Blue Owl Real Estate Net Lease Trust 8-K

What Happened

• Blue Owl Real Estate Net Lease Trust filed an 8-K reporting an unregistered sale of 3,825,714 Class I common shares (final number determined Jan 16, 2026) to feeder vehicles for gross proceeds of approximately $40.4 million. The sale (as of Jan 2, 2026) was exempt from registration under Section 4(a)(2), Regulation D and/or Regulation S.
• The company disclosed its Net Asset Value (NAV) as of December 31, 2025, including NAV per share by class and portfolio metrics used to support that valuation.

Key Details

• Shares sold: 3,825,714 Class I common shares for gross proceeds of ~$40.4 million (priced using NAV per share as of 12/31/2025).
• NAV and share counts (as of 12/31/2025):
  • Total NAV: $8,005,595 (reported in thousands) — about $8.006 billion.
  • Outstanding shares/units: 759,569,944.
  • NAV per share: Class S $10.4980; Class N $10.5838; Class D $10.3620; Class I $10.5706.
• Portfolio and balance-sheet highlights (12/31/2025):
  • Interests in 3,889 properties; weighted average lease term ~19 years; 270 wholly owned, 3,576 via STORE, 43 via joint ventures.
  • Total portfolio assets at fair value: $11,297,691 (reported in thousands) — about $11.298 billion.
  • Credit rating: BBB (Morningstar DBRS). 86.6% of consolidated real estate portfolio debt fixed; 62.9% of total consolidated debt fixed.
  • Weighted average interest rate: 5.2%; loan-to-value (LTV): 36.9%.

Why It Matters

• The company raised roughly $40.4M through an exempt issuance of Class I shares, which is a modest capital raise relative to its ~759.6 million outstanding shares (the issuance represents about 0.5% of outstanding shares). This increases equity capital without a public registered offering.
• The disclosed NAV per share and portfolio metrics give investors an updated view of valuation ($8.006B NAV, ~$11.3B portfolio assets), portfolio composition, and interest-rate/loan-to-value profile, which are useful when assessing valuation, leverage and income stability.