Blue Owl Capital (OWL) 10-Q2 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Oct. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-39653
Entity Registrant Name	BLUE OWL CAPITAL INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-3906032
Entity Address, Address Line One	399 Park Avenue,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	419-3000
Title of 12(b) Security	Class A common stock
Trading Symbol	OWL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001823945
Current Fiscal Year End Date	--12-31
Class A Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		455,748,576
Class B Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Class C Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		635,393,693
Class D Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		317,762,127

Consolidated and Combined State

Consolidated and Combined Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 76,695	$ 68,079
Due from Related Parties	346,273	357,921
Investments (includes $67,430 and $16,922 at fair value and $352,089 and $315,304 of investments in the Company’s products, respectively)	353,139	317,231
Operating lease assets	271,709	224,411
Strategic Revenue-Share Purchase consideration, net	427,741	457,939
Deferred tax assets	764,844	757,234
Intangible assets, net	2,167,890	2,405,422
Goodwill	4,224,936	4,205,159
Other assets, net	138,048	99,679
Total Assets	8,771,275	8,893,075
Liabilities
Debt obligations, net	1,745,953	1,624,771
Accrued compensation	289,638	309,644
Operating lease liabilities	303,723	239,844
TRA liability (includes $112,795 and $120,587 at fair value, respectively)	837,923	820,960
Warrant liability, at fair value	12,100	8,550
Earnout liability, at fair value	91,412	172,070
Deferred tax liabilities	35,951	41,791
Accounts payable, accrued expenses and other liabilities	136,351	126,559
Total Liabilities	3,453,051	3,344,189
Commitments and Contingencies (Note 11)
Stockholders’ Equity
Additional paid-in capital	2,378,799	2,293,903
Accumulated deficit	(837,126)	(689,345)
Total Stockholders’ Equity Attributable to Blue Owl Capital Inc.	1,541,815	1,604,698
Stockholders’ equity attributable to noncontrolling interests	3,776,409	3,944,188
Total Stockholders’ Equity	5,318,224	5,548,886
Total Liabilities and Stockholders’ Equity	8,771,275	8,893,075
Class A Shares
Stockholders’ Equity
Common stock value	46	45
Class C Shares
Stockholders’ Equity
Common stock value	64	63
Class D Shares
Stockholders’ Equity
Common stock value	$ 32	$ 32

Consolidated and Combined Sta_2

Consolidated and Combined Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investments at fair value	$ 67,430	$ 16,922
Investments in the company's products	352,089	315,304
Portion of TRA at fair value	$ 112,795	$ 120,587
Class A Shares
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, shares, issued (in shares)	455,586,790	445,131,351
Common stock, shares outstanding (in shares)	455,586,790	445,131,351
Class C Shares
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares, issued (in shares)	635,393,693	629,402,505
Common stock, shares outstanding (in shares)	635,393,693	629,402,505
Class D Shares
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares, issued (in shares)	317,762,127	319,132,127
Common stock, shares outstanding (in shares)	317,762,127	319,132,127

Consolidated and Combined Sta_3

Consolidated and Combined Statements of Operations (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Revenues		$ 429,650	$ 370,986	$ 1,237,573	$ 974,209
Expenses
Compensation and benefits		213,976	234,745	619,875	646,755
Amortization of intangible assets		56,724	65,835	243,532	192,246
General, administrative and other expenses		65,485	67,972	173,101	165,655
Total Expenses		336,185	368,552	1,036,508	1,004,656
Other Loss
Net gains (losses) on investments		(1,227)	(592)	2,415	(710)
Interest expense, net		(13,986)	(15,027)	(41,127)	(42,912)
Change in TRA liability		35	3,599	8,187	(4,683)
Change in warrant liability		(2,050)	(2,747)	(3,550)	35,734
Change in earnout liability		(2,074)	(1,760)	(4,912)	(2,464)
Total Other Loss		(19,302)	(16,527)	(38,987)	(15,035)
Income (Loss) Before Income Taxes		74,163	(14,093)	162,078	(45,482)
Income tax expense (benefit)		10,652	(4,085)	22,494	(3,492)
Consolidated and Combined Net Income (Loss)		63,511	(10,008)	139,584	(41,990)
Net (income) loss attributable to noncontrolling interests		(48,402)	12,068	(103,299)	31,109
Net Income (Loss) Attributable to Blue Owl Capital Inc.		$ 15,109	$ 2,060	$ 36,285	$ (10,881)
Earnings (Loss) per Class A Share
Basic (in dollars per share)		$ 0.03	$ 0	$ 0.08	$ (0.03)
Diluted (in dollars per share)		$ 0.03	$ 0	$ 0.07	$ (0.03)
Weighted-Average Class A Shares
Basic (in shares)	[1]	466,376,329	441,487,112	460,691,359	427,172,270
Diluted (in shares)		482,573,913	1,411,812,068	1,432,190,782	427,172,270
Management Fees, Net
Revenues
Revenues		$ 386,009	$ 338,377	$ 1,116,663	$ 870,334
Administrative, transaction and other fees
Revenues
Revenues		43,641	32,609	120,404	103,875
Realized performance income
Revenues
Revenues		$ 0	$ 0	$ 506	$ 0

[1]Included in the weighted-average Class A Shares outstanding were RSUs that have vested but have not been settled in Class A Shares. These RSUs do not participate in dividends until settled in Class A Shares. See Note 13.

Consolidated and Combined Sta_4

Consolidated and Combined Statements of Operations (Unaudited) (Parenthetical)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Part I fees	Business Development Company Fees [Member]	Business Development Company Fees [Member]	Business Development Company Fees [Member]	Business Development Company Fees [Member]

Consolidated and Combined Sta_5

Consolidated and Combined Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A Shares	Class C Shares	Class D Shares	Total Stockholders' Equity Attributable to Blue Owl Capital Inc.	Common Stock Class A Shares	Common Stock Class C Shares	Common Stock Class D Shares	Additional Paid-in Capital	Accumulated Deficit	Stockholders’ Equity Attributable to Noncontrolling Interests
Beginning balance at Dec. 31, 2021						$ 40	$ 67	$ 32	$ 2,160,934	$ (497,506)	$ 4,184,003
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Settlement of Oak Street Earnout Units							0
Class C Shares and Common Units exchanged for Class A Shares						4	(3)
Class D Shares exchanged for Class C Shares							0
Equity classified contingent consideration in connection with Wellfleet Acquisition									969
Deferred taxes on capital transactions									90,125
TRA liability on capital transactions									(116,634)
Exercise of warrants									25,765
Equity-based compensation									8,402		272,484
Withholding taxes on vested RSUs									(600)		(1,298)
Class A Share repurchases									(33,967)
Reallocation between additional paid-in capital and noncontrolling interests due to changes in Blue Owl Operating Group ownership									157,742		(157,742)
Cash dividends declared on Class A Shares										(129,913)
Comprehensive income (loss)										(10,881)	(31,109)
Contributions											22,311
Distributions											(308,289)
Ending Balance at Sep. 30, 2022	$ 5,634,936				$ 1,654,576	$ 44	$ 64	$ 32	2,292,736	(638,300)	3,980,360
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash Dividends Paid per Class A Share (in dollars per share)	$ 0.31
Beginning balance (in shares) at Dec. 31, 2021						404,919,411	674,766,200	319,132,127
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Class A Share repurchases (in shares)	(3,021,079)					(3,021,079)
Shares delivered on vested units (in shares)						280,446	0
Class C Shares and Common Units exchanged for Class A Shares ( in shares)						37,503,049	(37,503,049)
Exercise of warrants (in shares)						2,156,354
Class D shares exchanged for Class C Shares (in shares)							0	0
Settlement of Oak Street Earnout Units (in shares)							0
Ending balance (in shares) at Sep. 30, 2022						441,838,181	637,263,151	319,132,127
Beginning balance at Jun. 30, 2022						$ 42	$ 66	$ 32	2,214,274	(591,727)	4,064,351
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Settlement of Oak Street Earnout Units							0
Class C Shares and Common Units exchanged for Class A Shares						2	(2)
Class D Shares exchanged for Class C Shares							0
Equity classified contingent consideration in connection with Wellfleet Acquisition									969
Deferred taxes on capital transactions									47,135
TRA liability on capital transactions									(60,869)
Exercise of warrants									25,763
Equity-based compensation									662		98,334
Withholding taxes on vested RSUs									(207)		(384)
Class A Share repurchases									(9,729)
Reallocation between additional paid-in capital and noncontrolling interests due to changes in Blue Owl Operating Group ownership									74,738		(74,738)
Cash dividends declared on Class A Shares										(48,633)
Comprehensive income (loss)										2,060	(12,068)
Contributions											11,550
Distributions											(106,685)
Ending Balance at Sep. 30, 2022	$ 5,634,936				1,654,576	$ 44	$ 64	$ 32	2,292,736	(638,300)	3,980,360
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash Dividends Paid per Class A Share (in dollars per share)	$ 0.11
Beginning balance (in shares) at Jun. 30, 2022						420,102,492	657,808,589	319,132,127
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Class A Share repurchases (in shares)	(1,021,079)					(1,021,079)
Shares delivered on vested units (in shares)						55,176	0
Class C Shares and Common Units exchanged for Class A Shares ( in shares)						20,545,438	(20,545,438)
Exercise of warrants (in shares)						2,156,154
Class D shares exchanged for Class C Shares (in shares)							0	0
Settlement of Oak Street Earnout Units (in shares)							0
Ending balance (in shares) at Sep. 30, 2022						441,838,181	637,263,151	319,132,127
Beginning balance at Dec. 31, 2022	$ 5,548,886					$ 45	$ 63	$ 32	2,293,903	(689,345)	3,944,188
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Settlement of Oak Street Earnout Units							1
Class C Shares and Common Units exchanged for Class A Shares						1	(1)
Class D Shares exchanged for Class C Shares							1
Equity classified contingent consideration in connection with Wellfleet Acquisition									(969)
Deferred taxes on capital transactions									20,600
TRA liability on capital transactions									(25,151)
Exercise of warrants									0
Equity-based compensation									11,308		190,078
Withholding taxes on vested RSUs									(3,619)		(7,572)
Class A Share repurchases									0
Reallocation between additional paid-in capital and noncontrolling interests due to changes in Blue Owl Operating Group ownership									82,727		(82,727)
Cash dividends declared on Class A Shares										(184,066)
Comprehensive income (loss)										36,285	103,299
Contributions											35,477
Distributions											(406,334)
Ending Balance at Sep. 30, 2023	$ 5,318,224				1,541,815	$ 46	$ 64	$ 32	2,378,799	(837,126)	3,776,409
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash Dividends Paid per Class A Share (in dollars per share)	$ 0.41
Beginning balance (in shares) at Dec. 31, 2022		445,131,351	629,402,505	319,132,127		445,131,351	629,402,505	319,132,127
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Class A Share repurchases (in shares)	0					0
Shares delivered on vested units (in shares)						992,489	1,046,973
Class C Shares and Common Units exchanged for Class A Shares ( in shares)						9,462,950	(9,462,950)
Exercise of warrants (in shares)						0
Class D shares exchanged for Class C Shares (in shares)							1,370,000	(1,370,000)
Settlement of Oak Street Earnout Units (in shares)							13,037,165
Ending balance (in shares) at Sep. 30, 2023		455,586,790	635,393,693	317,762,127		455,586,790	635,393,693	317,762,127
Beginning balance at Jun. 30, 2023						$ 45	$ 63	$ 32	2,359,830	(788,525)	3,800,075
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Settlement of Oak Street Earnout Units							0
Class C Shares and Common Units exchanged for Class A Shares						1	0
Class D Shares exchanged for Class C Shares							1
Equity classified contingent consideration in connection with Wellfleet Acquisition									0
Deferred taxes on capital transactions									10,440
TRA liability on capital transactions									(1,628)
Exercise of warrants									0
Equity-based compensation									3,745		64,198
Withholding taxes on vested RSUs									(2,064)		(4,313)
Class A Share repurchases									0
Reallocation between additional paid-in capital and noncontrolling interests due to changes in Blue Owl Operating Group ownership									8,476		(8,477)
Cash dividends declared on Class A Shares										(63,710)
Comprehensive income (loss)										15,109	48,402
Contributions											15,700
Distributions											(139,176)
Ending Balance at Sep. 30, 2023	$ 5,318,224				$ 1,541,815	$ 46	$ 64	$ 32	$ 2,378,799	$ (837,126)	$ 3,776,409
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash Dividends Paid per Class A Share (in dollars per share)	$ 0.14
Beginning balance (in shares) at Jun. 30, 2023						454,557,594	633,520,277	319,132,127
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Class A Share repurchases (in shares)	0					0
Shares delivered on vested units (in shares)						485,639	1,046,973
Class C Shares and Common Units exchanged for Class A Shares ( in shares)						543,557	(543,557)
Exercise of warrants (in shares)						0
Class D shares exchanged for Class C Shares (in shares)							1,370,000	(1,370,000)
Settlement of Oak Street Earnout Units (in shares)							0
Ending balance (in shares) at Sep. 30, 2023		455,586,790	635,393,693	317,762,127		455,586,790	635,393,693	317,762,127

Consolidated and Combined Sta_6

Consolidated and Combined Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities
Consolidated and combined net income (loss)	$ 139,584	$ (41,990)
Adjustments to reconcile consolidated and combined net income (loss) to net cash from operating activities:
Amortization of intangible assets	243,532	192,246
Equity-based compensation	219,075	309,362
Depreciation and amortization of fixed assets	7,406	694
Amortization of debt discounts and deferred financing costs	3,619	3,268
Amortization of investment discounts and premiums	0	6
Non-cash lease expense	16,581	5,114
Payment of earnout liability in excess of acquisition-date fair value	(7,406)	0
Net gains on investments, net of dividends	(2,415)	710
Change in TRA liability	(8,187)	4,683
Change in warrant liability	3,550	(35,734)
Change in earnout liability	4,912	2,464
Deferred income taxes	7,147	(15,174)
Changes in operating assets and liabilities:
Due from related parties	12,116	(138,170)
Strategic Revenue-Share Purchase consideration	30,198	27,614
Other assets, net	(4,198)	(3,070)
Accrued compensation	(34,510)	61,713
Accounts payable, accrued expenses and other liabilities	9,792	78,657
Net Cash Provided by Operating Activities	640,796	452,393
Cash Flows from Investing Activities
Purchases of fixed assets	(34,372)	(41,635)
Purchases of investments	(68,000)	(192,812)
Proceeds from investment sales and maturities	34,507	3,027
Cash consideration paid for acquisitions, net of cash consideration received	(26,245)	(114,454)
Net Cash Used in Investing Activities	(94,110)	(345,874)
Cash Flows from Financing Activities
Proceeds from debt obligations	819,800	583,060
Debt issuance costs	(5,689)	(8,536)
Repayments of debt obligations, including retirement costs	(700,000)	(229,000)
Payment of earnout liability up to acquisition-date fair value	(79,134)	0
Equity-classified RSUs settled in cash	(3,186)	0
Withholding taxes on vested RSUs	(11,191)	(1,898)
Dividends paid on Class A Shares	(184,066)	(129,913)
Proceeds from exercise of warrants	0	151
Class A Share repurchases	0	(33,967)
Contributions from noncontrolling interests	31,730	18,840
Distributions to noncontrolling interests	(406,334)	(308,289)
Net Cash Used in Financing Activities	(538,070)	(109,552)
Net Increase (Decrease) in Cash and Cash Equivalents	8,616	(3,033)
Cash and cash equivalents, beginning of period	68,079	42,567
Cash and Cash Equivalents, End of Period	76,695	39,534
Supplemental Information
Cash paid for interest	47,482	28,113
Cash paid for income taxes	$ 13,882	$ 4,620

