BLUE OWL CAPITAL INC., 10-K filed on 2/19/2026
Annual Report
v3.25.4
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 13, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 12.5
Documents Incorporated by Reference
Portions of the registrant's definitive proxy statement for the 2026 annual meeting of stockholders are incorporated by reference into Part III of this report.
    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001823945    
Class A Shares      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   665,568,093  
Class C Shares      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   584,552,295  
Class D Shares      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   304,449,203  
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location New York, New York
Auditor Firm ID 185
v3.25.4
Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 194,512 $ 152,089
Due from related parties 694,056 548,730
Investments (includes $358,153 and $369,294 at fair value and $162,747 and $213,684 of investments in the Company’s products, respectively) 484,389 486,945
Operating lease assets 456,204 325,090
Strategic Revenue-Share Purchase consideration, net 329,207 373,528
Deferred tax assets 1,413,528 1,245,123
Intangible assets, net 2,888,800 2,902,752
Goodwill 5,624,469 4,699,465
Other assets, net 382,519 258,748
Total Assets 12,467,684 10,992,470
Liabilities    
Debt obligations, net 3,324,426 2,588,496
Accrued compensation 525,550 424,024
Operating lease liabilities 538,147 390,353
TRA liability (includes $106,793 and $108,257 at fair value, respectively) 1,658,999 1,412,300
Earnout liability, at fair value 163,700 168,441
Deferred tax liabilities 39,663 36,867
Accounts payable, accrued expenses and other liabilities 163,000 165,953
Total Liabilities 6,413,485 5,186,434
Commitments and Contingencies (Note 8)
Stockholders’ Equity    
Additional paid-in capital 3,812,770 3,269,239
Accumulated deficit (1,609,455) (1,141,631)
Accumulated other comprehensive income 1,892 0
Total Stockholders’ Equity Attributable to Blue Owl Capital Inc. 2,205,362 2,127,758
Stockholders’ equity attributable to noncontrolling interests 3,848,837 3,678,278
Total Stockholders’ Equity 6,054,199 5,806,036
Total Liabilities and Stockholders’ Equity 12,467,684 10,992,470
Class A Shares    
Stockholders’ Equity    
Common stock value 67 61
Class C Shares    
Stockholders’ Equity    
Common stock value 58 58
Class D Shares    
Stockholders’ Equity    
Common stock value $ 30 $ 31
v3.25.4
Consolidated Statements of Financial Condition (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Investments at fair value $ 358,153 $ 369,294
Investments in the company's products 162,747 213,684
Portion of TRA at fair value $ 106,793 $ 108,257
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) 667,278,210 608,346,194
Common stock, shares outstanding (in shares) 667,278,210 608,346,194
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) 584,552,295 579,980,769
Common stock, shares outstanding (in shares) 584,552,295 579,980,769
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) 304,449,203 310,415,409
Common stock, shares outstanding (in shares) 304,449,203 310,415,409
v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues      
Revenues $ 2,870,178 $ 2,295,427 $ 1,731,608
Expenses      
Compensation and benefits 1,307,040 1,017,483 870,642
Amortization of intangible assets 358,952 258,256 300,341
General, administrative and other expenses 747,936 412,931 242,809
Total Expenses 2,413,928 1,688,670 1,413,792
Other Loss      
Net gains (losses) on investments (7,105) 1,713 4,203
Interest and dividend income 45,184 42,172 22,176
Interest expense (163,755) (121,894) (75,696)
Change in TRA liability (13,608) 7,080 (1,656)
Change in warrant liability 0 (38,300) (14,050)
Change in earnout liability 30,945 (28,300) (6,409)
Total Other Loss (108,339) (137,529) (71,432)
Income Before Income Taxes 347,911 469,228 246,384
Income tax expense 42,424 48,782 25,608
Consolidated Net Income 305,487 420,446 220,776
Net income attributable to noncontrolling interests (226,654) (310,862) (166,433)
Net Income Attributable to Blue Owl Capital Inc. $ 78,833 $ 109,584 $ 54,343
Earnings per Class A Share      
Basic (in dollars per share) $ 0.12 $ 0.20 $ 0.12
Diluted (in dollars per share) $ 0.10 $ 0.20 $ 0.10
Weighted-Average Class A Shares      
Basic (in shares) [1] 654,785,946 549,005,214 463,233,832
Diluted (in shares) 661,885,114 558,426,153 478,008,915
Management fees, net      
Revenues      
Revenues $ 2,521,937 $ 1,994,064 $ 1,527,241
Administrative, transaction and other fees      
Revenues      
Revenues 321,469 294,267 200,746
Performance revenues      
Revenues      
Revenues $ 26,772 $ 7,096 $ 3,621
[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.
v3.25.4
Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Part I fees $ 567,754 $ 527,859 $ 387,346
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Consolidated Net Income $ 305,487 $ 420,446 $ 220,776
Other comprehensive income - cash flow hedges, net of tax 4,080 0 0
Comprehensive Income 309,567 420,446 220,776
Comprehensive income attributable to noncontrolling interests (228,842) (310,862) (166,433)
Comprehensive Income Attributable to Blue Owl Capital Inc. $ 80,725 $ 109,584 $ 54,343
v3.25.4
Consolidated Statements of Changes in Stockholders’ Equity - 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 A Shares
Prima Acquisition
Common Stock
Class A Shares
KAM
Common Stock
Class C Shares
Common Stock
Class C Shares
Prima Acquisition
Common Stock
Class C Shares
IPI Acquisition
Common Stock
Class C Shares
Atalaya
Common Stock
Class C Shares
Oak Street Acquisition
Common Stock
Class D Shares
Additional Paid-in Capital
Additional Paid-in Capital
Prima Acquisition
Additional Paid-in Capital
KAM
Accumulated Deficit
Accumulated Other Comprehensive Income
Stockholders’ Equity Attributable to Noncontrolling Interests
Stockholders’ Equity Attributable to Noncontrolling Interests
Prima Acquisition
Stockholders’ Equity Attributable to Noncontrolling Interests
IPI Acquisition
Stockholders’ Equity Attributable to Noncontrolling Interests
Atalaya
Beginning balance at Dec. 31, 2022           $ 45     $ 63         $ 32 $ 2,293,903     $ (689,345) $ 0 $ 3,944,188      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                              
Share exchanges           1     (1)                            
Class C Shares and Common Units issued as consideration related to the Oak Street Acquisition                         $ 1                    
Equity classified contingent consideration in connection with Wellfleet Acquisition                             (969)                
Deferred taxes on capital transactions                             36,133                
TRA liability on capital transactions                             (56,892)                
Equity-based compensation                             16,422         273,521      
Contributions                                       49,627      
Distributions                                       (546,242)      
Withholding taxes on vested RSUs                             (5,074)         (10,376)      
Class A Share repurchases   $ 0                                          
Reallocation between additional paid-in capital and noncontrolling interests due to changes in Blue Owl Operating Group ownership                             127,459         (127,459)      
Cash dividends declared on Class A Shares                                   (247,882)          
Net income attributable to Blue Owl Capital Inc. $ 54,343                                 54,343          
Net income attributable to noncontrolling interests (166,433)                                     166,433      
Ending Balance at Dec. 31, 2023 $ 5,277,931       $ 1,528,239 $ 46     $ 63         $ 32 2,410,982     (882,884) 0 3,749,692      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                              
Cash Dividends Paid per Class A Share (in dollars per share) $ 0.550                                            
Beginning balance (in shares) at Dec. 31, 2022           445,131,351     629,402,505         319,132,127                  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                              
Class A Share repurchases (in shares)   0                                          
Shares delivered on vested RSUs (in shares)           1,310,137                                  
Share exchanges (in shares)           17,983,898     (15,941,394)         (2,042,504)                  
Shares delivered on vested Common Units (in shares)                 5,988,546                            
Settlement of Oak Street Earnout Units (in shares)                 13,037,165                            
Ending balance (in shares) at Dec. 31, 2023           464,425,386     632,486,822         317,089,623                  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                              
Shares delivered on vested RSUs           $ 2                                  
Settlement of Oak Street Earnout Units                 $ 1                            
Shares and Common Units issued in connection with Acquisitions             $ 1 $ 2   $ 1   $ 2       $ 109,825 $ 417,472       $ 27,195   $ 385,106
Share exchanges           10     (10)         $ (1)                  
Shares delivered on vested Common Units                 1                            
Offering costs related to shares issued in connection with acquisitions                             (273)                
Deferred taxes on capital transactions                             491,671                
TRA liability on capital transactions                             (568,036)                
Exercise of warrants                             60,900                
Equity-based compensation                             27,318         263,327      
Contributions                                       35,737      
Distributions                                       (735,413)      
Withholding taxes on vested RSUs                             (13,097)         (25,751)      
Class A Share repurchases   $ 0                                          
Reallocation between additional paid-in capital and noncontrolling interests due to changes in Blue Owl Operating Group ownership                             332,477         (332,477)      
Cash dividends declared on Class A Shares                                   (368,331)          
Net income attributable to Blue Owl Capital Inc. $ 109,584                                 109,584          
Net income attributable to noncontrolling interests (310,862)                                     310,862      
Ending Balance at Dec. 31, 2024 $ 5,806,036       2,127,758 $ 61     $ 58         $ 31 3,269,239     (1,141,631) 0 3,678,278      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                              
Cash Dividends Paid per Class A Share (in dollars per share) $ 0.680                                            
Class A Share repurchases (in shares)   0                                          
Shares delivered on vested RSUs (in shares)           2,725,075                                  
Shares and Common Units issued in connection with Acquisitions (in shares)             6,352,047 23,519,636   1,572,883   20,016,013                      
Share exchanges (in shares)           108,710,214     (102,036,000)         (6,674,214)                  
Exercise of warrants (in shares)           2,613,836                                  
Shares delivered on vested Common Units (in shares)                 14,903,886                            
Settlement of Oak Street Earnout Units (in shares)                 13,037,165                            
Ending balance (in shares) at Dec. 31, 2024   608,346,194 579,980,769 310,415,409   608,346,194     579,980,769         310,415,409                  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                              
Shares and Common Units issued in connection with Acquisitions                     $ 4                     $ 998,361  
Share exchanges           $ 6     $ (5)         $ (1)                  
Shares delivered on vested Common Units                 1                            
Deferred taxes on capital transactions                             191,192                
TRA liability on capital transactions                             (286,633)                
Equity-based compensation                             51,046         566,841      
Contributions                                       26,436      
Distributions                                       (928,726)      
Withholding taxes on vested RSUs                             (30,199)         (49,376)      
Class A Share repurchases   $ 53,694                         53,694                
Reallocation between additional paid-in capital and noncontrolling interests due to changes in Blue Owl Operating Group ownership                             671,819         (671,819)      
Cash dividends declared on Class A Shares                                   (546,657)          
Net income attributable to Blue Owl Capital Inc. $ 78,833                                 78,833          
Other comprehensive income attributable to Blue Owl Capital Inc.                                     1,892        
Net income attributable to noncontrolling interests (226,654)                                     226,654      
Other comprehensive income attributable to noncontrolling interests                                       2,188      
Ending Balance at Dec. 31, 2025 $ 6,054,199       $ 2,205,362 $ 67     $ 58         $ 30 $ 3,812,770     $ (1,609,455) $ 1,892 $ 3,848,837      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                              
Cash Dividends Paid per Class A Share (in dollars per share) $ 0.855                                            
Class A Share repurchases (in shares)   3,699,164       3,699,164                                  
Shares delivered on vested RSUs (in shares)           4,457,251                                  
Shares and Common Units issued in connection with Acquisitions (in shares)                     43,509,675                        
Share exchanges (in shares)           58,173,635     (52,207,429)         (5,966,206)                  
Other (in shares)           294                                  
Shares delivered on vested Common Units (in shares)                 13,269,280                            
Ending balance (in shares) at Dec. 31, 2025   667,278,210 584,552,295 304,449,203   667,278,210     584,552,295         304,449,203                  
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities      
Consolidated net income $ 305,487 $ 420,446 $ 220,776
Adjustments to reconcile consolidated net income to net cash from operating activities:      
Amortization of intangible assets 358,952 258,256 300,341
Equity-based compensation 673,524 312,609 312,564
Depreciation and amortization of fixed assets 23,446 16,660 10,226
Amortization of debt discounts and deferred financing costs 7,830 7,208 4,987
Non-cash interest and dividend income (34,914) (23,116) 0
Net change in operating lease assets and operating lease liabilities 16,744 27,313 22,893
Payment of earnout liability in excess of acquisition-date fair value (935) (13,808) (7,406)
Net (gains) losses on investments, net of dividends on equity-method investments 5,713 12,684 (4,203)
Change in TRA liability 13,608 (7,080) 1,656
Change in warrant liability 0 38,300 14,050
Change in earnout liability (30,945) 28,300 6,409
Deferred income taxes 21,204 26,756 4,204
Changes in operating assets and liabilities:      
Due from related parties (103,050) (175,079) (8,747)
Strategic Revenue-Share Purchase consideration 44,321 43,553 40,858
Other assets, net (93,413) (14,102) (15,491)
Accrued compensation 45,662 30,575 41,349
Accounts payable, accrued expenses and other liabilities 2,798 10,080 4,679
Net Cash Provided by Operating Activities 1,256,032 999,555 949,145
Cash Flows from Investing Activities      
Purchases of fixed assets (57,748) (64,187) (67,905)
Purchases of investments (94,273) (378,396) (85,942)
Proceeds from investment sales and maturities 126,030 249,648 62,081
Cash consideration paid for acquisitions, net of cash acquired (244,580) (445,210) (26,265)
Net Cash Used in Investing Activities (270,571) (638,145) (118,031)
Cash Flows from Financing Activities      
Offering costs related to the Acquisitions 0 (273) 0
Proceeds from debt obligations 2,270,000 2,170,000 1,054,800
Debt issuance costs (3,374) (25,366) (6,254)
Repayments of debt obligations (1,540,000) (1,245,000) (1,000,000)
Payment of earnout liability, up to acquisition-date fair value (36,761) (79,981) (79,134)
Equity-classified awards settled in cash 0 0 (3,186)
Payments under the TRA (53,540) (28,166) 0
Withholding taxes on vested RSUs (79,575) (38,848) (15,450)
Dividends paid on Class A Shares (546,657) (368,331) (247,882)
Class A Share repurchases (53,694) 0 0
Contributions from noncontrolling interests 29,289 37,897 48,315
Distributions to noncontrolling interests (928,726) (735,413) (546,242)
Net Cash Used in Financing Activities (943,038) (313,481) (795,033)
Net Increase in Cash and Cash Equivalents 42,423 47,929 36,081
Cash and cash equivalents, beginning of period 152,089 104,160 68,079
Cash and Cash Equivalents, End of Period 194,512 152,089 104,160
Supplemental Information      
Cash paid for interest 155,391 101,185 71,593
Cash paid for income taxes [1] $ 17,140 $ 22,136 $ 14,249
[1] See Note 11 for additional information on income taxes paid disaggregated by jurisdiction.
v3.25.4
ORGANIZATION
 12 Months Ended
Dec. 31, 2025
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, Real Assets and GP Strategic Capital platforms on behalf of institutional and private wealth clients.
The Company conducts its operations through Blue Owl Capital Holdings LP (“Blue Owl Holdings,” and collectively with its consolidated subsidiaries, the “Blue Owl Operating Group”). The Registrant holds its controlling financial interests in the Blue Owl Operating Group indirectly through its wholly owned subsidiaries, Blue Owl Capital GP Holdings LLC and Blue Owl Capital GP LLC (collectively, “Blue Owl GP”).
On May 19, 2021, the Company completed the transactions contemplated by the business combination agreement dated as of December 23, 2020 (as amended, modified, supplemented or waived from time to time) (the “Business Combination”), 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 (“Neuberger”), which included the acquisition of the Dyal Capital Partners (“Dyal Capital”) business from Neuberger (the “Dyal Acquisition”).
On April 1, 2025, the Company completed the previously announced internal reorganization (“Internal Reorganization”), pursuant to which, among other things, Blue Owl Capital Carry LP (“Blue Owl Carry”) became a wholly owned subsidiary of Blue Owl Holdings. Prior to the Internal Reorganization, Blue Owl Holdings and Blue Owl Carry were referred to, collectively, as the “Blue Owl Operating Partnerships.” Following the Internal Reorganization, each unitholder of the Blue Owl Operating Partnerships who previously held an equal number of units in each of Blue Owl Holdings and Blue Owl Carry instead holds a single class of units in Blue Owl Holdings and will hold units in any future entities that may be designated by the Company’s Board in its sole discretion as a Blue Owl Operating Partnership.
Acquisitions
On January 3, 2025, the Company acquired the rights to investment management agreements, investor relationships, related assets and personnel from digital infrastructure fund manager IPI Partners, LLC (the “IPI Acquisition”), a joint venture between an affiliate of ICONIQ Capital, LLC (“ICONIQ”) and an affiliate of Iron Point Partners. The IPI Acquisition collectively with the Dyal Acquisition and the acquisitions listed below are referred to as the “Acquisitions.”
In addition, in connection with the IPI Acquisition, the Company entered into a services agreement with ICONIQ (the “Services Agreement”), pursuant to which ICONIQ will provide certain services, including investment analysis and investor relations services to the Company or its subsidiaries. See Note 10 for additional information regarding the Services Agreement.
On September 30, 2024, the Company acquired the rights to investment management agreements, investor relationships, related assets and personnel from Atalaya Capital Management LP (“Atalaya”) and Atalaya’s other investment advisor affiliates and subsidiaries (the “Atalaya Acquisition”).
On July 1, 2024, the Company completed its acquisition of Kuvare Insurance Services LP (d/b/a Kuvare Asset Management) (“KAM”), a boutique investment management firm focused on providing asset management services to the insurance industry (the “KAM Acquisition”).
On June 6, 2024, the Company completed its acquisition of Prima Capital Advisors Holdings LLC, a real estate lender (“Prima”) (the “Prima Acquisition”).
On December 1, 2023, the Company acquired the rights to investment management agreements, investor relationships, related assets and personnel from Cowen Healthcare Investments, a life sciences investment manager (the “CHI Acquisition”).
On August 15, 2023, the Company acquired the rights to certain collateralized loan obligation (“CLO”) management agreements, related assets and personnel from Par Four CLO Management LLC, a CLO manager (the “Par Four Acquisition”).
Registrant’s Capital Structure
The following table presents the number of shares of the Registrant and RSUs that were outstanding as of December 31, 2025:
December 31, 2025
Class A Shares667,278,210 
Class C Shares 584,552,295 
Class D Shares304,449,203 
RSUs41,562,935 
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 December 31, 2025, the Class A Shares and Class C Shares (collectively, the “Low-Vote Shares”) represented 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 December 31, 2025, the Class B Shares and Class D Shares (collectively, the “High-Vote Shares”) represented a combined 80% of the total voting power of all shares. No Class B Shares have been issued to-date since inception.
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 outstanding other than Common Units associated with Class D Shares as described below, 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 received by the Company’s Principals at the time of the Business Combination, one Class D Share was issued to grant a corresponding voting interest in the Registrant. No additional Class D Shares have been or are expected to be issued following the Business Combination. 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. RSU grants are accounted for as equity-based compensation. See Note 10 for additional information.
Blue Owl Operating Group’s Capital Structure
The following table presents the interests outstanding of the Blue Owl Operating Group that were outstanding as of December 31, 2025, which interests are collectively referred to as “Blue Owl Operating Group Units”:
UnitsDecember 31, 2025
GP Units667,278,210 
Common Units889,001,498 
Incentive Units29,507,562 
GP Units—The Registrant indirectly holds a general partner interest and all of the GP Units in Blue Owl Holdings (as well as Blue Owl Carry prior to the Internal Reorganization). The GP Units 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 also include Common Units (as defined below) previously acquired and held directly or indirectly by the Registrant in connection with certain Acquisitions, as well as 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 Blue Owl Holdings (as well as Blue Owl Carry prior to the Internal Reorganization). Subject to certain restrictions, Common Units are exchangeable on a one-for-one basis for either Class A Shares (if exchanging Class C Shares or exchanging Class D Shares that will not continue to be held by a holder exchanging such shares) or Class B Shares (if exchanging Class D Shares that will continue to be held by a holder exchanging such shares). 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. 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 Unit holders 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 Blue Owl Holdings (as well as Blue Owl Carry prior to the Internal Reorganization) granted to certain members of management, employees and consultants (collectively, “Incentive Unit Grantees”) and are generally subject to vesting conditions. 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, holders of Incentive Units (“Incentive Unitholders”) are entitled to distributions in the same amount per unit as declared on GP Units and Common Units. Substantially all unvested Incentive Unitholders generally are not entitled to distributions; however, consistent with other Blue Owl Operating Group 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) 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
In February 2025, the Company’s Board authorized the repurchase of up to $150.0 million of Class A Shares (the “2025 Program”). Under the 2025 Program, repurchases could be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of shares repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The 2025 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 2025 Program and (ii) February 28, 2027.
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 Class A Shares repurchased under the 2025 Program and RSUs withheld to satisfy tax withholding obligations during each of the indicated periods:
Year Ended December 31,
(dollars in thousands)202520242023
Fair value of shares purchased pursuant to the 2025 Program$53,694 $— $— 
Number of shares purchased pursuant to the 2025 Program3,699,164 — — 
Fair value of RSUs withheld to satisfy tax withholding obligations$79,575 $38,848 $15,450 
Number of RSUs withheld to satisfy tax withholding obligations3,586,554 2,150,962 1,222,135 
Acquisitions-Related Earnouts
In connection with certain Acquisitions, the Company agreed to deliver additional consideration to the sellers upon the occurrence of certain triggering events. See Note 3 and Note 10 for additional information regarding earnout arrangements for certain acquisitions.
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 tax receivable agreement (“TRA”) liability in connection with the exchanges. See the consolidated statements of changes in stockholders’ equity for these amounts.
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
These 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. All intercompany transactions and balances have been eliminated in consolidation. 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.
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 the preferred equity investment; (iii) the fair value of equity-based compensation grants; (iv) the fair values of liabilities with respect to the TRA (the portion considered contingent consideration) and earnout liabilities; (v) the estimate of future taxable income, which impacts the realizability and carrying amount of the Company’s deferred income tax assets; (vi) the fair value of net identifiable assets acquired in business combinations, as well as the determination of whether amounts paid or payable represent consideration or compensation; and (vii) the qualitative and quantitative assessments of whether impairments of intangible assets and goodwill exist. Inherent in such estimates and judgments 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.
Principles of Consolidation
The Company consolidates entities in which it has a controlling financial interest based on the application of either the variable interest model or the voting interest model.
An entity is considered to be a variable interest entity (“VIE”) if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately fewer voting rights.
The Company is required to consolidate any VIEs for which it is the primary beneficiary. The Company is the primary beneficiary if it holds a controlling financial interest, which is defined as having (a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company does not consolidate any of the products it manages, as it does not hold any direct or indirect interests in such entities that could expose the Company to an obligation to absorb the losses or right to receive benefits that are more than insignificant to such entities.
Fees that are customary and commensurate with the level of services provided by the Company, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, are not considered to be variable interests. The Company factors in all economic interests, including proportionate interests held through related parties, to determine if fees are variable interests. The Company’s interests in the products it manages are primarily in the form of management fees, performance revenues, and insignificant direct or indirect equity interests, and therefore does not have variable interests in such entities.
The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and continuously reconsiders that conclusion. In evaluating whether the Company is the primary beneficiary, the Company evaluates its direct and indirect economic interests in the entity. The consolidation analysis is generally performed qualitatively; however, if the primary beneficiary is not readily determinable, a quantitative analysis may also be performed. This analysis requires judgment, including: (1) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the success of the entity, (3) determining whether two or more parties’ equity interests should be aggregated, (4) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity and (5) evaluating the nature of relationships and activities of the parties involved in determining which party within a related-party group is most closely associated with a VIE and therefore would be deemed the primary beneficiary.
For entities that are not VIEs, the Company evaluates such entities (“VOEs”) under the voting interest model. The Company consolidates VOEs where the Company controls a majority voting interest. The Company will generally not consolidate VOEs where a single investor or simple majority of third-party investors with equity have the ability to exercise substantive kick-out or participation rights.
Acquisitions
The Acquisitions were accounted for using the acquisition method of accounting. For business combinations accounted for under the acquisition method, the Company recognizes the fair value of assets acquired and liabilities assumed on the acquisition date. The excess of purchase price consideration over the fair value of net assets acquired is recorded as goodwill.
Management’s determination of the fair value of assets acquired and liabilities assumed at the acquisition date is based on the best information available in the circumstances and incorporates management’s own assumptions and involves a significant degree of judgment. If the Company is still obtaining information necessary to identify and measure the fair value of assets acquired, liabilities assumed, or any noncontrolling interest in the acquiree, then the Company may record provisional amounts for these items at the acquisition date. During the measurement period, which cannot exceed one year from the acquisition date, the Company may adjust the provisional amounts to reflect new information obtained about facts and circumstances that existed as of the acquisition date.
Cash and Cash Equivalents
The Company considers highly-rated liquid investments that have an original maturity of three months or less from the date of purchase to be cash equivalents. The Company holds the majority of its cash balances with a single financial institution and such balances are in excess of Federal Deposit Insurance Corporation insured limits, which exposes the Company to a certain degree of credit risk concentration.
Investments
Certain equity investments in the Company’s products are accounted for using the equity-method of accounting, whereby the Company recognizes its share of income in current-period earnings. Distributions, when received on these investments, generally reduce the carrying value of such investments.
Investments in loans are accounted for at amortized cost, net of an allowance for current expected credit losses. The estimate of expected credit losses considers current conditions and reasonable and supportable forecasts. As of December 31, 2025, and December 31, 2024, the estimates of current expected credit losses were not material.
For certain debt and equity investments in the Company’s products, the Company has elected the fair value option in order to simplify the accounting for these instruments, and therefore changes in unrealized gains or losses are included in current-period earnings. Such elections are irrevocable and are applied on an investment-by-investment basis at initial recognition.
The Company has elected the fair value option for its preferred equity investment in Kuvare UK Holdings in order to simplify the accounting for this instrument, and therefore changes in unrealized gains or losses are included in current-period earnings within net gains (losses) on investments in the consolidated statements of operations. Dividends compound quarterly, are payable when declared, and are included within interest and dividend income in the consolidated statements of operations.
Realized and changes in unrealized gains (losses) on investments are included within net gains (losses) on investments in the consolidated statements of operations. See Note 4 for additional information.
Leases
The Company determines if an arrangement is a lease at inception. Right-of-use lease assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The present value of lease payments includes expected tenant improvement allowances. The Company does not recognize right-of-use lease assets and lease liabilities for leases with an initial term of one year or less. Right-of-use assets and liabilities related to operating leases are included within operating lease assets and operating lease liabilities, respectively, in the Company’s consolidated statements of financial condition.
As the Company’s leases do not provide an implicit rate, the Company uses its estimated incremental borrowing rate based on information available at the lease commencement date in determining the present value of lease payments. The determination of an appropriate incremental borrowing rate requires judgment. The Company determines its incremental borrowing rate based on data for instruments with similar characteristics, including recently issued debt, and makes adjustments for duration and collateralization features, as well as other factors.
Lease terms include options to extend or terminate when it is reasonably certain that the Company will exercise that option. In addition, the Company separates lease and non-lease components embedded within lease agreements. Lease expense for operating lease payments is recognized on a straight-line basis, which consists of amortization of right-of-use assets and interest accretion on lease liabilities, over the lease term and included within general, administrative and other expenses in the consolidated statements of operations. The Company does not have any material finance leases. See Note 5 for additional information.
