Hom Jesse 4

What Happened
Jesse Hom, Chief Investment Officer of Blue Owl Real Estate Net Lease Trust (Blue Owl NLT), received an award of 469,193.841 Blue Owl NLT Operating Partnership Units on February 6, 2026. The units were received at $0.00 per unit (a non‑cash, derivative award) and were reported on a Form 4 filed February 10, 2026. These partnership units are exchangeable, subject to certain restrictions, for a corresponding number of Class I common shares (par value $0.01) or the cash equivalent.

Key Details

• Transaction date: February 6, 2026; Form 4 filed February 10, 2026 (within the typical 2-business-day reporting window).
• Transaction type/code: A (Grant/Award); derivative instrument: Blue Owl NLT Operating Partnership Units.
• Amount: 469,193.841 units acquired at $0.00 per unit (no cash paid).
• Shares owned after transaction: Not specified in the Form 4 filing.
• Footnotes:
  • F1 — Units represent Class I limited partner interests in the Operating Partnership and may be exchanged for Class I common shares or cash; units do not expire.
  • F2 — These units represent a portion of Operating Partnership units previously issued to Blue Owl Real Estate Net Lease Trust CPV LP as a performance allocation; a portion was allocated to and distributed to the reporting person on Feb 6, 2026.

Context
This was an equity award/performance allocation distribution to an executive, not an open‑market purchase or sale. Such awards are typically compensation or performance‑based and do not by themselves indicate a buy/sell decision. Because the units are convertible into common shares (or cash) subject to restrictions, they represent potential future equity exposure rather than immediate share sales.