ORGANIZATION

ORGANIZATION	9 Months Ended
ORGANIZATION	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	1. ORGANIZATION Blue Owl Capital Inc. (the “Registrant”), a Delaware corporation, together with its consolidated subsidiaries (collectively, the “Company” or “Blue Owl”), is a global alternative asset manager. Anchored by a strong Permanent Capital base, the Company deploys private capital across Credit, GP Strategic Capital and Real Estate platforms on behalf of institutional and private wealth clients. The Company’s primary sources of revenues are management fees, which are generally based on the amount of the Company’s fee-paying assets under management. The Company generates substantially all of its revenues in the United States. The Company operates through one operating and reportable segment. This single reportable segment reflects how the chief operating decision makers allocate resources and assess performance under the Company’s “one-firm approach,” which includes operating collaboratively across product lines, with predominantly a single expense pool. The Company conducts its operations through Blue Owl Capital Holdings LP (“Blue Owl Holdings”) and Blue Owl Capital Carry LP (“Blue Owl Carry”). Blue Owl Holdings and Blue Owl Carry are referred to, collectively, as the “Blue Owl Operating Partnerships,” and collectively with their consolidated subsidiaries, as the “Blue Owl Operating Group.” The Registrant holds its controlling financial interests in the Blue Owl Operating Group indirectly through Blue Owl Capital GP Holdings LLC and Blue Owl Capital GP LLC (collectively, “Blue Owl GP”), which are directly or indirectly wholly owned subsidiaries of the Registrant. Business Combination, Including Dyal Acquisition The Registrant was initially incorporated in the Cayman Islands as Altimar Acquisition Corporation (“Altimar”), a special purpose acquisition company. Pursuant to the Business Combination Agreement dated December 23, 2020, as amended, modified, supplemented or waived from time to time (the “Business Combination Agreement”), on May 19, 2021 (“Business Combination Date”), (i) Altimar was redomiciled as a Delaware corporation and changed its name to Blue Owl Capital Inc., (ii) Altimar merged with the combined businesses of Owl Rock Capital Group LLC and Blue Owl Securities LLC (“Owl Rock”) (the “Altimar Merger”) and (iii) the Company acquired Dyal Capital Partners (“Dyal Capital”), a former division of Neuberger Berman Group LLC (the “Dyal Acquisition”) (collectively with the Altimar Merger, the “Business Combination”). As further discussed in Note 2, for both the Altimar Merger and the Dyal Acquisition, Owl Rock was deemed to be the acquirer for accounting purposes. Therefore, the predecessor to Blue Owl is “Owl Rock,” a combined carve-out of Owl Rock Capital Group LLC and Blue Owl Securities LLC (“Securities”). Oak Street Acquisition On December 29, 2021, the Company completed its acquisition of Blue Owl Real Estate Capital, LLC (f/k/a Oak Street Real Estate Capital, LLC,“Oak Street”) and its advisory business (the “Oak Street Acquisition”). Wellfleet Acquisition On April 1, 2022, the Company completed its acquisition of Blue Owl Liquid Credit Partners (f/k/a Wellfleet Credit Partners, LLC “Wellfleet”), a manager of collateralized loan obligations (“CLOs”) (the “Wellfleet Acquisition”). Par-Four Acquisition On August 15, 2023, the Company acquired the rights to certain CLO management agreements, related assets and personnel from Par-Four CLO Management LLC (“Par-Four”) (the “Par-Four Acquisition,” and collectively with the Oak Street Acquisition, Dyal Acquisition and Wellfleet Acquisition, the “Acquisitions”). Registrant’s Capital Structure The following table presents the number of shares of the Registrant, RSUs and warrants that were outstanding as of September 30, 2023: September 30, 2023 Class A Shares 455,586,790 Class C Shares 635,393,693 Class D Shares 317,762,127 RSUs 24,493,423 Private Placement Warrants 5,000,000 Class A Shares —Shares of Class A common stock that are publicly traded. Class A Stockholders are entitled to dividends declared on the Class A Shares by the Registrant’s board of directors (the “Board”). As of September 30, 2023, the Class A Shares and Class C Shares (collectively, the “Low-Vote Shares”) represent a combined 20% of the total voting power of all shares. Prior to April 2022, the Low-Vote Shares represented 10% of the total voting power of all shares. Class B Shares —Shares of Class B common stock that are not publicly traded. Class B Stockholders are entitled to dividends in the same amount per share as declared on Class A Shares. As of September 30, 2023, the Class B Shares and Class D Shares (collectively, the “High-Vote Shares”) represent a combined 80% of the total voting power of all shares. Prior to April 2022, the High-Vote Shares represented 90% of the total voting power of all shares. No Class B Shares have been issued from inception through September 30, 2023. Common Units (as defined below) held by certain senior members of management (“Principals”) are exchangeable on a one-for-one basis for Class B Shares. Class C Shares —Shares of Class C common stock that are not publicly traded. Class C Stockholders do not participate in the earnings of the Registrant, as the holders of such shares participate in the economics of the Blue Owl Operating Group through their direct and indirect holdings of Common Units and Incentive Units (as defined below and subject to limitations on unvested units). For every Common Unit held directly or indirectly by non-Principals, one Class C Share is issued to grant a corresponding voting interest in the Registrant. The Class C Shares are Low-Vote Shares as described above. Class D Shares —Shares of Class D common stock that are not publicly traded. Class D Stockholders do not participate in the earnings of the Registrant, as the holders of such shares participate in the economics of the Blue Owl Operating Group through their direct or indirect holdings of Common Units and Incentive Units (subject to limitations on unvested units). For every Common Unit held directly and indirectly by Principals, one Class D Share is issued to grant a corresponding voting interest in the Registrant. The Class D Shares are High-Vote Shares as described above. RSUs —The Company grants Class A restricted share units (“RSUs”) to its employees and independent Board members. An RSU entitles the holder to receive a Class A Share, or cash equal to the fair value of a Class A Share at the election of the Board, upon completion of a requisite service period. RSUs granted to-date do not accrue dividend equivalents. No RSUs were issued prior to the Business Combination. RSU grants are accounted for as equity-based compensation. See Note 8 and the Company’s Annual Report for additional information. Warrants —In connection with the Business Combination, the Company issued warrants to purchase Class A Shares at a price of $11.50 per share. A portion of the outstanding warrants are held by the sponsor of Altimar (“Private Placement Warrants”) and the remaining warrants were held by other third-party investors (“Public Warrants”). The Private Placement Warrants will expire five years from the Business Combination Date. In August 2022, the Company redeemed all outstanding Public Warrants, as further discussed below. Blue Owl Operating Partnerships’ Capital Structure The following table presents the interests outstanding of the Blue Owl Operating Group that were outstanding as of September 30, 2023, which interests are collectively referred to as “Blue Owl Operating Group Units”: Units September 30, 2023 GP Units 455,586,790 Common Units 953,155,820 Incentive Units 34,594,784 GP Units —The Registrant indirectly holds a general partner interest and all of the GP Units in each of the Blue Owl Operating Partnerships. The GP Units are general partner interests in the Blue Owl Operating Partnerships that represent the Registrant’s economic ownership in the Blue Owl Operating Group. For each Class A Share and Class B Share outstanding, the Registrant indirectly holds an equal number of GP Units. References to GP Units refer collectively to a GP Unit in each of the Blue Owl Operating Partnerships. References to GP Units also include Common Units (as defined below) acquired and held directly or indirectly by the Registrant as a result of Common Units exchanged for Class A Shares. Common Units —Common Units are limited partner interests held by certain members of management, employees and other third parties in the Blue Owl Operating Partnerships. Subject to certain restrictions, Common Units are exchangeable on a one-for-one basis for either Class A Shares (if held by a non-Principal) or Class B Shares (if held by a Principal). Common Unit exchanges may be settled in cash at the election of the Company’s Exchange Committee (currently composed of independent members of the Board), and only if funded from proceeds of a new permanent equity offering. Common Units held by Principals are exchangeable after the two-year anniversary of the Business Combination Date. References to Common Units refer collectively to a Common Unit in each of the Blue Owl Operating Partnerships, but excludes any Common Units held directly or indirectly by the Registrant. Upon an exchange of Common Units for an equal number of Class A Shares or Class B Shares, a corresponding number of Class C Shares or Class D Shares, respectively, will be cancelled. Common Unitholders are entitled to distributions in the same amount per unit as declared on GP Units. Incentive Units —Incentive Units are Class P limited partner interests in the Blue Owl Operating Partnerships granted to certain members of management, employees and consultants (collectively, “Incentive Unit Grantees”) and are generally subject to vesting conditions, as further discussed in Note 8. Incentive Units are held indirectly through Blue Owl Management Vehicle LP on behalf of Incentive Unit Grantees. A vested Incentive Unit may convert into a Common Unit upon becoming economically equivalent on a tax basis to a Common Unit. Once vested, Incentive Unitholders are entitled to distributions in the same amount per unit as declared on GP Units and Common Units. Unvested Incentive Unitholders generally are not entitled to distributions; however, consistent with other Blue Owl Operating Group Units (other than Oak Street Earnout Units), unvested Incentive Units receive taxable income allocations that may subject holders to tax liabilities. As a result, Incentive Unitholders (consistent with other Blue Owl Operating Group Units other than Oak Street Earnout Units) may receive tax distributions on unvested units to cover a portion or all of such tax liabilities. Share Repurchases, RSUs Withheld for Tax Withholding and Warrants Redeemed The following table presents share repurchase activity and RSUs withheld to satisfy tax withholding obligations during each of the indicated periods: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Number of shares purchased pursuant to the Programs — 1,021,079 — 3,021,079 Number of RSUs withheld to satisfy tax withholding obligations 542,167 45,668 901,113 152,838 Number of warrants cancelled upon redemption, net of shares issued — 7,002,894 — 7,002,894 On May 4, 2022, the Company’s Board authorized the repurchase of up to $150.0 million of Class A Shares. Under the repurchase program (the “Program”), repurchases may be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual numbers repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The Program may be changed, suspended or discontinued at any time and will terminate upon the earlier of (i) the purchase of all shares available under the Program or (ii) December 31, 2024. The Program replaced the previously authorized program (collectively, the “Programs”) under which the Company repurchased 2,000,000 shares during the first quarter of 2022. Pursuant to the terms of the Company’s RSU awards, upon the vesting of RSUs to employees, the Company net settles awards to satisfy employee tax withholding obligations. In such instances, the Company cancels a number of RSUs equivalent in value to the amount of tax withholding payments that the Company is making on behalf of employees out of available cash. During the third quarter of 2022, of the 9,159,048 Public Warrants that were outstanding on July 18, 2022, 14,553 were exercised for cash at an exercise price of $11.50 per Class A Share in exchange for an aggregate of 14,553 Class A Shares and 8,961,029 Public Warrants were exercised on a cashless basis in exchange for an aggregate of 2,141,601 Class A Shares. The remaining 183,466 Public Warrants were redeemed for $0.10 per warrant. Total cash proceeds generated from exercises of the Public Warrants during the three months ended September 30, 2022 were $0.2 million. Acquisitions-Related Earnouts In connection with the Oak Street Acquisition, the Company agreed to make additional payments of cash (“Oak Street Cash Earnout”) and Common Units (“Oak Street Earnout Units” and collectively with the Oak Street Cash Earnout, the “Oak Street Earnouts”) in two tranches upon the occurrence of certain “Oak Street Triggering Events.” The Oak Street Triggering Events are based on achieving a certain level of quarterly management fee revenues from existing and future Oak Street products. In January 2023, the Oak Street Triggering Event occurred with respect to the First Oak Street Earnout. The Second Oak Street Earnout, including the delivery of 13,037,165 Common Units, is expected to vest and shall become payable in January 2024. See Note 3 to the financial statements in the Company’s Annual Report for additional information. In connection with the Wellfleet Acquisition, the Company agreed to make additional payments of cash (“Wellfleet Earnout Cash”) and Class A Shares (“Wellfleet Earnout Shares” and collectively with the Wellfleet Earnout Cash, the “Wellfleet Earnouts”) to the sellers in three tranches at each anniversary following the closing of the transaction for three years, contingent upon the continued employment of certain Wellfleet employees (“Wellfleet Triggering Events”). In April 2023, the Company modified the Wellfleet Earnout Shares arrangement, such that the settlement of the Wellfleet Earnout Shares would be in cash at each payment date, including the settlement of the First Wellfleet Earnouts during the second quarter of 2023. See Note 3 to the financial statements in the Company’s Annual Report for additional information. Common Unit Exchanges From time to time, the Company exchanges Common Units and Class C Shares for an equal number of Class A Shares. As a result of these exchanges, the Company reallocates equity from noncontrolling interests to the Company’s additional paid-in capital and records additional deferred tax assets and TRA liability in connection with the exchanges. See the consolidated and combined statement of stockholders’ equity for these amounts.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These unaudited, interim, consolidated and combined financial statements (“Financial Statements”) are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). All intercompany transactions and balances have been eliminated in consolidation and combination. The notes are an integral part of the Company’s Financial Statements. In the opinion of management, all adjustments necessary for a fair presentation of the Company’s Financial Statements have been included and are of a normal and recurring nature. The Company’s comprehensive income (loss) is comprised solely of consolidated and combined net income (loss) (i.e., the Company has no other comprehensive income). These interim Financial Statements should be read in conjunction with the annual report for the year ended December 31, 2022, filed with the SEC on Form 10-K (“Annual Report”). Prior to the Business Combination, Blue Owl’s financial statements were prepared on a consolidated and combined basis. As part of the Business Combination, Securities was contributed to the Blue Owl Operating Group. Following the Business Combination, the financial statements are prepared on a consolidated basis. The merger between Owl Rock and Altimar was accounted for as a reverse asset acquisition, with no step-up to fair value on any assets or liabilities, and therefore no goodwill or other intangible assets were recorded. The Acquisitions were accounted for using the acquisition method of accounting. As a result, the Company recorded the fair value of the net assets acquired as of the closing date of each respective acquisition, and operating results for each acquired business are included starting as of such each respective date. For details about Blue Owl’s significant accounting policies and accounting updates adopted in the prior year, see Note 2 to the financial statements in the Company’s Annual Report. During the nine months ended September 30, 2023, there were no material updates to Blue Owl’s significant accounting policies. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make assumptions and estimates that affect the amounts reported in the Financial Statements. The most critical of these estimates are related to (i) the fair value of the investments held by the products the Company manages, as for many products, this impacts the amount of revenues the Company recognizes each period; (ii) the fair value of equity-based compensation grants; (iii) the fair values of liabilities with respect to the TRA (the portion considered contingent consideration), warrants and earnout liabilities; (iv) the estimate of future taxable income, which impacts the realizability and carrying amount of the Company’s deferred income tax assets; and (v) the qualitative and quantitative assessments of whether impairments of intangible assets and goodwill exist. Inherent in such estimates and judgements relating to future cash flows, which include the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. While management believes that the estimates utilized in preparing the Financial Statements are reasonable and prudent, actual results could differ materially from those estimates. New Accounting Pronouncements The Company considers the applicability and impact of all ASUs issued by the FASB. None of the ASUs that have been issued but not yet adopted are expected to have a material impact on the Company’s Financial Statements.

