Dyal Capital SLP LP filed a Form 4 with the SEC on September 11, 2026, reporting a disposition of 350,000 Class D shares of Blue Owl Capital Inc. (NYSE:OWL) and an equal number of Blue Owl Operating Group Units for no consideration to certain Dyal Partners.

Key Highlights

  • Transaction type: Dyal Capital SLP LP disposed of 350,000 Class D shares via transaction code J on September 11, 2026, for no consideration.
  • Matching derivative disposition: An equal number of Blue Owl Operating Group Units of Blue Owl Capital Holdings LP were also disposed of in the same transaction.
  • Remaining beneficial ownership: Following the transaction, Dyal Capital SLP LP indirectly holds 131,414,357 Class D shares and an equal number of Blue Owl Operating Group Units.
  • Recipients: The securities were transferred to certain Dyal Partners, including Michael Rees, Andrew Polland, Jennifer Brouse, and certain other limited partners who are officers or directors of Blue Owl Capital Inc.
  • Ownership form: The remaining 131,414,357 Class D shares are held indirectly by Dyal Capital SLP LP on behalf of its limited partners.
  • Exchange rights: Each Blue Owl Operating Group Unit may be exchanged for one newly issued Class B share, or at the election of an exchange committee, a cash payment equal to the five-day volume weighted average price of Class A shares prior to the exchange date.

Dyal Capital SLP LP Transfers Class D Shares and Operating Group Units to Dyal Partners

According to the filing, Dyal Capital SLP LP, identified as a 10% owner of Blue Owl Capital Inc. (NYSE:OWL), reported a disposition of 350,000 Class D shares and an equal number of Blue Owl Operating Group Units of Blue Owl Capital Holdings LP on September 11, 2026. The filing indicates the transaction code was "J" and that the transfer was made for no consideration to certain limited partners of Dyal SLP, collectively referred to as the "Dyal Partners."

The filing identifies the Dyal Partners as including Michael Rees, his spouse, or one or more entities controlled by Michael Rees; Andrew Polland, his spouse, or one or more entities controlled by Andrew Polland; Jennifer Brouse; and certain other limited partners who are officers or directors of Blue Owl Capital Inc. The filing further states that each of these individuals and their affiliates "expressly disclaims beneficial ownership of the securities held by Dyal SLP except to the extent of their respective pecuniary interests therein."

Following the reported transaction, Dyal Capital SLP LP indirectly holds 131,414,357 Class D shares and an equal number of Blue Owl Operating Group Units. The filing notes that each Blue Owl Operating Group Unit, upon cancellation of an equal number of Class D shares, may be exchanged for one newly issued Class B share of Blue Owl Capital Inc., subject to transfer restrictions and the terms of the Third Amended and Restated Exchange Agreement dated April 1, 2025. Alternatively, an exchange committee of the general partner of Blue Owl Holdings may elect a cash payment equal to the five-day volume weighted average price of Class A shares immediately prior to the exchange date. The filing states that Blue Owl Operating Group Units do not expire. The Form 4 was signed by Neena A. Reddy as Attorney-in-Fact on September 11, 2026.

What Was Disclosed

Dyal Capital SLP LP disclosed a September 11, 2026 disposition of 350,000 Class D shares and an equal number of Blue Owl Operating Group Units for no consideration to certain Dyal Partners, with 131,414,357 Class D shares and units remaining held indirectly following the transaction.