Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-01

Blue Owl Capital Inc. (OWL)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$29,237,055
Douglas Ostrover total, FY2025
CEO pay percentile vs peers
84:1
CEO-to-median pay ratio
95.74%
Say-on-pay support, latest vote
Companies that benchmark against OWL
5 companies name OWL as a compensation peer

Each company listed discloses OWL in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named OWL in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Douglas Ostrover$500,000$0$27,994,188$0$0$0$742,867$29,237,055
Co-Chief Executive Officer
Marc Lipschultz500,000027,994,188000725,04229,219,230
Co-Chief Executive Officer
Marc Zahr500,000027,994,188000507,43629,001,624
Co-President
Michael Rees500,000025,894,601000230,55326,625,154
Co-President
Craig Packer500,000022,008,674000209,53922,718,213
Co-President
Alan Kirshenbaum500,0004,500,000134,6505,134,650
Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Douglas Ostrover$29,237,055$23,912,432$18,478,195+5,324,623
Marc Lipschultz29,219,23023,881,67518,478,195+5,337,555
Marc Zahr29,001,62421,947,144+7,054,480
Michael Rees26,625,15429,854,15018,328,906−3,228,996
Craig Packer22,718,21311,943,35213,644,485+10,774,861
Alan Kirshenbaum5,134,65047,377,1637,654,012−42,242,513

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Dana Weeks UgwonaliDirector2026-05-07A20,429$0$0RSUForm 4 ↗
Douglas I. OstroverDirector2026-05-07A788,88200Derivative, Class A CommonForm 4 ↗
Marc S. LipschultzDirector2026-05-07A788,88200CommonForm 4 ↗
Marc S. LipschultzDirector2026-05-07A788,88200Derivative, Class A CommonForm 4 ↗
Michael Douglass ReesDirector2026-05-07A1,072,52300CommonForm 4 ↗
Michael Douglass ReesDirector2026-05-07A1,072,52300Derivative, Class A CommonForm 4 ↗
Marc ZahrDirector2026-05-07A788,88200CommonForm 4 ↗
Marc ZahrDirector2026-05-07A788,88200Derivative, Class A CommonForm 4 ↗
Claudia A. HolzDirector2026-05-07A20,42900RSUForm 4 ↗
Douglas I. OstroverDirector2026-05-07A788,88200CommonForm 4 ↗
Craig PackerDirector2026-05-07A729,71600Derivative, Class A CommonForm 4 ↗
Stacy Ellen Bash-PolleyDirector2026-05-07A20,42900RSUForm 4 ↗
Craig PackerDirector2026-05-07A729,71600CommonForm 4 ↗
Dyal Capital SLP LPGreater-than-10% holder2026-06-01D1,150,000Common, indirectForm 4 ↗
Dyal Capital SLP LPGreater-than-10% holder2026-06-01D1,150,000Derivative, Class A CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Marc LipschultzPSU2025-08-07778$6,742,014
Marc ZahrPSU2025-02-13374,6028,162,577374,602
Marc ZahrPSU2025-05-085886,367,444
Douglas OstroverPSU2025-11-0666116,722,153
Michael ReesPSU2025-08-077788,666,539
Michael ReesPSU2025-02-1325,500555,64525,500
Marc ZahrPSU2025-08-077786,742,014
Marc LipschultzPSU2025-05-085886,367,444
Douglas OstroverPSU2025-08-077786,742,014
Marc LipschultzPSU2025-02-13374,6028,162,577374,602
Craig PackerPSU2025-08-077786,236,373
Craig PackerPSU2025-02-13168,5283,672,225168,528
Douglas OstroverPSU2025-02-13374,6028,162,577374,602
Michael ReesPSU2025-05-085888,528,761
Craig PackerPSU2025-11-0666116,217,983
Douglas OstroverPSU2025-05-085886,367,444
Marc LipschultzPSU2025-11-0666116,722,153
Marc ZahrPSU2025-11-0666116,722,153
Craig PackerPSU2025-05-085885,882,093
Michael ReesPSU2025-11-0666118,143,656
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Marc Lipschultz$0$20,206,213$0100.0%
Marc Zahr020,206,2130100.0%
Douglas Ostrover020,206,2130100.0%
Michael Rees025,364,4560100.0%
Craig Packer018,504,9770100.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Alan KirshenbaumRSU200,000$2,556,000
Alan KirshenbaumRSU1,400,00016,152,500
05

