October 18, 2024. Proceeds from the 2034 Notes were used to repay the outstanding borrowings under the Revolving Credit Facility. The remaining proceeds will be used for general corporate purposes, including to fund any future strategic acquisitions or related transactions and growth initiatives. The 2034 Notes are fully and unconditionally guaranteed, jointly and severally, by the Registrant, 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 2034 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 January 18, 2034, the redemption price for the 2034 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 2034 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 2034 Notes also provide for customary events of default and acceleration.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 25,091	$ 8,317

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These unaudited, interim, consolidated financial statements (“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 Financial Statements. In the opinion of management, all adjustments necessary for a fair presentation of the Company’s Financial Statements have been included and are of a normal and recurring nature. The Company’s comprehensive income (loss) is comprised solely of consolidated net income (loss) (i.e., the Company has no other comprehensive income). These interim Financial Statements should be read in conjunction with the annual report for the year ended December 31, 2023, filed with the SEC on Form 10-K (“Annual Report”). Prior to the Business Combination, Blue Owl’s financial statements were prepared on a consolidated 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.
Acquisitions	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. For details about Blue Owl’s significant accounting policies and accounting updates adopted in the prior year, see Note 2 to the financial statements in the Company’s Annual Report. During the three months ended March 31, 2024, there were no material updates to Blue Owl’s significant accounting policies.
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 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 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, are assumptions about the Company’s strategic plans with regard to its operations. While management believes that the estimates utilized in preparing the Financial Statements are reasonable and prudent, actual results could differ materially from those estimates.
New Accounting Pronouncements	New Accounting Pronouncements The Company considers the applicability and impact of all ASUs issued by the FASB. ASUs not listed below were not applicable, not expected to have a material impact on the Company’s Financial Statements when adopted or did not have a significant impact on the Company’s Financial Statements upon adoption. Standard Description Effective Date and Impact on Financial Statements ASU 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The guidance requires incremental disclosures related to a public entity’s reportable segment disclosure requirements. The amendments are as follows: • Introduce a new requirement to disclose significant segment expenses regularly provided to the chief operating decision maker (“CODM”). • Extend certain annual disclosures to interim periods. • Clarify single reportable segment entities must apply ASC 280 in its entirety. • Require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. • Permit more than one measure of segment profit or loss to be reported under certain conditions. The guidance does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments. Effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. A public entity should apply the amendments in this update retrospectively to all prior periods presented in the financial statements. The Company plans to adopt the ASU beginning with the 2024 Form 10-K. The Company is currently evaluating the impact of the required disclosures for entities with a single reportable segment, as well as the nature of other new quantitative and qualitative disclosures in the ASU. ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures The ASU enhances income tax disclosures for public business entities by requiring entities to disclose: • A tabular rate reconciliation using both percentages and amounts, broken out into specific categories with certain reconciling items at or above 5% of the statutory (i.e. expected) tax further broken out by nature and/or jurisdiction. • Income taxes paid (net of refunds received), broken out between federal (national), state/local and foreign, and amounts paid to individual jurisdictions when 5% or more of the total income taxes are paid. The ASU also includes other amendments, such as replacing the term ‘public entity’ with ‘public business entity’ and the removal of certain disclosures. For public business entities, the amendments in this update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis. Retrospective application is permitted. The Company plans to adopt the ASU beginning with the 2025 Form 10-K. The guidance will result in enhanced disclosures that will improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation, as well as income taxes paid disaggregated by jurisdiction.

ORGANIZATION (Tables)

ORGANIZATION (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024: March 31, 2024 Class A Shares 500,879,131 Class C Shares 611,908,856 Class D Shares 316,016,619 RSUs 29,107,582 Private Placement Warrants 5,000,000
Schedule of Operating Group Units Issued and Outstanding	The following table presents the interests outstanding of the Blue Owl Operating Group that were outstanding as of March 31, 2024, which interests are collectively referred to as “Blue Owl Operating Group Units”: Units March 31, 2024 GP Units 500,879,131 Common Units 927,925,475 Incentive Units 34,665,699
Schedule of Repurchase of Shares Activity	The following table presents RSUs withheld to satisfy tax withholding obligations during each of the indicated periods: Three Months Ended 2024 2023 Number of RSUs withheld to satisfy tax withholding obligations 969,149 319,306

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Accounting Standards Update and Change in Accounting Principle	Standard Description Effective Date and Impact on Financial Statements ASU 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The guidance requires incremental disclosures related to a public entity’s reportable segment disclosure requirements. The amendments are as follows: • Introduce a new requirement to disclose significant segment expenses regularly provided to the chief operating decision maker (“CODM”). • Extend certain annual disclosures to interim periods. • Clarify single reportable segment entities must apply ASC 280 in its entirety. • Require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. • Permit more than one measure of segment profit or loss to be reported under certain conditions. The guidance does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments. Effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. A public entity should apply the amendments in this update retrospectively to all prior periods presented in the financial statements. The Company plans to adopt the ASU beginning with the 2024 Form 10-K. The Company is currently evaluating the impact of the required disclosures for entities with a single reportable segment, as well as the nature of other new quantitative and qualitative disclosures in the ASU. ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures The ASU enhances income tax disclosures for public business entities by requiring entities to disclose: • A tabular rate reconciliation using both percentages and amounts, broken out into specific categories with certain reconciling items at or above 5% of the statutory (i.e. expected) tax further broken out by nature and/or jurisdiction. • Income taxes paid (net of refunds received), broken out between federal (national), state/local and foreign, and amounts paid to individual jurisdictions when 5% or more of the total income taxes are paid. The ASU also includes other amendments, such as replacing the term ‘public entity’ with ‘public business entity’ and the removal of certain disclosures. For public business entities, the amendments in this update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis. Retrospective application is permitted. The Company plans to adopt the ASU beginning with the 2025 Form 10-K. The guidance will result in enhanced disclosures that will improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation, as well as income taxes paid disaggregated by jurisdiction.

