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Exhibit 21.1

List of Subsidiaries

Entity NameDomicile
BACHIL001 LLCDelaware
Blue Owl NL Opportunity Credit CAOH REIT LLCDelaware
Blue Owl NL Opportunity Credit ELIN REIT LLCDelaware
Blue Owl NL Opportunity Credit ELIN TRS LLCDelaware
Blue Owl NL Opportunity Credit Holdings REIT LLCDelaware
Blue Owl NL Opportunity Credit LIMI REIT LLCDelaware
Blue Owl NL Opportunity Credit LIMI TRS LLCDelaware
Blue Owl NL Opportunity Credit Manager II LLCDelaware
Blue Owl NL Opportunity Credit MOMI REIT LLCDelaware
Blue Owl NL Opportunity Credit MOMI TRS LLCDelaware
Blue Owl NL Opportunity Credit PAAR REIT LLCDelaware
Blue Owl NL Opportunity Credit SENE REIT LLCDelaware
Blue Owl NL Opportunity Credit SMTN REIT LLCDelaware
Blue Owl NL Opportunity Credit SMTN TRS LLCDelaware
Blue Owl NLT Operating Partnership LPDelaware
Blue Owl ORENT Acquisitions LLCDelaware
Blue Owl Promote G II LLCDelaware
Blue Owl Real Estate Exchange Depositor LLCDelaware
Blue Owl Real Estate Exchange I DSTDelaware
Blue Owl Real Estate Exchange LLCDelaware
Blue Owl Real Estate Exchange Master Lessee LLCDelaware
Blue Owl Real Estate Exchange TRS LLCDelaware
Blue Owl Real Estate Reverse Exchange Holder LLCDelaware
CB Portfolio Owner LLCDelaware
CBCOTN002 LLCDelaware
CBCRTN001 LLCDelaware
CBLATN001 LLCDelaware
CBLCTN001 LLCDelaware
CBMUTN001 LLCDelaware
CBPFTN001 LLCDelaware
CHWSNJ001 LLCDelaware
DOCOON001 Holdings ULCBritish Columbia
DOCOON001 LLCDelaware
DST SM Owner D LLCDelaware
ENBHOTX001 LLCDelaware
ES BROTX Owner LLCDelaware

        2
ES BRYTX Owner LLCDelaware
ES HATX Owner LLCDelaware
ES HOTX Owner LLCDelaware
ES Portfolio Owner LLCDelaware
ES WFTX Owner LLCDelaware
ESFWTX001 LLCDelaware
HFAKOH001 LLCDelaware
Ivory OSREC OS Waterparks Aggregator LLCDelaware
Ivory OSREC OT Investor LLCDelaware
Ivory OSREC OT TRS LLCDelaware
JCSEWA001 LLCDelaware
LOPLMI001 LLCDelaware
LOSTOH001 LLCDelaware
MGKY001 Owner LLCDelaware
Mountain DATX002 LLCDelaware
Mountain DATX004 LLCDelaware
Mountain DATX005 LLCDelaware
Mountain Holding NLT LLCDelaware
Mountain IRTX001 LLCDelaware
Mountain METX001 LLCDelaware
Mountain Portfolio Owner AR LLCDelaware
Mountain Portfolio Owner LA LLCDelaware
Mountain Portfolio Owner LLCDelaware
Mountain Portfolio Owner NC LLCDelaware
OAK TRUST SUB-REIT I, LLCDelaware
OAK TRUST SUB-REIT II, LLCDelaware
OT CB I Owner LLCDelaware
OT CB II Owner LLCDelaware
OT Liquid Investor LLCDelaware
OT MA Owner LLCDelaware
OT Project Dorel TRS LLCDelaware
OT Project Paradigm TRS LLCDelaware

        3
OT SM Owner A LLCDelaware
OT SM Owner B LLCDelaware
OT SM Owner C LLCDelaware
OT SM Owner D LLCDelaware
OT SM Owner LLCDelaware
OT WA Owner LLCDelaware
OTLender001 LLCDelaware
PAORON001 Holdings ULCBritish Columbia
PAORON001 LLCDelaware
PASTFL001 LLCDelaware
Project Bronco Fayetteville LLCDelaware
Project Evergreen NV LLCDelaware
Project Evergreen NV Owner LLCDelaware
Project Evergreen WA LLCDelaware
Project Laser Huntsville LLCDelaware
Project Maverick Calgary Holdings LLCDelaware
Project Maverick Calgary LLCDelaware
Project Oyster Pasco LLCDelaware
Project Pearl Pasco Holdings LLCDelaware
Project Pearl Pasco LLCDelaware
Q GE Lux Holdco S.à r.l.Luxembourg
Q GE Lux Propco 1 S.à r.l.Luxembourg
Q Lux MasterCo S.à r.l.Luxembourg
Q UK Lux Holdco S.à r.l.Luxembourg
Q UK Lux Propco 1 S.à r.l.Luxembourg
TEN Portfolio Owner LLCDelaware
TENCAOH001 LLCDelaware
TENELIN001 LLCDelaware
TENFRIN001 LLCDelaware
TENGLMI001 LLCDelaware
TENHAVA001 LLCDelaware
TENLIMI001 LLCDelaware
TENMOMI001 LLCDelaware
TENPAAR001 LLCDelaware

        4
TENPLMI001 LLCDelaware
TENSENE001 LLCDelaware
TENSKIL001 LLCDelaware
TENSMTN001 LLCDelaware
WBCCTX001 LLCDelaware
WBHOTX003 LLCDelaware
WBHOTX004 LLCDelaware
WBKITX001 LLCDelaware
WBPLTX001 LLCDelaware
WBSATX001 LLCDelaware
WHRAMIA001 LLCDelaware