Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is Blue Owl Capital Inc. (OWL) Halal?

PASS

Blue Owl Capital Inc. · NYSE: OWL · Financials

The short answer

Blue Owl Capital passes all three Shariah gates: it is an alternative asset manager earning fee income from managing third-party funds (not an interest-based lender on its own account), carries $3.32 billion of debt obligations (23.0% of its ~$14.47 billion market cap), and interest and dividend income of 1.57% of revenue is under the 5% ceiling. Note: Zoya and Musaffa currently flag OWL as non-compliant — disclosed in the FAQs.

Gate 1 — Business activity: PASS

Gate 1 — business activity: PASS. Blue Owl Capital Inc., formed in 2021 through the merger of Owl Rock Capital Group and Dyal Capital and headquartered in New York, NY, is an alternative asset manager. Per its FY2025 Form 10-K, it runs three platforms: Credit (direct lending to upper-middle-market companies, alternative credit, investment-grade credit, CLOs), GP Strategic Capital (minority stakes in and debt financing for private-equity and private-credit firms), and Real Assets (real estate including sale-leaseback). Its affiliates had more than $307 billion in assets under management as of December 2025.

FY2025 revenue of $2,870,178 thousand was overwhelmingly fee income — management fees, net $2,521,937 thousand, administrative/transaction/other fees $321,469 thousand, performance revenues $26,772 thousand. The company manages third-party funds; it is not a bank, a balance-sheet lender, or an insurer. For transparency: the managed funds include direct-lending and GP debt-financing strategies, and one GP Strategic Capital strategy is explicitly debt financing. Consistent with this screener's treatment of other alternative asset managers (see the Ares Management screener), the company's own core business is managing third-party funds, not interest-based lending, so it passes gate 1.

Gate 2 — Debt and cash: PASS

Gate 2 — interest-bearing debt: PASS (23.0%, ceiling 33%). Per the FY2025 Form 10-K consolidated balance sheet, ‘Debt obligations, net’ were $3,324,426 thousand at December 31, 2025 (Senior Notes due 2028, 2031 and 2034 plus the revolving credit facility; fair value of debt obligations was about $3.2 billion). Operating lease liabilities ($538,147 thousand) are excluded — they are not interest-bearing debt.

$3.32 billion of interest-bearing debt against a market capitalization of about $14.47 billion (Finnhub, October 2, 2026) is 23.0%, under the 33% ceiling. Cash and cash equivalents of $194,512 thousand at December 31, 2025 represent about 1.3% of market cap.

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS (1.57%, ceiling 5%). Blue Owl's FY2025 Form 10-K separately discloses ‘Interest and dividend income’ of $45,184 thousand against total revenues, net, of $2,870,178 thousand — about 1.57%, under the 5% ceiling.

Note: the income statement shows interest income together with dividend income as a single line item, so the whole line is treated as non-compliant income in this screen. Interest expense was $163,755 thousand — reported here for completeness, not counted in the gate.

Key figures used

Frequently asked questions

What does Blue Owl Capital do?

Blue Owl Capital Inc. (NYSE: OWL) is an alternative asset manager headquartered in New York, formed in 2021 through the merger of Owl Rock Capital Group and Dyal Capital. Per its FY2025 Form 10-K, it operates three platforms: Credit (direct lending to upper-middle-market companies, alternative credit, investment-grade credit, and CLOs), GP Strategic Capital (minority equity stakes in and debt financing for private-equity and private-credit firms), and Real Assets (real estate, including sale-leaseback structures). Its affiliates had more than $307 billion in assets under management as of December 2025.

Is Blue Owl Capital's business Shariah compliant?

Blue Owl earns fee income from managing third-party funds: FY2025 revenue of $2.87 billion was overwhelmingly management fees ($2.52 billion), plus administrative, transaction and other fees ($321 million) and performance revenues ($27 million). It is not a bank, a balance-sheet lender, or an insurer, so it passes this screener's first gate. For transparency: the funds it manages include direct-lending and GP debt-financing strategies — the lending happens inside the managed funds, not on Blue Owl's own balance sheet.

How much interest-bearing debt does Blue Owl Capital have?

Per its FY2025 Form 10-K, Blue Owl had 'Debt obligations, net' of $3,324,426 thousand at December 31, 2025 (Senior Notes due 2028, 2031 and 2034 plus its revolving credit facility). Operating lease liabilities of $538,147 thousand are excluded as they are not interest-bearing debt. $3.32 billion against a market cap of about $14.47 billion (Finnhub, October 2, 2026) is 23.0%, under the 33% ceiling. Cash and cash equivalents of $194,512 thousand are about 1.3% of market cap.

How much interest income does Blue Owl Capital earn?

Blue Owl's FY2025 Form 10-K separately discloses 'Interest and dividend income' of $45,184 thousand. Against FY2025 total revenue of $2,870,178 thousand that is about 1.57%, under the 5% non-compliant income ceiling. The whole interest-and-dividend-income line is treated as non-compliant income in this screen.

What do third-party Shariah screeners say about Blue Owl Capital?

Zoya publishes a Blue Owl Capital (OWL) page and currently flags the stock as not Shariah-compliant, though the page's FAQ text is internally contradictory about its own answers, so treat its published reasoning with caution. Musaffa also classifies OWL as not halal as of October 2026, without giving an itemized reason. No ShariaPortfolio rating could be verified from public sources. Third-party screeners apply different assumptions and update on different schedules — this page's own three-gate screen (fee-based asset-management business, 23.0% debt, 1.57% interest income) gives PASS. Always check the latest screenings before investing.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).