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The following table summarizes the Company’s intangible assets, net: (dollars in thousands) March 31, December 31, Remaining Weighted-Average Amortization Period as of March 31, 2024 Intangible assets, gross: Investment management agreements $ 2,224,420 $ 2,224,420 11.5 years Investor relationships 460,300 460,300 8.4 years Total intangible assets, gross 2,684,720 2,684,720 Accumulated amortization: Investment management agreements (516,548) (471,104) Investor relationships (114,359) (103,608) Total accumulated amortization (630,907) (574,712) Total Intangible Assets, Net $ 2,053,813 $ 2,110,008
Schedule of Finite-lived Intangible Assets Amortization Expense	The following table presents expected future amortization of finite-lived intangible assets as of March 31, 2024: (dollars in thousands) Period Amortization April 1, 2024 to December 31, 2024 $ 169,819 2025 221,252 2026 207,408 2027 193,109 2028 189,458 Thereafter 1,072,767 Total $ 2,053,813

INVESTMENTS AND FAIR VALUE DI_2

INVESTMENTS AND FAIR VALUE DISCLOSURES (Tables)	3 Months Ended
	Mar. 31, 2024
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) March 31, December 31, Loans, at amortized cost (includes $207,500 and $207,500 of investments in the Company’s products, respectively) $ 214,038 $ 214,170 Equity investments in the Company’s products, equity method 55,677 51,316 Equity investments in the Company’s products, at fair value 85,682 76,258 Investments in the Company’s CLOs, at fair value 2,377 2,521 Total $ 357,774 $ 344,265
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The tables below summarizes the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023: March 31, 2024 (dollars in thousands) Level I Level II Level III Total Investments, at Fair Value Equity investments in the Company’s products $ — $ 85,682 $ — $ 85,682 CLOs — — 2,377 2,377 Total Assets, at Fair Value $ — $ 85,682 $ 2,377 $ 88,059 Liabilities, at Fair Value TRA liability $ — $ — $ 107,311 $ 107,311 Warrant liability — — 37,300 37,300 Earnout liability — 973 9,646 10,619 Total Liabilities, at Fair Value $ — $ 973 $ 154,257 $ 155,230 December 31, 2023 (dollars in thousands) Level I Level II Level III Total Investments, at Fair Value Equity investments in the Company’s products $ — $ 76,258 $ — $ 76,258 CLOs — — 2,521 2,521 Total Assets, at Fair Value $ — $ 76,258 $ 2,521 $ 78,779 Liabilities, at Fair Value TRA liability $ — $ — $ 116,398 $ 116,398 Warrant liability — — 22,600 22,600 Earnout liability — 790 92,119 92,909 Total Liabilities, at Fair Value $ — $ 790 $ 231,117 $ 231,907
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 March 31, 2024 and 2023: (dollars in thousands) Level III Assets Investment in CLOs Three Months Ended March 31, 2024 2023 Beginning balance $ 2,521 $ 2,843 Net losses (144) (165) Ending Balance $ 2,377 $ 2,678 Change in net unrealized losses on assets still recognized at the reporting date $ (144) $ (165) Three Months Ended March 31, 2024 Level III Liabilities (dollars in thousands) TRA Liability Warrant Liability Earnout Liability Total Beginning balance $ 116,398 $ 22,600 $ 92,119 $ 231,117 Settlements (8,551) — (82,875) (91,426) Net (gains) losses (536) 14,700 402 14,566 Ending Balance $ 107,311 $ 37,300 $ 9,646 $ 154,257 Change in net unrealized (gains) losses on liabilities still recognized at the reporting date $ (536) $ 14,700 $ 402 $ 14,566 Three Months Ended March 31, 2023 Level III Liabilities (dollars in thousands) TRA Liability Warrant Liability Earnout Liability Total Beginning balance $ 120,587 $ 8,550 $ 172,070 $ 301,207 Settlements — — (81,250) (81,250) Net losses 2,364 1,950 994 5,308 Ending Balance $ 122,951 $ 10,500 $ 91,814 $ 225,265 Change in net unrealized losses on liabilities still recognized at the reporting date $ 2,364 $ 1,950 $ 994 $ 5,308
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 March 31, 2024: (dollars in thousands) Fair Value Valuation Technique Significant Unobservable Inputs Range Weighted Average Impact to Valuation from an Increase in Input Assets CLOs $ 2,377 Discounted cash flow Yield 13 % - 17% 15 % Decrease Liabilities TRA liability $ 107,311 Discounted cash flow Discount Rate 12 % - 12% 12 % Decrease Warrant liability 37,300 Monte Carlo Simulation Volatility 27 % - 27% 27 % Increase Earnout liability: Wellfleet Earnouts 9,646 Discounted cash flow Discount Rate 6 % - 6% 6 % Decrease Total Liabilities, at Fair Value $ 154,257 The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of December 31, 2023: (dollars in thousands) Fair Value Valuation Technique Significant Unobservable Inputs Range Weighted Average Impact to Valuation from an Increase in Input Assets CLOs $ 2,521 Discounted cash flow Yield 15 % - 19% 17 % Decrease Liabilities TRA liability $ 116,398 Discounted cash flow Discount Rate 11 % - 11% 11 % Decrease Warrant liability 22,600 Monte Carlo Simulation Volatility 31 % - 31% 31 % Increase Earnout liability: Oak Street Earnouts 82,875 Discounted cash flow Discount Rate 16 % - 16% 16 % Decrease - Wellfleet Earnouts 9,244 Discounted cash flow Discount Rate 6 % - 6% 6 % Decrease 92,119 Total Liabilities, at Fair Value $ 231,117

