Blue Owl (OWL) Co‑President Marc Zahr Sells Derivative Interests

What Happened

• Marc Zahr, Co‑President and director of Blue Owl Capital Inc., reported dispositions on September 14, 2026 that include (a) the sale of a derivative agreement to a family trust for an aggregate cash amount of $14,866,651 and (b) reported dispositions of 4,550,777 shares (transaction code J) and one derivative share (open‑market sale of 1 share). The filing shows N/A prices for the share dispositions (coded as “other acquisition or disposition” and derivative-related disposals).
• The derivative agreement (entered for estate‑planning purposes) gives the trustee a right to receive a future payment representing the increase in value above a $100,000 hurdle of certain Blue Owl interests; the settlement date is September 14, 2033 (or earlier at Zahr’s death). If the post‑settlement fair market value exceeds the hurdle, Zahr must pay the positive amount to the trust within 30 days.

Key Details

• Transaction date: 2026-09-14 (report filed same day).
• Cash received for the derivative: $14,866,651 (aggregate).
• Reported share/unit dispositions: 4,550,777 shares (code J, price N/A) and 1 share (open market sale, derivative, price N/A).
• Derivative covers specified Blue Owl interests described in the filing (footnotes indicate the interests relate to incentive units/operating group units and equal Class C shares — footnotes reference aggregate incentive‑related units of 6,543,145).
• After an estate planning transfer, OSREC Feeder, LP holds 45,507,772 Blue Owl Operating Group Units and an equal number of Class C shares on behalf of Augustus (now held for the Zahr Family Gift Trust); Zahr disclaims beneficial ownership of those trust‑held securities except to the extent of any pecuniary interest.
• Purpose noted: estate planning. Filing disclaims that the transaction represents a change in beneficial ownership (per footnote) and states the Trust benefits immediate family members.
• Timeliness: Filing period and filing date are the same (no late‑filing flag in this report).

Context

• This transaction is structured as estate planning rather than a simple open‑market sale of common stock. The derivative sale transfers future upside above a set hurdle to a family trust in exchange for upfront cash.
• Because the report involves transfers to a trust and a derivative instrument, it should not be interpreted the same way as a routine open‑market sale for liquidity. Zahr also disclaims beneficial ownership of trust‑held securities except for any pecuniary interest.