Blue Owl Capital Inc. First Quarter 2022 Earnings May 5, 2022

2 About Blue Owl Blue Owl is a global alternative asset manager with $102.0 billion of assets under management as of March 31, 2022. Anchored by a strong permanent capital base, the firm deploys private capital across Direct Lending, GP Capital Solutions and Real Estate strategies on behalf of Institutional and Private Wealth clients. Blue Owl’s flexible, consultative approach helps position the firm as a partner of choice for businesses seeking capital solutions to support their sustained growth. The firm’s management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Blue Owl employs over 400 people across 10 offices globally. Forward-Looking Statements Certain statements made in this presentation are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “would,” “should,” “future,” “propose,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Blue Owl’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and speak only as of the date of this presentation. Blue Owl assumes no obligation to update or revise any such forward-looking statements except as required by law. Important factors, among others, that may affect actual results or outcomes include the inability to recognize the anticipated benefits of acquisitions; costs related to acquisitions; Blue Owl's ability to manage growth; Blue Owl's ability to execute its business plan and meet its performance targets; potential litigation involving Blue Owl; changes in applicable laws or regulations; the impact of geo-political tensions and macro-economic events and trends; the impact of other economic, business, and competitive factors; as well as those factors described in the “Risk Factors” section of our filings with the Securities and Exchange Commission (“SEC”). The information contained in this presentation is summary information that is intended to be considered in the context of Blue Owl’s SEC filings and other public announcements that Blue Owl may make, by press release or otherwise, from time to time. Blue Owl also uses its website to distribute company information, including assets under management and performance information, and such information may be deemed material. Accordingly, investors should monitor Blue Owl’s website (www.blueowl.com). Blue Owl undertakes no duty or obligation to publicly update or revise the forward-looking statements or other information contained in this presentation. These materials contain information about Blue Owl and its affiliates and certain of their respective personnel and affiliates, information about their respective historical performance and general information about the market. You should not view information related to the past performance of Blue Owl or information about the market, as indicative of future results, the achievement of which cannot be assured. Disclosures Copyright© Blue Owl Capital Inc. 2022. All rights reserved.

3 Non-GAAP Financial Measures; Other Financial and Operational Data This presentation includes certain non-GAAP financial measures that are not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and that may be different from non-GAAP financial measures used by other companies. Blue Owl believes that the use of these non-GAAP financial measures provides an additional tool for investors and potential investors to use in evaluating its ongoing operating results and trends. These non-GAAP measures should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. See the footnotes on the slides where these measures are discussed and reconciled to the most directly comparable GAAP measures. Exact net IRRs and multiples cannot be calculated for individual investments held by Blue Owl’s products, or a subset of such investments, due to the lack of a mechanism to precisely allocate fees, taxes, transaction costs, expenses and general partner carried interest. Valuations are as of the dates provided herein and do not take into account subsequent events, including the continued impact of COVID-19, which can be expected to have an adverse effect on certain entities identified or contemplated herein. For the definitions of certain terms used in this presentation, please refer to the "Defined Terms" slide in the appendix. Important Notice No representations or warranties, express or implied are given in, or in respect of, this presentation. To the fullest extent permitted by law, in no circumstances will Blue Owl or any of its subsidiaries, stockholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from use of this presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. This presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of Blue Owl. Viewers of this presentation should each make their own evaluation of Blue Owl and of the relevance and adequacy of the information contained herein and should make sure other investigations as they deem necessary. This communication does not constitute an offer to sell, or the solicitation of an offer to buy or sell, any securities, investment funds, vehicles or accounts, investment advice or any other service by Blue Owl or any of its affiliates or subsidiaries. Nothing in this presentation constitutes the provision of tax, accounting, financial, investment, regulatory, legal or other advice by Blue Owl or its advisors. Industry and Market Data This presentation may contain information obtained from third parties, including ratings from credit ratings agencies such as Standard & Poor’s and Fitch Ratings. Such information has not been independently verified and, accordingly, Blue Owl makes no representation or warranty in respect of this information. Reproduction and distribution of third party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice. Disclosures

4 Blue Owl’s complementary strategies allow for enhanced origination opportunities and access to unique, proprietary deal flow • Owl Rock is a leading capital provider to middle- and upper- middle-market businesses with approximately 620 sponsor relationships • Dyal Capital is a leading capital provider to large multi-product private capital managers with over 50 partnerships since inception • Oak Street is the industry’s preeminent net lease strategy and focuses on structuring sale-leasebacks ▪ Blue Owl is an alternative asset manager providing investors access to Direct Lending, GP Capital Solutions and Real Estate strategies } Owl Rock manages $44.8 billion in AUM } Dyal Capital manages $41.2 billion in AUM } Oak Street manages $16.1 billion in AUM • We aim to provide institutional and private wealth clients access to compelling and differentiated investment opportunities • Blue Owl invests across the private market ecosystem, providing debt and equity solutions to businesses and financial sponsors, including private equity and venture capital firms About Blue Owl All data as of March 31, 2022. (1) A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. For complete ratings definitions please visit www.standardandpoors.com and www.fitchratings.com. Past performance is not a guarantee of future results. Blue Owl Firm Overview With over $102 billion of assets under management, Blue Owl is a leading provider of private capital solutions A Solutions Provider Track Record NYSE: OWL BBB from S&P and Fitch(1) Over 400 employees Headquarters in New York with 9 other offices • Since inception, Blue Owl's investment strategies have provided clients access to risk-adjusted returns with demonstrated ability to source opportunities in all market environments • Our investment team of over 120 professionals is led by an executive team with decades of experience managing successful alternative investment businesses

