Blue Owl Real Estate Net Lease Trust Reports August NAV, Share Sales & Repurchases

What Happened
Blue Owl Real Estate Net Lease Trust filed an 8‑K (Sept. 18, 2026) reporting its NAV per share as of August 31, 2026 and disclosing recent share transactions. The company sold 2,318,790 Class I common shares (final share count determined Sept. 16, 2026) to feeder vehicles for gross proceeds of approximately $25.0 million, priced based on the Aug. 31 NAV. The sale was made in reliance on exemptions from registration (Section 4(a)(2), Regulation D and/or Regulation S). On Sept. 4, 2026 the company repurchased 3,219,537 Class S shares, 346,843 Class N shares, 217,021 Class D shares and 9,650,361 Class I shares for an aggregate purchase price of about $143.7 million (≈1.5% of NAV).

Key Details

• Total Net Asset Value (NAV) as of Aug. 31, 2026: $9,967,277 (amounts reported in the filing are in thousands) — i.e., about $9.967 billion. Total outstanding shares/units: 928,356,661.
• NAV per share (Aug. 31, 2026): Class S $10.6910; Class N $10.7825; Class D $10.5440; Class I $10.7695.
• Unregistered sale: 2,318,790 Class I shares for ≈$25.0 million (priced off Aug. 31 NAV); exemptions: Section 4(a)(2), Reg D and/or Reg S.
• Share repurchases (Sept. 4, 2026): total ≈$143.7 million; equivalent to ~1.5% of the company’s NAV.
• Portfolio snapshot (as of Aug. 31, 2026): interests in 4,083 properties (424 wholly owned); portfolio assets at fair value ≈ $15,063,608 (filed in thousands; ≈$15.064 billion); weighted average base lease term 16 years, fully extended 35 years; annual escalations 2.1%; credit rating: Morningstar DBRS BBB; weighted avg interest rate 5.1%, loan‑to‑value 37.6%; 55.0% of consolidated real estate portfolio debt fixed.

Why It Matters
This filing gives investors updated NAV metrics, portfolio scale and financing profile, plus recent capital activity that affects share count and liquidity. The unregistered sale raised modest capital ($25M) at NAV pricing, while the larger repurchase program ($143.7M) reduced outstanding shares and represented about 1.5% of NAV — both actions can influence per‑share metrics and investor liquidity. The portfolio and financing statistics (long lease terms, substantial fixed-rate debt, ~37.6% LTV) provide context on the company’s asset backing and interest‑rate exposure.