OREX is a sponsor of Delaware Statutory Trust (DST) offerings designed to provide Internal Revenue Code (IRC) Section 1031 replacement property.
Investment in DST interests are suitable for accredited investors.1
OREX seeks to provide investors, on a tax deferred basis, the opportunity to potentially exchange an active investment in appreciated real estate for a passive investment into an institutional-quality alternative investment product.
OREX intends to offer investors a more efficient long term capital planning opportunity.
Under IRC Section 1031, investors can engage in a tax deferred "like-kind" exchange of appreciated real estate for a passive investment in an OREX offering comprised of a DST that owns a curated portfolio of quality, triple net leased assets.
Two years after the close of an OREX offering, Blue Owl NLT Operating Partnership (Operating Partnership) may exercise a repurchase option (FMV Option) to exchange investors DST interests for the Operating Partnerships units (OP Units) in a
tax deferred transaction under IRC Section 721 or for cash (at the Operating Partnership s sole discretion).2
Under IRC Section 1031, investors may defer recognition of gains on the disposition of certain real estate to the extent that proceeds from such disposition are re-invested into qualifying "like-kind" property.3
A “Qualified Intermediary” is a specialized escrow agent unaffiliated with OREX who facilitates the exchange and must be hired before an investor sells their relinquished property in order to facilitate an IRC Section 1031 like-kind exchange.
In accordance with Revenue Ruling 2004-86, a DST can own income-generating, professionally managed commercial real estate and qualify as “like-kind” replacement property in a 1031 exchange. To qualify for this beneficial treatment, a DST must comply with several strict requirements imposed by applicable rules and regulations.4
OREX intends to structure its offerings such that its DSTs will comply with these requirements and afford investors the opportunity to use OREX-sponsored DST shares as qualifying replacement property under IRC Section 1031.
In accordance with IRC Section 721, an investor can contribute property to a partnership in exchange for an interest in that partnership on a tax deferred basis.
If the FMV Option were exercised, then investors would transfer their DST interests to the Operating Partnership in exchange for OP Units or cash, as determined by the Operating Partnership.2
Under IRC Section 1031, investors can engage in a tax deferred "like-kind" exchange of appreciated real estate for a passive investment in an OREX offering comprised of a DST that owns a curated portfolio of quality, triple net leased assets.
Two years after the close of an OREX offering, Blue Owl NLT Operating Partnership (Operating Partnership) may exercise a repurchase option (FMV Option) to exchange investors DST interests for the Operating Partnerships units (OP Units) in a
tax deferred transaction under IRC Section 721 or for cash (at the Operating Partnership s sole discretion).2
Under IRC Section 1031, investors may defer recognition of gains on the disposition of certain real estate to the extent that proceeds from such disposition are re-invested into qualifying "like-kind" property.3
A “Qualified Intermediary” is a specialized escrow agent unaffiliated with OREX who facilitates the exchange and must be hired before an investor sells their relinquished property in order to facilitate an IRC Section 1031 like-kind exchange.
In accordance with Revenue Ruling 2004-86, a DST can own income-generating, professionally managed commercial real estate and qualify as “like-kind” replacement property in a 1031 exchange. To qualify for this beneficial treatment, a DST must comply with several strict requirements imposed by applicable rules and regulations.4
OREX intends to structure its offerings such that its DSTs will comply with these requirements and afford investors the opportunity to use OREX-sponsored DST shares as qualifying replacement property under IRC Section 1031.
In accordance with IRC Section 721, an investor can contribute property to a partnership in exchange for an interest in that partnership on a tax deferred basis.
If the FMV Option were exercised, then investors would transfer their DST interests to the Operating Partnership in exchange for OP Units or cash, as determined by the Operating Partnership.2
OREX's 1031 Exchange program features a competitive structure driven by our proprietary sourcing model for favorable triple net leased assets.
OREX offers interests in a DST to 1031 investors seeking to complete "like-kind" exchanges of real estate and defer recognition of capital gains for tax purposes.
Increased diversification and ongoing exposure to high quality portfolio of triple net leased assets.
Estate planning benefits including simplified divisibility, the opportunity for intermittent liquidity, and the potential to reduce or eliminate taxes altogether through the transfer of OP units to heirs at a "stepped up" basis.
