# EDGAR Filing Document

**Accession Number:** 0002069692
**File Stem:** 0002069692-26-000031
**Filing Date:** 2026-5
**Character Count:** 160373
**Document Hash:** c1c2097bb33e9513375623cf772cdf0d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002069692-26-000031.hdr.sgml**: 20260513

**ACCESSION NUMBER**: 0002069692-26-000031

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 88

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260513

**DATE AS OF CHANGE**: 20260513

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blue Owl Digital Infrastructure Trust
- **CENTRAL INDEX KEY:** 0002069692
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56758
- **FILM NUMBER:** 26974596

**BUSINESS ADDRESS:**
- **STREET 1:** 150 N. RIVERSIDE PLAZA
- **STREET 2:** 37TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 888-215-2015

**MAIL ADDRESS:**
- **STREET 1:** 150 N. RIVERSIDE PLAZA
- **STREET 2:** 37TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

?xml version='1.0' encoding='ASCII'? osnl-20260331

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended March 31, 2026**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from to**

**Commission File Number 000-56758**

**Blue Owl Digital Infrastructure Trust**

**(Exact name of registrant as specified in charter)** 

---

| | |
|:---|:---|
| **Maryland** | **33-5055663** |
| **(State or other jurisdiction of**<br>**incorporation or registration)** | **(I.R.S. Employer**<br>**Identification No.)** |
| **150 N Riverside Plaza, 37th Floor** | **60606** |
| **Chicago, IL** | **(Zip Code)** |
| **(Address of principal executive offices)** | |

---

**888-215-2015**

**Registrant's telephone number, including area code**

**Securities registered pursuant to Section 12(b) of the Act: None**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange on which registered** |

---

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). &nbsp;&nbsp;&nbsp;&nbsp;Yes ☒ No ☐

------

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 06, 2026, the issuer had the following shares outstanding: 68,899,560 Class S shares, 2,580,291 Class D shares, 40,443,463 Class I shares, and 70,450,969 Class E shares.

------

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This quarterly report on Form 10-Q contains forward-looking statements about our business, including, in particular, statements about our plans, strategies and objectives. These forward-looking statements can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," "identify" or other similar words or the negatives thereof, although not all forward-looking statements include these words. These may include our financial estimates and their underlying assumptions, statements about plans, objectives, intentions and expectations with respect to positioning, including the impact of macroeconomic trends and market forces, future operations, repurchases, acquisitions, future performance, and statements with respect to acquisitions. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. These risks, uncertainties and other factors include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business prospects and the prospects of the assets in which we may invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of the investments that we expect to make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to raise sufficient capital to execute our investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to source adequate investment opportunities to efficiently deploy capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our current and expected financing arrangements and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect of global and national economic and market conditions generally upon our operating results, including, but not limited to, changes with respect to inflation, interest rate changes and supply chain disruptions, geopolitical uncertainty (including the imposition of tariffs and counter-tariffs), and changes in government rules, regulations and fiscal policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy of our cash resources, financing sources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing and amount of cash flows, distributions and dividends, if any, from our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual and potential conflicts of interest with the Adviser (as defined below) or any of its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the dependence of our future success on the general economy and its effect on the assets in which we may invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our use of financial leverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Adviser to locate suitable investments for us and to monitor and administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Adviser or its affiliates to attract and retain highly talented professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to structure investments in a tax-efficient manner and the effect of changes to tax legislation and our tax position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the tax status of the assets in which we may invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the economy, particularly those affecting the real estate industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with possible disruption in our operations or the economy generally due to terrorism, natural disasters, epidemics or other events having a broad impact on the economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investing in digital infrastructure and related assets involves certain risks, including but not limited to: customers' inability to pay rent; increases in interest rates and lack of availability of financing; customer turnover and vacancies; and changes in supply of or demand for similar properties in a given market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recent concerns about the real estate market, changes in interest rates, elevated inflation, increased energy costs and geopolitical issues (including trade and other conflicts) have contributed to increased market volatility and may negatively impact the economy going forward. Our operating results will be affected by global and national economic and market conditions generally and by the local economic conditions where our properties are located,

------

including changes with respect to rising vacancy rates or decreasing market rental rates; inability to lease space on favorable terms; bankruptcies, financial difficulties or lease defaults by our customers, particularly for our customers with net leases for large properties; elevated inflation, changes in interest rates and supply chain disruptions; market volatility and changes in government rules, regulations and fiscal policies, such as property taxes, zoning laws, compliance costs with respect to environmental laws and other laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our portfolio may be concentrated in certain asset types and geographies, and, as a consequence, our aggregate return may be substantially affected by adverse economic or business conditions affecting that particular type of asset or geography;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations on our business and our ability to satisfy requirements to maintain our exclusion from registration under the Investment Company Act of 1940, as amended (the "**Investment Company Act**"), or to qualify or maintain our qualification as a real estate investment trust (a "**REIT**"), for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• since there is no public trading market for our common shares of beneficial interest, par value $0.01 per share ("common shares" or "shares"), repurchase of shares by us will likely be the only way to dispose of your shares. Our share repurchase plan (the "**Share Repurchase Plan**") provides shareholders with the opportunity to request that we repurchase their shares on a quarterly basis, but we are not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular calendar quarter in our discretion. In addition, repurchases will be subject to available liquidity and other significant restrictions. Further, our Board of Trustees (the "**Board**" or "**Board of Trustees**") may make exceptions to, modify and suspend our Share Repurchase Plan if, in its judgment, it deems such action to be in our best interest. As a result, our shares should be considered as having only limited liquidity and at times may be illiquid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distributions are not guaranteed and may be funded from sources other than cash flow from operations, including, without limitation, borrowings, offering proceeds, and the sale of our assets, and we have no limits on the amounts we may fund from such sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the purchase and repurchase prices for our shares are generally based on our net asset value ("**NAV**") as of the last calendar day of the immediately preceding month, plus applicable transaction or other fees, including upfront placement fees or brokerage commissions, and are not based on any public trading market. While there will be independent valuations of our properties from time to time, the valuation of properties is inherently subjective and our NAV may not accurately reflect the actual price at which our properties could be liquidated on any given day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future changes in laws or regulations and conditions in our operating areas.

For more information regarding these and other risks and uncertainties that we face, refer to Part I. Item 1A. "Risk Factors" in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("**SEC**") on March 11, 2026 and any such updated factors included in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or our prospectus and other filings). Except as otherwise required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

------

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
| | | Page |
| **[Part I](#i67cc0d11996c42718688413f63ebeabe_13).** | **[FINANCIAL INFORMATION](#i67cc0d11996c42718688413f63ebeabe_13)** | [1](#i67cc0d11996c42718688413f63ebeabe_13) |
| [Item 1.](#i67cc0d11996c42718688413f63ebeabe_16) | [FINANCIAL STATEMENTS](#i67cc0d11996c42718688413f63ebeabe_16) | [1](#i67cc0d11996c42718688413f63ebeabe_16) |
| | Condensed Consolidated Financial Statements (Unaudited): | |
| | Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 | [2](#i67cc0d11996c42718688413f63ebeabe_22) |
| | Condensed Consolidated Statement of Operations for the three months ended March 31, 2026 | [3](#i67cc0d11996c42718688413f63ebeabe_25) |
| | Condensed Consolidated Statement of Comprehensive Loss for the three months ended March 31, 2026 | [4](#i67cc0d11996c42718688413f63ebeabe_28) |
| | Condensed Consolidated Statement of Changes in Equity for the three months ended March 31, 2026 | [5](#i67cc0d11996c42718688413f63ebeabe_31) |
| | Condensed Consolidated Statement of Changes in Cash Flows for the three months ended March 31, 2026 | [6](#i67cc0d11996c42718688413f63ebeabe_34) |
| | [Notes to Condensed Consolidated Financial Statements](#i67cc0d11996c42718688413f63ebeabe_37) | [8](#i67cc0d11996c42718688413f63ebeabe_37) |
| [Item 2.](#i67cc0d11996c42718688413f63ebeabe_106) | [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#i67cc0d11996c42718688413f63ebeabe_106) | [25](#i67cc0d11996c42718688413f63ebeabe_106) |
| [Item 3.](#i67cc0d11996c42718688413f63ebeabe_193) | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#i67cc0d11996c42718688413f63ebeabe_193) | [37](#i67cc0d11996c42718688413f63ebeabe_193) |
| [Item 4.](#i67cc0d11996c42718688413f63ebeabe_196) | [CONTROLS AND PROCEDURES](#i67cc0d11996c42718688413f63ebeabe_196) | [37](#i67cc0d11996c42718688413f63ebeabe_196) |
| **[Part II.](#i67cc0d11996c42718688413f63ebeabe_199)** | **[OTHER INFORMATION](#i67cc0d11996c42718688413f63ebeabe_199)** | [37](#i67cc0d11996c42718688413f63ebeabe_199) |
| [Item 1.](#i67cc0d11996c42718688413f63ebeabe_202) | [LEGAL PROCEEDINGS](#i67cc0d11996c42718688413f63ebeabe_202) | [37](#i67cc0d11996c42718688413f63ebeabe_202) |
| [Item 1A.](#i67cc0d11996c42718688413f63ebeabe_205) | [RISK FACTORS](#i67cc0d11996c42718688413f63ebeabe_205) | [37](#i67cc0d11996c42718688413f63ebeabe_205) |
| [Item 2.](#i67cc0d11996c42718688413f63ebeabe_208) | [UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#i67cc0d11996c42718688413f63ebeabe_208) | [37](#i67cc0d11996c42718688413f63ebeabe_208) |
| [Item 3.](#i67cc0d11996c42718688413f63ebeabe_214) | [DEFAULTS UPON SENIOR SECURITIES](#i67cc0d11996c42718688413f63ebeabe_214) | [38](#i67cc0d11996c42718688413f63ebeabe_214) |
| [Item 4.](#i67cc0d11996c42718688413f63ebeabe_217) | [MINE SAFETY DISCLOSURES](#i67cc0d11996c42718688413f63ebeabe_217) | [38](#i67cc0d11996c42718688413f63ebeabe_217) |
| [Item 5.](#i67cc0d11996c42718688413f63ebeabe_220) | [OTHER INFORMATION](#i67cc0d11996c42718688413f63ebeabe_220) | [38](#i67cc0d11996c42718688413f63ebeabe_220) |
| [Item 6.](#i67cc0d11996c42718688413f63ebeabe_223) | [EXHIBITS](#i67cc0d11996c42718688413f63ebeabe_223) | [38](#i67cc0d11996c42718688413f63ebeabe_223) |
| | [SIGNATURES](#i67cc0d11996c42718688413f63ebeabe_226) | [40](#i67cc0d11996c42718688413f63ebeabe_226) |

---

------

**PART I - FINANCIAL INFORMATION**

**ITEM 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS**

------

**Blue Owl Digital Infrastructure Trust**

**Condensed Consolidated Balance Sheets**

**(Dollars in thousands, except per share data)**

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| **Assets** | | |
| Investments in real estate, net | $3245211 | $3265308 |
| Investment in unconsolidated joint venture | 46977 |  |
| Debt investments | 154842 | 28574 |
| Intangible assets, net | 485048 | 512783 |
| Cash and cash equivalents | 135148 | 186005 |
| Restricted cash | 12214 | 9972 |
| Other assets | 39270 | 23596 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets**  | $4118710 | $4026238 |
| **Liabilities and Equity** |  |  |
| Intangible liabilities, net | $508014 | $514404 |
| Secured mortgage loans and notes, net | 1784324 | 1801413 |
| Due to affiliates | 58786 | 54860 |
| Accounts payable and accrued expenses | 35194 | 40730 |
| Other liabilities | 28811 | 16118 |
| &nbsp;&nbsp;**Total liabilities**  | 2415129 | 2427525 |
| Redeemable non-controlling interests | 1331 |  |
| Redeemable common shares | 2089 | 1 |
| **Equity** |  |  |
| Common shares - Class S, $0.01 par value per share, 67,014,491 and 56,833,906 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 670 | 568 |
| Common shares - Class D, $0.01 par value per share, 2,478,438 and 2,163,000 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 25 | 22 |
| Common shares - Class I, $0.01 par value per share, 39,156,521 and 32,700,920 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 392 | 327 |
| Common shares - Class E, $0.01 par value per share, 70,134,464 and 70,000,000 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 701 | 700 |
| Additional paid-in-capital | 1738451 | 1574566 |
| Accumulated deficit and cumulative distributions | (70570) | (12725) |
| Accumulated other comprehensive (loss) income | (641) | 2845 |
| **Total Shareholders' Equity** | 1669028 | 1566303 |
| Non-controlling interests | 31133 | 32409 |
| **Total equity** | 1700161 | 1598712 |
| **Total liabilities and equity**  | $4118710 | $4026238 |

---

See accompanying Notes to the Condensed Consolidated Financial Statements.

------

**Blue Owl Digital Infrastructure Trust**

**Condensed Consolidated Statement of Operations**

**(Dollars in thousands, except per share data)**

---

| | |
|:---|:---|
| | **Three Months Ended** |
| | **March 31, 2026** |
| **Revenues** | |
| Rental revenue | $90862 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 90862 |
| **Expenses** |  |
| Rental property operating | 39021 |
| General and administrative | 3004 |
| Management fee | 3380 |
| Performance participation allocation | 3537 |
| Depreciation and amortization | 55191 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 104133 |
| **Other income (expense)** |  |
| Income from unconsolidated joint venture | 675 |
| Interest expense | (24346) |
| Interest income | 2681 |
| Other expense, net | (399) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total other expense, net** | (21389) |
| **Net loss** | (34660) |
| Net loss attributable to non-controlling interests | 656 |
| **Net loss attributable to ODIT shareholders** | $(34004) |
| **Net loss per Class S, Class D, and Class I common share - basic** | $(0.22) |
| **Net loss per Class E share - basic** | $(0.16) |
| **Net loss per Class S, Class D, and Class I common share - diluted** | $(0.22) |
| **Net loss per Class E share - diluted** | $(0.16) |
| **Weighted-average Class S, Class D and Class I common shares outstanding, basic** | 103538210 |
| **Weighted-average Class E common shares outstanding, basic** | 70183948 |
| **Weighted-average Class S, Class D and Class I common shares outstanding, diluted** | 103538210 |
| **Weighted-average Class E common shares outstanding, diluted** | 70183948 |

---

See accompanying Notes to the Condensed Consolidated Financial Statements.

