Oak Street Net Lease Trust

06/18/2026 | Press release | Distributed by Public on 06/18/2026 14:38

Private Placement (Form 8-K)

Item 3.02. Unregistered Sales of Equity Securities.
As of June 1, 2026, Blue Owl Real Estate Net Lease Trust (the "Company", "we", or "us") sold 4,023,007 shares of its Class I common shares (with the final number of shares being determined on June 15, 2026) to feeder vehicles primarily created to hold the Company's Class I common shares for gross proceeds of approximately $43.0 million, based on net asset value ("NAV") per share as of May 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.
May 31, 2026 NAV Per Share
The NAV per share for each class of our common shares as of May 31, 2026 is set forth below:
NAV per share
Class S $ 10.6218
Class N
$ 10.7109
Class D $ 10.4819
Class I $ 10.6982
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 May 31, 2026 ($ in thousands):
Components of NAV May 31, 2026
Cash and cash equivalents $ 454,711
Restricted cash 53,111
Investments in real estate
4,734,822
Investment in leases - financing receivables 596,606
Investments in real estate debt 2,483,359
Intangible assets
310,935
Investments in unconsolidated real estate affiliates 4,291,185
Other assets 63,723
Mortgage notes and credit facility (1,703,067)
Unsecured senior notes, net
(126,781)
Other borrowings (825,135)
Due to affiliates (45,947)
DST financing obligation (675,598)
Accounts payable and accrued expenses (175,187)
Other liabilities (135,094)
Net Asset Value $ 9,301,643
Number of outstanding shares/units 872,079,765
The following table provides a breakdown of our total NAV and NAV per share/unit by class as of May 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 $ 3,696,482 $ 602,841 $ 105,716 $ 4,485,172 $ 411,432 $ 9,301,643
Number of outstanding shares/units 348,008,289 56,283,183 10,085,599 419,244,722 38,457,972 872,079,765
NAV Per Share/Unit as of May 31, 2026
$ 10.6218 $ 10.7109 $ 10.4819 $ 10.6982 $ 10.6982
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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.
Share Repurchases
On June 4, 2026, the Company repurchased 2,640,268 Class S shares, 548,937 Class N shares, 453,466 Class D shares, and 9,871,254 Class I shares for an aggregate purchase price of approximately $143.8 million, before any applicable early repurchase deduction, which equaled approximately 1.6% of the Company's NAV.
Portfolio Update ($ in thousands)
As of May 31, 2026, the Company holds interests in 3,905 properties, of which 279 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 $12,888,497. The Company has a credit rating of BBB2.
As of May 31, 2026, 100.0% of our consolidated real estate portfolio debt and 69.4% 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 31.5%, 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 June 18, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on June 18, 2026 at 20:38 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]