NEW YORK, July 6, 2026 /PRNewswire/ -- Blue Owl HomeCourt Partners' fund ("HomeCourt"), a division of Blue Owl's GP Strategic Capital platform, today announced it has acquired a minority equity stake in the Cleveland Cavaliers and its accompanying assets. Cleveland Cavaliers Owner Dan Gilbert will maintain his majority stake in the franchise.

HomeCourt was formed in 2020 as a partnership with the NBA to provide institutional capital to the NBA ecosystem and support the long-term growth across the league, as well as improve market liquidity. By way of Blue Owl's strategic partnership with the NBA, the HomeCourt fund is the only pre-approved institutional investor that can purchase equity stakes in all 30 NBA franchises, enabling it to provide its investors with diversified access to the unique strength of the NBA. The Cavaliers' investment represents the sixth NBA franchise the fund has invested in since its launch. Previous investments include the Minnesota Timberwolves, Charlotte Hornets, Atlanta Hawks, Sacramento Kings and the Phoenix Suns.

"Sports investing is a rapidly growing alternative investment strategy due to the diversification and stable income stream it can potentially provide investors," said Blue Owl co-president, Michael Rees. "Blue Owl HomeCourt Partners was one of the first strategies to recognize this opportunity and create a vehicle to bring this unique exposure to investors. We believe the Cavaliers are a compelling next investment for the business as a result of their immense discipline, strong culture and deep roots in the Ohio community. We are excited to partner with Dan Gilbert and the Cavaliers organization and look forward to what we hope is another exciting season."

"Led by our Chairman Dan Gilbert, we take immense pride in the culture we have built and the high standard of operational excellence that defines our enterprise," said Cleveland Cavaliers Chief Executive Officer, Nic Barlage. "The addition of Blue Owl HomeCourt Partners to our ownership group, and the capital they bring, strengthens our competitive position within the NBA and across all our sporting properties. Together, we look forward to continuing to elevate the profile of Cavaliers' basketball and Rock Entertainment Group, while deepening our impact on the communities we serve."

About Blue Owl
Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives^®. With $315 billion in assets under management as of March 31, 2026, we invest across three multi-strategy platforms: Credit, Real Assets and GP Strategic Capital. Anchored by a strong permanent capital base, we provide businesses with private capital solutions to drive long-term growth and offer institutional investors, individual investors, and insurance companies differentiated alternative investment opportunities that aim to deliver strong performance, risk-adjusted returns, and capital preservation.

Together with over 1,390 experienced professionals globally, Blue Owl brings the vision and discipline to create the exceptional. To learn more, visit www.blueowl.com or LinkedIn: https://www.linkedin.com/company/blue-owl-capital.

Investor Contact
Ann Dai
Head of Investor Relations
[email protected]

Media Contact
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About Cleveland Cavaliers
The Cleveland Cavaliers, founded in 1970, are a professional basketball team in the NBA's Eastern Conference that plays at Rocket Arena in downtown Cleveland, Ohio. The Cavaliers won the NBA Championship in 2016 while also taking the Eastern Conference crown in 2007, 2015, 2016, 2017 and 2018. The Cavaliers were awarded the 2025 NBA Team of the Year and also the recipient of the league's Inclusion Leadership Award. The Cavaliers are a part of Rock Entertainment Group, the umbrella entity for the sports and entertainment properties under Cavaliers Chairman Dan Gilbert's ROCK Family of Companies. Nic Barlage serves as the CEO of the Cavaliers, Rocket Arena and Rock Entertainment Group. The team is led by President of Basketball Operations Koby Altman and Head Coach Kenny Atkinson.

Media Contact
Zach Abaie
Vice President, Corporate Communications
[email protected]

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SOURCE Blue Owl Capital