1、2025 Market OutlookJANUARY 202522025 Market Outlook:Table of ContentsTable of ContentsForeword314Credit214Real Estate323GP Strategic Capital432Disclosures532025 Market Outlook:ForewordForewordEntering the first quarter of 2025,we remain cautiously optimistic that the US economy will continue experie

2、ncing steady and incremental growth.We expect favorable tailwinds for US businesses to include continuing AI innovation,a more pro-business regulatory framework,and a focus on extending the 2017 tax cuts.Conversely,we may see a potential headwind if there were a resurgence in inflation.For Blue Owl,

3、our investment concentration in US-based businesses across our Credit,GP Strategic Capital,and Real Estate platforms positions us well to continue delivering value for our investors and users of our capital.In terms of how we view our business broadly,we foresee three themes cutting across the priva

4、te markets ecosystem over the coming year.First is identifying what value creation looks like in a potentially higher for longer interest rate environment.While expansionary policies should stimulate economic growth,there is a potential for higher inflation.LPs will remain laser focused on how GPs a

5、re navigating a higher rate environment.Expect more candid conversations around topics such as distributed to paid-in capital(DPI)and liquidity options over the coming months.Second is understanding that the opportunity set in private markets is rapidly expanding.The impact of this multi-decade-long

6、 arc is readily seen across our business where bank retrenchment enabled us to provide private capital solutions to sponsors and other capital users who historically engaged in public-market financing.The beauty of this shift from public to private financing is better alignment between lenders and c