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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
FORM 10-Q
___________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 001-39653
___________________________
owl-20220930_g1.jpg
BLUE OWL CAPITAL INC.
(Exact name of registrant as specified in its charter)
___________________________
Delaware86-3906032
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
399 Park Avenue,New York,NY10022
(address of principal executive offices)
(212) 419-3000
(Registrant’s telephone number, including area code)
___________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Class A common stockOWLNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No o


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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
o
Non-accelerated filer
o
Smaller reporting company
o
Emerging growth company
o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
Outstanding at November 1, 2022
Class A common stock, par value $0.0001438,600,597 
Class B common stock, par value $0.0001 
Class C common stock, par value $0.0001637,263,151 
Class D common stock, par value $0.0001319,132,127 


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DEFINED TERMS
Assets Under Management or AUM
Refers to the assets that we manage, and are generally equal to the sum of (i) net asset value (“NAV”); (ii) drawn and undrawn debt; (iii) uncalled capital commitments; (iv) total managed assets for certain Real Estate products; and (v) par value of collateral for collateralized loan obligations (“CLOs”).
Annual ReportRefers to our annual report for the year ended December 31, 2021, filed with the SEC on Form 10-K on February 28, 2022.
our BDCsRefers to our business development companies, as regulated under the Investment Company Act of 1940, as amended: Owl Rock Capital Corporation (NYSE: ORCC) (“ORCC”), Owl Rock Capital Corporation II (“ORCC II”), Owl Rock Capital Corporation III (“ORCC III”), Owl Rock Technology Finance Corp. (“ORTF”), Owl Rock Technology Finance Corp. II (“ORTF II”), Owl Rock Core Income Corp. (“ORCIC”) and Owl Rock Technology Income Corp. (“ORTIC”).
Blue Owl, the Company, the firm, we, us, and ourRefers to the Registrant and its consolidated subsidiaries.
Blue Owl CarryRefers to Blue Owl Capital Carry LP.
Blue Owl GPRefers collectively to Blue Owl Capital GP Holdings LLC and Blue Owl Capital GP LLC, which are directly or indirectly wholly owned subsidiaries of the Registrant that hold the Registrants interests in the Blue Owl Operating Partnerships.
Blue Owl HoldingsRefers to Blue Owl Capital Holdings LP.
Blue Owl Operating GroupRefers collectively to the Blue Owl Operating Partnerships and their consolidated subsidiaries.
Blue Owl Operating Group UnitsRefers collectively to a unit in each of the Blue Owl Operating Partnerships.
Blue Owl Operating PartnershipsRefers to Blue Owl Carry and Blue Owl Holdings, collectively.
Blue Owl Securities
Refers to Blue Owl Securities LLC, a Delaware limited liability company. Blue Owl Securities is a broker-dealer registered with the SEC, a member of FINRA and the SIPC. Blue Owl Securities is wholly owned by Blue Owl and provides distribution services to all Blue Owl Divisions.
Business Combination
Refers to the transactions contemplated by the Business Combination Agreement, which were completed on May 19, 2021.
Business Combination Agreement or BCARefers to the agreement dated as of December 23, 2020 (as the same has been or may be amended, modified, supplemented or waived from time to time), by and among Altimar Acquisition Corporation, Owl Rock Capital Group LLC, Owl Rock Capital Feeder LLC, Owl Rock Capital Partners LP and Neuberger Berman Group LLC.
Business Combination DateRefers to May 19, 2021.
Class A SharesRefers to the Class A common stock, par value $0.0001 per share, of the Registrant.
Class B SharesRefers to the Class B common stock, par value $0.0001 per share, of the Registrant.
Class C SharesRefers to the Class C common stock, par value $0.0001 per share, of the Registrant.
Class D SharesRefers to the Class D common stock, par value $0.0001 per share, of the Registrant.
Class E SharesRefers to the Class E common stock, par value $0.0001 per share, of the Registrant.
CLOsRefers to collateralized loan obligations.
Direct LendingRefers to our Direct Lending products, which offer private credit solutions to middle-market companies through four investment strategies: diversified lending, technology lending, first lien lending, opportunistic lending, and also includes our CLOs. Direct Lending products are managed by the Owl Rock division of Blue Owl.
Dyal CapitalRefers to the Dyal Capital Partners business, which was acquired from Neuberger Berman Group LLC in connection with the Business Combination, and is now a division of Blue Owl.
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Fee-Paying AUM or FPAUMRefers to the AUM on which management fees are earned. For our BDCs, FPAUM is generally equal to total assets (including assets acquired with debt but excluding cash). For our other Direct Lending products, excluding CLOs, FPAUM is generally equal to NAV or investment cost. FPAUM also includes uncalled committed capital for products where we earn management fees on such uncalled committed capital. For CLOs, FPAUM is generally equal to the par value of collateral. For our GP Capital Solutions products, FPAUM for the GP minority equity investments strategy is generally equal to capital commitments during the investment period and the cost of unrealized investments after the investment period. For GP Capital Solutions’ other strategies, FPAUM is generally equal to investment cost. For Real Estate, FPAUM is generally based on total assets (including assets acquired with debt).
Financial StatementsRefers to our consolidated and combined financial statements included in this report.
GP Capital SolutionsRefers to our GP Capital Solutions products, which primarily focus on acquiring equity stakes in, or providing debt financing to, large, multi-product private equity and private credit platforms through two existing investment strategies: GP minority equity investments and GP debt financing, and also including our professional sports minority investment strategy. GP Capital Solutions products are managed by the Dyal Capital division of Blue Owl.
NYSERefers to the New York Stock Exchange.
Oak StreetRefers to the investment advisory business of Oak Street Real Estate Capital, LLC that was acquired on December 29, 2021, and is now a division of Blue Owl.
Oak Street AcquisitionRefers to the acquisition of Oak Street completed on December 29, 2021.
Owl RockRefers collectively to the combined businesses of Owl Rock Capital Group LLC (“Owl Rock Capital Group”) and Blue Owl Securities LLC (formerly, Owl Rock Capital Securities LLC), which was the predecessor of Blue Owl for accounting and financial reporting purposes. References to the Owl Rock division refer to Owl Rock Capital Group and its subsidiaries that manage our Direct Lending products.
Partner ManagerRefers to alternative asset management firms in which the GP Capital Solution products invest.
Part I FeesRefers to quarterly performance income on the net investment income of our BDCs and similarly structured products, subject to a fixed hurdle rate. These fees are classified as management fees throughout this report, as they are predictable and recurring in nature, not subject to repayment, and cash-settled each quarter.
Part II FeesGenerally refers to fees from our BDCs and similarly structured products that are paid in arrears as of the end of each measurement period when the cumulative aggregate realized capital gains exceed the cumulative aggregate realized capital losses and aggregate unrealized capital depreciation, less the aggregate amount of Part II Fees paid in all prior years since inception. Part II Fees are classified as realized performance income throughout this report.
Permanent Capital
Refers to AUM in products that do not have ordinary redemption provisions or a requirement to exit investments and return the proceeds to investors after a prescribed period of time. Some of these products, however, may be required or can elect to return all or a portion of capital gains and investment income, and some may have periodic tender offers. Permanent capital includes certain products that are subject to management fee step downs or roll-offs or both over time.