------

**Blue Owl Digital Infrastructure Trust**

**Condensed Consolidated Statement of Comprehensive Loss**

**(Dollars in thousands, except per share data)**

---

| | |
|:---|:---|
| | **Three Months Ended** |
| | **March 31, 2026** |
| Net loss  | $(34660) |
| Other comprehensive loss: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on derivative instruments | (2340) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss on AFS debt investments | (1169) |
| Other comprehensive loss | (3509) |
| Comprehensive loss | (38169) |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive loss attributable to non-controlling interests | 679 |
| **Comprehensive loss attributable to ODIT shareholders** | $(37490) |

---

See accompanying Notes to the Condensed Consolidated Financial Statements.

------

**Blue Owl Digital Infrastructure Trust**

**Condensed Consolidated Statement of Changes in Equity**

**(Dollars in thousands, except per share data)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Par Value** | **Par Value** | **Par Value** | **Par Value** | | | | | | |
| | **Class S<br>Common<br>Shares** | **Class D<br>Common<br>Shares** | **Class I<br>Common<br>Shares** | **Class E<br>Common<br>Shares** |<br>**Additional<br>Paid-in<br>Capital** |<br>**Accumulated**<br>**Other** <br>**Comprehensive**<br>**(Loss) Income** |<br>**Accumulated**<br>**Deficit and**<br>**Cumulative**<br>**Distributions** |<br>**Total <br>Shareholders'<br>Equity** |<br>**Non-controlling<br>Interests** |<br>**Total Equity** |
| Balance at December 31, 2025 | $568 | $22 | $327 | $700 | $1574566 | $2845 | $(12725) | $1566303 | $32409 | $1598712 |
| Common shares issued | 98 | 3 | 62 | 1 | 165155 |  |  | 165319 |  | 165319 |
| Offering costs |  |  |  |  | (8103) |  |  | (8103) |  | (8103) |
| Distribution reinvestment | 4 |  | 3 |  | 6781 |  |  | 6788 |  | 6788 |
| Amortization of restricted share grants |  |  |  |  | 86 |  |  | 86 |  | 86 |
| Net loss (Net loss of $17 allocated to redeemable NCI) |  |  |  |  |  |  | (34004) | (34004) | (639) | (34643) |
| Other comprehensive loss (Other comprehensive loss of $3 allocated to redeemable NCI) |  |  |  |  |  | (3486) |  | (3486) | (20) | (3506) |
| Distributions declared on common shares ($0.1500 gross per share) |  |  |  |  |  |  | (23841) | (23841) |  | (23841) |
| Redeemable common share measurement adjustment |  |  |  |  | (24) |  |  | (24) |  | (24) |
| Contributions from non-controlling interests |  |  |  |  |  |  |  |  | 32 | 32 |
| Distributions to non-controlling interests |  |  |  |  |  |  |  |  | (618) | (618) |
| Redeemable non-controlling interests measurement adjustment |  |  |  |  | (50) |  |  | (50) |  | (50) |
| Reallocation between additional paid-in capital and non-controlling interests due to changes in ownership |  |  |  |  | 40 |  |  | 40 | (31) | 9 |
| Balance at March 31, 2026 | $670 | $25 | $392 | $701 | $1738451 | $(641) | $(70570) | $1669028 | $31133 | $1700161 |

---

See accompanying Notes to the Condensed Consolidated Financial Statements.

------

**Blue Owl Digital Infrastructure Trust**

**Condensed Consolidated Statements of Cash Flows**

**(Dollars in thousands, except per share data)**

---

| | |
|:---|:---|
| | **Three Months Ended** |
| | **March 31, 2026** |
| **Cash flows from operating activities:**  | |
| Net loss | $(34660) |
| **Adjustments to reconcile net loss to cash provided by operating activities:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | 3380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance participation allocation | 3537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 55191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent adjustment | (2858) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt extinguishment expense | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 1799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of above/below-market lease intangibles | (3841) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from unconsolidated joint venture | (675) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of restricted stock units | 125 |
| &nbsp;&nbsp;**Change in assets and liabilities:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in other assets  | (3441) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in due to affiliates  | (764) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in accounts payable and accrued expenses  | (6879) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in other liabilities  | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities**  | 11532 |
| &nbsp;&nbsp;**Cash flows from investing activities:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for acquisitions of real estate | (6946) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for real estate under development | (16099) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of debt investments | (128595) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of debt investments | 1593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in unconsolidated joint venture | (46302) |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlement of derivative contracts | 1526 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities**  | (194823) |
| **Cash flows from financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common shares | 165319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of distributions to common shares | (10831) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of non-controlling interests | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of distributions to non-controlling interests | (501) |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings under mortgage notes | 681262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of mortgage notes | (650000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of variable funding notes | (30578) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of deferred financing costs | (20027) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by financing activities**  | 134676 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net change in cash and cash equivalents and restricted cash**  | (48615) |
| **Cash and cash equivalents and restricted cash, beginning of period**  | 195977 |
| **Cash and cash equivalents and restricted cash, end of period**  | $147362 |
| Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheet |  |
| Cash and cash equivalents | $135148 |
| Restricted cash | 12214 |
| Total cash and cash equivalents and restricted cash | $147362 |

---

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---

| | |
|:---|:---|
| Supplemental disclosures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $22892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued unpaid amounts for real estate under development | $10 |
| **Non-cash investing and financing activities:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of redeemable Class E Shares as settlement of the management fee | $2065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable non-controlling interest issued as settlement of performance participation allocation | $1319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allocation to redeemable non-controlling interest | $50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allocation to redeemable common shares | $24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution reinvestment | $6788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued distributions | $6221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued distributions for non-controlling interests | $127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued unpaid deferred financing costs | $990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued stockholder servicing fees | $39370 |

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See accompanying Notes to the Condensed Consolidated Financial Statements.

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**Blue Owl Digital Infrastructure Trust**

**Notes to Condensed Consolidated Financial Statements**

***(Dollars in thousands, except per share data)***

**1.&nbsp;&nbsp;&nbsp;&nbsp;Organization and Nature of the Business**

Blue Owl Digital Infrastructure Trust ("**we**", "**us**", "**our**", "**ODIT**", and the "**Company**") was formed on April 7, 2025 ("**Inception**") as a Maryland statutory trust. The Company is the sole general partner of Blue Owl Digital Infrastructure Operating Partnership LP, a Delaware limited partnership (the "**OP**", "**Operating Partnership**" or "**ODIT OP**"). Substantially all of the Company's business is conducted through ODIT OP. As of March 31, 2026, ODIT owns 98.2% of ODIT OP. The Company is externally managed by Blue Owl Digital Infrastructure Trust Advisors LLC ("**Blue Owl Digital Infrastructure Trust Advisors**" or "**Adviser**"), an affiliate of Blue Owl Capital Inc. (together with any entity that is controlled by, controls, or is under common control with Blue Owl Capital Inc., "**Blue Owl**" or the "**Sponsor**").

The Company was capitalized through the purchase by an affiliate of the Adviser of 100 common shares for an aggregate purchase price of $1 on May 20, 2025 (the "**Initial Capitalization**"). Because employees of an affiliate of the Sponsor have the ability to cause the Company to repurchase the shares issued for this investment, the Company has classified these common shares as redeemable common shares on the Company's condensed consolidated balance sheet. The Company's investment decisions are made by employees of the Adviser, subject to general oversight by the Company's investment committee and board of trustees (the "**Board**").

The Company intends to operate in a manner to qualify as a real estate investment trust ("**REIT**") for U.S. federal income tax purposes. As a REIT, the Company is entitled to a tax deduction for some or all of the dividends paid to shareholders. Accordingly, the Company generally will not be subject to federal income taxes as long as it currently distributes to shareholders an amount equal to or in excess of the Company's taxable income. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal and state income tax on its taxable income at regular corporate tax rates.

The Company's principal business is the acquisition, ownership, financing, and leasing of stabilized, development, and value-add digital infrastructure assets leased to primarily investment-grade and creditworthy customers, and its management does not distinguish the principal business, or group the operations, by geography or property type for purposes of measuring performance. Accordingly, the Company has one operating segment and one reportable segment as of March 31, 2026. See Note 14 - Segment Reporting for additional information.

As of March 31, 2026, the Company owned 11 digital infrastructure assets as well as debt investments consisting of commercial mortgage-backed securities ("**CMBS**"). Additionally, the Company holds a 40.0% ownership interest in one unconsolidated joint venture. See Note 4 - Investment in Unconsolidated Joint Venture and Note 5 - Debt Investments for additional information.

On December 1, 2025, the Company commenced the private offering of its shares through a continuous private placement offering ("**Private Offering**") pursuant to exemptions provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the "**Securities Act**"), Regulation D, or Regulation S thereunder and applicable state securities law. As of March 31, 2026, the Company is authorized to issue an unlimited number of shares of each of its four classes of common shares (Class S shares, Class D shares, Class I shares, and Class E shares), each with a par value of $0.01 per common share. The share classes have different upfront selling commissions, dealer manager fees and ongoing shareholder servicing fees. Other than the differences in upfront transaction fees and ongoing shareholder servicing fees, Class S, Class D, and Class I shares have the same economic and voting rights. Class E shares have the same voting rights; however, the Company does not pay a management fee or performance participation allocation expense with respect to the Class E shares. The initial purchase price for shares sold through the Private Offering was $10.00 per share. The Company conducts monthly closings and sells shares at the net asset value ("**NAV**") per share as of the last calendar day of the immediately preceding month, as determined using the valuation methodology recommended by the Adviser and approved by the audit committee of the Board of Trustees, plus applicable fees and commissions. The NAV per share is calculated on a fully diluted basis. NAV may differ from the values of our real estate assets as calculated in accordance with accounting principles generally accepted in the United States ("**GAAP**").

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**2.&nbsp;&nbsp;&nbsp;&nbsp;Summary of Significant Accounting Policies and Estimates**

The Company believes the following significant accounting policies, among others, affect its more significant estimates and assumptions used in the preparation of the Condensed Consolidated Financial Statements.

***Basis of Presentation***

The accompanying unaudited interim condensed consolidated financial statements and accompanying notes have been prepared in accordance with GAAP for interim financial information as established by the Financial Accounting Standards Board ("**FASB**") in the Accounting Standards Codification ("ASC") including modifications issued under Accounting Standards Updates ("**ASUs**"). The condensed consolidated financial statements include the accounts of the Company, the Company's subsidiaries, and investments in which the Company has a controlling interest. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair statement of the results for the interim periods presented. ODIT was formed on April 7, 2025 and commenced principal operations on December 1, 2025, and accordingly, there were no operations during the three months ended March 31, 2025. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's Annual Report on Form 10-K, filed with the SEC on March 11, 2026.

***Principles of Consolidation***

The Company consolidates all entities in which it has a controlling financial interest through majority ownership or voting rights and variable interest entities whereby the Company is the primary beneficiary. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity ("**VIE**") and whether it is the primary beneficiary. In general, a VIE is a legal entity that (a) has equity investors that do not provide sufficient financial resources for the entity to support its activities, (b) does not have equity investors with voting rights, or (c) has equity investors whose votes are disproportionate from their economics and substantially all of the activities are conducted on behalf of the investor with disproportionately fewer voting rights. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. As part of its VIE considerations, the Company considers any indirect interests and any applicable relationships, including related parties.

Entities that do not qualify as VIEs are generally considered voting interest entities ("**VOEs**") and are evaluated for consolidation under the voting interest model. The Company consolidates VOEs when it controls the entity through a majority voting interest and there is no other interest holder that has substantive participating rights or the power to control through an agreement with other equity holders.

When the requirements for consolidation are not met and the Company has significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments for which the Company has not elected a fair value option ("**FVO**") are initially recorded at cost and subsequently adjusted for the Company's pro-rata share of net income, contributions and distributions. Equity method investments for which the Company has elected an FVO are initially recorded at fair value and subsequently adjusted for the Company's pro-rata share of the changes in fair value.

ODIT OP is considered to be a VIE. The Company consolidates this entity as it has the ability to direct the most significant activities of the entity such as purchases, dispositions, financings, budgets, and overall operating plans.

For consolidated entities, the non-controlling partner's share of the assets, liabilities, and operations of each entity is included in non-controlling interests as equity of the Company. The non-controlling partner's interest is generally computed as the non-controlling interests' ownership percentage. Any profits interest due to the other owner is reported within non-controlling interests.

***Use of Estimates***

The preparation of condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ materially from these estimates.

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The Company believes the estimates and assumptions underlying its condensed consolidated financial statements are reasonable and supportable based on the information available as of March 31, 2026. Inherent in such estimates and judgments relating to future cash flows, which include the Company's interpretation of current economic indicators and market valuations, are assumptions about the Company's strategic plans with regard to its operations. Actual results could differ materially from those estimates.

***Rental Revenue***

The Company's primary source of revenues is rental revenue, which consists of fixed contractual base rent arising from leases, all of which are classified as operating leases. The Company has elected the non-separation practical expedient for lessors and presents both base rent and tenant reimbursements as a single rental revenue line item in accordance with ASC 842, Leases. Revenues under operating leases that are deemed probable of collection are recognized as revenue on a straight-line basis over the non-cancelable term of the related leases. The Company records certain expenses on a gross basis as the Company pays for such expenses directly and is subsequently reimbursed by the customer. These reimbursements are recorded in rental revenue when incurred. The Company begins to recognize revenue upon the acquisition of the related property or when a tenant takes possession of the leased space. Base rent arising from leases at our properties is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. For leases that are deemed not probable of collection, revenue is recorded as the lesser of (i) the amount which would be recognized on a straight-line basis or (ii) cash that has been received from the customer, with any customer and deferred rent receivable balances charged as a direct write-off against rental revenue in the period of the change in the collectability determination. Our estimate of collectability includes, but is not limited to, factors such as the customer's payment history, financial condition, industry and geographic area. These estimates could differ materially from actual results.

***Expense Recognition***

Certain tenants lease the Company's properties on long-term triple-net basis, which provides that the tenants are responsible for the payment of most, if not all, property operating expenses during the lease term, including, but not limited to, property taxes, utilities, repairs and maintenance, insurance, and capital expenditures. Other leases may be structured on a modified gross or similar basis, under which the Company retains responsibility for certain operating costs. The Company pays for these expenses directly and is subsequently reimbursed by the tenants. In limited circumstances involving certain single-tenant sites, tenants may remit utility expenses directly to the service providers. Management records such expenses when incurred on a gross basis. Operating expenses represent the direct expenses of operating the properties that are expected to continue in the ongoing operations of the Company.

