Dyal Capital SLP LP Distributes 500,000 Class D Shares & Units in Blue Owl Capital

Executive Summary

On September 1, 2026, Dyal Capital SLP LP, a 10% beneficial owner of BLUE OWL CAPITAL INC. ($OWL), filed a Form 4 reporting the disposition of 500,000 Class D Shares and an equal number of Blue Owl Operating Group Units. The transaction was executed under Transaction Code J for no consideration as an in-kind distribution to certain Dyal Partners.

Transaction Breakdown

• Security: Class D Shares & Blue Owl Operating Group Units
• Volume: 500,000 Class D Shares and 500,000 Operating Group Units
• Price per Share: $0.00 (No consideration)
• Nature of Transfer: Distribution by Dyal Capital SLP LP to limited partners (including Michael Rees, Andrew Polland, Jennifer Brouse, and related entities).
• Remaining Indirect Balance: 131,764,357 Class D Shares / Operating Group Units

Market & Trading Significance

This transaction represents an internal partnership restructuring and distribution rather than an open-market sale. As such, it carries low direct market signaling value for common equity investors.