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☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Delaware

86-3906032

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

399 Park Avenue,			New York,			NY			10022
(address of principal executive offices)

(212) 419-3000

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Class A common stock

OWL

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No o

Large accelerated filer

☒

Accelerated filer

o

Non-accelerated filer

o

Smaller reporting company

o

Emerging growth company

o

Class						Outstanding at November 1, 2022
Class A common stock, par value $0.0001						438,600,597
Class B common stock, par value $0.0001						—
Class C common stock, par value $0.0001						637,263,151
Class D common stock, par value $0.0001						319,132,127

						Page
PART I			FINANCIAL INFORMATION			7
Item 1.			Financial Statements			7
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			7
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			28
Item 4.			Controls and Procedures			29
PART II			OTHER INFORMATION			30
Item 1.			Legal Proceedings			30
Item 1A.			Risk Factors			30
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			30
Item 3.			Defaults Upon Senior Securities			30
Item 4.			Mine Safety Disclosures			30
Item 5.			Other Information			30
Item 6.			Exhibits			31
Signatures						32
Index to Financial Statements						F-1

Assets Under Management or AUM						Refers to the assets that we manage, and are generally equal to the sum of (i) net asset value (“NAV”); (ii) drawn and undrawn debt; (iii) uncalled capital commitments; (iv) total managed assets for certain Real Estate products; and (v) par value of collateral for collateralized loan obligations (“CLOs”).
Annual Report						Refers to our annual report for the year ended December 31, 2021, filed with the SEC on Form 10-K on February 28, 2022.
our BDCs						Refers to our business development companies, as regulated under the Investment Company Act of 1940, as amended: Owl Rock Capital Corporation (NYSE: ORCC) (“ORCC”), Owl Rock Capital Corporation II (“ORCC II”), Owl Rock Capital Corporation III (“ORCC III”), Owl Rock Technology Finance Corp. (“ORTF”), Owl Rock Technology Finance Corp. II (“ORTF II”), Owl Rock Core Income Corp. (“ORCIC”) and Owl Rock Technology Income Corp. (“ORTIC”).
Blue Owl, the Company, the firm, we, us, and our						Refers to the Registrant and its consolidated subsidiaries.
Blue Owl Carry						Refers to Blue Owl Capital Carry LP.
Blue Owl GP						Refers collectively to Blue Owl Capital GP Holdings LLC and Blue Owl Capital GP LLC, which are directly or indirectly wholly owned subsidiaries of the Registrant that hold the Registrants interests in the Blue Owl Operating Partnerships.
Blue Owl Holdings						Refers to Blue Owl Capital Holdings LP.
Blue Owl Operating Group						Refers collectively to the Blue Owl Operating Partnerships and their consolidated subsidiaries.
Blue Owl Operating Group Units						Refers collectively to a unit in each of the Blue Owl Operating Partnerships.
Blue Owl Operating Partnerships						Refers to Blue Owl Carry and Blue Owl Holdings, collectively.
Blue Owl Securities						Refers to Blue Owl Securities LLC, a Delaware limited liability company. Blue Owl Securities is a broker-dealer registered with the SEC, a member of FINRA and the SIPC. Blue Owl Securities is wholly owned by Blue Owl and provides distribution services to all Blue Owl Divisions.
Business Combination						Refers to the transactions contemplated by the Business Combination Agreement, which were completed on May 19, 2021.
Business Combination Agreement or BCA						Refers to the agreement dated as of December 23, 2020 (as the same has been or may be amended, modified, supplemented or waived from time to time), by and among Altimar Acquisition Corporation, Owl Rock Capital Group LLC, Owl Rock Capital Feeder LLC, Owl Rock Capital Partners LP and Neuberger Berman Group LLC.
Business Combination Date						Refers to May 19, 2021.
Class A Shares						Refers to the Class A common stock, par value $0.0001 per share, of the Registrant.
Class B Shares						Refers to the Class B common stock, par value $0.0001 per share, of the Registrant.
Class C Shares						Refers to the Class C common stock, par value $0.0001 per share, of the Registrant.
Class D Shares						Refers to the Class D common stock, par value $0.0001 per share, of the Registrant.
Class E Shares						Refers to the Class E common stock, par value $0.0001 per share, of the Registrant.
CLOs						Refers to collateralized loan obligations.
Direct Lending						Refers to our Direct Lending products, which offer private credit solutions to middle-market companies through four investment strategies: diversified lending, technology lending, first lien lending, opportunistic lending, and also includes our CLOs. Direct Lending products are managed by the Owl Rock division of Blue Owl.
Dyal Capital						Refers to the Dyal Capital Partners business, which was acquired from Neuberger Berman Group LLC in connection with the Business Combination, and is now a division of Blue Owl.