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Lease Cost Information	(dollars in thousands) Three Months Ended March 31, Lease Cost 2024 2023 Operating lease cost $ 10,759 $ 8,171 Short term lease cost 37 62 Net Lease Cost $ 10,796 $ 8,233 (dollars in thousands) Three Months Ended March 31, Supplemental Lease Cash Flow Information 2024 2023 Cash paid (received) for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases (1) $ (9,065) $ 3,152 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 5,495 $ 35,933 (1) The amount presented above for the three months ended March 31, 2024, includes $14.7 million of tenant improvement allowances received from the lessor. Lease Term and Discount Rate March 31, 2024 December 31, 2023 Weighted-average remaining lease term: Operating leases 12.4 years 12.5 years Weighted-average discount rate: Operating leases 5.5 % 5.4 %
Schedule of Operating Lease Maturity	(dollars in thousands) Future Maturity of Operating Lease Payments Operating Leases April 1, 2024 to December 31, 2024 $ 19,081 2025 36,427 2026 39,642 2027 38,435 2028 39,366 Thereafter 303,774 Total Lease Payments 476,725 Imputed interest (142,139) Total Lease Liabilities $ 334,586

OTHER ASSETS, NET (Tables)

OTHER ASSETS, NET (Tables)	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	(dollars in thousands) March 31, December 31, Fixed assets, net: Leasehold improvements $ 147,904 $ 127,612 Furniture and fixtures 13,936 13,823 Computer hardware and software 9,361 8,328 Accumulated depreciation and amortization (17,683) (14,870) Fixed assets, net 153,518 134,893 Receivables 11,386 15,853 Prepaid expenses 9,079 7,212 Unamortized debt issuance costs on revolving credit facilities 8,750 9,265 Other assets 13,903 20,232 Total $ 196,636 $ 187,455

DEBT OBLIGATIONS, NET (Tables)

DEBT OBLIGATIONS, NET (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Outstanding Debt Obligations	The following tables summarize outstanding debt obligations of the Company: March 31, 2024 (dollars in thousands) Maturity Date Aggregate Facility Size Outstanding Debt Amount Available Net Carrying Value 2028 Notes 5/26/2028 $ 59,800 $ 59,800 $ — $ 58,504 2031 Notes 6/10/2031 700,000 700,000 — 687,585 2032 Notes 2/15/2032 400,000 400,000 — 393,000 2051 Notes 10/7/2051 350,000 350,000 — 338,030 Revolving Credit Facility 6/29/2028 1,550,000 595,000 948,300 595,000 Total $ 3,059,800 $ 2,104,800 $ 948,300 $ 2,072,119 December 31, 2023 (dollars in thousands) Maturity Date Aggregate Facility Size Outstanding Debt Amount Available Net Carrying Value 2028 Notes 5/26/2028 $ 59,800 $ 59,800 $ — $ 58,390 2031 Notes 6/10/2031 700,000 700,000 — 687,163 2032 Notes 2/15/2032 400,000 400,000 — 392,766 2051 Notes 10/7/2051 350,000 350,000 — 337,922 Revolving Credit Facility 6/29/2028 1,550,000 205,000 1,338,300 205,000 Total $ 3,059,800 $ 1,714,800 $ 1,338,300 $ 1,681,241

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Payments Under Tax Receivable Agreement	The table below presents management’s estimate as of March 31, 2024, 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 April 1, 2024 to December 31, 2024 $ — 2025 53,732 2026 62,268 2027 82,022 2028 82,180 Thereafter 858,518 Total Payments 1,138,720 Less adjustment to fair value for contingent consideration (121,341) Total TRA Liability $ 1,017,379

REVENUES (Tables)

REVENUES (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, (dollars in thousands) 2024 2023 Credit Platform Diversified lending $ 192,378 $ 146,095 Technology lending 59,210 47,690 First lien lending 4,103 4,485 Opportunistic lending 2,385 2,400 Liquid credit 6,799 7,518 Other 5,926 — Management Fees, Net 270,801 208,188 Administrative, transaction and other fees 47,421 20,091 Performance revenues 175 — Total GAAP Revenues - Credit Platform 318,397 228,279 GP Strategic Capital Platform GP minority stakes 139,786 130,296 GP debt financing 5,405 3,751 Professional sports minority stakes 1,232 402 Strategic Revenue-Share Purchase consideration amortization (10,660) (9,769) Management Fees, Net 135,763 124,680 Administrative, transaction and other fees 10,800 8,405 Total GAAP Revenues - GP Strategic Capital Platform 146,563 133,085 Real Estate Platform Net lease 41,334 25,957 Management Fees, Net 41,334 25,957 Administrative, transaction and other fees 5,176 3,159 Performance revenues 1,870 506 Total GAAP Revenues - Real Estate Platform 48,380 29,622 Total GAAP Revenues $ 513,340 $ 390,986
Schedule of Company's Fees and Receivables	The table below presents the beginning and ending balances of the Company’s management fees, performance revenues 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, performance revenues 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 statements of financial condition. Three Months Ended March 31, (dollars in thousands) 2024 2023 Management Fees Receivable Beginning balance $ 243,203 $ 262,059 Ending balance $ 270,139 $ 213,969 Administrative, Transaction and Other Fees Receivable Beginning balance $ 42,059 $ 44,060 Ending balance $ 41,805 $ 32,331 Performance Revenues Receivable Beginning balance $ 2,975 $ 1,132 Ending balance $ 1,184 $ 320 Unearned Management Fees Beginning balance $ 9,398 $ 9,389 Ending balance $ 7,610 $ 12,764
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 in 2021, 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. Three Months Ended March 31, (dollars in thousands) 2024 2023 Beginning Balance $ 417,081 $ 457,939 Amortization (10,660) (9,769) Ending Balance $ 406,421 $ 448,170

