# BLUE OWL SECURITIES LLC X-17A-5 (2023-02-24) — Broker-dealer annual report

- Company: BLUE OWL SECURITIES LLC
- Form: X-17A-5
- Filed: 2023-02-24
- Period: 2022-12-31
- Accession: 0001668630-23-000001
- CIK: 1668630
- File #: 8-69744
- Type: Broker-dealer
- Material weakness: No
- Auditor: KPMG LLP
- Auditor location: New York, NY
- Contact: Prashir Shivdasani
- Phone: 212-651-4789
- Email: prashir.shivdasani@blueowl.com
- Website: blueowl.com
- Signed by: Derek O' Leary (Chief Executive Officer)

Original filing: https://www.sec.gov/Archives/edgar/data/1668630/000166863023000001/bosfs123122.pdf

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Blue Owl Securities LLC (A Wholly Owned Subsidiary of Owl Rock Capital Group LLC) Financial Statements and Supplementary Schedules December 31, 2022 (With Report of Independent Registered Public Accounting Firm Thereon)

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|                                                                                        | Page |
|----------------------------------------------------------------------------------------|------|
| Annual Audited Report Form X-17 A-5 Part III                                           | ನ್   |
| Report of Independent Registered Public Accounting Firm                                | 5    |
| Financial Statements                                                                   |      |
| Statement of Financial Condition                                                       | 6    |
| Statement of Operations                                                                | 7    |
| Statement of Changes in Member's Equity                                                | 8    |
| Statement of Cash Flows                                                                | ರ    |
| Notes to Financial Statements                                                          | 10   |
| Supplementary Schedules                                                                |      |
| Schedule I - Computation of Net Capital Under SEC Rule 15c3-1                          | 14   |
| Computation of Determination of Reserve Requirements for Brokers Under SEC Rule 15c3-3 |      |
| Exemption Report Required by SEC Rule 17a-5                                            | 16   |
| Report of Independent Registered Public Accounting Firm                                | 17   |

# TABLE OF CONTENTS

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|                                                                                                                                     | UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>Washington, D.C. 20549 |         | OMB APPROVAL<br>OMB Number: 3235-0123<br>Expires: Oct. 31, 2023<br>Estimated average burden<br>hours per response: 12 |  |  |
|-------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|---------|-----------------------------------------------------------------------------------------------------------------------|--|--|
|                                                                                                                                     | ANNUAL REPORTS                                                                |         | SEC FILE NUMBER                                                                                                       |  |  |
|                                                                                                                                     | FORM X-17A-5                                                                  |         | 8-69744                                                                                                               |  |  |
|                                                                                                                                     | PARTII                                                                        |         |                                                                                                                       |  |  |
| Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934                           | FACING PAGE                                                                   |         |                                                                                                                       |  |  |
| filing for the period beginning 01/01/2022                                                                                          |                                                                               |         | AND ENDING 12/31/2022                                                                                                 |  |  |
|                                                                                                                                     | MM/DD/YY                                                                      |         | MM/DD/YY                                                                                                              |  |  |
|                                                                                                                                     | A. REGISTRANT IDENTIFICATION                                                  |         |                                                                                                                       |  |  |
| NAME OF FIRM: Blue Owl Securities LLC                                                                                               |                                                                               |         |                                                                                                                       |  |  |
| TYPE OF REGISTRANT (check all applicable boxes):<br>= Broker-dealer<br>O Check here if respondent is also an OTC derivatives dealer |                                                                               |         | _ Major security-based swap participant                                                                               |  |  |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)                                                                 |                                                                               |         |                                                                                                                       |  |  |
| 575 Lexington Avenue                                                                                                                |                                                                               |         |                                                                                                                       |  |  |
|                                                                                                                                     | (No. and Street)                                                              |         |                                                                                                                       |  |  |
| New York                                                                                                                            | NY                                                                            |         | 10022                                                                                                                 |  |  |
| (City)                                                                                                                              | (State)                                                                       |         | (Zip Code)                                                                                                            |  |  |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                                                        |                                                                               |         |                                                                                                                       |  |  |
| Prashir Shivdasani                                                                                                                  | 212-651-4789                                                                  |         | prashir.shivdasani@blueowl.com                                                                                        |  |  |
| (Name)                                                                                                                              | (Area Code - Telephone Number)                                                |         | (Email Address)                                                                                                       |  |  |
|                                                                                                                                     | B. ACCOUNTANT IDENTIFICATION                                                  |         |                                                                                                                       |  |  |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*<br>KPMG LLP                                               |                                                                               |         |                                                                                                                       |  |  |
|                                                                                                                                     | (Name - if individual, state last, first, and middle name)                    |         |                                                                                                                       |  |  |
| 345 Park Avenue                                                                                                                     | New York                                                                      | NY      | 10154                                                                                                                 |  |  |
| (Address)                                                                                                                           | (City)                                                                        | (State) | (Zip Code)                                                                                                            |  |  |
| 10/20/2003                                                                                                                          |                                                                               | 185     |                                                                                                                       |  |  |
| (Date of Registration with PCAOB)(if applicable)                                                                                    | FOR OFFICIAL USE ONLY                                                         |         | (PCAOB Registration Number, if applicable)                                                                            |  |  |
|                                                                                                                                     |                                                                               |         |                                                                                                                       |  |  |
| * Claims for exemption from the requirement that the annual reports of an independent public                                        |                                                                               |         |                                                                                                                       |  |  |

accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. S CFR 240.17a-5(e)(1)(ii), if applicable.

 CFR 240.2 a - 5(E)(L)(1), fr applicable.
Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

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#### OATH OR AFFIRMATION

| Derek O'Leary                                                      | swear (or affirm) that, to the best of my knowledge and belief, the                                                                 |
|--------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------|
| financial report pertaining to the firm of Blue Owl Securities LLC | . as of                                                                                                                             |
| 12/31                                                              | 2 022 , is true and correct. I further swear (or affirm) that neither the company nor any                                           |
|                                                                    | partrer, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely |
| as that of a customer.                                             |                                                                                                                                     |
|                                                                    |                                                                                                                                     |
| BRIANNA MCGORMACK<br>NUTARY PUBLIC, STATE OF NEW YORK              | Signature:                                                                                                                          |
| Hegistration No. 01MC6439075                                       | "Title:                                                                                                                             |
| Qualified in New York County<br>Commission Expires August 22, 2026 | CHIEF EXECUTIVE OFFIDER                                                                                                             |
|                                                                    |                                                                                                                                     |
| Notary Public                                                      |                                                                                                                                     |

#### This filing \*\* contains (check all applicable boxes):

- = (a)Statement of financial condition.
- □ ( b) Notes to consolidated statement of financial condition.
- [ (c)Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X).
- = (d)Statement of cash flows.
- = (e)Statement of changes in stockholders' or partners' or sole proprietor's equity.
- [ (f)Statement of changes in liabilities subordinated to claims of creditors.
- = (g) Notes to consolidated financial statements.
- (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable.
- [ (i) Computation of tangible net worth under 17 CFR 240.18a-2.
- [] Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.
- [] (K)Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable.
- O (I) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3.
- = (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3.
- □ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable.
- □ (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.18c3-1, 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist.
- □ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition.
- (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable.
- [ (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- □ (t) Inde pendent public accountant's report based on an examination of the statement of financial condition.
- (u) In de pendent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.
- □ (v) Inclependent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- | (w) In d ependent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- □ (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17c-12, as applicable.
- □ (y) Rep or describing any material inadequacies found to have existed since the date of the previous audit, or a state ment that no material inadequacies exist, under 17 CFR 240.17a-12(k).
- O (z) Other:

<sup>\*\*</sup>To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.180-7(d)(2), as applicable.

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![](_page_4_Picture_0.jpeg)

KPMG LLP 345 Park Avenue New York, NY 10154-0102

# **Report of Independent Registered Public Accounting Firm**

To the Member and the CEO Blue Owl Securities LLC:

#### *Opinion on the Financial Statements*

We have audited the accompanying statement of financial condition of Blue Owl Securities LLC (the Company) as of December 31, 2022, the related statements of operations, changes in member's equity, and cash flows for the year then ended, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022, and the results of its operations and its cash flows for the year then ended in conformity with U.S. generally accepted accounting principles.

#### *Basis for Opinion*

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

#### *Accompanying Supplemental Information*

The supplemental information contained in Schedules I and II has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. The supplemental information is the responsibility of the Company's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with 17 C.F.R. § 240.17a-5. In our opinion, the supplemental information contained in Schedules I and II is fairly stated, in all material respects, in relation to the financial statements as a whole.