Receive consistent, competitive distribution payments sourced from long term resilient cash flows.
Access to competitively priced deals sourced off market managed by experienced triple net lease investment manager.
Present potential opportunity to capture additional upside as properties increase in value.
Blue Owl’s net lease real estate strategy takes a different approach from traditional real estate, one focused on creditworthiness of the underlying tenant, which is purpose built for today’s market environment.
Illustrative Investment Characteristics | Traditional Real Estate1 | Blue Owl Net Lease | IG Fixed Income |
---|---|---|---|
Primary investment objective
Capital appreciation
Income
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Realize capital appreciation from active investment management and asset management
Capital appreciation
Income
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Generate current income and, to a lesser extent, capital appreciation
Capital appreciation
Income
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Generate current income
Capital appreciation
Income
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Return composition
Capital appreciation
Income
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Realize capital appreciation from active investment management and asset management
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Capital appreciation
Income
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Generate current income and, to a lesser extent, capital appreciation
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Capital appreciation
Income
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Generate current income
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Capital appreciation
Income
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Cashflow
Capital appreciation
Income
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Variable cash flows
Capital appreciation
Income
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Long-term contractual cash flows with escalators
Capital appreciation
Income
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Contractual cash flows
Capital appreciation
Income
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Creditworthy underlying tenant/borrower
Capital appreciation
Income
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Sometimes
Capital appreciation
Income
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Always2
Capital appreciation
Income
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Always
Capital appreciation
Income
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Volatility of capital appreciation
Capital appreciation
Income
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Higher volatility
Capital appreciation
Income
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Lower volatility
Capital appreciation
Income
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None
Capital appreciation
Income
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Liquidity
Capital appreciation
Income
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Less liquid
Capital appreciation
Income
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More liquid
Capital appreciation
Income
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Liquid
Capital appreciation
Income
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Tax-efficiency of income
Capital appreciation
Income
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High
Capital appreciation
Income
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High
Capital appreciation
Income
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Low
Capital appreciation
Income
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Headline risks
Capital appreciation
Income
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Capital appreciation
Income
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Tenant credit
Capital appreciation
Income
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Bond credit
Capital appreciation
Income
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The graphic above seeks to examine for illustrative and educational purposes only similar characteristics of different types of investments solutions. This is not a comparison of like products but rather an illustration of different products with similar characteristics.
1.Based on Blue Owl research on open-end core funds. The terms, investment targets and potential risks of each individual core fund offered by non-Blue Owl sponsors may vary and investors should independently evaluate the risks involved
2.Investment grade companies must have “BBB-” rating or higher by S&P. Creditworthy refers to businesses that Blue Owl deems financially sound enough to justify an extension of credit or engage in a lease agreement. Tenants are creditworthy or investment grade at acquisition.
ORENT is designed to generate long-term resilient cash flows by acquiring high quality, mission-critical assets.
The portfolio may outperform the broader real estate market because the portfolio contains properties bought at competitive cap rates in today’s market environment.
