Blue Owl (OWL) Co‑President Michael Rees Gifts 600,000 Shares

What Happened
Michael Douglass Rees, Co‑President and a director of Blue Owl Capital Inc. (OWL), reported two gift transactions on September 11, 2026: a gift of 300,000 Class D shares (disposed) and a gift of 300,000 related Blue Owl Operating Group Units (reported as a derivative disposition). No sales prices are reported because these were donations rather than market sales. The securities were distributed from Dyal Capital SLP LP and donated to National Philanthropic Trust to be held in a donor‑advised fund.

Key Details

• Transaction date: 2026-09-11. Transaction code: G (gift). Price: N/A (donation).
• Total shares/units donated: 600,000 (300,000 Class D shares + 300,000 Blue Owl Operating Group Units).
• The donated securities were distributed from Dyal Capital SLP LP and donated to National Philanthropic Trust (donor‑advised fund). (Footnote: donation to NPT.)
• The filing notes Dyal SLP holds an aggregate of 10,909,723 Class D shares and an equal number of Blue Owl Operating Group Units on behalf of Mr. Rees, his spouse and certain entities; Mr. Rees disclaims beneficial ownership except to the extent of his pecuniary interest.
• The Blue Owl Operating Group Units are exchangeable (subject to terms) for Class B shares or, at the exchange committee’s election, a cash payment based on VWAP. Units do not expire. (See exchange agreement terms.)
• Filing timeliness: Reported and filed on 2026‑09‑11 (timely).

Context
Gifts are donations and generally do not signal the insider’s view of the company’s near‑term prospects the way purchases might. The derivative units involved can be converted into Class B common stock or cashed out under specified rules; this filing reports the donation of those units rather than any exercise or sale.