Strategic Revenue-Share Purchase Consideration
On September 20, 2021, the Company entered into certain Agreements of Purchase and Sale (the “Strategic Revenue-Share Purchase”), whereby certain fund investors relinquished their rights to receive management fee shares with respect to certain existing and future GP Strategic Capital products.
The Company determined that it was not receiving a distinct good or service from the customers as a result of the Strategic Revenue-Share Purchase, and therefore determined that the consideration paid to the customers, substantially all of which was in the form of Class A Shares, represents a reduction of the transaction price (i.e., a reduction to revenue). Accordingly, the total consideration paid was recorded within Strategic Revenue-Share Purchase consideration in the Company’s consolidated statements of financial condition and is being amortized as a reduction of management fees, net in the Company’s consolidated statements of operations. See Note 9 for additional information.
Intangible Assets, Net and Goodwill
The Company recognized finite-lived intangible assets and goodwill as a result of the Acquisitions. The Company’s finite-lived intangible assets consist of contractual rights to earn future management fees from the acquired investment management agreements and value associated with the acquired client relationships and trademarks. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. See Note 3 for additional information.
The Company uses its best estimates and assumptions to accurately assign fair value to identifiable intangible assets acquired at the acquisition date and the useful lives of those acquired intangible assets. Examples of critical estimates in valuing certain of the intangible assets acquired include, but are not limited to, future expected cash inflows and outflows, expected useful life and discount rates. The Company’s estimates for future cash flows are based on historical data, various internal estimates and certain external sources, and are based on assumptions that are consistent with the plans and estimates the Company uses to manage the underlying assets acquired. The Company estimates the useful lives of the intangible assets based on the expected period over which the Company anticipates generating economic benefit from the asset. The Company bases its estimates on assumptions it believes to be reasonable but that are unpredictable and inherently uncertain. Unanticipated events and circumstances may occur that could affect the accuracy or validity of such assumptions, estimates or actual results.
The Company tests finite-lived intangible assets for impairment by performing a qualitative review of factors, including projections for fee-paying assets under management, revenue, and general economic conditions, that require judgment in deciding whether there is an indication that the carrying amount of intangible assets may not be recoverable. If an indication exists, a quantitative analysis would be undertaken. If an impairment exists, the Company adjusts the carrying value to equal the fair value by taking a charge through earnings. No impairments have been recognized to date on the Company’s acquired intangible assets.
Goodwill represents the excess of consideration over identifiable net assets of an acquired business. The Company tests goodwill annually for impairment. If, after assessing qualitative factors such as projections for fee-paying assets under management, revenue and other general economic conditions, the Company believes that it is more-likely-than-not that the fair value of the reporting unit inclusive of goodwill is less than its carrying amount, the Company will perform a quantitative assessment to determine whether an impairment exists. If an impairment exists, the Company adjusts the carrying value of goodwill so that the carrying value of the reporting unit is equal to its fair value by taking a charge through earnings. The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that it is more-likely-than-not to reduce the fair value of the reporting unit below its carrying amount. See Note 3 for additional information.
Fixed Assets
Fixed assets are recorded at cost, less accumulated depreciation and amortization, and are included within other assets, net in the Company’s consolidated statements of financial condition. Fixed assets are depreciated or amortized on a straight-line basis, with the corresponding depreciation and amortization expense included within general, administrative and other expenses in the Company’s consolidated statements of operations. The estimated useful life for leasehold improvements is the lesser of the remaining lease term or the life of the asset, while other fixed assets are generally depreciated over a period of three years to seven years. The Company tests fixed assets for impairment if events or circumstances change indicating that the carrying amount of a fixed asset may not be recoverable.
Debt Obligations, Net
The Company’s debt obligations, other than revolving credit facilities, are recorded at amortized cost, net of any debt issuance costs, discounts and premiums. Debt issuance costs are deferred and along with discounts and premiums are amortized to interest expense in the consolidated statements of operations over the life of the related debt instrument using the effective interest method. Unamortized debt issuance costs, discounts and premiums are written off to net losses on retirement of debt in the consolidated statements of operations when the Company prepays borrowings prior to maturity. Debt issuance costs associated with revolving credit facilities are presented within other assets, net in the consolidated statements of financial condition, and such amounts are amortized to interest expense in the consolidated statements of operations on a straight-line basis over the life of the related facility.
TRA Liability
The TRA liability represents amounts payable to certain pre-Business Combination equity holders of the combined businesses of Blue Owl Capital Group LLC (formerly, Owl Rock Capital Group LLC) and Blue Owl Securities LLC (formerly, Owl Rock Capital Securities LLC) (collectively, “Owl Rock”) and Dyal Capital. The portion of the TRA liability related to the Dyal Acquisition is deemed contingent consideration payable to the previous owners of Dyal Capital, and therefore is carried at fair value, with changes in fair value reported within other loss in the consolidated statements of operations. The remaining portion of the TRA liability is carried at a value equal to the expected future payments due under the TRA. The Company recorded its initial estimate of future payments under the TRA portion that is not related to the Dyal Acquisition, including as a result of exchanges of Common Units for Class A or B Shares, as a decrease to additional paid-in capital in the consolidated statements of financial condition. Subsequent adjustments to the liability for future payments under the TRA related to changes in estimated future tax rates or state income tax apportionment are recognized through current period earnings in the consolidated statements of operations. See Note 11 for additional information.
Warrant Liability, at Fair Value
The Company’s warrants were recorded as liabilities carried at fair value, with changes in fair value included within other loss in the Company’s consolidated statements of operations.
The Company had warrants outstanding that were issued in connection with the Business Combination (“Private Placement Warrants”). The Private Placement Warrants, which were exercised in November 2024 and resulted in the issuance of 2.6 million Class A Shares, contained exercise and settlement features that may have changed with a change in the holder, which precluded the Private Placement Warrants from being considered indexed to the Company’s own stock; therefore, the Private Placement Warrants were precluded from being classified within equity and were accounted for as derivative liabilities.
Earnout Liability, at Fair Value
As of December 31, 2025, the earnout liability was comprised of the Prima Earnouts, KAM Earnouts and Atalaya Earnouts (each as defined in Note 3) (collectively, the “Earnouts”). As of December 31, 2024, the earnout liability was comprised of the Wellfleet Earnout Shares (as defined in Note 10), Prima Earnouts, KAM Earnouts and Atalaya Earnouts. The Earnouts represent contingent consideration on each respective acquisition, and are recorded at fair value, with changes in fair value included within change in earnout liability in the Company’s consolidated statements of operations. Earnout liabilities are derecognized when the relevant contingencies are resolved and the consideration is paid or if the contingencies are not resolved (e.g., not meeting relevant targets) and the obligations expire and upon expiration, the consideration would not be paid or payable.
Noncontrolling Interests
Noncontrolling interests are primarily comprised of Common Units, which are interests in the Blue Owl Operating Group not held by the Company. Certain consolidated holding companies for investment adviser subsidiaries of the Blue Owl Operating Group are partially owned by third-party investors. Such interests are also presented as noncontrolling interests.
Allocations to noncontrolling interests in the consolidated statements of operations are based on the substantive profit-sharing arrangements in the Blue Owl Limited Partnership Agreements. The Company does not record income or loss allocations to noncontrolling interests to the extent that such allocations would be provisional in nature, such as for unvested Incentive Units (other than certain minimum tax distributions). Provisional allocations to these interests would be subject to reversal in the event the unvested Incentive Units are forfeited.
Revenue Recognition
Revenues consist of management fees; administrative, transaction and other fees; and performance revenues. The Company recognizes revenues when it is probable that a significant reversal of such amounts would not occur. The Company recognizes revenue at the time of transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services (i.e., the transaction price). Under this method, revenue is based on a contract with a determinable transaction price and distinct performance obligations with probable collectability. Revenues cannot be recognized until the performance obligations are satisfied and control is transferred to the customer. Payments made to the Company’s customers or customers-of-customers, such as certain revenue sharing arrangements and incentives paid to customers, are generally viewed as a reduction of the transaction price and therefore reduce management fees from such customers. See Note 9 for additional information.
Management Fees, Net
Management fees are recognized over the period in which the investment management services are performed because customers simultaneously consume and receive benefits continuously over time. Payment terms and fee rates of management fees vary by product but are generally collected on a quarterly basis and are not subject to clawback.
Management fees for the Company’s business development company (“BDC”) and interval fund products (“Regulated Products”) are typically based on a percentage of average fair value of gross assets (in some cases, excluding cash) or net asset value. Management fees for the Company’s CLOs are generally based on the outstanding par value of the underlying collateral and recognized over time as the services are rendered. For the Company’s other Credit products, management fees are typically based on gross or net asset value or investment cost, and also may include uncalled capital.
Management fees also include a fee based on the net investment income of the Company’s Regulated Products and similarly structured products (“Part I Fees”), which are subject to performance hurdles. Such Part I Fees are classified as management fees in the consolidated statements of operations as they are predictable and recurring in nature, not subject to repayment and cash-settled each quarter.
Management fees for the Company’s Real Assets products are generally based on either a percentage of capital committed and/or called during the investment period, and thereafter generally based on the cost of unrealized investments, or net asset value.
Management fees for the Company’s GP minority stakes strategy are generally based on a percentage of capital committed during the investment period, and thereafter generally based on the cost of unrealized investments. For the other GP Strategic Capital strategies, management fees are generally determined based on a percentage of investment cost.
Management fees, including Part I Fees, are generally cash settled every quarter and not subject to repayment, and therefore uncertainty underlying these fees are resolved each quarter. As such, on a quarterly basis, a subsequent significant reversal in relation to the cumulative revenue recognized is not probable for the quarter in arrears.
As discussed above, amortization of the Strategic Revenue-Share Purchase consideration is recorded as a reduction of management fees, net in the Company’s consolidated statements of operations.
Administrative, Transaction and Other Fees
Administrative, transaction and other fees primarily include fee income, administrative fees and dealer manager revenue.
Fee income is earned for services provided to portfolio companies, which may include arrangement, syndication, origination, structuring analysis, capital structure and business plan advice and other services. The fees are generally recognized as income at the point in time when the services rendered are completed, as there is no ongoing performance requirement.
The Company incurs certain costs in connection with satisfying its performance obligations under administrative agreements – including, but not limited to, employee compensation and travel costs – for which it receives reimbursements from the products it manages. The Company reports these costs within compensation and benefits and general, administrative and other expenses and reports the related reimbursements as revenues within administrative, transaction and other fees (i.e., on a gross basis) in the consolidated statements of operations.
Dealer manager revenue consists of commissions earned for providing distribution services to certain products. Dealer manager revenue is recorded on an accrual basis at the point in time when the services are completed, as there is no ongoing performance requirement. A portion of dealer manager revenues represent commissions that are reallowed to third party broker-dealers. The Company reports these reallowed commission payments to third parties within general, administrative and other expenses (i.e., on a gross basis) in the consolidated statements of operations.
Performance Revenues
The Company is entitled to receive certain performance revenues in the form of performance fees and carried interest from the products that it manages. Performance revenues are based on the product investment performance generated over time, subject to the achievement of minimum return levels in certain products. Performance revenues from the Company’s BDCs and certain other products are realized at the end of a measurement period, typically quarterly or annually. Once realized, such performance revenues are no longer subject to reversal.
For certain non-Regulated Product Credit and Real Assets products, and substantially all GP Strategic Capital products, performance revenues are in the form of carried interest that is allocated to the Company based on cumulative fund performance over time, subject to the achievement of minimum return levels in certain products. The Company recognizes carried interest only to the extent that it is not probable that a significant reversal will occur for amounts recognized. Generally, carried interest is earned after a return of all contributions and may be subject to a preferred return to investors; however, the Company is able to catch-up amounts subject to the preferred return in certain cases. Substantially all of the carried interest generated by the Company’s products is allocable to investors, including certain related parties, through vehicles in which the Company does not have investment or decision-making rights; therefore, the Company does not have a controlling financial interest in or consolidate these vehicles.
Compensation and Benefits
Cash-Based Compensation
Compensation and benefits consist of salaries, bonuses, commissions, long-term deferral programs, benefits and payroll taxes. Compensation is accrued over the related service period.
Equity-Based Compensation
Equity-based compensation awards are reviewed to determine whether such awards are equity-classified or liability-classified. Compensation expense related to equity-classified awards is equal to their grant-date fair value and generally recognized on a straight-line basis over the awards’ requisite service period. For grants to non-employee service providers, the Company recognizes the total estimated expense over the expected substantive service period, in a manner consistent with the recognition of such expenses if the payments were made in cash. When certain settlement features require an award to be liability-classified, compensation expense is recognized over the service period, and such amount is adjusted at each balance sheet date through the settlement date to the then current fair value of such award.
The Company accounts for forfeitures on equity-based compensation arrangements as they occur. The Company recognizes deferred income tax benefits throughout the service period, based on the grant date fair value. Any tax deduction shortfall or windfall due to the difference between grant date fair value and the ultimate deduction taken for tax purposes is recognized at the time of settlement. Expenses related to equity-based grants to employees are included within compensation and benefits in the consolidated statements of operations. See Note 10 for additional information.
Foreign Currency
The functional currency of the Company’s foreign consolidated subsidiaries is the U.S. dollar, as their operations are considered extensions of U.S. parent operations. Monetary assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars at the closing rates of exchange on the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars using the historical exchange rate. The profit or loss arising from foreign currency transactions are remeasured using the rate in effect on the date of any relevant transaction. Gains and losses on transactions denominated in foreign currencies due to changes in exchange rates are recorded within general, administrative and other expenses.
Income Taxes
Substantially all of the earnings of the Blue Owl Operating Group are subject to New York City unincorporated business tax (“UBT”) and additionally, the portion of earnings allocable to the Registrant is subject to corporate tax rates at the U.S. federal and state and local levels. The Company is also subject to income tax in certain foreign jurisdictions in which it conducts business.
Deferred income tax assets and liabilities resulting from temporary differences between the GAAP and tax bases of assets and liabilities are measured at the balance sheet date using enacted income tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. The Company offsets deferred income tax assets and liabilities for presentation in its consolidated statements of financial condition when such assets and liabilities are within the same taxpayer and related to the same taxing jurisdiction.
The realization of deferred tax assets depends upon the existence of sufficient taxable income within the carryback or carryforward periods under the enacted tax law in the applicable tax jurisdiction. A valuation allowance is established when management determines, based on available information, that it is more-likely-than-not that deferred income tax assets will not be realized. Significant judgment is required in determining whether a valuation allowance should be established, as well as the amount of such valuation allowance.
The Company recognizes uncertain income tax positions when it is not more-likely-than-not that a tax position will be sustained upon examination. The Company accrues any interest and penalties related to uncertain tax positions as a component of the income tax provision in the consolidated statements of operations. See Note 11 for additional information.
Comprehensive Income
Comprehensive income represents the change in equity during a period from recognized transactions other than from transactions with owners. In the accompanying Financial Statements, comprehensive income is comprised of (i) consolidated net income, as presented in the consolidated statements of operations and (ii) all components of other comprehensive income. The Company’s other comprehensive income is comprised of gains and losses on derivative instruments that have been designated as cash flow hedges.
The Company has designated foreign exchange forward contracts to hedge the foreign exchange risk associated with certain transactions denominated in a currency other than the functional currency. The changes in the fair value of the designated forward contracts are initially reported in other comprehensive income (“OCI”) and subsequently reclassified to earnings when the hedged transaction affects earnings. The reclassified amounts from OCI are presented in the same income statement line item as the earnings effect of the hedged items. Cash flows associated with these cash flow hedges, which do not include an other-than-insignificant financing element at inception, and only have a financing element inherently included in an at-the-
market derivative instrument with no prepayments, are classified in the same category as the cash flows from the items being hedged. These cash flow hedges are not material to the Financial Statements.
Segment Reporting
The Company operates through one operating and reportable segment that provides asset management services to clients. The Company’s, and therefore the single segment’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 accounting policies of the segment are consistent with the policies described within this Note 2.
The Company’s Chief Operating Decision Makers (“CODMs”) are its Co-CEOs. The Company concluded that it has a single operating segment, as this reflects how the CODMs allocate resources and assess performance under the Company’s “one-firm approach,” which includes operating collaboratively across product lines, with a single expense pool. GAAP consolidated net income is the primary measure of segment operating performance. The CODMs also utilize other supplemental measures not prepared in accordance with GAAP to manage the business and allocate resources, such as budgeting and to assess the operating results of the Company’s business. The measure of segment assets is reported in the consolidated statement of financial condition, as the firm is managed on a consolidated basis.
Significant Segment Expenses
The significant expense categories that are regularly reviewed by the CODMs are presented in the Company’s consolidated statements of operations and include:
1.Compensation and benefits: This line item encompasses all employee-related costs, including salaries, bonuses, and benefits.
2.General, administrative and other expenses: This category includes costs related to office operations, professional services, and other administrative expenses.
3.Interest expense: This line item reflects the cost of servicing our debt obligations.
New Accounting Pronouncements
The Company considers the applicability and impact of all Accounting Standards Updates (“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 material impact on the Company’s Financial Statements upon adoption.
StandardDescriptionEffective Date and
Method of Adoption		Impact on Financial Statements
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 adopted the ASU retrospectively beginning with the 2025 Form 10-K.    
As a result of adopting this standard, the Company included enhanced income tax disclosures that present consistent categories and greater disaggregation of information in the rate reconciliation, income before income taxes disaggregated by jurisdiction, and income taxes paid disaggregated by jurisdiction.
ASU 2024-03 & ASU 2025-01 —Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement ExpensesThe ASU requires additional disclosures of the nature of expenses included in the income statement. The guidance requires footnote disclosures in a tabular format, disaggregating certain costs and expenses that include any of the following expenses: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depletion.
All public business entities are required to adopt the ASU prospectively for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027.
The Company plans to adopt the ASU beginning with the Form 10-K for the fiscal year ending December 31, 2027.
The guidance is expected to have minimal impact on the Company’s Consolidated Financial Statements presentation and disclosure because the relevant expenses are disaggregated in the Consolidated Statements of Operations.
v3.25.4
ACQUISITIONS, GOODWILL AND INTANGIBLE ASSETS, NET
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
ACQUISITIONS, GOODWILL AND INTANGIBLE ASSETS, NET
3. ACQUISITIONS, GOODWILL AND INTANGIBLE ASSETS, NET
IPI Acquisition
The following table presents the consideration and net identifiable assets acquired and goodwill related to the IPI Acquisition:
(dollars in thousands)
Consideration
Equity consideration(1)
$922,174 
Cash consideration(2)
243,434 
Earnout liability 140,083 
Total Consideration$1,305,691 
Net Identifiable Assets Acquired and Goodwill
Assets acquired:
Cash and cash equivalents$1,107 
Due from related parties 40,550 
Intangible assets:
Investment management agreements240,000 
Investor relationships105,000 
Total intangible assets345,000 
Other assets, net1,448 
Total assets acquired388,105 
Liabilities assumed:
Accrued compensation227 
Operating lease liabilities982 
Accounts payable, accrued expenses and other liabilities5,040 
Total liabilities assumed6,249 
Net Identifiable Assets Acquired$381,856 
Goodwill(3)
$923,835 
(1)Represents Common Units issued to sellers.
(2)Includes $39.9 million of cash consideration paid in the second quarter of 2025.
(3)Goodwill represents the amount of total consideration in excess of net identifiable assets acquired. Approximately $199.4 million of the goodwill and intangible assets recognized are expected to be deductible by the Blue Owl Operating Partnerships for tax purposes.
The acquired investment management agreements and investor relationships had weighted-average amortization periods of 5.5 years and 11.3 years, respectively, from the date of acquisition.
IPI’s results are included in the Company’s consolidated results starting from the date the acquisition closed, January 3, 2025. For the year ended December 31, 2025, the Company’s consolidated results included $164.6 million of GAAP revenues related to the acquired business. Given the Company operates through one operating and reportable segment, the impact of the IPI Acquisition to GAAP consolidated net income is not tracked on a standalone basis. The Company incurred $17.4 million and $8.6 million of acquisition-related costs for the years ended December 31, 2025 and 2024, respectively, which costs were included within general, administrative and other expenses in the Company’s consolidated statements of operations.
IPI Earnouts
The earnout liability accrued in connection with the IPI Acquisition was contingent upon additional commitments to Blue Owl Digital Infrastructure Fund III (“ODI III”) and was based on the size of these commitments. A portion of this liability pertained to the pro-rated catch-up management fees earned with each subsequent close. These catch-up fees were collected by the Company and then paid to the sellers during the second quarter of 2025, after the final close of ODI III. The remaining earnout liability represented the fair value of additional Common Units the Company issued to the sellers (the “IPI Subsequent Payment”), the value of which was also contingent on the additional commitments to ODI III. The earnout liability related to the IPI Acquisition, including the IPI Subsequent Payment, was settled during the second quarter of 2025.
Atalaya Acquisition
The following table presents the consideration and net identifiable assets acquired and goodwill related to the Atalaya Acquisition:
(dollars in thousands)
Consideration
Equity consideration(1)(2)
$385,108 
Cash consideration(1)(3)
105,666 
Earnout liability(4)
15,000 
Total Consideration$505,774 
Net Identifiable Assets Acquired and Goodwill
Assets acquired:
Due from related parties$4,510 
Intangible assets:
Investment management agreements365,000 
Investor relationships10,000 
Total intangible assets375,000 
Other assets, net472 
Total assets acquired379,982 
Liabilities assumed:
Deferred tax liabilities4,831 
Accounts payable, accrued expenses and other liabilities2,317 
Total liabilities assumed7,148 
Net Identifiable Assets Acquired$372,834 
Goodwill(5)
$132,940 
(1)A product managed by the Company received 20% of the consideration paid as a result of a passive, minority stake it held in the business acquired.
(2)Represents Common Units issued to sellers at fair value, which was based on the price of the Company’s Class A Shares, as Common Units are exchangeable on a one-to-one basis for Class A Shares.
(3)Includes $3.5 million of cash consideration paid in January 2025.
(4)Represents the fair value of contingent consideration payable to a product managed by the Company related to the Atalaya Earnouts.
(5)Goodwill represents the amount of total consideration in excess of net identifiable assets acquired. Approximately $100.7 million of the goodwill and intangible assets recognized are expected to be deductible by the Blue Owl Operating Partnerships for tax purposes.
The acquired investment management agreements and investor relationships had a weighted-average amortization period of 13.9 years and 7.2 years, respectively, from the date of acquisition.
Atalaya’s results are included in the Company’s consolidated results starting from the date the acquisition closed, September 30, 2024. For the year ended December 31, 2024, the Company’s consolidated results included $19.8 million of GAAP revenues related to the acquired business. Given the Company operates through one operating and reportable segment, the impact of the Atalaya Acquisition to GAAP consolidated net income is not tracked on a standalone basis. The Company incurred $16.1 million of acquisition-related costs, which costs were included within general, administrative and other expenses in the Company’s consolidated statements of operations for the year ended December 31, 2024.
Atalaya Earnouts
As part of the Atalaya Acquisition, sellers can receive up to $350.0 million in additional payments (the “Atalaya Earnouts”) if the acquired business meets certain revenue milestones in 2026 and 2028 (each milestone achievement being an “Atalaya Triggering Event”). These payments are split into two parts: up to $175.0 million in 2027 based on 2026 revenues, and up to $175.0 million in 2029 based on 2028 revenues. If the 2027 payment is less than $175.0 million, there is a catch-up mechanism.
If total payments exceed $175.0 million, at least $50.0 million (or any remaining unpaid amount) will be reallocated to non-seller employees as RSUs. As of December 31, 2025, the Company expects total payments to exceed this threshold, and therefore it estimates that earnout payments to sellers will be reduced by $50.0 million due to the reallocation.
The Atalaya Earnouts will be paid in Common Units with a corresponding number of Class C Shares. Approximately 20% of these payments will go to a product managed by the Company and are considered contingent consideration. The remaining 80% will be payable to sellers subject to ongoing employment arrangements with the Company, and as such, these amounts have been classified as equity-based compensation. The $50.0 million that may be reallocated to non-seller employees as RSUs will also be classified as equity-based compensation. See Note 10 for more details on these compensation-classified equity-based payments.
KAM Acquisition
The following table presents the consideration and net identifiable assets acquired and goodwill related to the KAM Acquisition:
(dollars in thousands)
Consideration
Equity consideration(1)
$417,474 
Cash consideration(2)
322,747 
Earnout consideration(3)
102,000 
Total Consideration$842,221 
Net Identifiable Assets Acquired and Goodwill
Assets acquired:
Cash and cash equivalents$10,741 
Deferred tax assets1,749 
Intangible assets - Investment management agreements568,000 
Other assets, net8,307 
Total assets acquired588,797 
Liabilities assumed:
Accrued compensation6,180 
Deferred tax liabilities3,364 
Accounts payable, accrued expenses and other liabilities5,121 
Total liabilities assumed14,665 
Net Identifiable Assets Acquired$574,132 
Goodwill(4)
$268,089 
(1)Represents Class A Shares issued to KAM selling stockholders.
(2)Includes cash consideration paid for seller-related transaction expenses and indebtedness.
(3)Represents the fair value of contingent consideration payable to sellers related to the KAM Earnouts.
(4)Goodwill represents the amount of total consideration in excess of net identifiable assets acquired. Approximately $531.0 million of the goodwill and intangible assets recognized are expected to be deductible by the Blue Owl Operating Partnerships for tax purposes.
The acquired investment management agreements had a weighted-average amortization period of 15.6 years from the date of acquisition.
KAM’s results are included in the Company’s consolidated results starting from the date the acquisition closed, July 1, 2024. For the year ended December 31, 2024, the Company’s consolidated results included $37.8 million of GAAP revenues related to the acquired business. Given the Company operates through one operating and reportable segment, the impact of the KAM Acquisition to GAAP consolidated net income is not tracked on a standalone basis. The Company incurred $37.6 million of acquisition-related costs, which costs were included within general, administrative and other expenses in the Company’s consolidated statements of operations.
KAM Earnouts
In connection with the KAM Acquisition, the sellers are entitled to receive additional consideration of up to $250.0 million (the “KAM Earnouts”), based on the acquired business achieving specified revenue growth milestones in each of calendar years 2025, 2026 and 2027 (each, a “KAM Earnout Period”). The KAM Earnouts will be paid in cash following the conclusion of each respective KAM Earnout Period. The Company expects to make its first payment of approximately $59.3 million in 2026 related to the 2025 KAM Earnout Period.
Prima Acquisition
The following table presents the consideration and net identifiable assets acquired and goodwill related to the Prima Acquisition:
(dollars in thousands)
Consideration
Equity consideration(1)
$137,022 
Cash consideration(2)
27,696 
Earnout consideration(3)
18,600 
Total Consideration$183,318 
Net Identifiable Assets Acquired and Goodwill
Assets acquired:
Cash and cash equivalents$158 
Due from related parties2,005 
Operating lease assets456 
Deferred tax assets4,243 
Intangible assets - Investment management agreements108,000 
Other assets, net302 
Total assets acquired115,164 
Liabilities assumed:
Operating lease liabilities456 
Deferred tax liabilities1,730 
Accounts payable, accrued expenses and other liabilities3,943 
Total liabilities assumed6,129 
Net Identifiable Assets Acquired$109,035 
Goodwill(4)
$74,283 
(1)Represents Class A Shares, Common Units and corresponding Class C Shares issued to Prima selling stockholders. The value of the Common Units was based on the price of the Company’s Class A Shares, as Common Units are exchangeable on a one-to-one basis for Class A Shares.
(2)Includes cash consideration paid for seller-related transaction expenses and indebtedness.
(3)Represents the fair value of contingent consideration payable to sellers related to the Prima Earnouts.