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Equity-based Compensation Expense	The table below presents information regarding equity-based compensation expense. Three Months Ended March 31, (dollars in thousands) 2024 2023 Acquisition related Oak Street Earnout Units $ — $ 19,868 Wellfleet Earnout Shares 2,103 811 Total acquisition related 2,103 20,679 Incentive Units 46,503 39,474 RSUs 17,107 13,122 Equity-Based Compensation Expense $ 65,713 $ 73,275 Corresponding tax benefit $ 825 $ 242 Fair value of RSUs settled in Class A Shares $ 22,580 $ 5,856 Fair value of RSUs withheld to satisfy tax withholding obligations $ 17,435 $ 4,400

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
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 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 (3) Excluded Excluded Contingent consideration-classified Wellfleet Earnout Shares (3) Excluded Excluded 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 (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 12,098,617 for the three months ended March 31, 2024, and 10,736,476 for the three months ended March 31, 2023. (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 for the period. (3) During the second quarter of 2023, the Company modified the Wellfleet Earnout Shares arrangement such that settlement of the Wellfleet Earnout Shares would be in cash at each payment date. As a result of the modification, Wellfleet Earnout Shares are excluded from basic and diluted earnings per share for three months ended March 31, 2024. As of March 31, 2023, 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 per share for the three months ended March 31, 2023. However, had March 31, 2023, 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 per share for the three months ended March 31, 2023, 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. (5) The Second Oak Street Earnouts and the First Oak Street Earnouts were settled as common units during the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2023, the Oak Street Triggering Events with respect to the Second 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 per share for the three months ended March 31, 2023. Had March 31, 2023, also been the end of the contingency period for the Second Oak Street Earnout Units, the Oak Street Triggering Event would have not occurred, and therefore the Second Oak Street Earnout Units have not been included in the calculation of diluted earnings per share for the three months ended March 31, 2023. Three Months Ended March 31, 2024 Net Income Weighted-Average Class A Shares Outstanding Earnings Per Class A Share Weighted-Average Number of Antidilutive Instruments (dollars in thousands, except per share amounts) Basic $ 25,091 488,435,221 $ 0.05 Effect of dilutive securities: Unvested RSUs — 8,685,416 — Warrants (5,153) 1,617,910 — Vested Common Units — — 951,592,871 Vested Incentive Units — — 8,636,283 Unvested Incentive Units — — 25,282,958 Diluted $ 19,938 498,738,547 $ 0.04 Three Months Ended March 31, 2023 Net Income Attributable To Weighted-Average Class A Shares Outstanding Earnings Per Class A Share Weighted-Average Number of Antidilutive Instruments (dollars in thousands, except per share amounts) Basic $ 8,317 456,189,118 $ 0.02 Effect of dilutive securities: Unvested RSUs — 5,164,511 — Warrants (618) 200,334 — Compensation-classified Wellfleet Earnout Shares — 278,761 — Contingent consideration-classified Wellfleet Earnout Shares — 78,393 — Vested Common Units — — 961,462,973 Vested Incentive Units — — 6,406,975 Unvested Incentive Units — — 25,016,462 Diluted $ 7,699 461,911,117 $ 0.02

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2024
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 statements of financial condition. (dollars in thousands) March 31, December 31, Management fees $ 270,139 $ 243,203 Performance revenues 1,184 2,975 Administrative fees 41,805 42,059 Other expenses paid on behalf of the Company’s products and other related parties 70,823 78,899 Due from Related Parties $ 383,951 $ 367,136

ORGANIZATION - Additional Infor

ORGANIZATION - Additional Information (Details) $ / shares in Units, $ in Millions	3 Months Ended		5 Months Ended
	Mar. 31, 2024 segment tranche $ / shares shares	Mar. 31, 2023 shares	May 18, 2021 shares	Dec. 31, 2023 shares	May 04, 2022 USD ($)	May 19, 2021 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of operating segments | segment	1
Number of reportable segments | segment	1
Oak Street Real Estate Capital, LLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of tranches | tranche	2
Wellfleet Credit Partners LLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of tranches | tranche	3
Earnout period	3 years
May 4, 2022 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for repurchase | $					$ 150
Repurchases made under the Program (in shares)	0	0
Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants to purchase Class A shares, price (in dollars per share) | $ / shares	$ 11.29					$ 11.50
Warrant expiration term	5 years
Unvested RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			0
Common Class A and Common Class C
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of votes per share, combined (as percent)	20%
Class C Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares, issued (in shares)	611,908,856			632,486,822
Shares issued to grant holder a corresponding voting interest (in shares)	1
Class A Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares, issued (in shares)	500,879,131			464,425,386
Right to exchange, conversion ratio	1
Common Class B and Common Class D
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of votes per share, combined (as percent)	80%
Class D Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares, issued (in shares)	316,016,619			317,089,623
Shares issued to grant holder a corresponding voting interest (in shares)	1

ORGANIZATION - Schedule of Shar

ORGANIZATION - Schedule of Shares Issued and Outstanding (Details) - shares	Mar. 31, 2024	Dec. 31, 2023
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)	29,107,582
Class A Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	500,879,131	464,425,386
Class C Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	611,908,856	632,486,822
Class D Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	316,016,619	317,089,623

ORGANIZATION - Schedule of Blue

ORGANIZATION - Schedule of Blue Owl Operating Group Outstanding Units (Details) - Blue Owl Operating Group	Mar. 31, 2024 shares
GP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blue owl operating group units outstanding (in shares)	500,879,131
Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blue owl operating group units outstanding (in shares)	927,925,475
Incentive Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blue owl operating group units outstanding (in shares)	34,665,699

ORGANIZATION - Schedule Of Repu

ORGANIZATION - Schedule Of Repurchase Of Shares Activity (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Unvested RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of RSUs withheld to satisfy tax withholding obligations (in shares)	969,149	319,306

