The non-traded REIT raised roughly $22.9 million through a recent unregistered share sale while maintaining a conservative debt profile.

March 19, 2026

Blue Owl Real Estate Net Lease Trust disclosed updated net asset value figures and a recent equity sale in a report filed with the Securities and Exchange Commission on March 18, 2026.

The Chicago-based real estate investment trust reported a total net asset value of approximately $8.62 billion as of February 28, 2026, spread across more than 814.8 million outstanding shares and units. NAV per share ranged from $10.40 for Class D shares to $10.62 for Class N shares, with Class I and Class S shares priced at $10.61 and $10.53, respectively.

Recent Share Sale

The company sold roughly 2.16 million Class I common shares to feeder vehicles, generating approximately $22.9 million in gross proceeds based on the February 28 NAV. The final share count was determined on March 16, 2026, and the transactions were conducted under exemptions from Securities Act registration requirements.

Asset and Liability Breakdown

Real estate investments represented the largest asset component at approximately $4.63 billion, followed by investments in unconsolidated real estate affiliates at roughly $4.10 billion and real estate debt investments totaling about $2.31 billion. The trust held approximately $159.3 million in cash and cash equivalents. On the liabilities side, mortgage notes and credit facility borrowings totaled roughly $1.74 billion, with additional borrowings of approximately $785.2 million.

Portfolio Overview

As of the end of February, Blue Owl Net Lease Trust held interests in 3,892 properties, including 275 that are wholly owned. The portfolio carried a weighted average remaining lease term of 18 years with annual rent escalations averaging 2.2 percent. Total portfolio assets at fair value stood at approximately $12.02 billion.

The trust maintained a conservative debt profile, with about 93 percent of its consolidated real estate portfolio debt carrying fixed rates either directly or through interest rate swaps. The weighted average interest rate across the consolidated portfolio was 5.2 percent, and the loan-to-value ratio stood at 34.1 percent. The company holds a BBB issuer rating from Morningstar DBRS, which was finalized in July 2025.

Blue Owl Real Estate Net Lease Trust is classified as an emerging growth company and does not have securities registered on a public exchange.