(4)Goodwill represents the amount of total consideration in excess of net identifiable assets acquired. Approximately $14.0 million of the goodwill and intangible assets recognized are expected to be deductible by the Blue Owl Operating Partnerships for tax purposes.
The acquired investment management agreements had a weighted-average amortization period of 11.4 years from the date of acquisition.
Prima’s results are included in the Company’s consolidated results starting from the date the acquisition closed, June 6, 2024. For the year ended December 31, 2024, the Company’s consolidated results included $11.2 million of GAAP revenues related to the acquired business. Given the Company operates through one operating and reportable segment, the impact of the Prima Acquisition to GAAP consolidated net income is not tracked on a standalone basis. The Company incurred $9.4 million of acquisition-related costs, which costs were included within general, administrative and other expenses in the Company’s consolidated statements of operations.
Prima Earnouts
In connection with the Prima Acquisition, the sellers are entitled to receive additional consideration of up to $35.0 million (determined using a share price that was fixed at signing) (the “Prima Earnouts”), based on the performance of the acquired business during the earnout period, which period extends from the closing date to the fourth anniversary of the closing (the “Prima Earnout Period”). Earnout payments are contingent on the acquired business achieving specified revenue milestones during any rolling 12-month period within the Prima Earnout Period (the achievement of any such milestone, a “Prima Triggering Event”). The Prima Earnouts will be settled in Class A Shares and Common Units with corresponding Class C Shares.
CHI Acquisition
The following table presents the consideration, net identifiable assets acquired and bargain purchase gain related to the CHI Acquisition:
(dollars in thousands)
Consideration
Cash Consideration$20 
Net Identifiable Assets Acquired
Assets acquired:
Investments$20 
Intangible assets:
Investment management agreements5,200 
Investor relationships800 
Other assets, net1,791 
Total assets acquired7,811 
Liabilities assumed:
Accrued expenses300 
Deferred revenue1,491 
Total liabilities assumed1,791 
Net Identifiable Assets Acquired$6,020 
Bargain Purchase Gain$(6,000)
The acquired investment management agreements and investor relationships had weighted amortization periods from the date of acquisition of 3.2 years and 0.7 years, respectively. The bargain purchase gain, which resulted primarily from the fair value of the identifiable intangible assets that we acquired exceeding the purchase consideration, is included within net gains (losses) on investments on the Company’s consolidated statements of operations.
CHI’s results are included in the Company’s consolidated results starting from the date the acquisition closed, December 1, 2023, and such amounts are not material to the Financial Statements.
Par Four Acquisition
The following table presents the consideration, net identifiable assets acquired and goodwill related to the Par Four Acquisition:
(dollars in thousands)
Consideration
Cash Consideration$26,245 
Net Identifiable Assets Acquired and Goodwill
Assets acquired:
Intangible assets - Investment management agreements$6,000 
Due from related parties468 
Net Identifiable Assets Acquired$6,468 
Goodwill(1)
$19,777 
(1)Goodwill represents the amount of total consideration in excess of net identifiable assets acquired. The goodwill and intangible assets recognized are expected to be deductible by the Blue Owl Operating Partnerships for tax purposes.
The acquired investment management agreements had a weighted-average amortization period of 4.9 years from the date of acquisition.
Par Four’s results are included in the Company’s consolidated results starting from the date the acquisition closed, August 15, 2023, and such amounts are not material to the Financial Statements.
Goodwill
The following table summarizes changes in the Company’s goodwill:
Year Ended
(dollars in thousands)December 31,
2025		December 31,
2024
Beginning balance$4,699,465 $4,224,153 
Goodwill acquired923,835 475,312 
Atalaya Acquisition measurement period adjustment1,169 — 
Ending Balance$5,624,469 $4,699,465 
No impairments have been recognized to date on the Company’s goodwill.
Intangible Assets, Net
The following table summarizes the Company’s intangible assets, net:
(dollars in thousands)December 31,
2025		December 31,
2024		Remaining Weighted-Average Amortization Period as of December 31, 2025
Intangible assets, gross:
Investment management agreements$3,505,420 $3,265,420 10.9 years
Investor relationships575,300 470,300 7.7 years
Total intangible assets, gross4,080,720 3,735,720 
Accumulated amortization:
Investment management agreements(990,915)(685,765)
Investor relationships(201,005)(147,203)
Total accumulated amortization(1,191,920)(832,968)
Total Intangible Assets, Net$2,888,800 $2,902,752 
The following table presents expected future amortization of finite-lived intangible assets as of December 31, 2025:
(dollars in thousands)
PeriodAmortization
2026$341,466 
2027322,176 
2028316,578 
2029310,598 
2030276,711 
Thereafter1,321,271 
Total$2,888,800 
Pro Forma Financial Information
Unaudited pro forma revenues were $2.9 billion and $2.6 billion for the years ended December 31, 2025 and 2024, respectively. Unaudited pro forma net income attributable to Class A stockholders was $78.8 million and $125.0 million for the years ended December 31, 2025 and 2024, respectively. This pro forma financial information was computed by combining the historical financial information of the Company and the IPI Acquisition as though such acquisition was consummated on January 1, 2024, and the Atalaya, KAM and Prima Acquisitions as though such acquisitions were consummated on January 1, 2023.
These pro forma amounts assume a consistent ownership structure, annual effective tax rates and amortization of the fair value of acquired assets as of each respective acquisition date. The pro forma information does not reflect the potential benefits of cost and funding synergies, opportunities to earn additional revenues, or other factors, and therefore does not represent what the actual revenues and net income would have been had the businesses actually been combined as of the dates above.
v3.25.4
INVESTMENTS AND FAIR VALUE DISCLOSURES
 12 Months Ended
Dec. 31, 2025
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)December 31,
2025		December 31,
2024
Preferred equity investment, at fair value$290,594 $267,169 
Equity investments in the Company’s products, equity method67,391 63,465 
Loans and deferred purchase price receivable, at amortized cost (includes $27,797 and $48,094 in the Company’s products, respectively)
58,845 54,186 
Equity investments in the Company’s products, at fair value
61,906 96,956 
Investments in the Company’s CLOs, at fair value5,653 5,169 
Total$484,389 $486,945 
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 judgment 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 December 31, 2025 and December 31, 2024:
December 31, 2025
(dollars in thousands)Level ILevel IILevel IIITotal
Investments, at Fair Value
Preferred equity investment$— $— $290,594 $290,594 
Equity investments in the Company’s products— 61,906 — 61,906 
CLOs— — 5,653 5,653 
Total Assets, at Fair Value$— $61,906 $296,247 $358,153 
Liabilities, at Fair Value
TRA liability$— $— $106,793 $106,793 
Earnout liability— — 163,700 163,700 
Total Liabilities, at Fair Value$— $— $270,493 $270,493 
December 31, 2024
(dollars in thousands)Level ILevel IILevel IIITotal
Investments, at Fair Value
Preferred equity investment$— $— $267,169 $267,169 
Equity investments in the Company’s products— 96,956 — 96,956 
CLOs— — 5,169 5,169 
Total Assets, at Fair Value$— $96,956 $272,338 $369,294 
Liabilities, at Fair Value
TRA liability$— $— $108,257 $108,257 
Earnout liability— 529 167,912 168,441 
Total Liabilities, at Fair Value$— $529 $276,169 $276,698 
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 years ended December 31, 2025 and 2024:
Year Ended December 31, 2025Level III Assets
(dollars in thousands)Preferred EquityCLOsTotal
Beginning balance$267,169 $5,169 $272,338 
Purchases(1)
34,284 3,986 38,270 
Net losses(10,859)(3,502)(14,361)
Ending Balance$290,594 $5,653 $296,247 
Change in net unrealized losses on assets still recognized at the reporting date$(10,859)$(3,502)$(14,361)
(1)Preferred equity purchases includes $34.3 million of cumulative unpaid cash preferential dividends that compound quarterly and are payable when declared.
Year Ended December 31, 2024Level III Assets
(dollars in thousands)Preferred EquityCLOsTotal
Beginning balance$— $2,521 $2,521 
Purchases(1)
263,395 3,700 267,095 
Net gains (losses)3,774 (1,052)2,722 
Ending Balance$267,169 $5,169 $272,338 
Change in net unrealized gains (losses) on assets still recognized at the reporting date$3,774 $(1,052)$2,722 
(1)Preferred equity purchases includes $23.1 million of cumulative unpaid cash preferential dividends that compound quarterly and are payable when declared.    
Year Ended December 31, 2025Level III Liabilities
(dollars in thousands)TRA LiabilityEarnout LiabilityTotal
Beginning balance$108,257 $167,912 $276,169 
Issuances— 140,083 140,083 
Settlements(14,556)(113,350)(127,906)
Net (gains) losses13,092 (30,945)(17,853)
Ending Balance$106,793 $163,700 $270,493 
Change in net unrealized losses on liabilities still recognized at the reporting date$13,092 $697 $13,789 
Year Ended December 31, 2024Level III Liabilities
(dollars in thousands)TRA LiabilityWarrant LiabilityEarnout LiabilityTotal
Beginning balance$116,398 $22,600 $92,119 $231,117 
Issuances— — 135,600 135,600 
Settlements(8,551)(60,900)(87,874)(157,325)
Net losses410 38,300 28,067 66,777 
Ending Balance$108,257 $— $167,912 $276,169 
Change in net unrealized losses on liabilities still recognized at the reporting date$819 $— $27,820 $28,639 
Valuation Methodologies for Fair Value Measurements Categorized within Levels II and III
Preferred Equity Investment
The fair value of the preferred equity investment is determined using a discounted cash flow model, which estimates the present value of future expected cash flows. The key inputs in this model include the projected cash flows attributable to the preferred interest and the discount rate. The expected cash flows are based on management’s forecasts and projections, taking into consideration market conditions and redemption of the preferred interest. The discount rate applied reflects the time value of money and the risks associated with the preferred interest, which includes assumptions about the risk-free rate, credit risk, and market volatility. This investment is generally classified as Level 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 is 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 liability 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.
Earnout Liability
As of December 31, 2025, the earnout liability was comprised of contingent consideration payable for the Prima Earnouts, KAM Earnouts and Atalaya Earnouts (each as defined in Note 3). As of December 31, 2024, the earnout liability was comprised of contingent consideration payable for the Wellfleet Earnout Shares (defined in Note 10), Prima Earnouts, KAM Earnouts and Atalaya Earnouts.
The Company uses a Monte Carlo simulation model to value certain earnouts where revenue milestones need to be achieved before a payment is due. These models consider current progress towards revenue targets, as well as forecasts, to simulate a range of outcomes based on market inputs such as volatility. For other earnouts, the Company uses a discounted cash flow model, which estimates the present value of future expected cash flows. The key inputs in this model include the projected cash flows attributable to the respective earnout and the discount rate.
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 December 31, 2025:
(dollars in thousands)Fair ValueValuation TechniqueSignificant Unobservable InputsRangeWeighted AverageImpact to Valuation from an Increase in Input
Assets
Preferred equity$290,594 Discounted cash flowDiscount Rate14%-14%14%Decrease
CLOs 5,653 Discounted cash flowYield10%-14%12%Decrease
Total Assets, at Fair Value$296,247 
Liabilities
TRA liability$106,793 Discounted cash flowDiscount Rate13%-13%13%Decrease
Earnout liability163,700 Monte Carlo SimulationVolatility21%-24%22%Increase
Total Liabilities, at Fair Value$270,493 
The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of December 31, 2024:
(dollars in thousands)Fair ValueValuation TechniqueSignificant Unobservable InputsRangeWeighted AverageImpact to Valuation from an Increase in Input
Assets
Preferred equity$267,169 Discounted cash flowDiscount Rate13%-13%13%Decrease
CLOs 5,169 Discounted cash flowYield10%-16%12%Decrease
Total Assets, at Fair Value$272,338 
Liabilities
TRA liability$108,257 Discounted cash flowDiscount Rate13%-13%13%Decrease
Earnout liability
163,001 Monte Carlo SimulationVolatility20%-37%29%Increase
4,911 Discounted cash flowDiscount Rate6%-6%6%Decrease
167,912 
Total Liabilities, at Fair Value$276,169 
Fair Value of Other Financial Instruments
As of December 31, 2025, the fair value of the Company’s debt obligations was approximately $3.2 billion compared to a carrying value of $3.3 billion, of which $2.3 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, 2024, the fair value of the Company’s debt obligations was approximately $2.5 billion, compared to a carrying value of $2.6 billion, of which $2.3 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, 2025 and December 31, 2024, the fair value of the portion of the TRA liability that is not carried at fair value in the Company’s consolidated balance sheets was approximately $652.3 million and $535.7 million, respectively, compared to a carrying value of $1.6 billion and $1.3 billion, respectively, and such fair value measurements would have been categorized as Level III within the fair value hierarchy.
Management estimates that the carrying value of the Company’s other financial instruments, which are not carried at fair value, approximated their fair values as of December 31, 2025 and December 31, 2024, respectively, and such fair value measurements would have been categorized as Level III within the fair value hierarchy.
v3.25.4
LEASES
 12 Months Ended
Dec. 31, 2025
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)Year Ended December 31,
Lease Cost202520242023
Operating lease cost$50,355 $40,688 $37,673 
Short term lease cost2,123 1,345 232 
Net Lease Cost$52,478 $42,033 $37,905 
(dollars in thousands)Year Ended December 31,
Supplemental Lease Cash Flow Information202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases(1)
$35,545 $14,137 $15,012 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$159,861 $73,070 $95,953 
(1)The amount presented above includes tenant improvement allowances received from the lessor of $7.8 million and $18.9 million for the years ended December 31, 2025 and 2024, respectively.
Lease Term and Discount RateDecember 31,
2025		December 31,
2024		December 31, 2023
Weighted-average remaining lease term:
Operating leases12.9 years13.1 years12.5 years
Weighted-average discount rate:
Operating leases5.7%5.6%5.4 %
(dollars in thousands)
Future Maturity of Operating Lease Payments
Operating Leases
2026$62,426 
202763,202 
202849,513 
202945,909 
203064,607 
Thereafter497,631 
Total Lease Payments783,288 
Imputed interest(245,141)
Total Lease Liabilities$538,147 
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 $17.1 million related to leases that have not commenced that were entered into as of December 31, 2025. Such lease payments are not included in the table above or within operating lease assets and operating lease liabilities in the Company’s consolidated statements of financial condition. These operating lease payments are anticipated to commence in the first quarter of 2026 and continue for approximately 11 years.
v3.25.4
OTHER ASSETS, NET
 12 Months Ended
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
OTHER ASSETS, NET
6. OTHER ASSETS, NET
(dollars in thousands)December 31,
2025		December 31,
2024
Fixed assets, net:
Leasehold improvements$215,658 $178,398 
Furniture and fixtures43,187 31,553 
Computer hardware and software14,946 9,386 
Accumulated depreciation and amortization(54,850)(31,588)
Fixed assets, net218,941 187,749 
Prepaid expenses33,456 17,768 
Receivables47,444 26,634 
Deferred incentives paid to customers44,953 — 
Unamortized debt issuance costs on revolving credit facilities10,825 9,678 
Other assets26,900 16,919 
Total$382,519 $258,748 
v3.25.4
DEBT OBLIGATIONS, NET
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
DEBT OBLIGATIONS, NET
7. DEBT OBLIGATIONS, NET
The following tables summarize outstanding debt obligations of the Company:
 December 31, 2025
(dollars in thousands)
Maturity
Date
Aggregate
Facility
Size
Outstanding
Debt
Amount Available
Net Carrying Value
2028 Notes5/26/2028$59,800 $59,800 $— $59,115 
2031 Notes6/10/2031700,000 700,000 — 690,796 
2032 Notes2/15/2032400,000 400,000 — 394,286 
2034 Notes4/18/20341,000,000 1,000,000 — 981,481 
2051 Notes10/7/2051350,000 350,000 — 338,748 
Revolving Credit Facility8/8/20302,450,000 860,000 1,579,244 860,000 
Total$4,959,800 $3,369,800 $1,579,244 $3,324,426 
 December 31, 2024
(dollars in thousands)
Maturity
Date
Aggregate
Facility
Size
Outstanding
Debt
Amount Available
Net Carrying Value
2028 Notes5/26/2028$59,800 $59,800 $— $58,495 
2031 Notes6/10/2031700,000 700,000 — 689,097 
2032 Notes2/15/2032400,000 400,000 — 393,346 
2034 Notes4/18/20341,000,000 1,000,000 — 979,247 
2051 Notes10/7/2051350,000 350,000 — 338,311 
Revolving Credit Facility7/23/20291,725,000 130,000 1,585,621 130,000 
Total $4,234,800 $2,639,800 $1,585,621 $2,588,496 
2028 Notes
In May 2023, the Company, through its indirect subsidiary, Blue Owl Finance LLC, issued $59.8 million aggregate principal amount of 7.397% Senior Notes due 2028 (the “2028 Notes”). The 2028 Notes bear interest at a fixed rate of 7.397% per annum and mature on May 26, 2028. Interest on the 2028 Notes is payable semi-annually in arrears on May 26 and November 26 of each year, commencing November 26, 2023.
The 2028 Notes are fully and unconditionally guaranteed, jointly and severally, by the Registrant, the Blue Owl Operating Partnerships and certain of the Registrant’s other subsidiaries. The guarantees are unsecured and unsubordinated obligations of the guarantors. All or a portion of the 2028 Notes may be redeemed at the Company’s option in whole, at any time, or in part, from time to time, prior to their stated maturity, subject to a make-whole redemption price; provided, however, that if the Company redeems any amounts on or after April 26, 2028, the redemption price for the 2028 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 2028 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 2028 Notes also provide for customary events of default and acceleration.
2031 Notes
On June 10, 2021, the Company, through its indirect subsidiary, Blue Owl Finance LLC, issued $700.0 million aggregate principal amount of 3.125% Senior Notes due 2031 (the “2031 Notes”). The 2031 Notes bear interest at a fixed rate of 3.125% per annum and mature on June 10, 2031. Interest on the 2031 Notes is payable semi-annually in arrears on June 10 and December 10 of each year, commencing December 10, 2021.
The 2031 Notes are fully and unconditionally guaranteed, jointly and severally, by the Registrant, the Blue Owl Operating Partnerships and certain of the Registrant’s other subsidiaries. The guarantees are unsecured and unsubordinated obligations of the guarantors. All or a portion of the 2031 Notes may be redeemed at the Company’s option in whole, at any time, or in part, from time to time, prior to their stated maturity, subject to a make-whole redemption price; provided, however, that if the Company redeems any amounts on or after March 10, 2031, the redemption price for the 2031 Notes will be equal to 100% of the principal amount of the amounts redeemed, in each case, plus any accrued and unpaid interest. If a change of control repurchase event occurs, the 2031 Notes are subject to repurchase by the Company at a repurchase price in cash equal to 101% of the aggregate principal amount repurchased plus any accrued and unpaid interest. The 2031 Notes also provide for customary events of default and acceleration.
2032 Notes
On February 15, 2022, the Company, through its indirect subsidiary, Blue Owl Finance LLC, issued $400.0 million aggregate principal amount of 4.375% Senior Notes due 2032 (the “2032 Notes”). The 2032 Notes bear interest at a fixed rate of 4.375% per annum and mature on February 15, 2032. Interest on the 2032 Notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing August 15, 2022.
The 2032 Notes are fully and unconditionally guaranteed, jointly and severally, by the Registrant, the Blue Owl Operating Partnerships and certain of the Registrant’s other subsidiaries. The guarantees are unsecured and unsubordinated obligations of the guarantors. All or a portion of the 2032 Notes may be redeemed at the Company’s option in whole, at any time, or in part, from time to time, prior to their stated maturity, subject to a make-whole redemption price; provided, however, that if the Company redeems any amounts on or after November 15, 2031, the redemption price for the 2032 Notes will be equal to 100% of the principal amount of the amounts redeemed, in each case, plus any accrued and unpaid interest. If a change of control repurchase event occurs, the 2032 Notes are subject to repurchase by the Company at a repurchase price in cash equal to 101% of the aggregate principal amount repurchased plus any accrued and unpaid interest. The 2032 Notes also provide for customary events of default and acceleration.
2034 Notes
On April 18, 2024 and June 6, 2024, the Company, through its indirect subsidiary, Blue Owl Finance LLC, issued $1.0 billion 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.
The 2034 Notes are fully and unconditionally guaranteed, jointly and severally, by the Registrant, the Blue Owl Operating Partnerships and certain of the Registrant’s other 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.
2051 Notes
On October 7, 2021, the Company, through its indirect subsidiary, Blue Owl Finance LLC, issued $350.0 million aggregate principal amount of 4.125% Senior Notes due 2051 (the “2051 Notes”). The 2051 Notes bear interest at a fixed rate of 4.125% per annum and mature on October 7, 2051. Interest on the 2051 Notes is payable semi-annually in arrears on April 7 and October 7 of each year, commencing April 7, 2022.
The 2051 Notes are fully and unconditionally guaranteed, jointly and severally, by the Registrant, the Blue Owl Operating Partnerships and certain of the Registrant’s other subsidiaries. The guarantees are unsecured and unsubordinated obligations of the guarantors. All or a portion of the 2051 Notes may be redeemed at the Company’s option in whole, at any time, or in part, from time to time, prior to their stated maturity, subject to a make-whole redemption price; provided, however, that if the Company redeems any amounts on or after April 7, 2051, the redemption price for the 2051 Notes will be equal to 100% of the principal amount of the amounts redeemed, in each case, plus any accrued and unpaid interest. If a change of control repurchase event occurs, the 2051 Notes are subject to repurchase by the Company at a repurchase price in cash equal to 101% of the aggregate principal amount repurchased plus any accrued and unpaid interest. The 2051 Notes also provide for customary events of default and acceleration.
Revolving Credit Facility
The Company, through its indirect subsidiary, Blue Owl Finance LLC, maintains a revolving credit facility (the “Revolving Credit Facility”), which was amended in August 2025 to, among other things, increase the total borrowing capacity to $2.425 billion (subject to a potential increase to $3.0 billion upon the satisfaction of certain conditions) and to extend the maturity date to August 8, 2030. Additionally, certain dollar baskets and thresholds under the Revolving Credit Facility were increased pursuant to the amendment. In November 2025, the total borrowing capacity was further increased to $2.450 billion upon the satisfaction of certain conditions pursuant to the terms of the amendment entered into in August 2025. 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 per annum of (a) secured overnight financing rate (“SOFR”) plus a margin of 0.875% to 1.375% or (b) the greater of the (i) prime rate, (ii) New York Fed Bank Rate plus 0.50% or (iii) SOFR plus 1%, plus a margin of 0.00% to 0.375%. The Company was subject to an undrawn commitment fee rate of 0.07% to 0.2% of the daily amount of available revolving commitment as of December 31, 2025, and an undrawn commitment fee rate of 0.08% to 0.2% of the daily amount of available revolving commitment as of December 31, 2024. The borrowing rates for balances outstanding under the Revolving Credit Facility as of December 31, 2025 and December 31, 2024 were 4.94% and 5.72%, respectively. As of February 19, 2026, $785.0 million was outstanding under the Revolving Credit Facility.
v3.25.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
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 years ended December 31, 2025 and 2024, the Company made TRA payments of $53.5 million and $28.2 million, respectively, inclusive of interest, and including $4.8 million and $2.8 million, respectively, paid to related parties. The table below presents management’s estimate as of December 31, 2025, 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
2026$64,799 
202777,082 
2028101,030 
2029107,251 
2030116,676 
Thereafter1,299,464 
Total Payments1,766,302 
Less adjustment to fair value for contingent consideration(107,303)
Total TRA Liability$1,658,999 
Unfunded Product Commitments
As of December 31, 2025, the Company had unfunded investment commitments to its products of $46.2 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.
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 December 31, 2025, 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.
v3.25.4
REVENUES
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES
9. REVENUES
The following table presents a disaggregated view of the Company’s revenues:
Year Ended December 31,
(dollars in thousands)202520242023
Credit Platform
Direct lending$1,308,154 $1,133,304 $870,475 
Alternative credit90,407 19,834 — 
Investment grade credit67,605 27,892 — 
Liquid credit23,144 27,750 27,936 
Other41,980 25,814 1,491 
Amortization of deferred incentives paid to customers(9,807)— — 
Management Fees, Net1,521,483 1,234,594 899,902 
Administrative, transaction and other fees216,936 225,223 154,537 
Performance revenues6,941 2,274 1,276 
Total GAAP Revenues - Credit Platform1,745,360 1,462,091 1,055,715 
Real Assets Platform
Net lease202,105 168,588 122,365 
Real estate credit42,291 19,161 — 
Digital infrastructure164,601 — — 
Amortization of deferred incentives paid to customers(1,102)— — 
Management Fees, Net407,895 187,749 122,365 
Administrative, transaction and other fees61,371 27,010 14,387 
Performance revenues19,831 4,822 2,345 
Total GAAP Revenues - Real Assets Platform489,097 219,581 139,097 
GP Strategic Capital Platform
GP minority stakes615,181 589,246 526,502 
GP debt financing17,518 22,633 16,921 
Professional sports minority stakes4,181 3,395 2,409 
Strategic Revenue-Share Purchase consideration amortization(44,321)(43,553)(40,858)
Management Fees, Net 592,559 571,721 504,974 
Administrative, transaction and other fees 43,162 42,034 31,822 
Total GAAP Revenues - GP Strategic Capital Platform635,721 613,755 536,796 
Total GAAP Revenues$2,870,178 $2,295,427 $1,731,608 
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 are primarily included within due from related parties and a portion is also included within other assets in the Company’s consolidated statements of financial condition. 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.
Year Ended
December 31,
(dollars in thousands)20252024
Management Fees Receivable
Beginning balance$356,413 $243,203 
Ending balance$448,195 $356,413 
Administrative, Transaction and Other Fees Receivable
Beginning balance$67,920 $42,059 
Ending balance$111,690 $67,920 
Performance Revenues Receivable
Beginning balance$1,672 $2,975 
Ending balance$1,381 $1,672 
Unearned Management Fees
Beginning balance$7,613 $9,398 
Ending balance$3,866 $7,613 
The table below presents the changes in the Company’s Strategic Revenue-Share Purchase consideration. Substantially all of the consideration was paid in Class A Shares in 2021 and is being amortized as a reduction of management fees, net in the Company’s consolidated statements of operations over the average period the related customer revenues are expected to be recognized. As of December 31, 2025, the remaining weighted average amortization period was 7.5 years.
Year Ended
December 31,
(dollars in thousands)20252024
Beginning balance$373,528 $417,081 
Amortization(44,321)(43,553)
Ending Balance$329,207 $373,528 
Starting in 2025, the Company paid certain investors in the Company’s products incentives that are being amortized as a reduction of management fees, net in the Company’s consolidated statements of operations. These incentives are recognized over the related performance obligation period, and unamortized amounts are recorded within other assets in the Company’s consolidated statements of financial condition. As of December 31, 2025, the remaining weighted average amortization period was 1.4 years.
(dollars in thousands)Year Ended December 31, 2025
Beginning balance$— 
Deferred incentives paid to customers55,862 
Amortization(10,909)
Ending Balance$44,953 
v3.25.4
EQUITY-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2025
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 Second Amended and Restated Blue Owl Capital Inc. 2021 Omnibus Equity Incentive Plan, approved by stockholders on June 13, 2024 and further amended on April 1, 2025 (the “2021 Omnibus Plan”). Equity-based compensation awards are generally subject to a three to five-year requisite service period, although certain grants are immediately vested at grant.