Incentive-plan design — the Compensation Discussion & Analysis

Our compensation philosophy has several primary objectives: (i) to attract, motivate and retain talented and experienced executives in our industry; (ii) to reward executives whose knowledge, skills and performance are critical to our success; (iii) to align executives interests with our investors and stockholders; (iv) to foster a shared commitment among executives by aligning their individual goals with the goals of our company; (v) to compensate our executives in a manner that incentivizes them to manage our business to meet our long-term objectives; and (vi) to reinforce our culture and values.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantnot disclosed
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingfalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20252025-06-095,755,217,217255,974,1882,852,86695.74%Passed
20222022-06-105,130,244,27964,620,3891,197,62998.76%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20252025-06-0995.74%a
20222022-06-1098.76%b

a. Approved under the standard stated in the filing — “Abstentions and broker "non-votes" are not considered votes cast for the foregoing purpose and will have no effect on the vote for this Proposal.”.

b. Approved under the standard stated in the filing — “Abstentions and broker "non-votes" are not considered votes cast for the foregoing purpose and will have no effect on the vote for these Proposals.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)84 : 1
CEO total compensation$29,237,055
Median employee compensation$346,350
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Jennifer BrouseEmployee director · Newly elected$0$2,499,582$0$2,892,473$5,392,055
Claudia A. HolzIndependent · Audit (Chair)200,000187,675000387,675
Dana WeeksIndependent · Audit175,000187,675000362,675
Stacy PolleyIndependent · Audit175,000187,675000362,675
Sean WardEmployee director · Departed during FY · Partial-year service00000
Andrew S. KomaroffIndependent000000
Marc ZahrEmployee director00000
Marc S. LipschultzEmployee director00000
Douglas I. OstroverEmployee director · Board Chair00000
Craig W. PackerEmployee director00000
Michael D. ReesEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$150,000
Annual equity retainer$187,675
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)50,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$550,000
Equity awards (grant-date value)$3,062,607
All other compensation$2,892,473
Total cost of the board$6,505,080

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Blue Owl Capital Inc.2025Douglas Ostrover$500,000$27,994,188$0$0$29,237,055

