0 completed sales; 0 losses or impairments; 0 counted Programs. Fewer than three counted Programs. NR is not a failing grade. A letter needs 3 counted outcomes or 3 documented sales.
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No documented loss found in searched sources as of Sep 14, 2026.
Programs found in SEC fundraising filings (Form D)
Blue Owl sponsors Delaware statutory trust offerings through Blue Owl Real Estate Exchange LLC, known as OREX. A Form 10-Q for the quarter ended March 31, 2025 identifies OREX as a wholly owned subsidiary of Blue Owl Real Estate Net Lease Trust, formerly Oak Street Net Lease Trust, and names it the DST Sponsor. That filing states the company, through Blue Owl NLT Operating Partnership, initiated its DST Program on August 31, 2023 to issue beneficial interests in Delaware statutory trusts holding real properties to accredited investors. Sponsor material describes the offerings as Section 1031 replacement property holding triple-net-leased assets. Six numbered Blue Owl Real Estate Exchange issuers were first filed between 2023 and 2026.
A Form 10-Q for the quarter ended March 31, 2025 identifies Blue Owl Real Estate Exchange LLC as a wholly owned subsidiary of Blue Owl Real Estate Net Lease Trust and as the DST Sponsor, and identifies the reporting company as Blue Owl Real Estate Net Lease Trust, formerly Oak Street Net Lease Trust. According to that filing, the company, through Blue Owl NLT Operating Partnership, initiated the DST Program on August 31, 2023 to issue and sell beneficial interests in Delaware statutory trusts holding real properties to accredited investors1.
Exchange strategy
Blue Owl Private Wealth describes Blue Owl Real Estate Exchange LLC (OREX) as a sponsor of Delaware Statutory Trust offerings designed to provide Internal Revenue Code Section 1031 replacement property, and states that the offerings are intended to let investors exchange appreciated real estate on a tax-deferred basis for a passive investment in a DST holding a curated portfolio of quality, triple-net-leased assets2.
Numbered DST series
Six sequentially numbered issuers carry the Blue Owl Real Estate Exchange name: Exchange I DST, first filed in 2023; Exchange II DST, Exchange III DST and Exchange IV DST, first filed in 2025; and Exchange V DST and Exchange VI DST, first filed in 20263.
Institutional net-lease funds
Mississippi Public Employees' Retirement System board of trustees materials for February 2026 list Oak Street RE Partners Fund I LP, Oak Street Real Estate Capital Fund II LP and Blue Owl Real Estate Fund III LP as net-lease real estate funds attributed to Blue Owl4. A Blue Owl manager presentation in Pennsylvania State Employees' Retirement System materials dated October 7, 2025 lists Oak Street Real Estate Capital Fund II and Blue Owl Real Estate Funds IV and V as net-lease strategies5. These are commingled institutional funds rather than DST offerings, and they sit alongside the exchange platform in the same net-lease asset class.
Whirlpool, Once Global Titan, in World of HurtThe article reports that Whirlpool's refrigerator plant in Amana, Iowa, has declined from about 3,000 jobs to 650, providing current tenant and property context for the Amana facility.
Whirlpool ending second-shift production in Amana, union respondsLocal KCRG news reports Whirlpool is ending second-shift production in Amana, Iowa, with the union detailing nearly 400 additional layoffs beyond the original 250 from July 2025; the Amana plant is the underlying asset of the OREX II DST.
Whirlpool layoffs hit Amana facility, cutting 288 jobsThe Des Moines Register reports Whirlpool's latest round of layoffs at its Amana, Iowa facility, cutting 288 jobs and ending second-shift production; the plant is the underlying asset for the Blue Owl OREX II DST.
DST Sales Hit $693M in May, YTD Pace Up 24% to $3.75BAltsWire reports Blue Owl Real Estate Exchange launched the largest DST offering of May 2026 with Blue Owl OREX VI DST, a $342.9 million net-lease portfolio spanning seven states: Alabama, Missouri, Oklahoma, Rhode Island, South Carolina, Virginia, and Wisconsin.
Blue Owl | DST Sponsor SpotlightSponsor profile noting Blue Owl Real Estate Exchange LLC (OREX) is focused on 1031 Exchange-eligible DST investments in net-leased real estate (industrial, data centers, logistics/distribution).
DST Sales Hit Year-to-Date High, Topping $985 Million in JulyThe article reports that Blue Owl Real Estate Exchange raised approximately $436.5 million, or 7.9% of the DST market through July, but it does not identify OREX II-VI or report an individual trust's subscription or closing status.
Blue Owl raises $9bn across four real estate fundsPERE reports Blue Owl Capital captured approximately $9 billion across four real estate funds, noting the firm's net lease strategy posted 2.1% Q1 2026 returns and 11.3% LTM, providing context for OREX V's industrial net-lease program.
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