As of December 31, 2025, the total number of Class A Shares and Blue Owl Operating Group Units, collectively, that may be issued under the 2021 Omnibus Plan was 175,834,537, of which 51,154,861 remain available for issuance. To the extent that an award expires or is canceled, forfeited, terminated, surrendered, exchanged or withheld to cover tax withholding obligations, the unissued awards will again be available for grant under the 2021 Omnibus Plan. The 2021 Omnibus Plan features an “evergreen” provision that provides for an automatic increase to the total number of Class A Shares subject to the 2021 Omnibus Plan on the first day of each fiscal year beginning in calendar year 2025, and ending in and including 2034, by a number of Class A Shares equal to the positive difference, if any, of (a) 5% of the aggregate number of Class A Shares and Class B Shares, in each case, outstanding on the last day of the immediately preceding fiscal year (assuming that all Blue Owl Operating Group Units have converted on a one-for-one basis into Class A Shares) minus (b) the aggregate number of shares that were available for the issuance of future awards under the 2021 Omnibus Plan on such last day of the immediately preceding fiscal year, unless the administrator should decide to increase the number of shares covered by the 2021 Omnibus Plan by a lesser amount on any such date.
The table below presents information regarding equity-based compensation expense.
Year Ended December 31,
(dollars in thousands)202520242023
Business Combination grants$62,541 $69,173 $69,448 
Acquisition related298,277 27,972 84,543 
Other312,706 215,464 158,573 
Equity-Based Compensation Expense$673,524 $312,609 $312,564 
Corresponding tax benefit$5,074 $2,578 $951 
Fair value of RSUs settled in Class A Shares$99,145 $49,174 $16,634 
The table below presents activity related to the Company’s unvested equity-based compensation awards for the year ended December 31, 2025.
Incentive UnitsRSUsWellfleet Earnout Shares
Number of UnitsWeighted-Average Grant Date Fair Value Per UnitNumber of UnitsWeighted-Average Grant Date Fair Value Per UnitNumber of UnitsWeighted-Average Grant Date Fair Value Per Unit
December 31, 202421,700,853 $14.61 24,377,882 $15.48 287,425 $11.44 
Granted14,070,102 16.49 15,157,473 14.03 — — 
Vested(17,557,897)15.76 (7,808,637)13.21 (287,425)11.44 
Forfeited(1,050,000)14.02 (808,763)16.45 — — 
December 31, 202517,163,058 $15.01 30,917,955 $15.32 — $— 
Incentive Units
The grant date fair value of Incentive Units was determined using the Company’s Class A Share price on the grant date, adjusted for the lack of dividend participation during the vesting period, and the application of a discount ranging from 6.5% - 9.0% during 2025, 6.0% - 6.5% during 2024 and 6.0% - 8.5% during 2023 for lack of marketability on certain Incentive Units that are subject to a one-year post-vesting transfer restriction. The weighted-average grant date fair value of Incentive Units granted during the years ended December 31, 2025, 2024 and 2023 was $16.49, $19.47 and $11.27, respectively. The aggregate fair value of Incentive Units that vested during the years ended December 31, 2025, 2024 and 2023 was $325.5 million, $281.9 million and $100.1 million, respectively. The equity-based compensation expense related to Incentive Units during the years ended December 31, 2025, 2024 and 2023 was $274.4 million, $212.5 million and $175.1 million, respectively. As of December 31, 2025, unamortized expense related to Incentive Units was $148.6 million, with a weighted-average amortization period of 2.6 years.
RSUs
The grant date fair value of RSUs was determined using the Company’s Class A Share price on the grant date, adjusted for the lack of dividend participation during the vesting period, and as applicable a discount of 6.5% during 2025, 6.0% - 11.5% during 2024 and 6.0% - 8.5% during 2023 for lack of marketability on RSUs that are subject to a one-year post-vesting transfer restriction. The weighted-average grant date fair value of RSUs granted during the years ended December 31, 2025, 2024 and 2023 was $14.03, $20.85 and $12.01, respectively. The aggregate fair value of RSUs that vested during the years ended December 31, 2025, 2024 and 2023 was $40.2 million, $72.5 million and $44.5 million, respectively, which amounts are inclusive of RSUs that vested and have not yet been settled in Class A Shares. The equity-based compensation expense related to RSUs during the years ended December 31, 2025, 2024 and 2023 was $122.3 million, $79.0 million and $52.9 million, respectively. As of December 31, 2025, unamortized expense related to RSUs was $354.9 million, with a weighted-average amortization period of 2.7 years.
Services Agreement
Under the terms of the Services Agreement, ICONIQ will receive Incentive Units as compensation for the services performed. The Incentive Units will be issued in two tranches. The first tranche, consisting of 14,175,000 Incentive Units, is expected to be issued in 2026, contingent upon achieving certain future targets outlined in the Services Agreement. The grant date fair value of these Incentive Units was $319.5 million, or $22.54 per unit, determined based on the Company’s Class A Share price, adjusted for the lack of dividend participation during the service period prior to issuance. The second tranche of Incentive Units is expected to be issued in 2028, contingent upon achieving certain future targets outlined in the Services Agreement. The estimated value of these additional Incentive Units, which assumes total commitments of $10.0 billion for the next vintage drawdown digital infrastructure product, was approximately $464.2 million as of December 31, 2025.
Incentive Units issued under this agreement will be fully vested upon issuance. The Company is recognizing the total estimated expense related to the Services Agreement over the expected substantive service period, in a manner consistent with the recognition of such expenses if the payments were made in cash. Such expenses are included within the acquisition related line
item in the table above and within general, administrative and other expenses in the Company’s consolidated statements of operations. As of December 31, 2025, unamortized expense related to the Services Agreement was $550.1 million, with a remaining amortization period of 2.5 years.
Atalaya Earnouts
As discussed in Note 3, approximately 80% of the Atalaya Earnouts will be paid in Common Units and corresponding Class C Shares to sellers subject to ongoing employment arrangements with the Company. This portion of the Atalaya Earnouts has been classified as equity-based compensation. Upon an Atalaya Triggering Event, any issued Common Units and Class C Shares are fully vested (i.e., no substantive vesting period following the grant date). Accordingly, the Company has begun accruing compensation expense over the service period preceding the grant date, based on the fair value of the award at the end of the reporting period, and will remeasure until the grant date. As of December 31, 2025, the estimated fair value of these awards was $142.2 million, including an 11.5% discount for lack of marketability due to a two-year post-vesting transfer restriction. As of December 31, 2025, unamortized expense related to these awards was $83.7 million, with a weighted-average amortization period of 2.3 years.
Oak Street Earnout Units
On December 29, 2021, the Company completed its acquisition of Oak Street Real Estate Capital, LLC, now, Blue Owl Real Estate Capital LLC (“Oak Street”), a diversified real estate investment firm, and its advisory business (the “Oak Street Acquisition”).
In connection with the Oak Street Acquisition, the Company agreed to make additional payments of cash and Common Units and corresponding Class C Shares (collectively, the “Oak Street Earnout Units”). The grant date fair value of the Oak Street Earnout Units was determined using a Monte Carlo simulation valuation model, with the following weighted average assumptions: annualized revenue volatility of 38%, revenue discount rate of 15%, discount for lack of marketability of 13% and expected holding period of approximately 2.0 years. In January 2023, the Oak Street Earnout Units triggering event occurred with respect to the first tranche of the Oak Street Earnout Units (the “First Oak Street Earnouts”). In January 2024, the Oak Street Earnout Units triggering event occurred with respect to the second tranche of the Oak Street Earnout Units (the “Second Oak Street Earnouts”).
Wellfleet Earnout Shares
On April 1, 2022, the Company completed its acquisition of Wellfleet Credit Partners, LLC, now, Blue Owl Liquid Credit Advisors LLC (“Wellfleet”), a manager of collateralized loan obligations (the “Wellfleet Acquisition”).
In connection with the Wellfleet Acquisition, the Company agreed to make additional payments of cash and Class A Shares (the “Wellfleet Earnout Shares”). The grant date fair value of the Wellfleet Earnout Shares treated as compensation was determined using the Company’s Class A Share price on the grant date, adjusted for the lack of dividend participation during the vesting period.
In April 2023, the Company modified its purchase agreement with the Wellfleet sellers, such that Wellfleet Earnout Shares will be delivered in cash in lieu of Wellfleet Earnout Shares. As a result of the modification, the second and third tranches of the Wellfleet Earnout Shares were changed from equity-classified to liability-classified on the modification date with the liability recorded at fair value at each reporting period, with the related expense subject to a floor equal to the original grant date fair value. The first tranche of the Wellfleet earnout vested and was cash settled in April 2023 and such settlement was treated as a cash settlement of an equity-classified arrangement. In April 2024, the Wellfleet triggering event occurred with respect to the second tranche of the Wellfleet Earnout Shares. In April 2025, the Wellfleet triggering event occurred with respect to the third tranche of the Wellfleet Earnout Shares
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES
11. INCOME TAXES
The Company’s income tax provision and related income tax assets and liabilities are based on, among other things, an estimate of the impact of the 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 and cannot be finally determined until the Company’s 2025 tax returns have been filed. The tax basis and state impact of the Blue Owl Operating Group and their underlying assets and liabilities are based on estimates subject to finalization of the Company’s tax returns.
The Blue Owl Operating Partnerships are partnerships for U.S. federal income tax purposes subject to New York City UBT. Generally all of the income the Registrant earns will be subject to corporate-level income taxes in the United States.
The following table presents the components of the Company’s income before income taxes and income tax expense (benefit):
Year Ended December 31,
(dollars in thousands)202520242023
Income Before Income Taxes
U.S.$336,676 $459,489 $239,783 
Foreign11,235 9,739 6,601 
347,911 469,228 246,384 
Current Income Tax Expense (Benefit)
U.S. federal13 (255)286 
State and local18,702 20,140 19,280 
Foreign2,505 2,141 1,838 
21,220 22,026 21,404 
Deferred Income Tax Expense (Benefit)
U.S. federal17,890 29,734 14,373 
State and local3,556 (2,811)(9,500)
Foreign(242)(167)(669)
21,204 26,756 4,204 
Total Income Tax Expense (Benefit)
U.S. federal17,903 29,479 14,659 
State and local22,258 17,329 9,780 
Foreign2,263 1,974 1,169 
$42,424 $48,782 $25,608 
The following table sets forth the reconciliation of the statutory U.S. federal corporate income tax rate to the Company’s effective income tax rate:
Year Ended December 31,
(dollars in thousands)202520242023
Statutory U.S. federal corporate income tax rate$73,062 21.00%$98,538 21.00%$51,73321.00%
State and local income taxes, net of federal effect(1)
16,6604.79%10,856 2.31%5,6552.30%
Changes in unrecognized tax benefits4,8591.40%5,045 1.08%4,3481.76%
Effect of cross-border tax laws(69)(0.02%)(43)(0.01%)(161)(0.07%)
Nontaxable or nondeductible items
Income passed through to noncontrolling interest holders(53,085)(15.26%)(67,277)(14.34%)(36,663)(14.88%)
Other1,0930.31%1,733 0.37%8390.34%
Foreign tax effects(96)(0.03%)(70)(0.01%)(143)(0.06%)
Total$42,42412.19%$48,782 10.40%$25,60810.39%
(1)Local taxes in New York City made up the majority (greater than 50 percent) of the tax effect in this category.
The following table presents the components of the Company’s income taxes paid (net of refunds):
Year Ended December 31,
(dollars in thousands)202520242023
U.S. federal$21 $500 $— 
State and Local
New York City13,925 17,938 11,728 
Other911 821 1,207 
Total State and Local14,836 18,759 12,935 
Foreign
Hong Kong(36)1,266 — 
United Kingdom1,426 1,118 1,192 
Other893 493 122 
Total Foreign2,283 2,877 1,314 
Total Cash Paid for Income Taxes$17,140 $22,136 $14,249 
As of December 31, 2025 and 2024, the income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows:
(dollars in thousands)December 31, 2025December 31, 2024
Deferred Tax Assets
Basis difference in subsidiaries$939,294 $855,906 
Tax receivable agreement399,725 340,360 
Net operating losses65,144 41,267 
Other27,200 22,160 
Total Deferred Tax Assets$1,431,363 $1,259,693 
Deferred Tax Liabilities
Goodwill and intangible assets$42,749 $39,436 
Other14,749 12,001 
Total Deferred Tax Liabilities$57,498 $51,437 
As of December 31, 2025, the Company has U.S. federal and UBT net operating losses of $277.4 million and $5.2 million, respectively, that can be carried forward indefinitely until they are used. The Company evaluates the realizability of its deferred tax assets 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. The Company believes it is more-likely-than-not that its deferred tax assets will be realized based on historic and projected earnings and the reversal of taxable temporary differences. As of December 31, 2025 and 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 will be subject to examinations by the appropriate tax authorities. The Company is generally no longer subject to state or local examinations by tax authorities for tax years prior to 2021.
As of December 31, 2025, the Company’s unrecognized tax benefits, excluding related interest expense and penalties, were $16.5 million. If recognized, $16.5 million would reduce the effective tax rate. For the year ended December 31, 2025, interest and penalties on these unrecognized tax benefits of $1.0 million has been accrued through income tax expense in the consolidated statements of operations.
The following table presents the Company’s unrecognized tax benefits relating to uncertain tax positions:
(dollars in thousands)Year Ended December 31,
202520242023
Beginning balance$12,677 $8,399 $4,784 
Increases related to tax positions related to the current period4,684 4,278 3,615 
Decreases related to the lapse of applicable statute of limitations(858)— — 
Ending Balance$16,503 $12,677 $8,399 
In connection with and subsequent to the applicable Acquisitions, the Company recognized various adjustments to deferred tax assets and liabilities within additional paid-in capital, 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 will 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 changes in stockholders’ equity for these amounts.
v3.25.4
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
12. EARNINGS PER SHARE
The table below presents the treatment for basic and diluted earnings per share for the Registrant’s outstanding instruments, as well as the treatment for diluted earnings per share for the Blue Owl Operating Group’s outstanding instruments. Instruments that could potentially dilute the earnings are included in the calculation only if they would have a dilutive effect.
BasicDiluted
Class A Shares(1)
IncludedIncluded
Class B SharesNone outstandingNone outstanding
Class C Shares and Class D SharesNon-economic voting shares of the RegistrantNon-economic voting shares of the Registrant
Vested RSUs(1)
IncludedIncluded
Unvested RSUsExcludedTreasury stock method
Warrants(2)
ExcludedTreasury stock method
Compensation-classified Wellfleet Earnout Shares(3)
ExcludedExcluded
Contingent consideration-classified Wellfleet Earnout Shares(3)
ExcludedExcluded
Prima Earnouts - portion payable in Class A Shares(4)
Contingently issuable sharesContingently issuable shares
Potentially Dilutive Instruments of the Blue Owl Operating Group:
Vested Common Units and Incentive Units(5)
n/aIf-converted method
Unvested Incentive Units(5)
n/aThe 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(6)
n/aContingently issuable shares - 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
Prima Earnouts - portion payable in Common Units(4)
n/aContingently issuable shares - If-converted method
Compensation-classified Atalaya Earnouts(7)
n/aContingently issuable shares - 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
Contingent consideration-classified Atalaya Earnouts(7)
n/aContingently issuable shares - If-converted method
Services Agreement-related Incentive Units(8)
n/aContingently issuable shares - 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
IPI Subsequent Payment(9)
n/aContingently issuable shares - If-converted method
(1)Included in the weighted-average Class A Shares outstanding are RSUs that have vested but have not been settled in Class A Shares, as such shares are issuable for no consideration. These RSUs do not participate in dividends until settled in Class A Shares. These vested RSUs totaled 11,386,999, 11,699,282 and 11,222,103 for the years ended December 31, 2025, 2024 and 2023, respectively.
(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 attributable to Blue Owl Capital Inc. 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, the Wellfleet Earnout Shares are excluded from basic and diluted earnings per share for the years ended December 31, 2024 and 2023.
(4)As of December 31, 2025, the Prima Triggering Event (defined in Note 3) with respect to the Prima Earnouts had not occurred, and therefore the portion of such earnouts payable in Class A Shares have not been included in the calculation of basic earnings per share for the year ended December 31, 2025. Had December 31, 2025 also been the end of the contingency period for the Prima Earnouts, the Prima Triggering Event would have not occurred, and therefore the Prima Earnouts have not been included in the calculation of diluted earnings per share for the year ended December 31, 2025.
(5)The if-converted method for these instruments includes adding back to the numerator any related income or loss allocations to noncontrolling interests, as well as any incremental tax expense or benefit had the instruments converted into Class A Shares as of the beginning of the period.
(6)The First Oak Street Earnouts and the Second Oak Street Earnouts were settled in Common Units during the three months ended March 31, 2023 and 2024, respectively. As of December 31, 2023, the Oak Street triggering event with respect to the Second Oak Street Earnouts had not occurred. Had December 31, 2023 been the end of the contingency period for the Second Oak Street Earnouts, the Oak Street triggering event would have occurred, and therefore the Second Oak Street Earnouts have been included in the calculation of diluted earnings per share for the year ended December 31, 2023.
(7)As of December 31, 2025, the Atalaya Triggering Event (defined in Note 3) with respect to the Atalaya Earnouts had not occurred. Had December 31, 2025 been the end of the contingency period for the Atalaya Earnouts, the Atalaya Triggering Event would have not occurred, and therefore the Atalaya Earnouts have not been included in the calculation of diluted earnings per share for the year ended December 31, 2025.
(8)As of December 31, 2025, the contingencies related to the Services Agreement payments have not yet been resolved. Had December 31, 2025 also been the end of the contingency period, the contingencies related to the Services Agreement would not have yet been resolved, and therefore the Incentive Units issuable under the Services Agreement have not been included in the calculation of diluted earnings per share for the year ended December 31, 2025.
(9)As of December 31, 2025, the contingencies related to the IPI Subsequent Payment have been resolved, as the related Common Units were issued during the three months ended June 30, 2025, and therefore the Common Units related to the IPI Subsequent Payment have been included in the calculation of diluted earnings per share as of the beginning of the period in which the conditions were satisfied.
Year Ended December 31, 2025Net Income
Attributable to
Class A Shares		Weighted-Average Class A Shares OutstandingEarnings Per
Class A Share		Weighted-Average Number of Antidilutive Instruments
(dollars in thousands, except per share amounts)
Basic$78,833 654,785,946 $0.12 
Effect of dilutive securities:
Unvested RSUs— 6,211,286 — 
Vested Common Units— — 906,623,070 
Vested Incentive Units— — 9,043,080 
Unvested Incentive Units— — 20,482,470 
IPI Subsequent Payment(10,496)887,882 — 
Diluted$68,337 661,885,114 $0.10 
Year Ended December 31, 2024Net Income
Attributable to
Class A Shares		Weighted-Average Class A Shares OutstandingEarnings Per
Class A Share		Weighted-Average Number of Antidilutive Instruments
(dollars in thousands, except per share amounts)
Basic$109,584 549,005,214 $0.20 
Effect of dilutive securities:
Unvested RSUs— 9,420,939 — 
Warrants— — 4,207,650 
Vested Common Units— — 919,201,273 
Vested Incentive Units— — 8,373,268 
Unvested Incentive Units— — 22,817,514 
Diluted$109,584 558,426,153 $0.20 
Year Ended December 31, 2023Net Income Attributable to
Class A Shares		Weighted-Average Class A Shares OutstandingEarnings Per
Class A Share		Weighted-Average Number of Antidilutive Instruments
(dollars in thousands, except per share amounts)
Basic$54,343 463,233,832 $0.12 
Effect of dilutive securities:
Unvested RSUs— 4,983,668 — 
Warrants(4,584)232,558 — 
Vested Common Units— — 956,118,687 
Vested Incentive Units— — 8,488,003 
Unvested Incentive Units— — 24,949,429 
Oak Street Earnout Units— 9,558,857 — 
Diluted$49,759 478,008,915 $0.10 
v3.25.4
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
13. RELATED PARTY TRANSACTIONS
The majority of the Company’s revenues, including substantially 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)December 31,
2025		December 31,
2024
Management fees$430,539 $349,704 
Performance revenues1,381 1,672 
Administrative fees111,690 67,920 
Other expenses paid on behalf of the Company’s products and other related parties150,446 129,434 
Due from Related Parties$694,056 $548,730 
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 $110.4 million, $100.7 million and $74.4 million for the years ended December 31, 2025, 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 $123.2 million, $81.6 million and $46.0 million for the years ended December 31, 2025, 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 $5.3 million, $(9.6) million and $(5.8) million for the years ended December 31, 2025, 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. The reimbursement may be recovered from a product managed by the Company in accordance with applicable policies and procedures to the extent that such reimbursement is eligible under such product’s agreements. The Company does not bear any operating, personnel or maintenance costs associated with the aircraft. Personal use of the aircraft is not charged to the Company. The Company recorded expenses for these aircraft reimbursements of $6.2 million, $3.4 million and $3.0 million for the years ended December 31, 2025, 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. As of June 30, 2024, this promissory note was fully repaid. The promissory note bore interest at a rate of SOFR plus 1.55%, subject to change based on credit rating and leverage ratio. The Company recorded $5.4 million of interest income in 2024. Interest was payable monthly in arrears and settled in cash or equity in the related product.
On November 15, 2022, the Company entered into an interest-bearing revolving promissory note with a product it manages, which was amended in October 2025 to extend the maturity date by one year, 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 4.25%, 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 2027. As of December 31, 2025, $7.5 million was outstanding under this promissory note and the Company recorded $0.6 million of interest income for the year ended December 31, 2025. As of December 31, 2024, $7.5 million was outstanding under this promissory note and the Company recorded $0.7 million of interest income for the year ended December 31, 2024.
Investment Sale with Deferred Purchase Price
On December 30, 2024, the Company sold an investment in a product it manages to another product managed by the Company for cash consideration of $22.3 million and a deferred, non-interest bearing amount due of $44.5 million, payable in two equal installments on December 31, 2025 and December 31, 2026. The Company recorded a deferred purchase price receivable of $40.6 million for the deferred purchase price, representing the present value of these installment payments, and will recognize the discount as interest income over the two-year deferred payment period. As a result of the sale and discount on the receivable, the Company recognized a loss of $4.9 million for the year ended December 31, 2024. As of December 31, 2025,$20.3 million was outstanding under this deferred purchase price receivable, and the Company recorded $2.0 million of interest income for the year ended December 31, 2025.
v3.25.4
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
14. SUBSEQUENT EVENTS
Dividend
On February 5, 2026, the Company announced a cash dividend of $0.225 per Class A Share. The dividend is payable on March 2, 2026, to holders of record as of the close of business on February 20, 2026.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
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
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Our cybersecurity processes are overseen by the Audit Committee of our Board. Our cybersecurity program is focused on (i) protecting confidential business, client, investor and employee information that we store or process; (ii) maintaining the security and availability of our systems and data; (iii) supporting compliance with applicable laws and regulations; (iv) documenting cybersecurity incidents and our responses; and (v) notification of cybersecurity incidents to, and communications with, appropriate internal and external parties.
We have implemented an information security governance policy governing cybersecurity risk, which is designed to facilitate the protection of sensitive or confidential business, client, investor and employee information that we store or process and the maintenance of critical services and systems. Our cybersecurity program is managed by our Chief Technology Officer and Head of Technology Infrastructure (together, “IT Management”), who report to our Chief Operating Officer. IT Management and its team are responsible for implementing proactive and reactive measures, including our monitoring and alert response processes, vulnerability management, changes made to our critical systems, including software and network changes, and various other technological and administrative safeguards. Our cybersecurity processes and systems are designed to protect against unauthorized access of information through our systems and infrastructure, including by cyber-attacks. Our policy and processes include, as appropriate, encryption, data loss prevention technology, authentication technology, entitlement management, access control, anti-virus and anti-malware software, and transmission of data over private networks. Our processes and systems aim to prevent or mitigate two main types of cybersecurity risk: first, cybersecurity risks associated with our physical and digital devices and infrastructure, and second, cybersecurity risks associated with third parties, such as people and organizations who have access to our devices, infrastructure or confidential or sensitive information. The cybersecurity-control principles that form the basis of our cybersecurity program are informed by the National Institute of Standards and Technology Cybersecurity Framework.
Our cybersecurity program is periodically reviewed and assessed, including benchmarking to best practices and industry frameworks, which allows us to identify areas for continued focus and improvement. Annual penetration testing of our network, including critical systems and systems that store confidential or sensitive information, is conducted with third party consultants and vulnerabilities are reviewed and addressed by IT Management. When we engage vendors and other third-party partners who will have access to sensitive data or client systems and facilities, our infrastructure technology team assesses their cybersecurity programs and processes.
We also provide our employees with cybersecurity awareness training at onboarding and annually. We conduct regular phishing tests and provide additional training as appropriate.
Impact of Cybersecurity Risks
In 2025, we did not experience a material cybersecurity incident, and we are not aware of any cybersecurity risks that are reasonably likely to materially affect our business. While we do not believe that our business strategy, results of operations or financial condition have been materially adversely affected by any cybersecurity incidents, we describe whether and how future incidents could have a material impact on our business strategy, results of operations or financial condition in “Item 1A. Risk Factors—Risks Related to Our Operations—Cybersecurity risks and cyber data security incidents could adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information and confidential information in our possession and damage to our business relationships” and “Item 1A. Risk Factors—Risks Related to Our Legal and Regulatory Environment—Increased data protection regulation may result in increased complexities and risk in connection with the operation of our business and our products.” Additionally, although we have insurance coverage for cybersecurity events, there can be no assurance that we will be able to maintain our insurance coverage or it will be enough to cover the cost associated with one or more cybersecurity events. See “Item 1A. Risk Factors—Risks Related to Our Legal and Regulatory Environment—We may not be able to maintain sufficient insurance to cover us for potential litigation or other risks.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Our cybersecurity processes are overseen by the Audit Committee of our Board. Our cybersecurity program is focused on (i) protecting confidential business, client, investor and employee information that we store or process; (ii) maintaining the security and availability of our systems and data; (iii) supporting compliance with applicable laws and regulations; (iv) documenting cybersecurity incidents and our responses; and (v) notification of cybersecurity incidents to, and communications with, appropriate internal and external parties.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
We have developed an incident response framework to identify, assess, manage and report cybersecurity events, which is managed and implemented by our Cyber Risk Operating Committee (the “C-ROC”), a cross-functional management committee that includes our General Counsel, Chief Operating Officer, Global Chief Compliance Officer and IT Management. The incident response framework determines when the C-ROC should provide notifications regarding certain cybersecurity incidents, with different severity thresholds triggering notifications to different recipient groups, including senior members of management, our Audit Committee or our Board. The C-ROC is responsible for gathering information with respect to a cybersecurity incident, assessing its severity and potential responses, as well as communicating with senior management and the Audit Committee or full Board, as appropriate.
Our cybersecurity program, which is overseen by the C-ROC, is managed by IT Management as part of its responsibility for enterprise-wide cybersecurity strategy, policies, implementing our monitoring and alert response processes, vulnerability management, changes made to our critical systems, including software and network changes and various other technological and administrative safeguards. The team is led by our Chief Technology Officer, who has over 25 years of experience advising on technology strategy, including digital transformation, cybersecurity, business analytics and infrastructure, and our Head of Technology Infrastructure, who has over 20 years of experience in the information technology field with a focus on IT risk governance and management, information security, incident response capabilities and assessing effectiveness of controls. The
C-ROC meets regularly and forms cross-enterprise teams, as needed, to manage and implement key policies and initiatives of our cybersecurity program.