INTANGIBLE ASSETS, NET - Schedu

INTANGIBLE ASSETS, NET - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 2,684,720	$ 2,684,720
Total accumulated amortization	(630,907)	(574,712)
Total Intangible Assets, Net	2,053,813	2,110,008
Investment management agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Total intangible assets, gross	2,224,420	2,224,420
Total accumulated amortization	$ (516,548)	(471,104)
Remaining weighted-average amortization period	11 years 6 months
Investor relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 460,300	460,300
Total accumulated amortization	$ (114,359)	$ (103,608)
Remaining weighted-average amortization period	8 years 4 months 24 days

INTANGIBLE ASSETS, NET - Sche_2

INTANGIBLE ASSETS, NET - Schedule of Finite-Lived Intangible Asset Expected Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
April 1, 2024 to December 31, 2024	$ 169,819
2025	221,252
2026	207,408
2027	193,109
2028	189,458
Thereafter	1,072,767
Total Intangible Assets, Net	$ 2,053,813	$ 2,110,008

INVESTMENTS AND FAIR VALUE DI_3

INVESTMENTS AND FAIR VALUE DISCLOSURES - Schedule of Components of the Company Investment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, at amortized cost (includes $207,500 and $207,500 of investments in the Company’s products, respectively)	$ 214,038	$ 214,170
Equity investments in the Company’s products, equity method	55,677	51,316
Equity investments in the Company’s products, at fair value	85,682	76,258
Investments in the Company’s CLOs, at fair value	2,377	2,521
Total	357,774	344,265
Investments in Company's products
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, at amortized cost (includes $207,500 and $207,500 of investments in the Company’s products, respectively)	$ 207,500	$ 207,500

INVESTMENTS AND FAIR VALUE DI_4

INVESTMENTS AND FAIR VALUE DISCLOSURES - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments in the Company’s products	$ 85,682	$ 76,258
CLOs	2,377	2,521
TRA liability	107,311	116,398
Warrant liability	37,300	22,600
Earnout liability	10,619	92,909
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments in the Company’s products	85,682	76,258
CLOs	2,377	2,521
Total Assets, at Fair Value	88,059	78,779
TRA liability	107,311	116,398
Warrant liability	37,300	22,600
Earnout liability	10,619	92,909
Total Liabilities, at Fair Value	155,230	231,907
Fair Value, Recurring | Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments in the Company’s products	0	0
CLOs	0	0
Total Assets, at Fair Value	0	0
TRA liability	0	0
Warrant liability	0	0
Earnout liability	0	0
Total Liabilities, at Fair Value	0	0
Fair Value, Recurring | Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments in the Company’s products	85,682	76,258
CLOs	0	0
Total Assets, at Fair Value	85,682	76,258
TRA liability	0	0
Warrant liability	0	0
Earnout liability	973	790
Total Liabilities, at Fair Value	973	790
Fair Value, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments in the Company’s products	0	0
CLOs	2,377	2,521
Total Assets, at Fair Value	2,377	2,521
TRA liability	107,311	116,398
Warrant liability	37,300	22,600
Earnout liability	9,646	92,119
Total Liabilities, at Fair Value	$ 154,257	$ 231,117

INVESTMENTS AND FAIR VALUE DI_5

INVESTMENTS AND FAIR VALUE DISCLOSURES - Schedule of Change in Fair Value of Level III Measurements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income [Extensible Enumeration]	Nonoperating Income (Expense)	Nonoperating Income (Expense)
Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income [Extensible Enumeration]	Nonoperating Income (Expense)	Nonoperating Income (Expense)
Fair value, liability, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income [Extensible Enumeration]	Nonoperating Income (Expense)	Nonoperating Income (Expense)
Fair value, liability, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income [Extensible Enumeration]	Nonoperating Income (Expense)	Nonoperating Income (Expense)
Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 231,117	$ 301,207
Settlements	(91,426)	(81,250)
Net (gains) losses	14,566	5,308
Ending Balance	154,257	225,265
Change in net unrealized (gains) losses on liabilities still recognized at the reporting date	14,566	5,308
Level III | TRA Liability
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	116,398	120,587
Settlements	(8,551)	0
Net (gains) losses	(536)	2,364
Ending Balance	107,311	122,951
Change in net unrealized (gains) losses on liabilities still recognized at the reporting date	(536)	2,364
Level III | Warrant Liability
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	22,600	8,550
Settlements	0	0
Net (gains) losses	14,700	1,950
Ending Balance	37,300	10,500
Change in net unrealized (gains) losses on liabilities still recognized at the reporting date	14,700	1,950
Level III | Earnout Liability
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	92,119	172,070
Settlements	(82,875)	(81,250)
Net (gains) losses	402	994
Ending Balance	9,646	91,814
Change in net unrealized (gains) losses on liabilities still recognized at the reporting date	402	994
Level III | CLOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	2,521	2,843
Net losses	(144)	(165)
Ending Balance	2,377	2,678
Change in net unrealized losses on assets still recognized at the reporting date	$ (144)	$ (165)

