Affiliates of Blue Owl Capital Inc. have entered into a definitive merger agreement to acquire all outstanding shares of Sila Realty Trust, Inc. for $30.38 per share in an all-cash transaction valued at approximately $2.4Bn. The deal, announced on April 20, 2026, represents a 19.0% premium to Sila’s closing price of $25.53 on April 17, 2026 and a 25.6% premium to its 30-trading day volume-weighted average price. The transaction has been unanimously approved by Sila’s Board of Directors and is expected to close in the second or third quarter of 2026, subject to shareholder approval and customary regulatory conditions. Upon closing, Sila will be de-listed from the New York Stock Exchange and become a privately held company.

Strategic Rationale: Blue Owl Capital

Blue Owl Capital is a New York-based alternative asset manager with over $307Bn in assets under management across three platforms: Credit, Real Assets and GP Strategic Capital. The firm operates with a permanent capital orientation, drawing on institutional, individual and insurance company capital to pursue long-duration private market strategies. The acquisition of Sila is conducted through affiliates of Blue Owl Real Estate Capital LLC, its Real Assets platform.

For Blue Owl, the transaction represents a scaled entry into healthcare net lease real estate — an asset class characterized by long-term contractual cash flows, structural insulation from operating cost volatility and demand anchored by demographic trends rather than economic cycles. Net lease healthcare assets, in which tenants bear responsibility for maintenance, insurance and taxes under triple-net structures, have attracted increasing institutional interest as investors seek income stability in a higher-rate environment. The all-cash structure of this acquisition reflects Blue Owl’s capital deployment capacity and may reflect a view that Sila’s public market valuation did not fully reflect the underlying portfolio’s intrinsic characteristics.

The go-private format affords Blue Owl operational flexibility that public ownership constrains. Without the disclosure obligations and short-term performance pressures of a listed vehicle, Blue Owl may be better positioned to pursue portfolio refinements, selective asset dispositions or opportunistic additions on a timeline suited to long-duration investment strategies. The transaction also extends Blue Owl’s stated positioning as a provider of private capital solutions to asset-intensive sectors — a thesis that healthcare infrastructure, with its combination of essential function and limited new supply, may reinforce.

Strategic Rationale: Sila Realty Trust

Sila Realty Trust is a Tampa, Florida-based net lease REIT focused exclusively on the healthcare sector. As of March 31, 2026, Sila Reality Trust owned 137 properties and three undeveloped land parcels spanning over 5 million square feet across 65 U.S. markets. The portfolio is diversified across healthcare delivery settings along the continuum of care, with tenants operating facilities including outpatient surgery centers, specialty clinics, rehabilitation facilities and other healthcare infrastructure. Lease structures are predominantly triple-net with long weighted average remaining terms, a configuration that supports predictable revenue recognition and limits direct management complexity.

The decision to pursue a sale reflects the strategic options available to a publicly listed, non-traded adjacent healthcare REIT of Sila’s scale and profile. While Sila had built a well-curated portfolio, the economics of maintaining a public company structure — including compliance costs, investor relations obligations and quarterly reporting cycles — carry a fixed overhead that smaller REITs can find difficult to justify relative to the benefits of public market access. A take-private transaction at a 19.0% premium to last close and 25.6% premium to the 30-day VWAP provides shareholders with immediate, certain liquidity at a price that management and the board concluded reflected full value.

The all-cash consideration eliminates reinvestment risk for exiting shareholders and removes any dependency on the acquirer’s share price performance — a structure that tends to be viewed favorably in transactions in which the target operates in a specialized sector with limited comparable public market benchmarks.

Asset Profile: Sila’s Portfolio

Sila’s 137-property portfolio spans a geographically diverse set of healthcare markets, with properties concentrated in high-population Sun Belt and regional hub markets that have demonstrated consistent healthcare demand growth. The triple-net lease structure across the portfolio transfers operating cost exposure to tenants, while long lease durations reduce near-term re-leasing risk and provide a stable base of contractual income.

The continuum-of-care positioning — spanning surgical, rehabilitative and outpatient settings — may offer an additional layer of diversification relative to single-category healthcare REITs. Facilities that serve multiple stages of patient treatment are generally considered less vulnerable to reimbursement changes in any single service category. For an acquirer with a long investment horizon, the combination of geographic spread, lease structure and facility type diversification may present a portfolio with limited near-term downside risk.

Sector Context and Industry Implications

The transaction occurs against a backdrop of sustained institutional interest in healthcare real estate, driven in part by an aging U.S. population, expanding demand for outpatient care settings and a structural shift in healthcare delivery away from inpatient hospital environments toward lower-cost ambulatory and specialty facilities. These dynamics have supported consistent occupancy and rent growth across healthcare net lease portfolios in recent years.

The involvement of a large alternative asset manager in a healthcare REIT take-private may signal a broader pattern: as publicly traded REIT valuations remain sensitive to interest rate expectations, private market buyers with permanent or long-duration capital may perceive a structural pricing advantage. If that dynamic persists, additional healthcare-focused REITs — particularly those with scale limitations or concentrated ownership profiles — may attract similar interest from well-capitalized private acquirers.

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