ACQUISITIONS AND INTANGIBLE ASS

ACQUISITIONS AND INTANGIBLE ASSETS, NET	9 Months Ended
ACQUISITIONS AND INTANGIBLE ASSETS, NET	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND INTANGIBLE ASSETS, NET	3. ACQUISITIONS AND INTANGIBLE ASSETS, NET Par-Four Acquisition The following table presents the consideration, net identifiable assets acquired and goodwill related to the Par-Four Acquisition: (dollars in thousands) Consideration Cash Consideration $ 26,245 Net Identifiable Assets Acquired and Goodwill Assets acquired: Intangible assets - Investment management agreements $ 6,000 Due from related parties 468 Net Identifiable Assets Acquired $ 6,468 Goodwill (1) $ 19,777 (1) Goodwill represents the amount of total consideration in excess of net identifiable assets acquired. The goodwill and intangible assets recognized are expected to be deductible by the Blue Owl Operating Partnerships for tax purposes. The acquired investment management agreements had a weighted-average amortization period of 4.9 years from the date of acquisition. Par-Four’s results are included in the Company’s consolidated results starting from the date the acquisition closed, August 15, 2023, and such amounts are not material to the Financial Statements. Intangible Assets, Net The following table summarizes the Company’s intangible assets, net: (dollars in thousands) September 30, December 31, Remaining Weighted-Average Amortization Period as of September 30, 2023 Intangible assets, gross: Investment management agreements $ 2,228,320 $ 2,222,320 11.9 years Investor relationships 459,500 459,500 8.9 years Trademarks (1) 94,400 94,400 0.0 years Total intangible assets, gross 2,782,220 2,776,220 Accumulated amortization: Investment management agreements (427,165) (290,816) Investor relationships (92,765) (60,630) Trademarks (94,400) (19,352) Total accumulated amortization (614,330) (370,798) Total Intangible Assets, Net $ 2,167,890 $ 2,405,422 (1) As a result of certain corporate actions taken during the first quarter of 2023, the estimated useful lives of acquired trademarks were updated. The remaining unamortized balances were expensed as of June 30, 2023. The following table presents expected future amortization of finite-lived intangible assets as of September 30, 2023: (dollars in thousands) Period Amortization October 1, 2023 to December 31, 2023 $ 56,657 2024 225,185 2025 220,979 2026 207,135 2027 192,836 Thereafter 1,265,098 Total $ 2,167,890

DEBT OBLIGATIONS, NET

DEBT OBLIGATIONS, NET	9 Months Ended
DEBT OBLIGATIONS, NET	Sep. 30, 2023
Debt Disclosure [Abstract]
DEBT OBLIGATIONS, NET	4. DEBT OBLIGATIONS, NET The following tables summarize outstanding debt obligations of the Company: September 30, 2023 (dollars in thousands) Maturity Date Aggregate Facility Size Outstanding Debt Amount Available Net Carrying Value 2028 Notes 5/26/2028 $ 59,800 $ 59,800 $ — $ 58,867 2031 Notes 6/10/2031 700,000 700,000 — 686,741 2032 Notes 2/15/2032 400,000 400,000 — 392,532 2051 Notes 10/7/2051 350,000 350,000 — 337,813 Revolving Credit Facility 6/29/2028 1,550,000 270,000 1,273,373 270,000 Total $ 3,059,800 $ 1,779,800 $ 1,273,373 $ 1,745,953 December 31, 2022 (dollars in thousands) Maturity Date Aggregate Facility Size Outstanding Debt Amount Available Net Carrying Value 2031 Notes 6/10/2031 $ 700,000 $ 700,000 $ — $ 685,474 2032 Notes 2/15/2032 400,000 400,000 — 391,819 2051 Notes 10/7/2051 350,000 350,000 — 337,478 Revolving Credit Facility 6/15/2027 1,115,000 210,000 899,876 210,000 Total $ 2,565,000 $ 1,660,000 $ 899,876 $ 1,624,771 2028 Notes In May 2023, the Company, through its indirect subsidiary, Blue Owl Finance LLC, issued $59.8 million aggregate principal amount of 7.397% Senior Notes due 2028 (the “2028 Notes”). The 2028 Notes bear interest at a fixed rate of 7.397% per annum and mature on May 26, 2028. Interest on the 2028 Notes is payable semi-annually in arrears on May 26 and November 26 of each year. The 2028 Notes are fully and unconditionally guaranteed, jointly and severally, by the Blue Owl Operating Partnerships and certain of their respective subsidiaries. The guarantees are unsecured and unsubordinated obligations of the guarantors. All or a portion of the 2028 Notes may be redeemed at the Company’s option in whole, at any time, or in part, from time to time, prior to their stated maturity, subject to a make-whole redemption price; provided, however, that if the Company redeems any amounts on or after April 26, 2028, the redemption price for the 2028 Notes will be equal to 100% of the principal amount of the amounts redeemed, in each case, plus any accrued and unpaid interest. If a change of control repurchase event occurs, the 2028 Notes are subject to repurchase by the Company at a repurchase price in cash equal to 101% of the aggregate principal amount repurchased plus any accrued and unpaid interest. The 2028 Notes also provide for customary events of default and acceleration. Revolving Credit Facility On December 7, 2021, the Company entered into a revolving credit facility (the “Revolving Credit Facility”), which was amended in June 2023 to increase total borrowing capacity to $1.6 billion and extend the maturity date to June 29, 2028. Amounts available for the Revolving Credit Facility presented in the tables above are reduced by outstanding letters of credit related to certain leases. The borrowing rates for balances outstanding under the Revolving Credit Facility as of September 30, 2023 and December 31, 2022, were 6.92% and 6.02%, respectively. Subsequent to quarter end, the full amount borrowed under the Revolving Credit Facility as of September 30, 2023 was repaid. For a description of terms of the other debt obligations presented in the tables above as well as related financial covenants, see Note 4 to the financial statements in the Company’s Annual Report.

LEASES

LEASES	9 Months Ended
LEASES	Sep. 30, 2023
Leases [Abstract]
LEASES	5. LEASES The Company primarily has non-cancelable operating leases for its headquarters in New York and various other offices. The operating lease for the Company’s headquarters does not include any renewal options; however, certain of the Company’s other leases contain renewal and early termination options that the Company has determined are not reasonably certain of being exercised. (dollars in thousands) Three Months Ended Nine Months Ended Lease Cost 2023 2022 2023 2022 Operating lease cost $ 9,995 $ 4,795 $ 27,321 $ 11,907 Short term lease cost 65 513 193 1,319 Net Lease Cost $ 10,060 $ 5,308 $ 27,514 $ 13,226 (dollars in thousands) Three Months Ended Nine Months Ended Supplemental Lease Cash Flow Information 2023 2022 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 4,250 $ 3,078 $ 10,933 $ 8,112 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 1,361 $ 149,365 $ 79,150 $ 153,638 Lease Term and Discount Rate September 30, 2023 December 31, 2022 Weighted-average remaining lease term: Operating leases 12.9 years 13.0 years Weighted-average discount rate: Operating leases 5.3 % 4.0 % (dollars in thousands) Future Maturity of Operating Lease Payments Operating Leases October 1, 2023 to December 31, 2023 $ 3,199 2024 8,471 2025 34,433 2026 35,829 2027 35,382 Thereafter 326,842 Total Lease Payments 444,156 Imputed interest (140,433) Total Lease Liabilities $ 303,723 Amounts presented in the table above are presented net of tenant improvement allowances and reflect the impacts of rent holiday periods. The Company has future operating lease payments of approximately $67.5 million related to leases that have not commenced that were entered into as of September 30, 2023. Such lease payments are not included in the table above or the Company’s consolidated and combined statements of financial condition as operating lease assets and operating lease liabilities. These operating lease payments are anticipated to commence in 2025 and continue for approximately 13 years.

REVENUES

REVENUES	9 Months Ended
REVENUES	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUES	6. REVENUES The following table presents a disaggregated view of the Company’s revenues: Three Months Ended Nine Months Ended (dollars in thousands) 2023 2022 2023 2022 Credit Strategies Diversified lending $ 159,461 $ 126,492 $ 460,642 $ 340,853 Technology lending 52,889 29,905 148,676 76,738 First lien lending 4,525 4,213 13,758 11,867 Opportunistic lending 2,422 2,312 7,297 6,583 Liquid credit 6,590 6,778 20,244 13,073 Management Fees, Net 225,887 169,700 650,617 449,114 Administrative, transaction and other fees 31,246 25,666 84,170 86,541 Total GAAP Revenues - Credit Strategies 257,133 195,366 734,787 535,655 GP Strategic Capital Strategies GP minority stakes 132,498 153,563 393,218 380,097 GP debt financing 4,613 3,532 11,990 9,990 Professional sports minority stakes 683 283 1,650 1,296 Strategic Revenue-Share Purchase consideration amortization (10,659) (9,770) (30,198) (27,614) Management Fees, Net 127,135 147,608 376,660 363,769 Administrative, transaction and other fees 8,846 5,818 26,451 16,209 Total GAAP Revenues - GP Strategic Capital Strategies 135,981 153,426 403,111 379,978 Real Estate Strategies Net lease 32,987 21,069 89,386 57,451 Management Fees, Net 32,987 21,069 89,386 57,451 Administrative, transaction and other fees 3,549 1,125 9,783 1,125 Realized performance income — — 506 — Total GAAP Revenues - Real Estate Strategies 36,536 22,194 99,675 58,576 Total GAAP Revenues $ 429,650 $ 370,986 $ 1,237,573 $ 974,209 The table below presents the beginning and ending balances of the Company’s management fees, realized performance income and administrative, transaction and other fees receivable and unearned management fees. Substantially all of the amounts receivable are collected during the following quarter. A liability for unearned management fees is generally recognized when management fees are paid to the Company in advance. The entire change in unearned management fees shown below relates to amounts recognized as revenues in the current year period. Management fees, realized performance income and administrative, transaction and other fees receivable are included within due from related parties and unearned management fees are included within accounts payable, accrued expenses and other liabilities in the Company’s consolidated and combined statements of financial condition. Nine Months Ended September 30, (dollars in thousands) 2023 2022 Management Fees Receivable Beginning balance $ 262,059 $ 168,057 Ending balance $ 226,321 $ 261,166 Administrative, Transaction and Other Fees Receivable Beginning balance $ 44,060 $ 19,535 Ending balance $ 46,990 $ 35,361 Realized Performance Income Receivable Beginning balance $ 1,132 $ 10,496 Ending balance $ — $ — Unearned Management Fees Beginning balance $ 9,389 $ 10,299 Ending balance $ 9,196 $ 9,913 The table below presents the changes in the Company’s Strategic Revenue-Share Purchase consideration. The consideration paid in 2021, which includes $455.0 million paid in Class A Shares and $50.2 million in cash, is being amortized as a reduction of management fees, net in the Company’s consolidated and combined statements of operations over a weighted-average period of 12 years, which represents the average period over which the related customer revenues are expected to be recognized. Nine Months Ended September 30, (dollars in thousands) 2023 2022 Beginning Balance $ 457,939 $ 495,322 Amortization (30,198) (27,614) Ending Balance $ 427,741 $ 467,708

OTHER ASSETS, NET

OTHER ASSETS, NET	9 Months Ended
OTHER ASSETS, NET	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS, NET	7. OTHER ASSETS, NET (dollars in thousands) September 30, December 31, Fixed assets, net: Leasehold improvements $ 89,138 $ 61,741 Furniture and fixtures 13,727 10,922 Computer hardware and software 7,346 3,171 Accumulated depreciation and amortization (12,056) (4,644) Fixed assets, net 98,155 71,190 Receivables 16,534 11,935 Prepaid expenses 8,888 6,099 Unamortized debt issuance costs on revolving credit facilities 9,780 6,328 Other assets 4,691 4,127 Total $ 138,048 $ 99,679

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	9 Months Ended
EQUITY-BASED COMPENSATION	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
EQUITY-BASED COMPENSATION	8. EQUITY-BASED COMPENSATION The Company grants equity-based compensation awards in the form of RSUs and Incentive Units to its management, employees, consultants and independent members of the Board under the 2021 Omnibus Equity Incentive Plan, as amended (“2021 Equity Incentive Plan”). The total number of Class A Shares and Blue Owl Operating Group Units, collectively, that may be issued under the 2021 Equity Incentive Plan is 101,230,522, of which 30,861,560 remain available as of September 30, 2023. To the extent that an award expires or is canceled, forfeited, terminated, surrendered, exchanged or withheld to cover tax withholding obligations, the unissued awards will again be available for grant under the 2021 Equity Incentive Plan. The table below presents information regarding equity-based compensation expense. Three Months Ended Nine Months Ended (dollars in thousands) 2023 2022 2023 2022 Acquisition related Oak Street Earnout Units $ 20,310 $ 62,002 $ 60,267 $ 183,984 Wellfleet Earnout Shares 882 829 2,501 1,640 Total acquisition related 21,192 62,831 62,768 185,624 Incentive Units 42,104 36,912 118,950 98,238 RSUs 11,678 8,333 37,357 25,500 Equity-Based Compensation Expense $ 74,974 $ 108,076 $ 219,075 $ 309,362 Corresponding tax benefit $ 180 $ 152 $ 652 $ 456 Fair value of RSUs settled in Class A Shares $ 5,702 $ 715 $ 12,408 $ 3,474 Fair value of RSUs withheld to satisfy tax withholding obligations $ 6,365 $ 590 $ 11,179 $ 1,897

