Blue Owl Capital Inc. delivered strong third-quarter 2026 last-twelve-months (LTM) results with assets under management up 12% year-over-year to $330 billion, while fee-related earnings grew 15% year-over-year. The company also reported record institutional fundraising in the quarter and total capital raised of $12.6 billion. On Nov. 3, 2026, we affirmed our'BBB'issuer credit rating on Blue Owl and'BBB'issue-level ratings on the company's senior unsecured debt. The outlook remains stable, reflecting our expectation that the company will continue to increase fee-paying assets under management and earnings in the next 18-24 months while sustaining its strong liquidity, debt to EBITDA of 2.0x-3.0x, and EBITDA interest coverage of 6.0x-10.0x. Fundraising is strong, and S&P Global Ratings expects this to translate
