Blue Owl (OWL) 10% Owner Distributes 1,010,000 Shares

What Happened

• Owl Rock Capital Feeder LLC, a reported 10% holder of Blue Owl Capital Inc. (OWL) that is indirectly controlled by director Douglas Ostrover, distributed 1,010,000 Class D common shares of the issuer and an equal number (1,010,000) of Blue Owl Operating Group Units on September 11, 2026. The filing shows these as “other disposition” transactions (code J) with no cash consideration (price N/A). This was a distribution to certain Owl Rock Principals and certain related/non-controlled vehicles, not an open-market sale.

Key Details

• Transaction date: 2026-09-11 (both entries).
• Shares/units distributed: 1,010,000 Class D shares and 1,010,000 Blue Owl Operating Group Units (reported as a disposition and a derivative disposition).
• Price/Proceeds: N/A — the filing and footnote F1 state the distribution was for no consideration.
• Post-transaction holdings: Not specified in the Form 4 for the distributing entity in this filing.
• Important footnotes:
  • F1: Confirms distribution of Class D shares and an equal number of Blue Owl Operating Group Units for no consideration to Owl Rock Principals and certain related entities.
  • F2: Explains ownership structure (Owl Rock Capital Partners manages the feeder; Owl Rock Principals disclaim beneficial ownership except for pecuniary interests).
  • F3: Explains that each Operating Group Unit can be exchanged for Class B shares (or, in some cases, cash equal to a VWAP) under the exchange agreement.
• Filing timeliness: The report covers transactions on the same date (2026-09-11); the Form 4 does not indicate a late filing in the provided data.

Context

• This was a non‑cash distribution of equity and related LP units by a major holder, not an open-market sale; such distributions can be internal reallocation or estate/ownership structuring and don’t necessarily signal a buy or sell view on the stock.
• Because Owl Rock Capital Feeder is a 10% owner and is managed by entities tied to Blue Owl principals (including director Douglas Ostrover), the filing discloses the corporate control relationships and the principals’ limited beneficial ownership claims per the footnotes.