INVESTMENTS AND FAIR VALUE DISC

INVESTMENTS AND FAIR VALUE DISCLOSURES	9 Months Ended
INVESTMENTS AND FAIR VALUE DISCLOSURES	Sep. 30, 2023
Fair Value Disclosures [Abstract]
INVESTMENTS AND FAIR VALUE DISCLOSURES	9. INVESTMENTS AND FAIR VALUE DISCLOSURES The following table presents the components of the Company’s investments: (dollars in thousands) September 30, December 31, Loans, at amortized cost (includes $232,500 and $252,225 of investments in the Company’s products, respectively) $ 233,550 $ 254,152 Equity investments in the Company's products, equity method 52,159 46,157 Equity investments in the Company's products, at fair value 64,722 14,079 Investments in the Company's CLOs, at fair value 2,708 2,843 Total $ 353,139 $ 317,231 Fair Value Measurements Categorized within the Fair Value Hierarchy Fair value represents the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date (i.e., an exit price). The Company and the products it manages hold a variety of assets and liabilities, certain of which are not publicly traded or that are otherwise illiquid. Significant judgement and estimation go into the assumptions that drive the fair value of these assets and liabilities. The fair value of these assets and liabilities may be estimated using a combination of observed transaction prices, prices from third parties (including independent pricing services and relevant broker quotes), models or other valuation methodologies based on pricing inputs that are neither directly nor indirectly market observable. Due to the inherent uncertainty of valuations of assets and liabilities that are determined to be illiquid or do not have readily ascertainable fair values, the estimates of fair value may differ from the values ultimately realized, and those differences can be material. GAAP prioritizes the level of market price observability used in measuring assets and liabilities at fair value. Market price observability is impacted by a number of factors, including the type of assets and liabilities and the specific characteristics of the financial assets and liabilities. Financial assets and liabilities with readily available, actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and lesser degree of judgment used in measuring fair value. Financial assets and liabilities measured at fair value are classified and disclosed into one of the following categories based on the observability of inputs used in the determination of fair values: • Level I – Quoted prices that are available in active markets for identical financial assets or liabilities as of the reporting date. • Level II – Valuations obtained from independent third-party pricing services, the use of models or other valuation methodologies based on pricing inputs that are either directly or indirectly market observable as of the measurement date. These financial assets and liabilities exhibit higher levels of liquid market observability as compared to Level III financial assets and liabilities. • Level III – Pricing inputs that are unobservable in the market and includes situations where there is little, if any, market activity for the financial asset or liability. The inputs into the determination of fair value of financial assets and liabilities in this category may require significant management judgment or estimation. The fair value of these financial assets and liabilities may be estimated using a combination of observed transaction prices, independent pricing services, models or other valuation methodologies based on pricing inputs that are neither directly nor indirectly market observable (e.g., cash flows, implied yields). In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial asset or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial asset or liability when the fair value is based on unobservable inputs. The tables below summarizes the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022: September 30, 2023 (dollars in thousands) Level I Level II Level III Total Investments, at Fair Value Equity investments in the Company's products $ — $ 64,722 $ — $ 64,722 CLOs — — 2,708 2,708 Total Assets, at Fair Value $ — $ 64,722 $ 2,708 $ 67,430 Liabilities, at Fair Value TRA liability $ — $ — $ 112,795 $ 112,795 Warrant liability — — 12,100 12,100 Earnout liability — 653 90,759 91,412 Total Liabilities, at Fair Value $ — $ 653 $ 215,654 $ 216,307 December 31, 2022 (dollars in thousands) Level I Level II Level III Total Investments, at Fair Value Equity investments in the Company's products $ — $ 14,079 $ — $ 14,079 CLOs — — 2,843 2,843 Total Assets, at Fair Value $ — $ 14,079 $ 2,843 $ 16,922 Liabilities, at Fair Value TRA liability $ — $ — $ 120,587 $ 120,587 Warrant liability — — 8,550 8,550 Earnout liability — — 172,070 172,070 Total Liabilities, at Fair Value $ — $ — $ 301,207 $ 301,207 Reconciliation of Fair Value Measurements Categorized within Level III Unrealized gains and losses on the Company’s assets and liabilities carried at fair value on a recurring basis are included within other loss in the consolidated and combined statements of operations. There were no transfers in or out of Level III. The following table sets forth a summary of changes in the fair value of the Level III measurements for the three and nine months ended September 30, 2023 and 2022: (dollars in thousands) Level III Assets Investment in CLOs Three Months Ended Nine Months Ended 2023 2022 2023 2022 Beginning balance $ 2,430 $ — $ 2,843 $ — Purchases — 3,738 — 3,738 Net gains (losses) 278 (74) (135) (74) Ending Balance $ 2,708 $ 3,664 $ 2,708 $ 3,664 Change in net unrealized gains (losses) on assets still recognized at the reporting date $ 278 $ (74) $ (135) $ (74) Three Months Ended September 30, 2023 Level III Liabilities (dollars in thousands) TRA Liability Warrant Liability Earnout Liability Total Beginning balance $ 112,830 $ 10,050 $ 88,752 $ 211,632 Net (gains) losses (35) 2,050 2,007 4,022 Ending Balance $ 112,795 $ 12,100 $ 90,759 $ 215,654 Change in net unrealized (gains) losses on liabilities still recognized at the reporting date $ (35) $ 2,050 $ 2,007 $ 4,022 Nine Months Ended September 30, 2023 Level III Liabilities (dollars in thousands) TRA Liability Warrant Liability Earnout Liability Total Beginning balance $ 120,587 $ 8,550 $ 172,070 $ 301,207 Settlements — — (86,250) (86,250) Net (gains) losses (7,792) 3,550 4,939 697 Ending Balance $ 112,795 $ 12,100 $ 90,759 $ 215,654 Change in net unrealized (gains) losses on liabilities still recognized at the reporting date $ (7,792) $ 3,550 $ 4,815 $ 573 Three Months Ended September 30, 2022 Level III Liabilities (dollars in thousands) TRA Liability Warrant Liability Earnout Liability Total Beginning balance $ 119,607 $ 11,100 $ 159,255 $ 289,962 Acquisitions — — (969) (969) Net (gains) losses (3,599) (3,650) 1,760 (5,489) Ending Balance $ 116,008 $ 7,450 $ 160,046 $ 283,504 Change in net unrealized (gains) losses on liabilities still recognized at the reporting date $ (3,599) $ (3,650) $ 1,760 $ (5,489) Nine Months Ended September 30, 2022 Level III Liabilities (dollars in thousands) TRA Liability Warrant Liability Earnout Liability Total Beginning balance $ 111,325 $ 25,750 $ 143,800 $ 280,875 Acquisitions — — 13,782 13,782 Net losses (gains) 4,683 (18,300) 2,464 (11,153) Ending Balance $ 116,008 $ 7,450 $ 160,046 $ 283,504 Change in net unrealized (gains) losses on liabilities still recognized at the reporting date $ 4,683 $ (18,300) $ 2,464 $ (11,153) Valuation Methodologies for Fair Value Measurements Categorized within Levels II and III Equity Investments in the Company’s Products The fair value of equity investments in the Company’s products is determined based on the published net asset value of these investments, as such values are the price at which contributions and redemptions are effectuated on a monthly basis. These investments are generally classified as Level II. The majority of this balance is subject to a one-year minimum holding period, which will expire in the fourth quarter of 2023. The remaining balance is generally redeemable on a monthly basis at the Company’s option. CLOs The fair value of CLOs are determined based on inputs from independent pricing services. These investments are classified as Level III. The Company obtains prices from independent pricing services that utilize discounted cash flows, which take into account unobservable significant inputs, such as yield, prepayments and credit quality. TRA Liability The TRA related to the Dyal Acquisition is considered contingent consideration and is measured at fair value based on discounted future cash flows. The remaining TRA liability on the Company’s consolidated and combined statements of financial condition is not measured at fair value. Warrant Liability The Company uses a Monte Carlo simulation model to value the Private Placement Warrants. The Company estimates the volatility of its Class A Shares based on the volatility implied by our peer group. The risk-free interest rate is based on U.S. Treasuries for a maturity similar to the expected remaining life of the warrants. The expected term of the warrants is assumed to be equivalent to their remaining contractual term. Prior to their redemption, the Public Warrants were traded on the NYSE and were stated at the last reported sales price without any valuation adjustments, and therefore were classified as Level I. Earnout Liability As of September 30, 2023 and December 31, 2022, the earnout liability was comprised of the Oak Street Cash Earnout and the Wellfleet Earnouts, each of which were deemed to be contingent consideration on the Oak Street Acquisition and Wellfleet Acquisition, respectively. The fair value of the Oak Street Cash Earnout was determined using a discounted cash flow model as of September 30, 2023 and a Monte Carlo simulation model as of December 31, 2022. During the three months ended June 30, 2023, the quarterly management fee requirement associated with the Second Oak Street Earnout was met, as a result, the Company changed the valuation technique to a discounted cash flow model, as historical revenue volatility is no longer relevant to the analysis and only the passage of time remains an input to the fair value. The Monte Carlo simulation model incorporated management’s revenue forecast and made the following adjustments: historical revenue volatility, risk free rate based on U.S. Treasuries for a maturity similar to the expected remaining life and a discount rate to adjust management’s revenue forecast from a risk-based forecast to a risk-neutral forecast. The fair value of the Wellfleet Earnouts, which are primarily comprised of future contingent cash payments, was determined using a discounted cash flow model. Quantitative Inputs and Assumptions for Fair Value Measurements Categorized within Level III The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of September 30, 2023: (dollars in thousands) Fair Value Valuation Technique Significant Unobservable Inputs Range Weighted Average Impact to Valuation from an Increase in Input Assets CLOs $ 2,708 Discounted cash flow Yield 15 % - 19% 17 % Decrease Liabilities TRA liability $ 112,795 Discounted cash flow Discount Rate 11 % - 11% 11 % Decrease Warrant liability 12,100 Monte Carlo Simulation Volatility 27 % - 27% 27 % Increase Earnout liability: Oak Street Earnouts 81,654 Discounted cash flow Discount Rate 16 % - 16% 16 % Decrease Wellfleet Earnouts 9,105 Discounted cash flow Discount Rate 6 % - 6% 6 % Decrease 90,759 Total Liabilities, at Fair Value $ 215,654 The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of December 31, 2022: (dollars in thousands) Fair Value Valuation Technique Significant Unobservable Inputs Range Weighted Average Impact to Valuation from an Increase in Input Assets CLOs $ 2,843 Discounted cash flow Yield 16 % - 19% 17 % Decrease Liabilities TRA liability $ 120,587 Discounted cash flow Discount Rate 11 % - 11% 11 % Decrease Warrant liability 8,550 Monte Carlo simulation Volatility 34 % - 34% 34 % Increase Earnout liability: Oak Street Earnouts 158,497 Monte Carlo simulation Revenue Volatility 50 % - 50% 50 % Increase Discount rate 17 % - 17% 17 % Decrease Wellfleet Earnouts 13,573 Discounted cash flow Discount rate 6 % - 6% 6 % Decrease 172,070 Total Liabilities, at Fair Value $ 301,207 Fair Value of Other Financial Instruments As of September 30, 2023, the fair value of the Company’s debt obligations was approximately $1.4 billion compared to a carrying value of $1.7 billion, of which $1.1 billion of the fair value would have been categorized as Level II within the fair value hierarchy and the remainder as Level III. As of December 31, 2022, the fair value of the Company’s debt obligations was approximately $1.3 billion compared to a carrying value of $1.6 billion, of which $1.1 billion of the fair value would have been categorized as Level II within the fair value hierarchy and the remainder as Level III. Management estimates that the carrying value of the Company’s other financial instruments, which are not carried at fair value, approximated their fair values as of September 30, 2023 and December 31, 2022, respectively, and such fair value measurements are categorized as Level III within the fair value hierarchy.

INCOME TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	10. INCOME TAXES The computation of the effective tax rate and provision at each interim period requires the use of certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income that is subject to tax, permanent differences between the Company’s GAAP earnings and taxable income, and the likelihood of recovering deferred tax assets existing as of the balance sheet date. The estimates used to compute the provision for income taxes may change throughout the year as new events occur, additional information is obtained or as tax laws and regulations change. Accordingly, the effective tax rate for future interim periods may vary materially. The Registrant is a domestic corporation for U.S. federal income tax purposes and is subject to U.S. federal and state and local corporate-level income taxes on its share of taxable income from the Blue Owl Operating Group. Further, the Registrant’s income tax provision and related income tax assets and liabilities are based on, among other things, an estimate of the impact of exchanges of Common Units for Class A Shares, inclusive of an analysis of tax basis and state tax implications of the Blue Owl Operating Group and their underlying assets and liabilities. The Company’s estimate is based on the most recent information available. The tax basis and state impact of the Blue Owl Operating Group and their underlying assets and liabilities are based on estimates subject to finalization of the Company’s tax returns. The Blue Owl Operating Partnerships, are partnerships for U.S. federal income tax purposes and taxable entities for certain state and local taxes, such as New York City and Connecticut UBT. The Company had an effective tax rate of 14.4% and 13.9% for the three and nine months ended September 30, 2023, respectively, and 29.0% and 7.7% for the three and nine months ended September 30, 2022, respectively. The effective tax rates differed from the statutory rate primarily due to the portion of income allocated to noncontrolling interests, nondeductible compensation and state and local taxes. The Company regularly evaluates the realizability of its deferred tax asset and may recognize or adjust any valuation allowance when it is more-likely-than-not that all or a portion of the deferred tax asset may not be realized. As of September 30, 2023, the Company has not recorded any valuation allowances. The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the tax years that remain open under the statute of limitations may be subject to examinations by the appropriate tax authorities. The Company is generally no longer subject to state or local examinations by tax authorities for tax years prior to 2018. In connection with and subsequent to the Business Combination, the Company recorded to additional paid-in capital various adjustments to deferred tax assets and liabilities, as well as related impacts to the TRA liability, related to capital transactions. These adjustments primarily resulted from differences between the Company’s GAAP and tax basis in its investment in the Blue Owl Operating Partnerships, as well as portions related to the TRA liability that may eventually lead to additional tax basis in the Blue Owl Operating Partnerships upon future TRA payments. The deferred tax assets will be recovered as the basis is amortized. See the Company’s consolidated and combined statements of stockholders’ equity for these amounts.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	11. COMMITMENTS AND CONTINGENCIES Tax Receivable Agreement Pursuant to the TRA, the Company will pay 85% of certain tax benefits, if any, that it realizes (or in certain cases is deemed to realize) as a result of any increases in tax basis of the assets of the Blue Owl Operating Group related to the Business Combination and any subsequent exchanges of Blue Owl Operating Group Units for shares of the Registrant or cash. Payments under the TRA will continue until all such tax benefits have been utilized or expired unless (i) the Company exercises its right to terminate the TRA and paying recipients an amount representing the present value of the remaining payments, (ii) there is a change of control or (iii) the Company breaches any of the material obligations of the TRA, in which case all obligations will generally be accelerated and due as if the Company had exercised its right to terminate the TRA. In each case, if payments are accelerated, such payments will be based on certain assumptions, including that the Company will have sufficient taxable income to fully utilize the deductions arising from the increased tax deductions. The estimate of the timing and the amount of future payments under the TRA involves several assumptions that do not account for the significant uncertainties associated with these potential payments, including an assumption that the Company will have sufficient taxable income in the relevant tax years to utilize the tax benefits that would give rise to an obligation to make payments. The table below presents management’s estimate as of September 30, 2023, of the maximum amounts that would be payable under the TRA assuming that the Company will have sufficient taxable income each year to fully realize the expected tax savings. In light of the numerous factors affecting the Company’s obligation to make such payments, the timing and amounts of any such actual payments may differ materially from those presented in the table. (dollars in thousands) Potential Payments Under the Tax Receivable Agreement October 1, 2023 to December 31, 2023 $ — 2024 30,521 2025 50,922 2026 62,872 2027 79,002 Thereafter 737,674 Total Payments 960,991 Less adjustment to fair value for contingent consideration (123,068) Total TRA Liability $ 837,923 Unfunded Product Commitments As of September 30, 2023, the Company had unfunded investment commitments to its products of $29.7 million, which is exclusive of commitments that employees and other related parties have directly to the Company’s products, and which the Company expects to fund over the next several years. In addition, the Company has unfunded commitments under a promissory note with one of its products, as further discussed in Note 12. Indemnification and Guarantee Arrangements In the normal course of business, the Company enters into contracts that contain indemnities or guarantees for related parties of the Company, including the Company’s products, as well as persons acting on behalf of the Company or such related parties and third parties. The terms of the indemnities and guarantees vary from contract to contract and the Company’s maximum exposure under these arrangements cannot be determined or the risk of material loss is remote, and therefore no amounts have been recorded in the consolidated statements of financial condition. As of September 30, 2023, the Company has not had prior claims or losses pursuant to these arrangements. Litigation From time to time, the Company is involved in legal actions in the ordinary course of business. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, the Company does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial condition or cash flows.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	12. RELATED PARTY TRANSACTIONS The majority of the Company’s revenues, including all management fees and certain administrative, transaction and other fees, are earned from the products it manages, which are related parties of the Company. The Company also has arrangements in place with products that it manages, whereby certain costs are initially paid by the Company and subsequently are reimbursed by the products. These amounts are included within due from related parties in the Company’s consolidated and combined statements of financial condition. (dollars in thousands) September 30, December 31, Management fees $ 226,321 $ 262,059 Realized performance income — 1,132 Administrative fees 46,990 44,060 Other expenses paid on behalf of the Company’s products and other related parties 72,962 50,670 Due from Related Parties $ 346,273 $ 357,921 Administrative Fees Administrative fees represent allocable compensation and other expenses incurred by the Company, pursuant to administrative and other agreements, that are reimbursed by products it manages. These administrative fees are included within administrative, transaction and other fees on the consolidated and combined statements of operations and totaled $15.8 million and $44.0 million during the three and nine months ended September 30, 2023, respectively, and $14.3 million and $37.6 million during the three and nine months ended September 30, 2022, respectively. Dealer Manager Revenues Dealer manager revenues represent commissions earned from certain of the Company’s products for distribution services provided. These dealer manager revenues are included within administrative, transaction and other fees on the consolidated and combined statements of operations and totaled $12.2 million and $31.2 million during the three and nine months ended September 30, 2023, respectively, and $5.9 million and $18.4 million during the three and nine months ended September 30, 2022, respectively. Substantially all of these dealer manager revenues are subsequently paid out to third party broker-dealers, and such payments are recorded within general, administrative and other expenses on the consolidated and combined statements of operations. Expense Support and Caps Arrangements The Company is party to expense support and cap arrangements with certain of the products it manages. Pursuant to these arrangements, the Company may absorb certain expenses of these products when in excess of stated expense caps or until such products reach certain profitability, cash flow or fundraising thresholds. In certain cases, the Company is able to recover these expenses once certain profitability, cash flow or fundraising thresholds are met. The Company recorded net expenses (recoveries) related to these arrangements of $(0.8) million and $(5.8) million for the three and nine months ended September 30, 2023, respectively, and $0.8 million and $13.5 million for the three and nine months ended September 30, 2022, respectively. These net expenses (recoveries) are included in general, administrative and other expenses within the consolidated and combined statements of operations. Aircraft Reimbursements In the normal course of business, the Company reimburses certain related parties for business use of their aircraft based on current market rates. Personal use of the aircraft is not charged to the Company. The Company recorded expenses for these aircraft reimbursements of $0.9 million and $2.3 million for the three and nine months ended September 30, 2023, respectively, and $0.6 million and $1.7 million for the three and nine months ended September 30, 2022, respectively. Promissory Notes On August 8, 2022, the Company entered into an interest-bearing revolving promissory note with a product it manages, allowing the product to borrow from the Company up to an aggregate of $250.0 million. The promissory note bears interest at a rate of SOFR plus 1.7%, subject to change based on credit rating and leverage ratio. As of September 30, 2023, $225.0 million was outstanding under the promissory note and the Company recorded $4.4 million and $12.8 million of interest income for the three and nine months ended September 30, 2023, respectively, and $0.7 million for the three and nine months ended September 30, 2022. Interest is payable monthly in arrears and may be settled in cash or equity in the related product. Any unpaid principal balance and unpaid accrued interest is payable on demand upon 120 days written notice by the Company.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	9 Months Ended
EARNINGS (LOSS) PER SHARE	Sep. 30, 2023
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	13. EARNINGS (LOSS) PER SHARE The table below presents the Company’s treatment for basic and diluted earnings (loss) per share for instruments outstanding of the Registrant and the Blue Owl Operating Group. Potentially dilutive instruments are only considered in the calculation to the extent they would be dilutive. Basic Diluted Class A Shares (1) Included Included Class B Shares None outstanding None outstanding Class C Shares and Class D Shares Non-economic voting shares of the Registrant Non-economic voting shares of the Registrant Vested RSUs (1) Contingently issuable shares Contingently issuable shares Unvested RSUs Excluded Treasury stock method Warrants (2) Excluded Treasury stock method Compensation-classified Wellfleet Earnout Shares (3) Excluded Excluded Contingent consideration-classified Wellfleet Earnout Shares (3) Excluded Excluded Potentially Dilutive Instruments of the Blue Owl Operating Group: Vested Common Units and Incentive Units (4) Excluded If-converted method Unvested Incentive Units (4) Excluded The Company first applies the treasury stock method to determine the number of units that would have been issued, then applies the if-converted method to the resulting number of units Oak Street Earnout Units (5) Excluded Contingently issuable shares (1) Included in the weighted-average Class A Shares outstanding are RSUs that have vested but have not been settled in Class A Shares. These RSUs do not participate in dividends until settled in Class A Shares. These vested RSUs totaled 11,393,389 and 10,927,643 for the three and nine months ended September 30, 2023, and 10,752,588 and 10,839,982 for the three and nine months ended September 30, 2022. (2) The treasury stock method for warrants, which are carried at fair value, includes adjusting the numerator for changes in fair value impacting net income (loss) for the period. (3) During the second quarter of 2023, the Company modified the Wellfleet Earnout Shares arrangement such that settlement of the Wellfleet Earnout Shares would be in cash at each payment date. As a result of the modification, Wellfleet Earnout Shares are excluded from basic and diluted earnings per share for the three months ended September 30, 2023. As of September 30, 2022, the Wellfleet Triggering Events with respect to the Wellfleet Earnout Shares had not occurred, and therefore such shares have not been included in the calculation of basic earnings (loss) per share for the three and nine months ended September 30, 2022. However, had September 30, 2022 also been the end of the contingency period for the Wellfleet Earnout Shares, the Wellfleet Triggering Events would have occurred, and therefore the Wellfleet Earnout Shares have been included in the calculation of diluted earnings (loss) per share for the three and nine months ended September 30, 2022, as if such shares were outstanding from the date of the Wellfleet Acquisition. (4) The if-converted method for these instruments includes adding back to the numerator any related income or loss allocations to noncontrolling interest, as well as any incremental tax expense had the instruments converted into Class A Shares as of the beginning of the period. (5) As of September 30, 2023, the Oak Street Triggering Events with respect to the Second Oak Street Earnout Units had not occurred nor are these units issuable by the Registrant (they would be issued as Common Units of the Blue Owl Operating Group), and therefore such units have not been included in the calculation of basic earnings per share for the three and nine months ended September 30, 2023. As of September 30, 2022, the Oak Street Triggering Events with respect the First and Second Oak Street Earnout Units had not occurred nor are these units issuable by the Registrant (they would be issued as Common Units of the Blue Owl Operating Group), and therefore such units have not been included in the calculation of basic earnings (loss) per share for the three and nine months ended September 30, 2022. However, had September 30, 2023, also been the end of the contingency period for the Second Oak Street Earnout Units, the Oak Street Triggering Event would have occurred, and therefore the Second Oak Street Earnout Units have been included in the calculation of diluted earnings per share for the three and nine months ended September 30, 2023. Had September 30, 2022 also been the end of the contingency period for the First and Second Oak Street Earnout Units, the Oak Street Triggering Events would not yet have occurred, and therefore the First and Second Oak Street Earnout Units have not been included in the calculation of diluted earnings (loss) per share for the three and nine months ended September 30, 2022. Three Months Ended September 30, 2023 Net Income Attributable to Class A Shares Weighted-Average Class A Shares Outstanding Earnings Per Class A Share Weighted-Average Number of Antidilutive Instruments (dollars in thousands, except per share amounts) Basic $ 15,109 466,376,329 $ 0.03 Effect of dilutive securities: Unvested RSUs — 5,491,852 — Warrants (663) 222,129 — Vested Common Units — — 953,172,293 Vested Incentive Units — — 9,380,431 Unvested Incentive Units — — 24,891,476 Oak Street Earnout Units — 10,483,603 — Diluted $ 14,446 482,573,913 $ 0.03 Nine Months Ended September 30, 2023 Net Income Attributable to Class A Shares Weighted-Average Class A Shares Outstanding Earnings Per Class A Share Weighted-Average Number of Antidilutive Instruments (dollars in thousands, except per share amounts) Basic $ 36,285 460,691,359 $ 0.08 Effect of dilutive securities: Unvested RSUs — 5,159,344 — Warrants (1,136) 34,602 — Vested Common Units 69,963 957,654,570 — Vested Incentive Units — — 8,036,109 Unvested Incentive Units — — 24,940,033 Oak Street Earnout Units — 8,650,907 — Diluted $ 105,112 1,432,190,782 $ 0.07 Three Months Ended September 30, 2022 Net Loss Attributable to Class A Shares Weighted-Average Class A Shares Outstanding Earnings Weighted-Average Number of Antidilutive Instruments (dollars in thousands, except per share amounts) Basic $ 2,060 441,487,112 $ 0.00 Effect of dilutive securities: Unvested RSUs — 2,757,915 — Warrants — — 8,610,237 Compensation-classified Wellfleet Earnout Shares — 84,672 — Contingent consideration-classified Wellfleet Earnout Shares — 78,393 — Vested Common Units (8,600) 967,403,976 — Vested Incentive Units — — 1,706,416 Unvested Incentive Units — — 24,830,502 Oak Street Earnout Units — — 26,074,330 Diluted $ (6,540) 1,411,812,068 $ 0.00 Nine Months Ended September 30, 2022 Net Loss Attributable to Class A Shares Weighted-Average Class A Shares Outstanding Loss Per Class A Share Weighted-Average Number of Antidilutive Instruments (dollars in thousands, except per share amounts) Basic $ (10,881) 427,172,270 $ (0.03) Effect of dilutive securities: Unvested RSUs — — 10,772,062 Warrants — — 12,289,159 Compensation-classified Wellfleet Earnout Shares — — 578,009 Contingent consideration-classified Wellfleet Earnout Shares — — 52,549 Vested Common Units — — 981,549,708 Vested Incentive Units — — 925,932 Unvested Incentive Units — — 24,708,247 Oak Street Earnout Units — — 26,074,330 Diluted $ (10,881) 427,172,270 $ (0.03)

