After the company announced the launch of a secondary offering, Blue Owl Capital Inc. (OWL) stock went down by 3.18% in the after-hours. The stock was up by 2.25% in regular trading to close at $15.42 with 9.23 million shares. The announcement led the stock to fall down to $14.93 with an after-hours’ volume of 93.5K shares.
The asset manager Blue Owl Capital Inc. (OWL) has a current market capitalization of $20.93 billion. Currently, the company has 364.7 million shares outstanding. OWL stock has lost 10.50% in the past month, while it went up by 35.50% year to date.
OWL’s Secondary Offering
On December 06, the company announced the launch of a secondary offering of Class A common shares. According to this, NBSH Blue Investments II, LLC, or the selling stockholder will offer 26,717,377 shares of the company’s common stock in an underwritten public offering. Being an offering of secondary shares sold by the selling stockholder, the company won’t collect any of the proceeds.
In addition, the offering has two joint book-running managers: Goldman Sachs &Co, BofA Securities, Inc., and J.P. Morgan Securities LLC.
Agreement to Acquire Oak Street
Previously, the company announced a merger agreement for acquiring Oak Street Real Estate Capital, LLC (Oak Street), on November 18. Oak Street is a sale-leaseback and seed/strategic capital provider, based in Chicago.
According to the agreement, the closing purchase price of the transaction is $950 million. OWL will fund the closing purchase price through cash and the company’s common units of 39 million approximately.
Subject to closing conditions, the expected close of the transaction is in the fourth quarter of 2021.
OWL’s Financials
On November 09, Blue Owl Capital Inc. (OWL) announced its third-quarter financial results, which ended on September 30, 2021. According to the results, the company had a GAAP net loss of $53.3 million in the third quarter of 2021. Hence, the GAAP net loss per basic and diluted Class A share was $0.16 in the third quarter.
Moreover, the company reported distributable earnings of $142.8 million and Fee-related earnings of $141.9 million in the third quarter of 2021. Consequently, both the distributable and fee-related earnings were $0.11 per adjusted share.
Furthermore, in the third quarter of 2021, OWL’s assets under management increased by 13% to over $70 billion, from the previous quarter.
