Rozier Gary 4

What Happened

• Gary Rozier, President of Blue Owl Real Estate Net Lease Trust (Blue Owl NLT), received an award of 375,355.073 Class I limited partner units on 2026-02-06. The units were reported as acquired at $0.00 (transaction code A — award/grant) and are structured as derivative interests rather than a cash purchase.

Key Details

• Transaction date: February 6, 2026; Filing date: February 10, 2026 (Form 4 filed timely).
• Amount: 375,355.073 Blue Owl NLT Operating Partnership Units; reported price $0.00 per unit.
• Shares owned after transaction: not specified in the provided summary (check the full Form 4 for post-transaction beneficial ownership totals).
• Footnotes:
  • F1 — These are Class I limited partner interests in the Blue Owl NLT Operating Partnership LP that may, subject to restrictions, be exchanged for a corresponding number of Class I common shares or cash equivalent; they do not expire.
  • F2 — The 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 Rozier on Feb 6, 2026.

Context

• This was an award of partnership units (compensation/performance allocation), not an open-market purchase or sale. Such derivative units can often be converted into common shares or settled for cash under the company's exchange terms and are commonly used for executive compensation rather than signaling immediate buying/selling intent.