Interest RatesThere is an increased focus on the trajectory of base rates and their potential negative impact on Blue Owl's part 1 fees, which creates some uncertainty in revenue projections.
Mergers And AcquisitionsPotential headwind for OWL includes mergers and acquisitions which may bring lower margins in acquired companies.
Real Estate PerformanceDespite slower industrywide M&A activity, credit deployment was healthy, but Real Estate performance was more muted, totaling ~0%.