5All data as of March 31, 2022. Past performance is not indicative of future results. Real Estate Blue Owl Overview The Owl Rock, Dyal Capital and Oak Street strategies provide investment strategies dedicated to private capital solutions • A leading GP capital solutions provider to private market participants with $41.2 billion in AUM • Deep and extensive relationships across the alternative asset management ecosystem • Successfully completed over 65 equity and debt transactions since inception • A leading direct lending business with $44.8 billion in AUM • Focused on lending to middle- and upper-middle-market companies backed by leading private equity sponsors • Demonstrated ability to source proprietary investment opportunities with $56.0 billion in gross originations since inception GP Capital SolutionsDirect Lending • An industry-leading private equity real estate business with $16.1 billion in AUM • Focused on acquiring high quality assets net-leased to investment grade and creditworthy entities • Established proprietary origination strategy that has completed over 115 transactions Investment Strategies $16.1B Assets Under Management 25+ Professionals 1,150+ Assets Owned 89 Tenant Relationships/ Partnerships $41.2B Assets Under Management 65+ Professionals 10+ Year Track Record 50+ Partnerships since inception $44.8B Assets Under Management 80+ Investment Professionals 380+ Deals Closed 620 Sponsor Relationships

6 $44.8 $41.2 $16.1 $102.0 billion of Assets Under Management Blue Owl Capital Blue Owl Assets Under Management Blue Owl is an alternative asset manager that provides investors access to Direct Lending, GP Capital Solutions and Real Estate strategies through a variety of products Direct Lending GP Capital Solutions Real Estate $30.4B Diversified Lending $8.9B Technology Lending $3.5B First Lien Lending $2.1B Opportunistic Lending $39.6B GP Minority $1.3B GP Debt Financing $0.2B Professional Sports Minority Investments Figures may not sum due to rounding. $16.1B Net Lease

7 Blue Owl: A Leading Next Generation Alternative Asset Manager A Business Built for Predictable, FRE Centric Growth Market leading Permanent Capital base with approximately $85.6 billion in Permanent Capital AUM Permanent Capital generates 95% of FRE Management Fees Conservative capital structure Highly attractive, robust profit margins Best in class Fee-Related Earnings generation Industry leading embedded growth profile Proven, experienced leadership with demonstrated track record

8 Three Months Ended, (amounts in thousands, except share and per share data) 1Q'22 4Q'21 3Q'21 2Q'21 1Q'21 Revenues Management fees, net (includes Part I Fees of $46,739, $41,724, $43,659, 36,073 and $28,914) $ 247,632 $ 227,337 $ 203,750 $ 142,135 $ 94,713 Administrative, transaction and other fees 28,345 55,276 44,125 37,125 13,511 Realized performance income — 5,906 — — — Total Revenues, Net 275,977 288,519 247,875 179,260 108,224 Expenses Compensation and benefits 193,892 130,529 96,910 1,221,565 47,984 Amortization of intangible assets 61,526 46,362 46,191 21,336 — General, administrative and other expenses 43,294 45,450 28,438 51,520 14,860 Total Expenses 298,712 222,341 171,539 1,294,421 62,844 Other (Loss) Income Net gains (losses) on investments 5 (3,381) (145) — — Net losses on retirement of debt — (1,491) — (16,145) — Interest expense (12,834) (9,488) (6,112) (5,817) (5,858) Change in TRA liability (9,652) (7,969) (4,733) (1,146) — Change in warrant liability 17,758 (908) (27,462) (15,300) — Change in earnout liability (496) (78,163) (293,122) (462,970) — Total Other (Loss) Income (5,219) (101,400) (331,574) (501,378) (5,858) (Loss) Income Before Income Taxes (27,954) (35,222) (255,238) (1,616,539) 39,522 Income tax (benefit) expense (5,038) (21,809) (14,391) (29,199) 188 Consolidated and Combined Net (Loss) Income (22,916) (13,413) (240,847) (1,587,340) 39,334 Net loss attributable to noncontrolling interests 11,101 13,495 187,524 1,224,996 80 Net (Loss) Income Attributable to Blue Owl Capital Inc. / Owl Rock (Prior to May 19, 2021) $ (11,815) $ 82 $ (53,323) $ (362,344) $ 39,414 May 19, 2021 through June 30, 2021 Net Loss Attributable to Class A Shares $ (11,815) $ 82 $ (53,323) $ (397,189) Net Loss per Class A Share Basic $ (0.03) $ 0.00 $ (0.16) $ (1.21) Diluted $ (0.03) $ (0.01) $ (0.16) $ (1.23) Weighted-Average Class A Shares Basic 417,108,929 383,528,219 338,472,456 329,055,258 Diluted 417,108,929 1,365,088,500 338,472,456 1,252,092,338 Blue Owl’s GAAP Results (Unaudited)

9 110.1 171.4 1Q'21 1Q'22 170.2 256.6 1Q'21 1Q'22 2.1 4.9 1Q'21 1Q'22 Blue Owl’s First Quarter 2022 Highlights - Annual Growth 58.0 102.0 1Q'21 1Q'22 40.1 65.6 1Q'21 1Q'22 803.4 2,188.3 1Q'21 1Q'22 FRE Management Fees ($m) FRE ($m) Direct Lending Gross Originations ($b) AUM ($b) FPAUM ($b) Retail Fundraise ($m) 51% Annual Gro wth 56 % Annual Gro wth 13 3% Annual Gro wth 76% Annual Gro wth 64% Annual Growth 17 2% An nu al Gro wth For information on and reconciliation of the Company's non-GAAP measures, please see slides 25 to 27. Includes the results of Dyal Capital as if the Business Combination had closed on January 1, 2021; comparability to prior and future periods may be limited.