Fee-Paying AUM or FPAUM						Refers to the AUM on which management fees are earned. For our BDCs, FPAUM is generally equal to total assets (including assets acquired with debt but excluding cash). For our other Direct Lending products, excluding CLOs, FPAUM is generally equal to NAV or investment cost. FPAUM also includes uncalled committed capital for products where we earn management fees on such uncalled committed capital. For CLOs, FPAUM is generally equal to the par value of collateral. For our GP Capital Solutions products, FPAUM for the GP minority equity investments strategy is generally equal to capital commitments during the investment period and the cost of unrealized investments after the investment period. For GP Capital Solutions’ other strategies, FPAUM is generally equal to investment cost. For Real Estate, FPAUM is generally based on total assets (including assets acquired with debt).
Financial Statements						Refers to our consolidated and combined financial statements included in this report.
GP Capital Solutions						Refers to our GP Capital Solutions products, which primarily focus on acquiring equity stakes in, or providing debt financing to, large, multi-product private equity and private credit platforms through two existing investment strategies: GP minority equity investments and GP debt financing, and also including our professional sports minority investment strategy. GP Capital Solutions products are managed by the Dyal Capital division of Blue Owl.
NYSE						Refers to the New York Stock Exchange.
Oak Street						Refers to the investment advisory business of Oak Street Real Estate Capital, LLC that was acquired on December 29, 2021, and is now a division of Blue Owl.
Oak Street Acquisition						Refers to the acquisition of Oak Street completed on December 29, 2021.
Owl Rock						Refers collectively to the combined businesses of Owl Rock Capital Group LLC (“Owl Rock Capital Group”) and Blue Owl Securities LLC (formerly, Owl Rock Capital Securities LLC), which was the predecessor of Blue Owl for accounting and financial reporting purposes. References to the Owl Rock division refer to Owl Rock Capital Group and its subsidiaries that manage our Direct Lending products.
Partner Manager						Refers to alternative asset management firms in which the GP Capital Solution products invest.
Part I Fees						Refers to quarterly performance income on the net investment income of our BDCs and similarly structured products, subject to a fixed hurdle rate. These fees are classified as management fees throughout this report, as they are predictable and recurring in nature, not subject to repayment, and cash-settled each quarter.
Part II Fees						Generally refers to fees from our BDCs and similarly structured products that are paid in arrears as of the end of each measurement period when the cumulative aggregate realized capital gains exceed the cumulative aggregate realized capital losses and aggregate unrealized capital depreciation, less the aggregate amount of Part II Fees paid in all prior years since inception. Part II Fees are classified as realized performance income throughout this report.
Permanent Capital						Refers to AUM in products that do not have ordinary redemption provisions or a requirement to exit investments and return the proceeds to investors after a prescribed period of time. Some of these products, however, may be required or can elect to return all or a portion of capital gains and investment income, and some may have periodic tender offers. Permanent capital includes certain products that are subject to management fee step downs or roll-offs or both over time.
Principals						Refers to our founders and senior members of management who hold, or in the future may hold, Class B Shares and Class D Shares. Class B Shares and Class D Shares collectively represent 80% of the total voting power of all shares.
Real Estate						Refers, unless context indicates otherwise, to our Real Estate products, which primarily focus on providing investors with predictable current income, and potential for appreciation, while focusing on limiting downside risk through a unique net lease strategy. Real Estate products are managed by the Oak Street division of Blue Owl.
Registrant						Refers to Blue Owl Capital Inc.
SEC						Refers to the U.S. Securities and Exchange Commission.
Tax Receivable Agreement or TRA						Refers to the Amended and Restated Tax Receivable Agreement, dated as of October 22, 2021, as may be amended from time to time by and among the Registrant, Blue Owl Capital GP LLC, the Blue Owl Operating Partnerships and each of the Partners (as defined therein) party thereto.
Wellfleet Acquisition						Refers to the acquisition of Wellfleet Credit Partners LLC completed on April 1, 2022.

