Talk to a 1031 specialistData updated Jul 8, 2026
Offering size$269.5M
Asset typeIndustrial
LocationKY
FinancingLeveraged
Regulation D exemptionRule 506(b)
Sponsor-reported potential 721/UPREIT exitNo
First filedFeb 5, 2026
Last filedJul 8, 2026
Minimum$250k
DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current Private Placement Memorandum before investing.
Blue Owl OREX V DST (legally Blue Owl Real Estate Exchange V DST) is a Delaware statutory trust sponsored by Blue Owl Real Estate Exchange LLC (OREX), a subsidiary of Blue Owl Capital Inc. The trust holds an industrial portfolio located in Kentucky, Michigan, and Ohio, structured all-cash at a 0% loan-to-value ratio with no acquisition debt. Its offering includes an "up-DST" rollover feature under which Blue Owl's NLT Operating Partnership may, after a minimum two-year holding period, acquire beneficial interests in exchange for units of or cash from ORENT, a non-traded REIT. An issuer Form D/A notice was filed July 8, 2026.
~$249-269M offering; 0% LTV; 5.08% projected Y1 return (Mountain Dell 3/15/26); raising through spring 2026
Multi-property industrial portfolio across KY, MI, OH; ~$249.3M raiseBased on issuer-filed Form D notices through Jul 8, 2026. Amounts are self-reported, may lag current subscriptions, and do not confirm availability. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Reported sold as a percentage of stated offering amount88.0%
Capital sold, per latest Form D$235,877,283
Remaining amount reported in latest Form D$33,614,609
Investor count reported in latest Form D219
Stated minimum investment$250,000
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First filedFeb 5, 2026
Latest filingJul 8, 2026
Filings tracked8
View filing on SEC EDGARForm D is an issuer notice filing. A filing does not mean the SEC approved, endorsed, or verified the offering.
Offering profile
SEC filings + cited sources
Sponsor and structure
Blue Owl OREX V DST is sponsored by Blue Owl Real Estate Exchange LLC ("OREX"), a subsidiary of Blue Owl Capital Inc., which serves as the DST program's sponsor 1.
Portfolio
The trust holds an industrial portfolio located across Kentucky, Michigan, and Ohio, structured all-cash at a 0% loan-to-value ratio with no acquisition debt 2.
Exit structure
The program includes an "up-DST" rollover feature: after a minimum two-year holding period, Blue Owl's NLT Operating Partnership may, at its discretion, acquire beneficial interests in the DST in exchange for operating partnership units of — or cash from — ORENT (Blue Owl Real Estate Net Lease Trust), a non-traded REIT 3.
Offering record
An issuer-filed Form D/A dated July 8, 2026 reported a total offering amount of approximately $269.5 million with about $235.9 million sold as of that filing date 4. Top1031's structured record, derived from filings first made February 5, 2026 and last amended July 8, 2026, places the offering at roughly 88% sold as of that date; these figures reflect filing data, not current availability 5.
In the news
Frequently asked questions
Is Blue Owl OREX V DST currently active?
Blue Owl OREX V DST is classified by Top1031 as active. “Active” reflects the latest public record and does not confirm that interests remain available.
Where does Top1031 get the data for Blue Owl OREX V DST?
Top1031 tracks this offering from SEC Form D filings and cited sponsor disclosures. Filing data may lag current subscriptions and does not mean the SEC approved or verified the offering.