Statement of Changes in Beneficial Ownership (Form 4)

FORM 4 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 that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES 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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1. Name and Address of Reporting Person * Zahr Marc 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 (Last) (First) (Middle) 399 PARK AVENUE, 37TH FLOOR 3. Date of Earliest Transaction (Month/Day/Year) 09/14/2026 (Street) NEW YORK, NY 10022 4. If Amendment, Date 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 (City) (State) (Zip) 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 C Shares 09/14/2026 J(1) 4,550,777 D (1) 6,543,145 I See Footnotes(2) Class C Shares 45,507,772 I By Trust(1)(3)(4)

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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 Underlying Securities (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 of Derivative Security: 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

(1)(5)

09/14/2026

J(1)

4,550,777

(5)

(5)

Class A Shares

4,550,777

(1)

6,543,145

I

See Footnotes(2)

Derivatives Contract

(6)

09/14/2026

S(7)

1(7)

(6)

(6)

Class A Shares

6,543,145

(6)

1(7)

D

Blue Owl Operating Group Units

(1)(5)

(5)

(5)

Class A Shares

45,507,772

45,507,772

I

By Trust(1)(3)(4)

Derivatives Contract

(7)

(6)

(6)

Class A Shares

6,543,145

1(7)

I

By Trust(4)

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Zahr Marc 399 PARK AVENUE 37TH FLOOR NEW YORK, NY 10022	X		Co-President

Signatures

/s/ Neena A. Reddy, as Attorney-in-Fact		09/14/2026
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	For estate planning purposes, the reporting person transferred his remaining units of Augustus, LLC ("Augustus"), an investment vehicle controlled by the reporting person, to the Zahr Family Gift Trust (the "Trust"), with James J. Hennessey, as trustee (the "Trustee") of the Trust, and the reporting person, as investment trustee (the "Investment Trustee") of the Trust. As of the date hereof and after giving effect to such transfer, OSREC Feeder, LP ("OSREC") holds 45,507,772 common units of Blue Owl Capital Holdings LP ("Blue Owl Holdings"), a Delaware limited partnership ("Blue Owl Operating Group Units"), and an equal number of shares of Class C common stock of the Issuer ("Class C Shares") on behalf of Augustus, with 100% of such securities indirectly held by Augustus on behalf of the Trust.
(2)	Consists of 6,543,145 Blue Owl Operating Group Units and an equal number of Class C Shares issued or to be issued in respect of Class P Units of Blue Owl Holdings issued to Blue Owl Management Vehicle LP ("Blue Owl Management Vehicle") on behalf of the reporting person. The reporting person holds Incentive Units of Blue Owl Management Vehicle, which correspond to the Class P Units and the resulting Blue Owl Operating Group Units and Class C Shares on a 1-for-1 basis.
(3)	The Blue Owl Operating Group Units and an equal number of Class C Shares held directly by OSREC on behalf of Augustus, corresponding to the Trust's holdings of 100% of the units in Augustus, following the transfer of Augustus units described in footnote 1 above, are indirectly held by the Trust.
(4)	The reporting person disclaims beneficial ownership of the securities held by the Trust, except to the extent of his pecuniary interest therein, and disclaims that the transaction reported herein represents a change in beneficial ownership. The Trust is maintained for the benefit of immediate family members sharing the same household of the reporting person.
(5)	After the cancellation of an equal number of Class C Shares (and, in the case of the Incentive Units, the expiration of a one-year lock up from the grant date), Blue Owl Operating Group Units may be exchanged from time to time at the request of the reporting person for an equal number of newly issued shares of the Issuer's Class A common stock ("Class A Shares") (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 Shares immediately prior to the applicable exchange date). Blue Owl Operating Group Units do not expire.
(6)	On September 14, 2026, the reporting person entered into a derivative agreement (the "Agreement") for estate planning purposes with the Investment Trustee of the Trust pursuant to which the reporting person sold the Investment Trustee a derivative for an aggregate amount equal to $14,866,651. The settlement date is September 14, 2033 or, if earlier, the date of the reporting person's death (the "Settlement Date"). Within 120 days after the Settlement Date, an amount equal to the fair market value of the Blue Owl Interests (as defined below) as of the Settlement Date less $100,000 (the "Hurdle Amount") shall be determined. If such amount is greater than zero, the Reporting Person shall pay such amount to the Investment Trustee within thirty days.
(7)	The Agreement provides the Trust with a right to receive a future payment that represents the increase in value over the Hurdle Amount of the following ("Blue Owl Interests"), defined as: (i) 4,268,577 Blue Owl Operating Group Units and an equal number of Class C Shares to be issued in respect of Incentive Units of Blue Owl Management Vehicle held by the reporting person, (ii) 2,274,568 Blue Owl Operating Group Units and an equal number of Class C Shares issued in respect of Incentive Units of Blue Owl Management Vehicle held by the reporting person.

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