Principals
Refers to our founders and senior members of management who hold, or in the future may hold, Class B Shares and Class D Shares. Class B Shares and Class D Shares collectively represent 80% of the total voting power of all shares.
Real EstateRefers, unless context indicates otherwise, to our Real Estate products, which primarily focus on providing investors with predictable current income, and potential for appreciation, while focusing on limiting downside risk through a unique net lease strategy. Real Estate products are managed by the Oak Street division of Blue Owl.
RegistrantRefers to Blue Owl Capital Inc.
SECRefers to the U.S. Securities and Exchange Commission.
Tax Receivable Agreement or TRARefers to the Amended and Restated Tax Receivable Agreement, dated as of October 22, 2021, as may be amended from time to time by and among the Registrant, Blue Owl Capital GP LLC, the Blue Owl Operating Partnerships and each of the Partners (as defined therein) party thereto.
Wellfleet AcquisitionRefers to the acquisition of Wellfleet Credit Partners LLC completed on April 1, 2022.
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AVAILABLE INFORMATION
We file annual, quarterly and current reports, proxy statements and other information required by the Securities Exchange Act of 1934, as amended (the “Exchange Act”) with the SEC. We make available free of charge on our website (www.blueowl.com) our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements and other filing as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC. We also use our website to distribute company information, including assets under management and performance information, and such information may be deemed material. Accordingly, investors should monitor our website, in addition to our press releases, SEC filings and public conference calls and webcasts.
Also posted on our website in the “Investor Relations—Governance” section is the charter for our Audit Committee, as well as our Corporate Governance Guidelines and Code of Business Conduct governing our directors, officers and employees. Information on or accessible through our website is not a part of or incorporated into this report or any other SEC filing. Copies of our SEC filings or corporate governance materials are available without charge upon written request to Blue Owl Capital Inc., 399 Park Avenue, 38th Floor, New York, New York 10022, Attention: Office of the Secretary. Any materials we file with the SEC are also publicly available through the SEC’s website (www.sec.gov).
No statements herein, available on our website or in any of the materials we file with the SEC constitute, or should be viewed as constituting, an offer of any fund.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act, which reflect our current views with respect to, among other things, future events, operations and financial performance. You can identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “projects,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of those words, other comparable words or other statements that do not relate to historical or factual matters. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Such forward-looking statements are subject to various risks, uncertainties (some of which are beyond our control) or other assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Some of these factors are described under the headings “Item 1A. Risk Factors” and “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.” These factors should not be construed as exhaustive and should be read in conjunction with the risk factors and other cautionary statements that are included in this report and in our other periodic filings. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from those indicated in these forward-looking statements. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Therefore, you should not place undue reliance on these forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. We do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
The information required by this item is included in the Financial Statements set forth in the F-pages of this report.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), should be read in conjunction with the unaudited consolidated and combined financial statements and the related notes included in this report. For a description of our business, please see “Business of Blue Owl” in the Annual Report.
2022 Third Quarter Overview
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2022202120222021
Net Income (Loss) Attributable to Blue Owl Capital Inc. (After May 19, 2021) / Owl Rock (Prior to May 19, 2021)$2,060 $(53,323)$(10,881)$(376,253)
Fee-Related Earnings(1)
$209,814 $141,858 $578,261 $286,339 
Distributable Earnings(1)
$191,673 $142,750 $527,801 $268,140 
(1) For the specific components and calculations of these Non-GAAP measures, as well as a reconciliation of these measures to the most comparable measure in accordance with GAAP, see “—Non-GAAP Analysis” and “—Non-GAAP Reconciliations.”
Our results for the third quarter of 2021 do not include the results of Oak Street or Wellfleet; therefore, prior period amounts are not comparable to current period. Our results for the nine months ended September 30, 2021 do not include the results of Oak Street or Wellfleet, and include partial results of Dyal Capital; therefore, prior period amounts are not comparable to current period. Please see “—GAAP Results of Operations Analysis” and “—Non-GAAP Analysis” for a detailed discussion of the underlying drivers of our results, including the accretive impacts of the Dyal Acquisition, Oak Street Acquisition and Wellfleet Acquisition.
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Assets Under Management
Blue Owl
AUM: $132.1 billion
FPAUM: $84.1 billion
Direct Lending Products
AUM: $65.7 billion
FPAUM: $45.3 billion
GP Capital Solutions Products
AUM: $47.8 billion
FPAUM: $28.5 billion
Real Estate Products
AUM: $18.6 billion
FPAUM: $10.4 billion
Diversified Lending
Commenced 2016
AUM: $38.1 billion
FPAUM: $23.8 billion
GP Minority Equity
Commenced 2010
AUM: $46.1 billion
FPAUM: $27.5 billion
Net Lease
Commenced 2009
AUM: $18.6 billion
FPAUM: $10.4 billion
Technology Lending
Commenced 2018
AUM: $14.5 billion
FPAUM: $9.9 billion
GP Debt Financing
Commenced 2019
AUM: $1.4 billion
FPAUM: $0.8 billion
First Lien Lending
Commenced 2018
AUM: $3.4 billion
FPAUM: $2.7 billion
Professional Sports
Minority Investments
Commenced 2021
AUM: $0.3 billion
FPAUM: $0.1 billion
Opportunistic Lending
Commenced 2020
AUM: $2.3 billion
FPAUM: $1.4 billion
CLOs
Commenced 2022
AUM: $7.4 billion
FPAUM: $7.4 billion
We finished the quarter with $132.1 billion of AUM, which included $84.1 billion of FPAUM. During the third quarter of 2022, approximately 93% of our management fees were earned on AUM from Permanent Capital. As of September 30, 2022, we have approximately $10.7 billion in AUM not yet paying fees, providing approximately $139 million of annualized management fees once deployed or upon the expiration of certain fee holidays. See “—Assets Under Management” for additional information, including important information on how we define these metrics.
Business Environment
Our business is impacted by conditions in the financial markets and economic conditions in the U.S., and to a lesser extent, elsewhere in the world.
In a continuation of the trends seen during the first half of 2022, inflation, interest rates, global gross domestic product (“GDP”) growth, geopolitical instability and the impact of COVID-19 variants on economic growth have remained in the spotlight, driving ongoing volatility in the public markets. Although U.S. inflation eased during the third quarter of 2022, it remains at a high level with slower global GDP growth forecasts. As expected, the Federal Reserve voted to increase the federal funds rate during the first three quarters of 2022.
Despite the elevated volatility in public markets, our operating trends remained positive and durable across the platform during the third quarter of 2022 with record fundraising that was diversified across institutional and private wealth channels. Direct Lending products continued to trend positively benefiting from rising interest rates and with limited impact from inflation, GP Capital Solutions products continued to fundraise successfully, and Real Estate products continued to realize 100% rent payment from tenants.
