Oak Street Net Lease Trust

03/18/2026 | Press release | Distributed by Public on 03/18/2026 14:13

Private Placement (Form 8-K)

Item 3.02. Unregistered Sale of Equity Securities.
As of March 2, 2026, Blue Owl Real Estate Net Lease Trust (the "Company", "we", or "us") sold 2,156,113 shares of its Class I common shares (with the final number of shares being determined on March 16, 2026) to feeder vehicles primarily created to hold the Company's Class I common shares for gross proceeds of approximately $22.9 million, based on net asset value ("NAV") per share as of February 28, 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.
February 28, 2026 NAV Per Share
The NAV per share for each class of our common shares as of February 28, 2026 is set forth below:
NAV per share
Class S $ 10.5328
Class N
$ 10.6202
Class D $ 10.3965
Class I $ 10.6075
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 February 28, 2026 ($ in thousands):
Components of NAV February 28, 2026
Cash and cash equivalents $ 159,325
Restricted cash 47,002
Investments in real estate
4,625,976
Investment in leases - financing receivables 511,986
Investments in real estate debt 2,305,166
Intangible assets
303,391
Investments in unconsolidated real estate affiliates 4,097,606
Other assets 45,973
Mortgage notes and credit facility (1,741,612)
Unsecured senior notes, net
(126,621)
Other borrowings (785,166)
Due to affiliates (40,848)
Accounts payable and accrued expenses (151,679)
Other liabilities (632,645)
Net Asset Value $ 8,617,854
Number of outstanding shares/units 814,867,671
The following table provides a breakdown of our total NAV and NAV per share/unit by class as of February 28, 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 $ 3,463,201 $ 546,000 $ 96,380 $ 4,097,105 $ 415,168 $ 8,617,854
Number of outstanding shares/units 328,801,292 51,411,571 9,270,344 386,245,411 39,139,053 814,867,671
NAV Per Share/Unit as of February 28, 2026
$ 10.5328 $ 10.6202 $ 10.3965 $ 10.6075 $ 10.6075
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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 February 28, 2026, the Company holds interests in 3,892 properties, of which 275 are wholly-owned, with a remaining weighted average lease term of 18 years and annual escalations of 2.2%. The Company's total portfolio assets at fair value are $12,016,634. The Company has a credit rating of BBB1.
As of February 28, 2026, 93.1% of our consolidated real estate portfolio debt and 65.9% 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 5.2% and 34.1%, respectively.
1Morningstar 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 March 18, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 18, 2026 at 20:13 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]