Reiter Michael 4

What Happened

• Michael Reiter, Chief Operating Officer of Blue Owl Real Estate Net Lease Trust, was granted 187,677.536 Class I limited partnership units on February 6, 2026. The units were reported with an acquisition price of $0.00 (transaction code A — award/grant); reported value on the Form 4 is $0.
• These are Blue Owl NLT Operating Partnership Units (derivative interests) that, subject to restrictions, may be exchanged for a corresponding number of Class I common shares or the cash equivalent.

Key Details

• Transaction date: February 6, 2026. Filing date (Form 4): February 10, 2026 (filed within the standard two-business-day window).
• Units granted: 187,677.536 Blue Owl NLT Operating Partnership Units at $0.00 per unit; reported monetary value $0 (derivative award).
• Shares/units owned after transaction: not specified in the summary of the filing provided.
• Footnotes from the filing:
  • F1: Units are Class I limited partner interests exchangeable for Class I common shares or cash equivalent; units do not expire.
  • F2: These units were part of a performance allocation previously issued to Blue Owl Real Estate Net Lease Trust CPV LP; a portion was allocated and distributed to the reporting person on Feb 6, 2026.

Context

• This was an equity award (performance allocation distribution), not a purchase or sale, so it does not by itself signal buying or selling intent in the market.
• As these are partnership units convertible to common shares (or cash), they can increase insider exposure to company equity once exchanged, but conversion and any subsequent sale would be reported separately.