| Schedule of Earnings Per Share, Basic and Diluted |
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. As of June 30, 2026, the Prima Triggering Event (as defined in Note 3 to the financial statements in the Company’s Annual Report) with respect to the Prima Earnouts had not occurred, and therefore the portion of such earnouts payable in Class A Shares have not been included in the calculation of basic earnings per share for the quarter ended June 30, 2026. Had June 30, 2026 also been the end of the contingency period for the Prima Earnouts, the Prima Triggering Event would have not occurred, and therefore the Prima Earnouts have not been included in the calculation of diluted earnings per share for the quarter ended June 30, 2026.(3)The if-converted method for these instruments includes adding back to the numerator any related income or loss allocations to noncontrolling interests, as well as any incremental tax expense or benefit had the instruments converted into Class A Shares as of the beginning of the period. As of June 30, 2026, the Atalaya Triggering Event (as defined in Note 3 to the financial statements in the Company’s Annual Report) with respect to the Atalaya Earnouts had not occurred. Had June 30, 2026 been the end of the contingency period for the Atalaya Earnouts, the Atalaya Triggering Event would have not occurred, and therefore the Atalaya Earnouts have not been included in the calculation of diluted earnings per share for the quarter ended June 30, 2026.(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 | | | |
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