Blue Owl Capital Inc. reported significant financial growth for the third quarter and the first nine months of 2024, driven by increased revenues and strategic acquisitions. For the three months ended September 30, 2024, the company achieved total revenues of $600.9 million, a substantial increase from $429.7 million in the same period of 2023. For the nine months, revenues rose to $1.664 billion from $1.238 billion year-over-year.
Net income attributable to Blue Owl for Q3 2024 was $29.8 million, compared to $15.1 million in Q3 2023, while net income for the nine months reached $88.8 million, up from $36.3 million in the prior year. Fee-Related Earnings (FRE) also saw a notable increase, with Q3 FRE at $326.9 million, up from $247.8 million in 2023, and nine-month FRE rising to $913.0 million from $718.3 million.
The company’s growth was bolstered by several strategic acquisitions, including the KAM Acquisition on July 1, 2024, which enhanced its investment capabilities in credit and real estate for the insurance sector, and the Atalaya Acquisition on September 30, 2024, which expanded its alternative credit presence. Additionally, Blue Owl announced the IPI Acquisition on October 7, 2024, for approximately $1.0 billion, expected to close in late 2024 or early 2025.
As of September 30, 2024, Blue Owl's total Assets Under Management (AUM) reached $234.6 billion, with $154.2 billion classified as Fee-Paying AUM. The company reported strong fundraising activity, with $11 billion in originations during Q3 2024, and noted that management fee growth exceeded 25% over the past year, primarily driven by Permanent Capital.
Total expenses for Q3 2024 were $461.1 million, up from $336.2 million in Q3 2023, largely due to increased compensation and benefits expenses, which rose by $61.1 million due to higher employee compensation and headcount. The company also incurred $35.9 million in acquisition-related costs during the nine months ended September 30, 2024.
Blue Owl's liquidity position remains strong, with $115.9 million in cash and cash equivalents and approximately $1.6 billion available under its Revolving Credit Facility as of September 30, 2024. The company anticipates that its current liquidity and cash generated from management fees will be sufficient to meet its working capital needs for at least the next 12 months.
About BLUE OWL CAPITAL INC.
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