We file annual, quarterly and current reports, proxy statements and other information required by the Securities Exchange Act of 1934, as amended (the “Exchange Act”) with the SEC. We make available free of charge on our website (www.blueowl.com) our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements and other filing as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC. We also use our website to distribute company information, including assets under management and performance information, and such information may be deemed material. Accordingly, investors should monitor our website, in addition to our press releases, SEC filings and public conference calls and webcasts.

Also posted on our website in the “Investor Relations—Governance” section is the charter for our Audit Committee, as well as our Corporate Governance Guidelines and Code of Business Conduct governing our directors, officers and employees. Information on or accessible through our website is not a part of or incorporated into this report or any other SEC filing. Copies of our SEC filings or corporate governance materials are available without charge upon written request to Blue Owl Capital Inc., 399 Park Avenue, 38th Floor, New York, New York 10022, Attention: Office of the Secretary. Any materials we file with the SEC are also publicly available through the SEC’s website (www.sec.gov).

The information required by this item is included in the Financial Statements set forth in the F-pages of this report.

2022 Third Quarter Overview

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			2022						2021						2022						2021
Net Income (Loss) Attributable to Blue Owl Capital Inc. (After May 19, 2021) / Owl Rock (Prior to May 19, 2021)			$	2,060					$	(53,323)					$	(10,881)					$	(376,253)
Fee-Related Earnings(1)			$	209,814					$	141,858					$	578,261					$	286,339
Distributable Earnings(1)			$	191,673					$	142,750					$	527,801					$	268,140

(1) For the specific components and calculations of these Non-GAAP measures, as well as a reconciliation of these measures to the most comparable measure in accordance with GAAP, see “—Non-GAAP Analysis” and “—Non-GAAP Reconciliations.”

Our results for the third quarter of 2021 do not include the results of Oak Street or Wellfleet; therefore, prior period amounts are not comparable to current period. Our results for the nine months ended September 30, 2021 do not include the results of Oak Street or Wellfleet, and include partial results of Dyal Capital; therefore, prior period amounts are not comparable to current period. Please see “—GAAP Results of Operations Analysis” and “—Non-GAAP Analysis” for a detailed discussion of the underlying drivers of our results, including the accretive impacts of the Dyal Acquisition, Oak Street Acquisition and Wellfleet Acquisition.

Blue Owl AUM: $132.1 billion FPAUM: $84.1 billion

Direct Lending Products AUM: $65.7 billion FPAUM: $45.3 billion

GP Capital Solutions Products AUM: $47.8 billion FPAUM: $28.5 billion

Real Estate Products AUM: $18.6 billion FPAUM: $10.4 billion

Diversified Lending Commenced 2016 AUM: $38.1 billion FPAUM: $23.8 billion

GP Minority Equity Commenced 2010 AUM: $46.1 billion FPAUM: $27.5 billion

Net Lease Commenced 2009 AUM: $18.6 billion FPAUM: $10.4 billion

Technology Lending Commenced 2018 AUM: $14.5 billion FPAUM: $9.9 billion

GP Debt Financing Commenced 2019 AUM: $1.4 billion FPAUM: $0.8 billion

First Lien Lending Commenced 2018 AUM: $3.4 billion FPAUM: $2.7 billion

Professional Sports Minority Investments Commenced 2021 AUM: $0.3 billion FPAUM: $0.1 billion

Opportunistic Lending Commenced 2020 AUM: $2.3 billion FPAUM: $1.4 billion

CLOs Commenced 2022 AUM: $7.4 billion FPAUM: $7.4 billion

We finished the quarter with $132.1 billion of AUM, which included $84.1 billion of FPAUM. During the third quarter of 2022, approximately 93% of our management fees were earned on AUM from Permanent Capital. As of September 30, 2022, we have approximately $10.7 billion in AUM not yet paying fees, providing approximately $139 million of annualized management fees once deployed or upon the expiration of certain fee holidays. See “—Assets Under Management” for additional information, including important information on how we define these metrics.

Management uses AUM not yet paying fees as an indicator of management fees that will be coming online as we deploy existing assets in products that charge fees based on deployed and not uncalled capital, as well as AUM that is currently subject to a fee holiday that will expire at a predetermined time in the future. AUM not yet paying fees could provide approximately $139 million of additional annualized management fees once deployed or upon the expiration of the relevant fee holidays.