Share Class | 1-month | 3-month | YTD | ITD |
---|---|---|---|---|
Class I | 0.60% | 2.08% | 6.67% | 10.34% |
Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
---|---|---|---|---|---|---|---|---|---|---|---|---|
2023 | $10.18 | $10.36 | $10.19 | $10.19 | $10.21 | $10.32 | $10.32 | $10.34 | $10.36 | $10.36 | - | - |
2022 | - | - | - | - | - | - | - | $10.00 | $10.27 | $10.27 | $10.27 | $10.28 |
Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
---|---|---|---|---|---|---|---|---|---|---|---|---|
2023 | -0.37% | 2.28% | -1.06% | 0.57% | 0.75% | 1.70% | 0.59% | 0.70% | 0.77% | 0.60% | - | - |
2022 | - | - | - | - | - | - | - | - | 3.29% | 0.54% | 0.55% | 0.70% |
Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
---|---|---|---|---|---|---|---|---|---|---|---|---|
2023 | $0.0583 | $0.0583 | $0.0583 | $0.0583 | $0.0583 | $0.0583 | $0.0583 | $0.0583 | $0.0583 | $0.0583 | - | - |
2022 | - | - | - | - | - | - | - | - | $0.0583 | $0.0583 | $0.0583 | $0.0583 |
Share Class | 1-month | 3-month | YTD | ITD |
---|---|---|---|---|
Class D (no upfront placement fee) | 0.58% | 2.01% | 6.41% | 8.57% |
Class D (with upfront placement fee) | -0.91% | 0.50% | 4.84% | 7.19% |
Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
---|---|---|---|---|---|---|---|---|---|---|---|---|
2023 | $10.02 | $10.20 | $10.02 | $10.02 | $10.04 | $10.15 | $10.15 | $10.16 | $10.18 | $10.19 | - | - |
2022 | - | - | - | - | - | - | - | $10.00 | $10.27 | $10.07 | $10.12 | $10.12 |
Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
---|---|---|---|---|---|---|---|---|---|---|---|---|
2023 (no upfront placement fee) | -0.37% | 2.34% | -1.19% | 0.50% | 0.73% | 1.67% | 0.59% | 0.67% | 0.75% | 0.58% | - | - |
2023 (with upfront placement fee) | -1.84% | 0.83% | -2.65% | -0.98% | -0.76% | 0.17% | -0.90% | -0.81% | -0.74% | -0.91% | - | - |
2022 (no upfront placement fee) | - | - | - | - | - | - | - | - | 3.26% | -1.42% | 1.12% | 0.49% |
2022 (with upfront placement fee) | - | - | - | - | - | - | - | - | 1.73% | -2.88% | -0.38% | -1.00% |
Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
---|---|---|---|---|---|---|---|---|---|---|---|---|
2023 | $0.0562 | $0.0564 | $0.0491 | $0.0562 | $0.0563 | $0.0562 | $0.0563 | $0.0562 | $0.0562 | $0.0562 | - | |
2022 | - | - | - | - | - | - | - | - | $0.0563 | $0.0562 | $0.0563 | $0.0562 |
Share Class | 1-month | 3-month | YTD | ITD |
---|---|---|---|---|
Class S (no upfront placement fee) | 0.52% | 1.86% | 5.83% | 8.86% |
Class S (with upfront placement fee) | -2.88% | -1.59% | 2.25% | 5.70% |
Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
---|---|---|---|---|---|---|---|---|---|---|---|---|
2023 | $10.13 | $10.30 | $10.13 | $10.13 | $10.15 | $10.26 | $10.26 | $10.27 | $10.29 | $10.30 | - | - |
2022 | - | - | - | - | - | - | - | $10.00 | $10.27 | $10.22 | $10.21 | $10.23 |
Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
---|---|---|---|---|---|---|---|---|---|---|---|---|
2023 (no upfront placement fee) | -0.45% | 2.19% | -1.17% | 0.48% | 0.68% | 1.63% | 0.50% | 0.62% | 0.70% | 0.52% | - | - |
2023 (with upfront placement fee) | -3.81% | -1.26% | -4.51% | -2.91% | -2.73% | -1.81% | -2.90% | -2.78% | -2.71% | -2.88% | - | - |
2022 (no upfront placement fee) | - | - | - | - | - | - | - | - | 3.21% | 0.00% | 0.46% | 0.63% |
2022 (with upfront placement fee) | - | - | - | - | - | - | - | - | -0.28% | -3.38% | -2.94% | -2.77% |
Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
---|---|---|---|---|---|---|---|---|---|---|---|---|
2023 | $0.0510 | $0.0517 | $0.0509 | $0.0513 | $0.0510 | $0.0512 | $0.0509 | $0.0509 | $0.0512 | $0.0509 | - | - |
2022 | - | - | - | - | - | - | - | - | $0.0513 | $0.0509 | $0.0512 | $0.0510 |
Property Type11
Tenant Diversification11
Tenant | # of properties | Fair value as of Oct-23 | Type | Annual escalations | Weighted avg lease term |
---|---|---|---|---|---|
Cell label Amazon | Cell label 5 | Cell label $1,240,413 | Cell label Industrial | Cell label 1.0% | Cell label 16 years |
Cell label STORE13 | Cell label N/A | Cell label $510,792 | Cell label Industrial / Retail | Cell label 1.9% | Cell label 14 years |
Cell label Maverick Gaming | Cell label 11 | Cell label $217,687 | Cell label Retail | Cell label 2.5% | Cell label 39 years |
