Blue Owl is an alternative asset manager with $307B in AUM, organized across three platforms: Credit, Real Assets, and GP Strategic Capital. The Credit platform (~51% of AUM) centers on direct lending — first-lien senior secured loans to upper-middle-market, PE-sponsored companies — alongside alternative credit, investment grade credit for insurers, and CLOs. The Real Assets platform (~26% of AUM) is built around net lease real estate, where Blue Owl buys single-tenant industrial and manufacturing properties and leases them back to investment-grade tenants under long-duration leases, plus real estate credit and digital infrastructure focused on data center development for hyperscalers. GP Strategic Capital (~22% of AUM) acquires minority equity stakes in established alternative asset managers, collecting a share of those managers' fee streams and carried interest. Blue Owl earns revenue almost entirely through management fees on fee-paying AUM, with minimal reliance on performance fees — the firm describes itself as nearly 100% fee-related earnings-driven. The defining structural feature is permanent capital: roughly 85% of management fees come from vehicles with indefinite lifespans and limited redemption rights, making the fee base compound rather than deplete. Blue Owl distributes its products through institutional channels and private wealth platforms, using non-traded BDCs, non-traded REITs, and interval funds to give retail investors access to these strategies. Growth is driven by organic fundraising within existing strategies, new product launches distributed through existing channels, and acquisitions of established teams that Blue Owl then scales through its distribution infrastructure.