We have patient and Permanent Capital and resilient management fees, providing underlying support to our existing earnings profile even as we continue to grow. We anticipate a net positive impact to earnings as interest rates continue to rise, particularly for our Direct Lending business, where Part I Fees benefit from higher rates. At the strategy level, that same Permanent Capital allows us to provide flexible, certain financing solutions to sponsors, corporations, and alternative asset managers during a time when liquidity is scarce and public markets are closed or much more expensive than they used to be. And for the investors in our strategies, our products offer attractive qualities in volatile, uncertain markets: income generation, downside protection, positive leverage to rising rates, and structural inflation hedges.
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We are continuing to closely monitor developments related to inflation, rising interest rates, global GDP growth, geopolitical instability and COVID-19, and to assess the impact of these factors on financial markets and on our business. Our future results may be adversely affected by slowdowns in fundraising activity and the pace of capital deployment, which could result in delayed or decreased management fees. It is currently not possible to predict the ultimate effects of these events on the financial markets, overall economy and our consolidated financial statements. See “Risk Factors—Risks Related to Our Business and Operations—The COVID-19 pandemic has caused severe disruptions in the U.S. and global economy, has disrupted, and may continue to disrupt, industries in which we, our products and our products’ investments operate and could potentially negatively impact us, our products or our products’ investments” and “—Difficult market and political conditions may reduce the value or hamper the performance of the investments made by our products or impair the ability of our products to raise or deploy capital, each of which could materially reduce our revenue, earnings and cash flow and adversely affect our financial prospects and condition” in our Annual Report.
Assets Under Management
We present information regarding our AUM, FPAUM and various other related metrics throughout this MD&A to provide context around our fee generating revenues results, as well as indicators of the potential for future earnings from existing and new products. Our calculations of AUM and FPAUM may differ from the calculation methodologies of other asset managers, and as a result these measures may not be comparable to similar measures presented by other asset managers. In addition, our calculation of AUM includes amounts that are fee exempt (i.e., not subject to fees).
As of September 30, 2022, our assets under management included approximately $3.1 billion (includes $1.0 billion related to accrued carried interest) related to us, our executives and other employees. A portion of these assets under management relate to accrued carried interests and other amounts that are not charged fees.
Composition of Assets Under Management
Our AUM consists of FPAUM, AUM not yet paying fees, fee-exempt AUM and net appreciation and leverage in products on which fees are based on commitments or investment cost. AUM not yet paying fees generally relates to unfunded capital commitments (to the extent such commitments are not already subject to fees), undeployed debt (to the extent we earn fees based on total asset values or investment cost, inclusive of assets purchased using debt) and AUM that is subject to a temporary fee holiday. Fee-exempt AUM represents certain investments by us, our employees, other related parties and third parties, as well as certain co-investment vehicles on which we never earn fees.
Management uses AUM not yet paying fees as an indicator of management fees that will be coming online as we deploy existing assets in products that charge fees based on deployed and not uncalled capital, as well as AUM that is currently subject to a fee holiday that will expire at a predetermined time in the future. AUM not yet paying fees could provide approximately $139 million of additional annualized management fees once deployed or upon the expiration of the relevant fee holidays.
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Permanency and Duration of Assets Under Management
Our capital base is heavily weighted toward Permanent Capital. We view the permanency and duration of the products that we manage as a differentiator in our industry and as a means of measuring the stability of our future revenues stream. The chart below presents the composition of our management fees by remaining product duration. Changes in these relative percentages will occur over time as the mix of products we offer changes. For example, our Real Estate products have a higher concentration in what we refer to as “long-dated” funds, or funds in which the contractual remaining life is five years or more, which in isolation may cause our percentage of management fees from Permanent Capital to decline.
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Changes in AUM
Three Months Ended September 30, 2022Three Months Ended September 30, 2021
(dollars in millions)Direct LendingGP Capital SolutionsReal EstateTotalDirect LendingGP Capital SolutionsReal EstateTotal
Beginning Balance$56,827 $45,674 $16,639 $119,140 $31,156 $31,211 $ $62,367 
Acquisition— — — — — — — — 
New capital raised5,472 2,910 434 8,816 724 1,598 — 2,322 
Change in debt3,058 — 1,590 4,648 2,422 — — 2,422 
Distributions(471)(304)(239)(1,014)(239)(249)— (488)
Change in value / other800 (441)190 549 514 3,380 — 3,894 
Ending Balance$65,686 $47,839 $18,614 $132,139 $34,577 $35,940 $ $70,517 
Nine Months Ended September 30, 2022Nine Months Ended September 30, 2021
(dollars in millions)Direct LendingGP Capital SolutionsReal EstateTotalDirect LendingGP Capital SolutionsReal EstateTotal
Beginning Balance$39,227 $39,906 $15,362 $94,495 $27,101 $26,220 $ $53,321 
Acquisition6,529 — — 6,529 — — — — 
New capital raised10,425 8,434 1,002 19,861 1,708 2,990 — 4,698 
Change in debt9,818 — 1,590 11,408 5,153 — — 5,153 
Distributions(1,135)(1,281)(504)(2,920)(616)(453)— (1,069)
Change in value / other822 780 1,164 2,766 1,231 7,183 — 8,414 
Ending Balance$65,686 $47,839 $18,614 $132,139 $34,577 $35,940 $ $70,517 

Direct Lending. Increase in AUM for the nine months ended September 30, 2022 was driven by a combination of continued fundraising and debt deployment across the strategy, and the Wellfleet Acquisition.
$6.1 billion new capital raised in Diversified Lending, primarily driven by retail fundraising in ORCIC and a managed vehicle with a state pension fund.
$3.2 billion new capital raised in Technology Lending, driven by continued fundraising in ORTF II and ORTIC.
$9.8 billion of debt deployment across all of Direct Lending, as we continue to opportunistically deploy leverage in our BDCs.
$6.5 billion from the Wellfleet Acquisition.
GP Capital Solutions. Increase in AUM for the nine months ended September 30, 2022 was driven by new capital raised, primarily in Dyal Fund V and related co-investment vehicles, and overall appreciation across all of our major products.
Real Estate. Increase in AUM for the nine months ended September 30, 2022 was driven by new capital raised of $1.0 billion across various products and debt deployed of $1.6 billion, primarily related to Oak Street Real Estate Trust, our recently launched real estate investment trust (“REIT”).
Changes in FPAUM
Three Months Ended September 30, 2022Three Months Ended September 30, 2021
(dollars in millions)Direct LendingGP Capital SolutionsReal EstateTotalDirect LendingGP Capital SolutionsReal EstateTotal
Beginning Balance$41,409 $26,678 $9,430 $77,517 $24,162 $18,657 $ $42,819 
Acquisition— — — — — — — — 
New capital raised / deployed3,595 2,675 1,095 7,365 2,808 1,177 — 3,985 
Fee basis change— (881)— (881)— — — — 
Distributions(433)(15)(220)(668)(212)(115)— (327)
Change in value / other721 — 81 802 482 — — 482 
Ending Balance$45,292 $28,457 $10,386 $84,135 $27,240 $19,719 $ $46,959 
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Nine Months Ended September 30, 2022Nine Months Ended September 30, 2021
(dollars in millions)Direct LendingGP Capital SolutionsReal EstateTotalDirect LendingGP Capital SolutionsReal EstateTotal
Beginning Balance$32,029 $21,212 $8,203 $61,444 $20,862 $17,608 $ $38,470 
Acquisition6,501 — — 6,501 — — — — 
New capital raised / deployed8,693 6,869 2,293 17,855 5,796 2,460 — 8,256 
Fee basis change— 387 — 387 — — — — 
Distributions(1,092)(11)(494)(1,597)(571)(349)— (920)
Change in value / other(839)— 384 (455)1,153 — — 1,153 
Ending Balance$45,292 $28,457 $10,386 $84,135 $27,240 $19,719 $ $46,959 

Direct Lending. Increase in FPAUM for the nine months ended September 30, 2022 was driven by a combination of the Wellfleet Acquisition, continued fundraising and debt deployment as discussed in the AUM section above, partially offset by a change in methodology that reduced FPAUM by approximately $1.5 billion.
