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BLUE OWL CAPITAL INC.·4

May 8, 4:30 PM ET

Rees Michael Douglass 4

Research Summary

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Blue Owl (OWL) Co‑President Rees Michael Douglass Receives Award

What Happened

  • Rees Michael Douglass (Co‑President and Director) was granted awards on 2026-05-07 consisting of 1,072,523 Class C shares and 1,072,523 related Common Units/derivative interests. Each grant shows an acquisition price of $0.00, so no cash was paid for these awards.

Key Details

  • Transaction date: 2026-05-07; Form 4 filed 2026-05-08 (timely filing).
  • Reported amounts: 1,072,523 Class C common shares (Code A — award/grant) and 1,072,523 derivative units/rights (also reported as Code A).
  • Price and value: $0.00 per share/unit — recorded as $0 acquisition value in the filing.
  • Shares owned after transaction: not specified in this Form 4.
  • Notable footnotes:
    • F1/F2: Awards were issued to a management vehicle (Blue Owl Management Vehicle) in respect of Class P units; the reporting person holds incentive units that correspond 1-for-1 to the Class C Shares and Common Units. Incentive units are fully vested at grant but subject to a one‑year lock‑up. Units may later settle into Common Units and Class C Shares and, under certain conditions, be exchanged for Class A shares or cash (per exchange committee rules).
    • F3: Some securities reported reflect pro rata distributions to Blue Owl GP Stakes II (GPSC II); the reporting person is a member of the investment committee and disclaims beneficial ownership except for any pecuniary interest.
    • F4: Confirms exchange mechanics for converting operating group units into Class A shares (or cash alternative).
  • Filing timeliness: Appears timely (Form 4 filed one day after the transaction date).

Context

  • This is an award/grant (Code A), not an open‑market purchase or sale, so it does not by itself signal buying/selling intent in the market. The awards are vested but subject to a lock‑up and further conversion/settlement conditions, meaning the economic exposure and the timing of any conversion to tradable Class A shares can be delayed and may include cash‑for‑share alternatives. The reporting person’s beneficial ownership is limited as described in the footnotes.