General and administrative expenses are recognized when incurred and include recurring administrative costs incurred by the Company that are directly attributable to the Company's data center properties and are expected to continue in future periods.

***Investment in Unconsolidated Joint Venture***

The Company has elected the FVO for its investment in unconsolidated joint venture, as this election aligns the accounting for GAAP and the calculation of monthly NAV for these investments. The Company therefore reports these investments at fair value in Investment in unconsolidated joint venture on the Condensed Consolidated Balance Sheets. Changes in the fair value of equity method investments under the FVO are recorded as Income from unconsolidated joint venture in the Condensed Consolidated Statements of Operations.

The Company evaluates its equity method investments on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, the Company measures the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint-venture agreement. For equity investments in entities that hold real estate, the estimated fair value of the underlying investment's real estate is calculated based on whether the acquisition of a property qualifies as a business combination or an asset acquisition. The fair value of the underlying investment's debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment's other financial assets and liabilities have fair values that generally approximate their carrying values.

Distributions received from equity method investments are classified using the nature of distributions approach. Distributions received are classified based on the nature of the activity or activities that generated the distributions as a

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return on the investment, which are classified as cash inflows from operating activities, or a return of investment, which are classified as cash inflows from investing activities. Investments made for equity method investments are classified as cash outflows from investing activities in the Condensed Consolidated Statements of Cash Flows.

***Fair Value Measurements***

The carrying amounts of cash and cash equivalents and accounts payable and accrued expenses reasonably approximate fair value, in the Company's judgment, because of their short-term nature.

In accordance with ASC 820, Fair Value Measurement, the Company defines fair value based on the price that would be received upon sale of an asset or the exit price that would be paid to transfer or settle a liability in an orderly transaction between market participants at the measurement date. The Company uses a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of the three broad levels described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed.

The Company has estimated the fair value of its financial instruments and non-financial assets using available market information and valuation methodologies we believe to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that would be realized upon disposition.

*Valuation of assets and liabilities measured at fair value*

The Company's debt investments and FVO equity method investments are reported at fair value. As of March 31, 2026, the Company's debt investments reported at fair value consisted of CMBS securities.

In determining the fair value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported price. The pricing service providers' internal models for securities such as real estate debt generally consider the attributes applicable to a particular class of the security (e.g., credit rating, seniority), current market data, and estimated cash flows for each security, and incorporate specific collateral performance, as applicable. When readily available market quotations are not available, the Company will generally determine the initial value based on the acquisition price of such investment if acquired by the Company or the par value of such investment if originated by the Company. Following the initial measurement, the Company will determine fair value by utilizing or reviewing certain of the following: (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value ratios, and (vii) borrower financial condition and performance. Refer to Note 5 - Debt Investments for additional details.

The Company has elected the FVO for its investment in unconsolidated joint venture and therefore, reports these investments at fair value. The Company estimates the fair market value of these investments based on its pro rata share of the investments' equity at fair value. The investments' underlying debt investments and debt are valued on a recurring basis using unobservable inputs (Level 3 inputs). The fair value of the underlying debt investments and debt is determined by discounting the future contractual cash flows to the present value using current market interest rates. As of March 31, 2026, the weighted average interest rate utilized to value the underlying debt investments was 5.9% and the weighted average interest rate utilized to value the debt was 5.4%.

The Company's derivative financial instruments are reported at fair value and consist of interest rate hedging derivatives. The calculation of the fair value of derivative instruments is complex and different inputs in the model can result in significant changes to the fair value of derivative instruments and the related gain or loss on derivative instruments included in our financial statements. The fair values of the Company's interest rate contracts were estimated using advice

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from a third-party derivative specialist, based on cash flows and observable inputs consisting primarily of yield curves and credit spreads (Level 2 inputs). Fair value information relating to derivative financial instruments is provided in Note 8 - Derivative Financial Instruments.

As of March 31, 2026, there were no liabilities measured at fair value on a recurring basis. The following table details the Company's assets measured at fair value on a recurring basis:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Level 2** | **Level 3** | **Total** | **Level 2** | **Total** |
| **Assets:** | | | | | |
| &nbsp;&nbsp;Investment in unconsolidated joint venture | $— | $46977 | $46977 | $— | $— |
| &nbsp;&nbsp;Debt investments | 154842 |  | 154842 | 28574 | 28574 |
| &nbsp;&nbsp;Interest rate hedging derivatives <sup>(1)</sup> |  |  |  | 3881 | 3881 |
| **Total** | $154842 | $46977 | $201819 | $32455 | $32455 |

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(1) &nbsp;&nbsp;&nbsp;&nbsp;Included within Other assets within the Condensed Consolidated Balance Sheet.

The following table details the Company's assets measured at fair value on a recurring basis using Level 3 inputs:

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| | | |
|:---|:---|:---|
| | **Investment in Unconsolidated Joint Venture** | **Total Assets** |
| **Balance as of December 31, 2025** | $— | $— |
| &nbsp;&nbsp;Purchases | 46302 | 46302 |
| &nbsp;&nbsp;Included in net income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from unconsolidated joint venture | 675 | 675 |
| **Balance as of March 31, 2026** | $46977 | $46977 |

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***Deferred Financing Costs***

In accordance with ASC 835, Interest, the Company defers fees and direct costs incurred to obtain financing. Deferred financing costs include legal, structuring and other loan costs incurred by the Company and are amortized to expense using the straight-line method, which approximates the effective interest method, over the term of the loan to which they relate. Unamortized deferred financing costs are charged to interest expense when the related financing is repaid prior to its scheduled maturity date.

***Earnings Per Share***

Our Class S, Class D, and Class I shares are allocated net income (loss) at the same rate per share and receive the same gross distribution per share. The Company does not pay a management fee or performance participation allocation expense with respect to the Class E shares or Class E OP Units and as a result, such fees are class-specific expenses. Because Class E shares are excluded from the calculation of the management fee and performance participation allocation expense, the Company is required to apply the two-class method in calculating earnings per share.

The Company calculates net loss for the calculation of earnings per share for Class S, Class D, Class I, and Class E shares by allocating net loss before management fee and performance participation expense to Class S, Class D, Class I, and Class E shares on a pro rata basis, before allocating the management fee and performance participation expense to Class S, Class D, and Class I shares on a pro rata basis.

Basic net loss per Class S, Class D, and Class I share and per Class E share was computed using the two-class method by dividing net loss attributable to Class S, Class D, and Class I shareholders and Class E shareholders, respectively, by the weighted average number of Class S, Class D, and Class I shares and Class E shares outstanding during the period. Diluted net loss per Class S, Class D, and Class I share and per Class E share was computed using the two-class method by dividing dilutive net loss attributable to Class S, Class D, and Class I shareholders and Class E shareholders by the weighted average number of dilutive Class S, Class D, and Class I shares and Class E shares outstanding during the period.

Redeemable Class E shares issued to the Adviser as payment for management fees and incentive compensation awards of OP Units to certain employees of the Adviser are included in our calculation of diluted earnings per common and Class E shares.

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***Share-Based Compensation***

We compensate each of our non-employee trustees on the Board who are not affiliated with Blue Owl with an annual retainer of restricted Class E shares as part of their compensation for services on the Board. We recognize compensation expense related to share-based awards to our independent trustees in our condensed consolidated financial statements based on the fair value of the award on the date of grant.

***Recently Issued Accounting Pronouncements Not Yet Adopted***

The Company considers the applicability and impact of all accounting standards and pronouncements issued by the FASB. Accounting standards and pronouncements not yet adopted were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's results of operations, financial position, and cash flows.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40), which requires disaggregated disclosure of income statement expenses for public business entities (PBEs). The ASU does not change the presentation or structure of the income statement, or change or remove existing disclosure requirements; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The objective of ASU 2024-03 is to address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The amendments in ASU 2024-03 apply to all PBEs, including entities that file or furnish financial statements with the SEC, inclusive of brokers and dealers in securities and voluntary filers. However, the amendments do not apply to private companies, not-for-profit entities, and employee benefit plans. The ASU should be adopted prospectively, however, retrospective adoption is permitted. The ASU is effective for all PBEs for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently assessing the impact of adopting the standard on the Company's financial statement disclosures.

**3.&nbsp;&nbsp;&nbsp;&nbsp;Investments in Real Estate, Net**

Investments in real estate, net consisted of the following:

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| Buildings, infrastructure, and building improvements | $2864132 | $2864688 |
| Land and land improvements | 289892 | 289892 |
| Customer improvements | 43818 | 43818 |
| Furniture, fixtures, and equipment | 2612 | 2612 |
| Construction in process | 84767 | 74302 |
| **Total**  | 3285221 | 3275312 |
| Accumulated depreciation | (40010) | (10004) |
| **Investments in real estate, net**  | $3245211 | $3265308 |

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During the three months ended March 31, 2026, $6,623 of construction in process was placed into service to buildings, infrastructure, and building improvements. This increase was offset by $7,040 of purchase price adjustments recorded during the period related to the prior acquisition of 11 data center assets (the "**Initial Portfolio**") related to the settlement of final prorations and transaction costs, including transfer taxes.

As of March 31, 2026, the total rentable capacity of the Company was 163 megawatts, of which 99.6% was leased.

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**4.&nbsp;&nbsp;&nbsp;&nbsp;Investment in Unconsolidated Joint Venture**

As of March 31, 2026, the Company owns interests in one unconsolidated joint venture with a third party, which is accounted for under the FVO. The Company did not have any investments in unconsolidated joint ventures as of December 31, 2025. The following table details the Company's investment as of March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment** | **Number of Investments** | **Ownership Percentage** | **Carrying Amount of Investment** | **Income** |
| Unconsolidated joint venture accounted for under the FVO |  |  |  |  |
| &nbsp;&nbsp;Debt investments | 1 | 40.0% | $46977 | $675 |
| Total unconsolidated joint venture accounted for under the FVO | **1** |  | $**46977** | $**675** |

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**5.&nbsp;&nbsp;&nbsp;&nbsp;Debt Investments**

As of March 31, 2026 and December 31, 2025, the Company's debt investments consisted of CMBS, which are detailed in the following tables:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|<br>**Type of Security/Loan** | **Weighted Average**<br>**Coupon**<sup>(1)</sup> | **Weighted Average Maturity Date** <sup>(2)</sup> | **Face<br>Amount** | **Cost Basis** | **Fair Value** |
| CMBS | SOFR + 4% | 7/11/2042 | $155242 | $156011 | $154842 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|<br>**Type of Security/Loan** | **Weighted Average**<br>**Coupon**<sup>(1)</sup> | **Weighted Average Maturity Date** <sup>(2)</sup> | **Face<br>Amount** | **Cost Basis** | **Fair Value** |
| CMBS  | SOFR + 3% | 5/19/2043 | $28388 | $28574 | $28574 |

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(1)The term SOFR refers to the relevant floating benchmark rate, one-month SOFR.

(2)Weighted average maturity date is based on the fully extended maturity date of the instrument.

The following table details the credit rating of the Company's debt investments:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|<br>**Credit Rating** | **Cost Basis** | **Fair Value** | **Percentage Based <br>on Fair Value** | **Cost Basis** | **Fair Value** | **Percentage Based <br>on Fair Value** |
| AAA | $10069 | $9984 | 6% | $— | $— | —% |
| A- | 27789 | 27423 | 18% | 12224 | 12224 | 43% |
| BBB | 5273 | 5216 | 4% | 5272 | 5272 | 18% |
| BBB- | 15502 | 15297 | 10% | 11078 | 11078 | 39% |
| BB+ | 6131 | 6097 | 4% |  |  | —% |
| BB | 9753 | 9777 | 6% |  |  | —% |
| BB- | 64433 | 63987 | 41% |  |  | —% |
| B+ | 17061 | 17061 | 11% |  |  | —% |
| &nbsp;&nbsp;Total | $156011 | $154842 | 100% | $28574 | $28574 | 100% |

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The following table provides the activity for the real estate-related securities for the three months ended March 31, 2026:

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| | | | |
|:---|:---|:---|:---|
| | **Amortized Cost Basis** | **Gain/(Loss)** | **Fair Value** |
| Real estate-related securities as of December 31, 2025  | $28574 | $– $| 28574 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Face value of real estate-related securities acquired | 128595 |  | 128595 |
| &nbsp;&nbsp;Sale of real estate-related securities | (1593) |  | (1593) |
| &nbsp;&nbsp;Realized gain on sale of real estate-related securities | 2 |  | 2 |
| &nbsp;&nbsp;Interest income associated with real estate-related securities | 433 |  | 433 |
| &nbsp;&nbsp;Unrealized loss on real estate securities |  | (1169) | (1169) |
| Real estate-related securities as of March 31, 2026 | $156011 | $(1169) | $154842 |

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**6.&nbsp;&nbsp;&nbsp;&nbsp;Intangibles**

The gross carrying amount and accumulated amortization of the Company's identified intangible lease assets and liabilities consisted of the following:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Weighted Average Life (Years)** | **Intangible lease assets, gross** | **Accumulated amortization** | **Intangible lease assets, net** | **Intangible lease assets, gross** | **Accumulated amortization** | **Intangible lease assets, net** |
| **Intangible lease assets** | | | | | | | |
| &nbsp;&nbsp;In-place lease intangibles | 7.4 | $335375 | $(25320) | $310055 | $335375 | $(6342) | $329033 |
| &nbsp;&nbsp;Acquired above-market leases | 5.5 | 58472 | (3399) | 55073 | 58472 | (850) | 57622 |
| &nbsp;&nbsp;Other lease intangibles | 4.3 | 128219 | (8299) | 119920 | 128219 | (2091) | 126128 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total intangible lease assets** | 6.4 | $522066 | $(37018) | $485048 | $522066 | $(9283) | $512783 |
|  | **Weighted Average Life (Years)** | **Intangible lease liabilities, gross** | **Accumulated amortization** | **Intangible lease liabilities, net** | **Intangible lease liabilities, gross** | **Accumulated amortization** | **Intangible lease liabilities, net** |
| **Intangible lease liabilities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Acquired below-market leases | 12.8 | $516534 | $(8520) | $508014 | $516534 | $(2130) | $514404 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total intangible lease liabilities** | 12.8 | $516534 | $(8520) | $508014 | $516534 | $(2130) | $514404 |

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Amortization expense related to the intangible lease assets for the three months ended March 31, 2026 was $27,735, of which $25,186 and $2,549 is included in depreciation and amortization and rental revenue, respectively, within the Condensed Consolidated Statement of Operations. Amortization expense related to the intangible liabilities for the three months ended March 31, 2026 was $6,390 and is included in rental revenue within the Condensed Consolidated Statement of Operations. The amount included in rental revenue is related to acquired above- and below-market leases.