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

FAQ

Frequently asked questions

Who was the highest-paid executive at Blue Owl Capital Inc. in fiscal 2025?
The highest-paid executive at Blue Owl Capital Inc. in fiscal 2025 was Douglas Ostrover, Co-Chief Executive Officer, with total compensation of $29,237,055.
How does Blue Owl Capital Inc.'s chief executive pay compare to its disclosed peer group?
The filing shows the CEO pay percentile of disclosed peers was not disclosed.
What is Blue Owl Capital Inc.'s CEO-to-median employee pay ratio?
As disclosed, the CEO-to-median employee pay ratio was 84:1.
How did shareholders vote on Blue Owl Capital Inc.'s executive compensation?
Shareholders approved the executive compensation plan with 95.74% support in the latest vote.
How much does Blue Owl Capital Inc. spend in total on board compensation for fiscal 2025?
The company reported total board compensation for fiscal 2025 was $6,505,080.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Douglas OstroverDEF 14A2026-04-170001823945-26-000017Section “2025 Summary Compensation Table”. As printed: 29,237,055. Filing ↗machine: r2 · c21 · span 261343–261353
2Section 01, Marc LipschultzDEF 14A2026-04-170001823945-26-000017Section “2025 Summary Compensation Table”. As printed: 29,219,230. Filing ↗machine: r6 · c21 · span 268435–268445
3Section 01, Marc ZahrDEF 14A2026-04-170001823945-26-000017Section “2025 Summary Compensation Table”. As printed: 29,001,624. Filing ↗machine: r22 · c21 · span 296636–296646
4Section 01, Michael ReesDEF 14A2026-04-170001823945-26-000017Section “2025 Summary Compensation Table”. As printed: 26,625,154. Filing ↗machine: r18 · c21 · span 289599–289609
5Section 01, Craig PackerDEF 14A2026-04-170001823945-26-000017Section “2025 Summary Compensation Table”. As printed: 22,718,213. Filing ↗machine: r14 · c21 · span 282547–282557
6Section 01, Alan KirshenbaumDEF 14A2026-04-170001823945-26-000017Section “2025 Summary Compensation Table”. As printed: 5,134,650. Filing ↗machine: r10 · c21 · span 275492–275501
7Section 03, Marc Lipschultz PSUDEF 14A2026-04-170001823945-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t21 · r10 · c13 · span 318406–318415
8Section 03, Marc Zahr PSUDEF 14A2026-04-170001823945-26-000017Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t21 · r23 · c9 · span 336537–336544
9Section 03, Marc Zahr PSUDEF 14A2026-04-170001823945-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t21 · r24 · c13 · span 338562–338571
10Section 03, Douglas Ostrover PSUDEF 14A2026-04-170001823945-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t21 · r6 · c13 · span 312751–312760
11Section 03, Michael Rees PSUDEF 14A2026-04-170001823945-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t21 · r20 · c13 · span 332915–332924
12Section 03, Michael Rees PSUDEF 14A2026-04-170001823945-26-000017Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t21 · r18 · c9 · span 329290–329296
13Section 03, Marc Zahr PSUDEF 14A2026-04-170001823945-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t21 · r25 · c13 · span 340165–340174
14Section 03, Marc Lipschultz PSUDEF 14A2026-04-170001823945-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t21 · r9 · c13 · span 316803–316812
15Section 03, Douglas Ostrover PSUDEF 14A2026-04-170001823945-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t21 · r5 · c13 · span 311147–311156
16Section 03, Marc Lipschultz PSUDEF 14A2026-04-170001823945-26-000017Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t21 · r8 · c9 · span 314778–314785
17Section 03, Craig Packer PSUDEF 14A2026-04-170001823945-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t21 · r15 · c13 · span 325662–325671
18Section 03, Craig Packer PSUDEF 14A2026-04-170001823945-26-000017Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t21 · r13 · c9 · span 322034–322041
19Section 03, Douglas Ostrover PSUDEF 14A2026-04-170001823945-26-000017Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t21 · r3 · c9 · span 307441–307448
20Section 03, Michael Rees PSUDEF 14A2026-04-170001823945-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t21 · r19 · c13 · span 331312–331321
21Section 03, Craig Packer PSUDEF 14A2026-04-170001823945-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t21 · r16 · c13 · span 327266–327275
22Section 03, Douglas Ostrover PSUDEF 14A2026-04-170001823945-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t21 · r4 · c13 · span 309544–309553
23Section 03, Marc Lipschultz PSUDEF 14A2026-04-170001823945-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t21 · r11 · c13 · span 320010–320019
