Class I shares drove more than half the proceeds as the net lease vehicle held its monthly distribution steady.

July 7, 2026

Blue Owl Real Estate Net Lease Trust sold roughly 18.5 million common shares on July 1, 2026, generating approximately $198.3 million in gross proceeds. The sale was priced off the trust’s net asset value per share as of May 31, 2026, and was completed through the private placement exemptions the vehicle relies on for its continuous capital raising.

Class I shares accounted for the largest portion of the offering, with about 10.04 million shares sold for roughly $107.4 million. The remaining classes contributed as follows:

• Class S: approximately 6.98 million shares for about $74.7 million
• Class N: roughly 1.5 million shares for about $16.2 million
• Class D: no shares sold in this round

Commissions embedded in the Class S and Class N proceeds, reflecting sales load and dealer manager fees, totaled approximately $536,415 and $186,700, respectively.

The scale of this raise stands out against the trust’s earlier activity this year. The July sale of nearly $198.3 million is many times the roughly $22.9 million the vehicle raised in a comparable share sale reported in March, when Blue Owl Real Estate Net Lease Trust disclosed a $22.9 million Class I sale alongside an $8.62 billion net asset value.

Distributions

Alongside the equity sale, the trust declared its latest monthly distributions on June 23, 2026. Each share class was set a gross distribution of $0.0625 per share. After deducting class-specific shareholder servicing fees, net distributions came to approximately $0.0551 for Class S, $0.0581 for Class N, and $0.0603 for Class D. Class I shares, which carry no servicing fee, received the full gross amount.

The distributions are payable to shareholders of record as of the close of business on June 30, 2026, with payment scheduled on or about July 17, 2026. Holders may take the distribution in cash or reinvest it through the distribution reinvestment plan.

The pairing of a large capital inflow with a maintained distribution rate reflects the ordinary operating rhythm of a perpetual-life net lease REIT, which continuously issues shares at monthly NAV-based prices while returning income to existing holders.