![](_page_4_Picture_11.jpeg)

We have served as the Company's auditor since 2016.

New York, New York February 24, 2023

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### Blue Owl Securities LLC (A Wholly Owned Subsidiary of Owl Rock Capital Group LLC) Statement of Financial Condition As of December 31, 2022

| Assets                                                   |       |            |
|----------------------------------------------------------|-------|------------|
| Cash                                                     | ਦਿੱਤੇ | 25,533,446 |
| Dealer manager fee receivable                            |       | 1,805,358  |
| Other assets                                             |       | 1,223,419  |
| Total Assets                                             | S     | 28,562,223 |
|                                                          |       |            |
| Liabilities                                              |       |            |
| Accrued compensation                                     | ਦਿੱਤੇ | 16,279,014 |
| Accrued trail commissions                                |       | 4,625,382  |
| Due to related parties                                   |       | 1,536,986  |
| Accounts payable, accrued expenses and other liabilities |       | 1,298,325  |
| Total Liabilities                                        |       | 23,739,707 |
|                                                          |       |            |
| Commitments and contingencies (Note 4)                   |       |            |
|                                                          |       |            |
| Member's Equity                                          |       | 4,822,516  |
| Total Liabilities and Member's Equity                    | S     | 28,562,223 |

Confidential. The accompanying notes are an integral part of these financial statements.

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# Blue Owl Securities LLC (A Wholly Owned Subsidiary of Owl Rock Capital Group LLC) Statement of Operations For the Year Ended December 31, 2022

| Revenues                   |       |             |
|----------------------------|-------|-------------|
| Dealer manager fee revenue | ਦਿੱਤੇ | 41,701,491  |
| Service fee revenue        |       | 66,469,749  |
| Total Revenues             |       | 108,171,240 |
|                            |       |             |
| Expenses                   |       |             |
| Compensation and benefits  | ಕಿತ   | 53,555,495  |
| Distribution costs         |       | 41,461,828  |
| General and administrative |       | 7,001,556   |
| Travel and entertainment   |       | 3,756,784   |
| Professional fees          |       | 1,603,716   |
| Occupancy                  |       | 791,861     |
| Total Expenses             | S     | 108,171,240 |
|                            |       |             |
| Net Income                 | S     |             |

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### Blue Owl Securities LLC (A Wholly Owned Subsidiary of Owl Rock Capital Group LLC) Statement of Changes in Member's Equity For the Year Ended December 31, 2022

| Member's Equity at January 1, 2022   | 4,822,516 |
|--------------------------------------|-----------|
| Net income                           |           |
| Member's Equity at December 31, 2022 | 4,822,516 |

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## Blue Owl Securities LLC (A Wholly Owned Subsidiary of Owl Rock Capital Group LLC) Statement of Cash Flows For the Year Ended December 31, 2022

| Cash Flows From Operating Activities                                      |       |             |
|---------------------------------------------------------------------------|-------|-------------|
| Net income                                                                | ਦਿੱਤੇ |             |
| Adjustments to reconcile net income to net cash from operating activities |       |             |
| Changes in operating assets and liabilities:                              |       |             |
| Dealer manager fee receivable                                             |       | (1,360,590) |
| Other assets                                                              |       | (640,688)   |
| Accrued compensation                                                      |       | 5,191,972   |
| Accrued trail commissions                                                 |       | 857,596     |
| Due to related parties                                                    |       | 4,207,533   |
| Accounts payable, accrued expenses and other liabilities                  |       | 530,971     |
| Net Cash Provided by Operating Activities                                 |       | 8,786,794   |
|                                                                           |       |             |
|                                                                           |       |             |
| Net increase in cash                                                      |       | 8,786,794   |
| Cash, beginning of year                                                   |       | 16,746,652  |
| Cash, end of year                                                         | S     | 25,533,446  |

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{13}------------------------------------------------

