UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 8-K

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CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): ~~February~~March 2616, 2026

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Blue Owl Real Estate Net Lease Trust

(Exact name of registrant as specified in its charter)

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Maryland	000-56536	88-1672312
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


150 N Riverside Plaza, 37th Floor Chicago, IL			60606
(Address of principal executive offices)			(Zip Code)

Registrant’s Telephone Number, Including Area Code: (888) 215-2015

Not applicable

(Former name or former address, if changed since last report.)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 3.02. Unregistered Sale of Equity Securities.

OnAs of March 2, 2026, Blue Owl Real Estate Net Lease Trust (the “Company,”, “~~ORENT” “~~we”, or “us”) sold an2,156,113 ~~aggregate~~shares of ~~23,494,517~~its Class I common shares (with the final number of ~~its~~shares being determined on March 16, 2026) to feeder vehicles primarily created to hold the Company’s Class I common shares for gross proceeds of approximately $~~249~~22.59 million, based on net asset value (“NAV”) per share as of ~~January~~February 3128, 2026. The offers and sales of these shares were exempt from the registration provisions of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2), Regulation D and/or Regulation S thereunder.

The following table details the common shares sold:

Common shares

Number of Shares Sold

Gross Proceeds

Class S

8,950,623

$94,863,260*

Class N

2,551,806

$27,449,560*

Class D

529,034

$5,555,000*

Class I

11,463,054

$121,587,469

*Gross proceeds for Class S, Class N and Class D shares include aggregate commissions, which consist of the sales load and dealer manager fees, of $591,718, $350,146 and $55,000, respectively.

Item 8.01. Other Events.

~~Distributions~~February 28, 2026 NAV Per Share

OnThe ~~February 26,~~NAV ~~2026,~~per ~~the~~share ~~Company declared distributions~~ for each ~~outstanding~~ class of ~~its~~our common shares inas ~~the~~of ~~amount~~February 28, ~~per~~2026 ~~share~~is set forth below:

Gross Distribution

Shareholder Servicing Fee

Net Distribution

NAV per share

Class S

10.5328

~~$0.0625000~~

~~$(0.0074605)~~

~~$0.0550395~~

Class N

10.6202

~~$0.0625000~~

~~$(0.0044249)~~

~~$0.0580751~~

Class D

10.3965

~~$0.0625000~~

~~$(0.0021659)~~

~~$0.0603341~~

Class I

10.6075

~~$0.0625000~~

$—

~~$0.0625000~~

~~The~~A ~~net~~detailed ~~distributions~~calculation ~~for~~of ~~each~~the ~~class~~NAV ofper ~~common~~share ~~shares~~is ~~(which~~set ~~represents~~forth ~~the~~below. ~~gross~~We ~~distributions~~calculate ~~less~~NAV ~~shareholder~~per ~~servicing~~share ~~fees~~in ~~for~~accordance with the ~~applicable~~valuation ~~class~~guidelines ofthat ~~common~~have ~~shares)~~been ~~are~~approved ~~payable~~by toour ~~shareholders~~Board of ~~record~~Trustees. ~~immediately~~Our total NAV presented in the following tables includes the ~~close~~NAV of ~~business~~our onClass ~~February 28~~S, ~~2026~~Class ~~and~~N, ~~will~~Class beD, ~~paid~~and onClass orI ~~about~~common ~~March 17~~shares, ~~2026.~~as ~~These~~well ~~distributions~~as ~~will~~the bepartnership ~~paid~~interests inof ~~cash~~Blue orOwl ~~reinvested~~NLT inOperating ~~shares~~Partnership ofLP (“NLT OP”) held by parties other than the Company’s. ~~common~~The ~~shares~~following ~~for~~table ~~shareholders~~provides ~~participating~~a inbreakdown of the ~~Company’s~~major ~~distribution~~components ~~reinvestment~~of ~~plan.~~our NAV as of February 28, 2026 ($ in thousands):


Components of NAV	February 28, 2026
Cash and cash equivalents	$	159,325
Restricted cash	47,002
Investments in real estate	4,625,976
Investment in leases - financing receivables	511,986
Investments in real estate debt	2,305,166
Intangible assets	303,391
Investments in unconsolidated real estate affiliates	4,097,606
Other assets	45,973
Mortgage notes and credit facility	(1,741,612)
Unsecured senior notes, net	(126,621)
Other borrowings	(785,166)
Due to affiliates	(40,848)
Accounts payable and accrued expenses	(151,679)
Other liabilities	(632,645)
Net Asset Value	$	8,617,854
Number of outstanding shares/units	814,867,671

The following table provides a breakdown of our total NAV and NAV per share/unit by class as of February 28, 2026 ($ in thousands, except per share/unit data):


NAV per share	Class S Shares		Class N Shares		Class D Shares		Class I Shares		Third - Party Operating Partnership Units (1)		Total
Monthly NAV	$	3,463,201	$	546,000	$	96,380	$	4,097,105	$	415,168	$	8,617,854
Number of outstanding shares/units	328,801,292		51,411,571		9,270,344		386,245,411		39,139,053		814,867,671
NAV Per Share/Unit as of February 28, 2026	$	10.5328	$	10.6202	$	10.3965	$	10.6075	$	10.6075

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(1)Includes the partnership interests of the NLT OP held by the Special Limited Partners and other NLT OP interests held by parties other than us.

Portfolio Update ($ in thousands)

As of February 28, 2026, the Company holds interests in 3,892 properties, of which 275 are wholly-owned, with a remaining weighted average lease term of 18 years and annual escalations of 2.2%. The Company’s total portfolio assets at fair value are $12,016,634. The Company has a credit rating of BBB1.

As of February 28, 2026, 93.1% of our consolidated real estate portfolio debt and 65.9% of our total consolidated debt was fixed through fixed-rate debt agreements or interest rate swap transactions. The weighted average interest rate and loan-to-value of our consolidated portfolio were 5.2% and 34.1%, respectively.

1 Morningstar DBRS finalized the issuer rating at BBB and published its private report on July 19, 2025.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Blue Owl Real Estate Net Lease Trust
	By:	/s/ Kevin Halleran
		Name:	Kevin Halleran
		Title:	Chief Financial Officer
Date: March 4, 2026
Date: March 18, 2026

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