Oak Street Net Lease Trust

05/19/2026 | Press release | Distributed by Public on 05/19/2026 15:12

Private Placement (Form 8-K)

Item 3.02. Unregistered Sales of Equity Securities.
As of May 1, 2026, Blue Owl Real Estate Net Lease Trust (the "Company", "we", or "us") sold 3,452,243 shares of its Class I common shares (with the final number of shares being determined on May 15, 2026) to feeder vehicles primarily created to hold the Company's Class I common shares for gross proceeds of approximately $36.8 million, based on net asset value ("NAV") per share as of April 30, 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.
April 30, 2026 NAV Per Share
The NAV per share for each class of our common shares as of April 30, 2026 is set forth below:
NAV per share
Class S $ 10.5871
Class N
$ 10.6752
Class D $ 10.4481
Class I $ 10.6629
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 April 30, 2026 ($ in thousands):
Components of NAV April 30, 2026
Cash and cash equivalents $ 161,655
Restricted cash 48,682
Investments in real estate
4,677,657
Investment in leases - financing receivables 596,606
Investments in real estate debt 2,371,486
Intangible assets
308,919
Investments in unconsolidated real estate affiliates 4,256,547
Other assets 82,651
Mortgage notes and credit facility (1,470,932)
Unsecured senior notes, net
(126,717)
Other borrowings (812,371)
Due to affiliates (61,624)
DST financing obligation (638,253)
Accounts payable and accrued expenses (178,646)
Other liabilities (133,165)
Net Asset Value $ 9,082,495
Number of outstanding shares/units 854,354,713
The following table provides a breakdown of our total NAV and NAV per share/unit by class as of April 30, 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 $ 3,618,971 $ 593,053 $ 105,068 $ 4,356,775 $ 408,628 $ 9,082,495
Number of outstanding shares/units 341,828,725 55,554,046 10,056,183 408,593,219 38,322,540 854,354,713
NAV Per Share/Unit as of April 30, 2026
$ 10.5871 $ 10.6752 $ 10.4481 $ 10.6629 $ 10.6629
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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 April 30, 2026, the Company holds interests in 3,904 properties, of which 276 are wholly-owned, with a remaining weighted average base lease term of 19 years and a remaining weighted average fully extended1 lease term of 39 years, with annual escalations of 2.2%. The Company's total portfolio assets at fair value are $12,412,856. The Company has a credit rating of BBB2.
As of April 30, 2026, 100.0% of our consolidated real estate portfolio debt and 66.8% 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 5.3% and 30.1%, 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 19, 2025.
Oak Street Net Lease Trust published this content on May 19, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 19, 2026 at 21:12 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]