GP Capital Solutions. Increase in FPAUM for the nine months ended September 30, 2022 was driven by new capital raised, primarily in Dyal Fund V, and the expiration of certain fee holidays on January 1, 2022. The expiration of the fee holiday drove an increase in FPAUM of $2.2 billion, which was partially offset by a decrease in FPAUM for a step down in fee basis in Dyal Fund I of $0.8 billion and Dyal Fund III of $0.9 billion.
Real Estate. Increase in FPAUM for the nine months ended September 30, 2022 was driven primarily by new capital deployed of $1.5 billion in Oak Street Real Estate Capital Net Lease Property Fund.
Product Performance
Product performance for certain of our products is included throughout this discussion with analysis to facilitate an understanding of our results of operations for the periods presented. The performance information of our products reflected is not indicative of our performance. An investment in Blue Owl is not an investment in any of our products. Past performance is not indicative of future results. As with any investment, there is always the potential for gains as well as the possibility of losses. There can be no assurance that any of these products or our other existing and future products will achieve similar returns. MoIC and IRR data has not been presented for products that have launched within the last two years as such information is generally not meaningful (“NM”).
Direct Lending
MoIC IRR
(dollars in millions)Year of
Inception
AUMCapital
Raised
(1)
Invested
Capital
 (2)
Realized
Proceeds
(3)
Unrealized
Value 
(4)
Total
Value
Gross (5)Net (6)Gross (7)Net (8)
Diversified Lending
ORCC2016$15,052 $6,019 $6,019 $2,268 $5,848 $8,116 1.48x1.35x12.0 %8.8 %
ORCC II (9)2017$2,592 $1,355 $1,355 $314 $1,293 $1,607 NM1.21xNM6.5 %
ORCC III2020$3,543 $1,783 $1,783 $179 $1,794 $1,973 1.11x1.10x10.3 %9.4 %
ORCIC2020$12,560 $4,918 $4,918 $224 $4,706 $4,930 NMNMNMNM
Technology Lending
ORTF2018$6,922 $3,220 $3,220 $382 $3,390 $3,772 1.24x1.17x12.3 %8.7 %
First Lien Lending (10)
Owl Rock First Lien Fund Levered2018$2,907 $1,161 $863 $146 $869 $1,015 1.23x1.18x9.3 %7.3 %
Owl Rock First Lien Fund Unlevered2019$153 $150 $150 $25 $143 $168 1.12x1.08x4.8 %3.3 %
(1)Includes reinvested dividends and share repurchases, if applicable.
(2)Invested capital includes capital calls, reinvested dividends and periodic investor closes, as applicable.
(3)Realized proceeds represent the sum of all cash distributions to investors.
(4)Unrealized value represents the product’s NAV. There can be no assurance that unrealized values will be realized at the valuations indicated.
(5)Gross multiple of invested capital (“MoIC”) is calculated by adding total realized proceeds and unrealized values of a product’s investments and dividing by the total amount of invested capital. Gross MoIC is calculated before giving effect to management fees (including Part I Fees) and Part II Fees, as applicable.
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(6)Net MoIC measures the aggregate value generated by a product’s investments in absolute terms. Net MoIC is calculated by adding total realized proceeds and unrealized values of a product’s investments and dividing by the total amount of invested capital. Net MoIC is calculated after giving effect to management fees (including Part I Fees) and Part II Fees, as applicable, and all other expenses.
(7)Gross IRR is an annualized since inception gross internal rate of return of cash flows to and from the product and the product’s residual value at the end of the measurement period. Gross IRRs are calculated before giving effect to management fees (including Part I Fees) and Part II Fees, as applicable.
(8)Net IRRs are calculated consistent with gross IRRs, but after giving effect to management fees (including Part I Fees) and Part II Fees, as applicable, and all other expenses. An individual investor’s IRR may differ from the reported IRR based on the timing of capital transactions.
(9)For the purposes of calculating Gross IRR, the expense support provided to the fund would be impacted when assuming a performance excluding management fees (including Part I Fees) and Part II Fees, and therefore is not meaningful for ORCC II.
(10)Owl Rock First Lien Fund is comprised of three feeder funds: Onshore Levered, Offshore Levered and Insurance Unlevered. The gross and net MoIC and IRR presented in the chart are for Onshore Levered and Insurance Unlevered as those are the largest of the levered and unlevered feeder funds. The gross and net MoIC for the Offshore Levered feeder fund is 1.22x and 1.15x, respectively. The gross and net IRR for the Offshore Levered feeder is 8.9% and 5.8%, respectively. All other values for Owl Rock First Lien Fund Levered are for Onshore Levered and Offshore Levered combined. AUM is presented as the aggregate of the three Owl Rock First Lien Fund feeders. Owl Rock First Lien Fund Unlevered Investor equity and note commitments are both treated as capital for all values.
GP Capital Solutions
MoICIRR
(dollars in millions)Year of
Inception
AUMCapital
Raised
Invested
Capital
 (2)
Realized
Proceeds
(3)
Unrealized
Value 
(4)
Total
Value
Gross (5)Net (6)Gross (7)Net (8)
GP Minority Equity (1)
Dyal Fund I2011$951 $1,284 $1,248 $583 $720 $1,303 1.19x 1.04x 3.6 %0.8 %
Dyal Fund II2014$2,805 $2,153 $1,846 $502 $2,146 $2,648 1.68x 1.43x 13.9 %9.0 %
Dyal Fund III2015$8,350 $5,318 $3,246 $2,959 $4,229 $7,188 2.70x 2.21x 31.3 %23.4 %
Dyal Fund IV2018$13,879 $9,041 $5,119 $2,634 $6,339 $8,973 2.10x 1.75x 93.7 %57.6 %
Dyal Fund V2020$13,223 $12,452 $1,336 $— $1,956 $1,956 NMNMNMNM
(1)Valuation-related amounts and performance metrics are presented on a quarter lag and are exclusive of investments made by us and the related carried interest vehicles of the respective products.
(2)Invested capital includes capital calls.
(3)Realized proceeds represent the sum of all cash distributions to investors.
(4)Unrealized value represents the product's NAV. There can be no assurance that unrealized values will be realized at the valuations indicated.
(5)Gross MoIC is calculated by adding total realized proceeds and unrealized values of a product’s investments and dividing by the total amount of invested capital. Gross MoIC is calculated before giving effect to management fees and carried interest, as applicable.
