Credit Platform was Blue Owl Capital’s largest revenue line in fiscal 2025, bringing in $1.75B of $2.87B (61%).
| Platform Access | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Credit Platform | $751.98M | $1.06B | $1.46B | $1.75B |
| Gp Strategic Capital Platform | $518.44M | $536.80M | $613.76M | $635.72M |
| Real Assets Platform | $99.31M | $139.10M | $219.58M | $489.10M |
| Total | $1.37B | $1.73B | $2.30B | $2.87B |
Blue Owl Capital brought in $2.87B from its three revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 25.0% from $2.30B in fiscal 2024. Credit Platform was the largest at $1.75B (60.8%), ahead of Gp Strategic Capital Platform at $635.72M (22.1%) and Real Assets Platform at $489.10M (17.0%).
Compared with fiscal 2024, Real Assets Platform grew fastest, up 122.7% to $489.10M. Every revenue line above 2% of revenue grew. From fiscal 2022 to 2025, combined revenue from these revenue lines grew from $1.37B to $2.87B, a compound annual growth rate of 28.0%. Credit Platform's share of the total rose from 54.9% to 60.8%.
Direct Lending was Blue Owl Capital’s largest product and service line in fiscal 2024, bringing in $1.13B of $2.30B (49%).
| Product and Service | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|---|
| Direct Lending | — | $620.54M | $870.48M | $1.13B | ||
| Gp Minority Stakes | $233.51M | $513.61M | $526.50M | $589.25M | ||
| Diversified Lending | $348.36M | — | — | — | ||
| Administrative, Transaction & Other Fees | $150.04M | $145.90M | $200.75M | $294.27M | ||
| Net Lease | — | $80.18M | $122.37M | $168.59M | ||
| Technology Lending | $66.09M | — | — | — | ||
| Investment Grade Credit | — | — | — | $27.89M | ||
| Liquid Credit | — | $19.44M | $27.94M | $27.75M | ||
| Alternative Credit | — | — | — | $19.83M | ||
| Real Estate Credit | — | — | — | $19.16M | ||
| Gp Debt Financing | $10.22M | $13.61M | $16.92M | $22.63M | ||
| Other | — | — | $1.49M | $25.81M | ||
| First Lien Lending | $15.19M | — | — | — | ||
| Performance Revenues | $5.91M | $12.22M | $3.62M | $7.10M | ||
| Opportunistic Lending | $3.99M | — | — | — | ||
| Professional Sports Minority Stakes | $477.00K | $1.61M | $2.41M | $3.40M | ||
| Strategic Revenue-Share Purchase Consideration Amortization | -$9.89M | -$37.38M | -$40.86M | -$43.55M | ||
| Total | $823.88M | $1.37B | $1.73B | $2.30B |
Blue Owl Capital brought in $2.30B from its 13 product and service lines in fiscal 2024, the year ended December 31, 2024. Blue Owl Capital regrouped these lines after fiscal 2023, so the total does not compare directly with that year's $1.73B. Direct Lending was the largest at $1.13B (49.4%), ahead of Gp Minority Stakes at $589.25M (25.7%) and Administrative, Transaction & Other Fees at $294.27M (12.8%). The other nine lines brought in $322.16M combined.
Compared with fiscal 2023, Administrative, Transaction & Other Fees grew fastest, up 46.6% to $294.27M. Every line above 2% of revenue grew.
Blue Owl Capital began breaking out Direct Lending in fiscal 2022, Net Lease in fiscal 2022, Investment Grade Credit in fiscal 2024 and Liquid Credit in fiscal 2022. Blue Owl Capital stopped reporting Diversified Lending ($348.36M in fiscal 2021), Technology Lending ($66.09M in fiscal 2021), First Lien Lending ($15.19M in fiscal 2021) and one other as separate lines. The total is net of Strategic Revenue-Share Purchase Consideration Amortization, which took $43.55M off revenue in fiscal 2024.
Credit Platform was Blue Owl Capital’s largest segment in fiscal 2021, bringing in $571.00M of $823.88M (69%).
| Segment | FY 2019 | FY 2020 | FY 2021 |
|---|---|---|---|
| Credit Platform | — | — | $571.00M |
| Gp Strategic Capital Platform | — | — | $252.88M |
| Direct Lending Products | $190.85M | $249.82M | — |
| Total | $190.85M | $249.82M | $823.88M |
Blue Owl Capital brought in $823.88M from its two segments in fiscal 2021, the year ended December 31, 2021. Blue Owl Capital regrouped these segments after fiscal 2020, so the total does not compare directly with that year's $249.82M. Credit Platform was the largest at $571.00M (69.3%), ahead of Gp Strategic Capital Platform at $252.88M (30.7%).
Blue Owl Capital began breaking out Credit Platform in fiscal 2021 and Gp Strategic Capital Platform in fiscal 2021. Blue Owl Capital stopped reporting Direct Lending Products as a separate segment after fiscal 2020, when it brought in $249.82M.
Blue Owl Capital (OWL) reports its revenue by platform access, by product and service and by segment. In fiscal 2025, Credit Platform was its largest revenue line, bringing in $1.75B (60.8% of the total), followed by Gp Strategic Capital Platform at $635.72M (22.1%).
Credit Platform was Blue Owl Capital's largest revenue line in fiscal 2025, bringing in $1.75B, or 60.8% of the $2.87B total across its three revenue lines.
Direct Lending was Blue Owl Capital's largest product and service line in fiscal 2024, bringing in $1.13B, or 49.4% of the $2.30B total across its 13 product and service lines.
Credit Platform was Blue Owl Capital's largest segment in fiscal 2021, bringing in $571.00M, or 69.3% of the $823.88M total across its two segments.
Among Blue Owl Capital's revenue lines that make up at least 2% of revenue, Real Assets Platform grew fastest in fiscal 2025, up 122.7% from $219.58M to $489.10M.
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 platform access goes back to fiscal 2022, 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.