The estimated future amortization on the Company's intangible assets and liabilities for each of the next five years and thereafter as of March 31, 2026 is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **In-place lease intangibles** | **Acquired above-market leases** | **Other lease intangible assets** | **Acquired below-market leases** |
| &nbsp;&nbsp;2026 (remaining) | $42907 | $7648 | $15489 | $(19169) |
| &nbsp;&nbsp;2027 | 30865 | 8455 | 16330 | (25336) |
| &nbsp;&nbsp;2028 | 22871 | 6177 | 15511 | (24323) |
| &nbsp;&nbsp;2029 | 19239 | 5199 | 14122 | (23924) |
| &nbsp;&nbsp;2030 | 16587 | 3979 | 11869 | (22729) |
| &nbsp;&nbsp;2031 | 12244 | 2559 | 9577 | (21209) |
| &nbsp;&nbsp;Thereafter | 165342 | 21056 | 37022 | (371324) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $310055 | $55073 | $119920 | $(508014) |

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**7.&nbsp;&nbsp;&nbsp;&nbsp;Debt** 

Our consolidated indebtedness currently consists of borrowings under our mortgage loans and variable funding notes. Borrowings under our non-recourse mortgage notes are cross-collateralized and are backed by the security interests in the right, title, and interest of the underlying properties, as well as the leases and related contracts, including first mortgages on each of those properties. The following table details the mortgage loans and variable funding notes of the Company:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Principal Balance Outstanding** | **Principal Balance Outstanding** |
|<br>**Indebtedness** | **Weighted Average**<br>**Interest Rate** <sup>(1)</sup> | **Weighted Average**<br>**Maturity Date** <sup>(2)</sup> | **Maximum Facility Size** | **March 31, 2026** | **December 31, 2025** |
| *Mortgage loans* |  |  |  |  |  |
| &nbsp;&nbsp;Secured fixed rate ABS loans <sup>(3)</sup> | 5.39% | 1/21/2030 | N/A | $1820000 | $1775000 |
| *Variable funding notes* |  |  |  |  |  |
| &nbsp;&nbsp;Secured variable funding notes <sup>(4)</sup> | S+ 1.85% | 5/27/2028 | $100000 |  | 30578 |
| Total indebtedness |  |  |  | $1820000 | $1805578 |
| &nbsp;&nbsp;Deferred financing costs, net |  |  |  | (19699) | $— |
| &nbsp;&nbsp;Discount on debt, net |  |  |  | (15977) | (4165) |
| **Secured mortgage loans and notes, net** |  |  |  | $**1784324** | $**1801413** |

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__________________

(1)The term "S" refers to the relevant floating benchmark rate, one-month SOFR.

(2)The maturity date on our secured fixed rate ABS loans and secured fixed rate funding notes is the anticipated repayment date.

(3)The secured ABS mortgage loans have fixed interest rates ranging from 5.00% to 5.90% and anticipated repayment maturity dates ranging from July 2028 to March 2031.

(4)The secured variable funding notes bear interest based on the term SOFR plus a 10 basis point adjustment, plus a margin of 175 basis points. The maturity date of May 27, 2028 excludes the impact of certain extension options.

***Secured Data Center Revenue Term Notes***

On March 3, 2026, Stack Infrastructure Issuer, LLC, an indirect wholly-owned subsidiary of the Company, issued $695,000 aggregate principal amount of secured fixed rate ABS loans, Series 2026-1 Class A-2, in a private placement. The notes have an interest rate of 5.0% and have an anticipated repayment date of March 25, 2031. The Company used the proceeds to repay certain outstanding secured fixed rate ABS loans and for other general corporate purposes.

***Financial Covenants***

The Company is subject to various financial and operational covenants under certain of its mortgage loans and variable funding notes. These covenants require the Company to maintain certain financial ratios, which include leverage, debt service coverage, and liquidity thresholds, among others. As of March 31, 2026, the Company believes it was in compliance with all of its financial covenants that could result in a default under such agreements.

The following table details the future principal payments due under the Company's outstanding third-party borrowings as of March 31, 2026:

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| | |
|:---|:---|
| **Year** | **Amount** |
| 2026 (remaining) | $— |
| 2027 |  |
| 2028 | 540000 |
| 2029 | 240000 |
| 2030 | 345000 |
| 2031 | 695000 |
| Thereafter |  |
| &nbsp;&nbsp;**Total** | $**1820000** |

---

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**8.&nbsp;&nbsp;&nbsp;&nbsp;Derivative Financial Instruments**

The Company uses derivative financial instruments to minimize the risks and/or costs associated with the Company's financing transactions. As of December 31, 2025 the derivative in place qualified as a cash flow hedge under the hedge accounting requirements of ASC 815. The Company did not have any derivatives in place as of March 31, 2026.

Changes in the fair value of cash flow hedges are recorded in accumulated other comprehensive income and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income for our interest rate swap and interest rate caps will be reclassified to interest expense as forecasted interest payments are made on the Company's mortgage loans. Refer to Note 2 - Summary of Significant Accounting Policies and Estimates for additional detail.

***Interest Rate Contracts***

Certain of the Company's forecasted financing transactions expose the Company to interest rate risks, which include exposure to variable interest rates on certain mortgage loans secured by the Company's data center properties. The Company uses derivative financial instruments to minimize the risks and/or costs associated with the Company's financing and to limit the Company's exposure to the future variability of interest rates. To mitigate this risk, the Company enters into derivative financial instruments with counterparties it believes to have appropriate credit ratings and that are major financial institutions with which the Company and its affiliates may also have other financial relationships.

The Company's objective in using interest rate derivatives is to add stability to its interest expense and to manage its exposure to interest rate fluctuations. To accomplish this objective, we use interest rate swap contracts to manage our exposure on variable rate interest debt and variable rate investments in real estate debt. The Company designated its derivative financial instrument in place as of December 31, 2025 as a cash flow hedge as defined under GAAP.

The following table details the Company's outstanding derivatives:

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Notional Amount** | **Notional Amount** |
|<br>**Financial Instruments** |<br>**Number of Instruments** |<br>**Weighted Average Maturity Date** | **March 31, 2026** | **December 31, 2025** |
| **Derivatives Designated as Hedging Instruments** | | | | |
| &nbsp;&nbsp;Interest rate swaps | N/A | N/A | $— | $600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** |  |  | $— | $600000 |

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The fair value of the Company's derivative financial instruments included in the Condensed Consolidated Balance Sheet is detailed below:

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| | | | |
|:---|:---|:---|:---|
| **Derivatives Designated as Hedging Instruments** | **Balance Sheet <br>Location** | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;Interest rate swaps | Other Assets | $— | $3881 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** |  | $— | $3881 |

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The following table details the effect of the Company's derivative financial instruments on the Condensed Consolidated Statements of Operations during the three months ended March 31, 2026:

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| | | | |
|:---|:---|:---|:---|
| | **Amount of <br>Gain <br>(Loss) Recognized <br>in OCI** | **Location of Gain <br>(Loss) Recognized in <br>Income on Derivatives** | **Amount of Gain (Loss) <br>Reclassified from <br>Accumulated OCI into <br>Income** |
| **Derivatives Designated as Hedging Instruments** | **March 31, 2026** | | **March 31, 2026** |
| &nbsp;&nbsp;Interest rate swaps - Investments  | $(2356) | Interest Expense | $(16) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $(2356) |  | $(16) |

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**9.&nbsp;&nbsp;&nbsp;&nbsp;Related Party Transactions**

***Due to Affiliates***

The following table details the components of due to affiliates:

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Accrued ongoing servicing fees | $39370  | $34438  |
| Accrued management fee | 2310  | 995  |
| Performance participation allocation | 3537  | 1319  |
| Advanced organization and offering costs | 11148  | 7584  |
| Transaction prorations | 475  | 7421  |
| Other expenses | 1946  | 3103  |
| Total | $58786  | $54860  |

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*Ongoing Servicing Fees*

The Company accrues ongoing servicing fees payable to Blue Owl Securities LLC (the "**Dealer Manager**"), for ongoing services rendered to shareholders for Class S, and Class D shares equal to 0.85%, and 0.25%, respectively, per annum of the aggregate NAV of the respective outstanding class of shares. The ongoing servicing fees are paid monthly in arrears.

*Accrued Management Fees*

The Company pays the Adviser a management fee equal to 1.25% of NAV for Class S shares, Class D shares, and Class I shares per annum payable monthly for services rendered related to ongoing operations of ODIT pursuant to the Advisory Agreement. Additionally, to the extent that ODIT OP issues OP Units to parties other than the Company, ODIT OP will pay the Adviser a management fee equal to 1.25% of the NAV of OP Units attributable to Class S OP Units, Class D OP Units, and Class I OP Units not held by us per annum payable monthly.

The management fee may be paid, at the Adviser's election, in cash, Class E shares or Class E OP Units. During the three months ended March 31, 2026, the Company incurred management fees of $3,380 and issued 203,345 Class E shares to the Adviser as payment for management fees. Management fees of $2,310 were accrued and unpaid as of March 31, 2026. The shares issued to the Adviser for payment of the management fee were issued at the applicable NAV per share at the end of the immediately preceding month. From Inception through March 31, 2026, no Class E shares or Class E OP units issued as payment of management fees were redeemed.

*Performance Participation Allocation*

In addition to the fees paid to the Adviser for services provided pursuant to the Advisory Agreement, the Special Limited Partners hold a performance participation allocation in ODIT OP that entitles them to receive an allocation of ODIT OP's total return. Total return is defined as total distributions plus the change in the Company's NAV per share, adjusted for subscriptions and repurchases. The performance participation allocation is an incentive fee paid to the Adviser and receipt of the allocation is subject to the ongoing effectiveness of the Advisory Agreement. Under the ODIT OP agreement, the Special Limited Partners are entitled to an allocation from ODIT OP with respect to the Class S OP Units, Class D OP Units, and Class I OP Units equal to 12.5% of total return, after the other unit holders have received a total return of 5% (after recouping any loss carryforward amount). The allocation of the performance participation allocation is measured on a calendar year basis and is paid quarterly in Class E OP Units, Class E shares, or cash, at the election of the Special Limited Partner. As the performance participation allocation is associated with the performance of services rendered by the Adviser, and the Special Limited Partners are only entitled to the performance participation allocation provided that the Advisory Agreement has not been terminated, the Company accounts for the performance participation allocation as an expense in its Consolidated Statements of Operations. During the three months ended March 31, 2026, the Company recognized $3,537 of performance participation allocation expense, which was accrued and unpaid as of March 31, 2026, and issued 130,473 Class E OP Units to the Special Limited Partners as payment of performance participation allocation accrued as of December 31, 2025, at the respective NAV per unit. From Inception through March 31, 2026, no Class E OP Units issued as payment of performance participation allocation were redeemed.

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*Advanced Organization and Offering Costs*

The Adviser has agreed to advance all of the organization and offering costs on behalf of the Company (including legal, marketing, due diligence, administrative, accounting, design and website expenses, fees and expenses of our escrow agent and transfer agent, and other expenses attributable to the Company's organization, but excluding ongoing servicing fees) through December 1, 2026. Such costs are recorded as a component of Due to affiliates on the Company's Consolidated Balance Sheet and will commence being reimbursed to the Adviser pro rata over 60 months beginning December 1, 2026.

*Transaction Prorations*

Pursuant to the transaction described in Note 3 - Investments in Real Estate, Net, the purchase agreement provided for closing and post-closing adjustments, with any amounts owed by one party to the other settled in the ordinary course pursuant to the agreement's post-closing adjustment procedures. As of March 31, 2026 and December 31, 2025, the Company owed $475 and $7,421, respectively, to BODI I Funds for customary post-closing prorations related to working capital.

*Other Expenses*

The Company engages an affiliate of the Adviser, STACK Infrastructure, Inc. ("**STACK Inc.**"), to provide site management and administrative services. The management agreement with STACK Inc. provides for a 3% management fee on base rent collected on STACK Inc. operated data centers, as well as a facility maintenance fee for onsite security and personnel required to maintain the data centers (collectively, "**Property Management Fees**"). During the three months ended March 31, 2026, the Company incurred $7,356 in Property Management Fees which are included within rental property operating expenses on the Condensed Consolidated Statement of Operations.

*Common Shares Held by Affiliates*

As of March 31, 2026 and December 31, 2025, ODIT affiliates and their employees owned 70,337,909 and 70,000,100 Class E shares, and 718,541 and 588,042 Class E OP Units, respectively, including shares held by other funds managed by the Adviser and its affiliates. The aggregate amount of Class E shares owned by ODIT affiliates and their employees was $722,383 and $705,944, respectively, based on the NAV per share/unit as of March 31, 2026 and December 31, 2025. The aggregate amount of Class E Units owned by ODIT affiliates and their employees was $7,380 and $5,930, respectively, based on the NAV per share/unit as of March 31, 2026 and December 31, 2025. From Inception through March 31, 2026, the Adviser and its affiliates did not submit any Class E shares or Class E OP Units for repurchase.

*Other Fees Paid to Affiliates*

One or more affiliates of the Dealer Manager ("**Blue Owl Capital Markets**") may provide a broad range of financial services to the Company, including strategic and capital markets advisory services related to mergers and acquisitions, development projects, refinancings, and capital raising activities. Blue Owl Capital Markets may also participate in underwriting and lending syndicates of financings borrowed by the Company. During the three months ended March 31, 2026, the Company paid $4,344 to Blue Owl Capital Markets for underwriting services, which was capitalized as deferred financing costs in Secured mortgage loans and notes, net in the Condensed Consolidated Balance Sheet. No such fees were paid for the period from Inception through December 31, 2025.