Our Board has delegated the primary responsibility for oversight and review of controls and procedures with respect to risk assessment and risk management, including cybersecurity risk, to the Audit Committee. Periodically and as needed, our Global Chief Compliance Officer updates our Board on actions taken by the C-ROC and our Chief Technology Officer reports to our Board on cybersecurity matters. Such reporting includes updates on our cybersecurity program, the external threat environment and our programs to address and mitigate the risks associated with the evolving cybersecurity threat environment. These reports also include, as appropriate, updates on our preparedness, prevention, detection, responsiveness and recovery with respect to cyber incidents.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Board has delegated the primary responsibility for oversight and review of controls and procedures with respect to risk assessment and risk management, including cybersecurity risk, to the Audit Committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] ur Global Chief Compliance Officer updates our Board on actions taken by the C-ROC and our Chief Technology Officer reports to our Board on cybersecurity matters. Such reporting includes updates on our cybersecurity program, the external threat environment and our programs to address and mitigate the risks associated with the evolving cybersecurity threat environment. These reports also include, as appropriate, updates on our preparedness, prevention, detection, responsiveness and recovery with respect to cyber incidents
Cybersecurity Risk Role of Management [Text Block] is managed and implemented by our Cyber Risk Operating Committee (the “C-ROC”), a cross-functional management committee that includes our General Counsel, Chief Operating Officer, Global Chief Compliance Officer and IT Management. The incident response framework determines when the C-ROC should provide notifications regarding certain cybersecurity incidents, with different severity thresholds triggering notifications to different recipient groups, including senior members of management, our Audit Committee or our Board. The C-ROC is responsible for gathering information with respect to a cybersecurity incident, assessing its severity and potential responses, as well as communicating with senior management and the Audit Committee or full Board, as appropriate. Our cybersecurity program, which is overseen by the C-ROC, is managed by IT Management as part of its responsibility for enterprise-wide cybersecurity strategy, policies, implementing our monitoring and alert response processes, vulnerability management, changes made to our critical systems, including software and network changes and various other technological and administrative safeguards.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The team is led by our Chief Technology Officer, who has over 25 years of experience advising on technology strategy, including digital transformation, cybersecurity, business analytics and infrastructure, and our Head of Technology Infrastructure, who has over 20 years of experience in the information technology field with a focus on IT risk governance and management, information security, incident response capabilities and assessing effectiveness of controls.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The team is led by our Chief Technology Officer, who has over 25 years of experience advising on technology strategy, including digital transformation, cybersecurity, business analytics and infrastructure, and our Head of Technology Infrastructure, who has over 20 years of experience in the information technology field with a focus on IT risk governance and management, information security, incident response capabilities and assessing effectiveness of controls.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] ur Global Chief Compliance Officer updates our Board on actions taken by the C-ROC and our Chief Technology Officer reports to our Board on cybersecurity matters. Such reporting includes updates on our cybersecurity program, the external threat environment and our programs to address and mitigate the risks associated with the evolving cybersecurity threat environment. These reports also include, as appropriate, updates on our preparedness, prevention, detection, responsiveness and recovery with respect to cyber incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
These 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. All intercompany transactions and balances have been eliminated in consolidation. 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.
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 the preferred equity investment; (iii) the fair value of equity-based compensation grants; (iv) the fair values of liabilities with respect to the TRA (the portion considered contingent consideration) and earnout liabilities; (v) the estimate of future taxable income, which impacts the realizability and carrying amount of the Company’s deferred income tax assets; (vi) the fair value of net identifiable assets acquired in business combinations, as well as the determination of whether amounts paid or payable represent consideration or compensation; and (vii) the qualitative and quantitative assessments of whether impairments of intangible assets and goodwill exist. Inherent in such estimates and judgments 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.
Principles of Consolidation
Principles of Consolidation
The Company consolidates entities in which it has a controlling financial interest based on the application of either the variable interest model or the voting interest model.
Principles of Consolidation
An entity is considered to be a variable interest entity (“VIE”) if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately fewer voting rights.
The Company is required to consolidate any VIEs for which it is the primary beneficiary. The Company is the primary beneficiary if it holds a controlling financial interest, which is defined as having (a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company does not consolidate any of the products it manages, as it does not hold any direct or indirect interests in such entities that could expose the Company to an obligation to absorb the losses or right to receive benefits that are more than insignificant to such entities.
Fees that are customary and commensurate with the level of services provided by the Company, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, are not considered to be variable interests. The Company factors in all economic interests, including proportionate interests held through related parties, to determine if fees are variable interests. The Company’s interests in the products it manages are primarily in the form of management fees, performance revenues, and insignificant direct or indirect equity interests, and therefore does not have variable interests in such entities.
The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and continuously reconsiders that conclusion. In evaluating whether the Company is the primary beneficiary, the Company evaluates its direct and indirect economic interests in the entity. The consolidation analysis is generally performed qualitatively; however, if the primary beneficiary is not readily determinable, a quantitative analysis may also be performed. This analysis requires judgment, including: (1) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the success of the entity, (3) determining whether two or more parties’ equity interests should be aggregated, (4) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity and (5) evaluating the nature of relationships and activities of the parties involved in determining which party within a related-party group is most closely associated with a VIE and therefore would be deemed the primary beneficiary.
For entities that are not VIEs, the Company evaluates such entities (“VOEs”) under the voting interest model. The Company consolidates VOEs where the Company controls a majority voting interest. The Company will generally not consolidate VOEs where a single investor or simple majority of third-party investors with equity have the ability to exercise substantive kick-out or participation rights.
Acquisitions
Acquisitions
The Acquisitions were accounted for using the acquisition method of accounting. For business combinations accounted for under the acquisition method, the Company recognizes the fair value of assets acquired and liabilities assumed on the acquisition date. The excess of purchase price consideration over the fair value of net assets acquired is recorded as goodwill.
Management’s determination of the fair value of assets acquired and liabilities assumed at the acquisition date is based on the best information available in the circumstances and incorporates management’s own assumptions and involves a significant degree of judgment. If the Company is still obtaining information necessary to identify and measure the fair value of assets acquired, liabilities assumed, or any noncontrolling interest in the acquiree, then the Company may record provisional amounts for these items at the acquisition date. During the measurement period, which cannot exceed one year from the acquisition date, the Company may adjust the provisional amounts to reflect new information obtained about facts and circumstances that existed as of the acquisition date.
Cash and Cash Equivalents
Cash and Cash Equivalents
The Company considers highly-rated liquid investments that have an original maturity of three months or less from the date of purchase to be cash equivalents. The Company holds the majority of its cash balances with a single financial institution and such balances are in excess of Federal Deposit Insurance Corporation insured limits, which exposes the Company to a certain degree of credit risk concentration.
Investments
Investments
Certain equity investments in the Company’s products are accounted for using the equity-method of accounting, whereby the Company recognizes its share of income in current-period earnings. Distributions, when received on these investments, generally reduce the carrying value of such investments.
Investments in loans are accounted for at amortized cost, net of an allowance for current expected credit losses. The estimate of expected credit losses considers current conditions and reasonable and supportable forecasts. As of December 31, 2025, and December 31, 2024, the estimates of current expected credit losses were not material.
For certain debt and equity investments in the Company’s products, the Company has elected the fair value option in order to simplify the accounting for these instruments, and therefore changes in unrealized gains or losses are included in current-period earnings. Such elections are irrevocable and are applied on an investment-by-investment basis at initial recognition.
The Company has elected the fair value option for its preferred equity investment in Kuvare UK Holdings in order to simplify the accounting for this instrument, and therefore changes in unrealized gains or losses are included in current-period earnings within net gains (losses) on investments in the consolidated statements of operations. Dividends compound quarterly, are payable when declared, and are included within interest and dividend income in the consolidated statements of operations.
Realized and changes in unrealized gains (losses) on investments are included within net gains (losses) on investments in the consolidated statements of operations.
Leases
Leases
The Company determines if an arrangement is a lease at inception. Right-of-use lease assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The present value of lease payments includes expected tenant improvement allowances. The Company does not recognize right-of-use lease assets and lease liabilities for leases with an initial term of one year or less. Right-of-use assets and liabilities related to operating leases are included within operating lease assets and operating lease liabilities, respectively, in the Company’s consolidated statements of financial condition.
As the Company’s leases do not provide an implicit rate, the Company uses its estimated incremental borrowing rate based on information available at the lease commencement date in determining the present value of lease payments. The determination of an appropriate incremental borrowing rate requires judgment. The Company determines its incremental borrowing rate based on data for instruments with similar characteristics, including recently issued debt, and makes adjustments for duration and collateralization features, as well as other factors.
Lease terms include options to extend or terminate when it is reasonably certain that the Company will exercise that option. In addition, the Company separates lease and non-lease components embedded within lease agreements. Lease expense for operating lease payments is recognized on a straight-line basis, which consists of amortization of right-of-use assets and interest accretion on lease liabilities, over the lease term and included within general, administrative and other expenses in the consolidated statements of operations. The Company does not have any material finance leases.
Strategic Revenue-Share Purchase Consideration and Revenue Recognition The Company determined that it was not receiving a distinct good or service from the customers as a result of the Strategic Revenue-Share Purchase, and therefore determined that the consideration paid to the customers, substantially all of which was in the form of Class A Shares, represents a reduction of the transaction price (i.e., a reduction to revenue). Accordingly, the total consideration paid was recorded within Strategic Revenue-Share Purchase consideration in the Company’s consolidated statements of financial condition and is being amortized as a reduction of management fees, net in the Company’s consolidated statements of operations.
Revenue Recognition
Revenues consist of management fees; administrative, transaction and other fees; and performance revenues. The Company recognizes revenues when it is probable that a significant reversal of such amounts would not occur. The Company recognizes revenue at the time of transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services (i.e., the transaction price). Under this method, revenue is based on a contract with a determinable transaction price and distinct performance obligations with probable collectability. Revenues cannot be recognized until the performance obligations are satisfied and control is transferred to the customer. Payments made to the Company’s customers or customers-of-customers, such as certain revenue sharing arrangements and incentives paid to customers, are generally viewed as a reduction of the transaction price and therefore reduce management fees from such customers. See Note 9 for additional information.
Management Fees, Net
Management fees are recognized over the period in which the investment management services are performed because customers simultaneously consume and receive benefits continuously over time. Payment terms and fee rates of management fees vary by product but are generally collected on a quarterly basis and are not subject to clawback.
Management fees for the Company’s business development company (“BDC”) and interval fund products (“Regulated Products”) are typically based on a percentage of average fair value of gross assets (in some cases, excluding cash) or net asset value. Management fees for the Company’s CLOs are generally based on the outstanding par value of the underlying collateral and recognized over time as the services are rendered. For the Company’s other Credit products, management fees are typically based on gross or net asset value or investment cost, and also may include uncalled capital.
Management fees also include a fee based on the net investment income of the Company’s Regulated Products and similarly structured products (“Part I Fees”), which are subject to performance hurdles. Such Part I Fees are classified as management fees in the consolidated statements of operations as they are predictable and recurring in nature, not subject to repayment and cash-settled each quarter.
Management fees for the Company’s Real Assets products are generally based on either a percentage of capital committed and/or called during the investment period, and thereafter generally based on the cost of unrealized investments, or net asset value.
Management fees for the Company’s GP minority stakes strategy are generally based on a percentage of capital committed during the investment period, and thereafter generally based on the cost of unrealized investments. For the other GP Strategic Capital strategies, management fees are generally determined based on a percentage of investment cost.
Management fees, including Part I Fees, are generally cash settled every quarter and not subject to repayment, and therefore uncertainty underlying these fees are resolved each quarter. As such, on a quarterly basis, a subsequent significant reversal in relation to the cumulative revenue recognized is not probable for the quarter in arrears.
As discussed above, amortization of the Strategic Revenue-Share Purchase consideration is recorded as a reduction of management fees, net in the Company’s consolidated statements of operations.
Administrative, Transaction and Other Fees
Administrative, transaction and other fees primarily include fee income, administrative fees and dealer manager revenue.
Fee income is earned for services provided to portfolio companies, which may include arrangement, syndication, origination, structuring analysis, capital structure and business plan advice and other services. The fees are generally recognized as income at the point in time when the services rendered are completed, as there is no ongoing performance requirement.
The Company incurs certain costs in connection with satisfying its performance obligations under administrative agreements – including, but not limited to, employee compensation and travel costs – for which it receives reimbursements from the products it manages. The Company reports these costs within compensation and benefits and general, administrative and other expenses and reports the related reimbursements as revenues within administrative, transaction and other fees (i.e., on a gross basis) in the consolidated statements of operations.
Dealer manager revenue consists of commissions earned for providing distribution services to certain products. Dealer manager revenue is recorded on an accrual basis at the point in time when the services are completed, as there is no ongoing performance requirement. A portion of dealer manager revenues represent commissions that are reallowed to third party broker-dealers. The Company reports these reallowed commission payments to third parties within general, administrative and other expenses (i.e., on a gross basis) in the consolidated statements of operations.
Performance Revenues
The Company is entitled to receive certain performance revenues in the form of performance fees and carried interest from the products that it manages. Performance revenues are based on the product investment performance generated over time, subject to the achievement of minimum return levels in certain products. Performance revenues from the Company’s BDCs and certain other products are realized at the end of a measurement period, typically quarterly or annually. Once realized, such performance revenues are no longer subject to reversal.
For certain non-Regulated Product Credit and Real Assets products, and substantially all GP Strategic Capital products, performance revenues are in the form of carried interest that is allocated to the Company based on cumulative fund performance over time, subject to the achievement of minimum return levels in certain products. The Company recognizes carried interest only to the extent that it is not probable that a significant reversal will occur for amounts recognized. Generally, carried interest is earned after a return of all contributions and may be subject to a preferred return to investors; however, the Company is able to catch-up amounts subject to the preferred return in certain cases. Substantially all of the carried interest generated by the Company’s products is allocable to investors, including certain related parties, through vehicles in which the Company does not have investment or decision-making rights; therefore, the Company does not have a controlling financial interest in or consolidate these vehicles.
Intangible Assets, Net and Goodwill
Intangible Assets, Net and Goodwill
The Company recognized finite-lived intangible assets and goodwill as a result of the Acquisitions. The Company’s finite-lived intangible assets consist of contractual rights to earn future management fees from the acquired investment management agreements and value associated with the acquired client relationships and trademarks. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. See Note 3 for additional information.
The Company uses its best estimates and assumptions to accurately assign fair value to identifiable intangible assets acquired at the acquisition date and the useful lives of those acquired intangible assets. Examples of critical estimates in valuing certain of the intangible assets acquired include, but are not limited to, future expected cash inflows and outflows, expected useful life and discount rates. The Company’s estimates for future cash flows are based on historical data, various internal estimates and certain external sources, and are based on assumptions that are consistent with the plans and estimates the Company uses to manage the underlying assets acquired. The Company estimates the useful lives of the intangible assets based on the expected period over which the Company anticipates generating economic benefit from the asset. The Company bases its estimates on assumptions it believes to be reasonable but that are unpredictable and inherently uncertain. Unanticipated events and circumstances may occur that could affect the accuracy or validity of such assumptions, estimates or actual results.
The Company tests finite-lived intangible assets for impairment by performing a qualitative review of factors, including projections for fee-paying assets under management, revenue, and general economic conditions, that require judgment in deciding whether there is an indication that the carrying amount of intangible assets may not be recoverable. If an indication exists, a quantitative analysis would be undertaken. If an impairment exists, the Company adjusts the carrying value to equal the fair value by taking a charge through earnings. No impairments have been recognized to date on the Company’s acquired intangible assets.
Goodwill represents the excess of consideration over identifiable net assets of an acquired business. The Company tests goodwill annually for impairment. If, after assessing qualitative factors such as projections for fee-paying assets under management, revenue and other general economic conditions, the Company believes that it is more-likely-than-not that the fair value of the reporting unit inclusive of goodwill is less than its carrying amount, the Company will perform a quantitative assessment to determine whether an impairment exists. If an impairment exists, the Company adjusts the carrying value of goodwill so that the carrying value of the reporting unit is equal to its fair value by taking a charge through earnings. The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that it is more-likely-than-not to reduce the fair value of the reporting unit below its carrying amount.
Fixed Assets
Fixed Assets
Fixed assets are recorded at cost, less accumulated depreciation and amortization, and are included within other assets, net in the Company’s consolidated statements of financial condition. Fixed assets are depreciated or amortized on a straight-line basis, with the corresponding depreciation and amortization expense included within general, administrative and other expenses in the Company’s consolidated statements of operations. The estimated useful life for leasehold improvements is the lesser of the remaining lease term or the life of the asset, while other fixed assets are generally depreciated over a period of three years to seven years. The Company tests fixed assets for impairment if events or circumstances change indicating that the carrying amount of a fixed asset may not be recoverable.
Debt Obligations, Net
Debt Obligations, Net
The Company’s debt obligations, other than revolving credit facilities, are recorded at amortized cost, net of any debt issuance costs, discounts and premiums. Debt issuance costs are deferred and along with discounts and premiums are amortized to interest expense in the consolidated statements of operations over the life of the related debt instrument using the effective interest method. Unamortized debt issuance costs, discounts and premiums are written off to net losses on retirement of debt in the consolidated statements of operations when the Company prepays borrowings prior to maturity. Debt issuance costs associated with revolving credit facilities are presented within other assets, net in the consolidated statements of financial condition, and such amounts are amortized to interest expense in the consolidated statements of operations on a straight-line basis over the life of the related facility.
TRA Liability
TRA Liability
The TRA liability represents amounts payable to certain pre-Business Combination equity holders of the combined businesses of Blue Owl Capital Group LLC (formerly, Owl Rock Capital Group LLC) and Blue Owl Securities LLC (formerly, Owl Rock Capital Securities LLC) (collectively, “Owl Rock”) and Dyal Capital. The portion of the TRA liability related to the Dyal Acquisition is deemed contingent consideration payable to the previous owners of Dyal Capital, and therefore is carried at fair value, with changes in fair value reported within other loss in the consolidated statements of operations. The remaining portion of the TRA liability is carried at a value equal to the expected future payments due under the TRA. The Company recorded its initial estimate of future payments under the TRA portion that is not related to the Dyal Acquisition, including as a result of exchanges of Common Units for Class A or B Shares, as a decrease to additional paid-in capital in the consolidated statements of financial condition. Subsequent adjustments to the liability for future payments under the TRA related to changes in estimated future tax rates or state income tax apportionment are recognized through current period earnings in the consolidated statements of operations.
Warrant Liability, at Fair Value
Warrant Liability, at Fair Value
The Company’s warrants were recorded as liabilities carried at fair value, with changes in fair value included within other loss in the Company’s consolidated statements of operations.
The Company had warrants outstanding that were issued in connection with the Business Combination (“Private Placement Warrants”). The Private Placement Warrants, which were exercised in November 2024 and resulted in the issuance of 2.6 million Class A Shares, contained exercise and settlement features that may have changed with a change in the holder, which precluded the Private Placement Warrants from being considered indexed to the Company’s own stock; therefore, the Private Placement Warrants were precluded from being classified within equity and were accounted for as derivative liabilities.
Earnout Liability, at Fair Value
Earnout Liability, at Fair Value
As of December 31, 2025, the earnout liability was comprised of the Prima Earnouts, KAM Earnouts and Atalaya Earnouts (each as defined in Note 3) (collectively, the “Earnouts”). As of December 31, 2024, the earnout liability was comprised of the Wellfleet Earnout Shares (as defined in Note 10), Prima Earnouts, KAM Earnouts and Atalaya Earnouts. The Earnouts represent contingent consideration on each respective acquisition, and are recorded at fair value, with changes in fair value included within change in earnout liability in the Company’s consolidated statements of operations. Earnout liabilities are derecognized when the relevant contingencies are resolved and the consideration is paid or if the contingencies are not resolved (e.g., not meeting relevant targets) and the obligations expire and upon expiration, the consideration would not be paid or payable.
Noncontrolling Interests
Noncontrolling Interests
Noncontrolling interests are primarily comprised of Common Units, which are interests in the Blue Owl Operating Group not held by the Company. Certain consolidated holding companies for investment adviser subsidiaries of the Blue Owl Operating Group are partially owned by third-party investors. Such interests are also presented as noncontrolling interests.
Allocations to noncontrolling interests in the consolidated statements of operations are based on the substantive profit-sharing arrangements in the Blue Owl Limited Partnership Agreements. The Company does not record income or loss allocations to noncontrolling interests to the extent that such allocations would be provisional in nature, such as for unvested Incentive Units (other than certain minimum tax distributions). Provisional allocations to these interests would be subject to reversal in the event the unvested Incentive Units are forfeited.
Cash-Based Compensation
Cash-Based Compensation
Compensation and benefits consist of salaries, bonuses, commissions, long-term deferral programs, benefits and payroll taxes. Compensation is accrued over the related service period.
Equity-Based Compensation
Equity-Based Compensation
Equity-based compensation awards are reviewed to determine whether such awards are equity-classified or liability-classified. Compensation expense related to equity-classified awards is equal to their grant-date fair value and generally recognized on a straight-line basis over the awards’ requisite service period. For grants to non-employee service providers, the Company recognizes the total estimated expense over the expected substantive service period, in a manner consistent with the recognition of such expenses if the payments were made in cash. When certain settlement features require an award to be liability-classified, compensation expense is recognized over the service period, and such amount is adjusted at each balance sheet date through the settlement date to the then current fair value of such award.
The Company accounts for forfeitures on equity-based compensation arrangements as they occur. The Company recognizes deferred income tax benefits throughout the service period, based on the grant date fair value. Any tax deduction shortfall or windfall due to the difference between grant date fair value and the ultimate deduction taken for tax purposes is recognized at the time of settlement. Expenses related to equity-based grants to employees are included within compensation and benefits in the consolidated statements of operations.
Foreign Currency
Foreign Currency
The functional currency of the Company’s foreign consolidated subsidiaries is the U.S. dollar, as their operations are considered extensions of U.S. parent operations. Monetary assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars at the closing rates of exchange on the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars using the historical exchange rate. The profit or loss arising from foreign currency transactions are remeasured using the rate in effect on the date of any relevant transaction. Gains and losses on transactions denominated in foreign currencies due to changes in exchange rates are recorded within general, administrative and other expenses.
Income Taxes
Income Taxes
Substantially all of the earnings of the Blue Owl Operating Group are subject to New York City unincorporated business tax (“UBT”) and additionally, the portion of earnings allocable to the Registrant is subject to corporate tax rates at the U.S. federal and state and local levels. The Company is also subject to income tax in certain foreign jurisdictions in which it conducts business.
Deferred income tax assets and liabilities resulting from temporary differences between the GAAP and tax bases of assets and liabilities are measured at the balance sheet date using enacted income tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. The Company offsets deferred income tax assets and liabilities for presentation in its consolidated statements of financial condition when such assets and liabilities are within the same taxpayer and related to the same taxing jurisdiction.
The realization of deferred tax assets depends upon the existence of sufficient taxable income within the carryback or carryforward periods under the enacted tax law in the applicable tax jurisdiction. A valuation allowance is established when management determines, based on available information, that it is more-likely-than-not that deferred income tax assets will not be realized. Significant judgment is required in determining whether a valuation allowance should be established, as well as the amount of such valuation allowance.
The Company recognizes uncertain income tax positions when it is not more-likely-than-not that a tax position will be sustained upon examination. The Company accrues any interest and penalties related to uncertain tax positions as a component of the income tax provision in the consolidated statements of operations.
Comprehensive Income
Comprehensive Income
Comprehensive income represents the change in equity during a period from recognized transactions other than from transactions with owners. In the accompanying Financial Statements, comprehensive income is comprised of (i) consolidated net income, as presented in the consolidated statements of operations and (ii) all components of other comprehensive income. The Company’s other comprehensive income is comprised of gains and losses on derivative instruments that have been designated as cash flow hedges.
The Company has designated foreign exchange forward contracts to hedge the foreign exchange risk associated with certain transactions denominated in a currency other than the functional currency. The changes in the fair value of the designated forward contracts are initially reported in other comprehensive income (“OCI”) and subsequently reclassified to earnings when the hedged transaction affects earnings. The reclassified amounts from OCI are presented in the same income statement line item as the earnings effect of the hedged items. Cash flows associated with these cash flow hedges, which do not include an other-than-insignificant financing element at inception, and only have a financing element inherently included in an at-the-
market derivative instrument with no prepayments, are classified in the same category as the cash flows from the items being hedged. These cash flow hedges are not material to the Financial Statements.
Segment Reporting
Segment Reporting
The Company operates through one operating and reportable segment that provides asset management services to clients. The Company’s, and therefore the single segment’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 accounting policies of the segment are consistent with the policies described within this Note 2.
The Company’s Chief Operating Decision Makers (“CODMs”) are its Co-CEOs. The Company concluded that it has a single operating segment, as this reflects how the CODMs allocate resources and assess performance under the Company’s “one-firm approach,” which includes operating collaboratively across product lines, with a single expense pool. GAAP consolidated net income is the primary measure of segment operating performance. The CODMs also utilize other supplemental measures not prepared in accordance with GAAP to manage the business and allocate resources, such as budgeting and to assess the operating results of the Company’s business. The measure of segment assets is reported in the consolidated statement of financial condition, as the firm is managed on a consolidated basis.
Significant Segment Expenses
The significant expense categories that are regularly reviewed by the CODMs are presented in the Company’s consolidated statements of operations and include:
1.Compensation and benefits: This line item encompasses all employee-related costs, including salaries, bonuses, and benefits.
2.General, administrative and other expenses: This category includes costs related to office operations, professional services, and other administrative expenses.
3.Interest expense: This line item reflects the cost of servicing our debt obligations.
New Accounting Pronouncements
New Accounting Pronouncements
The Company considers the applicability and impact of all Accounting Standards Updates (“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 material impact on the Company’s Financial Statements upon adoption.
StandardDescriptionEffective Date and
Method of Adoption		Impact on Financial Statements
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 adopted the ASU retrospectively beginning with the 2025 Form 10-K.    
As a result of adopting this standard, the Company included enhanced income tax disclosures that present consistent categories and greater disaggregation of information in the rate reconciliation, income before income taxes disaggregated by jurisdiction, and income taxes paid disaggregated by jurisdiction.
ASU 2024-03 & ASU 2025-01 —Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement ExpensesThe ASU requires additional disclosures of the nature of expenses included in the income statement. The guidance requires footnote disclosures in a tabular format, disaggregating certain costs and expenses that include any of the following expenses: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depletion.
All public business entities are required to adopt the ASU prospectively for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027.
The Company plans to adopt the ASU beginning with the Form 10-K for the fiscal year ending December 31, 2027.
The guidance is expected to have minimal impact on the Company’s Consolidated Financial Statements presentation and disclosure because the relevant expenses are disaggregated in the Consolidated Statements of Operations.
v3.25.4
ORGANIZATION (Tables)
 12 Months Ended
Dec. 31, 2025
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 and RSUs that were outstanding as of December 31, 2025:
December 31, 2025
Class A Shares667,278,210 
Class C Shares 584,552,295 
Class D Shares304,449,203 
RSUs41,562,935 
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 December 31, 2025, which interests are collectively referred to as “Blue Owl Operating Group Units”:
UnitsDecember 31, 2025
GP Units667,278,210 
Common Units889,001,498 
Incentive Units29,507,562 
Schedule of Repurchase of Shares Activity
The following table presents Class A Shares repurchased under the 2025 Program and RSUs withheld to satisfy tax withholding obligations during each of the indicated periods:
Year Ended December 31,
(dollars in thousands)202520242023
Fair value of shares purchased pursuant to the 2025 Program$53,694 $— $— 
Number of shares purchased pursuant to the 2025 Program3,699,164 — — 
Fair value of RSUs withheld to satisfy tax withholding obligations$79,575 $38,848 $15,450 
Number of RSUs withheld to satisfy tax withholding obligations3,586,554 2,150,962 1,222,135 
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Accounting Standards Update and Change in Accounting Principle
StandardDescriptionEffective Date and
Method of Adoption		Impact on Financial Statements
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 adopted the ASU retrospectively beginning with the 2025 Form 10-K.    