Cell label Bally's15 | Cell label 1 | Cell label $215,380 | Cell label Land | Cell label CPI-Linked | Cell label 98 years |
Cell label Save Mart Supermarkets | Cell label 12 | Cell label $212,005 | Cell label Industrial / Retail | Cell label 1.8% | Cell label 13 years |
Cell label Tenneco Inc.14 | Cell label 11 | Cell label $207,643 | Cell label Industrial | Cell label 3.0% | Cell label 19 years |
QVC | 2 | $199,069 | Industrial | 2.0% | 19 years |
Cracker Barrel | 53 | $188,621 | Retail | 1.0% | 17 years |
Enbridge / McDermott | 1 | $184,405 | Office | 2.5% | 13 years |
Magna International | 1 | $173,340 | Industrial | 1.3% | 11 years |
FUND MATERIAL
FUND MATERIAL
FUND MATERIAL
FUND MATERIAL
FUND MATERIAL
FUND MATERIAL
FUND MATERIAL
FUND MATERIAL
FUND MATERIAL
FUND MATERIAL
A sale-lease back (“SLB”) is a non-traditional way of unlocking the value of an asset that is already on the balance sheet. A SLB can serve as an alternative to financing solutions traditionally provided by banks and capital markets. As the interest rate regime has shifted higher, the cost to finance (and oftentimes re-finance) has become more expensive, which has led to a greater number of counterparties who are exploring this structure. By selling the asset and entering into a long-term lease, a company can capture immediate value creation as well as more flexible balance sheet management over the long term.
Periodic rent escalators, typically resetting on an annual basis, are normal features in long-term corporate lease agreements. Because we structure these leases as triple net - net of expenses, net of taxes, net of insurance - we are not exposed to the inflation sensitive costs of materials, labor, tax and insurance.
Before acquisition, we apply a rigorous credit evaluation process to understand the business and test the resiliency through different market environments. We have our tenants share financials with us on an annual, and in some case, quarterly, basis. Our deal team works closely with the credit monitoring team to understand the fundamentals of the business. Blue Owl engages in constant proactive evaluation of all portfolio positions as part of the investment process, including weekly reviews and discussions with the full investment team. In an extreme credit event, when there is a default or bankruptcy, we will go through a process to re-tenant the properties. In most cases, our in-place rents are at a discount to market, so the re-tenanting process has potential to mark rents to market – which could be a positive outcome for the fund.
ORENT is structured as a continuously offered, perpetually private REIT. The fund will have monthly closes and 100% of capital will be drawn upon subscription. Suitable investors may purchase ORENT by completing a Subscription Agreement. Please see the PPM for complete details.
Investors in ORENT are admitted on the first business day of each month. New investors will receive their first distribution ~15 business days following the last business day of their month of admission. Subject to ORENT’s Board of Trustees discretion and applicable legal restrictions, ORENT intends to pay distributions monthly.
Under the share repurchase plan, the Company intends to repurchase once per quarter no more than 5% of aggregate NAV per calendar quarter. Shares that have not been outstanding for at least one year will be repurchased at 98% of the transaction price.
Management fee: 1.25%, based on net assets.
Incentive fee: 12.5%, based on the annual total return subject to a 5% annual hurdle rate and a high-water mark.
|
Class S |
Class D |
Class I |
Maximum Upfront Sales Load16 |
Up to 3.50% of transaction price per share |
Up to 1.50%of transaction price per share |
None |
Ongoing Service Fee16 |
0.85% of net asset value (annualized) |
0.25% of net asset value (annualized) |
None |
Investors must submit a signed Subscription Agreement. Please see the PPM for complete details.
The fund administrator posts investor statements to a portal on a monthly basis where each individual investor can download the statement. Please reach out to your Blue Owl representative for specific questions.
Tax reporting for ORENT is done via form 1099. In the case of certain U.S. shareholders, we expect your IRS Form 1099-DIV tax information, if required, to be mailed by January 31 of each year.