10 • Wellfleet acquisition closed on April 1, 2022, with AUM of $6.8 billion • Issued 10-year unsecured debt on February 15, 2022 of $400 million, due 2032 with 4.375% coupon • Repurchased 2 million OWL shares at an average cost of $12.09 per share. Increased and extended the share buyback plan • Dividend of $0.10 per Class A Share declared for the quarter For information on and reconciliation of the Company's non-GAAP measures, please see slides 25 to 27. Blue Owl’s First Quarter 2022 Highlights - Other Metrics Non-GAAP Financial Measures Capital Metrics Corporate • FRE Revenues of $272.6 million • FRE of $171.4 million, or $0.12 per Adjusted Share • DE of $155.7 million, or $0.11 per Adjusted Share • AUM of $102.0 billion, up 8% since December 31, 2021 and up 76% since March 31, 2021 • FPAUM of $65.6 billion, up 7% since December 31, 2021 and up 64% since March 31, 2021 • AUM not yet paying fees of $7.7 billion, reflecting expected annual FRE management fees of over $105 million once deployed • New equity capital raised of $3.9 billion in the quarter • FPAUM raised and deployed of $4.4 billion in the quarter

11For information on and reconciliation of the Company's non-GAAP measures, please see slides 25 to 27. Blue Owl’s Non-GAAP Results (Unaudited) (amounts in thousands, except per share data) 1Q'22 4Q'21 3Q'21 Adjusted 2Q'21 FRE Revenues Management Fees, Net (including Part I Fees of $46,739, $41,724, $43,659 and $36,073) $ 256,554 $ 236,267 $ 204,720 $ 180,402 Administrative, Transaction and Other Fees 16,044 38,592 31,012 29,406 FRE Revenues 272,598 274,859 235,732 209,808 FRE Expenses Compensation and Benefits 74,969 84,281 70,664 60,734 General, Administrative and Other Expenses 26,766 24,515 21,741 17,152 FRE Expenses 101,735 108,796 92,405 77,886 Fee-Related Earnings FRE Revenues 272,598 274,859 235,732 209,808 FRE Expenses 101,735 108,796 92,405 77,886 Noncontrolling Interests 520 (718) (1,469) (1,852) Fee-Related Earnings 171,383 165,345 141,858 130,070 Realized Performance Income — 5,906 — — Realized Performance Compensation — (2,067) — — Interest Expense (12,834) (9,488) (6,112) (5,817) Taxes and TRA Payments (2,823) (514) 7,004 (15,893) Distributable Earnings 155,726 159,182 142,750 108,360 Fee-Related Earnings per Adjusted Share $ 0.12 $ 0.12 $ 0.11 $ 0.10 Distributable Earnings per Adjusted Share $ 0.11 $ 0.12 $ 0.11 $ 0.09

12 Figures may not sum due to rounding. For information on and reconciliation of the Company's non-GAAP measures, please see slides 25 to 27. Includes the results of Dyal Capital as if the Business Combination had closed on April 1, 2021; comparability to prior and future periods may be limited. • Total Fundraise of $3.9 billion was comprised of $1.7 billion of Institutional & Other fundraise, and $2.2 billion of Retail fundraise ◦ Continued to show strong growth in Retail fundraise, with an increase of $0.6 billion, or 36% compared to 4Q'21, and 172% compared to 1Q'21 • FRE Management Fees of $256.6 million increased 9% compared to 4Q'21, and 51% compared to 1Q'21 ◦ Permanent Capital generated 95% of 1Q'22 FRE management fees ◦ AUM Not Yet Paying Fees reflects expected annual FRE management fees of approximately $105 million once deployed • FRE of $171.4 million increased 4% compared to 4Q'21, and 56% compared to 1Q'21 Fundraise FRE (dollars in billions) 1.2 1.2 2.3 3.9 3.9 0.8 0.5 0.9 1.6 2.2 0.4 0.7 1.3 2.3 1.7 Retail Institutional & Other 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 170.2 180.4 204.7 236.3 256.6 94.7 105.1 113.0 120.9 133.7 75.5 75.3 91.8 115.4 105.7 17.2 Direct Lending GP Capital Solutions Real Estate 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 110.1 130.1 141.9 165.3 171.4 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 FRE Management Fees Key Metrics (dollars in millions) (dollars in millions)

13Figures may not sum due to rounding. Assets Under Management AUM Fee-Paying AUM Permanent Capital Direct Lending GP Capital Solutions (dollars in billions) 58.0 62.4 70.5 94.5 102.0 27.8 31.2 34.6 39.2 44.8 30.2 31.2 35.9 39.9 41.2 15.4 16.1 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 40.1 42.9 47.0 61.4 65.6 21.5 24.2 27.2 32.0 32.7 18.6 18.7 19.7 21.2 23.7 8.2 9.3 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 53.1 56.9 64.4 78.8 85.6 22.9 25.7 28.5 33.3 38.8 30.2 31.2 35.9 39.9 41.25.7 5.7 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 Real Estate • AUM of $102.0 billion increased 8% during the quarter and 76% since March 31, 2021 ◦ The increase in AUM during the first quarter was primarily driven by capital raised in Direct Lending and GP Capital Solutions and deployment activity in Direct Lending • FPAUM of $65.6 billion increased 7% during the quarter and 64% since March 31, 2021 ◦ The increase in FPAUM during the first quarter was primarily driven by capital raised in Direct Lending and GP Capital Solutions, deployment in Direct Lending, and the fee holiday expiration in Dyal Fund V • Permanent Capital of $85.6 billion increased 9% during the quarter and 61% since March 31, 2021 ◦ Permanent capital generated 95% of first quarter FRE management fees • AUM Not Yet Paying Fees totaled $7.7 billion, reflecting expected annual FRE management fees of approximately $105 million once deployed

