Programs on record6
First filed2023
Raising now5
Finished with published result0%
Capital-loss alertNone published
Sponsor-reported, from SEC filings and cited sources.
What the record shows
Blue Owl sponsors Delaware statutory trust offerings through Blue Owl Real Estate Exchange LLC, known as OREX, described as providing Section 1031 replacement property in institutional-quality, curated triple-net-leased assets. Six sequentially numbered issuers, Blue Owl Real Estate Exchange I DST through VI DST, were first filed between 2023 and 2026, and SEC records identify Blue Owl Real Estate Exchange LLC as sponsor of the series. The platform's net-lease capability traces to Blue Owl Capital's December 30, 2021 acquisition of Oak Street Real Estate Capital, which continued as a Blue Owl division. Blue Owl Real Estate Exchange V DST's three single-tenant industrial plants in Kentucky, Ohio and Michigan were reported acquired for $249,280,000 on January 6, 2026.
Sponsor-stated figures are as reported by the sponsor.Evidence 12345678
Published Grade summary
Public records track 6 Programs from this Sponsor across 2 yrs of tracked history, and 0 of them have reached a lifecycle stage where a full-cycle outcome could be documented. With no completed exits on file, the outcome-disclosure ledger is empty, so there is nothing yet to check reported results against original projections. No material adverse events, distress, or recorded floor appear in the record, which reflects the limits of a 2 yrs history rather than any conclusion; 5 citations support this review.
0Programs with an ending or 7+ years of history
0 of 0Programs with a documented problem
0%Finished Programs with a published result
Not foundPublishes its own track record
Raising money now
Classified active by Top1031 from the SEC filings. That does not confirm an offering is still available to buy.
SponsorPropertyOffering sizeAmount soldStatus☆
Blue Owl OREX V DSTSEC filing, Jul 8, 2026
Blue Owl OREX IV DSTSEC filing, Mar 11, 2026
Show all 5 active offerings
Blue Owl OREX III DSTSEC filing, Oct 23, 2025
Whirlpool Amana Manufacturing FacilitySEC filing, Sep 11, 2025
How this Grade was computed
The four channels describe the documented public record. The published letter also applies evidence gates, ceilings, and adverse floors.
Four evidence channelsEach channel is scored from 0 to 100, then weighted under the published method.
Read the full methodHarm recordDocumented problems, weighed against everything at stake35% weight
Lifecycle outcomesHow programs old enough to finish actually ended25% weight
Market acceptanceHow each raise went against comparable offerings25% weight
Disclosure candorWhether completed programs come with published results15% weight
Weighted blend35% H + 25% L + 25% R + 15% TThe published result applies the anti-washout ceilings, evidence gates, and adverse floors below after this blend. Top1031 does not publish an intermediate score.
AProven71 and above
BEstablished61–70
CUnproven50–60
DWarning36–49
FAdverseBelow 36
NRNot ratedRecord too small or identity under review
- Ceilings
- The result cannot exceed H + 10 or L + 15, so stronger sales evidence cannot wash out a weaker harm or lifecycle record.
- Evidence gates
- A and B require minimum proof depth, lifecycle history, and channel evidence. A also requires qualifying disclosure coverage.
- Adverse floors
- An Integrity alert sets an F floor. A dominant documented capital loss or multiple independent severe events sets D or lower.
Proof depth4.5Published-outcome coverage0%
- C2026-Q3 · Moved from C. Binding constraints: proof depth below 4; fewer than 10 lifecycle-eligible Programs; H below 85.
Programs on the record
A Program is the filing-level offering record associated with this sponsor. Published-result figures are shown only with sponsor attribution and adjacent sources.
ProgramFirst filedStatusPublished outcome
Who they are
Written from SEC filings and cited sources
Platform and strategy
Blue Owl Real Estate Exchange LLC, identified in sponsor material as OREX, is the Blue Owl Delaware statutory trust sponsor platform, and its trusts are intended to provide IRC Section 1031 replacement property. Blue Owl Private Wealth describes the objective as allowing investors to exchange appreciated real estate for a passive investment in institutional-quality, curated triple-net-leased assets on a tax-deferred basis 1.
Net-lease lineage
Blue Owl Capital announced that it completed its acquisition of Oak Street Real Estate Capital and its investment advisory business on December 30, 2021, with Oak Street continuing as a Blue Owl division; that transaction is the origin of the net-lease capability behind the exchange platform 2. Public pension records document the associated institutional net-lease fund series: 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 3, and a Blue Owl manager presentation dated October 7, 2025 in Pennsylvania SERS investment materials lists Oak Street Real Estate Capital Fund II and Blue Owl Real Estate Funds IV and V as net-lease funds 4.
Trust series and filed record
The exchange series comprises six sequentially numbered issuers: Blue Owl Real Estate Exchange I DST, first filed in 2023; Exchanges II, III and IV DST, first filed in 2025; and Exchanges V and VI DST, first filed in 2026 5. SEC records identify Blue Owl Real Estate Exchange LLC as sponsor of Exchanges I through V, and Exchange VI is separately documented as the sixth named issuer in the series 6. In an amendment dated July 8, 2026, Blue Owl Real Estate Exchange V DST reported a $269,491,892 total offering and a first sale on January 22, 2026 6. A filing dated July 30, 2026 for Blue Owl Real Estate Exchange VI DST reported a $342,909,896 total offering and a first sale on May 21, 2026 7.
Representative portfolio
Blue Owl and cited distributor material report that Exchange V indirectly owns three single-tenant industrial plants — 111 Cosma Drive, Bowling Green, Kentucky; 1115 South Wayne Street, Saint Marys, Ohio; and 13505 North Haggerty Road, Plymouth, Michigan — acquired as a portfolio for $249,280,000 on January 6, 2026 8.
Show sources (8)Hide sources (8)
- Blue Owl Private Wealth ↗Sponsor disclosure
- blueowl.com ↗Sponsor disclosure
- pers.ms.gov ↗Public record
- sers.pa.gov ↗Public record
- Top1031 sponsor record ↗Top1031-derived
- sec.gov ↗Public record
- sec.gov ↗Public record
- Blue Owl / cited distributor material ↗Sponsor disclosure