Blue Owl Capital's second-quarter distributable earnings rose as the asset manager posted higher revenue and assets under management grew.

Blue Owl on Thursday posted a profit of $11.4 million, or two cents a share, compared with $17.4 million, or three cents a share, in the year-earlier period.

Distributable earnings, a closely tracked metric for publicly traded investment firms who pay dividends, climbed 9% to $351.2 million, or 22 cents an adjusted share. Analysts polled by FactSet had expected distributable earnings of $343.9 million.

Fee-related earnings, another metric watched by analysts, rose to $392.2 million, or 25 cents a share, from $358.3 million, or 23 cents a share, in the same quarter last year.

Total revenue grew 7% to $753.1 million, while total assets under management increased 12% to $319 billion.

Co-Chief Executives Doug Ostrover and Marc Lipschultz said the firm's latest results reflects strong investment performance across strategies and the diversification of its business across platforms and geographies.

New capital commitments stood at $7.8 billion in the latest period while fee-paying assets under management raised and deployed came in at $5.3 billion in the quarter.

Total equity fundraising of $7.6 billion was driven by $4.4 billion in real-estate assets, $1.8 billion in credit and $1.3 billion in its GP Strategic Capital platform.

Assets under management in real estate jumped 25% while AUM in credit rose 9% and AUM in GP Strategic Capital increased 7%.