For the year ending 2025-12-31, OWL had $42,423K increase in cash & cash equivalents over the period. $1,198,284K in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Consolidated net income | 305,487 | 420,446 | 220,776 | -40,235 |
| Amortization of intangible assets | 358,952 | 258,256 | 300,341 | 256,909 |
| Equity-based compensation | 673,524 | 312,609 | 312,564 | 420,832 |
| Depreciation and amortization of fixed assets | 23,446 | 16,660 | 10,226 | 2,304 |
| Amortization of debt discounts and deferred financing costs | 7,830 | 7,208 | 4,987 | 4,381 |
| Amortization of investment discounts and premiums | - | - | 0 | -6 |
| Non-cash interest and dividend income | 34,914 | 23,116 | - | - |
| Non-cash lease expense | - | 27,313 | -22,893 | -12,983 |
| Net change in operating lease assets and operating lease liabilities | 16,744 | - | - | - |
| Payment of earnout liability in excess of acquisition-date fair value | 935 | 13,808 | 7,406 | - |
| Net losses on retirement of debt | - | - | 0 | 0 |
| Net (gains) losses on investments, net of dividends on equity-method investments | -5,713 | -12,684 | 4,203 | -132 |
| Change in tra liability | -13,608 | 7,080 | -1,656 | -11,435 |
| Change in warrant liability | 0 | 38,300 | 14,050 | -34,634 |
| Change in earnout liability | -30,945 | 28,300 | 6,409 | 14,488 |
| Deferred income taxes | 21,204 | 26,756 | 4,204 | -23,947 |
| Due from related parties | 103,050 | 175,079 | 8,747 | 128,034 |
| Strategic revenue-share purchase consideration | -44,321 | -43,553 | -40,858 | -37,383 |
| Other assets, net | 93,413 | 14,102 | 15,491 | 1,779 |
| Accrued compensation | 45,662 | 30,575 | 41,349 | 138,217 |
| Accounts payable, accrued expenses and other liabilities | 2,798 | 10,080 | 4,679 | 58,006 |
| Net cash provided by operating activities | 1,256,032 | 999,555 | 949,145 | 728,447 |
| Purchases of fixed assets | 57,748 | 64,187 | 67,905 | 65,539 |
| Purchases of investments | 94,273 | 378,396 | 85,942 | 309,103 |
| Proceeds from investment sales and maturities | 126,030 | 249,648 | 62,081 | 3,878 |
| Cash consideration paid for acquisitions, net of cash acquired | 244,580 | 445,210 | 26,265 | 114,454 |
| Net cash used in investing activities | -270,571 | -638,145 | -118,031 | -485,218 |
| Cash proceeds from the business combination | - | - | 0 | 0 |
| Offering costs related to the acquisitions | 0 | 273 | 0 | 0 |
| Acquisition of noncontrolling interests in the blue owl operating group in connection with the business combination | - | - | 0 | 0 |
| Acquisition of noncontrolling interests | - | - | 0 | 0 |
| Proceeds from debt obligations | 2,270,000 | 2,170,000 | 1,054,800 | 775,060 |
| Debt issuance costs | 3,374 | 25,366 | 6,254 | 8,487 |
| Repayments of debt obligations | 1,540,000 | 1,245,000 | 1,000,000 | 323,000 |
| Payment of earnout liability, up to acquisition-date fair value | 36,761 | 79,981 | 79,134 | - |
| Equity-classified awards settled in cash | 0 | 0 | 3,186 | - |
| Contributions from members prior to the business combination | - | - | - | 0 |
| Payments under the tra | 53,540 | 28,166 | - | - |
| Withholding taxes on vested rsus | 79,575 | 38,848 | 15,450 | 2,420 |
| Dividends paid on class a shares | 546,657 | 368,331 | 247,882 | 182,550 |
| Proceeds from exercise of warrants | - | 0 | 0 | 151 |
| Class a share repurchases | 53,694 | 0 | 0 | 78,789 |
| Distributions to members prior to the business combination | - | - | 0 | 0 |
| Contributions from noncontrolling interests | 29,289 | 37,897 | 48,315 | 27,482 |
| Distributions to noncontrolling interests | 928,726 | 735,413 | 546,242 | 425,164 |
| Net cash used in financing activities | -943,038 | -313,481 | -795,033 | -217,717 |
| Net increase in cash and cash equivalents | 42,423 | 47,929 | 36,081 | 25,512 |
| Cash and cash equivalents, beginning of period | 152,089 | 104,160 | 68,079 | 42,567 |
| Cash and cash equivalents, end of period | 194,512 | 152,089 | 104,160 | 68,079 |
BLUE OWL CAPITAL INC. (OWL)
BLUE OWL CAPITAL INC. (OWL)