Blue Owl Capital Inc. (OWL) Balance Sheet
OWL balance sheet, 2025
December 31, 2025 · U.S. dollars$12.47B assets = $6.41B liabilities + $6.05B equity
Both columns are drawn to the same scale: what OWL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
OWL financial health
Descriptive bands, not a rating. Fiscal 2025.
OWL balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $199,7752016 | $12.47B2025 | +297.6%/yr | |
| Total liabilities | $175,4752016 | $6.41B2025 | +271.8%/yr | |
| Shareholders’ equity | $24,3002016 | $2.21B2025 | +316.6%/yr | |
| Cash & short-term investments | $44,9552016 | $194.5M2025 | +184.8%/yr | |
| Total debt | $287.1M2019 | $3.86B2025 | +54.2%/yr | |
| Net cash (debt) | −$279.8M2019 | −$3.67B2025 | −$3.4B | |
| Working capital | −$130,5202016 | −$53.5M2025 | −$53.4M | |
| Book value per share | $0.002016 | $3.322025 | +283.4%/yr | |
| Current ratio | 0.262016 | 0.952025 | +0.69 | |
| Debt / equity | 0.222021 | 1.752025 | +1.54 | |
| Shares outstanding | 342.1M2016 | 664.8M2025 | +8.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
OWL assets
OWL liabilities and equity
OWL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
OWL balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Cash & short-term investments | $194.5M | $152.1M | $104.2M | $68.1M | $42.6M | $11.6M | $7.3M | $560,204 | $44,955 |
| Cash & equivalents | $194.5M | $152.1M | $104.2M | $68.1M | $42.6M | $11.6M | $7.3M | $560,204 | $44,955 |
| Short-term investments | — | — | — | $317.2M | — | $275.0M | — | — | — |
| Receivables | $741.5M | $575.4M | $383.0M | $369.9M | $224.6M | $92.7M | $32.5M | $0 | $0 |
| Inventory | $0 | $0 | −$144.0M | $0 | −$50.9M | −$14.1M | $0 | $0 | $0 |
| Other current assets | $33.5M | $17.8M | $151.2M | $6.1M | $59.4M | $15.0M | $12.3M | $49,583 | $0 |
| Total current assets | $969.5M | $745.2M | $494.4M | $444.0M | $275.6M | $105.2M | $52.1M | $609,787 | $44,955 |
| Property, plant & equipment (net) | $675.1M | $512.8M | $416.6M | $295.6M | $94.0M | $3.4M | $3.4M | $0 | $0 |
| Goodwill & intangible assets | $8.51B | $7.60B | $6.33B | $6.61B | $6.74B | $0 | $0 | $0 | $0 |
| Long-term investments | $425.5M | $432.8M | $130.1M | $63.1M | $12.1M | $2.7M | $0 | $0 | $0 |
| Other non-current assets | $1.88B | $1.70B | $1.44B | $1.48B | $1.14B | $10.4M | $1.3M | $45.3M | $154,820 |
| Total assets | $12.47B | $10.99B | $8.82B | $8.89B | $8.27B | $121.6M | $56.7M | $45.9M | $199,775 |
| Liabilities | |||||||||
| Accounts payable | — | $158.3M | $129.4M | $117.2M | $58.0M | $46.6M | $25.8M | $3,005 | $475 |
| Short-term debt | $860.0M | $130.0M | $205.0M | $210.0M | $88.5M | $17.3M | $0 | — | — |
| Deferred revenue | — | — | −$129.4M | −$117.2M | −$58.0M | −$17.3M | — | — | — |
| Total current liabilities | $1.02B | $296.0M | $343.8M | $336.6M | $223.9M | $58.4M | $120.1M | $37,375 | $175,475 |
| Long-term debt | $3.32B | $2.59B | $1.68B | $1.62B | $1.17B | $339.1M | $287.1M | $0 | $0 |
| Lease obligations | $538.1M | $390.4M | $319.5M | $239.8M | $88.5M | $0 | — | — | — |
| Other long-term liabilities | $2.07B | $2.30B | $1.51B | $1.38B | $1.02B | $225.3M | $0 | $40.9M | $0 |
| Total liabilities | $6.41B | $5.19B | $3.54B | $3.34B | $2.42B | $622.8M | $407.2M | $40.9M | $175,475 |
| Shareholders' equity | |||||||||
| Common stock & paid-in capital | $155,000 | $150,000 | $141,000 | $140,000 | $139,000 | −$507.7M | −$352.8M | $199 | $115 |
| Retained earnings (deficit) | −$1.61B | −$1.14B | −$882.9M | −$689.3M | −$497.5M | −$507.7M | −$352.8M | $54,214 | −$700 |
| Accumulated other comprehensive income | $1.9M | — | — | $0 | $0 | — | — | — | — |
| Minority interest | $3.85B | $3.68B | $3.75B | $3.94B | $4.18B | — | — | — | — |