As a result of adopting this standard, the Company included enhanced income tax disclosures that present consistent categories and greater disaggregation of information in the rate reconciliation, income before income taxes disaggregated by jurisdiction, and income taxes paid disaggregated by jurisdiction.
ASU 2024-03 & ASU 2025-01 —Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement ExpensesThe ASU requires additional disclosures of the nature of expenses included in the income statement. The guidance requires footnote disclosures in a tabular format, disaggregating certain costs and expenses that include any of the following expenses: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depletion.
All public business entities are required to adopt the ASU prospectively for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027.
The Company plans to adopt the ASU beginning with the Form 10-K for the fiscal year ending December 31, 2027.
The guidance is expected to have minimal impact on the Company’s Consolidated Financial Statements presentation and disclosure because the relevant expenses are disaggregated in the Consolidated Statements of Operations.
v3.25.4
ACQUISITIONS, GOODWILL AND INTANGIBLE ASSETS, NET (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table presents the consideration and net identifiable assets acquired and goodwill related to the IPI Acquisition:
(dollars in thousands)
Consideration
Equity consideration(1)
$922,174 
Cash consideration(2)
243,434 
Earnout liability 140,083 
Total Consideration$1,305,691 
Net Identifiable Assets Acquired and Goodwill
Assets acquired:
Cash and cash equivalents$1,107 
Due from related parties 40,550 
Intangible assets:
Investment management agreements240,000 
Investor relationships105,000 
Total intangible assets345,000 
Other assets, net1,448 
Total assets acquired388,105 
Liabilities assumed:
Accrued compensation227 
Operating lease liabilities982 
Accounts payable, accrued expenses and other liabilities5,040 
Total liabilities assumed6,249 
Net Identifiable Assets Acquired$381,856 
Goodwill(3)
$923,835 
(1)Represents Common Units issued to sellers.
(2)Includes $39.9 million of cash consideration paid in the second quarter of 2025.
(3)Goodwill represents the amount of total consideration in excess of net identifiable assets acquired. Approximately $199.4 million of the goodwill and intangible assets recognized are expected to be deductible by the Blue Owl Operating Partnerships for tax purposes.
The following table presents the consideration and net identifiable assets acquired and goodwill related to the Atalaya Acquisition:
(dollars in thousands)
Consideration
Equity consideration(1)(2)
$385,108 
Cash consideration(1)(3)
105,666 
Earnout liability(4)
15,000 
Total Consideration$505,774 
Net Identifiable Assets Acquired and Goodwill
Assets acquired:
Due from related parties$4,510 
Intangible assets:
Investment management agreements365,000 
Investor relationships10,000 
Total intangible assets375,000 
Other assets, net472 
Total assets acquired379,982 
Liabilities assumed:
Deferred tax liabilities4,831 
Accounts payable, accrued expenses and other liabilities2,317 
Total liabilities assumed7,148 
Net Identifiable Assets Acquired$372,834 
Goodwill(5)
$132,940 
(1)A product managed by the Company received 20% of the consideration paid as a result of a passive, minority stake it held in the business acquired.
(2)Represents Common Units issued to sellers at fair value, which was based on the price of the Company’s Class A Shares, as Common Units are exchangeable on a one-to-one basis for Class A Shares.
(3)Includes $3.5 million of cash consideration paid in January 2025.
(4)Represents the fair value of contingent consideration payable to a product managed by the Company related to the Atalaya Earnouts.
(5)Goodwill represents the amount of total consideration in excess of net identifiable assets acquired. Approximately $100.7 million of the goodwill and intangible assets recognized are expected to be deductible by the Blue Owl Operating Partnerships for tax purposes.
The following table presents the consideration and net identifiable assets acquired and goodwill related to the KAM Acquisition:
(dollars in thousands)
Consideration
Equity consideration(1)
$417,474 
Cash consideration(2)
322,747 
Earnout consideration(3)
102,000 
Total Consideration$842,221 
Net Identifiable Assets Acquired and Goodwill
Assets acquired:
Cash and cash equivalents$10,741 
Deferred tax assets1,749 
Intangible assets - Investment management agreements568,000 
Other assets, net8,307 
Total assets acquired588,797 
Liabilities assumed:
Accrued compensation6,180 
Deferred tax liabilities3,364 
Accounts payable, accrued expenses and other liabilities5,121 
Total liabilities assumed14,665 
Net Identifiable Assets Acquired$574,132 
Goodwill(4)
$268,089 
(1)Represents Class A Shares issued to KAM selling stockholders.
(2)Includes cash consideration paid for seller-related transaction expenses and indebtedness.
(3)Represents the fair value of contingent consideration payable to sellers related to the KAM Earnouts.
(4)Goodwill represents the amount of total consideration in excess of net identifiable assets acquired. Approximately $531.0 million of the goodwill and intangible assets recognized are expected to be deductible by the Blue Owl Operating Partnerships for tax purposes.
The following table presents the consideration and net identifiable assets acquired and goodwill related to the Prima Acquisition:
(dollars in thousands)
Consideration
Equity consideration(1)
$137,022 
Cash consideration(2)
27,696 
Earnout consideration(3)
18,600 
Total Consideration$183,318 
Net Identifiable Assets Acquired and Goodwill
Assets acquired:
Cash and cash equivalents$158 
Due from related parties2,005 
Operating lease assets456 
Deferred tax assets4,243 
Intangible assets - Investment management agreements108,000 
Other assets, net302 
Total assets acquired115,164 
Liabilities assumed:
Operating lease liabilities456 
Deferred tax liabilities1,730 
Accounts payable, accrued expenses and other liabilities3,943 
Total liabilities assumed6,129 
Net Identifiable Assets Acquired$109,035 
Goodwill(4)
$74,283 
(1)Represents Class A Shares, Common Units and corresponding Class C Shares issued to Prima selling stockholders. The value of the Common Units was based on the price of the Company’s Class A Shares, as Common Units are exchangeable on a one-to-one basis for Class A Shares.
(2)Includes cash consideration paid for seller-related transaction expenses and indebtedness.
(3)Represents the fair value of contingent consideration payable to sellers related to the Prima Earnouts.
(4)Goodwill represents the amount of total consideration in excess of net identifiable assets acquired. Approximately $14.0 million of the goodwill and intangible assets recognized are expected to be deductible by the Blue Owl Operating Partnerships for tax purposes.
The following table presents the consideration, net identifiable assets acquired and bargain purchase gain related to the CHI Acquisition:
(dollars in thousands)
Consideration
Cash Consideration$20 
Net Identifiable Assets Acquired
Assets acquired:
Investments$20 
Intangible assets:
Investment management agreements5,200 
Investor relationships800 
Other assets, net1,791 
Total assets acquired7,811 
Liabilities assumed:
Accrued expenses300 
Deferred revenue1,491 
Total liabilities assumed1,791 
Net Identifiable Assets Acquired$6,020 
Bargain Purchase Gain$(6,000)
The following table presents the consideration, net identifiable assets acquired and goodwill related to the Par Four Acquisition:
(dollars in thousands)
Consideration
Cash Consideration$26,245 
Net Identifiable Assets Acquired and Goodwill
Assets acquired:
Intangible assets - Investment management agreements$6,000 
Due from related parties468 
Net Identifiable Assets Acquired$6,468 
Goodwill(1)
$19,777 
(1)Goodwill represents the amount of total consideration in excess of net identifiable assets acquired. The goodwill and intangible assets recognized are expected to be deductible by the Blue Owl Operating Partnerships for tax purposes.
Schedule of Goodwill
The following table summarizes changes in the Company’s goodwill:
Year Ended
(dollars in thousands)December 31,
2025		December 31,
2024
Beginning balance$4,699,465 $4,224,153 
Goodwill acquired923,835 475,312 
Atalaya Acquisition measurement period adjustment1,169 — 
Ending Balance$5,624,469 $4,699,465 
Schedule of Finite-Lived Intangible Assets
The following table summarizes the Company’s intangible assets, net:
(dollars in thousands)December 31,
2025		December 31,
2024		Remaining Weighted-Average Amortization Period as of December 31, 2025
Intangible assets, gross:
Investment management agreements$3,505,420 $3,265,420 10.9 years
Investor relationships575,300 470,300 7.7 years
Total intangible assets, gross4,080,720 3,735,720 
Accumulated amortization:
Investment management agreements(990,915)(685,765)
Investor relationships(201,005)(147,203)
Total accumulated amortization(1,191,920)(832,968)
Total Intangible Assets, Net$2,888,800 $2,902,752 
Schedule of Finite-lived Intangible Assets Amortization Expense
The following table presents expected future amortization of finite-lived intangible assets as of December 31, 2025:
(dollars in thousands)
PeriodAmortization
2026$341,466 
2027322,176 
2028316,578 
2029310,598 
2030276,711 
Thereafter1,321,271 
Total$2,888,800 
v3.25.4
INVESTMENTS AND FAIR VALUE DISCLOSURES (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Components of the Company's Investments
The following table presents the components of the Company’s investments:
(dollars in thousands)December 31,
2025		December 31,
2024
Preferred equity investment, at fair value$290,594 $267,169 
Equity investments in the Company’s products, equity method67,391 63,465 
Loans and deferred purchase price receivable, at amortized cost (includes $27,797 and $48,094 in the Company’s products, respectively)
58,845 54,186 
Equity investments in the Company’s products, at fair value
61,906 96,956 
Investments in the Company’s CLOs, at fair value5,653 5,169 
Total$484,389 $486,945 
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The tables below summarizes the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and December 31, 2024:
December 31, 2025
(dollars in thousands)Level ILevel IILevel IIITotal
Investments, at Fair Value
Preferred equity investment$— $— $290,594 $290,594 
Equity investments in the Company’s products— 61,906 — 61,906 
CLOs— — 5,653 5,653 
Total Assets, at Fair Value$— $61,906 $296,247 $358,153 
Liabilities, at Fair Value
TRA liability$— $— $106,793 $106,793 
Earnout liability— — 163,700 163,700 
Total Liabilities, at Fair Value$— $— $270,493 $270,493 
December 31, 2024
(dollars in thousands)Level ILevel IILevel IIITotal
Investments, at Fair Value
Preferred equity investment$— $— $267,169 $267,169 
Equity investments in the Company’s products— 96,956 — 96,956 
CLOs— — 5,169 5,169 
Total Assets, at Fair Value$— $96,956 $272,338 $369,294 
Liabilities, at Fair Value
TRA liability$— $— $108,257 $108,257 
Earnout liability— 529 167,912 168,441 
Total Liabilities, at Fair Value$— $529 $276,169 $276,698 
Schedule of Fair Value, Assets 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 years ended December 31, 2025 and 2024:
Year Ended December 31, 2025Level III Assets
(dollars in thousands)Preferred EquityCLOsTotal
Beginning balance$267,169 $5,169 $272,338 
Purchases(1)
34,284 3,986 38,270 
Net losses(10,859)(3,502)(14,361)
Ending Balance$290,594 $5,653 $296,247 
Change in net unrealized losses on assets still recognized at the reporting date$(10,859)$(3,502)$(14,361)
(1)Preferred equity purchases includes $34.3 million of cumulative unpaid cash preferential dividends that compound quarterly and are payable when declared.
Year Ended December 31, 2024Level III Assets
(dollars in thousands)Preferred EquityCLOsTotal
Beginning balance$— $2,521 $2,521 
Purchases(1)
263,395 3,700 267,095 
Net gains (losses)3,774 (1,052)2,722 
Ending Balance$267,169 $5,169 $272,338 
Change in net unrealized gains (losses) on assets still recognized at the reporting date$3,774 $(1,052)$2,722 
(1)Preferred equity purchases includes $23.1 million of cumulative unpaid cash preferential dividends that compound quarterly and are payable when declared.
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Year Ended December 31, 2025Level III Liabilities
(dollars in thousands)TRA LiabilityEarnout LiabilityTotal
Beginning balance$108,257 $167,912 $276,169 
Issuances— 140,083 140,083 
Settlements(14,556)(113,350)(127,906)
Net (gains) losses13,092 (30,945)(17,853)
Ending Balance$106,793 $163,700 $270,493 
Change in net unrealized losses on liabilities still recognized at the reporting date$13,092 $697 $13,789 
Year Ended December 31, 2024Level III Liabilities
(dollars in thousands)TRA LiabilityWarrant LiabilityEarnout LiabilityTotal
Beginning balance$116,398 $22,600 $92,119 $231,117 
Issuances— — 135,600 135,600 
Settlements(8,551)(60,900)(87,874)(157,325)
Net losses410 38,300 28,067 66,777 
Ending Balance$108,257 $— $167,912 $276,169 
Change in net unrealized losses on liabilities still recognized at the reporting date$819 $— $27,820 $28,639 
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 December 31, 2025:
(dollars in thousands)Fair ValueValuation TechniqueSignificant Unobservable InputsRangeWeighted AverageImpact to Valuation from an Increase in Input
Assets
Preferred equity$290,594 Discounted cash flowDiscount Rate14%-14%14%Decrease
CLOs 5,653 Discounted cash flowYield10%-14%12%Decrease
Total Assets, at Fair Value$296,247 
Liabilities
TRA liability$106,793 Discounted cash flowDiscount Rate13%-13%13%Decrease
Earnout liability163,700 Monte Carlo SimulationVolatility21%-24%22%Increase
Total Liabilities, at Fair Value$270,493 
The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of December 31, 2024:
(dollars in thousands)Fair ValueValuation TechniqueSignificant Unobservable InputsRangeWeighted AverageImpact to Valuation from an Increase in Input
Assets
Preferred equity$267,169 Discounted cash flowDiscount Rate13%-13%13%Decrease
CLOs 5,169 Discounted cash flowYield10%-16%12%Decrease
Total Assets, at Fair Value$272,338 
Liabilities
TRA liability$108,257 Discounted cash flowDiscount Rate13%-13%13%Decrease
Earnout liability
163,001 Monte Carlo SimulationVolatility20%-37%29%Increase
4,911 Discounted cash flowDiscount Rate6%-6%6%Decrease
167,912 
Total Liabilities, at Fair Value$276,169 
v3.25.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Lease Cost Information
(dollars in thousands)Year Ended December 31,
Lease Cost202520242023
Operating lease cost$50,355 $40,688 $37,673 
Short term lease cost2,123 1,345 232 
Net Lease Cost$52,478 $42,033 $37,905 
(dollars in thousands)Year Ended December 31,
Supplemental Lease Cash Flow Information202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases(1)
$35,545 $14,137 $15,012 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$159,861 $73,070 $95,953 
(1)The amount presented above includes tenant improvement allowances received from the lessor of $7.8 million and $18.9 million for the years ended December 31, 2025 and 2024, respectively.
Lease Term and Discount RateDecember 31,
2025		December 31,
2024		December 31, 2023
Weighted-average remaining lease term:
Operating leases12.9 years13.1 years12.5 years
Weighted-average discount rate:
Operating leases5.7%5.6%5.4 %
Schedule of Operating Lease Maturity
(dollars in thousands)
Future Maturity of Operating Lease Payments
Operating Leases
2026$62,426 
202763,202 
202849,513 
202945,909 
203064,607 
Thereafter497,631 
Total Lease Payments783,288 
Imputed interest(245,141)
Total Lease Liabilities$538,147 
v3.25.4
OTHER ASSETS, NET (Tables)
 12 Months Ended
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Assets
(dollars in thousands)December 31,
2025		December 31,
2024
Fixed assets, net:
Leasehold improvements$215,658 $178,398 
Furniture and fixtures43,187 31,553 
Computer hardware and software14,946 9,386 
Accumulated depreciation and amortization(54,850)(31,588)
Fixed assets, net218,941 187,749 
Prepaid expenses33,456 17,768 
Receivables47,444 26,634 
Deferred incentives paid to customers44,953 — 
Unamortized debt issuance costs on revolving credit facilities10,825 9,678 
Other assets26,900 16,919 
Total$382,519 $258,748 
v3.25.4
DEBT OBLIGATIONS, NET (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt Obligations
The following tables summarize outstanding debt obligations of the Company:
 December 31, 2025
(dollars in thousands)
Maturity
Date
Aggregate
Facility
Size
Outstanding
Debt
Amount Available
Net Carrying Value
2028 Notes5/26/2028$59,800 $59,800 $— $59,115 
2031 Notes6/10/2031700,000 700,000 — 690,796 
2032 Notes2/15/2032400,000 400,000 — 394,286 
2034 Notes4/18/20341,000,000 1,000,000 — 981,481 
2051 Notes10/7/2051350,000 350,000 — 338,748 
Revolving Credit Facility8/8/20302,450,000 860,000 1,579,244 860,000 
Total$4,959,800 $3,369,800 $1,579,244 $3,324,426 
 December 31, 2024
(dollars in thousands)
Maturity
Date
Aggregate
Facility
Size
Outstanding
Debt
Amount Available
Net Carrying Value
2028 Notes5/26/2028$59,800 $59,800 $— $58,495 
2031 Notes6/10/2031700,000 700,000 — 689,097 
2032 Notes2/15/2032400,000 400,000 — 393,346 
2034 Notes4/18/20341,000,000 1,000,000 — 979,247 
2051 Notes10/7/2051350,000 350,000 — 338,311 
Revolving Credit Facility7/23/20291,725,000 130,000 1,585,621 130,000 
Total $4,234,800 $2,639,800 $1,585,621 $2,588,496 
v3.25.4
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Payments Under Tax Receivable Agreement The table below presents management’s estimate as of December 31, 2025, 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
2026$64,799 
202777,082 
2028101,030 
2029107,251 
2030116,676 
Thereafter1,299,464 
Total Payments1,766,302 
Less adjustment to fair value for contingent consideration(107,303)
Total TRA Liability$1,658,999 
v3.25.4
REVENUES (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table presents a disaggregated view of the Company’s revenues:
Year Ended December 31,
(dollars in thousands)202520242023
Credit Platform
Direct lending$1,308,154 $1,133,304 $870,475 
Alternative credit90,407 19,834 — 
Investment grade credit67,605 27,892 — 
Liquid credit23,144 27,750 27,936 
Other41,980 25,814 1,491 
Amortization of deferred incentives paid to customers(9,807)— — 
Management Fees, Net1,521,483 1,234,594 899,902 
Administrative, transaction and other fees216,936 225,223 154,537 
Performance revenues6,941 2,274 1,276 
Total GAAP Revenues - Credit Platform1,745,360 1,462,091 1,055,715 
Real Assets Platform
Net lease202,105 168,588 122,365 
Real estate credit42,291 19,161 — 
Digital infrastructure164,601 — — 
Amortization of deferred incentives paid to customers(1,102)— — 
Management Fees, Net407,895 187,749 122,365 
Administrative, transaction and other fees61,371 27,010 14,387 
Performance revenues19,831 4,822 2,345 
Total GAAP Revenues - Real Assets Platform489,097 219,581 139,097 
GP Strategic Capital Platform
GP minority stakes615,181 589,246 526,502 
GP debt financing17,518 22,633 16,921 
Professional sports minority stakes4,181 3,395 2,409 
Strategic Revenue-Share Purchase consideration amortization(44,321)(43,553)(40,858)
Management Fees, Net 592,559 571,721 504,974 
Administrative, transaction and other fees 43,162 42,034 31,822 
Total GAAP Revenues - GP Strategic Capital Platform635,721 613,755 536,796 
Total GAAP Revenues$2,870,178 $2,295,427 $1,731,608 
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 are primarily included within due from related parties and a portion is also included within other assets in the Company’s consolidated statements of financial condition. 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.
Year Ended
December 31,
(dollars in thousands)20252024
Management Fees Receivable
Beginning balance$356,413 $243,203 
Ending balance$448,195 $356,413 
Administrative, Transaction and Other Fees Receivable
Beginning balance$67,920 $42,059 
Ending balance$111,690 $67,920 
Performance Revenues Receivable
Beginning balance$1,672 $2,975 
Ending balance$1,381 $1,672 
Unearned Management Fees
Beginning balance$7,613 $9,398 
Ending balance$3,866 $7,613 
Schedule of Changes in Strategic Revenue Share Purchase Consideration
The table below presents the changes in the Company’s Strategic Revenue-Share Purchase consideration. Substantially all of the consideration was paid in Class A Shares in 2021 and is being amortized as a reduction of management fees, net in the Company’s consolidated statements of operations over the average period the related customer revenues are expected to be recognized. As of December 31, 2025, the remaining weighted average amortization period was 7.5 years.
Year Ended
December 31,
(dollars in thousands)20252024
Beginning balance$373,528 $417,081 
Amortization(44,321)(43,553)
Ending Balance$329,207 $373,528 
Schedule of Amortization of Product Incentives
Starting in 2025, the Company paid certain investors in the Company’s products incentives that are being amortized as a reduction of management fees, net in the Company’s consolidated statements of operations. These incentives are recognized over the related performance obligation period, and unamortized amounts are recorded within other assets in the Company’s consolidated statements of financial condition. As of December 31, 2025, the remaining weighted average amortization period was 1.4 years.
(dollars in thousands)Year Ended December 31, 2025
Beginning balance$— 
Deferred incentives paid to customers55,862 
Amortization(10,909)
Ending Balance$44,953 
v3.25.4
EQUITY-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Equity-based Compensation Expense
The table below presents information regarding equity-based compensation expense.
Year Ended December 31,
(dollars in thousands)202520242023
Business Combination grants$62,541 $69,173 $69,448 
Acquisition related298,277 27,972 84,543 
Other312,706 215,464 158,573 
Equity-Based Compensation Expense$673,524 $312,609 $312,564 
Corresponding tax benefit$5,074 $2,578 $951 
Fair value of RSUs settled in Class A Shares$99,145 $49,174 $16,634 
Schedule of Nonvested Share Activity
The table below presents activity related to the Company’s unvested equity-based compensation awards for the year ended December 31, 2025.
Incentive UnitsRSUsWellfleet Earnout Shares
Number of UnitsWeighted-Average Grant Date Fair Value Per UnitNumber of UnitsWeighted-Average Grant Date Fair Value Per UnitNumber of UnitsWeighted-Average Grant Date Fair Value Per Unit
December 31, 202421,700,853 $14.61 24,377,882 $15.48 287,425 $11.44 
Granted14,070,102 16.49 15,157,473 14.03 — — 
Vested(17,557,897)15.76 (7,808,637)13.21 (287,425)11.44 
Forfeited(1,050,000)14.02 (808,763)16.45 — — 
December 31, 202517,163,058 $15.01 30,917,955 $15.32 — $— 
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The following table presents the components of the Company’s income before income taxes and income tax expense (benefit):
Year Ended December 31,
(dollars in thousands)202520242023
Income Before Income Taxes
U.S.$336,676 $459,489 $239,783 
Foreign11,235 9,739 6,601 
347,911 469,228 246,384 
Current Income Tax Expense (Benefit)
U.S. federal13 (255)286 
State and local18,702 20,140 19,280 
Foreign2,505 2,141 1,838 
21,220 22,026 21,404 
Deferred Income Tax Expense (Benefit)
U.S. federal17,890 29,734 14,373 
State and local3,556 (2,811)(9,500)
Foreign(242)(167)(669)
21,204 26,756 4,204 
Total Income Tax Expense (Benefit)
U.S. federal17,903 29,479 14,659 
State and local22,258 17,329 9,780 
Foreign2,263 1,974 1,169 
$42,424 $48,782 $25,608 
Schedule of Effective Income Tax Rate Reconciliation
The following table sets forth the reconciliation of the statutory U.S. federal corporate income tax rate to the Company’s effective income tax rate:
Year Ended December 31,
(dollars in thousands)202520242023
Statutory U.S. federal corporate income tax rate$73,062 21.00%$98,538 21.00%$51,73321.00%
State and local income taxes, net of federal effect(1)
16,6604.79%10,856 2.31%5,6552.30%
Changes in unrecognized tax benefits4,8591.40%5,045 1.08%4,3481.76%
Effect of cross-border tax laws(69)(0.02%)(43)(0.01%)(161)(0.07%)
Nontaxable or nondeductible items
Income passed through to noncontrolling interest holders(53,085)(15.26%)(67,277)(14.34%)(36,663)(14.88%)
Other1,0930.31%1,733 0.37%8390.34%
Foreign tax effects(96)(0.03%)(70)(0.01%)(143)(0.06%)
Total$42,42412.19%$48,782 10.40%$25,60810.39%
(1)Local taxes in New York City made up the majority (greater than 50 percent) of the tax effect in this category.
Schedule of Company’s Income Taxes Paid
The following table presents the components of the Company’s income taxes paid (net of refunds):
Year Ended December 31,
(dollars in thousands)202520242023
U.S. federal$21 $500 $— 
State and Local
New York City13,925 17,938 11,728 
Other911 821 1,207 
Total State and Local14,836 18,759 12,935 
Foreign
Hong Kong(36)1,266 — 
United Kingdom1,426 1,118 1,192 
Other893 493 122 
Total Foreign2,283 2,877 1,314 
Total Cash Paid for Income Taxes$17,140 $22,136 $14,249 
Schedule of Deferred Tax Assets and Liabilities
As of December 31, 2025 and 2024, the income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows:
(dollars in thousands)December 31, 2025December 31, 2024
Deferred Tax Assets
Basis difference in subsidiaries$939,294 $855,906 
Tax receivable agreement399,725 340,360 
Net operating losses65,144 41,267 
Other27,200 22,160 
Total Deferred Tax Assets$1,431,363 $1,259,693 
Deferred Tax Liabilities
Goodwill and intangible assets$42,749 $39,436 
Other14,749 12,001 
Total Deferred Tax Liabilities$57,498 $51,437 
Schedule of Unrecognized Tax Benefits Relating to Uncertain Tax Positions
The following table presents the Company’s unrecognized tax benefits relating to uncertain tax positions:
(dollars in thousands)Year Ended December 31,
202520242023
Beginning balance$12,677 $8,399 $4,784 
Increases related to tax positions related to the current period4,684 4,278 3,615 
Decreases related to the lapse of applicable statute of limitations(858)— — 
Ending Balance$16,503 $12,677 $8,399 
v3.25.4
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The table below presents the treatment for basic and diluted earnings per share for the Registrant’s outstanding instruments, as well as the treatment for diluted earnings per share for the Blue Owl Operating Group’s outstanding instruments. Instruments that could potentially dilute the earnings are included in the calculation only if they would have a dilutive effect.
BasicDiluted
Class A Shares(1)
IncludedIncluded
Class B SharesNone outstandingNone outstanding
Class C Shares and Class D SharesNon-economic voting shares of the RegistrantNon-economic voting shares of the Registrant
Vested RSUs(1)
IncludedIncluded
Unvested RSUsExcludedTreasury stock method
Warrants(2)
ExcludedTreasury stock method
Compensation-classified Wellfleet Earnout Shares(3)
ExcludedExcluded
Contingent consideration-classified Wellfleet Earnout Shares(3)
ExcludedExcluded
Prima Earnouts - portion payable in Class A Shares(4)
Contingently issuable sharesContingently issuable shares
Potentially Dilutive Instruments of the Blue Owl Operating Group:
Vested Common Units and Incentive Units(5)
n/aIf-converted method
Unvested Incentive Units(5)
n/aThe 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(6)
n/aContingently issuable shares - 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
Prima Earnouts - portion payable in Common Units(4)
n/aContingently issuable shares - If-converted method
Compensation-classified Atalaya Earnouts(7)
n/aContingently issuable shares - 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
Contingent consideration-classified Atalaya Earnouts(7)
n/aContingently issuable shares - If-converted method
Services Agreement-related Incentive Units(8)
n/aContingently issuable shares - 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
IPI Subsequent Payment(9)
n/aContingently issuable shares - If-converted method
(1)Included in the weighted-average Class A Shares outstanding are RSUs that have vested but have not been settled in Class A Shares, as such shares are issuable for no consideration. These RSUs do not participate in dividends until settled in Class A Shares. These vested RSUs totaled 11,386,999, 11,699,282 and 11,222,103 for the years ended December 31, 2025, 2024 and 2023, respectively.