24Section 03, Marc Zahr PSUDEF 14A2026-04-170001823945-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t21 · r26 · c13 · span 341769–341778
25Section 03, Craig Packer PSUDEF 14A2026-04-170001823945-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t21 · r14 · c13 · span 324059–324068
26Section 03, Michael Rees PSUDEF 14A2026-04-170001823945-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t21 · r21 · c13 · span 334519–334528
27Section 07, pay ratioDEF 14A2026-04-170001823945-26-000017Section “CEO Pay Ratio”. As printed: 84 : 1. Filing ↗machine: span 379525–379527
28Section 08, Jennifer BrouseDEF 14A2026-04-170001823945-26-000017Section “Director Compensation”. As printed: 5,392,055. Filing ↗machine: t27 · r2 · c8 · span 457106–457115
29Section 08, Claudia A. HolzDEF 14A2026-04-170001823945-26-000017Section “Director Compensation”. As printed: 387,675. Filing ↗machine: t27 · r3 · c8 · span 458807–458814
30Section 08, Dana WeeksDEF 14A2026-04-170001823945-26-000017Section “Director Compensation”. As printed: 362,675. Filing ↗machine: t27 · r7 · c8 · span 464245–464252
31Section 08, Stacy PolleyDEF 14A2026-04-170001823945-26-000017Section “Director Compensation”. As printed: 362,675. Filing ↗machine: t27 · r5 · c8 · span 462340–462347
32Section 08, Sean WardDEF 14A2026-04-170001823945-26-000017Section “Director Compensation”. As printed: 0. Filing ↗
33Section 08, Andrew S. KomaroffDEF 14A2026-04-170001823945-26-000017Section “Director Compensation”. As printed: 0. Filing ↗
34Section 08, Marc ZahrDEF 14A2026-04-170001823945-26-000017Section “Director Compensation”. As printed: 0. Filing ↗
35Section 08, Marc S. LipschultzDEF 14A2026-04-170001823945-26-000017Section “Director Compensation”. As printed: 0. Filing ↗
36Section 08, Douglas I. OstroverDEF 14A2026-04-170001823945-26-000017Section “Director Compensation”. As printed: 0. Filing ↗
37Section 08, Craig W. PackerDEF 14A2026-04-170001823945-26-000017Section “Director Compensation”. As printed: 0. Filing ↗
38Section 08, Michael D. ReesDEF 14A2026-04-170001823945-26-000017Section “Director Compensation”. As printed: 0. Filing ↗
39Section 02, Dana Weeks Ugwonali 2026-05-07Form 42026-05-080001193125-26-214745Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Douglas I. Ostrover 2026-05-07Form 42026-05-080001193125-26-214734Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Marc S. Lipschultz 2026-05-07Form 42026-05-080001193125-26-214746Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Marc S. Lipschultz 2026-05-07Form 42026-05-080001193125-26-214746Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Michael Douglass Rees 2026-05-07Form 42026-05-080001193125-26-214744Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Michael Douglass Rees 2026-05-07Form 42026-05-080001193125-26-214744Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Marc Zahr 2026-05-07Form 42026-05-080001193125-26-214739Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Marc Zahr 2026-05-07Form 42026-05-080001193125-26-214739Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Claudia A. Holz 2026-05-07Form 42026-05-080001193125-26-214736Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Douglas I. Ostrover 2026-05-07Form 42026-05-080001193125-26-214734Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Craig Packer 2026-05-07Form 42026-05-080001193125-26-214747Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Stacy Ellen Bash-Polley 2026-05-07Form 42026-05-080001193125-26-214742Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Craig Packer 2026-05-07Form 42026-05-080001193125-26-214747Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, Dyal Capital SLP LP 2026-06-01Form 42026-06-010001193125-26-251991Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Dyal Capital SLP LP 2026-06-01Form 42026-06-010001193125-26-251991Insider equity transaction reported since the proxy statement. Filing ↗
54Section 06, 2025 voteForm 8-K2025-06-090001823945-25-000040Item 5.07 · say-on-pay result. As reported: 95.74% (votes for as printed: 5,755,217,217). Filing ↗
55Section 06, 2022 voteForm 8-K2022-06-100001823945-22-000056Item 5.07 · say-on-pay result. As reported: 98.76%. Filing ↗
56Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
57Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
58Section 09b board cost (computed)ComputedcomputedCash 550,000 + equity 3,062,607 + all other 2,892,473 = 6,505,080, summed across the director compensation table rows.machine: formula: Σ = 6,505,080
59Blue Owl Capital Inc. (subject), Section 10b CEO totalDEF 14A2026-04-170001823945-26-000017CEO total compensation as printed in Blue Owl Capital Inc.'s own proxy. As printed: 29,237,055. Filing ↗machine: r2 · c21 · span 261343–261353