Oak Street Net Lease Trust

10/20/2026 | Press release | Distributed by Public on 10/20/2026 14:12

Private Placement (Form 8-K)

Item 3.02. Unregistered Sales of Equity Securities.
As of October 1, 2026, Blue Owl Real Estate Net Lease Trust (the "Company", "we", or "us") sold 2,883,572 shares of its Class I common shares (with the final number of shares being determined on October 16, 2026) to feeder vehicles primarily created to hold the Company's Class I common shares for gross proceeds of approximately $31.0 million, based on net asset value ("NAV") per share as of September 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.
September 30, 2026 NAV Per Share
The NAV per share for each class of our common shares as of September 30, 2026 is set forth below:
NAV per share
Class S $ 10.6874
Class N
$ 10.7785
Class D $ 10.5404
Class I $ 10.7668
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 September 30, 2026 ($ in thousands):
Components of NAV September 30, 2026
Cash and cash equivalents $ 213,807
Restricted cash 53,463
Investments in real estate
7,624,882
Investment in leases - financing receivables 596,606
Investments in real estate debt 2,048,361
Intangible assets
724,667
Investments in unconsolidated real estate affiliates 4,586,753
Other assets 98,783
Mortgage notes and credit facility (3,857,961)
Other borrowings (463,432)
Due to affiliates (59,473)
DST financing obligation (965,513)
Accounts payable and accrued expenses (236,804)
Other liabilities (303,065)
Net Asset Value $ 10,061,074
Number of outstanding shares/units 937,362,677
The following table provides a breakdown of our total NAV and NAV per share/unit by class as of September 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 $ 3,963,743 $ 657,436 $ 121,515 $ 4,876,619 $ 441,761 $ 10,061,074
Number of outstanding shares/units 370,879,690 60,995,027 11,528,492 452,929,631 41,029,837 937,362,677
NAV Per Share/Unit as of September 30, 2026
$ 10.6874 $ 10.7785 $ 10.5404 $ 10.7668 $ 10.7668
_______________________
(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 September 30, 2026, the Company holds interests in 4,097 properties, of which 428 are wholly-owned, with a remaining weighted average base lease term of 16 years and a remaining weighted average fully extended1 lease term of 35 years, with annual escalations of 2.2%. The Company's total portfolio assets at fair value are $15,645,399. The Company has a credit rating of BBB2.
As of September 30, 2026, 54.6% of our consolidated real estate portfolio debt and 48.8% 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 5.1% and 39.8%, 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 October 20, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on October 20, 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]