Acquisitions And GrowthRecent acquisitions have meaningfully expanded capabilities into higher growth segments of the Alts industry.
Revenue GrowthA clearer path to a public listing for OTF/OTF II is expected to significantly increase management and part 1 fees for Blue Owl, translating to substantial revenue growth.
Valuation And Market PerceptionShares still only trade at ~23.5x our 2025E EPS, and given the view that Blue Owl will deliver industry-leading growth for several years to come, the valuation multiple should move more in line.