(6)Net MoIC measures the aggregate value generated by a product's investments in absolute terms. Net MoIC is calculated by adding total realized proceeds and unrealized values of a product's investments and dividing by the total amount of invested capital. Net MoIC is calculated after giving effect to management fees and carried interest, as applicable, and all other expenses.
(7)Gross IRR is an annualized since inception gross internal rate of return of cash flows to and from the product and the product’s residual value at the end of the measurement period. Gross IRRs are calculated before giving effect to management fees and carried interest, as applicable.
(8)Net IRR is an annualized since inception net internal rate of return of cash flows to and from the product and the product's residual value at the end of the measurement period. Net IRRs reflect returns to all investors. Net IRRs are calculated after giving effect to management fees and carried interest, as applicable, and all other expenses. An individual investor's IRR may differ from the reported IRR based on the timing of capital transactions.
Real Estate
MoICIRR
(dollars in millions)Year of InceptionAUMCapital RaisedInvested Capital
(2)
Realized
Proceeds
(3)
Unrealized
Value
(4)
Total
Value
Gross (5)Net (6)Gross (7)Net (8)
Net Lease (1)
Oak Street Real Estate Capital Fund IV 2017$1,261 $1,250 $1,250 $1,128 $821 $1,949 1.71x1.55x28.1 %22.6 %
Oak Street Real Estate Capital Net Lease Property Fund2019$6,014 $3,161 $3,161 $270 $3,664 $3,934 1.22x1.21x18.7 %17.7 %
Oak Street Real Estate Capital Fund V 2020$3,643 $2,500 $1,267 $341 $1,322 $1,663 NMNMNMNM
Oak Street Asset-Backed Securitization (9)2020$3,005 $2,713 $342 $74 $370 $444 NMNMNMNM
(1)Valuation-related amounts and performance metrics, as well as invested capital and realized proceeds, are presented on a quarter lag where applicable.
(2)Invested capital includes investments by the general partner, capital calls, dividends reinvested and periodic investors closes, as applicable.
(3)Realized proceeds represent the sum of all cash distributions to all investors.
(4)Unrealized value represents the fund’s NAV. There can be no assurance that unrealized values will be realized at the valuations indicated.
(5)Gross MoIC is calculated by adding total realized proceeds and unrealized values of a product’s investments and dividing by the total amount of invested capital. Gross MoIC is calculated before giving effect to management fees and carried interest, as applicable.
(6)Net MoIC measures the aggregate value generated by a product's investments in absolute terms. Net MoIC is calculated by adding total realized proceeds and unrealized values of a product's investments and dividing by the total amount of invested capital. Net MoIC is calculated after giving effect to management fees and carried interest, as applicable, and all other expenses.
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(7)Gross IRR is an annualized since inception gross internal rate of return of cash flows to and from the product and the product’s residual value at the end of the measurement period. Gross IRRs are calculated before giving effect to management fees and carried interest, as applicable.
(8)Net IRR is an annualized since inception net internal rate of return of cash flows to and from the product and the product's residual value at the end of the measurement period. Net IRRs reflect returns to all investors. Net IRRs are calculated after giving effect to management fees and carried interest, as applicable, and all other expenses. An individual investor's IRR may differ from the reported IRR based on the timing of capital transactions.
(9)Capital raised for this product includes the par value of notes issued in the securitization. Invested capital, realized proceeds, unrealized and total values relate to the subordinated notes/equity of the securitization.
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GAAP Results of Operations Analysis
As a result of the Dyal, Oak Street and Wellfleet Acquisitions, prior period amounts are not comparable to current period amounts or expected future trends. Dyal Capital’s, Oak Street’s and Wellfleet’s results of operations are included from the business combination dates, May 19, 2021, December 29, 2021, and April 1, 2022, respectively.
Three Months Ended September 30, 2022, Compared to the Three Months Ended September 30, 2021
Three Months Ended September 30,
(dollars in thousands)20222021$ Change
Revenues
Management fees, net (includes Part I Fees of $62,808 and $43,659)
$338,377 $203,750 $134,627 
Administrative, transaction and other fees32,609 44,125 (11,516)
Total Revenues, Net370,986 247,875 123,111 
Expenses
Compensation and benefits234,745 96,910 137,835 
Amortization of intangible assets65,835 46,191 19,644 
General, administrative and other expenses67,972 28,438 39,534 
Total Expenses368,552 171,539 197,013 
Other Income (Loss)
Net losses on investments(592)(145)(447)
Interest expense(15,027)(6,112)(8,915)
Change in TRA liability3,599 (4,733)8,332 
Change in warrant liability(2,747)(27,462)24,715 
Change in earnout liability(1,760)(293,122)291,362 
Total Other Income (Loss)(16,527)(331,574)315,047 
Loss Before Income Taxes(14,093)(255,238)241,145 
Income tax expense (benefit)(4,085)(14,391)10,306 
Consolidated and Combined Net Loss(10,008)(240,847)230,839 
Net loss attributable to noncontrolling interests12,068 187,524 (175,456)
Net Income (Loss) Attributable to Blue Owl Capital Inc.$2,060 $(53,323)$55,383 
Revenues, Net
Management Fees. The increase in management fees was primarily driven by increased management fees across the Direct Lending products of $56.7 million, which includes both the accretive impact of the Wellfleet Acquisition that closed in April 2022, as well as continued fundraising and deployment of capital within new and existing Direct Lending products. Management fees also increased $56.8 million in our GP Capital Solutions products, primarily driven by fundraising in Dyal Fund V. Our Real Estate products contributed $21.1 million towards the increase due to the accretive impact of the Oak Street Acquisition that closed in December 2021. See Note 6 to our Financial Statements for additional details on our GAAP management fees by product and strategy.
Administrative, Transaction and Other Fees. The decrease in administrative, transaction and other fees was driven primarily by a decrease in fee income earned for services provided to portfolio companies, reflecting a lower volume of transactions on which we earn such fees.
Expenses
Compensation and Benefits. Compensation and benefits expenses increased due to a $92.4 million increase in equity-based compensation, which was driven by the following: (i) a $47.1 million increase related to acquisitions, driven by the Oak Street and Wellfleet Acquisitions; (ii) a $27.4 million increase related to recurring annual grants to employees, as such amounts were granted for the first time during the fourth quarter of 2021; and (iii) a $17.9 million increase related to one-time grants to employees in connection with the Business Combination, as such grants were made during the fourth quarter of 2021. Additionally, compensation and benefits increased by $16.5 million due to the amortization of cash earnouts, primarily related to the Oak Street Acquisition. The remaining increase was driven by the 73% increase in headcount from September 30, 2021 to September 30, 2022, which is inclusive of the increase in headcount related to the Oak Street Acquisition and Wellfleet Acquisition.
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Amortization of Intangible Assets. Amortization of intangible assets increased due to the addition of intangible assets in connection with the Oak Street Acquisition in December 2021 and the Wellfleet Acquisition in April 2022. See Note 3 to our Financial Statements for additional information.
General, Administrative and Other Expenses. General, administrative and other expenses increased, primarily driven by a $33.3 million increase in distribution costs due to increased fundraising.
Other Loss
Interest Expense. The increase in interest expense was driven by higher average debt outstanding.