			Three Months Ended September 30, 2022																								Three Months Ended September 30, 2021
(dollars in millions)			Direct Lending						GP Capital Solutions						Real Estate						Total						Direct Lending						GP Capital Solutions						Real Estate						Total
Beginning Balance			$	56,827					$	45,674					$	16,639					$	119,140					$	31,156					$	31,211					$	—					$	62,367
Acquisition			—						—						—						—						—						—						—						—
New capital raised			5,472						2,910						434						8,816						724						1,598						—						2,322
Change in debt			3,058						—						1,590						4,648						2,422						—						—						2,422
Distributions			(471)						(304)						(239)						(1,014)						(239)						(249)						—						(488)
Change in value / other			800						(441)						190						549						514						3,380						—						3,894
Ending Balance			$	65,686					$	47,839					$	18,614					$	132,139					$	34,577					$	35,940					$	—					$	70,517

			Nine Months Ended September 30, 2022																								Nine Months Ended September 30, 2021
(dollars in millions)			Direct Lending						GP Capital Solutions						Real Estate						Total						Direct Lending						GP Capital Solutions						Real Estate						Total
Beginning Balance			$	39,227					$	39,906					$	15,362					$	94,495					$	27,101					$	26,220					$	—					$	53,321
Acquisition			6,529						—						—						6,529						—						—						—						—
New capital raised			10,425						8,434						1,002						19,861						1,708						2,990						—						4,698
Change in debt			9,818						—						1,590						11,408						5,153						—						—						5,153
Distributions			(1,135)						(1,281)						(504)						(2,920)						(616)						(453)						—						(1,069)
Change in value / other			822						780						1,164						2,766						1,231						7,183						—						8,414
Ending Balance			$	65,686					$	47,839					$	18,614					$	132,139					$	34,577					$	35,940					$	—					$	70,517

Direct Lending. Increase in AUM for the nine months ended September 30, 2022 was driven by a combination of continued fundraising and debt deployment across the strategy, and the Wellfleet Acquisition.

•$6.1 billion new capital raised in Diversified Lending, primarily driven by retail fundraising in ORCIC and a managed vehicle with a state pension fund.

•$3.2 billion new capital raised in Technology Lending, driven by continued fundraising in ORTF II and ORTIC.

•$9.8 billion of debt deployment across all of Direct Lending, as we continue to opportunistically deploy leverage in our BDCs.

•$6.5 billion from the Wellfleet Acquisition.

GP Capital Solutions. Increase in AUM for the nine months ended September 30, 2022 was driven by new capital raised, primarily in Dyal Fund V and related co-investment vehicles, and overall appreciation across all of our major products.

Real Estate. Increase in AUM for the nine months ended September 30, 2022 was driven by new capital raised of $1.0 billion across various products and debt deployed of $1.6 billion, primarily related to Oak Street Real Estate Trust, our recently launched real estate investment trust (“REIT”).

			Three Months Ended September 30, 2022																								Three Months Ended September 30, 2021
(dollars in millions)			Direct Lending						GP Capital Solutions						Real Estate						Total						Direct Lending						GP Capital Solutions						Real Estate						Total
Beginning Balance			$	41,409					$	26,678					$	9,430					$	77,517					$	24,162					$	18,657					$	—					$	42,819
Acquisition			—						—						—						—						—						—						—						—
New capital raised / deployed			3,595						2,675						1,095						7,365						2,808						1,177						—						3,985
Fee basis change			—						(881)						—						(881)						—						—						—						—
Distributions			(433)						(15)						(220)						(668)						(212)						(115)						—						(327)
Change in value / other			721						—						81						802						482						—						—						482
Ending Balance			$	45,292					$	28,457					$	10,386					$	84,135					$	27,240					$	19,719					$	—					$	46,959

			Nine Months Ended September 30, 2022																								Nine Months Ended September 30, 2021
(dollars in millions)			Direct Lending						GP Capital Solutions						Real Estate						Total						Direct Lending						GP Capital Solutions						Real Estate						Total
Beginning Balance			$	32,029					$	21,212					$	8,203					$	61,444					$	20,862					$	17,608					$	—					$	38,470
Acquisition			6,501						—						—						6,501						—						—						—						—
New capital raised / deployed			8,693						6,869						2,293						17,855						5,796						2,460						—						8,256
Fee basis change			—						387						—						387						—						—						—						—
Distributions			(1,092)						(11)						(494)						(1,597)						(571)						(349)						—						(920)
Change in value / other			(839)						—						384						(455)						1,153						—						—						1,153
Ending Balance			$	45,292					$	28,457					$	10,386					$	84,135					$	27,240					$	19,719					$	—					$	46,959

Direct Lending. Increase in FPAUM for the nine months ended September 30, 2022 was driven by a combination of the Wellfleet Acquisition, continued fundraising and debt deployment as discussed in the AUM section above, partially offset by a change in methodology that reduced FPAUM by approximately $1.5 billion.