INVESTMENTS AND FAIR VALUE DI_6

INVESTMENTS AND FAIR VALUE DISCLOSURES - Schedule of Valuation Assumptions (Details) $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in the Company’s CLOs, at fair value	$ 2,377	$ 2,521
TRA liability	107,311	116,398
Warrant liability	37,300	22,600
Earnout liability	10,619	92,909
Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in the Company’s CLOs, at fair value	2,377	2,521
TRA liability	107,311	116,398
Warrant liability	37,300	22,600
Earnout liability	10,619	92,909
Total Liabilities, at Fair Value	155,230	231,907
Level III | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in the Company’s CLOs, at fair value	2,377	2,521
TRA liability	107,311	116,398
Warrant liability	37,300	22,600
Earnout liability	9,646	92,119
Total Liabilities, at Fair Value	154,257	231,117
Discounted cash flow | Level III | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in the Company’s CLOs, at fair value	2,377	2,521
TRA liability	107,311	116,398
Discounted cash flow | Level III | Fair Value, Recurring | Oak Street Earnouts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability		82,875
Discounted cash flow | Level III | Fair Value, Recurring | Wellfleet Earnout Shares
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability	$ 9,646	$ 9,244
Discounted cash flow | Yield | Level III | Fair Value, Recurring | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
CLOs yield (as percent)	0.13	0.15
Discounted cash flow | Yield | Level III | Fair Value, Recurring | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
CLOs yield (as percent)	0.17	0.19
Discounted cash flow | Yield | Level III | Fair Value, Recurring | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
CLOs yield (as percent)	0.15	0.17
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 (as percent)	0.12	0.11
Discounted cash flow | 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 (as percent)		0.16
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 (as percent)	0.06	0.06
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 (as percent)	0.12	0.11
Discounted cash flow | 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 (as percent)		0.16
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 (as percent)	0.06	0.06
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 (as percent)	0.12	0.11
Discounted cash flow | 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 (as percent)		0.16
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 (as percent)	0.06	0.06
Monte Carlo Simulation | Level III | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liability	$ 37,300	$ 22,600
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 (as percent)	0.27	0.31
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 (as percent)	0.27	0.31
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 (as percent)	0.27	0.31

INVESTMENTS AND FAIR VALUE DI_7

INVESTMENTS AND FAIR VALUE DISCLOSURES - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt obligations, fair value	$ 1,800,000	$ 1,400,000
Debt obligations, net	2,072,119	1,681,241
Level II
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt obligations, fair value	$ 1,200,000	$ 1,200,000

LEASES - Schedule of Lease Cost

LEASES - Schedule of Lease Cost Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 10,759	$ 8,171
Short term lease cost	37	62
Net Lease Cost	$ 10,796	$ 8,233

LEASES - Schedule of Supplement

LEASES - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash paid (received) for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ (9,065)	$ 3,152
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	5,495	$ 35,933
Tenant improvement allowances received	$ 14,700

LEASES - Schedule of Suppleme_2

LEASES - Schedule of Supplemental Balance Sheet Information (Details)	Mar. 31, 2024	Dec. 31, 2023
Weighted-average remaining lease term:
Operating leases	12 years 4 months 24 days	12 years 6 months
Weighted-average discount rate:
Operating leases	5.50%	5.40%

LEASES - Schedule of Maturities

LEASES - Schedule of Maturities Of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
April 1, 2024 to December 31, 2024	$ 19,081
2025	36,427
2026	39,642
2027	38,435
2028	39,366
Thereafter	303,774
Total Lease Payments	476,725
Imputed interest	(142,139)
Total Lease Liabilities	$ 334,586	$ 319,532

LEASES - Additional Information

LEASES - Additional Information (Details) $ in Millions	Mar. 31, 2024 USD ($)
Leases [Abstract]
Future operating lease payments	$ 30.9
Anticipated operating lease payment term (in years)	14 years

OTHER ASSETS, NET (Details)

OTHER ASSETS, NET (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Accumulated depreciation and amortization	$ (17,683)	$ (14,870)
Fixed assets, net	153,518	134,893
Receivables	11,386	15,853
Prepaid expenses	9,079	7,212
Unamortized debt issuance costs on revolving credit facilities	8,750	9,265
Other assets	13,903	20,232
Total	196,636	187,455
Leasehold improvements
Property, Plant and Equipment [Line Items]
Fixed assets, gross	147,904	127,612
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Fixed assets, gross	13,936	13,823
Computer hardware and software
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 9,361	$ 8,328

DEBT OBLIGATIONS, NET - Schedul

DEBT OBLIGATIONS, NET - Schedule of Outstanding Debt Obligations (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023
Debt Instrument [Line Items]
Aggregate Facility Size	$ 3,059,800	$ 3,059,800
Outstanding Debt	2,104,800	1,714,800
Amount Available	948,300	1,338,300
Net Carrying Value	$ 2,072,119	$ 1,681,241
2028 Notes | Senior Notes
Debt Instrument [Line Items]
Maturity Date	May 26, 2028	May 26, 2028
Aggregate Facility Size	$ 59,800	$ 59,800
Outstanding Debt	59,800	59,800
Amount Available	0	0
Net Carrying Value	$ 58,504	$ 58,390
2031 Notes | Senior Notes
Debt Instrument [Line Items]
Maturity Date	Jun. 10, 2031	Jun. 10, 2031
Aggregate Facility Size	$ 700,000	$ 700,000
Outstanding Debt	700,000	700,000
Amount Available	0	0
Net Carrying Value	$ 687,585	$ 687,163
2032 Notes | Senior Notes
Debt Instrument [Line Items]
Maturity Date	Feb. 15, 2032	Feb. 15, 2032
Aggregate Facility Size	$ 400,000	$ 400,000
Outstanding Debt	400,000	400,000
Amount Available	0	0
Net Carrying Value	$ 393,000	$ 392,766
2051 Notes | Senior Notes
Debt Instrument [Line Items]
Maturity Date	Oct. 07, 2051	Oct. 07, 2051
Aggregate Facility Size	$ 350,000	$ 350,000
Outstanding Debt	350,000	350,000
Amount Available	0	0
Net Carrying Value	$ 338,030	$ 337,922
Revolving Credit Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Maturity Date	Jun. 29, 2028	Jun. 29, 2028
Aggregate Facility Size	$ 1,550,000	$ 1,550,000	$ 1,600,000
Outstanding Debt	595,000	205,000
Amount Available	948,300	1,338,300
Net Carrying Value	$ 595,000	$ 205,000