Change in TRA Liability. The change in the TRA liability for the current year period and prior year period was not material.
Change in Warrant Liability. In August 2022, the Public Warrants were redeemed, see Note 1 for additional information. The change in the warrant liability for the current year period was not material. The change in the warrant liability in the prior year period was driven by the increase in the price of our Class A Shares.
Change in Earnout Liability. There was no material change to the earnout liability for the current year period. The change in the fair value of the earnout liability for the prior year period was primarily due to the increase in our Class A Share price, as such input was a material driver of the valuation of the Earnout Securities carried at fair value.
Income Tax Expense (Benefit)
Prior to the Business Combination, our income was generally subject to New York City Unincorporated Business Tax (“UBT”), as the operating entities are partnerships for U.S. federal income tax purposes. As a result of the Business Combination, the portion of income allocable to the Registrant is now also generally subject to corporate tax rates at the U.S. federal and state and local levels. For the period, the income tax benefit decreased due to higher pre-tax income as a result of the drivers discussed above. Please see Note 10 to our Financial Statements for a discussion of the significant tax differences that impacted our effective tax rate.
Net Income (Loss) Attributable to Noncontrolling Interests
Net income (loss) attributable to noncontrolling interests in the current year primarily represents the allocation to Common Units of their pro rata share of the Blue Owl Operating Group’s post-Business Combination net income due to the drivers discussed above. The Common Units represent an approximately 69% interest in the Blue Owl Operating Group during the third quarter of 2022. Prior to the Business Combination, amounts attributable to noncontrolling interests were not significant.
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Nine Months Ended September 30, 2022, Compared to the Nine Months Ended September 30, 2021
Nine Months Ended September 30,
(dollars in thousands)20222021$ Change
Revenues
Management fees, net (includes Part I Fees of $155,893 and 108,646)
$870,334 $440,598 $429,736 
Administrative, transaction and other fees103,875 94,761 9,114 
Total Revenues, Net974,209 535,359 438,850 
Expenses
Compensation and benefits646,755 1,366,459 (719,704)
Amortization of intangible assets192,246 67,527 124,719 
General, administrative and other expenses165,655 94,818 70,837 
Total Expenses1,004,656 1,528,804 (524,148)
Other Income (Loss)
Net losses on investments(710)(145)(565)
Net losses on retirement of debt— (16,145)16,145 
Interest expense(42,912)(17,787)(25,125)
Change in TRA liability(4,683)(5,879)1,196 
Change in warrant liability35,734 (42,762)78,496 
Change in earnout liability(2,464)(756,092)753,628 
Total Other Income (Loss)(15,035)(838,810)823,775 
Loss Before Income Taxes(45,482)(1,832,255)1,786,773 
Income tax expense (benefit)(3,492)(43,402)39,910 
Consolidated and Combined Net Loss(41,990)(1,788,853)1,746,863 
Net loss attributable to noncontrolling interests31,109 1,412,600 (1,381,491)
Net Loss Attributable to Blue Owl Capital Inc.$(10,881)$(376,253)$365,372 
Revenues, Net
Management Fees. The increase in management fees was primarily driven by increased management fees across the Direct Lending products of $136.4 million, which includes both the accretive impact of the Wellfleet Acquisition, as well as continued fundraising and deployment of capital within new and existing Direct Lending products. Management fees also increased $235.9 million in our GP Capital Solutions products, primarily driven by the accretive impact of the Dyal Acquisition that closed in May 2021, as well as continued fundraising in Dyal Fund V. Our Real Estate products contributed $57.5 million due to the accretive impact of the Oak Street Acquisition. See Note 6 to our Financial Statements for additional details on our GAAP management fees by product and strategy.
Administrative, Transaction and Other Fees. The increase in administrative, transaction and other fees was driven primarily by the following: (i) an increase of $15.9 million in administrative fees, driven by a higher level of reimbursable expenses due to growth in our products and business overall; (ii) a $14.4 million increase in dealer manager revenues due to growth in the distribution of our retail BDCs; (iii) partially offset by a $21.1 million decrease in fee income earned for services provided to portfolio companies, reflecting a lower volume of transactions on which we earn such fees.
Expenses
Compensation and Benefits. Compensation and benefits expenses decreased due to an $865.0 million decrease in equity-based compensation, which was driven by the following: (i) a $988.7 million decrease related to acquisitions, primarily due to a $1.2 billion charge related to Blue Owl Operating Group Units issued in connection with the Business Combination, with the remaining offsetting increase related to the Oak Street and Wellfleet Acquisitions; (ii) an offsetting $69.2 million increase related to recurring annual grants to employees, as such amounts were granted for the first time during the fourth quarter of 2021; and (iii) an offsetting $54.5 million increase related to one-time grants to employees in connection with the Business Combination, as such grants were made during the fourth quarter of 2021. Additionally, compensation and benefits was impacted by an increase of $48.7 million due to the amortization of cash earnouts, primarily related to the Oak Street Acquisition. The remaining offsetting increase was driven by the increase in headcount, which is inclusive of the increase in headcount related to the Dyal Acquisition, Oak Street Acquisition and Wellfleet Acquisition.
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Amortization of Intangible Assets. Amortization of intangible assets increased due to the addition of intangible assets in connection with the Business Combination in May 2021, the Oak Street Acquisition in December 2021 and the Wellfleet Acquisition in April 2022. See Note 3 to our Financial Statements for additional information.
General, Administrative and Other Expenses. General, administrative and other expenses increased, primarily driven by an increase in distribution costs of $54.3 million due to increased fundraising, partially offset by a $14.6 million decrease in professional fees due in part to Business Combination-related expenses that were incurred in the prior year period. The remaining net increase was across various categories, driven by our continued growth.
Other Loss
Interest Expense. The increase in interest expense was driven by higher average debt outstanding.
Change in TRA Liability. The change in the TRA liability for the current year period and prior year period was not material.
Change in Warrant Liability. In August 2022, the Public Warrants were redeemed, see Note 1 for additional information. The change in the warrant liability for the current year period was driven by the decrease in the price of our Class A Shares. The change in the warrant liability in the prior year period was driven by the increase in the price of our Class A Shares.
Change in Earnout Liability. There was no material change to the earnout liability for the current year period. The change in the fair value of the earnout liability in the prior year period was primarily due to the increase in our Class A Share price, as such input was a material driver of the valuation of the Earnout Securities carried at fair value.
Income Tax Expense (Benefit)
Prior to the Business Combination, our income was generally subject to New York City UBT, as the operating entities are partnerships for U.S. federal income tax purposes. As a result of the Business Combination, the portion of income allocable to the Registrant is now also generally subject to corporate tax rates at the U.S. federal and state and local levels. For the period, the income tax benefit decreased due to higher pre-tax income as a result of the drivers discussed above. Please see Note 10 to our Financial Statements for a discussion of the significant tax differences that impacted our effective tax rate.
Net Loss Attributable to Noncontrolling Interest
Net loss attributable to noncontrolling interests in the current year primarily represents the allocation to Common Units of their pro rata share of the Blue Owl Operating Group’s post-Business Combination net loss due to the drivers discussed above. The Common Units represented an approximately 70% weighted average economic interest in the Blue Owl Operating Group during the nine months ended September 30, 2022. Prior to the Business Combination, amounts attributable to noncontrolling interests were not significant, and related primarily to third-party interests held in certain of our consolidated investment advisor holding companies.