(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 attributable to Blue Owl Capital Inc. 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, the Wellfleet Earnout Shares are excluded from basic and diluted earnings per share for the years ended December 31, 2024 and 2023.
(4)As of December 31, 2025, the Prima Triggering Event (defined in Note 3) with respect to the Prima Earnouts had not occurred, and therefore the portion of such earnouts payable in Class A Shares have not been included in the calculation of basic earnings per share for the year ended December 31, 2025. Had December 31, 2025 also been the end of the contingency period for the Prima Earnouts, the Prima Triggering Event would have not occurred, and therefore the Prima Earnouts have not been included in the calculation of diluted earnings per share for the year ended December 31, 2025.
(5)The if-converted method for these instruments includes adding back to the numerator any related income or loss allocations to noncontrolling interests, as well as any incremental tax expense or benefit had the instruments converted into Class A Shares as of the beginning of the period.
(6)The First Oak Street Earnouts and the Second Oak Street Earnouts were settled in Common Units during the three months ended March 31, 2023 and 2024, respectively. As of December 31, 2023, the Oak Street triggering event with respect to the Second Oak Street Earnouts had not occurred. Had December 31, 2023 been the end of the contingency period for the Second Oak Street Earnouts, the Oak Street triggering event would have occurred, and therefore the Second Oak Street Earnouts have been included in the calculation of diluted earnings per share for the year ended December 31, 2023.
(7)As of December 31, 2025, the Atalaya Triggering Event (defined in Note 3) with respect to the Atalaya Earnouts had not occurred. Had December 31, 2025 been the end of the contingency period for the Atalaya Earnouts, the Atalaya Triggering Event would have not occurred, and therefore the Atalaya Earnouts have not been included in the calculation of diluted earnings per share for the year ended December 31, 2025.
(8)As of December 31, 2025, the contingencies related to the Services Agreement payments have not yet been resolved. Had December 31, 2025 also been the end of the contingency period, the contingencies related to the Services Agreement would not have yet been resolved, and therefore the Incentive Units issuable under the Services Agreement have not been included in the calculation of diluted earnings per share for the year ended December 31, 2025.
(9)As of December 31, 2025, the contingencies related to the IPI Subsequent Payment have been resolved, as the related Common Units were issued during the three months ended June 30, 2025, and therefore the Common Units related to the IPI Subsequent Payment have been included in the calculation of diluted earnings per share as of the beginning of the period in which the conditions were satisfied.
Year Ended December 31, 2025Net Income
Attributable to
Class A Shares		Weighted-Average Class A Shares OutstandingEarnings Per
Class A Share		Weighted-Average Number of Antidilutive Instruments
(dollars in thousands, except per share amounts)
Basic$78,833 654,785,946 $0.12 
Effect of dilutive securities:
Unvested RSUs— 6,211,286 — 
Vested Common Units— — 906,623,070 
Vested Incentive Units— — 9,043,080 
Unvested Incentive Units— — 20,482,470 
IPI Subsequent Payment(10,496)887,882 — 
Diluted$68,337 661,885,114 $0.10 
Year Ended December 31, 2024Net Income
Attributable to
Class A Shares		Weighted-Average Class A Shares OutstandingEarnings Per
Class A Share		Weighted-Average Number of Antidilutive Instruments
(dollars in thousands, except per share amounts)
Basic$109,584 549,005,214 $0.20 
Effect of dilutive securities:
Unvested RSUs— 9,420,939 — 
Warrants— — 4,207,650 
Vested Common Units— — 919,201,273 
Vested Incentive Units— — 8,373,268 
Unvested Incentive Units— — 22,817,514 
Diluted$109,584 558,426,153 $0.20 
Year Ended December 31, 2023Net Income Attributable to
Class A Shares		Weighted-Average Class A Shares OutstandingEarnings Per
Class A Share		Weighted-Average Number of Antidilutive Instruments
(dollars in thousands, except per share amounts)
Basic$54,343 463,233,832 $0.12 
Effect of dilutive securities:
Unvested RSUs— 4,983,668 — 
Warrants(4,584)232,558 — 
Vested Common Units— — 956,118,687 
Vested Incentive Units— — 8,488,003 
Unvested Incentive Units— — 24,949,429 
Oak Street Earnout Units— 9,558,857 — 
Diluted$49,759 478,008,915 $0.10 
v3.25.4
RELATED PARTY TRANSACTIONS (Tables)
 12 Months Ended
Dec. 31, 2025
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)December 31,
2025		December 31,
2024
Management fees$430,539 $349,704 
Performance revenues1,381 1,672 
Administrative fees111,690 67,920 
Other expenses paid on behalf of the Company’s products and other related parties150,446 129,434 
Due from Related Parties$694,056 $548,730 
v3.25.4
ORGANIZATION - Schedule of Shares Issued and Outstanding (Details) - shares
Dec. 31, 2025
Dec. 31, 2024
RSUs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Instruments other than options outstanding (in shares) 41,562,935  
Class A Shares    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Common stock, shares outstanding (in shares) 667,278,210 608,346,194
Class C Shares    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Common stock, shares outstanding (in shares) 584,552,295 579,980,769
Class D Shares    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Common stock, shares outstanding (in shares) 304,449,203 310,415,409
v3.25.4
ORGANIZATION - Additional Information (Details)
$ in Millions
 12 Months Ended
Jun. 13, 2024
Dec. 31, 2025
shares
Feb. 20, 2025
USD ($)
Dec. 31, 2024
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Right to exchange, conversion ratio   1    
2021 Equity Incentive Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Right to exchange, conversion ratio 1      
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)   20.00%    
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)   80.00%    
Class C Shares        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares issued to grant holder a corresponding voting interest (in shares)   1    
Common stock, shares, issued (in shares)   584,552,295   579,980,769
Class D Shares        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares issued to grant holder a corresponding voting interest (in shares)   1    
Common stock, shares, issued (in shares)   304,449,203   310,415,409
Additional shares issued or expected to be issued (in shares)   0    
Class A Shares        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common stock, shares, issued (in shares)   667,278,210   608,346,194
Class A Shares | 2025 Share Repurchase Program        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares authorized for repurchase | $     $ 150.0  
Class B Shares        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common stock, shares, issued (in shares)   0    
v3.25.4
ORGANIZATION - Schedule of Blue Owl Operating Group Outstanding Units (Details) - Blue Owl Operating Group
Dec. 31, 2025
shares
GP Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Blue owl operating group units outstanding (in shares) 667,278,210
Common Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Blue owl operating group units outstanding (in shares) 889,001,498
Incentive Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Blue owl operating group units outstanding (in shares) 29,507,562
v3.25.4
ORGANIZATION - Schedule Of Repurchase Of Shares Activity (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Class A Shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Fair value of shares purchased pursuant to the 2025 Program $ 53,694 $ 0 $ 0
Number of shares purchased pursuant to the 2025 Program (in shares) 3,699,164 0 0
Unvested RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Fair value of RSUs withheld to satisfy tax withholding obligations $ 79,575 $ 38,848 $ 15,450
Number of RSUs withheld to satisfy tax withholding obligations (in shares) 3,586,554 2,150,962 1,222,135
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
shares in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
segment
Nov. 30, 2024
shares
Property, Plant and Equipment [Line Items]      
Intangible asset impairment | $ $ 0    
Number of operating segments 1 1  
Number of reportable segments 1 1  
Class A Shares | Private Placement Warrants      
Property, Plant and Equipment [Line Items]      
Warrants issued (in shares) | shares     2.6
Minimum      
Property, Plant and Equipment [Line Items]      
General depreciation period of fixed assets 3 years    
Maximum      
Property, Plant and Equipment [Line Items]      
General depreciation period of fixed assets 7 years    
v3.25.4
ACQUISITIONS, GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Jan. 03, 2025
USD ($)
Sep. 30, 2024
USD ($)
Jul. 01, 2024
USD ($)
Jun. 06, 2024
USD ($)
Dec. 01, 2023
USD ($)
Aug. 15, 2023
USD ($)
Jan. 31, 2025
USD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Asset Acquisition [Line Items]                      
Cash Consideration                 $ 244,580 $ 445,210 $ 26,265
Liabilities assumed:                      
Goodwill                 5,624,469 $ 4,699,465 $ 4,224,153
IPI Acquisition                      
Asset Acquisition [Line Items]                      
Equity consideration $ 922,174                    
Cash Consideration 243,434             $ 39,900      
Earnout liability 140,083                    
Total Consideration 1,305,691                    
Assets acquired:                      
Cash and cash equivalents 1,107                    
Due from related parties 40,550                    
Total intangible assets 345,000                    
Other assets, net 1,448                    
Total assets acquired 388,105                    
Liabilities assumed:                      
Accrued compensation 227                    
Operating lease liabilities 982                    
Accounts payable, accrued expenses and other liabilities 5,040                    
Total liabilities assumed 6,249                    
Net Identifiable Assets Acquired 381,856                    
Goodwill 923,835                    
Goodwill expected to be deductible for tax purposes 199,400                    
IPI Acquisition | Investment management agreements                      
Assets acquired:                      
Total intangible assets 240,000                    
IPI Acquisition | Investor relationships                      
Assets acquired:                      
Total intangible assets $ 105,000                    
Atalaya                      
Asset Acquisition [Line Items]                      
Equity consideration   $ 385,108                  
Cash Consideration   105,666         $ 3,500        
Earnout liability   15,000                  
Total Consideration   505,774                  
Assets acquired:                      
Due from related parties   4,510                  
Total intangible assets   375,000                  
Other assets, net   472                  
Total assets acquired   379,982                  
Liabilities assumed:                      
Deferred tax liabilities   4,831                  
Accounts payable, accrued expenses and other liabilities   2,317                  
Total liabilities assumed   7,148                  
Net Identifiable Assets Acquired   372,834                  
Goodwill   132,940                  
Goodwill expected to be deductible for tax purposes   $ 100,700                  
Atalaya | Non-employee RSUs                      
Liabilities assumed:                      
Earnout consideration payments (as percent)   20.00%                  
Atalaya | Investment management agreements                      
Assets acquired:                      
Total intangible assets   $ 365,000                  
Atalaya | Investor relationships                      
Assets acquired:                      
Total intangible assets   $ 10,000                  
KAM                      
Asset Acquisition [Line Items]                      
Equity consideration     $ 417,474                
Cash Consideration     322,747                
Earnout liability     102,000           $ 59,300    
Total Consideration     842,221                
Assets acquired:                      
Cash and cash equivalents     10,741                
Deferred tax assets     1,749                
Total intangible assets     568,000                
Other assets, net     8,307                
Total assets acquired     588,797                
Liabilities assumed:                      
Accrued compensation     6,180                
Deferred tax liabilities     3,364                
Accounts payable, accrued expenses and other liabilities     5,121                
Total liabilities assumed     14,665                
Net Identifiable Assets Acquired     574,132                
Goodwill     268,089                
Goodwill expected to be deductible for tax purposes     $ 531,000                
Prima                      
Asset Acquisition [Line Items]                      
Equity consideration       $ 137,022              
Cash Consideration       27,696              
Earnout liability       18,600              
Total Consideration       183,318              
Assets acquired:                      
Cash and cash equivalents       158              
Due from related parties       2,005              
Operating lease assets       456              
Deferred tax assets       4,243              
Total intangible assets       108,000              
Other assets, net       302              
Total assets acquired       115,164              
Liabilities assumed:                      
Operating lease liabilities       456              
Deferred tax liabilities       1,730              
Accounts payable, accrued expenses and other liabilities       3,943              
Total liabilities assumed       6,129              
Net Identifiable Assets Acquired       109,035              
Goodwill       74,283              
Goodwill expected to be deductible for tax purposes       $ 14,000              
Stock split, exchangeable conversion ratio       1              
CHI Acquisition                      
Asset Acquisition [Line Items]                      
Cash Consideration         $ 20            
Assets acquired:                      
Investments         20            
Other assets, net         1,791            
Total assets acquired         7,811            
Liabilities assumed:                      
Accrued expenses         300            
Deferred revenue         1,491            
Total liabilities assumed         1,791            
Net Identifiable Assets Acquired         6,020            
Bargain Purchase Gain         (6,000)            
Business Combination Bargain Purchase Gain Recognized Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag                 Bargain Purchase Gain    
CHI Acquisition | Investment management agreements                      
Assets acquired:                      
Total intangible assets         5,200            
CHI Acquisition | Investor relationships                      
Assets acquired:                      
Total intangible assets         $ 800            
Par Four Acquisition                      
Asset Acquisition [Line Items]                      
Cash Consideration           $ 26,245          
Assets acquired:                      
Due from related parties           468          
Liabilities assumed:                      
Net Identifiable Assets Acquired           6,468          
Goodwill           19,777          
Par Four Acquisition | Investment management agreements                      
Assets acquired:                      
Total intangible assets           $ 6,000          
v3.25.4
ACQUISITIONS, GOODWILL AND INTANGIBLE ASSETS, NET - Additional Information (Details)
 12 Months Ended
Jan. 03, 2025
USD ($)
Sep. 30, 2024
USD ($)
Payment
Jul. 01, 2024
USD ($)
Jun. 06, 2024
USD ($)
Dec. 01, 2023
Aug. 15, 2023
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
segment
Business Combination [Line Items]                
Number of operating segments | segment             1 1
Number of reportable segments | segment             1 1
Goodwill impairment             $ 0  
IPI Acquisition                
Business Combination [Line Items]                
GAAP revenue related to the acquired entity             164,600,000  
Acquisition-related costs expensed             17,400,000 $ 8,600,000
Contingent consideration to be paid $ 140,083,000              
IPI Acquisition | Investment management agreements                
Business Combination [Line Items]                
Weighted average amortization period (in years) 5 years 6 months              
IPI Acquisition | Investor relationships                
Business Combination [Line Items]                
Weighted average amortization period (in years) 11 years 3 months 18 days              
Atalaya                
Business Combination [Line Items]                
GAAP revenue related to the acquired entity               19,800,000
Acquisition-related costs expensed               16,100,000
Additional payments of cash   $ 350,000,000.0            
Contingent consideration to be paid   15,000,000            
Atalaya | Tranche One                
Business Combination [Line Items]                
Additional payments of cash   $ 175,000,000.0            
Number of payments | Payment   2            
Atalaya | Tranche Two                
Business Combination [Line Items]                
Additional payments of cash   $ 175,000,000.0            
Atalaya | Atalaya Earnouts                
Business Combination [Line Items]                
Additional payments of cash   $ 175,000,000.0            
Earnout consideration payments (as percent)   80.00%            
Atalaya | Non-employee RSUs                
Business Combination [Line Items]                
Additional payments of cash             50,000,000.0  
Earnout consideration payments (as percent)   20.00%            
Atalaya | Investment management agreements                
Business Combination [Line Items]                
Weighted average amortization period (in years)   13 years 10 months 24 days            
Atalaya | Investor relationships                
Business Combination [Line Items]                
Weighted average amortization period (in years)   7 years 2 months 12 days            
KAM                
Business Combination [Line Items]                
GAAP revenue related to the acquired entity               37,800,000
Acquisition-related costs expensed     $ 37,600,000          
Additional payments of cash     250,000,000.0          
Contingent consideration to be paid     $ 102,000,000       $ 59,300,000  
KAM | Investment management agreements                
Business Combination [Line Items]                
Weighted average amortization period (in years)     15 years 7 months 6 days          
Prima                
Business Combination [Line Items]                
Weighted average amortization period (in years)       11 years 4 months 24 days        
GAAP revenue related to the acquired entity               11,200,000
Acquisition-related costs expensed               $ 9,400,000
Contingent consideration to be paid       $ 18,600,000        
Earnout consideration       $ 35,000,000.0        
CHI Acquisition | Investment management agreements                
Business Combination [Line Items]                
Weighted average amortization period (in years)         3 years 2 months 12 days      
CHI Acquisition | Investor relationships                
Business Combination [Line Items]                
Weighted average amortization period (in years)         8 months 12 days      
Par Four Acquisition                
Business Combination [Line Items]                
Weighted average amortization period (in years)           4 years 10 months 24 days    
v3.25.4
ACQUISITIONS, GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]    
Beginning balance $ 4,699,465 $ 4,224,153
Goodwill acquired 923,835 475,312
Atalaya Acquisition measurement period adjustment 1,169 0
Ending Balance $ 5,624,469 $ 4,699,465
v3.25.4
ACQUISITIONS, GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Finite-Lived Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Total intangible assets, gross $ 4,080,720 $ 3,735,720
Total accumulated amortization (1,191,920) (832,968)
Total Intangible Assets, Net 2,888,800 2,902,752
Investment management agreements    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Total intangible assets, gross 3,505,420 3,265,420
Total accumulated amortization $ (990,915) (685,765)
Remaining weighted-average amortization period 10 years 10 months 24 days  
Investor relationships    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Total intangible assets, gross $ 575,300 470,300
Total accumulated amortization $ (201,005) $ (147,203)
Remaining weighted-average amortization period 7 years 8 months 12 days  
v3.25.4
ACQUISITIONS, GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Finite-Lived Intangible Asset Expected Amortization Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]    
2026 $ 341,466  
2027 322,176  
2028 316,578  
2029 310,598  
2030 276,711  
Thereafter 1,321,271  
Total Intangible Assets, Net $ 2,888,800 $ 2,902,752
v3.25.4
ACQUISITIONS, GOODWILL AND INTANGIBLE ASSETS, NET - Pro Forma Financial Information (Details) - IPI Acquisition - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Business Combination [Line Items]    
Unaudited pro forma revenue $ 2,900.0 $ 2,600.0
Unaudited pro forma net income $ 78.8 $ 125.0
v3.25.4
INVESTMENTS AND FAIR VALUE DISCLOSURES - Schedule of Components of the Company Investment (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Preferred equity investment, at fair value $ 290,594 $ 267,169
Equity investments in the Company’s products, equity method 67,391 63,465
Loans and deferred purchase price receivable, at amortized cost (includes $27,797 and $48,094 in the Company’s products, respectively) 58,845 54,186
Equity investments in the Company’s products, at fair value 61,906 96,956
Investments in the Company’s CLOs, at fair value 5,653 5,169
Total 484,389 486,945
Investments in Company's products    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans and deferred purchase price receivable, at amortized cost (includes $27,797 and $48,094 in the Company’s products, respectively) $ 27,797 $ 48,094
v3.25.4
INVESTMENTS AND FAIR VALUE DISCLOSURES - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Preferred equity investment, at fair value $ 290,594 $ 267,169
Equity investments in the Company’s products 61,906 96,956
CLOs 5,653 5,169
TRA liability 106,793 108,257
Earnout liability 163,700 168,441
Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Preferred equity investment, at fair value 290,594 267,169
Equity investments in the Company’s products 61,906 96,956
CLOs 5,653 5,169
Total Assets, at Fair Value 358,153 369,294
TRA liability 106,793 108,257
Earnout liability 163,700 168,441
Total Liabilities, at Fair Value 270,493 276,698
Fair Value, Recurring | Level I    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Preferred equity investment, at fair value 0 0
Equity investments in the Company’s products 0 0
CLOs 0 0
Total Assets, at Fair Value 0 0
TRA 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]    
Preferred equity investment, at fair value 0 0
Equity investments in the Company’s products 61,906 96,956
CLOs 0 0
Total Assets, at Fair Value 61,906 96,956
TRA liability 0 0
Earnout liability 0 529
Total Liabilities, at Fair Value 0 529
Fair Value, Recurring | Level III    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Preferred equity investment, at fair value 290,594 267,169
Equity investments in the Company’s products 0 0
CLOs 5,653 5,169
Total Assets, at Fair Value 296,247 272,338
TRA liability 106,793 108,257
Earnout liability 163,700 167,912
Total Liabilities, at Fair Value $ 270,493 $ 276,169
v3.25.4
INVESTMENTS AND FAIR VALUE DISCLOSURES - Schedule of Change in Fair Value of Level III Measurements (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 272,338 $ 2,521
Purchases 38,270 267,095
Net gains (losses) (14,361) 2,722
Ending Balance 296,247 272,338
Change in net unrealized gains (losses) on assets still recognized at the reporting date $ (14,361) $ 2,722
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)
Beginning balance $ 276,169 $ 231,117
Issuances 140,083 135,600
Settlements (127,906) (157,325)
Net losses (17,853) 66,777
Ending Balance 270,493 276,169
Change in net unrealized losses on liabilities still recognized at the reporting date $ 13,789 $ 28,639
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)
Cumulative dividends $ 34,300 $ 23,100
TRA Liability    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 108,257 116,398
Issuances 0 0
Settlements (14,556) (8,551)
Net losses 13,092 410
Ending Balance 106,793 108,257
Change in net unrealized losses on liabilities still recognized at the reporting date $ 13,092 $ 819
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)
Warrant Liability    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 0 $ 22,600
Issuances   0
Settlements   (60,900)
Net losses   38,300
Ending Balance   0
Change in net unrealized losses on liabilities still recognized at the reporting date   $ 0
Fair value, liability, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income [Extensible Enumeration]   Nonoperating Income (Expense)
Fair value, liability, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income [Extensible Enumeration]   Nonoperating Income (Expense)
Earnout Liability    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 167,912 $ 92,119
Issuances 140,083 135,600
Settlements (113,350) (87,874)
Net losses (30,945) 28,067
Ending Balance 163,700 167,912
Change in net unrealized losses on liabilities still recognized at the reporting date $ 697 $ 27,820
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)
Preferred Equity    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 267,169 $ 0
Purchases 34,284 263,395
Net gains (losses) (10,859) 3,774
Ending Balance 290,594 267,169
Change in net unrealized gains (losses) on assets still recognized at the reporting date $ (10,859) $ 3,774
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)
CLOs    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 5,169 $ 2,521
Purchases 3,986 3,700
Net gains (losses) (3,502) (1,052)
Ending Balance 5,653 5,169
Change in net unrealized gains (losses) on assets still recognized at the reporting date $ (3,502) $ (1,052)
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)
v3.25.4
INVESTMENTS AND FAIR VALUE DISCLOSURES - Schedule of Valuation Assumptions (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Preferred equity $ 290,594 $ 267,169
CLOs 5,653 5,169
TRA liability 106,793 108,257
Fair Value, Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Preferred equity 290,594 267,169
CLOs 5,653 5,169
Total Assets, at Fair Value 358,153 369,294
TRA liability 106,793 108,257
Total Liabilities, at Fair Value 270,493 276,698
Level III | Fair Value, Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Preferred equity 290,594 267,169
CLOs 5,653 5,169
Total Assets, at Fair Value 296,247 272,338
TRA liability 106,793 108,257
Earnout liability   167,912
Total Liabilities, at Fair Value 270,493 276,169
Level III | Fair Value, Recurring | Discounted cash flow    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Preferred equity 290,594 267,169
CLOs 5,653 5,169
TRA liability $ 106,793 108,257
Earnout liability   $ 4,911
Level III | Fair Value, Recurring | Discounted cash flow | Discount Rate | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Preferred equity (as percent) 0.14 0.13
TRA liability rate (as percent) 0.13 0.13
Earnout liability (as percent)   0.06
Level III | Fair Value, Recurring | Discounted cash flow | Discount Rate | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Preferred equity (as percent) 0.14 0.13
TRA liability rate (as percent) 0.13 0.13
Earnout liability (as percent)   0.06
Level III | Fair Value, Recurring | Discounted cash flow | Discount Rate | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Preferred equity (as percent) 0.14 0.13
TRA liability rate (as percent) 0.13 0.13
Earnout liability (as percent)   0.06
Level III | Fair Value, Recurring | Discounted cash flow | Yield | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
CLOs yield (as percent) 0.10 0.10
Level III | Fair Value, Recurring | Discounted cash flow | Yield | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
CLOs yield (as percent) 0.14 0.16
Level III | Fair Value, Recurring | Discounted cash flow | Yield | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
CLOs yield (as percent) 0.12 0.12
Level III | Fair Value, Recurring | Monte Carlo Simulation    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Earnout liability $ 163,700 $ 163,001
Level III | Fair Value, Recurring | Monte Carlo Simulation | Volatility | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Earnout liability (as percent) 0.21 0.20
Level III | Fair Value, Recurring | Monte Carlo Simulation | Volatility | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Earnout liability (as percent) 0.24 0.37
Level III | Fair Value, Recurring | Monte Carlo Simulation | Volatility | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Earnout liability (as percent) 0.22 0.29
v3.25.4
INVESTMENTS AND FAIR VALUE DISCLOSURES - Additional Information (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Debt obligations, fair value $ 3,200,000 $ 2,500,000
Debt obligations, net 3,324,426 2,588,496
TRA liability 106,793 108,257
Total TRA Liability 1,658,999 1,412,300
Fair Value, Nonrecurring | Estimate of Fair Value Measurement    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
TRA liability 652,300 535,700
Fair Value, Nonrecurring | Portion at Other than Fair Value Measurement    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total TRA Liability 1,600,000 1,300,000
Level II    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Debt obligations, fair value $ 2,300,000 $ 2,300,000
v3.25.4
LEASES - Schedule of Lease Cost Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease cost $ 50,355 $ 40,688 $ 37,673
Short term lease cost 2,123 1,345 232
Net Lease Cost $ 52,478 $ 42,033 $ 37,905
v3.25.4
LEASES - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows for operating leases $ 35,545 $ 14,137 $ 15,012
Right-of-use assets obtained in exchange for lease obligations:      
Operating leases 159,861 73,070 $ 95,953
Tenant improvement allowances received $ 7,800 $ 18,900  
v3.25.4
LEASES - Schedule of Supplemental Balance Sheet Information (Details)
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Weighted-average remaining lease term:      
Operating leases 12 years 10 months 24 days 13 years 1 month 6 days 12 years 6 months
Weighted-average discount rate:      
Operating leases 5.70% 5.60% 5.40%