**10.&nbsp;&nbsp;&nbsp;&nbsp;Leases**

***Lessor – Operating leases***

The Company's rental revenue primarily consists of rent earned from operating leases at the Company's data center properties. Leases generally include a fixed base rent that escalates annually throughout the term of the applicable leases. Certain leases also contain a variable rent component consisting of the reimbursement of operating expenses such as utilities, real estate taxes, insurance, and common area maintenance costs.

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The following table details the components of operating lease income from leases in which the Company is the lessor.

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| | |
|:---|:---|
| | **Three Months Ended** |
| | **March 31, 2026** |
| &nbsp;&nbsp;Base rent <sup>(1)</sup> | $56493 |
| &nbsp;&nbsp;Straight-line rental revenue, net <sup>(2)</sup> | 2858 |
| &nbsp;&nbsp;Variable lease payments <sup>(3)</sup> | 27670 |
| &nbsp;&nbsp;Amortization of above/below market lease intangibles | 3841 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Rental revenue** | $90862 |

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__________________

(1)Base rent consists of fixed lease payments.

(2)Represents lease income related to the excess (deficit) of straight-line rental revenue over fixed lease payments and amortization of prepaid rent.

(3)Consists of reimbursement of common area maintenance ("CAM"), real estate taxes, and utilities.

The following table presents the undiscounted future minimum rents the Company expects to receive for its properties classified as operating leases as of March 31, 2026.

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| | |
|:---|:---|
| **Year** | **Future Minimum Rents**  |
| 2026 (remaining) | $155576 |
| 2027 | 175634 |
| 2028 | 165306 |
| 2029 | 159606 |
| 2030 | 143302 |
| 2031 | 114209 |
| Thereafter | 441490 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $1355123 |

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**11.&nbsp;&nbsp;&nbsp;&nbsp;Equity and Non-Controlling Interest**

***Authorized Capital***

As of March 31, 2026, the Company had the authority to issue an unlimited number of preferred shares and four classes of common shares including Class S shares, Class D shares, Class I shares, and Class E shares. Each class of common shares and preferred shares has a par value of $0.01. The Board of Trustees has the ability to establish the preferences and rights of each class or series of preferred shares, without shareholder approval, and as such, it may afford the holders of any series or class of preferred shares preferences, powers, and rights senior to the rights of holders of common shares. The differences among the common share classes relate to upfront transaction fees and ongoing shareholder servicing fees. See Note 2 – Summary of Significant Accounting Policies and Estimates for a further description of such items. Other than the differences in upfront transaction fees and ongoing shareholder servicing fees, Class S, Class D, and Class I shares have the same economic and voting rights. Class E shares have the same voting rights; however, the Company does not pay a management fee or performance participation allocation expense with respect to the Class E shares.

***Common Shares***

The following table details the movement in the Company's outstanding shares of common shares:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **Class S** | **Class D** | **Class I** | **Class E** | **Total** |
| **December 31, 2025** | 56833906 | 2163000 | 32700920 | 70000000 | 161697826 |
| Common shares issued | 9756027 | 302395 | 6220470 | 134240 | 16413132 |
| Distribution reinvestment | 424558 | 13043 | 235131 | 224 | 672956 |
| **March 31, 2026** | 67014491 | 2478438 | 39156521 | 70134464 | 178783914 |

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***Redeemable Common Shares***

The Adviser has the ability to redeem its Class E shares issued for payment of management fees and the Initial Capitalization for cash at its election. Therefore, the Company has classified these Class E shares as Redeemable common shares outside of equity on the Company's Consolidated Balance Sheet. As of March 31, 2026 and December 31, 2025, we have issued 203,445 and 100 Redeemable common shares, respectively, which remain outstanding.

The Redeemable common shares are recorded at the greater of (i) their issuance amount, or (ii) their redemption value, which is equivalent to the fair value of the shares at the end of each measurement period. Accordingly, the Company recorded an allocation adjustment of $24 during the three months ended March 31, 2026.

***Share and Unit Repurchases***

The Company adopted a share repurchase plan, which will commence after the first full fiscal quarter following the initial closing of the Private Offering, whereby, subject to certain limitations, shareholders will be able to request, on a quarterly basis, that the Company repurchase all or any portion of their shares. The repurchase price per share will generally be equal to the NAV per share as of the last calendar day of the first month of the applicable calendar quarter, except that, subject to certain exceptions, shares that have not been outstanding for at least two years which will be repurchased at 98% of the repurchase price ("**Early Repurchase Deduction**"). The aggregate NAV of total repurchases of Class S, Class D, Class I, and Class E shares (including repurchases by certain "fund of fund" vehicles and certain U.S. investor access funds primarily created to hold our common shares but excluding any Early Repurchase Deduction applicable to the repurchased shares) is limited to no more than 3% of the Company's aggregate NAV per calendar quarter (measured using the average aggregate NAV as of the end of the preceding three months for which NAV is available). Shareholders may request on a quarterly basis that the Company repurchase all or any portion of their shares and may submit such repurchase requests beginning after the start of the second month of the applicable calendar quarter. The Early Repurchase Deduction does not apply to shares acquired through the distribution reinvestment plan or to repurchases of our common shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by us. In addition, we may not apply the Early Repurchase Deduction to certain "fund of fund" or feeder vehicles or their respective underlying investors.

Other than as described for Redeemable Common Shares and Redeemable Non-Controlling Interests, the Company is not obligated to repurchase any shares and could choose to repurchase fewer shares than were requested to be repurchased, or none at all. Further, the Board may modify and suspend the Company's share repurchase plan if it deems such action to be in the Company's best interest and the best interest of its shareholders. In the event that the Company determined to repurchase some but not all of the shares submitted for repurchase during any particular calendar quarter, shares repurchased during such calendar quarter would be repurchased on a pro rata basis.

During the three months ended March 31, 2026, the Company did not repurchase common shares and had no unfulfilled repurchase requests.

***Distributions***

The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its shareholders each year to comply with the REIT provisions of the Internal Revenue Code. Each class of common shares receive the same gross distribution per share. The net distribution varies for each class based on the applicable shareholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable distributor.

The Company has adopted a distribution reinvestment plan whereby shareholders will have their cash distributions automatically reinvested in additional common shares unless they elect to receive their distributions in cash. The per share purchase price for shares purchased pursuant to the distribution reinvestment plan will be equal to the purchase price at the time the distribution is payable. Shareholders will not pay an upfront transaction fee when purchasing shares pursuant to the distribution reinvestment plan. The ongoing servicing fees with respect to shares of Class S shares and Class D shares are calculated based on the NAV for those shares and may reduce the NAV.

The following table details the aggregate distributions declared for each applicable class of common shares for the three months ended March 31, 2026. There were no distributions declared during the period from Inception through December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Class S** | **Class D** | **Class I** | **Class E** |
| Aggregate gross distributions declared per common share | $0.1500 | $0.1500 | $0.1500 | $0.1500 |
| Shareholder servicing fee per common share | (0.0281) | (0.0083) | 0.0000 |  |
| &nbsp;&nbsp;**Net distributions declared per common share** | $**0.1219** | $**0.1417** | $**0.1500** | $**0.1500** |

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***Redeemable Non-controlling Interest***

In connection with its performance participation allocation, the Special Limited Partners have elected to receive payment in Class E OP Units. See Note 9 - Related Party Transactions for further details of the Special Limited Partner's performance participation allocation. Because the Special Limited Partners have the ability to redeem their Class E OP Units for Class E shares in the Company or cash at their election, the Company classifies these Class E OP Units as Redeemable Non-controlling Interest in mezzanine equity on the Company's Consolidated Balance Sheet.

Redeemable Non-controlling Interests are recorded at the greater of (i) their carrying amount, adjusted for their share of the allocation of GAAP net income or loss and distributions, or (ii) their redemption value, which is equivalent to the fair value of such interests at the end of each measurement period.

The following table details the redeemable non-controlling interest activity related to the Special Limited Partners for the three months ended March 31, 2026:

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| | |
|:---|:---|
| | **Three Months Ended** |
| | **March 31, 2026** |
| **Balance, beginning of period** | $— |
| &nbsp;&nbsp;Settlement of prior performance participation allocation | 1319 |
| &nbsp;&nbsp;Repurchases |  |
| &nbsp;&nbsp;Net income allocation | (17) |
| &nbsp;&nbsp;Other comprehensive income allocation | (3) |
| &nbsp;&nbsp;Distributions | (10) |
| &nbsp;&nbsp;Fair value allocation | 50 |
| &nbsp;&nbsp;Reallocation between additional paid-in capital and non-controlling interests due to changes in ODIT OP ownership | (8) |
| **Balance, end of period** | $**1331** |

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As of March 31, 2026, no Class E OP Units had been redeemed for cash or exchanged to Class E shares in the Company. As of December 31, 2025, the Company had not issued any Class E OP Units as payment to the Special Limited Partners.

Redeemable Non-controlling Interests are recorded at the greater of (i) their carrying amount, adjusted for their share of the allocation of GAAP net income or loss and distributions, or (ii) their redemption value, which is equivalent to the fair value of such interests at the end of each measurement period. Accordingly, the Company recorded an allocation adjustment between Additional Paid-in-Capital and Redeemable Non-controlling Interest of $8,000 during the three months ended March 31, 2026.

***Share-Based Compensation***

During the three months ended March 31, 2026, the Company awarded independent members of the Board of Trustees 20,103 shares of restricted Class E shares. The restricted Class E shares are subject to a vesting period of approximately 12 months. The Company incurred total share-based compensation expense of approximately $92 for the three months ended March 31, 2026.

**12.&nbsp;&nbsp;&nbsp;&nbsp;Commitments and Contingencies**

The Company is involved in various claims and litigation matters arising in the ordinary course of business, some of which involve claims for damages. Many of these matters are covered by insurance, although they may nevertheless be subject to deductibles or retentions. Although the ultimate liability for these matters cannot be determined, based upon

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information currently available, the Company believes the ultimate resolution of such claims and litigation will not have a material adverse effect on its financial position, results of operations or liquidity.

The Company has assets that require periodic investments of capital for customer-related capital expenditures and for general capital improvements. From time to time, in the normal course of our business, we enter into various construction contracts with third parties that may obligate us to make payments. As of March 31, 2026, the Company had open commitments related to construction projects of approximately $8,951.

**13.&nbsp;&nbsp;&nbsp;&nbsp;Earnings Per Share**

Our Class S, Class D, and Class I shares, are allocated net income (loss) at the same rate per share and receive the same gross distribution per share. The Company does not pay a management fee or performance participation allocation expense with respect to the Class E shares or Class E OP Units and as a result, it is a class-specific expense. Because Class E shares are excluded from the calculation of the management fee and performance participation allocation expense, the Company is required to apply the two-class method in calculating earnings per share.

The Company calculates net loss for the calculation of earnings per share for Class S, Class D, and Class I shares and Class E shares by allocating net loss before management fee and performance participation expense to Class S, Class D, and Class I shares and Class E shares on a pro rata basis, the management fee and performance participation allocation expense is then allocated to Class S, Class D, and Class I shares on a pro rata basis.

Basic net loss per Class S, Class D, and Class I share and per Class E share was computed using the two-class method by dividing net loss attributable to Class S, Class D, and Class I shareholders and Class E shareholders, respectively, by the weighted average number of Class S, Class D, and Class I shares and Class E shares outstanding during the period. Diluted net loss per Class S, Class D, and Class I share and per Class E share was computed using the two-class method by dividing dilutive net loss attributable to Class S, Class D, and Class I shareholders and Class E shareholders by the weighted average number of dilutive Class S, Class D, and Class I shares and Class E shares outstanding during the period.

Our calculation of basic net loss per Class S, Class D, and Class I share and per Class E share for the three months ended March 31, 2026 is presented in the table below:

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **Total** | **Class S, Class D, and Class I Shares** | **Class E Shares** |
| Net loss  | $(34660) | $(23558) | $(11102) |
| Net loss attributable to non-controlling interests | 656 | 556 | 100 |
| Net loss attributable to ODIT  | $(34004) | $(23002) | $(11002) |
| Net loss attributable to dilutive OP units |  |  |  |
| Net loss attributable to ODIT - dilutive | $(34004) | $(23002) | $(11002) |
| Weighted average number of common shares outstanding - basic | 173722158 | 103538210 | 70183948 |
| Effect of dilutive unvested grants of restricted Class E shares |  |  |  |
| Effect of dilutive OP units |  |  |  |
| Weighted average shares of common shares outstanding - dilutive | 173722158 | 103538210 | 70183948 |
| Net loss per common share - basic | $(0.20) | $(0.22) | $(0.16) |
| Net loss per common share - diluted | $(0.20) | $(0.22) | $(0.16) |

---

For the three months ended March 31, 2026, the Company excluded 20,103 restricted Class E shares and 3,382,065 OP Units from the computation of diluted net loss per share as their inclusion would have been anti-dilutive.

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**14.&nbsp;&nbsp;&nbsp;&nbsp;Segment Reporting** 

The Company's principal business is the acquisition, ownership, financing and leasing of single-tenant commercial real estate properties subject to long-term net leases with investment grade and other creditworthy tenants or guarantors.

The Company has one operating segment and one reportable segment as of March 31, 2026. The CODM specifically reviews consolidated net income and certain significant expenses excluding non-cash items on a consolidated basis to allocate resources accordingly. The following table details our segment financial results for the three months ended March 31, 2026:

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| | |
|:---|:---|
| | **Three Months Ended** |
| | **March 31, 2026** |
| **Total segment revenues** | $90862 |
| **Segment expenses** |  |
| &nbsp;&nbsp;Fund level expenses <sup>(1)</sup> | 3004 |
| &nbsp;&nbsp;Management fees | 3380 |
| &nbsp;&nbsp;Performance participation allocation | 3537 |
| &nbsp;&nbsp;Interest expense <sup>(2)</sup> | 22531 |
| &nbsp;&nbsp;Other segment expense, net <sup>(3)</sup> | 93070 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consolidated segment net loss** | $(34660) |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp;Fund level expenses are total general and administrative expenses.

(2) &nbsp;&nbsp;&nbsp;&nbsp;Interest expense excludes non-cash items such as amortization expense related to our debt discounts and deferred financing costs.

(3) &nbsp;&nbsp;&nbsp;&nbsp;Other segment expenses include property operating expenses, depreciation and amortization, income from unconsolidated joint venture, interest income, other expense, net, and other non-cash items.

