Oak Street Net Lease Trust

08/19/2026 | Press release | Distributed by Public on 08/19/2026 15:02

Private Placement (Form 8-K)

Item 3.02. Unregistered Sales of Equity Securities.
As of August 3, 2026, Blue Owl Real Estate Net Lease Trust (the "Company", "we", or "us") sold 1,767,877 shares of its Class I common shares (with the final number of shares being determined on August 17, 2026) to feeder vehicles primarily created to hold the Company's Class I common shares for gross proceeds of approximately $18.9 million, based on net asset value ("NAV") per share as of July 31, 2026. The offers and sales of these shares were exempt from the registration provisions of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2), Regulation D and/or Regulation S thereunder.
Item 8.01. Other Events.
July 31, 2026 NAV Per Share
The NAV per share for each class of our common shares as of July 31, 2026 is set forth below:
NAV per share
Class S $ 10.6395
Class N
$ 10.7302
Class D $ 10.4938
Class I $ 10.7174
A detailed calculation of the NAV per share is set forth below. We calculate NAV per share in accordance with the valuation guidelines that have been approved by our Board of Trustees. Our total NAV presented in the following tables includes the NAV of our Class S, Class N, Class D, and Class I common shares, as well as the partnership interests of Blue Owl NLT Operating Partnership LP ("NLT OP") held by parties other than the Company. The following table provides a breakdown of the major components of our NAV as of July 31, 2026 ($ in thousands):
Components of NAV July 31, 2026
Cash and cash equivalents $ 300,114
Restricted cash 54,665
Investments in real estate
7,312,282
Investment in leases - financing receivables 596,606
Investments in real estate debt 1,938,261
Intangible assets
311,798
Investments in unconsolidated real estate affiliates 4,471,206
Other assets 82,793
Mortgage notes and credit facility (3,770,171)
Other borrowings (441,055)
Due to affiliates (63,433)
DST financing obligation (776,644)
Accounts payable and accrued expenses (227,929)
Other liabilities (116,231)
Net Asset Value $ 9,672,262
Number of outstanding shares/units 905,269,648
The following table provides a breakdown of our total NAV and NAV per share/unit by class as of July 31, 2026 ($ in thousands, except per share/unit data):
NAV per share Class S Shares Class N Shares Class D Shares
Class I Shares
Third-Party Operating Partnership Units (1)
Total
Monthly NAV $ 3,829,600 $ 621,068 $ 121,251 $ 4,690,791 $ 409,552 $ 9,672,262
Number of outstanding shares/units 359,940,064 57,880,424 11,554,510 437,680,843 38,213,807 905,269,648
NAV Per Share/Unit as of July 31, 2026
$ 10.6395 $ 10.7302 $ 10.4938 $ 10.7174 $ 10.7174
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(1)Includes the partnership interests of the NLT OP held by the Special Limited Partners and parties other than the Company.
Portfolio Update ($ in thousands)
As of July 31, 2026, the Company holds interests in 4,075 properties, of which 424 are wholly-owned, with a remaining weighted average base lease term of 17 years and a remaining weighted average fully extended1 lease term of 35.6 years, with annual escalations of 2.1%. The Company's total portfolio assets at fair value are $14,946,449. The Company has a credit rating of BBB2.
As of July 31, 2026, 50.3% of our consolidated real estate portfolio debt and 45.1% of our total consolidated debt was fixed through fixed-rate debt agreements or interest rate swap transactions. The weighted average interest rate and loan-to-value of our consolidated portfolio were 5.1% and 40.8%, respectively.
1 Assumes tenants exercise all options to extend lease term.
2 Morningstar DBRS finalized the issuer rating at BBB and published its private report on July 22, 2026.
Oak Street Net Lease Trust published this content on August 19, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 19, 2026 at 21:02 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]