Non-Controlled, Non-Affiliated Investments was Blue Owl Capital’s largest revenue line in fiscal 2025, bringing in $1.66B of $1.85B (90%).
| Investment, Issuer Affiliation | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|
| Non-Controlled, Non-Affiliated Investments | — | $1.47B | $1.44B | $1.66B | ||
| Investment Income From Non-Controlled, Non-Affiliated Investments: | $1.12B | — | — | — | ||
| Controlled, Affiliated Investments | — | $114.85M | $151.18M | $186.70M | ||
| Investment Income From Controlled, Affiliated Investments: | $85.94M | — | — | — | ||
| Non-Controlled, Affiliated Investments | — | $252.00K | $3.14M | $5.60M | ||
| Total | $1.20B | $1.58B | $1.60B | $1.85B |
Blue Owl Capital brought in $1.85B from its three revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 15.9% from $1.60B in fiscal 2024. Non-Controlled, Non-Affiliated Investments was the largest at $1.66B (89.6%), ahead of Controlled, Affiliated Investments at $186.70M (10.1%) and Non-Controlled, Affiliated Investments at $5.60M (0.3%).
Compared with fiscal 2024, Controlled, Affiliated Investments grew 23.5% to $186.70M and Non-Controlled, Non-Affiliated Investments grew 15.0% to $1.66B.
Blue Owl Capital began breaking out Non-Controlled, Non-Affiliated Investments in fiscal 2023, Controlled, Affiliated Investments in fiscal 2023 and Non-Controlled, Affiliated Investments in fiscal 2023. Blue Owl Capital stopped reporting Investment Income From Non-Controlled, Non-Affiliated Investments: ($1.12B in fiscal 2022) and Investment Income From Controlled, Affiliated Investments: ($85.94M in fiscal 2022) as separate revenue lines.
Blue Owl Capital (OBDC) reports its revenue by investment, issuer affiliation. In fiscal 2025, Non-Controlled, Non-Affiliated Investments was its largest revenue line, bringing in $1.66B (89.6% of the total), followed by Controlled, Affiliated Investments at $186.70M (10.1%).
Non-Controlled, Non-Affiliated Investments was Blue Owl Capital's largest revenue line in fiscal 2025, bringing in $1.66B, or 89.6% of the $1.85B total across its three revenue lines.
Controlled, Affiliated Investments grew faster than Non-Controlled, Non-Affiliated Investments in fiscal 2025, up 23.5% from $151.18M to $186.70M. Non-Controlled, Non-Affiliated Investments grew 15.0% to $1.66B.
Every figure comes from Blue Owl Capital's annual financial filings, as reported. Each line keeps the name Blue Owl Capital gives it, and years follow its fiscal calendar.
Blue Owl Capital's revenue by investment, issuer affiliation goes back to fiscal 2020, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.