DEBT OBLIGATIONS, NET - Additio

DEBT OBLIGATIONS, NET - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023
Line of Credit Facility [Line Items]
Aggregate facility size	$ 3,059,800	$ 3,059,800
Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Variable rate adjustment (percent)	0.001
Revolving Credit Facility | Line of Credit | New York Fed Bank Rate
Line of Credit Facility [Line Items]
Variable rate margin (percent)	0.50%
Revolving Credit Facility | Line of Credit | Adjusted-Term SOFR
Line of Credit Facility [Line Items]
Variable rate adjustment (percent)	0.01
Revolving Credit Facility | Line of Credit | Minimum | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Variable rate margin (percent)	1.25%
Revolving Credit Facility | Line of Credit | Minimum | Adjusted-Term SOFR
Line of Credit Facility [Line Items]
Variable rate margin (percent)	0.25%
Revolving Credit Facility | Line of Credit | Maximum | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Variable rate margin (percent)	1.875%
Revolving Credit Facility | Line of Credit | Maximum | Adjusted-Term SOFR
Line of Credit Facility [Line Items]
Variable rate margin (percent)	0.875%
Revolving Credit Facility | Line of Credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Aggregate facility size	$ 1,550,000	$ 1,550,000	$ 1,600,000
Average interest rate (percent)	6.92%	6.96%
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%

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Realized tax benefits payable under tax receivable agreement	85%
Tax receivable agreement payment	$ 28,166	$ 0
Unfunded investment commitments	33,200
Related parties
Related Party Transaction [Line Items]
Tax receivable agreement payment	$ 2,800

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Schedule of Payments Under Tax Receivable Agreement (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
April 1, 2024 to December 31, 2024	$ 0
2025	53,732
2026	62,268
2027	82,022
2028	82,180
Thereafter	858,518
Total Payments	1,138,720
Less adjustment to fair value for contingent consideration	(121,341)
Total TRA Liability	$ 1,017,379	$ 879,509

REVENUES - Schedule of Disaggre

REVENUES - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 513,340	$ 390,986
Management Fees, Net
Disaggregation of Revenue [Line Items]
Revenues	447,898	358,825
Administrative, transaction and other fees
Disaggregation of Revenue [Line Items]
Revenues	63,397	31,655
Performance revenues
Disaggregation of Revenue [Line Items]
Revenues	2,045	506
Credit Platform
Disaggregation of Revenue [Line Items]
Revenues	318,397	228,279
Credit Platform | Management Fees, Net
Disaggregation of Revenue [Line Items]
Revenues	270,801	208,188
Credit Platform | Diversified lending
Disaggregation of Revenue [Line Items]
Revenues	192,378	146,095
Credit Platform | Technology lending
Disaggregation of Revenue [Line Items]
Revenues	59,210	47,690
Credit Platform | First lien lending
Disaggregation of Revenue [Line Items]
Revenues	4,103	4,485
Credit Platform | Opportunistic lending
Disaggregation of Revenue [Line Items]
Revenues	2,385	2,400
Credit Platform | Liquid credit
Disaggregation of Revenue [Line Items]
Revenues	6,799	7,518
Credit Platform | Other
Disaggregation of Revenue [Line Items]
Revenues	5,926	0
Credit Platform | Administrative, transaction and other fees
Disaggregation of Revenue [Line Items]
Revenues	47,421	20,091
Credit Platform | Performance revenues
Disaggregation of Revenue [Line Items]
Revenues	175	0
GP Strategic Capital Platform
Disaggregation of Revenue [Line Items]
Revenues	146,563	133,085
GP Strategic Capital Platform | Management Fees, Net
Disaggregation of Revenue [Line Items]
Revenues	135,763	124,680
GP Strategic Capital Platform | GP minority stakes
Disaggregation of Revenue [Line Items]
Revenues	139,786	130,296
GP Strategic Capital Platform | GP debt financing
Disaggregation of Revenue [Line Items]
Revenues	5,405	3,751
GP Strategic Capital Platform | Professional sports minority stakes
Disaggregation of Revenue [Line Items]
Revenues	1,232	402
GP Strategic Capital Platform | Strategic Revenue-Share Purchase consideration amortization
Disaggregation of Revenue [Line Items]
Revenues	(10,660)	(9,769)
GP Strategic Capital Platform | Administrative, transaction and other fees
Disaggregation of Revenue [Line Items]
Revenues	10,800	8,405
Real Estate Platform
Disaggregation of Revenue [Line Items]
Revenues	48,380	29,622
Real Estate Platform | Management Fees, Net
Disaggregation of Revenue [Line Items]
Revenues	41,334	25,957
Real Estate Platform | Net lease
Disaggregation of Revenue [Line Items]
Revenues	41,334	25,957
Real Estate Platform | Administrative, transaction and other fees
Disaggregation of Revenue [Line Items]
Revenues	5,176	3,159
Real Estate Platform | Performance revenues
Disaggregation of Revenue [Line Items]
Revenues	$ 1,870	$ 506

REVENUES - Schedule of Company'

REVENUES - Schedule of Company's Fees and Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Management Fees, Net
Fees Receivable
Beginning balance	$ 243,203	$ 213,969	$ 262,059
Ending balance	270,139	243,203	213,969
Unearned Management Fees
Beginning balance	9,398	12,764	9,389
Ending balance	7,610	9,398	12,764
Administrative, Transaction and Other Fees Receivable
Fees Receivable
Beginning balance	42,059	32,331	44,060
Ending balance	41,805	42,059	32,331
Performance Revenues Receivable
Fees Receivable
Beginning balance	2,975	320	1,132
Ending balance	$ 1,184	$ 2,975	$ 320

REVENUES - Schedule of Changes

REVENUES - Schedule of Changes In Strategic Revenue Share Purchase Consideration (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Weighted-average amortization period			12 years
Changes In Strategic Revenue Share Purchase Consideration [Roll Forward]
Beginning Balance	$ 417,081	$ 457,939
Amortization	(10,660)	(9,769)
Ending Balance	$ 406,421	$ 448,170
Equity Interest Consideration
Disaggregation of Revenue [Line Items]
Consideration paid			$ 455,000
Cash Consideration
Disaggregation of Revenue [Line Items]
Consideration paid			$ 50,200