GP Capital Solutions. Increase in FPAUM for the nine months ended September 30, 2022 was driven by new capital raised, primarily in Dyal Fund V, and the expiration of certain fee holidays on January 1, 2022. The expiration of the fee holiday drove an increase in FPAUM of $2.2 billion, which was partially offset by a decrease in FPAUM for a step down in fee basis in Dyal Fund I of $0.8 billion and Dyal Fund III of $0.9 billion.

Real Estate. Increase in FPAUM for the nine months ended September 30, 2022 was driven primarily by new capital deployed of $1.5 billion in Oak Street Real Estate Capital Net Lease Property Fund.

																																													MoIC												IRR
(dollars in millions)			Year of Inception						AUM						Capital Raised (1)						Invested Capital  (2)						Realized Proceeds (3)						Unrealized Value  (4)						Total Value						Gross (5)						Net (6)						Gross (7)						Net (8)
Diversified Lending
ORCC			2016						$	15,052					$	6,019					$	6,019					$	2,268					$	5,848					$	8,116					1.48x						1.35x						12.0		%				8.8		%
ORCC II (9)			2017						$	2,592					$	1,355					$	1,355					$	314					$	1,293					$	1,607					NM						1.21x						NM						6.5		%
ORCC III			2020						$	3,543					$	1,783					$	1,783					$	179					$	1,794					$	1,973					1.11x						1.10x						10.3		%				9.4		%
ORCIC			2020						$	12,560					$	4,918					$	4,918					$	224					$	4,706					$	4,930					NM						NM						NM						NM
Technology Lending
ORTF			2018						$	6,922					$	3,220					$	3,220					$	382					$	3,390					$	3,772					1.24x						1.17x						12.3		%				8.7		%
First Lien Lending (10)
Owl Rock First Lien Fund Levered			2018						$	2,907					$	1,161					$	863					$	146					$	869					$	1,015					1.23x						1.18x						9.3		%				7.3		%
Owl Rock First Lien Fund Unlevered			2019						$	153					$	150					$	150					$	25					$	143					$	168					1.12x						1.08x						4.8		%				3.3		%

(1)Includes reinvested dividends and share repurchases, if applicable.

GP Capital Solutions

																																													MoIC												IRR
(dollars in millions)			Year of Inception						AUM						Capital Raised						Invested Capital  (2)						Realized Proceeds (3)						Unrealized Value  (4)						Total Value						Gross (5)						Net (6)						Gross (7)						Net (8)
GP Minority Equity (1)
Dyal Fund I			2011						$	951					$	1,284					$	1,248					$	583					$	720					$	1,303					1.19x						1.04x						3.6		%				0.8		%
Dyal Fund II			2014						$	2,805					$	2,153					$	1,846					$	502					$	2,146					$	2,648					1.68x						1.43x						13.9		%				9.0		%
Dyal Fund III			2015						$	8,350					$	5,318					$	3,246					$	2,959					$	4,229					$	7,188					2.70x						2.21x						31.3		%				23.4		%
Dyal Fund IV			2018						$	13,879					$	9,041					$	5,119					$	2,634					$	6,339					$	8,973					2.10x						1.75x						93.7		%				57.6		%
Dyal Fund V			2020						$	13,223					$	12,452					$	1,336					$	—					$	1,956					$	1,956					NM						NM						NM						NM

(1)Valuation-related amounts and performance metrics are presented on a quarter lag and are exclusive of investments made by us and the related carried interest vehicles of the respective products.

