# Blue Owl Real Estate Capital LLC

> Blue Owl Real Estate Capital LLC is an SEC-registered investment advisory firm in Chicago, IL, registered since 2012, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated May 22, 2026.

- CRD: 165132
- Filed as: BLUE OWL REAL ESTATE CAPITAL LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: May 22, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/165132
- AdvisorCensus page: https://advisorcensus.com/firm/blue-owl-real-estate-capital-llc-chicago-il-165132

## Quick answers

**How is Blue Owl Real Estate Capital LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Blue Owl Real Estate Capital LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Blue Owl Real Estate Capital LLC located?**
Blue Owl Real Estate Capital LLC's principal office is in Chicago, IL, according to its Form ADV; the June 2026 filing also lists 9 other offices (Schedule D, Section 1.F).

**Is Blue Owl Real Estate Capital LLC registered with the SEC or a state?**
Blue Owl Real Estate Capital LLC is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 165132.

**How much does Blue Owl Real Estate Capital LLC manage?**
Blue Owl Real Estate Capital LLC reports $67,880,998,718 in regulatory assets under management in its Form ADV filing dated May 22, 2026 (95% discretionary).

**How have Blue Owl Real Estate Capital LLC's assets and staff changed since 2021?**
In the Form ADV data for Blue Owl Real Estate Capital LLC: Regulatory assets under management: $11,451,520,377 in the October 2021 data and $67,880,998,718 in the October 2026 data, up 493%. Total employees: 35 in October 2021 and 130 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Blue Owl Real Estate Capital LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (68); sovereign wealth funds and foreign official institutions (9); insurance companies (5).

**Which custodians does Blue Owl Real Estate Capital LLC use?**
Blue Owl Real Estate Capital LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Northern Trust, State Street and U.S. Bank as custodians holding 10% or more of its separately managed account assets.

**Does Blue Owl Real Estate Capital LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/165132

**What changed in Blue Owl Real Estate Capital LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 110 to 130. Regulatory assets under management went from $53,785,179,000 to $67,880,998,718 (+26%). Changed its office addresses in Washington, DC. Added an office in San Francisco, CA. No longer lists an office in New York, NY. Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees
- Other

### Custodians (Schedule D, Section 5.K(3))
- Northern Trust
- State Street
- U.S. Bank

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $67,880,998,718
- Discretionary: $64,296,254,718
- Non-discretionary: $3,584,744,000

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 0 | Not reported |
| Banking or thrift institutions | 0 | Not reported |
| Investment companies | 0 | Not reported |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 68 | $57,443,829,888 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | Not reported |
| Charitable organizations | 0 | Not reported |
| State or municipal government entities (including government pension plans) | 3 | $2,020,854,213 |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 5 | $764,581,699 |
| Sovereign wealth funds and foreign official institutions | 9 | $6,957,429,203 |
| Corporations or other businesses not listed above | 1 | $50,000,000 |
| Other | 5 | $644,303,715 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2012 (14 years)
- Employees: 130 total, 130 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: DC, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the June 2026 filing
- Amsterdam
- Dallas, TX
- London
- New York, NY
- San Francisco, CA
- Scarsdale, NY
- Short Hills, NJ
- Singapore
- Washington, DC

### Websites listed on Form ADV (Item 1.I)
- [blueowl.com](https://blueowl.com)
- [onlt.com/orent](https://onlt.com/orent)
- Instagram @blueowlcapital
- LinkedIn @blue-owl-capital
- X @BlueOwlCapital

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $11,451,520,377 | 35 | May 14, 2021 |
| October 2022 | $14,838,229,023 | 40 | June 27, 2022 |
| October 2023 | $18,423,098,491 | 50 | July 14, 2023 |
| October 2024 | $25,055,906,968 | 30 | June 6, 2024 |
| October 2025 | $53,785,179,000 | 110 | July 10, 2025 |
| October 2026 | $67,880,998,718 | 130 | May 22, 2026 |

Regulatory assets under management: $11,451,520,377 in the October 2021 data and $67,880,998,718 in the October 2026 data, up 493%.
Total employees: 35 in October 2021 and 130 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 110 to 130.
- Regulatory assets under management went from $53,785,179,000 to $67,880,998,718 (+26%).
- Changed its office addresses in Washington, DC.
- Added an office in San Francisco, CA.
- No longer lists an office in New York, NY.
- Updated its list of owners and control persons (Schedule A).

### January 2026
- No longer registered or notice-filed in CA, IL, NJ.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Blue Owl Real Estate Capital LLC (CRD 165132): Form ADV filing data as of October 2026.