Blue Owl Capital Inc. (OWL)

Executive Summary

At $9.08, Blue Owl Capital trades at 10.4 times trailing distributable earnings and 9.0 times fee-related earnings, 48% below its 52-week high. Second-quarter fee-related and distributable earnings each grew 9%, at a 58.5% FRE margin. The fear is concentrated in non-traded BDCs, which are 11% of fee-paying assets, and redemption requests at the largest of them have fallen three quarters in a row. The 10.1% dividend runs slightly above distributable earnings.

What’s Inside The Full Report

• Executive summary and key points
• A growing fee stream priced like a shrinking one
• How Blue Owl gets paid
• The numbers
• Where the fear comes from
• What the Fed’s hike does to Blue Owl
• What you pay
• The dividend and the share count
• What could go wrong at Blue Owl
• Conclusion
• TTCM rating and position disclosure