14 Blue Owl AUM and FRE Management Fees The permanency and duration of the products that we manage are a differentiator in our industry and an indicator of the stability of our future revenue streams AUM by Duration FRE Management Fees by Duration $7.7B AUM Not Yet Paying Fees ~$105M of Annual FRE Management Fees 95% 5% Permanent Capital 5 or More Years Expected Annual FRE Management Fees Once Deployed $85.6 $15.2 $1.2 Permanent Capital 5 or More Years Managed

15 • FRE Revenues decreased to $148.2 million for the first quarter, as a result of lower transaction fees, partially offset by strong growth in FRE Management Fees of 11%. FRE Revenues increased 43% when compared to 1Q'21 • AUM of $44.8 billion increased 14% during the quarter and 61% since March 31, 2021 ◦ The increase in AUM during the first quarter was driven by capital raised and robust capital deployment activity • FPAUM of $32.7 billion increased 2% during the quarter and 52% since March 31, 2021 ◦ The increase in FPAUM during the first quarter was driven by capital raising and deployment across the strategy • AUM not yet paying fees totaled $5.4 billion, reflecting expected annual FRE management fees of over $75 million once deployed • Gross originations during the quarter were $4.9 billion • FRE Management fees from Permanent Capital were 96% during the quarter • Direct Lending Gross Return of 1.0% for 1Q'22 and 14.1% for the twelve months ended March 31, 2022 • Gross IRR Since Inception as of March 31, 2022 ◦ ORCC: 11.8% ◦ ORTF: 15.2% For information on and reconciliation of the Company's non-GAAP measures, please see slides 25 to 27. Gross and net returns for Direct Lending are represented by a composite made up of ORCC, ORCC II, ORTF and the Owl Rock First Lien Fund. The net return for Direct Lending was 0.2% for Q1’22 and 9.7% for the twelve months ended March 31, 2022. Net IRR since inception as of March 31, 2022 for ORCC and ORTF was 8.9% and 11.2%, respectively. Direct Lending Products (dollars in thousands) 1Q'22 4Q'21 3Q'21 2Q'21 1Q'21 FRE Revenues Management Fees, Net (including Part I Fees of $46,104, $40,713, $38,852, $36,073 and $28,914) $ 133,704 $ 120,891 $ 112,969 $ 105,058 $ 94,712 Administrative, Transaction and Other Fees 14,473 37,498 31,012 29,406 9,058 Total FRE Revenues, Net $ 148,177 $ 158,389 $ 143,981 $ 134,464 $ 103,770 Realized Performance Income $ — $ 5,906 $ — $ — $ — Additional Metrics (dollars in millions) AUM $ 44,775 $ 39,227 $ 34,577 $ 31,156 $ 27,777 FPAUM $ 32,658 $ 32,029 $ 27,240 $ 24,162 $ 21,471

16 40 47 52 94 99 124 156 201 263 327 418 511 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Market Landscape Direct Lending Continues to Expand Faster Than the Larger Alternatives Industry (dollars in billions) 5.1 8.8 7.6 4.9 3.2 3.0 5.1 3.4 2Q'21 3Q'21 4Q'21 1Q'22 $2.3 trillion of Private Equity Dry Powder $3+ trillion of Private Markets Dry Powder ??? trillion of debt to be refinanced In the context of the broader private markets industry, Direct Lending constitutes a relatively small but growing market share Compound Annual Growth Rate: 24% Direct Lending Industry AUM ($ Billions) (Includes Dry Powder and Invested Capital) Direct Lending Originations Gross Originations Net Funded Deployment Data Source: Preqin. As of April 2022 Past performance is not a guarantee of future results. There can be no assurance that historical trends will continue.

17 Assumptions: Net Income Based on Interest income from assets and interest expense from financings. Part I Fee Impact based on the net income multiplied by current Part I fee rates for each BDC. All figures above based on Owl Rock BDCs including ORCC, ORCC II, ORCC III, ORCIC and ORTF as of December 31, 2021. Assumes all BDCs have achieved eligible Part I income above the upper hurdle amount. % Impact to Annual FRE Revenue based on 1Q’22 annualized FRE Revenues of Blue Owl. FRE Management Fees Increase in a Rising Rate Environment Direct Lending BDCs Change in Interest Rates Fund Level Net Income Impact Part I Fee Impact % Impact to Annual FRE Revenue Up 300 basis points $350.4 $46.8 4% + Up 200 basis points $181.4 $24.0 2% + Up 100 basis points $12.2 $1.3 0% Up 50 basis points $(27.8) $(3.7) 0% Down 25 basis points $14.7 $2.0 0%

