[Form 4] BLUE OWL CAPITAL INC. Insider Trading Activity

Rhea-AI Filing Summary

Craig Packer, Co‑President and Director of Blue Owl Capital Inc. (OWL), reported on 09/12/2025 a gift/charitable donation of 100,000 Blue Owl Operating Group Units that were distributed to him and his spouse and donated to National Philanthropic Trust to be held in a donor‑advised fund. The Form 4 shows these units are associated with Class D common shares and, following the transaction, Mr. Packer is reported as having an indirect aggregate position of 34,528,540 Class D Shares and an equal number of Blue Owl Operating Group Units held directly by Owl Rock Capital Feeder LLC. The filing discloses a detailed breakdown of those 34,528,540 shares among accounts and states Mr. Packer expressly disclaims beneficial ownership of securities held by Owl Rock Feeder except to the extent of his pecuniary interest.

Positive

• Charitable donation disclosed: 100,000 Blue Owl Operating Group Units were gifted to National Philanthropic Trust for a donor‑advised fund.
• Clear ownership breakdown: Filing provides an explicit aggregate holding of 34,528,540 Class D Shares and matching operating units and itemizes allocations among personal, trust, and spouse accounts.
• Disclosure of indirect ownership and disclaimer: Mr. Packer expressly disclaims beneficial ownership of securities held by Owl Rock Feeder except to the extent of his pecuniary interest, improving transparency.

Negative

• None.

Insights

Financial Analyst

TL;DR: A charitable gift of 100,000 operating units was reported; aggregate indirect holdings remain large at 34,528,540 shares.

The Form 4 documents a non‑market transaction: a gift/charitable donation of 100,000 Blue Owl Operating Group Units associated with Class D shares. Because the securities are held through Owl Rock Capital Feeder LLC, the filing emphasizes indirect ownership and a disclaimer of beneficial ownership except for pecuniary interest. This is a routine insider disclosure that does not reflect a cash sale or change in control and therefore is unlikely to be immediately value‑moving.

Corporate Governance Expert

TL;DR: The filing discloses a charitable donation and clarifies indirect holdings and voting/investment power relationships.

The statement clarifies Mr. Packer's relationship to the issuer (Co‑President and Director) and specifies indirect holdings via Owl Rock Feeder with a precise allocation among personal, trust, and spouse accounts. The disclosure and express disclaimer conform to Section 16 reporting norms and help stakeholders understand ownership attribution and potential conflicts of interest.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Packer Craig

(Last) (First) (Middle)

399 PARK AVENUE

37TH FLOOR

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BLUE OWL CAPITAL INC. [ OWL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Co-President

3. Date of Earliest Transaction (Month/Day/Year)
09/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class D Shares	09/12/2025		G(1)		100,000	D	(1)	34,528,540	I	See Footnotes(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Blue Owl Operating Group Units	(3)	09/12/2025		G(1)			100,000	(3)	(3)	Class B Shares	100,000	(1)	34,528,540	I	See Footnotes(2)

Explanation of Responses:

1. The reported transaction represents a gift/charitable donation of securities indirectly owned through Owl Rock Capital Feeder LLC ("Owl Rock Feeder") that were distributed to the reporting person and the reporting person's spouse and donated to National Philanthropic Trust, a Pennsylvania non-profit corporation, to be held in a donor-advised fund.

2. Consists of an aggregate of 34,528,540 shares of Class D common stock ("Class D Shares") and an equal number of common units ("Blue Owl Operating Group Units") of Blue Owl Capital Holdings LP, a Delaware limited partnership ("Blue Owl Holdings"), associated with such Class D Shares, held directly by Owl Rock Feeder, 25,298,731 of which are held on behalf of Mr. Packer; 4,393,421 of which are held on behalf of Packer Family Trust 2017 over which Mr. Packer has sole investment and voting power; and 4,836,388 of which are held on behalf of Mr. Packer's spouse. Mr. Packer expressly disclaims beneficial ownership of the securities held by Owl Rock Feeder except to the extent of his pecuniary interest therein.

3. Each Blue Owl Operating Group Unit, upon the cancellation of an equal number of Class D Shares, may be exchanged from time to time for an equal number of newly issued shares of Class B common stock ("Class B Shares"), subject to any applicable transfer restrictions and the terms of the Third Amended and Restated Exchange Agreement, dated as of April 1, 2025, or (at the election of an exchange committee of the general partner of Blue Owl Holdings) a cash payment equal to the five-day volume weighted average price of shares of Class A common stock immediately prior to the applicable exchange date. Blue Owl Operating Group Units do not expire.

Remarks:

The reported amounts do not include Blue Owl Operating Group Units associated with the Issuer's Class C common stock beneficially owned by the reporting person, as they represent a different class of security from the Blue Owl Operating Group Units associated with the Issuer's Class D Shares reported in this statement.

	/s/ Neena A. Reddy, as Attorney-in-Fact	09/12/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Craig Packer report on Form 4 for OWL?

The Form 4 reports a gift/charitable donation of 100,000 Blue Owl Operating Group Units distributed to Mr. Packer and his spouse and donated to National Philanthropic Trust on 09/12/2025.

How many Class D shares and units does the filing show associated with Owl Rock Feeder?

The filing shows an aggregate of 34,528,540 Class D Shares and an equal number of Blue Owl Operating Group Units held directly by Owl Rock Capital Feeder LLC.

What portion of the 34,528,540 shares are attributed to Mr. Packer personally?

The breakdown lists 25,298,731 shares held on behalf of Mr. Packer, 4,393,421 shares held for Packer Family Trust 2017, and 4,836,388 shares held on behalf of Mr. Packer's spouse.

Did the Form 4 report a sale or cash transaction?

No. The reported transaction code is a gift/charitable donation (code G); the filing does not report a sale for cash.

Does Mr. Packer claim beneficial ownership of the securities held by Owl Rock Feeder?

Mr. Packer expressly disclaims beneficial ownership of securities held by Owl Rock Feeder except to the extent of his pecuniary interest, per the filing.