Blue Owl

About Blue Owl

Blue Owl Capital Inc. trades on the New York Stock Exchange under the ticker OWL. According to its website, it was formed in 2020 when Owl Rock and Dyal Capital agreed to merge. The company began trading in 2021.

Its real estate business came from Oak Street, a net lease firm founded in 2009. Oak Street joined Blue Owl in 2022 and became the base of what Blue Owl now calls its Real Assets platform. Blue Owl's other business lines are Credit and GP Strategic Capital.

According to its website, Blue Owl had $330 billion in assets under management as of September 30, 2026.

The DST line runs through Blue Owl Real Estate Net Lease Trust. Its annual report on Form 10-K for 2025 says the trust was formed on April 4, 2022, as a Maryland statutory trust. It was formerly named Oak Street Net Lease Trust.

The filing calls the trust "a non-listed, perpetual life real estate investment trust." A REIT (real estate investment trust) is a company that owns income-producing property and passes most of its income to shareholders. "Non-listed" means its shares don't trade on a stock exchange.

The 10-K describes Blue Owl as "a global alternative asset manager." The trust is advised by Blue Owl Real Estate Capital LLC, a Blue Owl subsidiary formerly called Oak Street Real Estate Capital, LLC. The 10-K lists the trust's address as 150 N Riverside Plaza in Chicago.

The same filing says that, as of December 31, 2025, the trust owned 272 properties. Its property types include industrial buildings, essential and other retail, and data centers. These are mainly net-leased buildings. In a net lease, the tenant pays most property costs, such as taxes, insurance and upkeep.

Blue Owl's DST and 1031 programs

A Delaware statutory trust is a legal entity that holds real estate for many investors. Each investor owns a beneficial interest in the trust, not a deed. DST interests can qualify as replacement property in a 1031 exchange, which lets a seller defer capital gains tax on investment real estate.

The 10-K says Blue Owl Real Estate Net Lease Trust started its DST Program on August 31, 2023. The program can sell up to $3.0 billion of beneficial interests in DSTs. The filing reports net proceeds of $357.6 million from the program as of December 31, 2025.

The trusts carry the name "Blue Owl Real Estate Exchange." On EDGAR, the SEC's filing database, Form D notices for this series start with Blue Owl Real Estate Exchange I DST in December 2023. Later trusts in the series run through Exchange VI DST, all with Chicago addresses.

The Form D for Exchange I DST names Blue Owl Real Estate Exchange LLC as the sponsor of the trust. It lists a $250,000 minimum investment, though the sponsor may accept less.

The 721 option

The program builds in a possible exit path into the REIT. The 10-K says the trust's operating partnership has "the right, but not the obligation, to acquire the Interests" in a DST from its owners. The operating partnership can pay with cash or with its own operating partnership units.

This is often called a 721 exchange or UPREIT. Under Section 721 of the tax code, property can be contributed to a partnership for units without triggering tax right away. According to the 10-K, after one year the units can generally be redeemed for REIT shares, cash or both, at the company's discretion.

A Blue Owl wealth-management page on its 1031 program says this 721 option "is truly an 'option', and not a requirement." The same page notes that investors who receive operating partnership units can't do another 1031 exchange out of them. That point matters for anyone who plans to keep deferring taxes with new exchanges later.

What to keep in mind

DST interests are private placements, generally sold only to accredited investors. They are illiquid, so money can be tied up for years. Distributions are not guaranteed, and the investment can lose value. A 721 exchange into a REIT changes what you own, how you can exit and how future taxes work.

How to research Blue Owl's offerings

Start with the private placement memorandum (PPM) for any Blue Owl DST, and read the REIT's 10-K, since the DST's exit depends on the REIT. Each trust's Form D is on EDGAR under its own name. The dealer manager is Blue Owl Securities LLC (CRD 283250), and you can look it up on FINRA BrokerCheck. Ask for full-cycle results of earlier DSTs, all fees and how the 721 price would be set. The guides on how to check a DST sponsor and how to read a DST offering walk through these steps, and the 721 exchange guide explains the REIT exit.

Frequently asked questions

Is Blue Owl a DST sponsor?

Yes. Blue Owl Real Estate Net Lease Trust runs a DST Program that it started on August 31, 2023. The trusts are named Blue Owl Real Estate Exchange DST, and Form D filings name Blue Owl Real Estate Exchange LLC as sponsor.

Who owns Blue Owl?

Blue Owl Capital Inc. is a public company listed on the New York Stock Exchange as OWL. Its DST Program sits under Blue Owl Real Estate Net Lease Trust, a non-listed REIT advised by a Blue Owl subsidiary.

Does Blue Owl offer 721 exchange programs?

Yes, as an option. Its DSTs include an option for the REIT's operating partnership to buy DST interests for cash or operating partnership units. Blue Owl describes this as an option, not a requirement, so investors can't count on it happening.

What properties are in Blue Owl's DSTs?

The REIT behind the program focuses on net-leased real estate, including industrial, retail and data center properties. Each DST's PPM lists its specific buildings, tenants and lease terms.

What is the minimum investment in a Blue Owl DST?

The Form D for the first trust in the series lists a $250,000 minimum, though the sponsor may accept smaller amounts. Minimums can differ from one trust to the next, so check each offering's Form D and PPM.

How do I look up Blue Owl's DST offerings?

Each trust's Form D is on EDGAR under its own name. The dealer manager is Blue Owl Securities LLC (CRD 283250), and you can look it up on FINRA BrokerCheck.