Blue Owl Capital Inc at Goldman Sachs U.S. Financial Services Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Alexander Blostein - Goldman Sachs International - Analyst : You have me warmed up. So this is actually kind of effect. Okay. So why don't we start with some of the priorities for you guys for 2026. Obviously, '25 has been a busy year. This was definitely a bit of an execution year after a number of deals that you've announced, really spending the product set, expanding the capabilities, expanding your distribution reach, what's kind of on the to-do list and key priorities for '26 for you?

Question: Alexander Blostein - Goldman Sachs International - Analyst : Now lots to look forward to --

Question: Alexander Blostein - Goldman Sachs International - Analyst : No, no, no. We'll find out next year. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 6:40PM, OWL.N - Blue Owl Capital Inc at Goldman Sachs U.S. Financial Services Conference

Question: Alexander Blostein - Goldman Sachs International - Analyst : I mean for what it's worth, it's pretty consistent with what others across both the old space, but also the banks and which have signalled about the M&A outlook for next year. So things across the summer actually kind of comes to fruition.

Question: Alexander Blostein - Goldman Sachs International - Analyst : Okay, let's talk about private credit. And I really want to zone in on performance. I think you guys and really the whole peer group have done a really good job outlining the merits of direct lending solution in private credit and kind of trying to dispel some of the kind of media headlines that are out there. But nonetheless, it's still really topical. And the way I want to zone in on that is really from the perspective of underlying portfolio company performance. We know what the non-accruals are. We obviously see the filings we hear how you talk about the credit trends. But when you look at the performance of the line credits, whether it's revenue growth, EBITDA growth, EBITDA margins, particularly in a more tech-oriented software businesses. Give us a sense of kind of how that's shaping up to maybe build some additional credibility about the credit trends?

Question: Alexander Blostein - Goldman Sachs International - Analyst : Great. That's really helpful color. I appreciate spending time on that. Okay. Let's turn our attention to maybe dynamics in the wealth channel. Super important growth engine for you guys. You've been there really from the beginning. You were the early I think about $16 billion of inflows over the last 12 months. At a high level, first, talk to us a little bit how the footprint of your wealth channel has changed. And so the key priorities as you push further ahead into that world and '26, both in terms of products and geographies.

Question: Alexander Blostein - Goldman Sachs International - Analyst : Great. All right. Let's double-click on a couple of things that you guys see on the ground. You mentioned, obviously, non-traded BDCs. The market continues to be hyper-focused on that whole subsector of this whole wealth ecosystem just given how much it's grown, right? I mean it's been a big driver for not just you guys, but for a lot of the firms in the old space with the wealth product in direct lending. Sales as of December 1 have clearly slowed down. for you guys and for your peers now that we've seen a couple of larger ones in terms of December first subscriptions. Perhaps not surprising given the barrage of headlines in the last two to three months, what do you hear on the ground from financial advisers in terms of kind of like their level of concern and whether or not this is likely to be just a new norm and maybe it's because level rates, tighter spreads, headlines. And now we're kind of a new slightly lower paradigm for growth in that part of the business? Or there are reasons to be optimistic and think this is just going to be a blip and we kind of reaccelerate from here?

Question: Alexander Blostein - Goldman Sachs International - Analyst : Yeah, okay. Makes sense. Rent. That's been a really nice part of the story, and it really does feel like it's accelerating without much of a macro help and then lower rates presumably make that even a little bit more interesting. So what are your expectations on the momentum in that product both in terms of same-store sales on the existing platforms as well as some of the newer places where you're adding install.

Question: Alexander Blostein - Goldman Sachs International - Analyst : Great. Let's talk about some new things. I know I asked you what are some new products you're planning to come to market with, but you just did come to market with two pretty sizable new launches. So -- let's talk about those two, so both on the old credit and most recently with respect to digital infrastructure product as well. Super exciting launch, almost $1.7 billion, $700 million of that in the wealth channel alone, give or take, lessons learned so far? And kind of how do you think about the trajectory for both of those over the next six -- 12, 13 months?

Question: Alexander Blostein - Goldman Sachs International - Analyst : Well. Yeah, that's interesting. Couple of minutes off on the clock. I want to get to maybe some of the financial items. And you actually started with that. You gave us a lot to think about in terms of the fundraising outlook for 2026. But within that, you also talked about FRE margins and also FRE per share. We haven't heard you guys talk a lot about [hurry] margins in the past and smiling. But look, as you think about the trajectory of your investment band, what do you feel like you have now the ability to pull back? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 6:40PM, OWL.N - Blue Owl Capital Inc at Goldman Sachs U.S. Financial Services Conference Where do you see the margins going over the next couple of years? And then the same token would so you guys do a small buyback, presumably, that could also become a part of the growth algo at some point of time. So how could you -- how should we think about both of those elements of the story that could obviously enhance the EPS growth of the company?

Question: Alexander Blostein - Goldman Sachs International - Analyst : Great. And then strategically, I'll end where we sort of started where you were really busy diversifying the business a year ago. You've done a bunch of deals. You're in the process of really scaling them now. anything else in the next 12 to 18 months that looks interesting where M&A could still make sense, or the focus is really still like let just double down on what we build and grow that?

Question: Alexander Blostein - Goldman Sachs International - Analyst : Great. Okay. Well, we'll leave it there, Doug. Good to see you. Thank you so much. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 6:40PM, OWL.N - Blue Owl Capital Inc at Goldman Sachs U.S. Financial Services Conference