A sale-lease back (“SLB”) is a non-traditional way of unlocking the value of an asset that is already on the balance sheet. A SLB can serve as an alternative to financing solutions traditionally provided by banks and capital markets. As the interest rate regime has shifted higher, the cost to finance (and oftentimes re-finance) has become more expensive, which has led to a greater number of counterparties who are exploring this structure. By selling the asset and entering into a long-term lease, a company can capture immediate value creation as well as more flexible balance sheet management over the long term.
Periodic rent escalators, typically resetting on an annual basis, are normal features in long-term corporate lease agreements. Because we structure these leases as triple net - net of expenses, net of taxes, net of insurance - we are not exposed to the inflation sensitive costs of materials, labor, tax and insurance.
Before acquisition, we apply a rigorous credit evaluation process to understand the business and test the resiliency through different market environments. We have our tenants share financials with us on an annual, and in some case, quarterly, basis. Our deal team works closely with the credit monitoring team to understand the fundamentals of the business. Blue Owl engages in constant proactive evaluation of all portfolio positions as part of the investment process, including weekly reviews and discussions with the full investment team. In an extreme credit event, when there is a default or bankruptcy, we will go through a process to re-tenant the properties. In most cases, our in-place rents are at a discount to market, so the re-tenanting process has potential to mark rents to market – which could be a positive outcome for the fund.
ORENT is structured as a continuously offered, perpetually private REIT. The fund will have monthly closes and 100% of capital will be drawn upon subscription. Suitable investors may purchase ORENT by completing a Subscription Agreement. Please see the PPM for complete details.
Investors in ORENT are admitted on the first business day of each month. New investors will receive their first distribution ~15 business days following the last business day of their month of admission. Subject to ORENT’s Board of Trustees discretion and applicable legal restrictions, ORENT intends to pay distributions monthly.
Under the share repurchase plan, the Company intends to repurchase once per quarter no more than 5% of aggregate NAV per calendar quarter. Shares that have not been outstanding for at least one year will be repurchased at 98% of the transaction price.
Management fee: 1.25%, based on net assets.
Incentive fee: 12.5%, based on the annual total return subject to a 5% annual hurdle rate and a high-water mark.
|
Class S |
Class D |
Class I |
Maximum Upfront Sales Load16 |
Up to 3.50% of transaction price per share |
Up to 1.50%of transaction price per share |
None |
Ongoing Service Fee16 |
0.85% of net asset value (annualized) |
0.25% of net asset value (annualized) |
None |
Investors must submit a signed Subscription Agreement. Please see the PPM for complete details.
The fund administrator posts investor statements to a portal on a monthly basis where each individual investor can download the statement. Please reach out to your Blue Owl representative for specific questions.
Tax reporting for ORENT is done via form 1099. In the case of certain U.S. shareholders, we expect your IRS Form 1099-DIV tax information, if required, to be mailed by January 31 of each year.
Endnotes
1. Accredited investors as defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended).
2. As defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended.
3. The FMV Option is comprised of two separate potential options: (i) the “FMV Purchase Option” and (ii) the “FMV Real Estate Option.” Both options are exercisable for a period of one year beginning on the date on which all DST investors in a particular offering have held their DST interests for two years. There is no guarantee that either option will be exercised, which exercise is to be made in the Operating Partnership's (and/or its affiliates’) sole discretion. Blue Owl, its affiliates and its employees are not in the business of providing tax or legal advice. Investors should seek advice based on their particular circumstances from an independent tax or legal advisor.
4. In addition to other requirements, investors must purchase a replacement property of equal or greater value and invest the entire proceeds from the sale of the relinquished property in order to maximally defer their capital gains taxes. Some costs, such as certain closing costs, may constitute "taxable boot" in certain circumstances. Each potential investor is strongly advised to seek independent tax advice from qualified professionals.
5. Within the rules of IRC Section 1031 and in accordance with Revenue Ruling 2004-86 and the fixed investment trust rules under Treasury Regulations Section 301.7701-4(c). OREX intends to structure its offerings such that its DSTs will comply with these requirements and afford investors the opportunity to use OREX-sponsored DST shares as qualifying replacement property under IRC Section 1031.
