We experimentally investigate and analyze the rich dynamics in F=2 spinor Bose-Einstein condensates of 87 Rb. An interplay between mean-field driven spin dynamics and hyperfine-changing losses in addition to interactions with the thermal component is observed. In particular we measure conversion rates in the range of 10 −12 cm 3 s −1 for spin changing collisions within the F=2 manifold and spin-dependent loss rates in the range of 10 −13 cm 3 s −1 for hyperfine-changing collisions. From our data we observe a polar behavior in the F=2 ground state of 87 Rb, while we measure the F=1 ground state to be ferromagnetic. Furthermore we see a magnetization for condensates prepared with non-zero total spin.PACS numbers: 03.75. Mn, 34.50.Pi, 03.75.Hh The investigation of atomic spin systems is central for the understanding of magnetism and a highly active area of research e.g. with respect to magnetic nanosystems, spintronics and magnetic interactions in high T c superconductors. In addition entangled spin systems in atomic quantum gases show intriguing prospects for quantum optics and quantum computation [1,2,3,4,5]. Bose-Einstein condensates (BEC) of ultra-cold atoms offer new regimes for studies of collective spin phenomena [6,7,8,9,10,11,12,13]. BECs with spin degree of freedom are special in the sense that their order parameter is a vector in contrast to the "common" BEC where it is a scalar. Recent extensive studies have been made in optically trapped 23 Na in the F=1 state [10,11,12,13]. In addition evidence of spin dynamics was demonstrated in optically trapped 87 Rb in the F=1 state [14]. There is current interest in extending the systems under investigation to F=2 spinor condensates [15,16,17,18,19,20], which add significant new physics. F=2 spinor condensates offer richer dynamics, an additional magnetic phase, the so-called cyclic phase [16,18], as well as intrinsic connections to d-wave superconductors [21].In this letter we present first studies of optically trapped 87 Rb F=2 spinor condensates. We measure rates for spin changing collisions for different channels within the F=2 manifold and discuss the steady state for various initial conditions. Additionally we observe and discuss the thermalization of dynamically populated m F condensates. We also present measurements of spin-dependent hyperfine decay rates of the F=2 state in 87 Rb, as a key to further understanding the intensively studied collisional properties of 87 Rb [22,23].Our experimental setup consists of a compact double MOT apparatus which produces magnetically trapped 87 Rb Bose-Einstein condensates containing 10 6 atoms in the F=2, m F = 2 state. To confine the atoms independently of their spin state they are subsequently transferred into a far detuned optical dipole trap. It is operated at 1064 nm generating trapping frequencies of typically 2π × 891 Hz vertically, 2π × 155 Hz horizontally and 2π × 21.1 Hz along the beam direction. After transfer we further cool the ensemble for 500 ms by selective parametric excitation [24] resulting in ...