																																													MoIC												IRR
(dollars in millions)			Year of Inception						AUM						Capital Raised						Invested Capital (2)						Realized Proceeds (3)						Unrealized Value (4)						Total Value						Gross (5)						Net (6)						Gross (7)						Net (8)
Net Lease (1)
Oak Street Real Estate Capital Fund IV			2017						$	1,261					$	1,250					$	1,250					$	1,128					$	821					$	1,949					1.71x						1.55x						28.1		%				22.6		%
Oak Street Real Estate Capital Net Lease Property Fund			2019						$	6,014					$	3,161					$	3,161					$	270					$	3,664					$	3,934					1.22x						1.21x						18.7		%				17.7		%
Oak Street Real Estate Capital Fund V			2020						$	3,643					$	2,500					$	1,267					$	341					$	1,322					$	1,663					NM						NM						NM						NM
Oak Street Asset-Backed Securitization (9)			2020						$	3,005					$	2,713					$	342					$	74					$	370					$	444					NM						NM						NM						NM

(1)Valuation-related amounts and performance metrics, as well as invested capital and realized proceeds, are presented on a quarter lag where applicable.

			Three Months Ended September 30,
(dollars in thousands)			2022						2021						$ Change
Revenues
Management fees, net (includes Part I Fees of $62,808 and $43,659)			$	338,377					$	203,750					$	134,627
Administrative, transaction and other fees			32,609						44,125						(11,516)
Total Revenues, Net			370,986						247,875						123,111
Expenses
Compensation and benefits			234,745						96,910						137,835
Amortization of intangible assets			65,835						46,191						19,644
General, administrative and other expenses			67,972						28,438						39,534
Total Expenses			368,552						171,539						197,013
Other Income (Loss)
Net losses on investments			(592)						(145)						(447)
Interest expense			(15,027)						(6,112)						(8,915)
Change in TRA liability			3,599						(4,733)						8,332
Change in warrant liability			(2,747)						(27,462)						24,715
Change in earnout liability			(1,760)						(293,122)						291,362
Total Other Income (Loss)			(16,527)						(331,574)						315,047
Loss Before Income Taxes			(14,093)						(255,238)						241,145
Income tax expense (benefit)			(4,085)						(14,391)						10,306
Consolidated and Combined Net Loss			(10,008)						(240,847)						230,839
Net loss attributable to noncontrolling interests			12,068						187,524						(175,456)
Net Income (Loss) Attributable to Blue Owl Capital Inc.			$	2,060					$	(53,323)					$	55,383

Compensation and Benefits. Compensation and benefits expenses increased due to a $92.4 million increase in equity-based compensation, which was driven by the following: (i) a $47.1 million increase related to acquisitions, driven by the Oak Street and Wellfleet Acquisitions; (ii) a $27.4 million increase related to recurring annual grants to employees, as such amounts were granted for the first time during the fourth quarter of 2021; and (iii) a $17.9 million increase related to one-time grants to employees in connection with the Business Combination, as such grants were made during the fourth quarter of 2021. Additionally, compensation and benefits increased by $16.5 million due to the amortization of cash earnouts, primarily related to the Oak Street Acquisition. The remaining increase was driven by the 73% increase in headcount from September 30, 2021 to September 30, 2022, which is inclusive of the increase in headcount related to the Oak Street Acquisition and Wellfleet Acquisition.

Amortization of Intangible Assets. Amortization of intangible assets increased due to the addition of intangible assets in connection with the Oak Street Acquisition in December 2021 and the Wellfleet Acquisition in April 2022. See Note 3 to our Financial Statements for additional information.

Change in TRA Liability. The change in the TRA liability for the current year period and prior year period was not material.

Change in Warrant Liability. In August 2022, the Public Warrants were redeemed, see Note 1 for additional information. The change in the warrant liability for the current year period was not material. The change in the warrant liability in the prior year period was driven by the increase in the price of our Class A Shares.

Change in Earnout Liability. There was no material change to the earnout liability for the current year period. The change in the fair value of the earnout liability for the prior year period was primarily due to the increase in our Class A Share price, as such input was a material driver of the valuation of the Earnout Securities carried at fair value.