Non-GAAP Analysis
In addition to presenting our consolidated and combined results in accordance with GAAP, we present certain other financial measures that are not presented in accordance with GAAP. Management uses these measures to assess the performance of our business, and we believe that this information enhances the ability of shareholders to analyze our performance from period to period. These non-GAAP financial measures supplement and should be considered in addition to and not in lieu of our GAAP results, and such measures should not be considered as indicative of our liquidity. Our non-GAAP measures may not be comparable to other similarly titled measures used by other companies. Please see “—Non-GAAP Reconciliations” for reconciliations of these measures to the most comparable measures prepared in accordance with GAAP.
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Fee-Related Earnings and Related Components
Fee-Related Earnings is a supplemental non-GAAP measure of operating performance used to make operating decisions and assess our operating performance. Fee-Related Earnings excludes certain items that are required for the presentation of our results on a GAAP basis. Management also reviews the components that comprise Fee-Related Earnings (i.e., FRE Revenues and FRE Expenses) on the same basis used to calculate Fee-Related Earnings, and such components are also non-GAAP measures and have been identified with the prefix “FRE” in the tables and discussion below. Management believes that by excluding these items, which are described below, Fee-Related Earnings and its components can be useful as supplemental measures to our GAAP results in assessing our operating performance and focusing on whether our recurring revenues, primarily consisting of management fees, are sufficient to cover our recurring operating expenses.
Fee-Related Earnings exclude various items that are required for the presentation of our results under GAAP, including the following: noncontrolling interests in the Blue Owl Operating Partnerships; equity-based compensation expense; compensation expenses related to capital contributions in certain subsidiary holding companies that are in-turn paid as compensation to certain employees, as such contributions are not included in Fee-Related Earnings or Distributable Earnings; amortization of acquisition-related earnouts; amortization of intangible assets; “Transaction Expenses” as defined below; net gains (losses) on investments, changes in TRA liability, earnout and warrant liabilities; net losses on retirement of debt; interest and taxes. In addition, management reviews revenues by reducing GAAP administrative, transaction and other fees for certain expenses related to reimbursements from our products, which are presented gross for GAAP but net for non-GAAP measures. Transaction Expenses are expenses incurred in connection with the Business Combinations and other acquisitions and strategic transactions, including subsequent adjustments related to such transactions, that were not eligible to be netted against consideration or recognized as acquired assets and assumed liabilities in the relevant transaction. Starting in the first quarter of 2022, Transaction Expenses also include expenses paid on behalf of certain products that are expected to be reimbursed in subsequent periods; such amounts were not material to the prior periods presented, and therefore such periods have not been restated for this change.
Distributable Earnings
Distributable Earnings is a supplemental non-GAAP measure of operating performance that equals Fee-Related Earnings plus or minus, as relevant, realized performance income and related compensation, interest expense, as well as amounts payable for taxes and payments made pursuant to the TRA. Amounts payable for taxes presents the current income taxes payable, excluding the impact of tax contingency-related accrued expenses or benefits, as such amounts are included when paid or received, related to the respective period’s earnings, assuming that all Distributable Earnings were allocated to the Registrant, which would occur following the exchange of all Blue Owl Operating Group Units for Class A Shares. Current income taxes payable and payments made pursuant to the TRA reflect the benefit of tax deductions that are excluded when calculating Distributable Earnings (e.g., equity-based compensation expenses, net losses on retirement of debt, Transaction Expenses, tax goodwill, etc.). If these tax deductions were to be excluded from amounts payable for taxes, Distributable Earnings would be lower and our effective tax rate would appear to be higher, even though a lower amount of income taxes would have been paid or payable for a period’s earnings. We make these adjustments when calculating Distributable Earnings to more accurately reflect the net realized earnings that are expected to be or become available for distribution or reinvestment into our business. Management believes that Distributable Earnings can be useful as a supplemental performance measure to our GAAP results assessing the amount of earnings available for distribution.
Fee-Related Earnings and Distributable Earnings Summary
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2022202120222021
FRE revenues$362,973 $235,732 $953,382 $511,042 
FRE expenses(157,610)(92,405)(381,451)(221,460)
Net loss (income) allocated to noncontrolling interests included in Fee-Related Earnings4,451 (1,469)6,330 (3,243)
Fee-Related Earnings$209,814 $141,858 $578,261 $286,339 
Distributable Earnings$191,673 $142,750 $527,801 $268,140 
Fee-Related Earnings and Distributable Earnings increased year-over-year as a result of the accretive impact of the Dyal Acquisition, Oak Street Acquisition and Wellfleet Acquisition, as well as higher FRE revenues in Direct Lending, partially offset by higher FRE expenses, as further discussed below.
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FRE Revenues
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2022202120222021
Direct Lending Products
Diversified lending$126,492 $90,885 $340,853 $251,136 
Technology lending29,905 16,820 76,738 47,404 
First lien lending4,213 4,098 11,867 11,730 
Opportunistic lending2,312 1,166 6,583 2,470 
CLOs6,778 — 13,073 — 
Management Fees, Net169,700 112,969 449,114 312,740 
Administrative, transaction and other fees13,667 31,012 51,536 69,474 
FRE Revenues - Direct Lending Products183,367 143,981 500,650 382,214 
GP Capital Solutions Products
GP minority equity investments153,563 85,426 380,097 121,767 
GP debt financing3,532 6,165 9,990 6,901 
Professional sports minority investments283 160 1,296 160 
Management Fees, Net157,378 91,751 391,383 128,828 
Administrative, transaction and other fees1,159 — 3,898 — 
FRE Revenues - GP Capital Solutions Products158,537 91,751 395,281 128,828 
Real Estate Products
Net lease21,069 — 57,451 — 
Management Fees, Net21,069  57,451  
FRE Revenues - Real Estate Products21,069  57,451  
Total FRE Revenues$362,973 $235,732 $953,382 $511,042 
For the three months ended September 30, 2022, Direct Lending FRE revenues increased due to both the accretive impact of the Wellfleet Acquisition, as well as continued fundraising and deployment of capital within new and existing Direct Lending products. GP Capital Solutions FRE revenues increased primarily driven the fundraising in Dyal Fund V. Our Real Estate products increased due to the accretive impact of the Oak Street Acquisition. These increases were partially offset by lower administrative, transaction and other fees, driven primarily by a decrease in fee income earned for services provided to portfolio companies, reflecting a lower volume of transactions on which we earn such fees.
For the nine months ended September 30, 2022, Direct Lending FRE revenues increased due to both the accretive impact of the Wellfleet Acquisition, as well as continued fundraising and deployment of capital within new and existing Direct Lending products. GP Capital Solutions FRE revenues increased primarily driven by the accretive impact of the Dyal Acquisition that closed in May 2021, as well as continued fundraising in Dyal Fund V. Our Real Estate products increased due to the accretive impact of the Oak Street Acquisition. These increases were partially offset by lower administrative, transaction and other fees, driven primarily by a decrease in fee income earned for services provided to portfolio companies, reflecting a lower volume of transactions on which we earn such fees.