| Total shareholders' equity | $2.21B | $2.13B | $1.53B | $1.60B | $5.85B | −$507.7M | −$352.8M | $5.0M | $24,300 |
| Key figures | |||||||||
| Total debt | $3.86B | $2.98B | $2.00B | $1.86B | $1.26B | $356.4M | $287.1M | — | — |
| Net cash (debt) | −$3.67B | −$2.83B | −$1.90B | −$1.80B | −$1.22B | −$344.8M | −$279.8M | — | — |
| Working capital | −$53.5M | $449.3M | $150.6M | $107.5M | $51.7M | $46.8M | −$68.0M | $572,412 | −$130,520 |
| Tangible book value | −$6.31B | −$5.47B | −$4.81B | −$5.01B | −$896.1M | −$507.7M | −$352.8M | $5.0M | $24,300 |
| Book value per share | $3.32 | $3.81 | $3.20 | $3.70 | $17.78 | — | −$1.10 | $0.01 | $0.00 |
| Shares outstanding | 664.8M | 558.4M | 478.0M | 433.4M | 328.8M | — | 320.0M | 342.1M | 342.1M |
| Current ratio | 0.95 | 2.52 | 1.44 | 1.32 | 1.23 | 1.80 | 0.43 | 16.32 | 0.26 |
| Quick ratio | 0.91 | 2.46 | 1.42 | 1.30 | 1.19 | 1.79 | 0.33 | 14.99 | 0.26 |
| Debt / equity | 1.75 | 1.40 | 1.31 | 1.16 | 0.22 | — | — | — | — |
| Equity / assets | 17.7% | 19.4% | 17.3% | 18.0% | 70.7% | −417.5% | −621.9% | 10.9% | 12.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $169.1M | $190.5M | $194.5M | $137.3M | $117.6M | $97.6M | $152.1M | $115.9M | $436.8M | $155.8M | $104.2M | $76.7M |
| Cash & equivalents | $169.1M | $190.5M | $194.5M | $137.3M | $117.6M | $97.6M | $152.1M | $115.9M | $436.8M | $155.8M | $104.2M | $76.7M |
| Receivables | $727.8M | $757.1M | $741.5M | $680.6M | $647.8M | $692.8M | $575.4M | $556.3M | $448.1M | $395.3M | $383.0M | $362.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$105.5M | −$91.3M | −$144.0M | $1 |
| Other current assets | $0 | $41.7M | $33.5M | $45.3M | $48.3M | $29.1M | $17.8M | $20.5M | $119.1M | $100.4M | $151.2M | $8.9M |
| Total current assets | $169.1M | $989.3M | $969.5M | $863.2M | $813.7M | $819.5M | $745.2M | $692.6M | $898.4M | $560.2M | $494.4M | $448.4M |
| Property, plant & equipment (net) | $450.6M | $677.4M | $675.1M | $666.3M | $536.9M | $543.5M | $512.8M | $471.2M | $459.9M | $430.4M | $416.6M | $369.9M |
| Goodwill & intangible assets | $8.34B | $8.43B | $8.51B | $8.60B | $8.69B | $8.78B | $7.60B | $7.68B | $6.40B | $6.28B | $6.33B | $6.39B |
| Long-term investments | $502.8M | $450.5M | $425.5M | $458.4M | $430.8M | $411.5M | $432.8M | $442.5M | $417.1M | $143.7M | $130.1M | $119.6M |
| Other non-current assets | $2.87B | $1.87B | $1.88B | $1.88B | $1.80B | $1.73B | $1.70B | $1.47B | $1.48B | $1.57B | $1.44B | $1.44B |
| Total assets | $12.33B | $12.41B | $12.47B | $12.47B | $12.28B | $12.29B | $10.99B | $10.75B | $9.66B | $8.99B | $8.82B | $8.77B |
| Liabilities | ||||||||||||
| Accounts payable | $164.5M | — | — | $178.3M | $145.1M | $226.0M | $158.3M | $197.2M | $139.0M | $143.9M | $129.4M | $127.2M |
| Short-term debt | $532.3M | $530.7M | $860.0M | $0 | $0 | $409.3M | $130.0M | $90.0M | $348.2M | $595.0M | $205.0M | $270.0M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$487.2M | −$143.9M | −$129.4M | −$127.2M |
| Total current liabilities | $532.3M | $470.3M | $1.02B | $637.3M | $489.6M | $468.1M | $296.0M | $637.5M | $374.3M | $903.7M | $343.8M | $406.4M |
| Long-term debt | $3.81B | $3.83B | $3.32B | $3.23B | $3.24B | $3.19B | $2.59B | $2.55B | $2.46B | $1.48B | $1.48B | $1.75B |
| Lease obligations | $532.3M | $530.7M | $538.1M | $543.9M | $406.1M | $409.3M | $390.4M | $356.5M | $348.2M | $334.6M | $319.5M | $303.7M |
| Other long-term liabilities | $2.91B | $2.33B | $2.07B | $2.42B | $2.19B | $2.20B | $2.30B | $1.69B | $1.61B | $1.43B | $1.72B | $1.30B |
