FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * Reddy Neena 2. Issuer Name and Ticker or Trading Symbol BLUE OWL CAPITAL INC. [ OWL ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)_____ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
General Counsel and Secretary
(Last)         (First)         (Middle)
399 PARK AVENUE, 38TH FLOOR
3. Date of Earliest Transaction (MM/DD/YYYY)
12/15/2021
(Street)
NEW YORK, NY 10022
(City)       (State)       (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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 A Shares  12/15/2021    A    41453 (1) A $0  41453  D   
Class C Shares (2)(3)(4) 12/15/2021    A    14263  A $0  314263  I  See Footnotes (2)(4)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 7. Title and Amount of Securities Underlying Derivative Security
(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 (2)  (4) 12/15/2021    A     14263       (3)(4)  (4) Class A Shares  14263.0  $0  314263  I  See Footnotes (2)(4)

Explanation of Responses:
(1)  The amount shown represents Restricted Share Units ("RSUs") granted to the Reporting Person on December 15, 2021. Each RSU represents the contingent right to receive one of the Issuer's Class A Shares upon vesting. The RSUs will vest, subject to certain limited exceptions, as follows: (i) with regard to 21,600 of the RSUs, one-third will vest on February 15th of each of 2023, 2024 and 2025 and (ii) the remaining 19,853 RSUs will fully vest on February 15, 2025.
(2)  Represents Class P Units of Blue Owl Management Vehicle LP, a Delaware limited partnership ("Blue Owl Management Vehicle") equal to the number of Incentive Units (each of which consists of one Class P Unit of Blue Owl Capital Carry LP, a Delaware limited partnership ("Blue Owl Carry"), and one Class P Unit of Blue Owl Capital Holdings LP, a Delaware limited partnership ("Blue Owl Holdings" and together with Blue Owl Carry, the "Blue Owl Operating Partnerships")) issued by the Blue Owl Operating Partnerships pursuant to the Blue Owl Capital Inc. 2021 Omnibus Equity Incentive Plan, as amended from time to time, and held by Blue Owl Management Vehicle on behalf of the Reporting Person.
(3)  The reported Incentive Units will vest upon vesting of the related Class P Units of Blue Owl Management Vehicle, which will vest as follows: 10,356 of the Incentive Units will vest in three equal installments on February 15th of 2022, 2023 and 2024. The remaining 3,907 Incentive Units will vest in two equal installments on February 15th of 2022 and 2023, subject to continued service of the reporting person.
(4)  Incentive Units settle by delivery of an equal number of Common Units of each of the Blue Owl Operating Partnerships (collectively, "Blue Owl Operating Group Units") and Class C common stock of Blue Owl Capital Inc. ("Class C Shares"). Upon the cancellation of an equal number of Class C Shares, 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 Blue Owl Capital Inc.'s Class A common stock ("Class A Shares") (or at the election of an exchange committee of the general partner of the Blue Owl Operating Partnerships a cash payment equal to the five-day volume weighted average price of Class A Shares immediately prior to the applicable exchange date). Blue Owl Operating Group Units do not expire.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Reddy Neena
399 PARK AVENUE
38TH FLOOR
NEW YORK, NY 10022


General Counsel and Secretary

Signatures
/s/ Neena Reddy 12/17/2021
**Signature of Reporting Person Date
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