OWL · 10-K filed 19 Feb 2026 · year to 31 Dec 2025

Blue Owl Capital

31 named things its latest annual report says its results depend on, each in the company's own words. 21 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Hyperscalers

earns from · $17.1 billion

As one of the world’s largest private investors in the space, we believe our scale, deep-sector focus, and partnership approach make us a leading solutions provider to premier technology companies and hyperscalers.Business (Item 1)

Also named by CLS, CSCO, INTC, LUMN, NVT, SLB

Regulated Products (BDCs and OWLCX)

earns fromnamed as a risk

Termination or non-renewal of any of these agreements would reduce our revenues significantly and could have a material adverse effect on our financial condition.Risk factors (Item 1A)

Insurance and reinsurance companies

earns fromnamed as a risk

The growth and performance of our Insurance Solutions platform will depend on our ability to obtain and maintain asset management arrangements and other investment partnerships with current and new insurance and/or reinsurance company clients.Risk factors (Item 1A)

Public pension plans

earns fromnamed as a risk

As we have public pension plans that are investors in our products, these rules could impose significant economic sanctions on our business if we or one of the other persons covered by the rules make any prohibited contribution or payment, whether or not material or with an intent to secure an investment from a public pension plan.Risk factors (Item 1A)

Suppliers

Third-party AIFM service provider

depends onnamed as a risk

The loss or reduction of the services provided by the third party could adversely affect the ongoing operation of the relevant products.Risk factors (Item 1A)

Partners and platforms

National Basketball Association (NBA)

depends onnamed as a risk

In addition, the NBA may terminate its relationship with us for a variety of reasons, including the departure of certain key persons or the occurrence of certain events constituting cause.Risk factors (Item 1A)

Also named by CMCSA, DKNG, LLYVA, MSGS, SPHR, TTWO

Partner Managers

depends onnamed as a risk

We are reliant upon our strong relationships with our Partner Managers for the continued growth and development of business.Risk factors (Item 1A)

Other companies

Single highly rated financial institution (cash deposits)

concentrated in · the majority of our cash balancesnamed as a risk

As of December 31, 2025 and December 31, 2024, we held the majority of our cash balances with a single highly rated financial institution and such balances are in excess of Federal Deposit Insurance Corporation insured limits.Market risk (Item 7A)

Permanent Capital vehicles

earns from · approximately 85% of our management fees

For the year ended December 31, 2025, approximately 85% of our management fees were earned from Permanent Capital vehicles.Business (Item 1)

Revolving Credit Facility

depends onnamed as a risk

Non-compliance with any of the covenants without cure or waiver would constitute an event of default, and an event of default resulting from a breach of certain covenants could result, at the option of the lenders, in an acceleration of the principal and interest outstanding.Risk factors (Item 1A)

Also named by AAON, BRO, BX, CG, CRGY, FIVE, FIX, HEI and 22 more

Places

United States and Canada

concentrated in · approximately 75% of our capital

As of December 31, 2025, we raised approximately 75% of our capital in the United States and Canada.Business (Item 1)

Also named by AFL, AMT, BBW, COST, DCI, DE, FISV, NFLX

Commodities and inputs

SOFR

exposed to its pricenamed as a risk

As a result, an increase in SOFR will increase our interest costs if such borrowings are not been hedged into fixed rates in the future.Risk factors (Item 1A)

Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more

Electric power

depends onnamed as a risk

Dependence on third-party suppliers for power, network connectivity and certain other services results in vulnerability to service failures of such third-party suppliers and can lead to price increases by such suppliers to the extent such costs are not borne by customers;Risk factors (Item 1A)

Also named by BX, DLR, DOW, EXP, PH, SUN, SUNC

Regulators

U.S. Securities and Exchange Commission (SEC)

subject tonamed as a risk

The SEC is authorized to institute proceedings and impose sanctions for violations of the Advisers Act and the Investment Company Act, ranging from fines and censures to termination of an adviser’s registration.Business (Item 1)

Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more

Consumer Financial Protection Bureau (CFPB)

subject tonamed as a risk

Additionally, investments in such markets expose our business to additional regulations promulgated by state and federal regulators, including the Consumer Financial Protection Bureau (“CFPB”), which may impact our business in new and unexpected ways.Risk factors (Item 1A)

Also named by ABNB, AFRM, ALLY, AN, AUB, AXP, BAC, CASH and 61 more

Bermuda Monetary Authority

subject tonamed as a risk

Our Bermuda reinsurance company clients are subject to Bermuda Solvency Capital Requirements standards and other minimum capital and surplus requirements imposed by the Bermuda Monetary Authority.Risk factors (Item 1A)

Also named by AFL, AIG, APO, ARES, CAT, CB, CG, COIN and 8 more

National Association of Insurance Commissioners (NAIC)

subject tonamed as a risk

This enhanced scrutiny may increase the risk of regulatory actions against us and could result in new or amended regulations that limit our ability, or make it more burdensome or costly, to enter into new investment management agreements with insurance or reinsurance companies and thereby grow our insurance strategy.Risk factors (Item 1A)

