Form 4: Dyal Capital SLP LP Reports Internal Transfer of Blue Owl Capital Shares to Key Partners

Dyal Capital SLP LP, a significant owner of Blue Owl Capital Inc., disclosed an internal disposition of 300,000 Class D Shares and an equal number of Blue Owl Operating Group Units to certain Dyal Partners for no consideration.

Summary

• Dyal Capital SLP LP, identified as a 10% owner of Blue Owl Capital Inc. (OWL), reported a transaction on June 2, 2025.
• The transaction involved the disposition of 300,000 Class D Shares of Blue Owl Capital Inc. and an equal number of Blue Owl Operating Group Units of Blue Owl Capital Holdings LP.
• This disposition was made to certain Dyal Partners, including Michael Rees, Andrew Polland, Jennifer Brouse, and other limited partners who are officers or directors of Blue Owl Capital Inc.
• The transfer occurred for no consideration, indicating an internal restructuring or distribution of ownership interests within the partnership.
• Following this transaction, Dyal Capital SLP LP indirectly beneficially owns 136,514,357 Class D Shares and an equal number of Blue Owl Operating Group Units.
• Blue Owl Operating Group Units are exchangeable for an equal number of newly issued Class B Shares of Blue Owl Capital Inc. or a cash payment based on the five-day volume weighted average price of the Issuer's Class A Shares.

Sentiment

Score: 5

Explanation: The filing reports an internal transfer of securities for no consideration, which is a routine partnership distribution and does not indicate a change in the company's operational or financial performance or market sentiment.

Positives

• The transaction clarifies the distribution of ownership interests to key Dyal Partners, including officers and directors of Blue Owl Capital Inc., which can align their personal interests with the company's performance.

Negatives

• The transaction is an internal transfer for no consideration and does not represent a sale on the open market, thus it does not directly inject new capital into the company or reflect a change in market valuation.

Future Outlook

The document does not contain any forward-looking statements or guidance regarding the company's future financial performance or strategic direction.

Industry Context

This Form 4 filing details an internal ownership transfer within a private equity-backed structure, common in the alternative asset management industry where complex partnership agreements govern equity distributions to key personnel and founding partners.

Related Party Transactions

• The reported transaction is a disposition by Dyal Capital SLP LP to certain Dyal Partners (including Michael Rees, Andrew Polland, Jennifer Brouse, and other limited partners who are officers or directors of the Issuer) for no consideration, qualifying as a related party transaction.

Stakeholder Impact

• Shareholders: Minimal direct impact on public shareholders as it is an internal transfer of ownership within the Dyal Capital partnership structure, not a market sale. It clarifies the beneficial ownership among key partners.
• Employees/Management: The distribution of units and shares to Dyal Partners, including officers and directors, aligns their personal equity interests with the long-term performance of Blue Owl Capital.

Key Dates

Keywords

Blue Owl Capital, OWL, Dyal Capital, SEC Form 4, insider transaction, beneficial ownership, Class D Shares, Blue Owl Operating Group Units, partnership distribution, private equity