REVENUES

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

9. REVENUES

The following table presents a disaggregated view of the Company’s revenues:


	Year Ended December 31,
(dollars in thousands)		2025		2024		2023
Credit Platform
Direct lending		$	1,308,154	$	1,133,304	$	870,475
Alternative credit		90,407		19,834		—
Investment grade credit		67,605		27,892		—
Liquid credit		23,144		27,750		27,936
Other		41,980		25,814		1,491
Amortization of deferred incentives paid to customers		(9,807)		—		—
Management Fees, Net		1,521,483		1,234,594		899,902
Administrative, transaction and other fees		216,936		225,223		154,537
Performance revenues		6,941		2,274		1,276
Total GAAP Revenues - Credit Platform		1,745,360		1,462,091		1,055,715

Real Assets Platform
Net lease		202,105		168,588		122,365
Real estate credit		42,291		19,161		—
Digital infrastructure		164,601		—		—
Amortization of deferred incentives paid to customers		(1,102)		—		—
Management Fees, Net		407,895		187,749		122,365
Administrative, transaction and other fees		61,371		27,010		14,387
Performance revenues		19,831		4,822		2,345
Total GAAP Revenues - Real Assets Platform		489,097		219,581		139,097

GP Strategic Capital Platform
GP minority stakes		615,181		589,246		526,502
GP debt financing		17,518		22,633		16,921
Professional sports minority stakes		4,181		3,395		2,409
Strategic Revenue-Share Purchase consideration amortization		(44,321)		(43,553)		(40,858)
Management Fees, Net		592,559		571,721		504,974
Administrative, transaction and other fees		43,162		42,034		31,822
Total GAAP Revenues - GP Strategic Capital Platform		635,721		613,755		536,796
Total GAAP Revenues		$	2,870,178	$	2,295,427	$	1,731,608

The table below presents the beginning and ending balances of the Company’s management fees, performance revenues and administrative, transaction and other fees receivable and unearned management fees. Substantially all of the amounts receivable are collected during the following quarter. A liability for unearned management fees is generally recognized when management fees are paid to the Company in advance. The entire change in unearned management fees shown below relates to amounts recognized as revenues in the current year period. Management fees are primarily included within due from related parties and a portion is also included within other assets in the Company’s consolidated statements of financial condition. Performance revenues and administrative, transaction and other fees receivable are included within due from related parties and unearned management fees are included within accounts payable, accrued expenses and other liabilities in the Company’s consolidated statements of financial condition.


	Year Ended December 31,
(dollars in thousands)	2025		2024
Management Fees Receivable
Beginning balance	$	356,413	$	243,203
Ending balance	$	448,195	$	356,413

Administrative, Transaction and Other Fees Receivable
Beginning balance	$	67,920	$	42,059
Ending balance	$	111,690	$	67,920

Performance Revenues Receivable
Beginning balance	$	1,672	$	2,975
Ending balance	$	1,381	$	1,672

Unearned Management Fees
Beginning balance	$	7,613	$	9,398
Ending balance	$	3,866	$	7,613

The table below presents the changes in the Company’s Strategic Revenue-Share Purchase consideration. Substantially all of the consideration was paid in Class A Shares in 2021 and is being amortized as a reduction of management fees, net in the Company’s consolidated statements of operations over the average period the related customer revenues are expected to be recognized. As of December 31, 2025, the remaining weighted average amortization period was 7.5 years.


	Year Ended December 31,
(dollars in thousands)	2025		2024
Beginning balance	$	373,528	$	417,081

Amortization	(44,321)		(43,553)
Ending Balance	$	329,207	$	373,528

Starting in 2025, the Company paid certain investors in the Company’s products incentives that are being amortized as a reduction of management fees, net in the Company’s consolidated statements of operations. These incentives are recognized over the related performance obligation period, and unamortized amounts are recorded within other assets in the Company’s consolidated statements of financial condition. As of December 31, 2025, the remaining weighted average amortization period was 1.4 years.


(dollars in thousands)	Year Ended December 31, 2025
Beginning balance	$	—
Deferred incentives paid to customers	55,862
Amortization	(10,909)
Ending Balance	$	44,953

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

BLUE OWL CAPITAL INC. 10-K