Zahr Marc 4

What Happened

• Marc Zahr, CEO and Director of Blue Owl Real Estate Net Lease Trust, was granted 1,715,685.481 Class I operating partnership units on Feb 6, 2026. The units were awarded at $0.00 per unit (total cash cost $0). These units are derivative interests that may be exchanged for a corresponding number of Class I common shares or cash under certain conditions.

Key Details

• Transaction date: 2026-02-06; filing date: 2026-02-10 (filed within the standard two business‑day Form 4 window).
• Instrument: Class I limited partner interests in Blue Owl NLT Operating Partnership LP (operating partnership units), reported as a grant/award (code A).
• Quantity and price: 1,715,685.481 units at $0.00 (derivative award; reported value $0).
• Shares owned after transaction: not specified in the filing.
• Footnotes: (F1) Units are convertible to Class I common shares or cash equivalent and do not expire. (F2) These units represent a portion of units previously issued as a performance allocation to the partnership and allocated/distributed to Zahr on Feb 6, 2026. (F3) For estate planning, Zahr transferred 90% of the units of Augustus, LLC (an investment vehicle he controls) to a family trust for his minor children and retains 10%.
• Remark: The reporting person notes he may no longer be deemed to control Blue Owl Real Estate Net Lease Trust CPV LP and thus may not beneficially own securities directly held by that entity.

Context

• This was an award of partnership units (a derivative/convertible interest), not an open‑market purchase or sale. Such grants are commonly compensation or performance allocations and do not necessarily signal an immediate change in insider sentiment. The estate‑planning transfer noted in the footnotes is a non‑market transaction and should not be read as a buy/sell signal.