Blue Owl Capital (OWL) Q1 FY26 earnings call

Blue Owl Capital delivered strong Q1 FY26 results, driven by diversified fundraising and resilient portfolio performance. The firm raised $11 billion in capital, with significant institutional inflows and continued demand for real asset strategies, which helped offset modest net outflows from non-traded BDCs. Management emphasized disciplined expense management, reaffirming its FRE margin target for the year, and highlighted the strength of its credit portfolios despite broader macro uncertainties and increased LTVs in software lending.