18 GP Capital Solutions Products For information on and reconciliation of the Company's non-GAAP measures, please see slides 25 to 27 Includes the results of Dyal Capital as if the Business Combination had closed on January 1, 2021; comparability to prior and future periods may be limited. Net IRR since inception as of March 31, 2022 for Dyal Fund III and Dyal Fund IV was 23.9% and 81.2%, respectively. (dollars in thousands) 1Q'22 4Q'21 3Q'21 Adjusted 2Q'21 Adjusted 1Q'21 FRE Revenues Management Fees, Net (including Part I Fees of $635, $1,011, $4,807, $— and $—) $ 105,692 $ 115,376 $ 91,751 $ 75,344 $ 75,473 Administrative, Transaction and Other Fees 1,571 1,094 — — — Total FRE Revenues, Net $ 107,263 $ 116,470 $ 91,751 $ 75,344 $ 75,473 Additional Metrics (dollars in millions) AUM $ 41,153 $ 39,906 $ 35,940 $ 31,211 $ 30,196 FPAUM $ 23,651 $ 21,212 $ 19,719 $ 18,657 $ 18,630 • FRE Revenues decreased to $107.3 million for the first quarter, primarily reflecting a net decrease in catch-up fees of $20.8 million. Excluding catch-up fees, FRE Management Fees increased 12% compared to 4Q'21. FRE Revenues increased 40% when compared to 1Q'21 • AUM of $41.2 billion increased 3% during the quarter and 36% since March 31, 2021 ◦ The increase in AUM during the first quarter was driven by capital raised in Dyal V • FPAUM of $23.7 billion increased 11% during the quarter and 27% since March 31, 2021 ◦ The increase in FPAUM during the first quarter was primarily reflecting both the capital raise and the expiration of the fee holiday in Dyal Fund V • AUM not yet paying fees totaled $0.7 billion, reflecting expected annual FRE management fees of approximately $13 million • FRE Management fees from Permanent Capital were 100% during the quarter • Gross IRR Since Inception as of March 31, 2022 • Dyal Fund III: 31.8% • Dyal Fund IV: 127.3%

19 • FRE Revenues were $17.2 million for the first quarter • AUM of $16.1 billion increased 5% during the quarter ◦ The increase in AUM during the first quarter was driven by appreciation of the funds’ portfolio and capital raised across the strategy • FPAUM of $9.3 billion increased 13% during the quarter ◦ The increase in AUM during the first quarter was driven by capital deployment • AUM not yet paying fees totaled $1.6 billion, reflecting expected annual FRE management fees of over $15 million • Real Estate Gross Return of 5.7% for 1Q'22 and 36.0% for the twelve months ended March 31, 2022 Real Estate Products For information on and reconciliation of the Company's non-GAAP measures, please see slides 25 to 27. Gross and net returns for Real Estate are represented by a composite made up of Oak Street Real Estate Capital Fund IV and Oak Street Real Estate Capital Net Lease Property Fund. The net return for Real Estate was 5.0% for Q1’22 and 32.1% for the twelve months ended March 31, 2022. (dollars in thousands) 1Q'22 4Q'21 FRE Revenues Management Fees, Net $ 17,158 $ — Total FRE Revenues, Net $ 17,158 $ — Additional Metrics (dollars in millions) AUM $ 16,090 $ 15,362 FPAUM $ 9,275 $ 8,203

Supplemental Information

21 AUM and FPAUM Rollforwards Three Months Ended March 31, 2022 Twelve Months Ended March 31, 2022 (dollars in millions) Direct Lending GP Capital Solutions Real Estate Total Direct Lending GP Capital Solutions Real Estate Total AUM Beginning Balance $ 39,227 $ 39,906 $ 15,362 $ 94,495 $ 27,777 $ 30,196 $ — $ 57,973 Acquisition — — — — — — 15,362 15,362 New capital raised 1,938 1,566 360 3,864 5,866 5,121 360 11,347 Change in debt 3,618 — — 3,618 10,614 — — 10,614 Distributions (284) (758) (165) (1,207) (951) (1,263) (165) (2,379) Change in value / other 276 439 533 1,248 1,469 7,099 533 9,101 Ending Balance $ 44,775 $ 41,153 $ 16,090 $ 102,018 $ 44,775 $ 41,153 $ 16,090 $ 102,018 FPAUM Beginning Balance $ 32,029 $ 21,212 $ 8,203 $ 61,444 $ 21,471 $ 18,630 $ — $ 40,101 Acquisition — — — — — — 8,203 8,203 New capital raised / deployed 2,200 1,171 1,077 4,448 12,316 3,860 1,077 17,253 Fee basis change — 1,268 — 1,268 — 1,268 — 1,268 Distributions (278) — (161) (439) (953) (107) (161) (1,221) Change in value / other1 (1,293) — 156 (1,137) (176) — 156 (20) Ending Balance $ 32,658 $ 23,651 $ 9,275 $ 65,584 $ 32,658 $ 23,651 $ 9,275 $ 65,584 Note 1. Reflects a change in methodology during the first quarter of 2022 that reduced Direct Lending FPAUM by $1.5 billion.

22 $65.6 $102.0 $65.7 $73.4 $80.1 $32.7 $5.4 $5.6 $44.8 $23.7 $5.4 $11.4 $41.2 $9.3 $5.1 $16.1 $7.7 $6.7 $22.1 Direct Lending GP Capital Solutions Real Estate FPAUM AUM Not Yet Paying Fees Fee-Exempt AUM Net Appreciation and Leverage AUM FPAUM to AUM Bridge As of March 31, 2022, AUM not yet paying fees totaled $7.7 billion, reflecting expected annual FRE management fees of approximately $105 million once deployed (dollars in billions) $1.6 $0.7 $0.2 $1.1 Figures may not sum due to rounding.

