Blue Owl: OWL Maintains Confidence Into 2H26 Given Multiple Drivers of AUM, Despite Choppy Near-Term Wealth Fundraising Backdrop

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Blue Owl: OWL Maintains Confidence Into 2H26 Given Multiple Drivers of AUM, Despite Choppy Near-Term Wealth Fundraising Backdrop

J P M O R G A N North America Equity Research

30 July 2026

Blue Owl

OWL Maintains Confidence Into 2H26 Given Multiple Neutral

Drivers of AUM, Despite Choppy Near-Term Wealth OWL, OWL US

Fundraising Backdrop Price (30 Jul 26):$10.16

Price Target (Dec-26):$10.50

Blue Owl reported 2Q26 DE / Sh of $0.22, in line with Bloomberg consensus Brokers, Asset Managers &

expectations. That said, fee-related revenue (FRR) came in ahead of our model Exchanges

with slightly better revenue contribution from Credit and GP Stakes. 2Q26 FRE Kenneth B. Worthington, CFA AC

was also ahead with $392mn and margins of 58.5%. While we do not expect upside (1-212) 622-6613

to margins from here (given the wealth fundraising backdrop), we think the steady kenneth.b.worthington@jpmorgan.com

margin profile, combined with modest top-line growth, should be supportive of Madeline Daleiden

earnings growth. Moreover, OWL continues to expect 2026 results ahead of $1.02 (1-212) 622-4911

FRE/shr and $0.89 DE/shr, following the 2Q26 earnings release and expectations madeline.daleiden@jpmchase.com

for a steady 2H26. Here, the earnings growth expectations seem to be driven by top Michael Cho

(1-212) 622-3619

line and fundraising support in certain parts of the business (e.g., institutional, michael.cho@jpmchase.com

digital infra, net lease), rather than any considerable contribution from incremental J.P. Morgan Securities LLC

margins at this juncture. Following the 2Q26 earnings release, our 2026 and 2027

estimates are largely unchanged, and our Dec-26 price target is $10.50.

Quarterly Forecasts (FYE Dec)

• 2Q26 revenue slightly ahead. OWL reported 2Q26 management fees of Adj. EPS ($)