FRE Expenses
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2022202120222021
FRE compensation and benefits$(98,535)$(70,664)$(259,313)$(171,345)
FRE general, administrative and other expenses(59,075)(21,741)(122,138)(50,115)
Total FRE Expenses$(157,610)$(92,405)$(381,451)$(221,460)
For the three months ended September 30, 2022, FRE compensation and benefits expenses increase was driven by the 73% increase in headcount from September 30, 2021 to September 30, 2022, which is inclusive of the increase in headcount related to the Oak Street Acquisition and Wellfleet Acquisition. FRE general, administrative and other expenses increased, primarily driven by an increase of $29.2 million in distribution costs due to increased fundraising.
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For the nine months ended September 30, 2022, FRE compensation and benefits expenses increase was driven by the increase in headcount, which is inclusive of the increase in headcount related to the Dyal Acquisition, Oak Street Acquisition and Wellfleet Acquisition. FRE general, administrative and other expenses increased, primarily driven by an increase in distribution costs of $39.6 million due to increased fundraising and the remaining net increase was across various categories, driven by our continued growth.
Non-GAAP Reconciliations
The table below presents the reconciliation of the non-GAAP measures presented throughout this MD&A. Please see “—Non-GAAP Analysis” for important information regarding these measures.
 Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2022202120222021
GAAP (Loss) Income Before Income Taxes$(14,093)$(255,238)$(45,482)$(1,832,255)
Net loss (income) allocated to noncontrolling interests included in Fee-Related Earnings4,451 (1,469)6,330 (3,243)
Strategic Revenue-Share Purchase consideration amortization9,770 970 27,614 970 
Equity-based compensation - other27,381 — 69,200 — 
Equity-based compensation - acquisition related62,831 15,722 185,624 1,174,319 
Equity-based compensation - Business Combination grants17,864 — 54,538 — 
Capital-related compensation972 — 2,652 — 
Acquisition-related cash earnout amortization16,515 — 48,708 — 
Amortization of intangible assets65,835 46,191 192,246 67,527 
Transaction Expenses1,761 4,108 21,796 40,211 
Interest expense15,027 6,112 42,912 17,787 
Net losses (gains) on investments592 145 710 145 
Net losses on early retirement of debt— — — 16,145 
Change in TRA liability(3,599)4,733 4,683 5,879 
Change in warrant liability2,747 27,462 (35,734)42,762 
Change in earnout liability1,760 293,122 2,464 756,092 
Fee-Related Earnings209,814 141,858 578,261 286,339 
Interest expense(15,033)(6,112)(42,912)(17,787)
Taxes and TRA payments(3,108)7,004 (7,548)(412)
Distributable Earnings191,673 142,750 527,801 268,140 
Interest expense15,033 6,112 42,912 17,787 
Taxes and TRA payments3,108 (7,004)7,548 412 
Fixed assets depreciation and amortization235 191 694 456 
Adjusted EBITDA$210,049 $142,049 $578,955 $286,795 
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2022202120222021
GAAP Revenues$370,986 $247,875 $974,209 $535,359 
Strategic Revenue-Share Purchase consideration amortization9,770 970 27,614 970 
Administrative and other fees(17,783)(13,113)(48,441)(25,287)
FRE Revenues$362,973 $235,732 $953,382 $511,042 
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2022202120222021
GAAP Compensation and Benefits$234,745 $96,910 $646,755 $1,366,459 
Equity-based compensation - other(27,381)— (68,478)— 
Equity-based compensation - acquisition related(62,831)(15,722)(185,624)(1,174,319)
Equity-based compensation - Business Combination grants(17,864)— (54,538)— 
Capital-related compensation(973)— (2,652)— 
Acquisition-related cash earnout amortization(16,515)— (48,708)— 
Administrative and other expenses(10,646)(10,524)(27,442)(20,795)
FRE Compensation and Benefits$98,535 $70,664 $259,313 $171,345 
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Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2022202120222021
GAAP General, Administrative and Other Expenses$67,972 $28,438 $165,655 $94,818 
Transaction Expenses(1,761)(4,108)(21,796)(40,211)
Equity-based compensation - other— — (722)— 
Administrative and other expenses(7,136)(2,589)(20,999)(4,492)
FRE General, Administrative and Other Expenses$59,075 $21,741 $122,138 $50,115 
Critical Accounting Estimates
We prepare our Financial Statements in accordance with U.S. GAAP. In applying many of these accounting principles, we make estimates that affect the reported amounts of assets, liabilities, revenues and expenses in our consolidated and combined financial statements. We base our estimates on historical experience and other factors that we believe are reasonable under the circumstances. These estimates, however, are subjective and subject to change, and actual results may differ materially from our current estimates due to the inherent nature of these estimates, including uncertainty in the current economic environment due to unexpectedly high and persistent inflation, a shifting interest rate environment, geopolitical events, and ongoing impact from COVID-19 globally. For a summary of our significant accounting policies, see Note 2 to our Financial Statements.
Estimation of Fair Values
Investments Held by our Products
The fair value of the investments held by our Direct Lending products is the primary input to the calculation for the majority of our management fees. Management fees from our GP Capital Solutions and Real Estate products are generally based on commitments or investment cost, so our management fees are generally not impacted by changes in the estimated fair values of investments held by these products. However, to the extent that management fees are calculated based on investment cost of the product’s investments, the amount of fees that we may charge will increase or decrease from the effect of changes in the cost basis of the product’s investments, including potential impairment losses. In the absence of observable market prices, we use valuation methodologies applied on a consistent basis and assumptions that we believe market participants would use to determine the fair value of the investments. For investments where little market activity exists, the determination of fair value is based on the best information available, we incorporate our own assumptions and involves a significant degree of judgment, and the consideration of a combination of internal and external factors.
Our products generally value their investments at fair value, as determined in good faith by each product’s respective board of directors or valuation committee, as applicable, based on, among other things, the input of third party valuation firms and taking into account the nature and realizable value of any collateral, an investee’s ability to make payments and its earnings, the markets in which the investee operates, comparison to publicly traded companies, discounted cash flows, current market interest rates and other relevant factors. Because such valuations are inherently uncertain, the valuations may fluctuate significantly over time due to changes in market conditions. These valuations would, in turn, have corresponding proportionate impacts on the amount of management fees that we may earn from certain products on which revenues are based on the fair value of investments.
TRA Liability
We carry a portion of our TRA liability at fair value, as it is contingent consideration related to the Dyal Acquisition. The valuation of this portion of the TRA liability is mostly sensitive to our expectation of future cash savings that we may ultimately realize related to our tax goodwill and other intangible assets deductions. We then apply a discount rate that we believe is appropriate given the nature of and expected timing of payments of the liability. A decrease in the discount rate assumption would result in an increase in the fair value estimate of the liability, which would have a correspondingly negative impact on our GAAP results of operations. However, payments under the TRA are ultimately only made to the extent we realize the offsetting cash savings on our income taxes due to the tax goodwill and other intangibles deduction. See Note 9 to our Financial Statements for additional details.
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Earnout Liability and Private Placement Warrants Liability