23 BBB Rated by S&P and Fitch $900M+ Available Liquidity Total Debt ($m) Available Liquidity ($m) Supplemental Liquidity Metrics $1,450 $700 $400 $350 2051 Unsecured Notes 2032 Unsecured Notes 2031 Unsecured Notes $186 $715 Revolving Credit Facility Cash and Corporate Treasury As of March 31, 2022, the average maturity of our outstanding debt is ~14 years

Appendix

25 Non-GAAP Measures Fee-Related Earnings, or FRE, and Related Components Fee-Related Earnings is a supplemental non-GAAP measure of operating performance used to make operating decisions and assess operating performance. Fee-Related Earnings excludes certain items that are required for the presentation of results on a GAAP basis. Management also reviews the components that comprise Fee-Related Earnings (i.e., FRE Revenues and FRE Expenses) on the same basis used to calculate Fee- Related Earnings, and such components are also non-GAAP measures and have been identified with the prefix "FRE" throughout this presentation. Fee-Related Earnings exclude various items that are required for the presentation of results under GAAP, including the following: noncontrolling interests in the Blue Owl Operating Partnerships; equity-based compensation expense; compensation expenses related to capital contributions in certain subsidiary holding companies that are in-turn paid as compensation to certain employees, as such contributions are not included in Fee- Related Earnings or Distributable Earnings; amortization of acquisition-related earnouts; amortization of intangible assets; “Transaction Expenses” as defined below; net gains (losses) on investments, changes in TRA, earnout and warrant liabilities; net losses on retirement of debt; interest and taxes. In addition, management reviews revenues by reducing GAAP administrative, transaction and other fees for certain expenses related to reimbursements from our products, which are presented gross for GAAP but net for non-GAAP measures. Transaction Expenses are expenses incurred in connection with the Business Combination and other acquisitions and strategic transactions, including subsequent adjustments related to such transactions, that were not eligible to be netted against consideration or recognized as acquired assets and assumed liabilities in the relevant transaction. Starting in the first quarter of 2022, Transaction Expenses also includes expenses paid on behalf of certain products that are expected to be reimbursed in subsequent periods; such amounts were not material to the prior periods presented, and therefore such periods have not be restated for this change. Distributable Earnings or DE Distributable Earnings is a supplemental non-GAAP measure of operating performance that equals Fee-Related Earnings plus or minus, as relevant, realized performance income and related compensation, interest expense, as well as amounts payable for taxes and payments made pursuant to the TRA. Amounts payable for taxes presents the current income taxes payable related to the respective period’s earnings, assuming that all Distributable Earnings were allocated to Blue Owl Capital Inc., which would occur following the exchange of all Blue Owl Operating Group Units for Class A Shares. Current income taxes payable and payments made pursuant to the TRA reflect the benefit of tax deductions that are excluded when calculating Distributable Earnings (e.g., equity-based compensation expenses, net losses on retirement of debt, Transaction Expenses, tax goodwill, etc.). If these tax deductions were to be excluded from amounts payable for taxes, Distributable Earnings would be lower and our effective tax rate would appear to be higher, even though a lower amount of income taxes would have been paid or payable for a period’s earnings. We make these adjustments when calculating Distributable Earnings to more accurately reflect the net realized earnings that are expected to be or become available for distribution or reinvestment into our business. Management believes that Distributable Earnings can be useful as a supplemental performance measure to our GAAP results assessing the amount of earnings available for distribution. Adjusted Fee-Related Earnings and Adjusted Distributable Earnings Adjusted Fee-Related Earnings and Adjusted Distributable Earnings are supplemental non-GAAP measures of operating performance that are determined on the same basis as Fee-Related Earnings and Distributable Earnings, respectively, assuming that the Dyal Capital acquisition had closed on April 1, 2021. Adjusted Revenues were based on the actual revenues generated by the Dyal Capital funds for the period, and Adjusted Expenses were based on the incremental expense levels experienced in the stub period following the acquisition closing date. These expense levels were based on current results and may not be indicative of future results. Adjusted EBITDA and Adjusted Net Debt Adjusted EBITDA is a supplemental non-GAAP measure of operating performance used to assess the Company's ability to service its debt obligations. Adjusted EBITDA is equal to Distributable Earnings plus interest expense, taxes and TRA payable, and fixed assets depreciation and amortization. Adjusted EBITDA is a non-GAAP financial measure that supplements and should be considered in addition to and not in lieu of our GAAP results, and such measure should not be considered as indicative of our liquidity. Adjusted EBITDA may not be comparable to other similarly titled measures used by other companies. The Company also presents the ratio of Adjusted Net Debt to Annualized Adjusted EBITDA, which equals the principal amount of debt outstanding, net of cash and corporate treasury, divided by the annualized amount of the recent quarter's reported Adjusted EBITDA. Adjusted Shares Adjusted Shares represents the weighted-average outstanding interests that are participating in distributions as of the end of each respective period. Adjusted Shares is the sum of Blue Owl Capital Inc.’s Class A Shares (and Class B Shares to the extent outstanding in the future) and Common Units of the Blue Owl Operating Group. Common Units are limited partner interests held by certain members of management and employees, as well as other third parties in the Blue Owl Operating Group. Subject to certain restrictions, Common Units are exchangeable on a one-for-one basis for either Class A Shares or Class B Shares if held by certain senior members of management.

