The real estate investment trust expanded its capital base while reporting a diversified portfolio of nearly 3,900 properties and a BBB credit rating.

February 23, 2026

New Capital Priced Off January NAV

Blue Owl Real Estate Net Lease Trust added $35.6 million in new capital through the sale of more than 3.35 million Class I shares. The shares were priced using the company’s net asset value per share as of January 31, 2026, and were issued to feeder vehicles formed primarily to hold Class I stock.

The final share count was determined in mid-February, completing the transaction and expanding the company’s equity base.

Net Asset Value Snapshot

As of January 31, 2026, total net asset value stood at approximately $8.32 billion, supported by about 787 million shares and operating partnership units outstanding.

Net asset value per share by class was reported as:

• Class S: $10.5324
• Class N: $10.6197
• Class D: $10.3963
• Class I: $10.6069

Asset Composition

The balance sheet reflects a broad mix of real estate equity and debt exposure. Key components included:

• $4.56 billion in real estate investments
• $2.35 billion in real estate debt investments
• $3.89 billion in unconsolidated real estate affiliates
• $512 million in lease financing receivables
• More than $251 million in cash and restricted cash

Liabilities included $1.90 billion in mortgage notes and credit facilities, $757 million in other borrowings, and $126.6 million in unsecured senior notes, along with additional accrued expenses and other obligations.

Portfolio Scale And Lease Profile

The trust holds interests in 3,896 properties with a weighted average remaining lease term of 19 years.

Portfolio ownership breaks down as follows:

• 271 wholly owned properties
• 3,582 properties held through an investment in STORE
• 43 properties owned through other joint ventures

Total portfolio assets were valued at approximately $11.83 billion at fair value.

Debt Structure And Credit Profile

Debt exposure remains largely fixed. About 85.7% of consolidated real estate portfolio debt is fixed through either fixed-rate agreements or interest rate swaps. Across total consolidated debt, approximately 62.7% carries fixed exposure.

The weighted average interest rate is 5.2%, with a loan-to-value ratio of 35.7%. The company maintains a BBB issuer credit rating.

The latest capital raise adds incremental equity to a platform defined by long lease durations, diversified property exposure, and a structured approach to managing leverage.