The measure of segment assets is reported on the Condensed Consolidated Balance Sheets as total assets.

**15.&nbsp;&nbsp;&nbsp;&nbsp;Subsequent Events**

In preparation of the accompanying Condensed Consolidated Financial Statements, the Company has evaluated events and transactions that occurred after March 31, 2026 for recognition or disclosure purposes. Based on this evaluation, we identified the following subsequent events, from March 31, 2026 through the date on which the financial statements were available to be issued.

***Revolving Credit Facility***

On April 1, 2026, affiliates of the Company entered into a revolving credit agreement (the "**Agreement**") pursuant to which lenders and letter of credit issuers agreed to provide loans and letters of credit for up to an aggregate initial principal amount of $200,000, subject to customary conditions, and a letter of credit sublimit of up to $100,000. The available capacity under the Agreement may be increased, in an aggregate amount not in excess of $3,000,000, subject to certain customary conditions, provided that the borrower complies with certain covenants specified therein. The Agreement matures on April 1, 2030, subject to a one-year extension at the option of the borrower without any lender or agent consent, and the satisfaction of customary conditions.

***Proceeds from the Issuance of Common Shares***

From April 1, 2026, through the date the financial statements were issued, the Company sold an aggregate of 3,032,825 common shares (consisting of 1,732,597 Class S shares, 99,714 Class D shares, 1,197,106 Class I shares, and 3,408 Class E shares) resulting in net proceeds of $30,416 to the Company.

***Distributions***

On May 6, 2026, the Company declared an increase to its gross distribution rate from $0.4500 to $0.5000 per share per year for each class of its common shares for shareholders of record following the close of business on April 30, 2026.

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**ITEM 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*References herein to "Blue Owl Digital Infrastructure Trust," "Company," "we," "us," or "our" refer to Blue Owl Digital Infrastructure Trust and its subsidiaries unless the context specifically requires otherwise.*

*The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto appearing elsewhere in this quarterly report on Form 10-Q. In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially from those in this discussion as a result of various factors, including but not limited to those discussed in Part I. Item 1A — "Risk Factors" in our Annual Report on Form 10-K filed with the SEC on March 11, 2026, as such factors may be updated from time to time in our periodic filings with the SEC , which are accessible on the SEC's website at www.sec.gov. Dollars are in thousands, except for per share amounts.*

**Overview**

Blue Owl Digital Infrastructure Trust is a Maryland statutory trust formed on April 7, 2025 ("**Inception**"). The Company invests primarily in stabilized, development, and value-add digital infrastructure investments. To a lesser extent, we may also invest in real estate debt investments. The Company is the sole general partner of ODIT OP, and we own, and plan to continue to own, substantially all of our assets through ODIT OP. We are externally managed by the Adviser. The Company's principal business is the acquisition, ownership, financing and leasing of stabilized, development, and value-add digital infrastructure assets leased to primarily investment-grade and creditworthy customers, and its management does not distinguish the principal business, or group the operations, by geography or property type for purposes of measuring performance. Accordingly, the Company has only one reportable segment.

We are capitalized through the purchase by an affiliate of the Adviser of 100 common shares for an aggregate purchase price of $1 on May 20, 2025 (the "**Initial Capitalization**").

The Company is a non-listed, perpetual life investment vehicle. We intend to elect and qualify as a REIT under the Code, for U.S. federal income tax. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent we annually distribute all of our net taxable income to shareholders and maintain our qualification as a REIT.

As of March 31, 2026, we have received net proceeds of $1,814,782 from the sale of our common shares, including shares issued to certain limited partners of the BODI Funds in connection with their in-kind contribution of interests in the subject assets to the Company, based on an initial purchase price of $10.00. We have contributed the net proceeds to ODIT OP in exchange for a corresponding number of Class S, Class D, Class I, and Class E OP Units. ODIT OP has primarily used the net proceeds to make investments in real estate and debt investments as further described below under "Investment Portfolio." We intend to continue selling shares on a monthly basis.

**Emerging Growth Company Status**

We are and we will remain an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012 (the "**JOBS Act**") until the earlier of (a) the last day of the fiscal year (i) following the fifth anniversary of the date of an initial public offering pursuant to an effective registration statement under the Securities Act, (ii) in which we have total annual gross revenue of at least $1,235,000, or (iii) in which we are deemed to be a large accelerated filer, which means the market value of our shares that is held by non-affiliates exceeds $700,000 as of the date of our most recently completed second fiscal quarter, and (b) the date on which we have issued more than $1,000,000 in non-convertible debt during the prior three-year period. For so long as we remain an "emerging growth company" we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002. We cannot predict if investors will find our shares less attractive because we may rely on some or all of these exemptions.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We will take advantage of the extended transition period for complying with new or revised accounting standards, which may make it more difficult for investors and securities analysts to evaluate us since our financial statements may not be comparable to companies that comply with public company effective dates and may result in less investor confidence.

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**Recent Developments**

Our business is impacted by conditions in the financial markets and economic conditions in the United States and to a lesser extent, globally.

During the three months ended March 31, 2026, global equity and debt markets experienced elevated volatility, with significant dispersion across equity markets, spread widening in fixed income markets, and outsized moves in commodities as a result of intensifying geopolitical conflicts and heightened focus on the evolution of artificial intelligence. The 10-year Treasury yield ended the first quarter of 2026 up 15 basis points from December 31, 2025 and experienced a peak to trough range of nearly 50 basis points during the first quarter of 2026. The CBOE Volatility Index (VIX) peaked above 30 during the first quarter of 2026, its highest level since April 2025.

Industry valuations and transaction volumes remain under pressure due to a combination of the announcement of tariffs, increased vacancy rates, and uncertainty around future capital availability. In contrast, the Company, which focuses on stabilized, development, and value-add digital infrastructure investments, continued to expand and diversify its portfolio. Our investors continue to benefit from the resilient characteristics of digital infrastructure, including contracted or recurring revenue streams, potential for inflation mitigation in certain arrangements, and the opportunity for long-duration income across the portfolio.

We are continuing to closely monitor developments related to the macroeconomic factors that have contributed to market volatility, and we are assessing the impact of these factors on financial markets and on our business. Our future results may be adversely affected by slowdowns in fundraising activity and the pace of capital deployment. It is currently not possible to predict the ultimate effects of these events on the financial markets, overall economy, and our Condensed Consolidated financial statements. See "Part I. Item 1A. Risk Factors — Risks Related to Our Business and Operations" in our 2025 Annual Report on Form 10-K filed with the SEC on March 11, 2026.

**Q1 2026 Highlights (Results of Operations)**

***Operating Results***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Declared monthly net distributions on our common shares totaling $23,841 for the three months ended March 31, 2026. The details of the average distribution rates and total returns are shown in the following table:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **Class D** | **Class I** | **Class E** |
| Year-to-Date Total Return, without upfront selling commissions <sup>(1)</sup> | 2.09% | 2.25% | 2.31% | 2.97% |
| Year-to-Date Total Return, assuming maximum upfront selling commissions <sup>(1)</sup> | (1.36)% | 0.73% | N/A | N/A |
| Inception-to-Date Total Return, without upfront selling commissions <sup>(1)</sup> | 9.34% | 9.99% | 10.27% | 13.22% |
| Inception-to-Date Total Return, assuming maximum upfront selling commissions <sup>(1)</sup> | (1.38)% | 5.19% | N/A | N/A |

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__________________

(1)Total return is calculated as the change in NAV per share during the respective periods plus any distributions per share declared in the period and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. Total return for periods less than one year is annualized. The Company believes total return is a useful measure of the overall investment performance of our shares.

***Investments***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Invested and sold $128,595 and $1,593 in CMBS debt investments, respectively, during the three months ended March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the three months ended March 31, 2026, made an investment in an unconsolidated joint venture to invest in debt investments with a third-party as follows:

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| | | |
|:---|:---|:---|
| **Investment** | **Ownership Percentage** | **Contributions** |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt investments | 40.0% | $46302 |

---

***Capital Activity and Financings***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raised net proceeds of $165,319 from the sale of our common shares during the three months ended March 31, 2026.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the three months ended March 31, 2026, paid down $30,578 in secured variable funding notes and incurred principal borrowings of $45,000 in secured fixed-rate ABS loans.

***Overall Portfolio***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of March 31, 2026, our portfolio consisted of investments in real estate (94%), debt investments (5%), and investment in unconsolidated joint venture (1%), based on fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our 11 wholly owned properties as of March 31, 2026, consisted of assets located in the Midwest (22%), Southeast (18%), Southwest (18%), and West (42%) regions of the United States based on fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our debt investments as of March 31, 2026, consisted of CMBS. For further details on underlying real estate collateral, refer to "Investment Portfolio – Debt Investments".

**Investment Portfolio**

***Real Estate Investments***

The following charts describe the diversification of our wholly owned portfolio by geographical region <sup>(1)</sup> based on fair value and customer credit ratings <sup>(2)</sup> based on the next twelve months ("**NTM**") rent as of March 31, 2026:

![173](osnl-20260331_g1.jpg)![549755818126](osnl-20260331_g2.jpg)

(1) &nbsp;&nbsp;&nbsp;&nbsp;Region weighting is measured as the gross asset value of our consolidated real estate investments against the total asset value of all consolidated real estate investments.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Customer credit rating weighting is based on the NTM base rent of our customers against the total NTM rental income of all our customers.

The following table provides a summary of our wholly owned portfolio as of March 31, 2026 (*dollars in thousands)*:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Region** | **Number of Properties** | **Megawatts** | **Occupancy Rate** <sup>(1)</sup> | **Average Effective NTM Rent Per Leased Megawatt** <sup>(2)</sup> | **Gross Asset Value** <sup>(3)</sup> | **NTM Rent** <sup>(2)</sup> | **Percentage of Total Revenue** |
| Midwest | 3 | 43 | 100% | $1.4 | $729130 | $58510 | 26% |
| Southeast | 2 | 24 | 97% | $0.6 | 592070 | 15127 | 7% |
| Southwest | 2 | 28 | 100% | $1.5 | 598990 | 42072 | 19% |
| West | 4 | 68 | 100% | $1.6 | 1407780 | 108740 | 48% |
| &nbsp;&nbsp;**Total**  | **11** | **163** |  |  | $**3327970** | $**224449** | **100%** |

---

__________

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(1)Occupancy Rate is calculated as the percentage of leased megawatts.

(2)The term "NTM" refers to base rental income for the next twelve months.

(3)Based on fair value as of March 31, 2026.

***Real Estate and Leases***

The following table provides information regarding our wholly owned real estate property types as of March 31, 2026:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment** | **Number of Properties** | **Location** | **Acquisition/Commencement Date** | **Ownership Interest** | **Megawatts** | **Occupancy Rate** <sup>(1)</sup> |
| **Midwest** | | | | | | |
| CHI01A | 1 | Elk Grove Village, IL | December 2025 | 100% | 16 | 100% |
| CHI01B | 1 | Elk Grove Village, IL | December 2025 | 100% | 24 | 100% |
| NAL01A | 1 | New Albany, OH | December 2025 | 100% | 3 | 100% |
| **Southeast:** |  |  |  |  |  |  |
| ATL01A | 1 | Alpharetta, GA | December 2025 | 100% | 7 | 90% |
| NVA01A | 1 | Sterling, VA | December 2025 | 100% | 17 | 100% |
| **Southwest:** |  |  |  |  |  |  |
| DFW01A | 1 | Plano, TX | December 2025 | 100% | 21 | 100% |
| DFW01B | 1 | Plano, TX | December 2025 | 100% | 7 | 100% |
| **West:** |  |  |  |  |  |  |
| POR01A | 1 | Hillsboro, OR | December 2025 | 100% | 5 | 100% |
| POR02A | 1 | Hillsboro, OR | December 2025 | 100% | 23 | 100% |
| SVY01A | 1 | San Jose, CA | December 2025 | 100% | 9 | 100% |
| SVY01B | 1 | San Jose, CA | December 2025 | 100% | 31 | 100% |
| **Total**  | **11** |  |  |  | **163** |  |

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__________________

(1)Occupancy Rate is calculated as the percentage of leased megawatts.

***Lease Expirations***

The following schedule details the expiring leases at our wholly owned real estate properties by the NTM rent and leased megawatts as of March 31, 2026 *(dollars in thousands)*:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year** | **Number of Expiring Leases** | **NTM Rent** <sup>(1)</sup> | **% of Total NTM Rent Expiring** | **Megawatts** | **% of Total Megawatts Expiring** |
| &nbsp;&nbsp;2026 (remaining) | 5 | $6298 | 3% | 18 | 11% |
| &nbsp;&nbsp;2027 | 12 | 16599 | 7% | 10 | 6% |
| &nbsp;&nbsp;2028 | 5 | 11942 | 5% | 7 | 4% |
| &nbsp;&nbsp;2029 | 5 | 13248 | 6% | 7 | 4% |
| &nbsp;&nbsp;2030 | 6 | 28827 | 13% | 18 | 11% |
| &nbsp;&nbsp;2031 | 5 | 35562 | 16% | 25 | 15% |
| &nbsp;&nbsp;2032 | 2 | 4914 | 2% | 4 | 2% |
| &nbsp;&nbsp;2033 |  |  | —% |  | —% |
| &nbsp;&nbsp;2034 | 6 | 37525 | 17% | 29 | 18% |
| &nbsp;&nbsp;2035 |  |  | —% |  | —% |
| &nbsp;&nbsp;Thereafter | 6 | 69534 | 31% | 45 | 29% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **52** | $**224449** | **100%** | **163** | **100%** |

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__________

(1)The term "NTM" refers to base rental income for the next twelve months.

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***Investment in Unconsolidated Joint Venture***

As of March 31, 2026, the Company owns interests in an unconsolidated joint venture with a third party, which is accounted for under the FVO and detailed in the table below:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment** | **Number of Investments** | **Ownership Percentage** | **Carrying Amount of Investment** | **Income** |
| Unconsolidated joint venture accounted for under the FVO |  |  |  |  |
| &nbsp;&nbsp;Debt investments | 1 | 40.0% | $46977 | $675 |
| Total unconsolidated joint venture accounted for under the FVO | **1** |  | $**46977** | $**675** |

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***Debt Investments***

As of March 31, 2026, the Company's debt investments consisted of CMBS, which are detailed in the following table:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Security/Loan** | **Weighted Average Coupon** <sup>(1)</sup> | **Weighted Average Maturity Date** <sup>(2)</sup> | **Face Amount** | **Cost Basis** | **Fair Value** |
| CMBS | SOFR + 4% | 7/11/2042 | $155242 | $156011 | $154842 |

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__________________

(1)The term SOFR refers to the relevant floating benchmark rate, one-month SOFR.

