Blue Owl Net Lease REIT Raises $178.6 Million as Class D Rejoins the Offering

A share class that sat out the trust’s two prior rounds took subscriptions again, restoring capital flow across all four sleeves.

September 4, 2026

Blue Owl Real Estate Net Lease Trust raised approximately $178.6 million of new equity on September 1, issuing 16,640,734 common shares priced against the trust’s net asset value per share as of July 31. The placement was made without registration, relying on Section 4(a)(2) of the Securities Act together with Regulation D and Regulation S.

How the raise split

Class I again took the largest single block. The four sleeves broke down as follows:

• Class I: 8,378,850 shares for $89,799,485
• Class S: 6,230,406 shares for $66,767,146
• Class N: 1,912,360 shares for $20,814,675
• Class D: 119,118 shares for $1,250,000

The Class S and Class N figures are stated gross of embedded commissions, consisting of sales load and dealer manager fees, of $478,739 and $294,675 respectively. Class I, which carries no shareholder servicing fee, and Class D show no such deduction.

The Class D line is the one that changes

That sleeve went untouched in the trust’s two preceding rounds, leaving Class I, Class S and Class N to absorb the whole of each raise, including the August round in which the trust drew roughly $161.4 million. Its reappearance in September restores subscriptions across all four classes.

September also reverses a step down in volume. The August total sat well below the roughly $198.3 million the trust raised on July 1, and the latest figure lands between the two. For a perpetual-life vehicle that issues shares continuously at NAV-based prices, the monthly issuance total is one of the few running reads available on demand through the distribution channel.

Distributions

Separately, the trust declared distributions on August 25 at a gross rate of $0.0625000 per share, applied identically across all four classes and unchanged from the rate declared a month earlier. Class-level shareholder servicing fees pull the net figures apart:

• Class S: $0.0548192
• Class N: $0.0579433
• Class D: $0.0602719
• Class I: $0.0625000, undiminished

Holders of record immediately following the close of business on August 31 will be paid on or about September 17, either in cash or in additional common shares for those enrolled in the trust’s distribution reinvestment plan.

The trust, organized in Maryland and identified in its own disclosure as ORENT, has no securities listed on any exchange and continues to report as an emerging growth company.