Blue Owl Real Estate Net Lease Trust 8-K

What Happened
Blue Owl Real Estate Net Lease Trust filed an 8‑K (Feb 19, 2026) reporting two items: (1) an exempt sale of 3,355,538 Class I common shares (sale effective Feb 2, 2026, final share count determined Feb 17, 2026) to feeder vehicles for gross proceeds of approximately $35.6 million, and (2) its net asset value (NAV) per share as of January 31, 2026. The sale was made pursuant to exemptions from registration (Section 4(a)(2), Regulation D and/or Regulation S). The filing includes a full NAV breakdown and portfolio update.

Key Details

• Shares sold: 3,355,538 Class I common shares; gross proceeds ≈ $35.6 million (based on Jan 31, 2026 NAV per share). (Item 3.02)
• NAV per share (Jan 31, 2026): Class S $10.5324; Class N $10.6197; Class D $10.3963; Class I $10.6069. (Item 8.01)
• Total reported NAV: $8,323,455 (amounts in the filing presented in thousands); outstanding shares/units: 787,085,531.
• Portfolio and balance-sheet highlights as of Jan 31, 2026: interests in 3,896 properties (WALT 19 years); total portfolio assets at fair value $11,826,259 (in thousands); credit rating BBB2; 85.7% of consolidated real estate portfolio debt and 62.7% of total consolidated debt fixed; weighted average interest rate 5.2%; consolidated LTV 35.7%.

Why It Matters
The share sale provided near-term liquidity of about $35.6M and was made to affiliated feeder vehicles under private placement exemptions. The NAV disclosure gives investors updated per‑share values across all share classes and the company’s overall NAV and portfolio metrics, which are key inputs when assessing valuation, liquidity and capital structure. Portfolio details (number of properties, long lease terms, fixed‑rate coverage, credit rating and LTV) provide additional context about the company’s income stability and interest‑rate exposure.