Oak Street Net Lease Trust

12/19/2025 | Press release | Distributed by Public on 12/19/2025 08:02

Private Placement (Form 8-K)

Item 3.02. Unregistered Sale of Equity Securities.
As of December 1, 2025, Blue Owl Real Estate Net Lease Trust (the "Company", "we", or "us") sold 3,833,067 shares of its Class I common shares (with the final number of shares being determined on December 15, 2025) to feeder vehicles primarily created to hold the Company's Class I common shares for gross proceeds of approximately $40.2 million, based on net asset value ("NAV") per share as of November 30, 2025. 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.
November 30, 2025 NAV Per Share
The NAV per share for each class of our common shares as of November 30, 2025 is set forth below:
NAV per share
Class S $ 10.4211
Class N
$ 10.5058
Class D $ 10.2864
Class I $ 10.4927
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 November 30, 2025 ($ in thousands):
Components of NAV November 30, 2025
Cash and cash equivalents $ 384,224
Restricted cash 46,241
Investments in real estate
3,576,921
Investment in leases - financing receivables 458,663
Investments in real estate debt 2,012,614
Intangible assets
222,254
Investments in unconsolidated real estate affiliates 3,711,041
Other assets 106,311
Mortgage notes and credit facility (1,419,491)
Unsecured senior notes, net
(126,432)
Other borrowings (556,600)
Due to affiliates (35,369)
Accounts payable and accrued expenses (144,882)
Other liabilities (453,941)
Net Asset Value $ 7,781,554
Number of outstanding shares/units 743,776,825
The following table provides a breakdown of our total NAV and NAV per share/unit by class as of November 30, 2025 ($ 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 $ 3,116,174 $ 489,555 $ 93,615 $ 3,701,356 $ 380,854 $ 7,781,554
Number of outstanding shares/units 299,025,800 46,598,537 9,100,822 352,754,650 36,297,016 743,776,825
NAV Per Share/Unit as of November 30, 2025
$ 10.4211 $ 10.5058 $ 10.2864 $ 10.4927 $ 10.4927
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(1)Includes the partnership interests of the NLT OP held by the Special Limited Partners and other NLT OP interests held by parties other than us.
Portfolio Update ($ in thousands)
As of November 30, 2025, the Company holds interests in 3,857 properties with a remaining weighted average lease term of 18 years, of which 254 are wholly-owned, 3,561 are through its investment in STORE1, and 42 are through other joint ventures. The Company's total portfolio assets at fair value are $10,374,273. The Company has a credit rating of BBB2.
As of November 30, 2025, 74.0% of our 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 5.3% and 32.3%, respectively.
1STORE Capital LLC and Waterparks LLC ("STORE")
2Morningstar DBRS finalized the issuer rating at BBB and published its private report on July 19, 2025.
Oak Street Net Lease Trust published this content on December 19, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on December 19, 2025 at 14:02 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]