(2)The weighted average maturity date is based on the fully extended maturity date of the instrument.

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**Results of Operations**

The following table sets forth the results of our operations for the three months ended March 31, 2026. There is no comparative information yet available as operations commenced on December 1, 2025.

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| | |
|:---|:---|
| | **March 31, 2026** |
| **Revenues** | |
| Rental revenue | $90862 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 90862 |
| **Expenses** |  |
| Rental property operating | 39021 |
| General and administrative | 3004 |
| Management fee | 3380 |
| Performance participation allocation | 3537 |
| Depreciation and amortization | 55191 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 104133 |
| **Other income (expense)** |  |
| Income from unconsolidated joint venture | 675 |
| Interest expense | (24346) |
| Interest income | 2681 |
| Other expense, net | (399) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total other expense, net** | (21389) |
| **Net loss** | (34660) |
| Net loss attributable to non-controlling interests | 656 |
| **Net loss attributable to ODIT shareholders** | $(34004) |
| **Net loss per Class S, Class D, and Class I common share - basic** | $(0.22) |
| **Net loss per Class E share - basic** | $(0.16) |
| **Net loss per Class S, Class D, and Class I common share - diluted** | $(0.22) |
| **Net loss per Class E share - diluted** | $(0.16) |
| **Weighted-average Class S, Class D and Class I common shares outstanding, basic** | 103538210 |
| **Weighted-average Class E common shares outstanding, basic** | 70183948 |
| **Weighted-average Class S, Class D and Class I common shares outstanding, diluted** | 103538210 |
| **Weighted-average Class E common shares outstanding, diluted** | 70183948 |

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***Rental revenue***

Rental revenue from our property operations was $90,862 for the three months ended March 31, 2026. Our revenues consist of rental revenue from the 11 operating properties acquired as the Initial Portfolio.

***Rental property operating expenses***

Rental property operating expenses were $39,021 for the three months ended March 31, 2026. Our rental property operating expenses primarily include utilities, real estate taxes, and common area maintenance for the Initial Portfolio.

***General and administrative expenses***

General and administrative expenses were $3,004 for the three months ended March 31, 2026. Our general and administrative expenses were primarily driven by trailing organization expenses of the Company.

***Management fee***

The management fee for the three months ended March 31, 2026 was $3,380, which was attributable to the Company's average net asset value during the period.

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***Performance participation allocation***

The performance participation allocation was $3,537 for the three months ended March 31, 2026. Our performance participation allocation expense is equal to our NAV in excess of the required 5% hurdle.

***Depreciation and amortization***

Depreciation and amortization expense for the three months ended March 31, 2026 was $55,191. Our depreciation and amortization expense is related to the Initial Portfolio.

***Income from unconsolidated joint venture***

Income from unconsolidated joint venture for the three months ended March 31, 2026 was $675, which is related to our debt investment joint venture entered into during the three months ended March 31, 2026.

***Interest expense***

Interest expense for the three months ended March 31, 2026 was $24,346. Our interest expense is related to our secured mortgage loans and notes.

***Interest income***

Interest income was $2,681 for the three months ended March 31, 2026, which was primarily driven by income from our CMBS debt investments.

***Other expense, net***

Other expense, net for the three months ended March 31, 2026 was $399, which was primarily due to the unamortized discount on the ABS loans paid down during the three months ended March 31, 2026.

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**Net Asset Value and NAV Per Share Calculation**

Each class has an undivided interest in our assets and liabilities, other than class-specific, ongoing servicing fees. In accordance with the valuation guidelines, our NAV per share for each class is determined as of the last calendar day of each month, using a process that reflects several components, including the estimated fair value of (1) each of our properties, (2) our debt investments and other securities for which third-party market quotes are available, (3) our other debt investments and other securities, and (4) our other assets and liabilities. The NAV for each class of shares is based on the net asset values of our investments (including debt investments and other securities), the addition of any other assets (such as cash on hand), and the deduction of any liabilities (including the allocation/accrual of any performance participation to the Special Limited Partners and the deduction of any ongoing servicing fees specifically applicable to such class of shares). At the end of each month, before taking into consideration repurchases or class-specific expense accruals for that month, any change in our aggregate NAV (whether an increase or decrease) is allocated among each class of shares based on each class's relative percentage of the previous aggregate NAV plus issuances of shares that were effective on the first calendar day of such month. The NAV calculation is generally available on or around the fifteenth calendar day after the last calendar day of each month. Following the aggregation of the net asset values of our investments, the addition of any other assets (such as cash on hand), and the deduction of any other liabilities, any class-specific adjustments are incorporated into our NAV, including additional issuances and repurchases of our common shares and accruals of class-specific ongoing servicing fees. For each applicable class of shares, the ongoing servicing fee is calculated as a percentage of the aggregate NAV for such class of shares. At the close of business on the date that is one business day after each record date for any declared distribution, our NAV for each class will be reduced to reflect the accrual of our liability to pay any distribution to our shareholders of record of each class as of the record date. NAV per share for each class is calculated by dividing such class's NAV at the end of each month by the number of shares outstanding for that class at the end of such month.

Our total NAV presented in the following tables includes the NAV of our Class S, Class D, Class I, and Class E shares, as well as the partnership interests of ODIT OP held by parties other than the Company and certain affiliates of the Company. The following table provides a breakdown of the major components of our NAV as of March 31, 2026:

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| | |
|:---|:---|
| **Components of NAV** | **March 31, 2026** |
| Cash and cash equivalents | $135148 |
| Restricted cash | 12214 |
| Investments in real estate | 3322438 |
| Investment in unconsolidated joint venture | 46977 |
| Debt investments | 154842 |
| Intangible assets | 522066 |
| Other assets | 35796 |
| Intangible liabilities | (516534) |
| Secured mortgage loans and notes | (1789639) |
| Due to affiliates | (7985) |
| Accounts payable and accrued expenses | (36217) |
| Other liabilities | (16290) |
| **Net Asset Value** | $1862816 |
| Number of outstanding shares/units | 182369425 |

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The following table provides a breakdown of our total NAV and NAV per share/unit by class as of March 31, 2026 (dollars are in thousands except for per share amounts):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **NAV per share** | **Class S Shares** | **Class D Shares** | **Class I Shares** | **Class E Shares** <sup>(1)</sup> | **Class I OP Units** <sup>(2)</sup> | **Class E OP Units** <sup>(3)</sup> | **Total** |
| NAV | $682133 | $25228 | $398580 | $722383 | $27112 | $7380 | $1862816 |
| Number of outstanding shares/units | 67014491 | 2478438 | 39156521 | 70337909 | 2663525 | 718541 | 182369425 |
| &nbsp;&nbsp;NAV Per Share/Unit as of March 31, 2026 | $10.1789 | $10.1791 | $10.1792 | $10.2702 | $10.1792 | $10.2702 |  |

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__________________

(1)Includes 203,445 Class E shares subject to redemption features, classified as Redeemable common shares.

(2)Includes the partnership interests of ODIT OP held by parties other than the Company.

(3)Includes the partnership interest of ODIT OP held by certain affiliates of the Company.

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The following table details the weighted averages of the key assumptions in the discounted cash flow methodology used in the valuations as of March 31, 2026:

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| | | |
|:---|:---|:---|
| **Property Type** | **Discount Rate** | **Capitalization Rate**  |
| Data Centers | 7.6% | 6.0% |

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These assumptions are determined by the Adviser and reviewed by our independent valuation advisor. A change in these assumptions would impact the calculation of the value of our property investments. For example, assuming all other factors remain unchanged, the changes listed below would result in the following effects on our investment values:

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| | | |
|:---|:---|:---|
| **Input** | **Hypothetical Change** | **Data Centers** |
| Discount Rate | 0.25 % Decrease | +1.9% |
| (weighted average) | 0.25 % Increase | (1.9)% |
| Capitalization Rate | 0.25 % Decrease | +2.5% |
| (weighted average) | 0.25 % Increase | (2.3)% |

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The following table reconciles shareholders' equity and ODIT OP partner's capital per our Consolidated Balance Sheet to our NAV (in thousands):

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| | |
|:---|:---|
| | **March 31, 2026** |
| Shareholders' equity | $1669028 |
| Non-controlling interests attributable to ODIT OP | 31125 |
| Redeemable non-controlling interests | 1331 |
| Redeemable common shares | 2089 |
| Total partners' capital of ODIT OP under GAAP | 1703573 |
| Adjustments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued shareholder servicing fee | 39370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued organization and offering costs | 11148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued distributions | (495) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization under GAAP | 68296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized net real estate and real estate debt appreciation | 44642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent | (3718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NAV** | $**1862816** |

---

The following details the adjustments to reconcile GAAP shareholders' equity and total partners' capital of ODIT OP to our NAV:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under GAAP, we accrue the ongoing shareholder servicing fee as an offering cost at the time we sell the Class S and Class D shares. For purposes of calculating NAV, we recognize the ongoing servicing fee as a reduction of NAV on a monthly basis when such fee is paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser agreed to advance certain organization and offering costs on our behalf through December 1, 2026. Such costs will be reimbursed to the Adviser on a pro-rata basis over a 60-month period beginning December 1, 2026. Under GAAP, organization costs have been accrued as a liability. For purposes of calculating NAV, such costs will be recognized as paid over the 60-month reimbursement period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We depreciate our investments in real estate and amortize certain other assets and liabilities in accordance with GAAP. Such depreciation and amortization is not recorded for purposes of calculating our NAV. Our financial leverage ("**Debt**") are presented at their amortized cost basis in our consolidated GAAP financial statements. As such, any increases or decreases in the fair market value of our investments in real estate or our Debt are not included in our GAAP results. For purposes of calculating our NAV, our investments in real estate and our Debt are recorded at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We recognize rental revenue on a straight-line basis under GAAP. Such straight-line rent adjustments and their impact on deferred taxes are excluded for purposes of calculating NAV.

------

**Distributions**

Beginning January 14, 2026, we declared monthly distributions for each class of our common shares, which are generally paid 20 days after month-end. We have paid distributions consecutively each month since such time. Each class of our common shares received the same aggregate gross distribution per share, which was $0.1500 per share for the three months ended March 31, 2026. The net distribution varies for each class based on the applicable shareholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the Dealer Manager for further remittance to the applicable distributor.

The following table details the total net distribution for each of our share classes for the three months ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Record Date** | **Class S** | **Class D** | **Class I** | **Class E** |
| December 31, 2025 <sup>(1)</sup> | $0.0304 | $0.0354 | $0.0375 | $0.0375 |
| January 31, 2026 | $0.0304 | $0.0354 | $0.0375 | $0.0375 |
| February 28, 2026 | $0.0309 | $0.0356 | $0.0375 | $0.0375 |
| March 31, 2026 | $0.0302 | $0.0353 | $0.0375 | $0.0375 |
| &nbsp;&nbsp;**Total** | $0.1219 | $0.1417 | $0.1500 | $0.1500 |

---

(1)The distribution payable to shareholders of record as of December 31, 2025 was declared on January 14, 2026.

**Liquidity and Capital Resources**

***Liquidity***

We believe we have sufficient liquidity to operate our business with immediate liquidity comprised of cash and cash equivalents of $135,148 as of March 31, 2026. In addition to our immediate liquidity, we obtain incremental liquidity through the sale of our common shares, from which we generated net proceeds of $165,319 for the three months ended March 31, 2026, as well as through the ability to sell our liquid CMBS investments with a fair value of $154,842 as of March 31, 2026. Additionally, we may borrow money through unsecured financings, or incur other forms of indebtedness. Our availability under our variable funding notes was $87,500 as of March 31, 2026. We may also generate incremental liquidity through the sale of our real estate. Refer to Note 15 - Subsequent Events for information on our entry into a Revolving Credit Facility Agreement.

Our primary liquidity needs are to fund our investments, make distributions to our shareholders, repurchase common shares pursuant to our Share Repurchase Plan, pay operating expenses, fund capital expenditures, and repay indebtedness. Our operating expenses include, among other things, the management fee we pay to the Adviser and the performance participation allocation that ODIT OP pays to the Special Limited Partner, both of which will impact our liquidity to the extent the Adviser or the Special Limited Partner elect to receive such payments in cash, or subsequently redeem shares or OP Units previously issued to them.

Our cash needs for acquisitions and other capital investments will be funded primarily from the sale of common shares and through the incurrence or assumption of debt. Other potential future sources of capital include secured or unsecured financings from banks or other lenders and proceeds from the sale of assets. If necessary, we may use financings or other sources of capital in the event of unforeseen significant capital expenditures. We expect to be able to refinance debt obligations maturing in the near term through the use of available cash on hand, capacity on our variable funding notes, additional capital raise activity, or exercising existing extension options.

We continue to believe that our current liquidity position is sufficient to meet the need of our expected investment activity.

***Capital Resources***

As of March 31, 2026, our consolidated indebtedness included borrowings under our mortgage loans and variable funding notes. The following table is a summary of our indebtedness as of March 31, 2026:

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Indebtedness** | **Weighted Average**<br>**Interest Rate** <sup>(1)</sup> | **Weighted Average**<br>**Maturity Date** <sup>(2)</sup> | **Maximum Facility Size** | **Principal Balance Outstanding** |
| *Mortgage loans* |  |  |  |  |
| &nbsp;&nbsp;Secured fixed rate ABS loans <sup>(3)</sup> | 5.39% | 1/21/2030 | N/A | $1820000 |
| *Variable funding notes* |  |  |  |  |
| &nbsp;&nbsp;Secured variable funding notes <sup>(4)</sup> | S+ 1.85% | 5/27/2028 | $100000 |  |
| Total indebtedness |  |  |  | $1820000 |
| &nbsp;&nbsp;Deferred financing costs, net |  |  |  | (19699) |
| &nbsp;&nbsp;Discount on debt, net |  |  |  | (15977) |
| **Secured mortgage loans and notes, net** |  |  |  | $**1784324** |

---

_______________

(1)The term "S" refers to the relevant floating benchmark rate, one-month SOFR.

(2)The maturity date on our secured fixed rate ABS loans and secured fixed rate funding notes is the anticipated repayment date.