			Nine Months Ended September 30,
(dollars in thousands)			2022						2021						$ Change
Revenues
Management fees, net (includes Part I Fees of $155,893 and 108,646)			$	870,334					$	440,598					$	429,736
Administrative, transaction and other fees			103,875						94,761						9,114
Total Revenues, Net			974,209						535,359						438,850
Expenses
Compensation and benefits			646,755						1,366,459						(719,704)
Amortization of intangible assets			192,246						67,527						124,719
General, administrative and other expenses			165,655						94,818						70,837
Total Expenses			1,004,656						1,528,804						(524,148)
Other Income (Loss)
Net losses on investments			(710)						(145)						(565)
Net losses on retirement of debt			—						(16,145)						16,145
Interest expense			(42,912)						(17,787)						(25,125)
Change in TRA liability			(4,683)						(5,879)						1,196
Change in warrant liability			35,734						(42,762)						78,496
Change in earnout liability			(2,464)						(756,092)						753,628
Total Other Income (Loss)			(15,035)						(838,810)						823,775
Loss Before Income Taxes			(45,482)						(1,832,255)						1,786,773
Income tax expense (benefit)			(3,492)						(43,402)						39,910
Consolidated and Combined Net Loss			(41,990)						(1,788,853)						1,746,863
Net loss attributable to noncontrolling interests			31,109						1,412,600						(1,381,491)
Net Loss Attributable to Blue Owl Capital Inc.			$	(10,881)					$	(376,253)					$	365,372

Compensation and Benefits. Compensation and benefits expenses decreased due to an $865.0 million decrease in equity-based compensation, which was driven by the following: (i) a $988.7 million decrease related to acquisitions, primarily due to a $1.2 billion charge related to Blue Owl Operating Group Units issued in connection with the Business Combination, with the remaining offsetting increase related to the Oak Street and Wellfleet Acquisitions; (ii) an offsetting $69.2 million increase related to recurring annual grants to employees, as such amounts were granted for the first time during the fourth quarter of 2021; and (iii) an offsetting $54.5 million increase related to one-time grants to employees in connection with the Business Combination, as such grants were made during the fourth quarter of 2021. Additionally, compensation and benefits was impacted by an increase of $48.7 million due to the amortization of cash earnouts, primarily related to the Oak Street Acquisition. The remaining offsetting increase was driven by the increase in headcount, which is inclusive of the increase in headcount related to the Dyal Acquisition, Oak Street Acquisition and Wellfleet Acquisition.

Amortization of Intangible Assets. Amortization of intangible assets increased due to the addition of intangible assets in connection with the Business Combination in May 2021, the Oak Street Acquisition in December 2021 and the Wellfleet Acquisition in April 2022. See Note 3 to our Financial Statements for additional information.

Change in TRA Liability. The change in the TRA liability for the current year period and prior year period was not material.

Change in Warrant Liability. In August 2022, the Public Warrants were redeemed, see Note 1 for additional information. The change in the warrant liability for the current year period was driven by the decrease in the price of our Class A Shares. The change in the warrant liability in the prior year period was driven by the increase in the price of our Class A Shares.

Change in Earnout Liability. There was no material change to the earnout liability for the current year period. The change in the fair value of the earnout liability in the prior year period was primarily due to the increase in our Class A Share price, as such input was a material driver of the valuation of the Earnout Securities carried at fair value.

In addition to presenting our consolidated and combined results in accordance with GAAP, we present certain other financial measures that are not presented in accordance with GAAP. Management uses these measures to assess the performance of our business, and we believe that this information enhances the ability of shareholders to analyze our performance from period to period. These non-GAAP financial measures supplement and should be considered in addition to and not in lieu of our GAAP results, and such measures should not be considered as indicative of our liquidity. Our non-GAAP measures may not be comparable to other similarly titled measures used by other companies. Please see “—Non-GAAP Reconciliations” for reconciliations of these measures to the most comparable measures prepared in accordance with GAAP.

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			2022						2021						2022						2021
FRE revenues			$	362,973					$	235,732					$	953,382					$	511,042
FRE expenses			(157,610)						(92,405)						(381,451)						(221,460)
Net loss (income) allocated to noncontrolling interests included in Fee-Related Earnings			4,451						(1,469)						6,330						(3,243)
Fee-Related Earnings			$	209,814					$	141,858					$	578,261					$	286,339
Distributable Earnings			$	191,673					$	142,750					$	527,801					$	268,140

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			2022						2021						2022						2021
Direct Lending Products
Diversified lending			$	126,492					$	90,885					$	340,853					$	251,136
Technology lending			29,905						16,820						76,738						47,404
First lien lending			4,213						4,098						11,867						11,730
Opportunistic lending			2,312						1,166						6,583						2,470
CLOs			6,778						—						13,073						—
Management Fees, Net			169,700						112,969						449,114						312,740
Administrative, transaction and other fees			13,667						31,012						51,536						69,474
FRE Revenues - Direct Lending Products			183,367						143,981						500,650						382,214
GP Capital Solutions Products
GP minority equity investments			153,563						85,426						380,097						121,767
GP debt financing			3,532						6,165						9,990						6,901
Professional sports minority investments			283						160						1,296						160
Management Fees, Net			157,378						91,751						391,383						128,828
Administrative, transaction and other fees			1,159						—						3,898						—
FRE Revenues - GP Capital Solutions Products			158,537						91,751						395,281						128,828
Real Estate Products
Net lease			21,069						—						57,451						—
Management Fees, Net			21,069						—						57,451						—
FRE Revenues - Real Estate Products			21,069						—						57,451						—
Total FRE Revenues			$	362,973					$	235,732					$	953,382					$	511,042