v3.25.4
LEASES - Schedule of Maturities Of Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
2026 $ 62,426  
2027 63,202  
2028 49,513  
2029 45,909  
2030 64,607  
Thereafter 497,631  
Total Lease Payments 783,288  
Imputed interest (245,141)  
Total Lease Liabilities $ 538,147 $ 390,353
v3.25.4
LEASES - Additional Information (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Leases [Abstract]  
Future operating lease payments $ 17.1
Anticipated operating lease payment term (in years) 11 years
v3.25.4
OTHER ASSETS, NET (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Accumulated depreciation and amortization $ (54,850) $ (31,588)
Fixed assets, net 218,941 187,749
Prepaid expenses 33,456 17,768
Receivables 47,444 26,634
Deferred incentives paid to customers 44,953 0
Unamortized debt issuance costs on revolving credit facilities 10,825 9,678
Other assets 26,900 16,919
Total 382,519 258,748
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Fixed assets, gross 215,658 178,398
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Fixed assets, gross 43,187 31,553
Computer hardware and software    
Property, Plant and Equipment [Line Items]    
Fixed assets, gross $ 14,946 $ 9,386
v3.25.4
DEBT OBLIGATIONS, NET - Schedule of Outstanding Debt Obligations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Nov. 30, 2025
Aug. 31, 2025
Debt Instrument [Line Items]        
Aggregate Facility Size $ 4,959,800 $ 4,234,800    
Outstanding Debt 3,369,800 2,639,800    
Amount Available 1,579,244 1,585,621    
Net Carrying Value $ 3,324,426 $ 2,588,496    
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 $ 59,115 $ 58,495    
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 $ 690,796 $ 689,097    
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 $ 394,286 $ 393,346    
2034 Notes | Senior Notes        
Debt Instrument [Line Items]        
Maturity Date Apr. 18, 2034 Apr. 18, 2034    
Aggregate Facility Size $ 1,000,000 $ 1,000,000    
Outstanding Debt 1,000,000 1,000,000    
Amount Available 0 0    
Net Carrying Value $ 981,481 $ 979,247    
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 $ 338,748 $ 338,311    
Revolving Credit Facility | Revolving Credit Facility        
Debt Instrument [Line Items]        
Maturity Date Aug. 08, 2030 Jul. 23, 2029    
Aggregate Facility Size $ 2,450,000 $ 1,725,000 $ 2,450,000 $ 2,425,000
Outstanding Debt 860,000 130,000    
Amount Available 1,579,244 1,585,621    
Net Carrying Value $ 860,000 $ 130,000    
v3.25.4
DEBT OBLIGATIONS, NET - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Feb. 19, 2026
Nov. 30, 2025
Aug. 31, 2025
Jun. 06, 2024
May 31, 2023
Feb. 15, 2022
Oct. 07, 2021
Jun. 10, 2021
Debt Instrument [Line Items]                    
Aggregate Facility Size $ 4,959,800,000 $ 4,234,800,000                
Outstanding balance 3,369,800,000 2,639,800,000                
2028 Notes | Senior Notes                    
Debt Instrument [Line Items]                    
Face amount             $ 59,800,000      
Fixed interest rate (percent)             7.397%      
Aggregate Facility Size 59,800,000 59,800,000                
Outstanding balance $ 59,800,000 59,800,000                
2028 Notes | Senior Notes | Debt Instrument, Redemption, Period One                    
Debt Instrument [Line Items]                    
Redemption Price (percent) 100.00%                  
2028 Notes | Senior Notes | Debt Instrument, Redemption, Period Two                    
Debt Instrument [Line Items]                    
Redemption Price (percent) 101.00%                  
2031 Notes | Senior Notes                    
Debt Instrument [Line Items]                    
Face amount                   $ 700,000,000.0
Fixed interest rate (percent)                   3.125%
Aggregate Facility Size $ 700,000,000 700,000,000                
Outstanding balance $ 700,000,000 700,000,000                
2031 Notes | Senior Notes | Debt Instrument, Redemption, Period One                    
Debt Instrument [Line Items]                    
Redemption Price (percent) 100.00%                  
2031 Notes | Senior Notes | Debt Instrument, Redemption, Period Two                    
Debt Instrument [Line Items]                    
Redemption Price (percent) 101.00%                  
2032 Notes | Senior Notes                    
Debt Instrument [Line Items]                    
Face amount               $ 400,000,000.0    
Fixed interest rate (percent)               4.375%    
Aggregate Facility Size $ 400,000,000 400,000,000                
Outstanding balance $ 400,000,000 400,000,000                
2032 Notes | Senior Notes | Debt Instrument, Redemption, Period One                    
Debt Instrument [Line Items]                    
Redemption Price (percent) 100.00%                  
2032 Notes | Senior Notes | Debt Instrument, Redemption, Period Two                    
Debt Instrument [Line Items]                    
Redemption Price (percent) 101.00%                  
2034 Notes | Senior Notes                    
Debt Instrument [Line Items]                    
Face amount           $ 1,000,000,000.0        
Fixed interest rate (percent)           6.25%        
2034 Notes | Senior Notes | Debt Instrument, Redemption, Period One                    
Debt Instrument [Line Items]                    
Principal amount redeemed (percent) 100.00%                  
2034 Notes | Senior Notes | Debt Instrument, Redemption, Period Two                    
Debt Instrument [Line Items]                    
Redemption Price (percent) 101.00%                  
2051 Notes | Senior Notes                    
Debt Instrument [Line Items]                    
Face amount                 $ 350,000,000.0  
Fixed interest rate (percent)                 4.125%  
Aggregate Facility Size $ 350,000,000 350,000,000                
Outstanding balance $ 350,000,000 350,000,000                
2051 Notes | Senior Notes | Debt Instrument, Redemption, Period One                    
Debt Instrument [Line Items]                    
Redemption Price (percent) 100.00%                  
2051 Notes | Senior Notes | Debt Instrument, Redemption, Period Two                    
Debt Instrument [Line Items]                    
Redemption Price (percent) 101.00%                  
Revolving Credit Facility | Line of Credit                    
Debt Instrument [Line Items]                    
Aggregate Facility Size $ 2,450,000,000 $ 1,725,000,000   $ 2,450,000,000 $ 2,425,000,000          
Increased borrowing capacity         $ 3,000,000,000.0          
Average Interest Rate 4.94% 5.72%                
Outstanding balance $ 860,000,000 $ 130,000,000                
Revolving Credit Facility | Line of Credit | Subsequent Event                    
Debt Instrument [Line Items]                    
Outstanding balance     $ 785,000,000              
Revolving Credit Facility | Line of Credit | New York Fed Bank Rate                    
Debt Instrument [Line Items]                    
Variable rate margin (percent) 0.50%                  
Revolving Credit Facility | Line of Credit | Adjusted-Term SOFR                    
Debt Instrument [Line Items]                    
Variable rate adjustment (percent) 0.01                  
Revolving Credit Facility | Line of Credit | Minimum                    
Debt Instrument [Line Items]                    
Fee on unused portion of credit facility 0.07% 0.08%                
Revolving Credit Facility | Line of Credit | Minimum | Secured Overnight Financing Rate (SOFR)                    
Debt Instrument [Line Items]                    
Variable rate margin (percent) 0.875%                  
Revolving Credit Facility | Line of Credit | Minimum | Adjusted-Term SOFR                    
Debt Instrument [Line Items]                    
Variable rate margin (percent) 0.00%                  
Revolving Credit Facility | Line of Credit | Maximum                    
Debt Instrument [Line Items]                    
Fee on unused portion of credit facility 0.20% 0.20%                
Revolving Credit Facility | Line of Credit | Maximum | Secured Overnight Financing Rate (SOFR)                    
Debt Instrument [Line Items]                    
Variable rate margin (percent) 1.375%                  
Revolving Credit Facility | Line of Credit | Maximum | Adjusted-Term SOFR                    
Debt Instrument [Line Items]                    
Variable rate margin (percent) 0.375%                  
v3.25.4
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]      
Realized tax benefits payable under tax receivable agreement 85.00%    
Tax receivable agreement payment $ 53,540 $ 28,166 $ 0
Unfunded investment commitments 46,200    
Related parties      
Related Party Transaction [Line Items]      
Tax receivable agreement payment $ 4,800 $ 2,800  
v3.25.4
COMMITMENTS AND CONTINGENCIES - Schedule of Payments Under Tax Receivable Agreement (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]    
2026 $ 64,799  
2027 77,082  
2028 101,030  
2029 107,251  
2030 116,676  
Thereafter 1,299,464  
Total Payments 1,766,302  
Less adjustment to fair value for contingent consideration (107,303)  
Total TRA Liability $ 1,658,999 $ 1,412,300
v3.25.4
REVENUES - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Revenues $ 2,870,178 $ 2,295,427 $ 1,731,608
Management Fees, Net      
Disaggregation of Revenue [Line Items]      
Revenues 2,521,937 1,994,064 1,527,241
Administrative, transaction and other fees      
Disaggregation of Revenue [Line Items]      
Revenues 321,469 294,267 200,746
Performance revenues      
Disaggregation of Revenue [Line Items]      
Revenues 26,772 7,096 3,621
Credit Platform      
Disaggregation of Revenue [Line Items]      
Revenues 1,745,360 1,462,091 1,055,715
Credit Platform | Management Fees, Net      
Disaggregation of Revenue [Line Items]      
Revenues 1,521,483 1,234,594 899,902
Credit Platform | Direct lending      
Disaggregation of Revenue [Line Items]      
Revenues 1,308,154 1,133,304 870,475
Credit Platform | Alternative credit      
Disaggregation of Revenue [Line Items]      
Revenues 90,407 19,834 0
Credit Platform | Investment grade credit      
Disaggregation of Revenue [Line Items]      
Revenues 67,605 27,892 0
Credit Platform | Liquid credit      
Disaggregation of Revenue [Line Items]      
Revenues 23,144 27,750 27,936
Credit Platform | Other      
Disaggregation of Revenue [Line Items]      
Revenues 41,980 25,814 1,491
Credit Platform | Amortization of deferred incentives paid to customers      
Disaggregation of Revenue [Line Items]      
Revenues (9,807) 0 0
Credit Platform | Administrative, transaction and other fees      
Disaggregation of Revenue [Line Items]      
Revenues 216,936 225,223 154,537
Credit Platform | Performance revenues      
Disaggregation of Revenue [Line Items]      
Revenues 6,941 2,274 1,276
Real Assets Platform      
Disaggregation of Revenue [Line Items]      
Revenues 489,097 219,581 139,097
Real Assets Platform | Management Fees, Net      
Disaggregation of Revenue [Line Items]      
Revenues 407,895 187,749 122,365
Real Assets Platform | Amortization of deferred incentives paid to customers      
Disaggregation of Revenue [Line Items]      
Revenues (1,102) 0 0
Real Assets Platform | Net lease      
Disaggregation of Revenue [Line Items]      
Revenues 202,105 168,588 122,365
Real Assets Platform | Real estate credit      
Disaggregation of Revenue [Line Items]      
Revenues 42,291 19,161 0
Real Assets Platform | Digital infrastructure      
Disaggregation of Revenue [Line Items]      
Revenues 164,601 0 0
Real Assets Platform | Administrative, transaction and other fees      
Disaggregation of Revenue [Line Items]      
Revenues 61,371 27,010 14,387
Real Assets Platform | Performance revenues      
Disaggregation of Revenue [Line Items]      
Revenues 19,831 4,822 2,345
GP Strategic Capital Platform      
Disaggregation of Revenue [Line Items]      
Revenues 635,721 613,755 536,796
GP Strategic Capital Platform | Management Fees, Net      
Disaggregation of Revenue [Line Items]      
Revenues 592,559 571,721 504,974
GP Strategic Capital Platform | GP minority stakes      
Disaggregation of Revenue [Line Items]      
Revenues 615,181 589,246 526,502
GP Strategic Capital Platform | GP debt financing      
Disaggregation of Revenue [Line Items]      
Revenues 17,518 22,633 16,921
GP Strategic Capital Platform | Professional sports minority stakes      
Disaggregation of Revenue [Line Items]      
Revenues 4,181 3,395 2,409
GP Strategic Capital Platform | Strategic Revenue-Share Purchase consideration amortization      
Disaggregation of Revenue [Line Items]      
Revenues (44,321) (43,553) (40,858)
GP Strategic Capital Platform | Administrative, transaction and other fees      
Disaggregation of Revenue [Line Items]      
Revenues $ 43,162 $ 42,034 $ 31,822
v3.25.4
REVENUES - Schedule of Company's Fees and Receivables (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Management Fees, Net    
Management Fees Receivable    
Beginning balance $ 356,413 $ 243,203
Ending balance 448,195 356,413
Unearned Management Fees    
Beginning balance 7,613 9,398
Ending balance 3,866 7,613
Administrative, Transaction and Other Fees Receivable    
Management Fees Receivable    
Beginning balance 67,920 42,059
Ending balance 111,690 67,920
Performance Revenues Receivable    
Management Fees Receivable    
Beginning balance 1,672 2,975
Ending balance $ 1,381 $ 1,672
v3.25.4
REVENUES - Schedule of Changes In Strategic Revenue Share Purchase Consideration (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Weighted-average amortization period 7 years 6 months  
Changes In Strategic Revenue Share Purchase Consideration [Roll Forward]    
Beginning balance $ 373,528 $ 417,081
Amortization (44,321) (43,553)
Ending Balance $ 329,207 $ 373,528
v3.25.4
REVENUES - Schedule of Amortization of Product Incentive (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Revenue from Contract with Customer [Abstract]  
Weighted-average amortization period 1 year 4 months 24 days
Deferred Investor Incentives [Roll Forward]  
Beginning balance $ 0
Deferred incentives paid to customers 55,862
Amortization (10,909)
Ending Balance $ 44,953
v3.25.4
EQUITY-BASED COMPENSATION- Additional Information (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jun. 13, 2024
Dec. 31, 2025
USD ($)
tranche
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
Dec. 31, 2023
USD ($)
$ / shares
Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Right to exchange, conversion ratio   1      
Equity-based compensation expense   $ 673,524 $ 312,609 $ 312,564  
Number of tranches | tranche   2      
Atalaya | Atalaya Earnouts          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Earnout consideration payments (as percent)         80.00%
Unvested Incentive Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Post-vesting transfer restriction (in year)   1 year      
Granted (in dollars per share) | $ / shares   $ 16.49 $ 19.47 $ 11.27  
Aggregate fair value of incentive units   $ 325,500 $ 281,900 $ 100,100  
Unamortized compensation expense   $ 148,600      
Weighted-average amortization period   2 years 7 months 6 days      
Unvested Incentive Units | Compensation and Benefits Expense          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Equity-based compensation expense   $ 274,400 $ 212,500    
RSUs          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Discount for lack of marketability   6.50%      
Post-vesting transfer restriction (in year)   1 year      
Granted (in dollars per share) | $ / shares   $ 14.03 $ 20.85 $ 12.01  
Aggregate fair value of incentive units   $ 40,200 $ 72,500 $ 44,500  
Unamortized compensation expense   $ 354,900      
Weighted-average amortization period   2 years 8 months 12 days      
RSUs | Compensation and Benefits Expense          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Equity-based compensation expense   $ 122,300 $ 79,000 $ 52,900  
Incentive Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Unamortized compensation expense   $ 550,100      
Weighted-average amortization period   2 years 6 months      
Incentive Units | First Tranche          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Total shares and units authorized (in shares) | shares   14,175,000      
Granted (in dollars per share) | $ / shares   $ 22.54      
Share-based payment award, equity, grants in period, fair value   $ 319,500      
Incentive Units | Second Tranche          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based payment award, equity, grants in period, fair value   464,200      
Value of additional commitments to be issued   10,000,000      
Atalaya Earnout Awards          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Unamortized compensation expense   $ 83,700      
Weighted-average amortization period   2 years 3 months 18 days      
Atalaya Earnout Awards | Atalaya          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Post-vesting transfer restriction (in year)   2 years      
Aggregate fair value of incentive units   $ 142,200      
Discount for postvesting restrictions   11.50%      
Contingent Consideration, Compensation          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Discount for lack of marketability   13.00%      
Volatility rate   38.00%      
Revenue discount rate   15.00%      
Expected holding period   2 years      
2021 Equity Incentive Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Total shares and units authorized (in shares) | shares   175,834,537      
Total shares available (in shares) | shares   51,154,861      
Total shares and units authorized (percent) 5.00%        
Right to exchange, conversion ratio 1        
Minimum | Unvested Incentive Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Discount for lack of marketability   6.50% 6.00% 6.00%  
Minimum | RSUs          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Discount for lack of marketability     6.00% 6.00%  
Minimum | 2021 Equity Incentive Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Requisite service period (in years)   3 years      
Maximum | Unvested Incentive Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Discount for lack of marketability   9.00% 6.50% 8.50%  
Maximum | RSUs          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Discount for lack of marketability     11.50% 8.50%  
Maximum | 2021 Equity Incentive Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Requisite service period (in years)   5 years      
v3.25.4
EQUITY-BASED COMPENSATION - Schedule of Equity-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Equity-Based Compensation Expense $ 673,524 $ 312,609 $ 312,564
Corresponding tax benefit 5,074 2,578 951
Business Combination grants | Compensation and Benefits Expense      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Equity-Based Compensation Expense 62,541 69,173 69,448
Acquisition related | Compensation and Benefits Expense      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Equity-Based Compensation Expense 298,277 27,972 84,543
Other | Compensation and Benefits Expense      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Equity-Based Compensation Expense 312,706 215,464 158,573
Unvested RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Fair value of RSUs settled in Class A Shares 99,145 49,174 16,634
Unvested RSUs | Compensation and Benefits Expense      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Equity-Based Compensation Expense $ 122,300 $ 79,000 $ 52,900
v3.25.4
EQUITY-BASED COMPENSATION - Schedule of Activity Related to Unvested Equity-Based Compensation Awards (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Incentive Units      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract]      
Unvested, beginning balance (in shares) 21,700,853    
Granted (in shares) 14,070,102    
Vested (in shares) (17,557,897)    
Forfeited (in shares) (1,050,000)    
Unvested, ending balance (in shares) 17,163,058 21,700,853  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]      
Beginning balance (in dollars per share) $ 14.61    
Granted (in dollars per share) 16.49 $ 19.47 $ 11.27
Vested (in dollars per share) 15.76    
Forfeited (in dollars per share) 14.02    
Ending balance (in dollars per share) $ 15.01 $ 14.61  
RSUs      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract]      
Unvested, beginning balance (in shares) 24,377,882    
Granted (in shares) 15,157,473    
Vested (in shares) (7,808,637)    
Forfeited (in shares) (808,763)    
Unvested, ending balance (in shares) 30,917,955 24,377,882  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]      
Beginning balance (in dollars per share) $ 15.48    
Granted (in dollars per share) 14.03 $ 20.85 $ 12.01
Vested (in dollars per share) 13.21    
Forfeited (in dollars per share) 16.45    
Ending balance (in dollars per share) $ 15.32 $ 15.48  
Wellfleet Earnout Shares      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract]      
Unvested, beginning balance (in shares) 287,425    
Granted (in shares) 0    
Vested (in shares) (287,425)    
Forfeited (in shares) 0    
Unvested, ending balance (in shares) 0 287,425  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]      
Beginning balance (in dollars per share) $ 11.44    
Granted (in dollars per share) 0    
Vested (in dollars per share) 11.44    
Forfeited (in dollars per share) 0    
Ending balance (in dollars per share) $ 0 $ 11.44  
v3.25.4
INCOME TAXES - Components of Income Tax (Benefit) Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Before Income Taxes      
U.S. $ 336,676 $ 459,489 $ 239,783
Foreign 11,235 9,739 6,601
Income Before Income Taxes 347,911 469,228 246,384
Current Income Tax Expense (Benefit)      
U.S. federal 13 (255) 286
State and local 18,702 20,140 19,280
Foreign 2,505 2,141 1,838
Total current income tax expense (benefit) 21,220 22,026 21,404
Deferred Income Tax Expense (Benefit)      
U.S. federal 17,890 29,734 14,373
State and local 3,556 (2,811) (9,500)
Foreign (242) (167) (669)
Total deferred income tax expense (benefit) 21,204 26,756 4,204
Total Income Tax Expense (Benefit)      
U.S. federal 17,903 29,479 14,659
State and local 22,258 17,329 9,780
Foreign 2,263 1,974 1,169
Income tax expense $ 42,424 $ 48,782 $ 25,608
v3.25.4
INCOME TAXES - Company's Effective Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Statutory U.S. federal corporate income tax rate $ 73,062 $ 98,538 $ 51,733
State and local income taxes, net of federal effect 16,660 10,856 5,655
Changes in unrecognized tax benefits 4,859 5,045 4,348
Effect of cross-border tax laws (69) (43) (161)
Nontaxable or nondeductible items      
Income passed through to noncontrolling interest holders (53,085) (67,277) (36,663)
Other 1,093 1,733 839
Foreign tax effects (96) (70) (143)
Income tax expense $ 42,424 $ 48,782 $ 25,608
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Statutory U.S. federal corporate income tax rate 21.00% 21.00% 21.00%
State and local income taxes, net of federal effect 4.79% 2.31% 2.30%
Changes in unrecognized tax benefits 1.40% 1.08% 1.76%
Effect of cross-border tax laws (0.02%) (0.01%) (0.07%)
Nontaxable or nondeductible items      
Income passed through to noncontrolling interest holders (15.26%) (14.34%) (14.88%)
Other 0.31% 0.37% 0.34%
Foreign tax effects (0.03%) (0.01%) (0.06%)
Total 12.19% 10.40% 10.39%
v3.25.4
INCOME TAXES - Components of Income Taxes Paid (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Examination [Line Items]      
U.S. federal $ 21 $ 500 $ 0
Total State and Local 14,836 18,759 12,935
Total Foreign 2,283 2,877 1,314
Total Cash Paid for Income Taxes [1] 17,140 22,136 14,249
New York City      
Income Tax Examination [Line Items]      
Total State and Local 13,925 17,938 11,728
Other      
Income Tax Examination [Line Items]      
Total State and Local 911 821 1,207
Hong Kong      
Income Tax Examination [Line Items]      
Total Foreign (36) 1,266 0
United Kingdom      
Income Tax Examination [Line Items]      
Total Foreign 1,426 1,118 1,192
Other      
Income Tax Examination [Line Items]      
Total Foreign $ 893 $ 493 $ 122
[1] See Note 11 for additional information on income taxes paid disaggregated by jurisdiction.
v3.25.4
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred Tax Assets    
Basis difference in subsidiaries $ 939,294 $ 855,906
Tax receivable agreement 399,725 340,360
Net operating losses 65,144 41,267
Other 27,200 22,160
Total Deferred Tax Assets 1,431,363 1,259,693
Deferred Tax Liabilities    
Goodwill and intangible assets 42,749 39,436
Other 14,749 12,001
Total Deferred Tax Liabilities $ 57,498 $ 51,437
v3.25.4
INCOME TAXES - Narrative (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Examination [Line Items]        
Valuation allowance $ 0 $ 0    
Unrecognized tax positions 16,503,000 $ 12,677,000 $ 8,399,000 $ 4,784,000
Unrecognized tax benefits that would reduce effective tax rate if recognized 16,500,000      
Accrued interest and penalties on unrecognized tax benefits 1,000,000.0      
Domestic Tax Authority        
Income Tax Examination [Line Items]        
Net operating losses 277,400,000      
State and Local Jurisdiction        
Income Tax Examination [Line Items]        
Net operating losses $ 5,200,000      
v3.25.4
INCOME TAXES - Schedule of Unrecognized Tax Benefits Relating to Uncertain Tax Positions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Beginning balance $ 12,677 $ 8,399 $ 4,784
Increases related to tax positions related to the current period 4,684 4,278 3,615
Decreases related to the lapse of applicable statute of limitations (858) 0 0
Ending Balance $ 16,503 $ 12,677 $ 8,399
v3.25.4
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net Income Available to Common Stockholders, Basic      
Net Income Attributable to Class A Shares $ 78,833 $ 109,584 $ 54,343
Weighted-average Class A shares outstanding - basic (in shares) [1] 654,785,946 549,005,214 463,233,832
Earnings per Class A share (in dollars per share) $ 0.12 $ 0.20 $ 0.12
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]      
Net income attributable to Class A shareholders $ 68,337 $ 109,584 $ 49,759
Diluted (in shares) 661,885,114 558,426,153 478,008,915
Earnings Per Class A Share (in dollars per share) $ 0.10 $ 0.20 $ 0.10
Unvested RSUs      
Effect of dilutive securities:      
Effect of dilutive common and incentive units $ 0 $ 0 $ 0
Effect of dilutive instruments (in shares) 6,211,286 9,420,939 4,983,668
Number of units excluded from diluted calculation (in shares) 0 0 0
Warrants      
Effect of dilutive securities:      
Effect of dilutive common and incentive units   $ 0 $ (4,584)
Effect of dilutive instruments (in shares)   0 232,558
Number of units excluded from diluted calculation (in shares)   4,207,650 0
Vested Common Units      
Effect of dilutive securities:      
Effect of dilutive common and incentive units $ 0 $ 0 $ 0
Effect of dilutive instruments (in shares) 0 0 0
Number of units excluded from diluted calculation (in shares) 906,623,070 919,201,273 956,118,687
Vested Incentive Units      
Effect of dilutive securities:      
Effect of dilutive common and incentive units $ 0 $ 0 $ 0
Effect of dilutive instruments (in shares) 0 0 0
Number of units excluded from diluted calculation (in shares) 9,043,080 8,373,268 8,488,003
Unvested Incentive Units      
Effect of dilutive securities:      
Effect of dilutive common and incentive units $ 0 $ 0 $ 0
Effect of dilutive instruments (in shares) 0 0 0
Number of units excluded from diluted calculation (in shares) 20,482,470 22,817,514 24,949,429
IPI Subsequent Payment      
Effect of dilutive securities:      
Effect of dilutive common and incentive units $ (10,496)    
Effect of dilutive instruments (in shares) 887,882    
Number of units excluded from diluted calculation (in shares) 0    
Oak Street Earnout Units      
Effect of dilutive securities:      
Effect of dilutive common and incentive units     $ 0
Effect of dilutive instruments (in shares)     9,558,857
Number of units excluded from diluted calculation (in shares)     0
Unvested RSUs      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Shares vested but not yet settled (in shares) 11,386,999 11,699,282 11,222,103
[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.
v3.25.4
RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]    
Due from related parties $ 694,056 $ 548,730
Related parties    
Related Party Transaction [Line Items]    
Due from related parties 694,056 548,730
Related parties | Management fees    
Related Party Transaction [Line Items]    
Due from related parties 430,539 349,704
Related parties | Performance revenues    
Related Party Transaction [Line Items]    
Due from related parties 1,381 1,672
Related parties | Administrative fees    
Related Party Transaction [Line Items]    
Due from related parties 111,690 67,920
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 $ 150,446 $ 129,434
v3.25.4
RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]      
Revenues $ 2,870,178 $ 2,295,427 $ 1,731,608
Related parties | Administrative fees      
Related Party Transaction [Line Items]      
Revenues 110,400 100,700 74,400
Related parties | Dealer Manager Revenue      
Related Party Transaction [Line Items]      
Revenues 123,200 81,600 46,000
Related parties | Expense Support and Caps Arrangements      
Related Party Transaction [Line Items]      
Related party expenses (recoveries) 5,300 (9,600) (5,800)
Related parties | Aircraft Services      
Related Party Transaction [Line Items]      
Revenues $ 6,200 $ 3,400 $ 3,000
v3.25.4
RELATED PARTY TRANSACTIONS - Promissory Note (Details) - Related Party Promissory Note - Related parties - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Oct. 31, 2025
Jun. 30, 2024
Nov. 09, 2023
Aug. 08, 2022
August 8, 2022 Note            
Related Party Transaction [Line Items]            
Promissory note, maximum borrowing amount         $ 250.0 $ 250.0
Spread on SOFR rate (as percent)       1.55%    
Interest income   $ 5.4        
November 15, 2022 Note            
Related Party Transaction [Line Items]            
Promissory note, maximum borrowing amount     $ 15.0      
Spread on SOFR rate (as percent)     4.25%      
Interest income $ 0.6 0.7        
Promissory note, maturity period     1 year      
Promissory note outstanding $ 7.5 $ 7.5        
v3.25.4
RELATED PARTY TRANSACTIONS -Investment Sale with Deferred Purchase Price (Details) - Related parties
$ in Millions
 12 Months Ended
Dec. 30, 2024
USD ($)
installment
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Related Party Transaction [Line Items]      
Proceeds from investments $ 22.3    
Sale consideration $ 44.5 $ 20.3  
Number of installments | installment 2    
Deferred purchase price $ 40.6    
Deferred payment period (in years) 2 years    
Loss on sale of investments     $ 4.9
Interest income   $ 2.0  
v3.25.4
SUBSEQUENT EVENTS (Details)
Feb. 05, 2026
$ / shares
Subsequent Event  
Subsequent Event [Line Items]  
Cash dividend declared (in dollars per share) $ 0.225