Blue Owl Real Estate Net Lease Trust Sells Class I Shares; July 31 NAV $10.7174

What Happened

• Blue Owl Real Estate Net Lease Trust filed an 8‑K on August 19, 2026 reporting (1) an unregistered sale of 1,767,877 Class I common shares (sale effective August 3, 2026; final share count determined August 17, 2026) to feeder vehicles for gross proceeds of approximately $18.9 million (priced using July 31, 2026 NAV), and (2) its NAV per share figures as of July 31, 2026. The share sale was made under exemptions to registration (Section 4(a)(2), Regulation D and/or Regulation S).
• The filing reports total Net Asset Value and portfolio metrics as of July 31, 2026, including NAV per share for each class and portfolio size and credit metrics.

Key Details

• Class I shares sold: 1,767,877 shares for ~ $18.9 million (based on July 31, 2026 NAV).
• NAV per share (July 31, 2026): Class I $10.7174; Class S $10.6395; Class N $10.7302; Class D $10.4938.
• Total NAV: $9,672,262 (amounts in the filing are stated in thousands) — roughly $9.67 billion; number of outstanding shares/units: 905,269,648.
• Portfolio: interests in 4,075 properties (424 wholly‑owned); total portfolio assets at fair value $14,946,449 (in thousands) ≈ $14.95 billion; weighted average base lease term 17 years, fully extended 35.6 years; annual escalations 2.1%.
• Credit & debt metrics: Morningstar DBRS issuer rating BBB (finalized July 22, 2026); 50.3% of consolidated real estate portfolio debt fixed; weighted average interest rate 5.1%; consolidated loan‑to‑value 40.8%.

Why It Matters

• The company raised capital (~$18.9M) through an exempt, unregistered placement of Class I shares to feeder vehicles; this increases liquidity but also increases the share count available to holders of Class I shares.
• The July 31 NAV and per‑share figures give investors the company’s most recent valuation benchmarks and show the scale and long‑dated nature of the lease portfolio (long lease terms and steady escalations).
• Portfolio size, asset valuations and the BBB rating are material indicators of credit profile and scale for investors assessing income stability and risk; debt fixed‑rate coverage and LTV help show interest‑rate and leverage exposure.

No earnings, executive changes, or merger transactions were reported in this filing.