1、2025 Midyear OutlookJUNE 202522025 Midyear Outlook:Table of ContentsTable of ContentsForeword314Credit210Real Assets316GP Strategic Capital424Disclosures532025 Midyear Outlook:ForewordForewordWe are nearing the midpoint of 2025 with continued confidence in the strength and stability of our business.

2、Our investment strategies are purpose-built to deliver income,preserve capital,and provide inflation protectioncharacteristics that are attractive in any environment,but prove essential today.In fact,we believe this moment in time places Blue Owl in a unique position to lead.The unprecedented speed

3、of change in macroeconomic and geopolitical considerations is creating opportunities to invest and amplifying the full value of our solutions-oriented approach to our partners.Blue Owls long-term orientation,agility,and discipline positions us to build on our success and further establish our presen

4、ce across alternatives in the second half of the year.Several notable trends guide our optimism.We observed broad-based economic resiliency in the United States over the first two quarters,and market innovations remain a powerful driving force.Advances in artificial intelligence have accelerated pro

5、ductivity gains and unlocked compelling and substantial new avenues for investment in digital infrastructure and adjacent areas.These developments are reshaping industries and will create an increasing set of durable,long-term opportunities.This coincides with sustained interest in private credit fr

6、om an ever-widening set of companies.The privacy and predictability offered by our Direct Lending and Alternative Credit solutions appeals to borrowers,who are increasingly turning to Blue Owl as their capital partner.Reflecting on US capital markets and related policymaking,we remain clear-eyed and