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	14. SUBSEQUENT EVENTS Dividend On November 2, 2023, the Company announced a cash dividend of $0.14 per Class A Share. The dividend is payable on November 30, 2023, to holders of record as of the close of business on November 20, 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 15,109	$ 2,060	$ 36,285	$ (10,881)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These unaudited, interim, consolidated and combined financial statements (“Financial Statements”) are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). All intercompany transactions and balances have been eliminated in consolidation and combination. The notes are an integral part of the Company’s Financial Statements. In the opinion of management, all adjustments necessary for a fair presentation of the Company’s Financial Statements have been included and are of a normal and recurring nature. The Company’s comprehensive income (loss) is comprised solely of consolidated and combined net income (loss) (i.e., the Company has no other comprehensive income). These interim Financial Statements should be read in conjunction with the annual report for the year ended December 31, 2022, filed with the SEC on Form 10-K (“Annual Report”). Prior to the Business Combination, Blue Owl’s financial statements were prepared on a consolidated and combined basis. As part of the Business Combination, Securities was contributed to the Blue Owl Operating Group. Following the Business Combination, the financial statements are prepared on a consolidated basis.
Acquisitions	The merger between Owl Rock and Altimar was accounted for as a reverse asset acquisition, with no step-up to fair value on any assets or liabilities, and therefore no goodwill or other intangible assets were recorded. The Acquisitions were accounted for using the acquisition method of accounting. As a result, the Company recorded the fair value of the net assets acquired as of the closing date of each respective acquisition, and operating results for each acquired business are included starting as of such each respective date.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make assumptions and estimates that affect the amounts reported in the Financial Statements. The most critical of these estimates are related to (i) the fair value of the investments held by the products the Company manages, as for many products, this impacts the amount of revenues the Company recognizes each period; (ii) the fair value of equity-based compensation grants; (iii) the fair values of liabilities with respect to the TRA (the portion considered contingent consideration), warrants and earnout liabilities; (iv) the estimate of future taxable income, which impacts the realizability and carrying amount of the Company’s deferred income tax assets; and (v) the qualitative and quantitative assessments of whether impairments of intangible assets and goodwill exist. Inherent in such estimates and judgements relating to future cash flows, which include the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. While management believes that the estimates utilized in preparing the Financial Statements are reasonable and prudent, actual results could differ materially from those estimates.
New Accounting Pronouncements	New Accounting Pronouncements The Company considers the applicability and impact of all ASUs issued by the FASB. None of the ASUs that have been issued but not yet adopted are expected to have a material impact on the Company’s Financial Statements.

ORGANIZATION (Tables)

ORGANIZATION (Tables)	9 Months Ended
ORGANIZATION (Tables)	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Shares Issued and Outstanding	The following table presents the number of shares of the Registrant, RSUs and warrants that were outstanding as of September 30, 2023: September 30, 2023 Class A Shares 455,586,790 Class C Shares 635,393,693 Class D Shares 317,762,127 RSUs 24,493,423 Private Placement Warrants 5,000,000
Schedule of Operating Group Units Issued and Outstanding	The following table presents the interests outstanding of the Blue Owl Operating Group that were outstanding as of September 30, 2023, which interests are collectively referred to as “Blue Owl Operating Group Units”: Units September 30, 2023 GP Units 455,586,790 Common Units 953,155,820 Incentive Units 34,594,784
Schedule of Repurchase of Shares Activity	The following table presents share repurchase activity and RSUs withheld to satisfy tax withholding obligations during each of the indicated periods: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Number of shares purchased pursuant to the Programs — 1,021,079 — 3,021,079 Number of RSUs withheld to satisfy tax withholding obligations 542,167 45,668 901,113 152,838 Number of warrants cancelled upon redemption, net of shares issued — 7,002,894 — 7,002,894

ACQUISITIONS AND INTANGIBLE A_2

ACQUISITIONS AND INTANGIBLE ASSETS, NET (Tables)	9 Months Ended
ACQUISITIONS AND INTANGIBLE ASSETS, NET (Tables)	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table presents the consideration, net identifiable assets acquired and goodwill related to the Par-Four Acquisition: (dollars in thousands) Consideration Cash Consideration $ 26,245 Net Identifiable Assets Acquired and Goodwill Assets acquired: Intangible assets - Investment management agreements $ 6,000 Due from related parties 468 Net Identifiable Assets Acquired $ 6,468 Goodwill (1) $ 19,777 (1) Goodwill represents the amount of total consideration in excess of net identifiable assets acquired. The goodwill and intangible assets recognized are expected to be deductible by the Blue Owl Operating Partnerships for tax purposes.
Schedule of Finite-Lived Intangible Assets	The following table summarizes the Company’s intangible assets, net: (dollars in thousands) September 30, December 31, Remaining Weighted-Average Amortization Period as of September 30, 2023 Intangible assets, gross: Investment management agreements $ 2,228,320 $ 2,222,320 11.9 years Investor relationships 459,500 459,500 8.9 years Trademarks (1) 94,400 94,400 0.0 years Total intangible assets, gross 2,782,220 2,776,220 Accumulated amortization: Investment management agreements (427,165) (290,816) Investor relationships (92,765) (60,630) Trademarks (94,400) (19,352) Total accumulated amortization (614,330) (370,798) Total Intangible Assets, Net $ 2,167,890 $ 2,405,422 (1) As a result of certain corporate actions taken during the first quarter of 2023, the estimated useful lives of acquired trademarks were updated. The remaining unamortized balances were expensed as of June 30, 2023.
Schedule of Finite-lived Intangible Assets Amortization Expense	The following table presents expected future amortization of finite-lived intangible assets as of September 30, 2023: (dollars in thousands) Period Amortization October 1, 2023 to December 31, 2023 $ 56,657 2024 225,185 2025 220,979 2026 207,135 2027 192,836 Thereafter 1,265,098 Total $ 2,167,890

DEBT OBLIGATIONS, NET (Tables)

DEBT OBLIGATIONS, NET (Tables)	9 Months Ended
DEBT OBLIGATIONS, NET (Tables)	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Outstanding Debt Obligations	The following tables summarize outstanding debt obligations of the Company: September 30, 2023 (dollars in thousands) Maturity Date Aggregate Facility Size Outstanding Debt Amount Available Net Carrying Value 2028 Notes 5/26/2028 $ 59,800 $ 59,800 $ — $ 58,867 2031 Notes 6/10/2031 700,000 700,000 — 686,741 2032 Notes 2/15/2032 400,000 400,000 — 392,532 2051 Notes 10/7/2051 350,000 350,000 — 337,813 Revolving Credit Facility 6/29/2028 1,550,000 270,000 1,273,373 270,000 Total $ 3,059,800 $ 1,779,800 $ 1,273,373 $ 1,745,953 December 31, 2022 (dollars in thousands) Maturity Date Aggregate Facility Size Outstanding Debt Amount Available Net Carrying Value 2031 Notes 6/10/2031 $ 700,000 $ 700,000 $ — $ 685,474 2032 Notes 2/15/2032 400,000 400,000 — 391,819 2051 Notes 10/7/2051 350,000 350,000 — 337,478 Revolving Credit Facility 6/15/2027 1,115,000 210,000 899,876 210,000 Total $ 2,565,000 $ 1,660,000 $ 899,876 $ 1,624,771

LEASES (Tables)

LEASES (Tables)	9 Months Ended
LEASES (Tables)	Sep. 30, 2023
Leases [Abstract]
Schedule of Lease Cost Information	(dollars in thousands) Three Months Ended Nine Months Ended Lease Cost 2023 2022 2023 2022 Operating lease cost $ 9,995 $ 4,795 $ 27,321 $ 11,907 Short term lease cost 65 513 193 1,319 Net Lease Cost $ 10,060 $ 5,308 $ 27,514 $ 13,226 (dollars in thousands) Three Months Ended Nine Months Ended Supplemental Lease Cash Flow Information 2023 2022 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 4,250 $ 3,078 $ 10,933 $ 8,112 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 1,361 $ 149,365 $ 79,150 $ 153,638 Lease Term and Discount Rate September 30, 2023 December 31, 2022 Weighted-average remaining lease term: Operating leases 12.9 years 13.0 years Weighted-average discount rate: Operating leases 5.3 % 4.0 %
Schedule of Operating Lease Maturity	(dollars in thousands) Future Maturity of Operating Lease Payments Operating Leases October 1, 2023 to December 31, 2023 $ 3,199 2024 8,471 2025 34,433 2026 35,829 2027 35,382 Thereafter 326,842 Total Lease Payments 444,156 Imputed interest (140,433) Total Lease Liabilities $ 303,723

REVENUES (Tables)

REVENUES (Tables)	9 Months Ended
REVENUES (Tables)	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents a disaggregated view of the Company’s revenues: Three Months Ended Nine Months Ended (dollars in thousands) 2023 2022 2023 2022 Credit Strategies Diversified lending $ 159,461 $ 126,492 $ 460,642 $ 340,853 Technology lending 52,889 29,905 148,676 76,738 First lien lending 4,525 4,213 13,758 11,867 Opportunistic lending 2,422 2,312 7,297 6,583 Liquid credit 6,590 6,778 20,244 13,073 Management Fees, Net 225,887 169,700 650,617 449,114 Administrative, transaction and other fees 31,246 25,666 84,170 86,541 Total GAAP Revenues - Credit Strategies 257,133 195,366 734,787 535,655 GP Strategic Capital Strategies GP minority stakes 132,498 153,563 393,218 380,097 GP debt financing 4,613 3,532 11,990 9,990 Professional sports minority stakes 683 283 1,650 1,296 Strategic Revenue-Share Purchase consideration amortization (10,659) (9,770) (30,198) (27,614) Management Fees, Net 127,135 147,608 376,660 363,769 Administrative, transaction and other fees 8,846 5,818 26,451 16,209 Total GAAP Revenues - GP Strategic Capital Strategies 135,981 153,426 403,111 379,978 Real Estate Strategies Net lease 32,987 21,069 89,386 57,451 Management Fees, Net 32,987 21,069 89,386 57,451 Administrative, transaction and other fees 3,549 1,125 9,783 1,125 Realized performance income — — 506 — Total GAAP Revenues - Real Estate Strategies 36,536 22,194 99,675 58,576 Total GAAP Revenues $ 429,650 $ 370,986 $ 1,237,573 $ 974,209
Schedule of Company's Fees and Receivables	The table below presents the beginning and ending balances of the Company’s management fees, realized performance income and administrative, transaction and other fees receivable and unearned management fees. Substantially all of the amounts receivable are collected during the following quarter. A liability for unearned management fees is generally recognized when management fees are paid to the Company in advance. The entire change in unearned management fees shown below relates to amounts recognized as revenues in the current year period. Management fees, realized performance income and administrative, transaction and other fees receivable are included within due from related parties and unearned management fees are included within accounts payable, accrued expenses and other liabilities in the Company’s consolidated and combined statements of financial condition. Nine Months Ended September 30, (dollars in thousands) 2023 2022 Management Fees Receivable Beginning balance $ 262,059 $ 168,057 Ending balance $ 226,321 $ 261,166 Administrative, Transaction and Other Fees Receivable Beginning balance $ 44,060 $ 19,535 Ending balance $ 46,990 $ 35,361 Realized Performance Income Receivable Beginning balance $ 1,132 $ 10,496 Ending balance $ — $ — Unearned Management Fees Beginning balance $ 9,389 $ 10,299 Ending balance $ 9,196 $ 9,913
Schedule of Changes in Strategic Revenue Share Purchase Consideration	The table below presents the changes in the Company’s Strategic Revenue-Share Purchase consideration. The consideration paid in 2021, which includes $455.0 million paid in Class A Shares and $50.2 million in cash, is being amortized as a reduction of management fees, net in the Company’s consolidated and combined statements of operations over a weighted-average period of 12 years, which represents the average period over which the related customer revenues are expected to be recognized. Nine Months Ended September 30, (dollars in thousands) 2023 2022 Beginning Balance $ 457,939 $ 495,322 Amortization (30,198) (27,614) Ending Balance $ 427,741 $ 467,708

