Blue Owl Capital Inc.

Good morning and welcome to Blue Owl Capital's second quarter 2026 earnings call. During the presentation, your lines will remain on listen only. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you'd like to withdraw your question, again press star one. Thank you. I'd like to advise all parties that this conference call is being recorded. I will now turn the call over to Ann Dai, Head of Investor Relations for Blue Owl.

Thanks, Operator, and good morning to everyone. Joining me today are Marc Lipschultz, our Co-Chief Executive Officer, and Alan Kirshenbaum, our Chief Financial Officer. I'd like to remind our listeners that remarks made during the call may contain forward-looking statements which are not a guarantee of future performance or results and involve a number of risks and uncertainties that are outside the company's control. Actual results may differ materially from those in forward-looking statements as a result of a number of factors, including those described from time to time in Blue Owl Capital's filings with the Securities and Exchange Commission. The company assumes no obligation to update any forward-looking statements. We'd also like to remind everyone that we'll refer to non-GAAP measures on the call, which are reconciled to GAAP figures in our earnings presentation available on the shareholders section of our website at blueowl.com. Please note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Blue Owl Fund. This morning, we issued our financial results for the second quarter of 2026, reporting fee-related earnings, or FRE, of 25 cents per share and distributable earnings, or DE, of 22 cents per share. We declared a dividend of 23 cents per share for the second quarter, payable on August 27th to holders of record as of August 13th. During the call today, we'll be referring to the earnings presentation, which we posted to our website this morning. So please have that on hand to follow along. With that, I'd like to turn the call over to Marc.

Great. Thank you so much, Ann. This morning, we reported our financial results for the second quarter of 2026, highlighting 9% DE growth versus a year-ago quarter. This growth was broad-based across products and geographies, demonstrating the continued diversification of Blue Owl's platform and reinforcing the strength and stability of our business across a wide variety of market environments. Over the past few quarters, we've looked to address questions about our business and our ongoing goal is to continue to offer key facts that illuminate the diversification, resilience investment performance and core growth trends we see across our business. On diversification, which we believe has been an overlooked theme and a key evolution of the Blue Owl story, We start with our real assets platform, which now constitutes nearly 30% of our AUM. We have grown real assets AUM by 25% and revenues by 27% versus a year ago, with particular strength from our net lease and digital infrastructure strategies. In this platform, our central positioning and strong track record in these markets have continued to resonate with institutional and wealth investors alike. And this has not gone unnoticed by industry participants. Recently, we were named PERE's Global Net Lease Investor of the Year, Global Data Center Investor of the Year, Global Retail Investor of the Year, and we've been ranked number two on PERE's Top 100 Real Estate Fundraisers Globally. This recognition highlights that our real assets platform, launched four and a half years ago with $12 billion of AUM, has raised more money over the past five years than nearly every other real estate manager globally. We're honored to be leading such an esteemed list of managers and believe our success reflects our singular focus on creating differentiated risk-reward and strong yield-based outcomes for our investors. Since we first established our foothold in real assets in late 2021, we've expanded AUM sevenfold and continue to anticipate that it will be our fastest growing area for the foreseeable future. In credit, the sources of growth have expanded as we invested behind strategies such as alternative credit, investment grade credit, and GP led secondaries. Today, direct lending is approximately 35% of our AUM compared to nearly half of our AUM just two years ago. In contrast, alternative credit, which is approaching 10% of our credit AUM, has experienced 35% AUM growth over the past year. During the second quarter, we reached the one-year anniversary of the inception of our alternative credit interval fund, which has surpassed $2.7 billion in size and has outperformed the leveraged loan index by more than 600 basis points over that period. We've also meaningfully scaled drawdown funds and alternative credit. Our opportunistic fund, which held its final close last quarter, raised 1.6 times more than the prior vintage against a market backdrop of private credit concerns and a challenging global fundraising environment. We continue to anticipate outsized growth from our alternative credit strategy. In GP strategic capital, our market-leading position in this specialist strategy has continued to pay off. with approximately $5.5 billion raised over the last year across the commingled fund, co-invest, and innovative strip sales structures. Finally, we continue to introduce de novo strategies that draw upon our investment expertise in various asset classes and offer incremental product suite diversity. Over the last couple of years, we have highlighted GP-led secondaries and net lease Europe as some examples of these organic growth initiatives. Last quarter, We held the final close of our Bose product at a total of $3 billion and we have closed $1.5 billion for Net Lease Europe. Adding to this list, we're now in market with the first vintages of our data center credit and real estate credit strategies and have raised over $1 billion in aggregate towards a $1.5 billion goal. Summarizing our thoughts on diversification, as we look at the first half of 2026 across Blue Owl, a period spanning the most acute headline noise and elevated redemptions for non-traded BDCs. We raised more than $16.5 billion of equity capital across the firm for more than 40% of our last 12-month total. Over the last 12 months, more than 75% of the equity capital we've raised has been into non-direct lending strategies, and roughly two-thirds has been from institutional and insurance clients, underscoring the breadth and resilience of our business. Moving on to investment performance, we continue to experience strong outcomes across the board with no meaningful change in strategy level performance. In direct lending, performance of our funds and vehicles has continued to outpace the relevant benchmarks. Importantly, the underlying portfolio companies we finance have continued to grow at mid to high single digit pace on average, providing incremental support to our position as the senior secured piece of these companies' capital structures. Across our direct lending strategy, credit health remains strong. We have seen no meaningful change in our watch list compared to a year ago. We remain vigilant on credit health and are prepared for some normalization off of very low loss rates. But today, we are sitting at a 12 basis points average annual realized loss rate with a net gain in our technology lending book. Through June, our non-traded BDC OCIC Class I shares have returned over 9% since inception. outperforming the leveraged loan and high yield indices by more than 300 and 450 basis points since inception. Additionally, we've begun to see divergence across managers. We expect differentiation and outcomes to continue across market sizing with the upper middle market outperforming the lower middle market as it has over the past years and anticipate further dispersion among upper middle market managers, highlighting quality of underwriting and credit selections. In real assets, our net lease strategy has generated 13.6% total return over the past 12 months, while the Class I shares of our non-traded REIT O-Rent have returned 9% annualized since inception. And both O-Rent and our non-traded digital infrastructure REIT ODIT have increased their dividends this past year. In GP stakes, we continue to rate very favorably against private equity products of the same vintages with top quartile rankings across funds on DPI. While we're cognizant that sentiment can shift with market conditions and investor expectations, we believe our high-quality performance across strategies will allow Blue Owl to serve our investors well through a variety of market environments. With the diversification I highlighted earlier in my remarks, ensuring balance for our platform in the midst of the crosswinds of fluctuating sentiment. Bringing it back to where we started, we believe the results we reported this morning continue to demonstrate the resilience of our business. in the midst of many market cross-currents, which do not uniquely impact Blue Owl. As I consider the growth we have achieved over the past year, two years, or even five years, we have done so through a wide range of risk-free rate environments, multiple geopolitical escalations, and a broad spectrum of capital market backdrops. Our growth rate has fluctuated through these landscapes, but we have consistently demonstrated growth and durability, and we maintained very strong investment performance throughout. We're very proud of the business we've built. We're exceptionally thankful for the tireless efforts of our great Blue Owl team, and we are optimistic about the path forward from here. With that, let me turn it to Alan to discuss our financial results.