Blue Owl Net Lease Trust Raises $169.8 Million in November as Class D Returns

The trust also held its gross distribution at $0.0625 per share, though larger servicing fee deductions trimmed net payouts on three of its four classes.

November 5, 2026

Blue Owl Real Estate Net Lease Trust sold 15,744,422 common shares on November 2 for gross proceeds of approximately $169.8 million, pricing the sale off its net asset value per share as of September 30. The shares were placed under Section 4(a)(2) of the Securities Act, Regulation D and/or Regulation S.

The November total is larger than the roughly $152.9 million the trust raised on October 1, a round in which Class D recorded no sales. Class D shares sold again in November.

Sales by Share Class

• Class I: 8,544,531 shares for $91,997,252
• Class S: 5,871,067 shares for $63,304,913
• Class N: 1,140,975 shares for $12,481,710
• Class D: 187,849 shares for $1,999,800

The Class S, Class N and Class D figures include commissions, made up of sales load and dealer manager fees, of $558,465, $183,710 and $19,800, respectively. Class I proceeds include no commissions.

The trust reported its September 30 NAV per share in mid-October at $10.7785 for Class N, $10.7668 for Class I, $10.6874 for Class S and $10.5404 for Class D. As of that date, total NAV stood at approximately $10.06 billion across about 937.4 million outstanding shares and operating partnership units.

October Distribution

On October 22, the trust declared a gross distribution of $0.0625 per share for each of its four share classes, the same gross rate it declared on September 21. Net amounts after shareholder servicing fees are:

• Class S: $0.0547846
• Class N: $0.0579228
• Class D: $0.0602620
• Class I: $0.0625000, with no servicing fee

The per-share servicing fee deductions for Classes S, N and D are each slightly larger than in the September declaration, leaving those net payouts marginally lower.

Shareholders of record immediately following the close of business on October 31 will be paid on or about November 18, either in cash or in additional common shares for those enrolled in the distribution reinvestment plan.