蓝鹰资本有限公司-A 2025年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period from to BLUE OWL CAPITAL INC. (Exact name of registrant as specified in its charter)___________________________ Delaware 86-3906032 (State or other jurisdiction ofincorporation or organization) (I.R.S. EmployerIdentification No.) 399 ParkAvenue,NewYork,NY10022 (address of principal executive offices) (212) 419-3000(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on whichregistered New York Stock Exchange Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) ofthe Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrantwas required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or forsuch shorter period that the registrant was required to submit and post such files). Yes☒No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,”“accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the ExchangeAct. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☒ Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latestpracticable date. TABLE OF CONTENTS PART IFINANCIAL INFORMATION8Item 1.Financial Statements8Item 2.Management’s Discussion and Analysis of Financial Condition and Results ofOperations8Item 3.Quantitative and Qualitative Disclosures About Market Risk29Item 4.Controls and Procedures29 OTHER INFORMATION PART II Item 1.Legal Proceedings31Item 1A.Risk Factors31Item 2.Unregistered Sales of Equity Securities and Use of Proceeds31Item 3.Defaults Upon Senior Securities31Item 4.Mine Safety Disclosures31Item 5.Other Information31 Item 6.ExhibitsSignaturesIndex to Financial Statements DEFINED TERMS Assets Under Management orAUM Refers to the assets that we manage, and is generally equal to the sum of (i) netasset value (“NAV”); (ii) drawn and undrawn debt; (iii) uncalled capitalcommitments; (iv) total managed assets for certain Credit and Real Assetsproducts; and (v) par value of collateral for collateralized loan obligations(“CLOs”) and other securitizations. Refers to the acquisition of the business of alternative credit manager AtalayaCapital Management LP (“Atalaya”) that was completed on September 30, 2024. Atalaya Acquisition Refers to our annual report for the year ended December 31, 2024, filed with theSEC on Form 10-K on February 21, 2025. Annual Report our BDCs Refers to the business development companies (“BDCs”) we manage, asregulated under the Investment Company Act of 1940, as amended: Blue OwlCapital Corporation (NYSE: OBDC) (“OBDC”), Blue Owl Capital CorporationII (“OBDC II”), Blue Owl Technology Finance Corp. (“OTF”), Blue Owl CreditIncome Corp. (“OCIC”), Blue Owl Technology Income Corp. (“OTIC”), untilJanuary 13, 2025, Blue Owl Capital Corporation III (“OBDE”) and, until March24, 2025, Blue Owl Technology Finance Corp. II (“OTF II”). Refers to the Registrant and its consolidated subsidiaries. Blue Owl, the Company, thefirm, we, us, and our Blue Owl CarryBlue Owl GP Refers to Blue Owl Capital Carry LP. Refers collectively to Blue Owl Capital GP Holdings LLC, Blue Owl Capital GPLLC, and certain other directly or indirectly wholly owned subsidiaries of theRegistrant that hold the Registrant’s interests in Blue Owl Holdings, as well asBlue Owl Carry prior to the Internal Reorganization. Blue Owl HoldingsBlue Owl Operating Group Refers to Blue Owl Capital Holdings LP. Prior to the Internal Reorganization, referred collectively to Blue Owl Holdingsand Blue Owl Carry and their consolidated subsidiaries. Following the InternalReorganization, refers to Blue Owl Holdings and its consolidated subsidiariesand any future entity designated by our board of directors in its sole discretion asa Blue Owl Operating Partnership. Prior to the Internal Reorganization, referred collectively