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			2022						2021						2022						2021
FRE compensation and benefits			$	(98,535)					$	(70,664)					$	(259,313)					$	(171,345)
FRE general, administrative and other expenses			(59,075)						(21,741)						(122,138)						(50,115)
Total FRE Expenses			$	(157,610)					$	(92,405)					$	(381,451)					$	(221,460)

The table below presents the reconciliation of the non-GAAP measures presented throughout this MD&A. Please see “—Non-GAAP Analysis” for important information regarding these measures.

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			2022						2021						2022						2021
GAAP (Loss) Income Before Income Taxes			$	(14,093)					$	(255,238)					$	(45,482)					$	(1,832,255)
Net loss (income) allocated to noncontrolling interests included in Fee-Related Earnings			4,451						(1,469)						6,330						(3,243)
Strategic Revenue-Share Purchase consideration amortization			9,770						970						27,614						970
Equity-based compensation - other			27,381						—						69,200						—
Equity-based compensation - acquisition related			62,831						15,722						185,624						1,174,319
Equity-based compensation - Business Combination grants			17,864						—						54,538						—
Capital-related compensation			972						—						2,652						—
Acquisition-related cash earnout amortization			16,515						—						48,708						—
Amortization of intangible assets			65,835						46,191						192,246						67,527
Transaction Expenses			1,761						4,108						21,796						40,211
Interest expense			15,027						6,112						42,912						17,787
Net losses (gains) on investments			592						145						710						145
Net losses on early retirement of debt			—						—						—						16,145
Change in TRA liability			(3,599)						4,733						4,683						5,879
Change in warrant liability			2,747						27,462						(35,734)						42,762
Change in earnout liability			1,760						293,122						2,464						756,092
Fee-Related Earnings			209,814						141,858						578,261						286,339
Interest expense			(15,033)						(6,112)						(42,912)						(17,787)
Taxes and TRA payments			(3,108)						7,004						(7,548)						(412)
Distributable Earnings			191,673						142,750						527,801						268,140
Interest expense			15,033						6,112						42,912						17,787
Taxes and TRA payments			3,108						(7,004)						7,548						412
Fixed assets depreciation and amortization			235						191						694						456
Adjusted EBITDA			$	210,049					$	142,049					$	578,955					$	286,795

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			2022						2021						2022						2021
GAAP Revenues			$	370,986					$	247,875					$	974,209					$	535,359
Strategic Revenue-Share Purchase consideration amortization			9,770						970						27,614						970
Administrative and other fees			(17,783)						(13,113)						(48,441)						(25,287)
FRE Revenues			$	362,973					$	235,732					$	953,382					$	511,042

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			2022						2021						2022						2021
GAAP Compensation and Benefits			$	234,745					$	96,910					$	646,755					$	1,366,459
Equity-based compensation - other			(27,381)						—						(68,478)						—
Equity-based compensation - acquisition related			(62,831)						(15,722)						(185,624)						(1,174,319)
Equity-based compensation - Business Combination grants			(17,864)						—						(54,538)						—
Capital-related compensation			(973)						—						(2,652)						—
Acquisition-related cash earnout amortization			(16,515)						—						(48,708)						—
Administrative and other expenses			(10,646)						(10,524)						(27,442)						(20,795)
FRE Compensation and Benefits			$	98,535					$	70,664					$	259,313					$	171,345

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			2022						2021						2022						2021
GAAP General, Administrative and Other Expenses			$	67,972					$	28,438					$	165,655					$	94,818
Transaction Expenses			(1,761)						(4,108)						(21,796)						(40,211)
Equity-based compensation - other			—						—						(722)						—
Administrative and other expenses			(7,136)						(2,589)						(20,999)						(4,492)
FRE General, Administrative and Other Expenses			$	59,075					$	21,741					$	122,138					$	50,115

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