OTHER ASSETS, NET (Tables)

OTHER ASSETS, NET (Tables)	9 Months Ended
OTHER ASSETS, NET (Tables)	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	(dollars in thousands) September 30, December 31, Fixed assets, net: Leasehold improvements $ 89,138 $ 61,741 Furniture and fixtures 13,727 10,922 Computer hardware and software 7,346 3,171 Accumulated depreciation and amortization (12,056) (4,644) Fixed assets, net 98,155 71,190 Receivables 16,534 11,935 Prepaid expenses 8,888 6,099 Unamortized debt issuance costs on revolving credit facilities 9,780 6,328 Other assets 4,691 4,127 Total $ 138,048 $ 99,679

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	9 Months Ended
EQUITY-BASED COMPENSATION (Tables)	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Equity-based Compensation Expense	The table below presents information regarding equity-based compensation expense. Three Months Ended Nine Months Ended (dollars in thousands) 2023 2022 2023 2022 Acquisition related Oak Street Earnout Units $ 20,310 $ 62,002 $ 60,267 $ 183,984 Wellfleet Earnout Shares 882 829 2,501 1,640 Total acquisition related 21,192 62,831 62,768 185,624 Incentive Units 42,104 36,912 118,950 98,238 RSUs 11,678 8,333 37,357 25,500 Equity-Based Compensation Expense $ 74,974 $ 108,076 $ 219,075 $ 309,362 Corresponding tax benefit $ 180 $ 152 $ 652 $ 456 Fair value of RSUs settled in Class A Shares $ 5,702 $ 715 $ 12,408 $ 3,474 Fair value of RSUs withheld to satisfy tax withholding obligations $ 6,365 $ 590 $ 11,179 $ 1,897

INVESTMENTS AND FAIR VALUE DI_2

INVESTMENTS AND FAIR VALUE DISCLOSURES (Tables)	9 Months Ended
INVESTMENTS AND FAIR VALUE DISCLOSURES (Tables)	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Components of the Company Investment	The following table presents the components of the Company’s investments: (dollars in thousands) September 30, December 31, Loans, at amortized cost (includes $232,500 and $252,225 of investments in the Company’s products, respectively) $ 233,550 $ 254,152 Equity investments in the Company's products, equity method 52,159 46,157 Equity investments in the Company's products, at fair value 64,722 14,079 Investments in the Company's CLOs, at fair value 2,708 2,843 Total $ 353,139 $ 317,231
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The tables below summarizes the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022: September 30, 2023 (dollars in thousands) Level I Level II Level III Total Investments, at Fair Value Equity investments in the Company's products $ — $ 64,722 $ — $ 64,722 CLOs — — 2,708 2,708 Total Assets, at Fair Value $ — $ 64,722 $ 2,708 $ 67,430 Liabilities, at Fair Value TRA liability $ — $ — $ 112,795 $ 112,795 Warrant liability — — 12,100 12,100 Earnout liability — 653 90,759 91,412 Total Liabilities, at Fair Value $ — $ 653 $ 215,654 $ 216,307 December 31, 2022 (dollars in thousands) Level I Level II Level III Total Investments, at Fair Value Equity investments in the Company's products $ — $ 14,079 $ — $ 14,079 CLOs — — 2,843 2,843 Total Assets, at Fair Value $ — $ 14,079 $ 2,843 $ 16,922 Liabilities, at Fair Value TRA liability $ — $ — $ 120,587 $ 120,587 Warrant liability — — 8,550 8,550 Earnout liability — — 172,070 172,070 Total Liabilities, at Fair Value $ — $ — $ 301,207 $ 301,207
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table sets forth a summary of changes in the fair value of the Level III measurements for the three and nine months ended September 30, 2023 and 2022: (dollars in thousands) Level III Assets Investment in CLOs Three Months Ended Nine Months Ended 2023 2022 2023 2022 Beginning balance $ 2,430 $ — $ 2,843 $ — Purchases — 3,738 — 3,738 Net gains (losses) 278 (74) (135) (74) Ending Balance $ 2,708 $ 3,664 $ 2,708 $ 3,664 Change in net unrealized gains (losses) on assets still recognized at the reporting date $ 278 $ (74) $ (135) $ (74) Three Months Ended September 30, 2023 Level III Liabilities (dollars in thousands) TRA Liability Warrant Liability Earnout Liability Total Beginning balance $ 112,830 $ 10,050 $ 88,752 $ 211,632 Net (gains) losses (35) 2,050 2,007 4,022 Ending Balance $ 112,795 $ 12,100 $ 90,759 $ 215,654 Change in net unrealized (gains) losses on liabilities still recognized at the reporting date $ (35) $ 2,050 $ 2,007 $ 4,022 Nine Months Ended September 30, 2023 Level III Liabilities (dollars in thousands) TRA Liability Warrant Liability Earnout Liability Total Beginning balance $ 120,587 $ 8,550 $ 172,070 $ 301,207 Settlements — — (86,250) (86,250) Net (gains) losses (7,792) 3,550 4,939 697 Ending Balance $ 112,795 $ 12,100 $ 90,759 $ 215,654 Change in net unrealized (gains) losses on liabilities still recognized at the reporting date $ (7,792) $ 3,550 $ 4,815 $ 573 Three Months Ended September 30, 2022 Level III Liabilities (dollars in thousands) TRA Liability Warrant Liability Earnout Liability Total Beginning balance $ 119,607 $ 11,100 $ 159,255 $ 289,962 Acquisitions — — (969) (969) Net (gains) losses (3,599) (3,650) 1,760 (5,489) Ending Balance $ 116,008 $ 7,450 $ 160,046 $ 283,504 Change in net unrealized (gains) losses on liabilities still recognized at the reporting date $ (3,599) $ (3,650) $ 1,760 $ (5,489) Nine Months Ended September 30, 2022 Level III Liabilities (dollars in thousands) TRA Liability Warrant Liability Earnout Liability Total Beginning balance $ 111,325 $ 25,750 $ 143,800 $ 280,875 Acquisitions — — 13,782 13,782 Net losses (gains) 4,683 (18,300) 2,464 (11,153) Ending Balance $ 116,008 $ 7,450 $ 160,046 $ 283,504 Change in net unrealized (gains) losses on liabilities still recognized at the reporting date $ 4,683 $ (18,300) $ 2,464 $ (11,153)
Schedule of Fair Value Measurement Inputs and Valuation Techniques	The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of September 30, 2023: (dollars in thousands) Fair Value Valuation Technique Significant Unobservable Inputs Range Weighted Average Impact to Valuation from an Increase in Input Assets CLOs $ 2,708 Discounted cash flow Yield 15 % - 19% 17 % Decrease Liabilities TRA liability $ 112,795 Discounted cash flow Discount Rate 11 % - 11% 11 % Decrease Warrant liability 12,100 Monte Carlo Simulation Volatility 27 % - 27% 27 % Increase Earnout liability: Oak Street Earnouts 81,654 Discounted cash flow Discount Rate 16 % - 16% 16 % Decrease Wellfleet Earnouts 9,105 Discounted cash flow Discount Rate 6 % - 6% 6 % Decrease 90,759 Total Liabilities, at Fair Value $ 215,654 The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of December 31, 2022: (dollars in thousands) Fair Value Valuation Technique Significant Unobservable Inputs Range Weighted Average Impact to Valuation from an Increase in Input Assets CLOs $ 2,843 Discounted cash flow Yield 16 % - 19% 17 % Decrease Liabilities TRA liability $ 120,587 Discounted cash flow Discount Rate 11 % - 11% 11 % Decrease Warrant liability 8,550 Monte Carlo simulation Volatility 34 % - 34% 34 % Increase Earnout liability: Oak Street Earnouts 158,497 Monte Carlo simulation Revenue Volatility 50 % - 50% 50 % Increase Discount rate 17 % - 17% 17 % Decrease Wellfleet Earnouts 13,573 Discounted cash flow Discount rate 6 % - 6% 6 % Decrease 172,070 Total Liabilities, at Fair Value $ 301,207

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Payments Under Tax Receivable Agreement	The table below presents management’s estimate as of September 30, 2023, of the maximum amounts that would be payable under the TRA assuming that the Company will have sufficient taxable income each year to fully realize the expected tax savings. In light of the numerous factors affecting the Company’s obligation to make such payments, the timing and amounts of any such actual payments may differ materially from those presented in the table. (dollars in thousands) Potential Payments Under the Tax Receivable Agreement October 1, 2023 to December 31, 2023 $ — 2024 30,521 2025 50,922 2026 62,872 2027 79,002 Thereafter 737,674 Total Payments 960,991 Less adjustment to fair value for contingent consideration (123,068) Total TRA Liability $ 837,923

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
RELATED PARTY TRANSACTIONS (Tables)	Sep. 30, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The Company also has arrangements in place with products that it manages, whereby certain costs are initially paid by the Company and subsequently are reimbursed by the products. These amounts are included within due from related parties in the Company’s consolidated and combined statements of financial condition. (dollars in thousands) September 30, December 31, Management fees $ 226,321 $ 262,059 Realized performance income — 1,132 Administrative fees 46,990 44,060 Other expenses paid on behalf of the Company’s products and other related parties 72,962 50,670 Due from Related Parties $ 346,273 $ 357,921

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	9 Months Ended
EARNINGS (LOSS) PER SHARE (Tables)	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The table below presents the Company’s treatment for basic and diluted earnings (loss) per share for instruments outstanding of the Registrant and the Blue Owl Operating Group. Potentially dilutive instruments are only considered in the calculation to the extent they would be dilutive. Basic Diluted Class A Shares (1) Included Included Class B Shares None outstanding None outstanding Class C Shares and Class D Shares Non-economic voting shares of the Registrant Non-economic voting shares of the Registrant Vested RSUs (1) Contingently issuable shares Contingently issuable shares Unvested RSUs Excluded Treasury stock method Warrants (2) Excluded Treasury stock method Compensation-classified Wellfleet Earnout Shares (3) Excluded Excluded Contingent consideration-classified Wellfleet Earnout Shares (3) Excluded Excluded Potentially Dilutive Instruments of the Blue Owl Operating Group: Vested Common Units and Incentive Units (4) Excluded If-converted method Unvested Incentive Units (4) Excluded The Company first applies the treasury stock method to determine the number of units that would have been issued, then applies the if-converted method to the resulting number of units Oak Street Earnout Units (5) Excluded Contingently issuable shares (1) Included in the weighted-average Class A Shares outstanding are RSUs that have vested but have not been settled in Class A Shares. These RSUs do not participate in dividends until settled in Class A Shares. These vested RSUs totaled 11,393,389 and 10,927,643 for the three and nine months ended September 30, 2023, and 10,752,588 and 10,839,982 for the three and nine months ended September 30, 2022. (2) The treasury stock method for warrants, which are carried at fair value, includes adjusting the numerator for changes in fair value impacting net income (loss) for the period. (3) During the second quarter of 2023, the Company modified the Wellfleet Earnout Shares arrangement such that settlement of the Wellfleet Earnout Shares would be in cash at each payment date. As a result of the modification, Wellfleet Earnout Shares are excluded from basic and diluted earnings per share for the three months ended September 30, 2023. As of September 30, 2022, the Wellfleet Triggering Events with respect to the Wellfleet Earnout Shares had not occurred, and therefore such shares have not been included in the calculation of basic earnings (loss) per share for the three and nine months ended September 30, 2022. However, had September 30, 2022 also been the end of the contingency period for the Wellfleet Earnout Shares, the Wellfleet Triggering Events would have occurred, and therefore the Wellfleet Earnout Shares have been included in the calculation of diluted earnings (loss) per share for the three and nine months ended September 30, 2022, as if such shares were outstanding from the date of the Wellfleet Acquisition. (4) The if-converted method for these instruments includes adding back to the numerator any related income or loss allocations to noncontrolling interest, as well as any incremental tax expense had the instruments converted into Class A Shares as of the beginning of the period. (5) As of September 30, 2023, the Oak Street Triggering Events with respect to the Second Oak Street Earnout Units had not occurred nor are these units issuable by the Registrant (they would be issued as Common Units of the Blue Owl Operating Group), and therefore such units have not been included in the calculation of basic earnings per share for the three and nine months ended September 30, 2023. As of September 30, 2022, the Oak Street Triggering Events with respect the First and Second Oak Street Earnout Units had not occurred nor are these units issuable by the Registrant (they would be issued as Common Units of the Blue Owl Operating Group), and therefore such units have not been included in the calculation of basic earnings (loss) per share for the three and nine months ended September 30, 2022. However, had September 30, 2023, also been the end of the contingency period for the Second Oak Street Earnout Units, the Oak Street Triggering Event would have occurred, and therefore the Second Oak Street Earnout Units have been included in the calculation of diluted earnings per share for the three and nine months ended September 30, 2023. Had September 30, 2022 also been the end of the contingency period for the First and Second Oak Street Earnout Units, the Oak Street Triggering Events would not yet have occurred, and therefore the First and Second Oak Street Earnout Units have not been included in the calculation of diluted earnings (loss) per share for the three and nine months ended September 30, 2022. Three Months Ended September 30, 2023 Net Income Attributable to Class A Shares Weighted-Average Class A Shares Outstanding Earnings Per Class A Share Weighted-Average Number of Antidilutive Instruments (dollars in thousands, except per share amounts) Basic $ 15,109 466,376,329 $ 0.03 Effect of dilutive securities: Unvested RSUs — 5,491,852 — Warrants (663) 222,129 — Vested Common Units — — 953,172,293 Vested Incentive Units — — 9,380,431 Unvested Incentive Units — — 24,891,476 Oak Street Earnout Units — 10,483,603 — Diluted $ 14,446 482,573,913 $ 0.03 Nine Months Ended September 30, 2023 Net Income Attributable to Class A Shares Weighted-Average Class A Shares Outstanding Earnings Per Class A Share Weighted-Average Number of Antidilutive Instruments (dollars in thousands, except per share amounts) Basic $ 36,285 460,691,359 $ 0.08 Effect of dilutive securities: Unvested RSUs — 5,159,344 — Warrants (1,136) 34,602 — Vested Common Units 69,963 957,654,570 — Vested Incentive Units — — 8,036,109 Unvested Incentive Units — — 24,940,033 Oak Street Earnout Units — 8,650,907 — Diluted $ 105,112 1,432,190,782 $ 0.07 Three Months Ended September 30, 2022 Net Loss Attributable to Class A Shares Weighted-Average Class A Shares Outstanding Earnings Weighted-Average Number of Antidilutive Instruments (dollars in thousands, except per share amounts) Basic $ 2,060 441,487,112 $ 0.00 Effect of dilutive securities: Unvested RSUs — 2,757,915 — Warrants — — 8,610,237 Compensation-classified Wellfleet Earnout Shares — 84,672 — Contingent consideration-classified Wellfleet Earnout Shares — 78,393 — Vested Common Units (8,600) 967,403,976 — Vested Incentive Units — — 1,706,416 Unvested Incentive Units — — 24,830,502 Oak Street Earnout Units — — 26,074,330 Diluted $ (6,540) 1,411,812,068 $ 0.00 Nine Months Ended September 30, 2022 Net Loss Attributable to Class A Shares Weighted-Average Class A Shares Outstanding Loss Per Class A Share Weighted-Average Number of Antidilutive Instruments (dollars in thousands, except per share amounts) Basic $ (10,881) 427,172,270 $ (0.03) Effect of dilutive securities: Unvested RSUs — — 10,772,062 Warrants — — 12,289,159 Compensation-classified Wellfleet Earnout Shares — — 578,009 Contingent consideration-classified Wellfleet Earnout Shares — — 52,549 Vested Common Units — — 981,549,708 Vested Incentive Units — — 925,932 Unvested Incentive Units — — 24,708,247 Oak Street Earnout Units — — 26,074,330 Diluted $ (10,881) 427,172,270 $ (0.03)

