The table below presents the treatment for basic and diluted earnings per share for the Registrant’s outstanding instruments, as well as the treatment for diluted earnings per share for the Blue Owl Operating Group’s outstanding instruments. Instruments that could potentially dilute the earnings are included in the calculation only if they would have a dilutive effect.


	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)	Included	Included
Unvested RSUs	Excluded	Treasury stock method



Prima Earnouts - portion payable in Class A Shares(2)	Contingently issuable shares	Contingently issuable shares
Potentially Dilutive Instruments of the Blue Owl Operating Group:
Vested Common Units and Incentive Units(3)	n/a	If-converted method
Unvested Incentive Units(3)	n/a	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

Prima Earnouts - portion payable in Common Units(2)	n/a	Contingently issuable shares - If-converted method
Compensation-classified Atalaya Earnouts(4)	n/a	Contingently issuable shares - 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
Contingent consideration-classified Atalaya Earnouts(4)	n/a	Contingently issuable shares - If-converted method
Services Agreement-related Incentive Units(5)	n/a	Contingently issuable shares - 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
IPI Subsequent Payment(6)	n/a	Contingently issuable shares - If-converted method

(1)Included in the weighted-average Class A Shares outstanding are RSUs that have vested but have not been settled in Class A Shares, as such shares are issuable for no consideration. These RSUs do not participate in dividends until settled in Class A Shares. These vested RSUs totaled 10,027,231 and 10,287,049 for the three and six months ended June 30, 2026, respectively, and 11,972,391 and 11,703,483 for the three and six months ended June 30, 2025, respectively.

(5)As of June 30, 2026, the contingencies related to the Services Agreement payments have not yet been resolved. Had June 30, 2026 also been the end of the contingency period, the contingencies related to the Services Agreement would not have yet been resolved, and therefore the Incentive Units issuable under the Services Agreement have not been included in the calculation of diluted earnings per share for the quarter ended June 30, 2026.

(6)The contingencies related to the IPI Subsequent Payment have been resolved, as the related Common Units were issued during the three months ended June 30, 2025, and therefore the Common Units related to the IPI Subsequent Payment have been included in the calculation of diluted earnings per share as of the beginning of the period in which the conditions were satisfied (i.e., the second quarter of 2025).


Three Months Ended June 30, 2026	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	$	11,393	688,509,841	$	0.02
Effect of dilutive securities:
Unvested RSUs	—		—			26,796,811

Vested Common Units	—		—			880,589,346
Vested Incentive Units	—		—			19,782,569
Unvested Incentive Units	—		—			16,571,783


Diluted	$	11,393	688,509,841	$	0.02

Six Months Ended June 30, 2026	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	$	26,935	684,488,650	$	0.04
Effect of dilutive securities:
Unvested RSUs	—		324,844			—

Vested Common Units	—		—			883,900,327
Vested Incentive Units	—		—			17,426,673
Unvested Incentive Units	—		—			16,603,714


Diluted	$	26,935	684,813,494	$	0.04


Three Months Ended June 30, 2025	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	$	17,426	649,685,215	$	0.03
Effect of dilutive securities:
Unvested RSUs	—		5,805,842			—
Vested Common Units	—		—			910,402,615
Vested Incentive Units	—		—			8,304,892
Unvested Incentive Units	—		—			22,500,154
Prima Earnouts	—		—			—
IPI Subsequent Payment	(4,800)		564,979			—
Diluted	$	12,626	656,056,036	$	0.02

Six Months Ended June 30, 2025	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	$	24,856	637,835,492	$	0.04
Effect of dilutive securities:
Unvested RSUs	—		7,728,855			—

Vested Common Units	—		—			917,526,819
Vested Incentive Units	—		—			8,416,456
Unvested Incentive Units	—		—			21,717,612
IPI Subsequent Payment	(10,496)		1,775,764			—

Diluted	$	14,360	647,340,111	$	0.02