Important information
The material presented is proprietary information regarding Blue Owl, its affiliates and investment program, funds sponsored by Blue Owl, including the Blue Owl Credit, GP Strategic Capital Funds and the Real Estate Funds (collectively the “Blue Owl Funds”) as well as investment held by the Blue Owl Funds.
This webpage is for informational purposes only and is not an offer or a solicitation to sell or subscribe for an interest in a DST and does not constitute investment, legal, regulatory, business, tax, financial, accounting, or other advice or a recommendation regarding any securities of Blue Owl, of any fund or vehicle managed by Blue Owl, or of any other issuer of securities. Only a definitive offering webpage can make such an offer. Neither the Securities and Exchange Commission, the Attorney General of the State of New York nor any state securities commission has approved or disapproved of these securities or determined if the applicable Memorandum is truthful or complete. Any representation to the contrary is a criminal offense.
The views expressed and, except as otherwise indicated, the information provided are as of the report date and are subject to change, update, revision, verification, and amendment, materially or otherwise, without notice, as market or other conditions change. Since these conditions can change frequently, there can be no assurance that the trends described herein will continue or that any forecasts are accurate. In addition, certain of the statements contained in this webpage may be statements of future expectations and other forward-looking statements that are based on the current views and assumptions of Blue Owl and involve known and unknown risks and uncertainties (including those discussed below) that could cause actual results, performance, or events to differ materially from those expressed or implied in such statements. These statements may be forward-looking by reason of context or identified by words such as “may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential or continue” and other similar expressions. Neither Blue Owl, its affiliates, nor any of Blue Owl’s or its affiliates' respective advisers, members, directors, officers, partners, agents, representatives or employees or any other person (collectively the “Blue Owl Entities”) is under any obligation to update or keep current the information contained in this webpage.
This webpage contains case studies and other discussions of selected investments made by the Blue Owl Funds. These discussions provide descriptions and certain key aspects of such investments and are presented for informational purposes only and are intended to illustrate Blue Owl’s sourcing experience and the profile and types of investments and investment strategies which may be pursued by Blue Owl. These types of investments are not necessarily indicative of the types of investments that Blue Owl may seek to make, or be able to make, in the future. Any future investment vehicle that Blue Owl may sponsor or advise in the future, may pursue and consummate different types of investments in different concentrations, than those selected for illustrative purposes on this webpage. Further, references to investments included in these case studies are presented to illustrate Blue Owl’s investment processes only and should not be construed as a recommendation of any particular investment. Past performance of any investment described in these illustrative case studies is not indicative of future results that may be obtained by any Blue Owl Fund, and there can be no assurance that any such fund or other vehicle will achieve comparable results.
This webpage contains information from third party sources which Blue Owl has not verified. No representation or warranty, express or implied, is given by or on behalf of the Blue Owl Entities as to the accuracy, fairness, correctness or completeness of the information or opinions contained on this webpage and no liability whatsoever (in negligence or otherwise) is accepted by the Blue Owl Entities for any loss howsoever arising, directly or indirectly, from any use of this webpage or its contents, or otherwise arising in connection therewith.
All investments are subject to risk, including the loss of the principal amount invested. These risks may include limited operating history, uncertain distributions, inconsistent valuation of the portfolio, changing interest rates, leveraging of assets, reliance on the investment advisor, potential conflicts of interest, payment of substantial fees to the investment advisor and the dealer manager, potential illiquidity, and liquidation at more or less than the original amount invested. Diversification will not guarantee profitability or protection against loss. Performance may be volatile, and the NAV may fluctuate. See "Risk Factors" in the applicable Memorandum for other considerations.
Performance Information: Where performance returns have been included in this webpage, Blue Owl has included herein important information relating to the calculation of these returns as well as other pertinent performance related definitions.
Persons that may be interested in a potential investment must receive and carefully review a final private placement memorandum, as well as complete a subscription webpage that contains additional information, representations and warranties, prior to investing. Blue Owl and its affiliates expressly disclaim any liability to the full extent permitted under applicable law arising from reliance by any person on the information contained in this webpage.
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