ORGANIZATION - Additional Infor

ORGANIZATION - Additional Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended			5 Months Ended	9 Months Ended
	Sep. 30, 2023 tranche $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Mar. 31, 2022 shares	May 18, 2021 shares	Sep. 30, 2023 USD ($) segment tranche $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2022 shares	Jul. 18, 2022 shares	May 04, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of operating segments \| segment					1
Number of reportable segments \| segment					1
Warrants to purchase Class A shares, price (in dollars per share) \| $ / shares	$ 11.50				$ 11.50
Warrant expiration term	5 years				5 years
Number of shares purchased pursuant to the Programs (in shares)	0	1,021,079			0	3,021,079
Proceeds from exercise of warrants \| $					$ 0	$ 151
Oak Street Real Estate Capital, LLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of tranches \| tranche	2				2
Potential earnout units (in units)	13,037,165				13,037,165
Wellfleet Credit Partners LLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of tranches \| tranche	3				3
Earnout period					3 years
Public Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants (in shares)								9,159,048
Warrants exercised on cashless basis(in shares)		8,961,029
Redemption price (in dollars per share) \| $ / shares		$ 0.10
Proceeds from exercise of warrants \| $		$ 200
May 4, 2022 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for repurchase \| $									$ 150,000
Previously Authorized Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares purchased pursuant to the Programs (in shares)			2,000,000
Principals
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period after business combination anniversary					2 years
Unvested RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				0
Common Class A and Common Class C
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of votes per share, combined (as percent)	20%		10%		20%
Class C Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares, issued (in shares)	635,393,693				635,393,693		629,402,505
Shares issued to grant holder a corresponding voting interest (in shares)	1				1
Class A Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares, issued (in shares)	455,586,790				455,586,790		445,131,351
Right to exchange, conversion ratio					1
Aggregate number of shares (in shares)		14,553				14,553
Warrants exchange cashless basis (in shares)		2,141,601
Class A Shares \| Public Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants to purchase Class A shares, price (in dollars per share) \| $ / shares		$ 11.50				$ 11.50
Warrants (in shares)		183,466				183,466
Warrants exercised (in shares)		14,553
Common Class B and Common Class D
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of votes per share, combined (as percent)	80%		90%		80%
Class B Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares, issued (in shares)	0				0
Right to exchange, conversion ratio					1
Class D Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares, issued (in shares)	317,762,127				317,762,127		319,132,127
Shares issued to grant holder a corresponding voting interest (in shares)	1				1

ORGANIZATION - Schedule of Shar

ORGANIZATION - Schedule of Shares Issued and Outstanding (Details) - shares	Sep. 30, 2023	Dec. 31, 2022
Private Placement Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants (in shares)	5,000,000
Unvested RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Instruments other than options outstanding (in shares)	24,493,423
Class A Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	455,586,790	445,131,351
Class C Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	635,393,693	629,402,505
Class D Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	317,762,127	319,132,127

ORGANIZATION - Schedule of Blue

ORGANIZATION - Schedule of Blue Owl Operating Group Outstanding Units (Details) - Blue Owl Operating Group	Sep. 30, 2023 shares
GP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blue Owl Operating Group units outstanding (in shares)	455,586,790
Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blue Owl Operating Group units outstanding (in shares)	953,155,820
Incentive Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blue Owl Operating Group units outstanding (in shares)	34,594,784

ORGANIZATION - Schedule Of Repu

ORGANIZATION - Schedule Of Repurchase Of Shares Activity (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares purchased pursuant to the Programs (in shares)	0	1,021,079	0	3,021,079
Number of warrants cancelled upon redemption, net of shares issued (in shares)	0	7,002,894	0	7,002,894
Unvested RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of RSUs withheld to satisfy tax withholding obligations (in shares)	542,167	45,668	901,113	152,838

ACQUISITIONS AND INTANGIBLE A_3

ACQUISITIONS AND INTANGIBLE ASSETS, NET - Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		9 Months Ended
	Aug. 15, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Asset Acquisition [Line Items]
Cash Consideration		$ 26,245	$ 114,454
Assets acquired:
Goodwill		$ 4,224,936		$ 4,205,159
Par Four Acquisition
Asset Acquisition [Line Items]
Cash Consideration	$ 26,245
Assets acquired:
Intangible assets - Investment management agreements	6,000
Due from Related Parties	468
Net Identifiable Assets Acquired	6,468
Goodwill	$ 19,777

ACQUISITIONS AND INTANGIBLE A_4

ACQUISITIONS AND INTANGIBLE ASSETS, NET - Additional Information (Details)	Aug. 15, 2023
Par Four Acquisition
Asset Acquisition [Line Items]
Weighted average amortization period	4 years 10 months 24 days

ACQUISITIONS AND INTANGIBLE A_5

ACQUISITIONS AND INTANGIBLE ASSETS, NET - Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 2,782,220	$ 2,776,220
Total accumulated amortization	(614,330)	(370,798)
Total Intangible Assets, Net	2,167,890	2,405,422
Investment management agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Total intangible assets, gross	2,228,320	2,222,320
Total accumulated amortization	$ (427,165)	(290,816)
Remaining weighted-average amortization period	11 years 10 months 24 days
Investor relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 459,500	459,500
Total accumulated amortization	$ (92,765)	(60,630)
Remaining weighted-average amortization period	8 years 10 months 24 days
Trademarks
Acquired Finite-Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 94,400	94,400
Total accumulated amortization	$ (94,400)	$ (19,352)
Remaining weighted-average amortization period	0 years

ACQUISITIONS AND INTANGIBLE A_6

ACQUISITIONS AND INTANGIBLE ASSETS, NET - Finite-Lived Intangible Asset Expected Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
October 1, 2023 to December 31, 2023	$ 56,657
2024	225,185
2025	220,979
2026	207,135
2027	192,836
Thereafter	1,265,098
Total Intangible Assets, Net	$ 2,167,890	$ 2,405,422

DEBT OBLIGATIONS, NET - Schedul

DEBT OBLIGATIONS, NET - Schedule of Outstanding Debt Obligations (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Jun. 30, 2023
Debt Instrument [Line Items]
Aggregate Facility Size	$ 3,059,800	$ 2,565,000
Outstanding Debt	1,779,800	1,660,000
Amount Available	1,273,373	899,876
Net Carrying Value	$ 1,745,953	$ 1,624,771
2028 Notes \| Senior Notes
Debt Instrument [Line Items]
Maturity Date	May 26, 2028
Aggregate Facility Size	$ 59,800
Outstanding Debt	59,800
Amount Available	0
Net Carrying Value	$ 58,867
2031 Notes \| Senior Notes
Debt Instrument [Line Items]
Maturity Date	Jun. 10, 2031	Jun. 10, 2031
Aggregate Facility Size	$ 700,000	$ 700,000
Outstanding Debt	700,000	700,000
Amount Available	0	0
Net Carrying Value	$ 686,741	$ 685,474
2032 Notes \| Senior Notes
Debt Instrument [Line Items]
Maturity Date	Feb. 15, 2032	Feb. 15, 2032
Aggregate Facility Size	$ 400,000	$ 400,000
Outstanding Debt	400,000	400,000
Amount Available	0	0
Net Carrying Value	$ 392,532	$ 391,819
2051 Notes \| Senior Notes
Debt Instrument [Line Items]
Maturity Date	Oct. 07, 2051	Oct. 07, 2051
Aggregate Facility Size	$ 350,000	$ 350,000
Outstanding Debt	350,000	350,000
Amount Available	0	0
Net Carrying Value	$ 337,813	$ 337,478
Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maturity Date	Jun. 29, 2028	Jun. 15, 2027
Aggregate Facility Size	$ 1,550,000	$ 1,115,000	$ 1,600,000
Outstanding Debt	270,000	210,000
Amount Available	1,273,373	899,876
Net Carrying Value	$ 270,000	$ 210,000

DEBT OBLIGATIONS, NET - Additio

DEBT OBLIGATIONS, NET - Additional Information (Details) - 2028 Notes - Senior Notes - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	May 31, 2023
Debt Instrument [Line Items]
Face amount		$ 59.8
Fixed interest rate (percent)		7.397%
Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price	100%
Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price	101%

DEBT OBLIGATIONS, NET - Revolvi

DEBT OBLIGATIONS, NET - Revolving Credit Facility (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Aggregate facility size	$ 3,059,800		$ 2,565,000
Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Aggregate facility size	$ 1,550,000	$ 1,600,000	$ 1,115,000
Average interest rate (percent)	6.92%		6.02%

LEASES - Lease Cost Information

LEASES - Lease Cost Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 9,995	$ 4,795	$ 27,321	$ 11,907
Short term lease cost	65	513	193	1,319
Net Lease Cost	$ 10,060	$ 5,308	$ 27,514	$ 13,226

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 4,250	$ 3,078	$ 10,933	$ 8,112
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 1,361	$ 149,365	$ 79,150	$ 153,638

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet Information (Details)	Sep. 30, 2023	Dec. 31, 2022
Weighted-average remaining lease term:
Operating leases	12 years 10 months 24 days	13 years
Weighted-average discount rate:
Operating leases	5.30%	4%

LEASES - Maturities Of Operatin

LEASES - Maturities Of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
October 1, 2023 to December 31, 2023	$ 3,199
2024	8,471
2025	34,433
2026	35,829
2027	35,382
Thereafter	326,842
Total Lease Payments	444,156
Imputed interest	(140,433)
Total Lease Liabilities	$ 303,723	$ 239,844

LEASES - Additional Information

LEASES - Additional Information (Details) $ in Millions	Sep. 30, 2023 USD ($)
Leases [Abstract]
Future operating lease payments	$ 67.5
Anticipated operating lease payment term (in years)	13 years

REVENUES - Disaggregation of Re

REVENUES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 429,650	$ 370,986	$ 1,237,573	$ 974,209
Credit Strategies
Disaggregation of Revenue [Line Items]
Revenues	257,133	195,366	734,787	535,655
GP Strategic Capital Strategies
Disaggregation of Revenue [Line Items]
Revenues	135,981	153,426	403,111	379,978
Real Estate Strategies
Disaggregation of Revenue [Line Items]
Revenues	36,536	22,194	99,675	58,576
Management Fees, Net
Disaggregation of Revenue [Line Items]
Revenues	386,009	338,377	1,116,663	870,334
Management Fees, Net \| Credit Strategies
Disaggregation of Revenue [Line Items]
Revenues	225,887	169,700	650,617	449,114
Management Fees, Net \| GP Strategic Capital Strategies
Disaggregation of Revenue [Line Items]
Revenues	127,135	147,608	376,660	363,769
Management Fees, Net \| Real Estate Strategies
Disaggregation of Revenue [Line Items]
Revenues	32,987	21,069	89,386	57,451
Diversified lending \| Credit Strategies
Disaggregation of Revenue [Line Items]
Revenues	159,461	126,492	460,642	340,853
Technology lending \| Credit Strategies
Disaggregation of Revenue [Line Items]
Revenues	52,889	29,905	148,676	76,738
First lien lending \| Credit Strategies
Disaggregation of Revenue [Line Items]
Revenues	4,525	4,213	13,758	11,867
Opportunistic lending \| Credit Strategies
Disaggregation of Revenue [Line Items]
Revenues	2,422	2,312	7,297	6,583
Liquid credit \| Credit Strategies
Disaggregation of Revenue [Line Items]
Revenues	6,590	6,778	20,244	13,073
GP minority stakes \| GP Strategic Capital Strategies
Disaggregation of Revenue [Line Items]
Revenues	132,498	153,563	393,218	380,097
GP debt financing \| GP Strategic Capital Strategies
Disaggregation of Revenue [Line Items]
Revenues	4,613	3,532	11,990	9,990
Professional sports minority stakes \| GP Strategic Capital Strategies
Disaggregation of Revenue [Line Items]
Revenues	683	283	1,650	1,296
Strategic Revenue-Share Purchase consideration amortization \| GP Strategic Capital Strategies
Disaggregation of Revenue [Line Items]
Revenues	(10,659)	(9,770)	(30,198)	(27,614)
Net lease \| Real Estate Strategies
Disaggregation of Revenue [Line Items]
Revenues	32,987	21,069	89,386	57,451
Administrative, transaction and other fees
Disaggregation of Revenue [Line Items]
Revenues	43,641	32,609	120,404	103,875
Administrative, transaction and other fees \| Credit Strategies
Disaggregation of Revenue [Line Items]
Revenues	31,246	25,666	84,170	86,541
Administrative, transaction and other fees \| GP Strategic Capital Strategies
Disaggregation of Revenue [Line Items]
Revenues	8,846	5,818	26,451	16,209
Administrative, transaction and other fees \| Real Estate Strategies
Disaggregation of Revenue [Line Items]
Revenues	3,549	1,125	9,783	1,125
Realized performance income
Disaggregation of Revenue [Line Items]
Revenues	0	0	506	0
Realized performance income \| Real Estate Strategies
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 0	$ 506	$ 0

REVENUES - Schedule of Company'

REVENUES - Schedule of Company's Fees and Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Management Fees Receivable
Fees Receivable
Fees receivable, beginning balance	$ 262,059	$ 261,166	$ 168,057
Fees receivable, ending balance	226,321	262,059	261,166
Unearned Management Fees
Fee liability, beginning balance	9,389	9,913	10,299
Fee liability, ending balance	9,196	9,389	9,913
Administrative, Transaction and Other Fees Receivable
Fees Receivable
Fees receivable, beginning balance	44,060	35,361	19,535
Fees receivable, ending balance	46,990	44,060	35,361
Realized performance income
Fees Receivable
Fees receivable, beginning balance	1,132	0	10,496
Fees receivable, ending balance	$ 0	$ 1,132	$ 0

REVENUES - Changes In Strategic

REVENUES - Changes In Strategic Revenue Share Purchase Consideration (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Weighted-average amortization period			12 years
Changes In Strategic Revenue Share Purchase Consideration [Roll Forward]
Beginning balance	$ 457,939	$ 495,322
Amortization	(30,198)	(27,614)
Ending balance	$ 427,741	$ 467,708	$ 495,322
Equity Interest Consideration
Disaggregation of Revenue [Line Items]
Consideration paid			455,000
Cash Consideration
Disaggregation of Revenue [Line Items]
Consideration paid			$ 50,200

OTHER ASSETS, NET (Details)

OTHER ASSETS, NET (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Accumulated depreciation and amortization	$ (12,056)	$ (4,644)
Fixed assets, net	98,155	71,190
Receivables	16,534	11,935
Prepaid expenses	8,888	6,099
Unamortized debt issuance costs on revolving credit facilities	9,780	6,328
Other assets	4,691	4,127
Total	138,048	99,679
Leasehold improvements
Property, Plant and Equipment [Line Items]
Fixed assets, gross	89,138	61,741
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Fixed assets, gross	13,727	10,922
Computer hardware and software
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 7,346	$ 3,171

EQUITY-BASED COMPENSATION- Addi

EQUITY-BASED COMPENSATION- Additional Information (Details) - 2021 Equity Incentive Plan	Sep. 30, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares and units authorized (in shares)	101,230,522
Total shares available (in shares)	30,861,560

EQUITY-BASED COMPENSATION - Equ

EQUITY-BASED COMPENSATION - Equity-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-Based Compensation Expense	$ 74,974	$ 108,076	$ 219,075	$ 309,362
Corresponding tax benefit	180	152	652	456
Compensation and Benefits Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-Based Compensation Expense	21,192	62,831	62,768	185,624
Oak Street Earnout Units \| Compensation and Benefits Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-Based Compensation Expense	20,310	62,002	60,267	183,984
Wellfleet Earnout Shares \| Compensation and Benefits Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-Based Compensation Expense	882	829	2,501	1,640
Incentive Units \| Compensation and Benefits Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-Based Compensation Expense	42,104	36,912	118,950	98,238
Unvested RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of RSUs settled in Class A Shares	5,702	715	12,408	3,474
Fair value of RSUs withheld to satisfy tax withholding obligations	6,365	590	11,179	1,897
Unvested RSUs \| Compensation and Benefits Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-Based Compensation Expense	$ 11,678	$ 8,333	$ 37,357	$ 25,500