| Total liabilities | $6.72B | $6.63B | $6.41B | $6.29B | $5.92B | $5.86B | $5.19B | $4.87B | $4.44B | $3.81B | $3.54B | $3.45B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $155,000 | $156,000 | $155,000 | $155,000 | $155,000 | $155,000 | $150,000 | $149,000 | $145,000 | $143,000 | $141,000 | $142,000 |
| Retained earnings (deficit) | −$1.89B | −$1.74B | −$1.61B | −$1.51B | −$1.37B | −$1.24B | −$1.14B | −$1.05B | −$982.7M | −$923.0M | −$882.9M | −$837.1M |
| Accumulated other comprehensive income | $2.5M | $474,000 | $1.9M | $2.3M | $2.4M | — | — | — | $0 | — | — | — |
| Minority interest | $3.62B | $3.69B | $3.85B | $3.88B | $4.01B | — | — | — | — | — | — | — |
| Total shareholders' equity | $2.00B | $2.10B | $2.21B | $2.30B | $2.35B | $2.34B | $2.13B | $2.00B | $1.75B | $1.65B | $1.53B | $1.54B |
| Key figures | ||||||||||||
| Total debt | $4.34B | $4.36B | $3.86B | $3.78B | $3.65B | $3.60B | $2.98B | $2.90B | $2.81B | $2.41B | $2.00B | $2.05B |
| Net cash (debt) | −$4.18B | −$4.17B | −$3.67B | −$3.64B | −$3.53B | −$3.50B | −$2.83B | −$2.79B | −$2.37B | −$2.25B | −$1.90B | −$1.97B |
| Working capital | −$363.3M | $519.0M | −$53.5M | $225.9M | $324.1M | $351.5M | $449.3M | $55.2M | $524.1M | −$343.6M | $150.6M | $42.0M |
| Tangible book value | −$6.35B | −$6.33B | −$6.31B | −$6.30B | −$6.34B | −$6.45B | −$5.47B | −$5.68B | −$4.66B | −$4.63B | −$4.81B | −$4.85B |
| Book value per share | $2.90 | $3.08 | $3.32 | $3.41 | $3.58 | $3.66 | $3.81 | $3.65 | $3.24 | $3.30 | $3.13 | $3.31 |
| Shares outstanding | 688.5M | 681.1M | 664.8M | 673.9M | 656.1M | 638.5M | 558.4M | 548.9M | 539.4M | 498.7M | 488.3M | 466.4M |
| Current ratio | 0.32 | 2.10 | 0.95 | 1.35 | 1.66 | 1.75 | 2.52 | 1.09 | 2.40 | 0.62 | 1.44 | 1.10 |
| Quick ratio | 1.68 | 2.01 | 0.91 | 1.28 | 1.56 | 1.69 | 2.46 | 1.05 | 2.36 | 0.61 | 1.42 | 1.08 |
| Debt / equity | 2.18 | 2.07 | 1.75 | 1.65 | 1.55 | 1.54 | 1.40 | 1.45 | 1.61 | 1.46 | 1.31 | 1.33 |
| Equity / assets | 16.2% | 16.9% | 17.7% | 18.4% | 19.1% | 19.0% | 19.4% | 18.6% | 18.1% | 18.3% | 17.3% | 17.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 19, 2026); data from EODHD.
OWL financial position
At the end of fiscal 2025 (December 31, 2025), Blue Owl Capital had total assets of $12.5 billion (up 13.4% from a year earlier), total liabilities of $6.4 billion and shareholders' equity of $2.2 billion. It held $194.5 million in cash and short-term investments against $3.9 billion of debt, net debt of $3.7 billion. Its current ratio was 0.95. In the latest quarter (ended June 30, 2026) total assets were $12.3 billion and equity $2.0 billion.
Related: OWL income statement, OWL cash flow statement, OWL key metrics. See the OWL stock overview for the latest quote and news.
OWL balance sheet FAQ
What are Blue Owl Capital's total assets?
Blue Owl Capital reported total assets of $12.5 billion at the end of fiscal 2025 (December 31, 2025), compared with $11.0 billion a year earlier.
How much debt does Blue Owl Capital have?
Blue Owl Capital had $3.9 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.75.
How much cash does Blue Owl Capital have?
Blue Owl Capital held $194.5 million in cash and short-term investments at the end of fiscal 2025; with $3.9 billion of debt that is net debt of $3.7 billion.
What is Blue Owl Capital's book value?
Blue Owl Capital's shareholders' equity (book value) was $2.2 billion at the end of fiscal 2025, or $3.32 per share.
What is Blue Owl Capital's current ratio?
Blue Owl Capital had current assets of $969.5 million and current liabilities of $1.0 billion, a current ratio of 0.95 (current liabilities exceed current assets).
How much goodwill does Blue Owl Capital have?
Blue Owl Capital carried $8.5 billion of goodwill and intangible assets, 68.3% of total assets, at the end of fiscal 2025.