EQUITY-BASED COMPENSATION- Addi

EQUITY-BASED COMPENSATION- Additional Information (Details) - 2021 Equity Incentive Plan	3 Months Ended
	Mar. 31, 2024 shares
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)	17,770,216
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period	5 years

EQUITY-BASED COMPENSATION - Sch

EQUITY-BASED COMPENSATION - Schedule of Equity-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-Based Compensation Expense	$ 65,713	$ 73,275
Corresponding tax benefit	825	242
Compensation and Benefits Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-Based Compensation Expense	2,103	20,679
Oak Street Earnout Units | Compensation and Benefits Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-Based Compensation Expense	0	19,868
Wellfleet Earnout Shares | Compensation and Benefits Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-Based Compensation Expense	2,103	811
Incentive Units | Compensation and Benefits Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-Based Compensation Expense	46,503	39,474
Unvested RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of RSUs settled in Class A Shares	22,580	5,856
Fair value of RSUs withheld to satisfy tax withholding obligations	17,435	4,400
Unvested RSUs | Compensation and Benefits Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-Based Compensation Expense	$ 17,107	$ 13,122

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	11.70%	13.30%

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Net Income Available to Common Stockholders, Basic
Net Income Attributable To Class A Shares		$ 25,091	$ 8,317
Weighted-average Class A shares outstanding - basic (in shares)	[1]	488,435,221	456,189,118
Earnings per Class A share (in dollars per share)		$ 0.05	$ 0.02
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Net income attributable to Class A shareholders		$ 19,938	$ 7,699
Diluted (in shares)		498,738,547	461,911,117
Earnings Per Class A Share (in dollars per share)		$ 0.04	$ 0.02
Unvested RSUs
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares vested but not yet settled (in shares)		12,098,617	10,736,476
Unvested RSUs
Effect of dilutive securities:
Effect of dilutive common and incentive units		$ 0	$ 0
Effect of dilutive instruments (in shares)		8,685,416	5,164,511
Number of units excluded from diluted calculation (in shares)		0	0
Warrants
Effect of dilutive securities:
Effect of dilutive common and incentive units		$ (5,153)	$ (618)
Effect of dilutive instruments (in shares)		1,617,910	200,334
Number of units excluded from diluted calculation (in shares)		0	0
Compensation-classified Wellfleet Earnout Shares
Effect of dilutive securities:
Effect of dilutive common and incentive units			$ 0
Effect of dilutive instruments (in shares)			278,761
Number of units excluded from diluted calculation (in shares)			0
Contingent consideration-classified Wellfleet Earnout Shares
Effect of dilutive securities:
Effect of dilutive common and incentive units			$ 0
Effect of dilutive instruments (in shares)			78,393
Number of units excluded from diluted calculation (in shares)			0
Vested Common 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)		951,592,871	961,462,973
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)		8,636,283	6,406,975
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)		25,282,958	25,016,462
[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. See Note 12.

RELATED PARTY TRANSACTIONS - Sc

RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Due from related parties	$ 383,951	$ 367,136
Related parties
Related Party Transaction [Line Items]
Due from related parties	383,951	367,136
Related parties | Management fees
Related Party Transaction [Line Items]
Due from related parties	270,139	243,203
Related parties | Performance revenues
Related Party Transaction [Line Items]
Due from related parties	1,184	2,975
Related parties | Administrative fees
Related Party Transaction [Line Items]
Due from related parties	41,805	42,059
Related parties | Other expenses paid on behalf of the Company’s products and other related parties
Related Party Transaction [Line Items]
Due from related parties	$ 70,823	$ 78,899

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Revenues	$ 513,340	$ 390,986
Related parties | Administrative fees
Related Party Transaction [Line Items]
Revenues	24,000	13,800
Related parties | Dealer Manager Revenue
Related Party Transaction [Line Items]
Revenues	16,700	8,800
Related parties | Expense Support and Caps Arrangements
Related Party Transaction [Line Items]
Related party expenses (recoveries)	(1,800)	(1,900)
Related parties | Aircraft Services
Related Party Transaction [Line Items]
Related party expenses (recoveries)	$ 900	$ 900

RELATED PARTY TRANSACTIONS - Pr

RELATED PARTY TRANSACTIONS - Promissory Note (Details) - Related parties - Related Party Promissory Note - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Nov. 09, 2023	Nov. 15, 2022	Aug. 08, 2022
August 8, 2022 Note
Related Party Transaction [Line Items]
Promissory note, maximum borrowing amount			$ 250,000		$ 250,000
Promissory note outstanding	$ 200,000	$ 250,000
Interest income	$ 3,600	4,100
August 8, 2022 Note | Secured Overnight Financing Rate (SOFR)
Related Party Transaction [Line Items]
Spread on SOFR rate (as percent)	1.70%
November 15, 2022 Note
Related Party Transaction [Line Items]
Promissory note, maximum borrowing amount				$ 15,000
Promissory note outstanding	$ 7,500	4,500
Interest income	$ 200	$ 100
November 15, 2022 Note | Secured Overnight Financing Rate (SOFR)
Related Party Transaction [Line Items]
Spread on SOFR rate (as percent)	4.75%			4.75%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions			1 Months Ended
	May 02, 2024	Apr. 11, 2024	Apr. 30, 2024
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)	$ 0.18
2034 Notes | Senior Notes
Subsequent Event [Line Items]
Face amount		$ 750
Fixed interest rate (percent)		6.25%
Principal amount redeemed (percent)		100%
Redemption price		101%
Kuvare UK Holdings
Subsequent Event [Line Items]
Preferred equity purchases			$ 250
KAM Acquisition
Subsequent Event [Line Items]
Business combination, consideration transferred			750
Cash consideration			325
Equity interest issued or issuable, value assigned			425
Prima Acquisition
Subsequent Event [Line Items]
Business combination, consideration transferred			170
Cash consideration			13
Equity interest issued or issuable, value assigned			$ 157