INVESTMENTS AND FAIR VALUE DI_3

INVESTMENTS AND FAIR VALUE DISCLOSURES - Schedule of Components of the Company Investment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, at amortized cost (includes $232,500 and $252,225 of investments in the Company’s products, respectively)	$ 233,550	$ 254,152
Equity investments in the Company's products, equity method	52,159	46,157
Equity investments in the Company's products, at fair value	64,722	14,079
Investments in the Company's CLOs, at fair value	2,708	2,843
Total	353,139	317,231
Investments in Company's products
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, at amortized cost (includes $232,500 and $252,225 of investments in the Company’s products, respectively)	$ 232,500	$ 252,225

INVESTMENTS AND FAIR VALUE DI_4

INVESTMENTS AND FAIR VALUE DISCLOSURES - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments in the Company's products	$ 64,722	$ 14,079
CLOs	2,708	2,843
TRA liability	112,795	120,587
Warrant liability	12,100	8,550
Earnout liability	91,412	172,070
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments in the Company's products	64,722	14,079
CLOs	2,708	2,843
Total Assets, at Fair Value	67,430	16,922
TRA liability	112,795	120,587
Warrant liability	12,100	8,550
Earnout liability	91,412	172,070
Total Liabilities, at Fair Value	216,307	301,207
Fair Value, Recurring \| Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments in the Company's products	0	0
CLOs	0	0
Total Assets, at Fair Value	0	0
TRA liability	0	0
Warrant liability	0	0
Earnout liability	0	0
Total Liabilities, at Fair Value	0	0
Fair Value, Recurring \| Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments in the Company's products	64,722	14,079
CLOs	0	0
Total Assets, at Fair Value	64,722	14,079
TRA liability	0	0
Warrant liability	0	0
Earnout liability	653	0
Total Liabilities, at Fair Value	653	0
Fair Value, Recurring \| Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments in the Company's products	0	0
CLOs	2,708	2,843
Total Assets, at Fair Value	2,708	2,843
TRA liability	112,795	120,587
Warrant liability	12,100	8,550
Earnout liability	90,759	172,070
Total Liabilities, at Fair Value	$ 215,654	$ 301,207

INVESTMENTS AND FAIR VALUE DI_5

INVESTMENTS AND FAIR VALUE DISCLOSURES - Change in Fair Value of Level III Measurements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Nonoperating Income (Expense)	Nonoperating Income (Expense)	Nonoperating Income (Expense)	Nonoperating Income (Expense)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Nonoperating Income (Expense)	Nonoperating Income (Expense)	Nonoperating Income (Expense)	Nonoperating Income (Expense)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Nonoperating Income (Expense)	Nonoperating Income (Expense)	Nonoperating Income (Expense)	Nonoperating Income (Expense)
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Nonoperating Income (Expense)	Nonoperating Income (Expense)	Nonoperating Income (Expense)	Nonoperating Income (Expense)
Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 211,632	$ 289,962	$ 301,207	$ 280,875
Settlements			(86,250)
Acquisitions		(969)		13,782
Net (gains) losses	4,022	(5,489)	697	(11,153)
Ending Balance	215,654	283,504	215,654	283,504
Change in net unrealized (gains) losses on liabilities still recognized at the reporting date	4,022	(5,489)	573	(11,153)
Level III \| TRA Liability
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	112,830	119,607	120,587	111,325
Settlements			0
Acquisitions		0		0
Net (gains) losses	(35)	(3,599)	(7,792)	4,683
Ending Balance	112,795	116,008	112,795	116,008
Change in net unrealized (gains) losses on liabilities still recognized at the reporting date	(35)	(3,599)	(7,792)	4,683
Level III \| Warrant Liability
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	10,050	11,100	8,550	25,750
Settlements			0
Acquisitions		0		0
Net (gains) losses	2,050	(3,650)	3,550	(18,300)
Ending Balance	12,100	7,450	12,100	7,450
Change in net unrealized (gains) losses on liabilities still recognized at the reporting date	2,050	(3,650)	3,550	(18,300)
Level III \| Earnout Liability
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	88,752	159,255	172,070	143,800
Settlements			(86,250)
Acquisitions		(969)		13,782
Net (gains) losses	2,007	1,760	4,939	2,464
Ending Balance	90,759	160,046	90,759	160,046
Change in net unrealized (gains) losses on liabilities still recognized at the reporting date	2,007	1,760	4,815	2,464
Level III \| CLOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	2,430	0	2,843	0
Purchases	0	3,738	0	3,738
Net gains (losses)	278	(74)	(135)	(74)
Ending Balance	2,708	3,664	2,708	3,664
Change in net unrealized gains (losses) on assets still recognized at the reporting date	$ 278	$ (74)	$ (135)	$ (74)

INVESTMENTS AND FAIR VALUE DI_6

INVESTMENTS AND FAIR VALUE DISCLOSURES - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt obligations, fair value	$ 1,400,000	$ 1,300,000
Debt obligations, net	$ 1,745,953	1,624,771
Level II
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Minimum holding period for majority of equity investments in the company's products (in years)	1 year
Debt obligations, fair value	$ 1,100,000	$ 1,100,000

INVESTMENTS AND FAIR VALUE DI_7

INVESTMENTS AND FAIR VALUE DISCLOSURES - Valuation Assumptions (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in the Company's CLOs, at fair value	$ 2,708	$ 2,843
TRA liability	112,795	120,587
Warrant liability	12,100	8,550
Earnout liability	91,412	172,070
Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in the Company's CLOs, at fair value	2,708	2,843
TRA liability	112,795	120,587
Warrant liability	12,100	8,550
Earnout liability	91,412	172,070
Total Liabilities, at Fair Value	216,307	301,207
Level III \| Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in the Company's CLOs, at fair value	2,708	2,843
TRA liability	112,795	120,587
Warrant liability	12,100	8,550
Earnout liability	90,759	172,070
Total Liabilities, at Fair Value	215,654	301,207
Discounted cash flow \| Level III \| Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in the Company's CLOs, at fair value	2,708	2,843
TRA liability	112,795	120,587
Discounted cash flow \| Level III \| Fair Value, Recurring \| Oak Street Earnouts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability	81,654
Discounted cash flow \| Level III \| Fair Value, Recurring \| Wellfleet Earnout Shares
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability	$ 9,105	$ 13,573
Discounted cash flow \| Yield \| Level III \| Fair Value, Recurring \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
CLOs yield (as percent)	0.15	0.16
Discounted cash flow \| Yield \| Level III \| Fair Value, Recurring \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
CLOs yield (as percent)	0.19	0.19
Discounted cash flow \| Yield \| Level III \| Fair Value, Recurring \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
CLOs yield (as percent)	0.17	0.17
Discounted cash flow \| Discount Rate \| Level III \| Fair Value, Recurring \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Tax liability rate (as percent)	0.11	0.11
Discounted cash flow \| Discount Rate \| Level III \| Fair Value, Recurring \| Minimum \| Oak Street Earnouts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (as percent)	0.16
Discounted cash flow \| Discount Rate \| Level III \| Fair Value, Recurring \| Minimum \| Wellfleet Earnout Shares
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (as percent)	0.06	0.06
Discounted cash flow \| Discount Rate \| Level III \| Fair Value, Recurring \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Tax liability rate (as percent)	0.11	0.11
Discounted cash flow \| Discount Rate \| Level III \| Fair Value, Recurring \| Maximum \| Oak Street Earnouts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (as percent)	0.16
Discounted cash flow \| Discount Rate \| Level III \| Fair Value, Recurring \| Maximum \| Wellfleet Earnout Shares
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (as percent)	0.06	0.06
Discounted cash flow \| Discount Rate \| Level III \| Fair Value, Recurring \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Tax liability rate (as percent)	0.11	0.11
Discounted cash flow \| Discount Rate \| Level III \| Fair Value, Recurring \| Weighted Average \| Oak Street Earnouts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (as percent)	0.16
Discounted cash flow \| Discount Rate \| Level III \| Fair Value, Recurring \| Weighted Average \| Wellfleet Earnout Shares
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (as percent)	0.06	0.06
Monte Carlo Simulation \| Level III \| Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liability	$ 12,100	$ 8,550
Monte Carlo Simulation \| Level III \| Fair Value, Recurring \| Oak Street Earnouts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability		$ 158,497
Monte Carlo Simulation \| Discount Rate \| Level III \| Fair Value, Recurring \| Minimum \| Oak Street Earnouts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (as percent)		0.17
Monte Carlo Simulation \| Discount Rate \| Level III \| Fair Value, Recurring \| Maximum \| Oak Street Earnouts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (as percent)		0.17
Monte Carlo Simulation \| Discount Rate \| Level III \| Fair Value, Recurring \| Weighted Average \| Oak Street Earnouts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (as percent)		0.17
Monte Carlo Simulation \| Volatility \| Level III \| Fair Value, Recurring \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liability rate (as percent)	0.27	0.34
Monte Carlo Simulation \| Volatility \| Level III \| Fair Value, Recurring \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liability rate (as percent)	0.27	0.34
Monte Carlo Simulation \| Volatility \| Level III \| Fair Value, Recurring \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liability rate (as percent)	0.27	0.34
Monte Carlo Simulation \| Revenue Volatility \| Level III \| Fair Value, Recurring \| Minimum \| Oak Street Earnouts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (as percent)		0.50
Monte Carlo Simulation \| Revenue Volatility \| Level III \| Fair Value, Recurring \| Maximum \| Oak Street Earnouts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (as percent)		0.50
Monte Carlo Simulation \| Revenue Volatility \| Level III \| Fair Value, Recurring \| Weighted Average \| Oak Street Earnouts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout liability rate (as percent)		0.50

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details)	3 Months Ended		9 Months Ended
INCOME TAXES - Additional Information (Details)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	14.40%	29%	13.90%	7.70%

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Millions	Sep. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Realized tax benefits payable under tax receivable agreement	85%
Unfunded investment commitments	$ 29.7

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Estimate of Maximum Amounts Payable Under Tax Receivable Agreement (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
October 1, 2023 to December 31, 2023	$ 0
2024	30,521
2025	50,922
2026	62,872
2027	79,002
Thereafter	737,674
Total Payments	960,991
Less adjustment to fair value for contingent consideration	(123,068)
Total TRA Liability	$ 837,923	$ 820,960

RELATED PARTY TRANSACTIONS - Sc

RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Due from related parties	$ 346,273	$ 357,921
Related Party
Related Party Transaction [Line Items]
Due from related parties	346,273	357,921
Related Party \| Management fees
Related Party Transaction [Line Items]
Due from related parties	226,321	262,059
Related Party \| Realized performance income
Related Party Transaction [Line Items]
Due from related parties	0	1,132
Related Party \| Administrative fees
Related Party Transaction [Line Items]
Due from related parties	46,990	44,060
Related Party \| Other expenses paid on behalf of the Company’s products and other related parties
Related Party Transaction [Line Items]
Due from related parties	$ 72,962	$ 50,670

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Revenues	$ 429,650	$ 370,986	$ 1,237,573	$ 974,209
Related Party \| Administrative fees
Related Party Transaction [Line Items]
Revenues	15,800	14,300	44,000	37,600
Related Party \| Dealer Manager Revenue
Related Party Transaction [Line Items]
Revenues	12,200	5,900	31,200	18,400
Related Party \| Expense Support and Caps Arrangements
Related Party Transaction [Line Items]
Related party expenses (recoveries)	(800)	800	(5,800)	13,500
Related Party \| Aircraft Services
Related Party Transaction [Line Items]
Related party expenses (recoveries)	$ 900	$ 600	$ 2,300	$ 1,700

RELATED PARTY TRANSACTIONS - Pr

RELATED PARTY TRANSACTIONS - Promissory Note (Details) - Related Party - Related Party Promissory Note - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Nov. 15, 2022	Aug. 08, 2022
August 8, 2022 Note
Related Party Transaction [Line Items]
Promissory note, maximum borrowing amount						$ 250
Promissory note outstanding	$ 225		$ 225
Interest income	$ 4.4	$ 0.7	$ 12.8	$ 0.7
Promissory note, payment period			120 days
August 8, 2022 Note \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Related Party Transaction [Line Items]
Spread on SOFR rate (as percent)	1.70%		1.70%			1.70%
November 15, 2022 Note
Related Party Transaction [Line Items]
Promissory note, maximum borrowing amount					$ 15
Promissory note outstanding	$ 7.5		$ 7.5
Interest income	$ 0.2		$ 0.5
November 15, 2022 Note \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Related Party Transaction [Line Items]
Spread on SOFR rate (as percent)	4.75%		4.75%		4.75%

EARNINGS (LOSS) PER SHARE (Deta

EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net Income (Loss) Available to Common Stockholders, Basic [Abstract]
Net Income (Loss) Attributable to Class A Shares		$ 15,109	$ 2,060	$ 36,285	$ (10,881)
Weighted-Average Class A Shares Outstanding - Basic (in shares)	[1]	466,376,329	441,487,112	460,691,359	427,172,270
Earnings (Loss) Per Class A Share (in dollars per share)		$ 0.03	$ 0	$ 0.08	$ (0.03)
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Net Income (Loss) Attributable to Class A Shareholders		$ 14,446	$ (6,540)	$ 105,112	$ (10,881)
Diluted (in shares)		482,573,913	1,411,812,068	1,432,190,782	427,172,270
Earnings (Loss) Per Class A Share (in dollars per share)		$ 0.03	$ 0	$ 0.07	$ (0.03)
Unvested RSUs
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares vested but not yet settled (in shares)		11,393,389	10,752,588	10,927,643	10,839,982
Unvested RSUs
Effect of dilutive securities:
Effect of dilutive common and incentive units		$ 0	$ 0	$ 0	$ 0
Effect of dilutive instruments (in shares)		5,491,852	2,757,915	5,159,344	0
Number of units excluded from diluted calculation (in shares)		0	0	0	10,772,062
Warrants
Effect of dilutive securities:
Effect of dilutive common and incentive units		$ (663)	$ 0	$ (1,136)	$ 0
Effect of dilutive instruments (in shares)		222,129	0	34,602	0
Number of units excluded from diluted calculation (in shares)		0	8,610,237	0	12,289,159
Compensation-classified Wellfleet Earnout Shares
Effect of dilutive securities:
Effect of dilutive common and incentive units			$ 0		$ 0
Effect of dilutive instruments (in shares)			84,672		0
Number of units excluded from diluted calculation (in shares)			0		578,009
Contingent consideration-classified Wellfleet Earnout Shares
Effect of dilutive securities:
Effect of dilutive common and incentive units			$ 0		$ 0
Effect of dilutive instruments (in shares)			78,393		0
Number of units excluded from diluted calculation (in shares)			0		52,549
Vested Common Units
Effect of dilutive securities:
Effect of dilutive common and incentive units		$ 0	$ (8,600)	$ 69,963	$ 0
Effect of dilutive instruments (in shares)		0	967,403,976	957,654,570	0
Number of units excluded from diluted calculation (in shares)		953,172,293	0	0	981,549,708
Vested Incentive Units
Effect of dilutive securities:
Effect of dilutive common and incentive units		$ 0	$ 0	$ 0	$ 0
Effect of dilutive instruments (in shares)		0	0	0	0
Number of units excluded from diluted calculation (in shares)		9,380,431	1,706,416	8,036,109	925,932
Unvested Incentive Units
Effect of dilutive securities:
Effect of dilutive common and incentive units		$ 0	$ 0	$ 0	$ 0
Effect of dilutive instruments (in shares)		0	0	0	0
Number of units excluded from diluted calculation (in shares)		24,891,476	24,830,502	24,940,033	24,708,247
Oak Street Earnout Units
Effect of dilutive securities:
Effect of dilutive common and incentive units		$ 0	$ 0	$ 0	$ 0
Effect of dilutive instruments (in shares)		10,483,603	0	8,650,907	0
Number of units excluded from diluted calculation (in shares)		0	26,074,330	0	26,074,330

[1]Included in the weighted-average Class A Shares outstanding were RSUs that have vested but have not been settled in Class A Shares. These RSUs do not participate in dividends until settled in Class A Shares. See Note 13.

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Nov. 02, 2023 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)	$ 0.14