(3)The secured ABS mortgage loans have fixed interest rates ranging from 5.00% to 5.90% and anticipated repayment maturity dates ranging from July 2028 to March 2031.

(4)The secured variable funding notes bear interest based on the term SOFR plus a 10 basis point adjustment, plus a margin of 175 basis points. The maturity date of May 27, 2028 excludes the impact of certain extension options.

***Secured Data Center Revenue Term Notes***

On March 3, 2026, Stack Infrastructure Issuer, LLC, an indirect wholly-owned subsidiary of the Company, issued $695,000 aggregate principal amount of secured fixed rate ABS loans, Series 2026-1 Class A-2, in a private placement. The notes have an interest rate of 5.0% and have an anticipated repayment date of March 25, 2031. The Company used the proceeds to repay certain outstanding secured fixed rate ABS loans and for other general corporate purposes.

***Sale of Common Shares***

On December 1, 2025, the Company commenced the offering of its shares through a continuous private placement offering. The Company is authorized to issue an unlimited number of shares of each of its four classes of common shares (Class S shares, Class D shares, Class I shares, and Class E shares).

As of May 6, 2026, we had received net proceeds of $1,813,372 from selling an aggregate 181,143,783 common shares in the private offering (consisting of 68,322,529 Class S shares, 2,565,109 Class D shares, 40,118,497 Class I shares, and 70,137,648 Class E shares).

***Cash Flows***

Cash flows provided by operating activities were $11,532 for the three months ended March 31, 2026. The cash flows provided by operating activities were primarily driven by operations of the 11 assets acquired in the Initial Portfolio.

Cash flows used in investing activities were $194,823 for the three months ended March 31, 2026. The cash flows used in investing activities were primarily due to debt investments and an investment in an unconsolidated joint venture.

Cash flows provided by financing activities were $134,676 for the three months ended March 31, 2026. The cash flows provided by financing activities were primarily due to net proceeds received from the issuance of common shares.

**Critical Accounting Estimates**

The preparation of the financial statements in accordance with GAAP involves significant judgments and assumptions and require estimates about matters that are inherently uncertain. These judgments will affect our reported amounts of assets and liabilities and our disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in our consolidated financial statements. There have been no material changes to our Critical Accounting Policies, including significant accounting policies that we believe are the most affected by our judgments, estimates, and assumption, which are described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

------

**Recent Accounting Pronouncements**

See "Notes to Condensed Consolidated Financial Statements—2. Summary of Significant Accounting Policies and Estimates" for a discussion concerning recent accounting pronouncements.

**Future Cash Requirements**

The following table aggregates our contractual obligations and commitments as of March 31, 2026 (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Obligations** | **Total** | **Less than 1 year** | **1-3 years** | **3-5 years** | **More than 5 years** |
| Indebtedness | $1820000 | $— | $780000 | $1040000 | $— |
| Organizational and offering costs | 11148 | 743 | 4459 | 4459 | 1487 |
| &nbsp;&nbsp;**Total** | $1831148 | $743 | $784459 | $1044459 | $1487 |

---

------

**ITEM 3. &nbsp;&nbsp;&nbsp;&nbsp;QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.**

We are exposed to interest rate risk with respect to our variable-rate indebtedness, where an increase in interest rates would directly result in higher interest expense. As of March 31, 2026, the outstanding principal balance of our indebtedness was $1,820.0 million and consisted of mortgage loans and variable rate funding notes.

Our secured variable funding note is indexed to one-month SOFR. For the three months ended March 31, 2026, a 50 basis point increase in the SOFR would have resulted in an inconsequential increase in interest expense. Our exposure to interest rate risk may vary in future periods as the amounts and terms of our interest rate hedging agreements change over time as we implement our hedging program.

***Debt Investments***

As of March 31, 2026, we held $154.8 million of floating-rate debt investments, which are reported at fair value on our Consolidated Balance Sheet. The floating rates are indexed to the Reference Rates, and as such, are exposed to interest rate risk. Our net income will increase or decrease depending on interest rate movements. While we cannot predict factors that may or may not affect interest rates, for the three months ended March 31, 2026, a 50 basis point increase or decrease in the Reference Rates would have resulted in an inconsequential increase or decrease to income from debt investments.

**ITEM 4. &nbsp;&nbsp;&nbsp;&nbsp;CONTROLS AND PROCEDURES**

***Disclosure Controls and Procedures***

An evaluation of the effectiveness of the design and operation of our "disclosure controls and procedures" (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**")), as of the end of the period covered by this quarterly report on Form 10-Q was made under the supervision and with the participation of our management, including our principal executive officer and principal financial officer. Based on this evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures (a) are effective to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified by SEC rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

***Changes in Internal Control over Financial Reporting***

There has been no change in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the period covered by this report, identified in connection with the evaluation described above that have materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

**PART II - OTHER INFORMATION**

**ITEM 1&nbsp;&nbsp;&nbsp;&nbsp;LEGAL PROCEEDINGS** 

From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. We may also be subject to regulatory proceedings. While the outcome of these legal or regulatory proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations. As of March 31, 2026, we were not involved in any material legal proceedings.

**ITEM 1A. &nbsp;&nbsp;&nbsp;&nbsp;RISK FACTORS** 

For information regarding factors that could affect our results of operations, financial condition and liquidity, see the risk factors discussed in Part I. Item 1A. "Risk Factors" in our Annual Report on Form 10-K filed with the SEC on March 11, 2026. There have been no material changes to the risk factors disclosed in our Annual Report on Form 10-K filed with the SEC on March 11, 2026.

**ITEM 2. &nbsp;&nbsp;&nbsp;&nbsp;UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

*Unregistered Sales of Equity Securities*

------

We are conducting a Private Offering to "accredited investors" (as defined in Rule 501 promulgated pursuant to the Securities Act) pursuant to exemptions provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the "**Securities Act**"), Regulation D and/or Regulation S thereunder and applicable state securities laws. The table below details the common shares sold (primary and distribution reinvestment plan) *(dollars are in thousands, except for per share amounts)*:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Shares Sold Date** | **Class S** | **Class D** | **Class I** | **Class E** | **Total** | **Aggregate Consideration** <sup>(1)</sup> |
| January 2026 | 4326773 | 7615 | 2751127 | 31804 | 7117319 | $100510 |
| February 2026 | 2553015 | 304576 | 1502728 | 51526 | 4411845 | 49268 |
| March 2026 | 3300797 | 3247 | 2201746 | 51134 | 5556924 | 23323 |
| &nbsp;&nbsp;**Total** | 10180585 | 315438 | 6455601 | 134464 | 17086088 | $173101 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Includes upfront selling commissions for Class S and Class D shares of $792.

*Share Repurchases* 

Our Board of Trustees has adopted the Share Repurchase Plan which will commence after the first full fiscal quarter following the initial closing of the Private Offering, whereby, subject to certain limitations, shareholders may request on a quarterly basis that the Company repurchase all or any portion of their shares. The Share Repurchase Plan is limited to no more than 3% aggregate NAV per calendar quarter (measured under the average aggregate NAV as of the end of the immediately preceding three months).

Other than as described for Redeemable Common Shares and Redeemable Non-Controlling Interests, the Company is not obligated to repurchase any shares and may choose to repurchase fewer shares than have been requested to be repurchased, or none at all. Further, our Board of Trustees may modify or suspend the Share Repurchase Plan if it deems such action to be in the Company's best interest and the best interest of its shareholders. In the event that the Company determines to repurchase some but not all of the shares submitted for repurchase during any particular calendar quarter, shares repurchased during such calendar quarter will be repurchased on a pro rata basis.

The Company did not repurchase any of its common shares during the three months ended March 31, 2026.

From Inception through March 31, 2026, 130,473 Class E OP Units in the Operating Partnership were issued to the Special Limited Partners.

From Inception through March 31, 2026, the Company issued 203,445 Class E shares to the Adviser as payment of management fees. As of March 31, 2026, the Adviser held 203,808 Class E shares, including shares previously purchased by the Adviser. The repurchase of any Class E OP Units held by the Special Limited Partner or Class E shares held by the Adviser acquired as payment of management fee earned by the Adviser occurs outside of our Share Repurchase Plan.

**ITEM 3. &nbsp;&nbsp;&nbsp;&nbsp;DEFAULTS UPON SENIOR SECURITIES.**

None.

**ITEM 4. &nbsp;&nbsp;&nbsp;&nbsp;MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5. &nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION**

During the three months ended March 31, 2026, none of the Company's trustees or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, terminated, or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the 1933 Act).

**ITEM 6. &nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)Exhibits* 

---

| | |
|:---|:---|
| 3.1 | <u>[Certificate of Trust of the Company, dated April 7, 2025 (filed as Exhibit](https://www.sec.gov/Archives/edgar/data/2069692/000206969225000003/exhibit31-form10.htm)[3.1](https://www.sec.gov/Archives/edgar/data/2069692/000206969225000003/exhibit31-form10.htm)[to the Registrant](https://www.sec.gov/Archives/edgar/data/2069692/000206969225000003/exhibit31-form10.htm)['](https://www.sec.gov/Archives/edgar/data/2069692/000206969225000003/exhibit31-form10.htm)[s Registration Statement on Form 10 filed on August 8, 2025 and incorporated herein by refe](https://www.sec.gov/Archives/edgar/data/2069692/000206969225000003/exhibit31-form10.htm)[rence)](https://www.sec.gov/Archives/edgar/data/2069692/000206969225000003/exhibit31-form10.htm)</u> |
| 3.2 | <u>[Amended and Restated Declaration of Trust of the Company (filed as Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on October 9, 2025 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/2069692/000206969225000016/a31amendedandrestateddecla.htm)</u> |
| 3.3 | <u>[Bylaws of the Company (filed as Exhibit 3.2 to the Registrant's Current Report on Form 8-K filed on October 9, 2025 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/2069692/000206969225000016/a32bylaws.htm)</u> |
| 4.1 | <u>[Share Repurchase Plan of the Company (filed as Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed on October 9, 2025 and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/2069692/000206969225000016/a41sharerepurchaseplan.htm)[).](https://www.sec.gov/Archives/edgar/data/2069692/000206969225000016/a41sharerepurchaseplan.htm)</u> |
| 4.2 | <u>[Distribution Reinvestment Plan of the Company (filed as Exhibit 4.2 to the Registrant's Current Report on Form 8-K filed on October 9, 2025 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/2069692/000206969225000016/a42distributionreinvestmen.htm)</u>. |
| 4.3 | <u>[Ninth Amendment to Indenture, dated March 3, 2026, by and among Stack Infrastructure Issuer, LLC, as issuer, the Closing Date Asset Entities (as defined therein), and Wilmington Trust, National Association, as indenture trustee (filed as Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed on March](https://www.sec.gov/Archives/edgar/data/2069692/000206969226000012/exhibit41-combinedstack202.htm)[5](https://www.sec.gov/Archives/edgar/data/2069692/000206969226000012/exhibit41-combinedstack202.htm)[, 2026, and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/2069692/000206969226000012/exhibit41-combinedstack202.htm)[.](https://www.sec.gov/Archives/edgar/data/2069692/000206969226000012/exhibit41-combinedstack202.htm)</u> |
| 4.4 | <u>[Series 2026-1 Supplement, dated March 3, 2026, by and among Stack Infrastructure Issuer, LLC, as issuer, the Closing Date Asset Entities (as defined therein), and Wilmington Trust, National Association, as indenture trustee (filed as Exhibit 4.2 to the Registrant's Current Report on Form 8-K filed on March](https://www.sec.gov/Archives/edgar/data/2069692/000206969226000012/exhibit42-stack2026x1xinde.htm)[5](https://www.sec.gov/Archives/edgar/data/2069692/000206969226000012/exhibit42-stack2026x1xinde.htm)[, 2026, and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/2069692/000206969226000012/exhibit42-stack2026x1xinde.htm)</u> |
| 31.1\* | <u>[Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit311q12026.htm)</u> |
| 31.2\* | <u>[Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit312q12026.htm)</u> |
| 32.1\*\* | <u>[Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit321q12026.htm)</u> |
| 32.2\*\* | <u>[Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit322q12026.htm)</u> |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Filed herewith

\*\* Furnished herewith

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **Blue Owl Digital Infrastructure Trust** | **Blue Owl Digital Infrastructure Trust** |
| By: | /s/ Kevin Halleran |
|  | Name: Kevin Halleran |
|  | Title: Chief Financial Officer |
|  | (Authorized Signatory and Principal Financial Officer) |

---

Date: May 13, 2026

## Exhibit 31.1

**Exhibit 31.1** 

**CERTIFICATION** 

**PURSUANT TO RULE 13a-14(a) AND 15d-14(a)**

**AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Mathew A'Hearn, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report (the "Quarterly Report") on Form 10-Q for the period ended March 31, 2026 of Blue Owl Digital Infrastructure Trust (the "Registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Quarterly Report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this Quarterly Report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Quarterly Report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Intentionally omitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: May 13, 2026

---

| |
|:---|
| /s/ Matthew A'Hearn |
| Matthew A'Hearn |
| Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2** 

**CERTIFICATION** 

**PURSUANT TO RULE 13a-14(a) AND 15d-14(a)**

**AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Kevin Halleran, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report (the "Quarterly Report") on Form 10-Q for the period ended March 31, 2026 of Blue Owl Digital Infrastructure Trust (the "Registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Quarterly Report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this Quarterly Report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d(-15(e) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Quarterly Report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Intentionally omitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: May 13, 2026

---

| |
|:---|
| /s/ Kevin Halleran |
| Kevin Halleran |
| Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER**

**PURSUANT TO 18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report of Blue Owl Digital Infrastructure Trust (the "Company") on Form 10-Q for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Matthew A'Hearn, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ Matthew A'Hearn |
| Matthew A'Hearn |
| Chief Executive Officer |
| May 13, 2026 |

---

A signed original of this written statement required by Section 906 has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 32.2

**Exhibit 32.2** 

**CERTIFICATION OF THE CHIEF FINANCIAL OFFICER**

**PURSUANT TO 18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report of Blue Owl Digital Infrastructure Trust (the "Company") on Form 10-Q for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Kevin Halleran, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ Kevin Halleran |
| Kevin Halleran |
| Chief Financial Officer |
| May 13, 2026 |

---

A signed original of this written statement required by Section 906 has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

<br>