Also named by ALL, ARES, BX, FNF, KKR, MET, PFG, PGR and 3 more

Financial Stability Oversight Council (FSOC)

subject tonamed as a risk

If we were designated as such, it would result in increased regulation of our businesses, including the imposition of capital, leverage, liquidity and risk management standards, credit exposure reporting and concentration limits, enhanced public disclosures, restrictions on acquisitions and annual stress tests by the Federal Reserve.Risk factors (Item 1A)

Also named by AIG, BX, GPN, ICE, JXN, KKR, MET

Financial Conduct Authority (FCA)

subject to

In particular, Blue Owl Capital UK Limited (“Blue Owl UK”) is authorized and regulated by the Financial Conduct Authority (“FCA”) pursuant to the UK Financial Services and Markets Act 2000 (“FSMA”).Business (Item 1)

Also named by AFRM, AJG, AMG, AMP, BGC, BRO, CBOE, COF and 17 more

FINRA

subject to

Blue Owl Securities is registered as a broker-dealer with the SEC, maintains registrations in all states and is a member of FINRA and SIPC.Business (Item 1)

Also named by AJG, ARES, BGC, CBOE, CG, GLXY, JXN, KKR and 7 more

Laws and programs

OECD Pillar Two global minimum tax

subject to · 15%named as a risk

This could adversely affect our returns.Risk factors (Item 1A)

Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more

Tax Receivable Agreement

85% of certain tax benefitsnamed as a risk

While many of the factors that will determine the amount of payments that Blue Owl GP will make under the Tax Receivable Agreement are outside of its control, Blue Owl GP expects that the payments it will make under the Tax Receivable Agreement will be substantial and could have a material adverse effect on Blue Owl’s financial condition.Risk factors (Item 1A)

Also named by ARES, BWIN, DRVN, EVR, GPGI, SYM, TW

Regulated investment company (RIC) and REIT tax status

subject to · at least 90%named as a risk

If any of our Regulated Products or REITs fail to maintain RIC or REIT, as applicable, tax treatment for any reason and are subject to U.S. federal income tax at corporate rates, the resulting taxes could substantially reduce their net assets, which could have a material adverse effect on our Regulated Products and REITs, and as a result, on the management fees we may earn from our Regulated Products and REITs.Risk factors (Item 1A)

Investment Company Act of 1940

subject tonamed as a risk

A significant portion of our revenues are derived from our advisory services to our Regulated Products.Business (Item 1)

Also named by ABR, AMG, AMP, ARCC, ARES, BAM, BCSF, BEN and 28 more

Investment Advisers Act of 1940

subject tonamed as a risk

Failure to comply with the obligations imposed by the Advisers Act could result in investigations, sanctions, fines, restrictions on the activities of us or our personnel and reputational damage.Risk factors (Item 1A)

Also named by ABR, AMG, BAM, BEN, BX, CG, HTGC, KKR and 3 more

SEC Co-Investment Exemptive Order

subject tonamed as a risk

We intend to rely on the Co-Investment Exemptive Order in order to engage in co-investment transactions between our private funds and our Regulated Products and certain of their controlled entities.Risk factors (Item 1A)

Also named by ARCC, BCSF, TSLX

State anti-ESG legislation

subject tonamed as a risk

If investors subject to such legislation view our products’ responsible investing or ESG practices as being in contradiction of such “anti-ESG” policies, legislation or legal opinions, such investors may not invest in our products, our ability to maintain the size of our products could be impaired, and/or it could negatively affect the results of our operations, cash flow, or price of our common stock.Risk factors (Item 1A)

Also named by BLK, FITB

Sustainable Finance Disclosure Regulation (SFDR)

subject tonamed as a risk

There is also a risk that market expectations in relation to SFDR categorization of financial products could adversely affect our ability to raise capital, especially from EEA investors.Risk factors (Item 1A)

Also named by ARES

Alternative Investment Fund Managers Directive II (AIFMD II)

subject tonamed as a risk

It is possible that AIFMD II may require additional costs, expenses and/or resources, as well as restricting or prohibiting certain activities, including in relation to products that originate loans and managers or products established in jurisdictions outside the EU identified as having anti-money laundering and/or tax failings.Risk factors (Item 1A)

ERISA Plan Assets Regulation

subject tonamed as a risk

However, if those products fail to satisfy that exception for any reason and if no other exception is available, the products would be subject to ERISA, which could materially interfere with our activities in relation to those products or expose us to risks related to our failure to comply with the applicable requirements of ERISA or related contractual undertakings.Risk factors (Item 1A)

Technology

Data centers

concentrated innamed as a risk

Our digital infrastructure focused funds may be more susceptible to any single economic, political or regulatory occurrence and more volatile than a more diversified fund.Risk factors (Item 1A)

Also named by AESI, AGX, BKR, BSM, CBRE, CEG, CMI, CNP and 26 more