Blue Owl Capital Inc. (NYSE:OWL) Q1 2022 Results Conference Call May 5, 2022 11:00 AM ET
Company Participants
Ann Dai - Director, IR
Douglas Ostrover - CEO
Marc Lipschultz - Co-President
Michael Rees - Co-President
Alan Kirshenbaum - CFO
Conference Call Participants
Craig Siegenthaler - Bank of America Merrill Lynch
Alex Blostein - Goldman Sachs
Glenn Schorr - Evercore ISI
Patrick Davitt - Autonomous Research
Adam Beatty - UBS
Operator
Good morning. My name is Joseph, and I will be your conference operator today. At this time, I would like to welcome everyone to the Blue Owl First Quarter 2022 Earnings Call. [Operator Instructions]
Ann Dai, Director of Investor Relations. You may begin your conference.
Ann Dai
Thanks, operator. And good morning, everyone. Joining me today are Douglas Ostrover, our Chief Executive Officer; Marc Lipschultz and Michael Rees, our Co-President; and Alan Kirshenbaum, our Chief Financial Officer.
I’d like to remind our listeners that remarks made during the call may contain forward-looking statements, which are not a guarantee of future performance or results and involve a number of risks and uncertainties that are outside the company’s control. Actual results may differ materially from those in forward-looking statements as a result of a number of factors, including those described from time to time in Blue Owl Capital’s filings with the Securities and Exchange Commission.
The company assumes no obligation to update any forward-looking statements. We’d also like to remind everyone that we’ll refer to non-GAAP measures on the call, which are reconciled to GAAP figures in our earnings presentation available on the Investor Resources section of our website at blueowl.com.
This morning we issued our financial results for the first quarter of 2022 and reported fee related earnings or FEE of $0.12 per share, and distributable earnings or DE of $0.11 per share. We also declared dividend of $0.10 per share payable on May 27 to shareholders of record as of May 20.
During the call today, we’ll be referring to the earnings presentation, which we posted to our website this morning. So please have that on hand to follow along. With that, I’d like to turn the call over to Doug.
Douglas Ostrover
Thank you, Ann. And good morning, everyone. As you see captured on Slide 9 of our earnings presentation, we reported another quarter of strong results for Blue Owl with AUM up 76%, private wealth fundraising up 172%, management fees up 51%, and FRE up 56% on a year-over-year basis. Pro forma for the Wellfleet acquisition, which closed on April 1, AUM, would have been approximately $109 billion. Originations for the quarter more than doubled versus a year ago, and private wealth fundraising reaching $2.2 billion. And with permanent capital driving 95% of our management fees and an earning stream consisting of stable and growing fee-related earnings Blue Owl’s financial profile stood in stark contrast to a volatile public equity and debt market backdrop during the first quarter.