26 Non-GAAP Reconciliations(amounts in thousands, except per share data) 1Q'22 4Q'21 3Q'21 Adjusted 2Q'21 Adjusted 1Q'21 GAAP Loss Before Income Taxes $ (27,954) $ (35,222) $ (255,238) $ (1,616,539) $ 39,522 Net loss (income) allocated to noncontrolling interests included in Fee-Related Earnings 520 (718) (1,469) (1,852) 80 Plus: Incremental earnings assuming the Business Combination closed on 1/1/21 — — — 31,937 63,780 Strategic Revenue-Share Purchase consideration amortization 8,922 8,922 970 — — Realized performance compensation — 2,067 — — — Equity-based compensation 96,601 31,017 15,722 1,158,597 — Capital-related compensation 830 1,416 — — — Acquisition-related cash earnout amortization 16,082 — — — Amortization of intangible assets 61,526 46,362 46,191 21,336 — Transaction Expenses 9,637 16,007 4,108 35,213 890 Interest expense 12,834 9,488 6,112 5,817 5,858 Realized performance income — (5,906) — — — Net (gains) losses on investments (5) 3,381 145 — — Net losses on early retirement of debt — 1,491 — 16,145 — Change in TRA liability 9,652 7,969 4,733 1,146 — Change in warrant liability (17,758) 908 27,462 15,300 — Change in earnout liability 496 78,163 293,122 462,970 — Fee-Related Earnings 171,383 165,345 141,858 130,070 110,130 Plus: Realized performance income — 5,906 — — Less: Realized performance compensation — (2,067) — — Less: Interest expense (12,834) (9,488) (6,112) (5,817) Less: Taxes and TRA Payments (2,823) (514) 7,004 (15,893) Distributable Earnings 155,726 159,182 142,750 108,360 Plus: Interest expense 12,834 9,488 6,112 5,817 Plus: Taxes and TRA Payments 2,823 514 (7,004) 15,893 Plus: Fixed assets depreciation and amortization 218 209 191 135 Adjusted EBITDA $ 171,601 $ 169,393 $ 142,049 $ 130,205 Weighted-Average Adjusted Shares Class A Shares(1) 406,180,833 374,128,732 329,422,456 320,005,258 Common Units and Vested Incentive Units 992,558,461 981,560,281 956,301,495 923,037,080 Total Weighted-Average Adjusted Shares 1,398,739,294 1,355,689,013 1,285,723,951 1,243,042,338 Fee-Related Earnings per Adjusted Share $ 0.12 $ 0.12 $ 0.11 $ 0.10 Distributable Earnings per Adjusted Share $ 0.11 $ 0.12 $ 0.11 $ 0.09 Non-GAAP Reconciliations (1)Excludes 10,928,095, 9,399,487, 9,050,000 and 9,050,000, respectively, fully vested RSUs that do not participate in dividends until settled but that are included in the denominator for GAAP basic earnings per share.

27 Non-GAAP Reconciliations Non-GAAP Reconciliations (cont’d) (dollars in thousands) 1Q'22 4Q'21 3Q'21 Adjusted 2Q'21 Adjusted 1Q'21 GAAP Revenues $ 275,977 $ 288,519 $ 247,875 $ 179,260 $ 108,224 Plus: Incremental revenues assuming the Business Combination closed on 1/1/21 — — — 41,381 81,993 Strategic Revenue-Share Purchase consideration amortization 8,922 8,922 970 — — Realized performance income — (5,906) — — — Administrative and other fees (12,301) (16,676) (13,113) (10,833) (10,974) FRE Revenues $ 272,598 $ 274,859 $ 235,732 $ 209,808 $ 179,243 GAAP Compensation and Benefits $ 193,892 $ 130,529 $ 96,910 $ 1,221,565 Plus: Incremental compensation and benefits assuming the Business Combination closed on 4/1/21 — — — 7,707 Realized performance compensation — (2,067) — — Equity-based compensation (96,188) (29,800) (15,722) (1,158,597) Capital-related compensation (830) (1,416) — — Acquisition-related cash earnout amortization (16,082) — — — Administrative and other expenses (5,823) (12,965) (10,524) (9,941) FRE Compensation and Benefits $ 74,969 $ 84,281 $ 70,664 $ 60,734 GAAP General, Administrative and Other Expenses $ 43,294 $ 45,450 $ 28,438 $ 51,520 Plus: Incremental general, administrative and other expenses assuming the Business Combination closed on 4/1/21 — — — 1,737 Transaction Expenses (9,637) (16,007) (4,108) (35,213) Equity-based compensation (413) (1,217) — — Administrative and other expenses (6,478) (3,711) (2,589) (892) FRE General, Administrative and Other Expenses $ 26,766 $ 24,515 $ 21,741 $ 17,152 Adjusted Net Debt to Annualized Adjusted EBITDA Principal amount outstanding for debt obligations $ 1,450,000 Less: Cash and cash equivalents (185,952) Adjusted Net Debt 1,264,048 Adjusted EBITDA 171,601 Annualization factor x 4 Annualized Adjusted EBITDA 686,404 Adjusted Net Debt 1,264,048 Annualized Adjusted EBITDA 686,404 Adjusted Net Debt to Annualized Adjusted EBITDA 1.8 x