### Blue Owl Securities LLC (A Wholly Owned Subsidiary of Owl Rock Capital Group LLC) Schedule I - Computation of Net Capital Under SEC Rule 15c3-1 December 31, 2022

| Total Member's Equity                                                                                     | S | 4,822,516 |
|-----------------------------------------------------------------------------------------------------------|---|-----------|
|                                                                                                           |   |           |
| Deductions - non allowable assets:                                                                        |   |           |
| Other assets                                                                                              |   | 1,253,688 |
| Total deductions                                                                                          |   | 1,253,688 |
|                                                                                                           |   |           |
| Net Capital                                                                                               |   | 3,568,828 |
|                                                                                                           |   |           |
| Computation of basic net capital requirement:                                                             |   |           |
| Minimum net capital required (calculated as the greater of \$5,000 and 6.67% of aggregate<br>indebtedness |   | 1,582,646 |
|                                                                                                           |   |           |
| Excess Net Capital                                                                                        | S | 1,986,182 |

There are no material differences between the amounts presented in this computation of net capital and the corresponding amounts prepared by the Company as of the same date for inclusion in its unaudited Form X-17A-5 Part IIA FOCUS filing filed on January 25, 2023.

{14}------------------------------------------------

# Blue Owl Securities LLC (A Wholly Owned Subsidiary of Owl Rock Capital Group LLC) Schedule II - Computation of Determination of Reserve Requirements for Brokers and Dealers Under SEC Rule 15c3-3 December 31, 2022

The Company claims exemption from the provisions of Rule 15c3-3 under the Securities Act of 1934, in that the Company's activities are limited to those set forth in the conditions from exemption in Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5.

See accompanying report of independent registered public accounting firm.

These financial statements and schedules are deemed confidential pursuant to subparagraph (e)(3) of Rule 17a-5 of the Securities Exchange Act of 1934.

{15}------------------------------------------------

#### Blue Owl Securities LLC (A Wholly Owned Subsidiary of Owl Rock Capital Group LLC) Exemption Report Required by SEC Rule 17a-5 For the Year Ended December 31, 2022

Blue Owl Securities LLC (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.17a-5, "Reports to be made by certain brokers"). This Exemption Report was prepared as required by 17 C.F.R. § 240.17a-5(d)(1) and (4). To the best of its knowledge and belief, the Company states the following:

- (1) The Company does not claim an exemption under paragraph (k) of 17 C.F.R. § 240. 15c3-3, and
- (2) The Company is filing this Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to (1) Underwriting or selling group participant - wholesaler/distributor of BDCs, sponsored by affiliated or unaffiliated registered investment advisers; (2) Private placements of securities (excluding EB-5, and oil and natural gas interest); and (1) did not directly receive, hold, or otherwise owe funds or securities for or to customers; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year

#### Blue Owl Securities LLC

I, Derek O'Leary, affirm that, to my best knowledge and belief, this Exemption Report is true and correct.

Bv Title: Chief Executive Officer

February 24, 2023

These financial statements and schedules are deemed confidential pursuant to subparagraph (e)(3) of Rule 17a-5 of the Securities Exchange Act of 1934.

{16}------------------------------------------------

![](_page_16_Picture_0.jpeg)

KPMG LLP 345 Park Avenue New York, NY 10154-0102

# **Report of Independent Registered Public Accounting Firm**

To the Member and the CEO Blue Owl Securities LLC:

We have reviewed management's statements, included in the accompanying Blue Owl Securities LLC Exemption Report Required by SEC Rule 17a-5 (the Exemption Report), in which (1) Blue Owl Securities LLC (the Company) did not claim an exemption under paragraph (k) of 17 C.F.R. § 240.15c3-3 and (2) is filing the Exemption Report pursuant to footnote 74 of SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to: (1) Underwriting or selling group participant – wholesaler/distributor of BDCs, sponsored by affiliated or unaffiliated registered investment advisers; and (2) Private placements of securities (excluding EB-5, and oil and natural gas interest), and the Company did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; did not carry accounts of or for customers; and did not carry PAB accounts (as defined in Rule 15c3-3) (together, the exemption provisions). We have also reviewed management's statements, included in the Exemption Report, in which the Company stated that it met the identified exemption provisions throughout the year ended December 31, 2022 without exception*.* The Company's management is responsible for compliance with the exemption provisions and its statements.

Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about the Company's compliance with the exemption provisions. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, pursuant to footnote 74 of SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5.

![](_page_16_Picture_7.jpeg)

New York, New York February 24, 2023


Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.