DST Program (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Delaware Statutory Trusts Program Activity and Financing Obligation

The following tables provide details on the Company’s DST Program activity:


	For the Year Ended December 31,
	2025		2024		2023
Net proceeds from DST Interests sold (1)	$	299,033	$	38,433	$	13,694
Master lease payments (2)	$	16,874	$	4,478	$	1,120
Distributions from the Company's DST Interests	$	5,399	$	3,500	$	611

(1) Proceeds from DST Interests sold for the years ended December 31, 2025, 2024, and 2023 are net of total upfront fees at closing of $6,305, $620, and $138, respectively, of which the Company earned $4,136, $384, and $138, respectively. The upfront fees earned at closing by the Company are included within Other income (expense), net on the Consolidated Statements of Operations.

(2) We account for payments made to the DSTs under the master leases as a reduction of our financial obligations prior to remeasuring the fair value.


	December 31, 2025		December 31, 2024
DST financing obligation (1)	$	350,125	$	52,123

(1) The DST financing obligation is included within Other liabilities on the Consolidated Balance Sheets.

Blue Owl Real Estate Net Lease Trust 10-K