28 Defined Terms Assets Under Management or AUM Refers to the assets that we manage, and are generally equal to the sum of (i) net asset value (“NAV”); (ii) drawn and undrawn debt; (iii) uncalled capital commitments; and (iv) total managed assets for certain Real Estate products. our BDCs Refers to our business development companies, as regulated under the Investment Company Act of 1940, as amended: Owl Rock Capital Corporation (NYSE: ORCC) (“ORCC”), Owl Rock Capital Corporation II (“ORCC II”), Owl Rock Capital Corporation III (“ORCC III”), Owl Rock Technology Finance Corp. (“ORTF”), Owl Rock Technology Finance Corp. II ("ORTF II"), Owl Rock Core Income Corp. (“ORCIC”) and Owl Rock Technology Income Corp. (“ORTIC”). Part I Fees Refers to quarterly performance income on the net investment income of our BDCs and similarly structured products, subject to a fixed hurdle rate. These fees are classified as management fees throughout this report, as they are predictable and recurring in nature, not subject to repayment, and cash-settled each quarter. Blue Owl, the Company, the firm, we, us, and our Refers to Blue Owl Capital Inc. and its consolidated subsidiaries. Blue Owl Operating Group Refers collectively to the Blue Owl Operating Partnerships and their consolidated subsidiaries. Blue Owl Operating Group Units Refers collectively to a unit in each of the Blue Owl Operating Partnerships. Blue Owl Operating Partnerships Refers to Blue Owl Capital Carry LP and Blue Owl Capital Holdings LP, collectively. Business Combination Refers to the transactions contemplated by an agreement, the “Business Combination Agreement,” which were completed on May 19, 2021. The Business Combination Agreement was dated as of December 23, 2020 (as the same has been or may be amended, modified, supplemented or waived from time to time), by and among Altimar Acquisition Corporation, Owl Rock Capital Group LLC, Owl Rock Capital Feeder LLC, Owl Rock Capital Partners LP and Neuberger Berman Group LLC. Direct Lending Refers to our Direct Lending products, which offer private credit solutions to middle-market companies through four investment strategies: diversified lending, technology lending, first lien lending and opportunistic lending. Direct Lending products are managed by the Owl Rock division of Blue Owl. Dyal Capital Refers to the Dyal Capital Partners business, which was acquired from Neuberger Berman Group LLC in connection with the Business Combination, and is now a division of Blue Owl. Fee-Paying AUM or FPAUM Refers to the AUM on which management fees are earned. For our BDCs, FPAUM is generally equal to total assets (including assets acquired with debt, but excluding cash). For our other Direct Lending products, FPAUM is generally equal to NAV or investment cost. FPAUM also includes uncalled committed capital for products where we earn management fees on such uncalled committed capital. For our GP Capital Solutions products, FPAUM for the GP minority equity investments strategy is generally equal to capital commitments during the investment period and the cost of unrealized investments after the investment period. For GP Capital Solutions’ other strategies, FPAUM is generally equal to investment cost. For Real Estate, FPAUM is generally based on total assets (including assets acquired with debt). GP Capital Solutions Refers to our GP Capital Solutions products, which primarily focus on acquiring equity stakes in, or providing debt financing to, large, multi-product private equity and private credit platforms through three existing investment strategies: GP minority equity investments, GP debt financing and professional sports investments. GP Capital Solutions products are managed by the Dyal Capital division of Blue Owl.

29 Defined Terms (cont’d) Gross IRR Refers to an annualized since inception gross internal rate of return of cash flows to and from the product and the product’s residual value at the end of the measurement period. Gross IRRs are calculated before giving effect to management fees (including Part I Fees), as applicable. For GP Capital Solutions, performance metrics are presented on a quarter lag. Gross Return Refers to a return that is equal to the percentage change in the value of a fund's portfolio, adjusted for all contributions and withdrawals (cash flows) before the effects of management fees, incentive fees and carried interest allocated to the general partner of special limited partners, or other fees and expenses. Net IRR Refers to an annualized since inception net internal rate of return of cash flows to and from the product and the product’s residual value at the end of the measurement period. Net IRRs are calculated after giving effect to fees, as applicable, and all other expenses. An individual investor’s IRR may be different to the reported IRR based on the timing of capital transactions. For GP Capital Solutions, performance metrics are presented on a quarter lag. Net Return Refers to a return that is equal to the percentage change in the value of a fund's portfolio, adjusted for all contributions and withdrawals (cash flows) after the effects of management fees, incentive fees and carried interest allocated to the general partner of special limited partners, or other fees and expenses. Oak Street Refers to the investment advisory business of Oak Street Real Estate Capital, LLC that was acquired on December 29, 2021, and is now a division of Blue Owl Owl Rock Refers collectively to the combined businesses of Owl Rock Capital Group LLC (“Owl Rock Capital Group”) and Blue Owl Securities LLC (formerly, Owl Rock Capital Securities LLC), which was the predecessor of Blue Owl for accounting and financial reporting purposes. References to the Owl Rock division refer to Owl Rock Capital Group and its subsidiaries that manage our Direct Lending products. Partner Manager Refers to alternative asset management firms in which the GP Capital Solution products invest. Permanent Capital Refers to AUM in the Company's products that do not have ordinary redemption provisions or a requirement to exit investments and return the proceeds to investors after a prescribed period of time. Real Estate Refers, unless context indicates otherwise, to our Real Estate products, which primarily focus on providing investors with predictable current income, and potential for appreciation, while focusing on limiting downside risk through a unique net lease strategy. Real Estate products are managed by the Oak Street division of Blue Owl. Tax Receivable Agreement or TRA Refers to the Amended and Restated Tax Receivable Agreement, dated as of October 22, 2021.