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Exhibit 21.1

List of Subsidiaries

Entity NameDomicile
BACHIL001 LLCDelaware
Blue Owl NL Opportunity Credit BIAL REIT LLCDelaware
Blue Owl NL Opportunity Credit CAOH REIT LLCDelaware
Blue Owl NL Opportunity Credit ELIN REIT LLCDelaware
Blue Owl NL Opportunity Credit GJCO REIT LLCDelaware
Blue Owl NL Opportunity Credit GSVA REIT LLCDelaware
Blue Owl NL Opportunity Credit HENV001 REIT LLCDelaware
Blue Owl NL Opportunity Credit HENV002 REIT LLCDelaware
Blue Owl NL Opportunity Credit Holdings REIT LLCDelaware
Blue Owl NL Opportunity Credit HOTX REIT LLCDelaware
Blue Owl NL Opportunity Credit JOAR REIT 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 NLWI REIT LLCDelaware
Blue Owl NL Opportunity Credit NOMO REIT LLCDelaware
Blue Owl NL Opportunity Credit NOMO002 REIT LLCDelaware
Blue Owl NL Opportunity Credit OSWI REIT LLCDelaware
Blue Owl NL Opportunity Credit PAAR REIT LLCDelaware
Blue Owl NL Opportunity Credit PUCO 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 NL Opportunity Credit WWNV REIT 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 DST Manager LLCDelaware
Blue Owl Real Estate Exchange I DSTDelaware
Blue Owl Real Estate Exchange II DSTDelaware
Blue Owl Real Estate Exchange LLCDelaware
Blue Owl Real Estate Exchange Master Lessee LLCDelaware
Blue Owl Real Estate Exchange Master Lessee II LLCDelaware
Blue Owl Real Estate Exchange TRS LLCDelaware
Blue Owl Real Estate Reverse Exchange Holder LLCDelaware
BOREC Longhorn NLT Aggregator LLCDelaware
BOREC Longhorn NLT Member LLC (Oracle) Delaware
BOREC Spider NLT Member LLC (CoreWeave)Delaware
CB Portfolio Owner LLCDelaware
CBCOTN002 LLCDelaware
CBCRTN001 LLCDelaware

        2
CBLATN001 LLCDelaware
CBLCTN001 LLCDelaware
CBMUTN001 LLCDelaware
CBPFTN001 LLCDelaware
CHWSNJ001 LLCDelaware
DG BARNEVELD LLCDelaware
DG ELKMONT LLCDelaware
DG HALEYVILLE LLCDelaware
DG LEESBURG LLCDelaware
DG SAUQUOIT LLCDelaware
DOCOON001 Holdings ULCBritish Columbia
DOCOON001 LLCDelaware
DST SM Owner D LLCDelaware
ENBHOTX001 LLCDelaware
ES ALIA Owner LLCDelaware
ES ATGA Owner LLCDelaware
ES BROTX Owner LLCDelaware
ES BRYTX Owner LLCDelaware
ES CAGA Owner LLCDelaware
ES CAWY Owner LLCDelaware
ES CGWI Owner LLCDelaware
ES CHNY Owner LLCDelaware
ES CHWY Owner LLCDelaware
ES COTN Owner LLCDelaware
ES CSCO Owner LLCDelaware
ES FMFL Owner LLCDelaware
ES FOCA Owner LLCDelaware
ES GELA Owner LLCDelaware
ES GUMS Owner LLCDelaware
ES HATX Owner LLCDelaware
ES HOTX Owner LLCDelaware
ES HUTX Owner LPDelaware
ES JOAR Owner LLCDelaware
ES LALA Owner LLCDelaware
ES LCFL Owner LLCDelaware
ES MAAL Owner LLCDelaware
ES MACA Owner LLCDelaware
ES MHNV Owner LLCDelaware
ES MOAL Owner LLCDelaware
ES MOCA Owner LLCDelaware
ES Portfolio Owner LLCDelaware
ES RHGA Owner LLCDelaware
ES SATX Owner LPDelaware
ES SPSC Owner LLCDelaware
ES TROH Owner LLCDelaware

        3
ES WFTX Owner LLCDelaware
ESFWTX001 LLCDelaware
ESTX Portfolio Owner GP LLCDelaware
ESTX Portfolio Owner LPDelaware
FLAL Lender LLC Delaware
GMBEIL001 LLCDelaware
HFAKOH001 LLCDelaware
HILBAOH001 LLCDelaware
HILMTOH001 LLCDelaware
Ivory OSREC OS Waterparks Aggregator LLCDelaware
Ivory OSREC OT Investor LLCDelaware
Ivory OSREC OT TRS LLCDelaware
JCDOAL002 LLCDelaware
JCHCTX001 LLCDelaware
JCLEIN002 LLCDelaware
JCMLCA002 LLCDelaware
JCPAKS002 LLCDelaware
JCSANC001 LLCDelaware
JCSEWA001 LLCDelaware
JCTANC001 LLCDelaware
LOPLMI001 LLCDelaware
LOSTOH001 LLCDelaware
LVBIAL001 LLCDelaware
LVEDKS001 LLCDelaware
LVGJCO001 LLCDelaware
LVGSVA001 LLCDelaware
LVHENV001 LLCDelaware
LVHENV002 LLCDelaware
LVHOTX001 LP Delaware
LVJOAR001 LLC Delaware
LVNLWI001 LLCDelaware
LVNOMO001 LLCDelaware
LVNOMO002 LLC Delaware
LVOSWI001 LLCDelaware
LVP Portfolio Borrower 001 LLC Delaware
LVP Portfolio Master REIT LLCDelaware
LVP Portfolio Owner LLCDelaware
LVP TX Portfolio Owner GP LLC Delaware
LVP TX Portfolio Owner LP Delaware
LVPUCO001 LLCDelaware
LVWWNV001 LLCDelaware
MCPAL Lender LLC Delaware
MGKY001 Owner LLCDelaware
Mountain DATX002 LLCDelaware
Mountain DATX004 LLCDelaware

        4
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
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
QCTSJCA001 LLC Delaware
SB ORENT PORTFOLIO OWNER LLCDelaware
SB Portfolio Owner LLCDelaware
SBALOK001 LLCDelaware

        5
SBFSAR001 LLCDelaware
SBOKCOK001 LLCDelaware
SBOKCOK002 LLCDelaware
SBOKCOK003 LLCDelaware
SBTUOK001 LLCDelaware
TEN Portfolio Excess Land Owner LLCDelaware
TEN Portfolio Owner LLCDelaware
TENCAOH001 LLCDelaware
TENELIN001 LLCDelaware
TENFRIN001 LLCDelaware
TENGLMI001 LLCDelaware
TENHAVA001 LLCDelaware
TENMOMI001 LLCDelaware
TENPAAR001 LLCDelaware
TENPLMI001 LLCDelaware
TENSENE001 LLCDelaware
TENSKIL001 LLCDelaware
TENSMTN001 LLCDelaware
TSBRPA001 LLCDelaware
TSBRPA001 SM LLCDelaware
TSTYPA001 LLCDelaware
TSTYPA001 SM LLCDelaware
WBCCTX001 LLCDelaware
WBHOTX003 LLCDelaware
WBHOTX004 LLCDelaware
WBKITX001 LLCDelaware
WBPLTX001 LLCDelaware
WBSATX001 LLCDelaware
WHRAMIA001 LLCDelaware
WTCHRI001 LLCDelaware
WTNARI001 LLCDelaware
WTNKRI001 LLCDelaware
WTWARI001 LLCDelaware
WTWERI001 LLCDelaware