
(dollars in thousands)
Consideration
Equity consideration(1)	$	922,174
Cash consideration(2)	243,434
Earnout liability	140,083
Total Consideration	$	1,305,691

Net Identifiable Assets Acquired and Goodwill
Assets acquired:
Cash and cash equivalents	$	1,107
Due from related parties	40,550
Intangible assets:
Investment management agreements	240,000
Investor relationships	105,000
Total intangible assets	345,000
Other assets, net	1,448
Total assets acquired	388,105
Liabilities assumed:
Accrued compensation	227
Operating lease liabilities	982
Accounts payable, accrued expenses and other liabilities	5,040
Total liabilities assumed	6,249
Net Identifiable Assets Acquired	$	381,856
Goodwill(3)	$	923,835

(3)Goodwill represents the amount of total consideration in excess of net identifiable assets acquired. Approximately $199.4 million of the goodwill and intangible assets recognized are expected to be deductible by the Blue Owl Operating Partnerships for tax purposes.

The acquired investment management agreements and investor relationships had a weighted-average amortization period of 5.5 years and 11.3 years, respectively, from the date of acquisition.

IPI’s results are included in the Company’s consolidated results starting from the date the acquisition closed, January 3, 2025. For the three months ended March 31, 2025, the Company’s consolidated results included $52.2 million of GAAP revenues related to the acquired business. Given the Company operates through one operating and reportable segment, the impact of the IPI Acquisition to GAAP consolidated net income is not tracked on a standalone basis. The Company incurred $13.6 million and $8.6 million of acquisition-related costs for the three months ended March 31, 2025, and year ended December 31, 2024, respectively, which costs were included within general, administrative and other expenses in the Company’s consolidated statements of operations.

The earnout liability accrued in connection with the IPI Acquisition is contingent upon additional commitments to the Blue Owl Digital Infrastructure Fund III and is based on the size of these commitments. A portion of this liability pertains to the pro-rated catch-up management fees earned with each subsequent close. These fees are payable in cash and are expected to be paid to the sellers later in 2025, after the Company has collected the catch-up fees from the fund. The remaining earnout liability represents the estimated fair value of additional Common Units the Company anticipates issuing to the sellers (the “IPI Subsequent Payment”). The value of these Common Units is driven by the size of commitments to the Blue Owl Digital Infrastructure Fund III and a portion of such Common Units were issued in April 2025, and the remaining units are expected to be issued later in 2025, following the final closing of the fund.

The following table summarizes the Company’s intangible assets, net:


(dollars in thousands)	March 31, 2025		December 31, 2024		Remaining Weighted-Average Amortization Period as of March 31, 2025
Intangible assets, gross:
Investment management agreements	$	3,505,420	$	3,265,420	11.5 years
Investor relationships	575,300		470,300		8.3 years
Total intangible assets, gross	4,080,720		3,735,720

Accumulated amortization:
Investment management agreements	(761,491)		(685,765)
Investor relationships	(160,950)		(147,203)
Total accumulated amortization	(922,441)		(832,968)
Total Intangible Assets, Net	$	3,158,279	$	2,902,752

Unaudited pro forma revenues were $683.5 million and $580.4 million for the three months ended March 31, 2025 and 2024, respectively. Unaudited pro forma net income attributable to Class A stockholders was $7.4 million and $23.2 million for the three months ended March 31, 2025 and 2024, respectively. This pro forma financial information was computed by combining the historical financial information of the Company and the IPI Acquisition as though the acquisition was consummated on January 1, 2024, and as though the Atalaya, KAM and Prima Acquisitions were consummated on January 1, 2023.

These pro forma amounts assume a consistent ownership structure, annual effective tax rates and amortization of the fair value of acquired assets as of each respective acquisition date. The pro forma information does not reflect the potential benefits of

cost and funding synergies, opportunities to earn additional revenues, or other factors, and therefore does not represent what the actual revenues and net income would have been had the businesses actually been combined as of the dates above.