Blue Owl Net Lease Trust Raises $152.9 Million in October as Class D Draws No Sales
Separately, the trust declared a uniform $0.0625 gross distribution across all four share classes, with net payouts differing only by servicing fee.
October 13, 2026
Blue Owl Real Estate Net Lease Trust sold 14,175,827 common shares on October 1 for gross proceeds of approximately $152.9 million, pricing the issuance off its net asset value per share as of August 31. The shares were placed under Section 4(a)(2) of the Securities Act, Regulation D and/or Regulation S.
Where the Capital Landed
Class I took the largest block of the issuance, while Class D recorded no sales:
- Class I: 7,665,934 shares for $82,558,271
- Class S: 5,550,468 shares for $59,780,168
- Class N: 959,425 shares for $10,515,900
- Class D: no shares sold
The Class S and Class N figures are stated gross of commissions, made up of sales load and dealer manager fees, of $440,111 and $170,900, respectively. Class I proceeds carry no such commission component.
The October sale continues the trust's monthly pattern of NAV-priced raises but came in below the roughly $178.6 million the trust raised on September 1. That round brought Class D back after two months without subscriptions; this time the class took no new capital.
September Distribution
On September 21, the trust declared a gross distribution of $0.0625 per share for each of its four share classes, unchanged from the gross rate declared on August 25. Because the gross rate is identical across classes, the spread in net payouts comes entirely from the shareholder servicing fee each class bears:
- Class S: $0.0550309
- Class N: $0.0580688
- Class D: $0.0603334
- Class I: $0.0625000, with no servicing fee
Shareholders of record immediately following the close of business on September 30 will be paid on or about October 19, either in cash or in additional common shares for those enrolled in the distribution reinvestment plan.
The trust, organized in Maryland and referred to in its disclosures as ORENT, has no securities listed on an exchange and continues to report as an emerging growth company.
