# EDGAR Filing Document

**Accession Number:** 0001944366
**File Stem:** 0001944366-25-000126
**Filing Date:** 2025-11
**Character Count:** 507442
**Document Hash:** 453836eab508daf9e20031fcc43c0723
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001944366-25-000126.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001944366-25-000126

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 114

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blue Owl Real Estate Net Lease Trust
- **CENTRAL INDEX KEY:** 0001944366
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 881672312
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56536
- **FILM NUMBER:** 251462803

**BUSINESS ADDRESS:**
- **STREET 1:** 30 N. LASALLE STREET, SUITE 4140
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602
- **BUSINESS PHONE:** (773) 389-6502

**MAIL ADDRESS:**
- **STREET 1:** 30 N. LASALLE STREET, SUITE 4140
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Oak Street Net Lease Trust
- **DATE OF NAME CHANGE:** 20220829

?xml version='1.0' encoding='ASCII'? osnl-20250930

**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 September 30, 2025**

**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 000-56536**

**Blue Owl Real Estate Net Lease Trust**

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

---

| | |
|:---|:---|
| **Maryland** | **88-1672312** |
| **(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 November 5, 2025, the issuer had the following shares outstanding: 298,180,211 Class S shares, 46,482,389 Class N shares, 9,076,737 Class D shares, and 347,881,756 Class I 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 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 commercial real estate assets involves certain risks, including but not limited to: tenants' inability to pay rent; increases in interest rates and lack of availability of financing; tenant 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;• adverse conditions in the areas where our investments or the properties underlying such investments are located and local real estate conditions;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our portfolio is currently concentrated in certain industries 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 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 may make exceptions to, modify and suspend our Share Repurchase Plan if, in its judgement, 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, DST proceeds, the sale of our assets, and repayments of our real estate debt investments, 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 prior month's net asset value ("NAV") 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 2024 Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 13, 2025 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](#i7730af9b57b34b40b3ed8673fe229825_13).** | **[FINANCIAL INFORMATION](#i7730af9b57b34b40b3ed8673fe229825_13)** | [1](#i7730af9b57b34b40b3ed8673fe229825_13) |
| [Item 1.](#i7730af9b57b34b40b3ed8673fe229825_16) | [FINANCIAL STATEMENTS](#i7730af9b57b34b40b3ed8673fe229825_16) | [1](#i7730af9b57b34b40b3ed8673fe229825_16) |
| | Condensed Consolidated Financial Statements (Unaudited): | |
| | [Condensed Consolidated Balance Sheets as of](#i7730af9b57b34b40b3ed8673fe229825_22)September 30, 2025[and](#i7730af9b57b34b40b3ed8673fe229825_22)December 31, 2024 | [2](#i7730af9b57b34b40b3ed8673fe229825_22) |
| | [Condensed Consolidated Statements of Operations](#i7730af9b57b34b40b3ed8673fe229825_25)for the three and nine months ended September 30, 2025 and 2024 | [3](#i7730af9b57b34b40b3ed8673fe229825_25) |
| | [Condensed Consolidated Statements of Comprehensive Income](#i7730af9b57b34b40b3ed8673fe229825_28) for the three and nine months ended September 30, 2025 and 2024 | [4](#i7730af9b57b34b40b3ed8673fe229825_28) |
| | [Condensed Consolidated Statements of Changes in Equity for the](#i7730af9b57b34b40b3ed8673fe229825_31)three and nine months ended September 30, 2025 and 2024 | [5](#i7730af9b57b34b40b3ed8673fe229825_31) |
| | [Condensed Consolidated Statements of Cash Flows for the](#i7730af9b57b34b40b3ed8673fe229825_34)nine months ended September 30, 2025 and 2024 | [7](#i7730af9b57b34b40b3ed8673fe229825_34) |
| | [Notes to Condensed Consolidated Financial Statements](#i7730af9b57b34b40b3ed8673fe229825_37) | [9](#i7730af9b57b34b40b3ed8673fe229825_37) |
| [Item 2.](#i7730af9b57b34b40b3ed8673fe229825_94) | [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#i7730af9b57b34b40b3ed8673fe229825_94) | [41](#i7730af9b57b34b40b3ed8673fe229825_94) |
| [Item 3.](#i7730af9b57b34b40b3ed8673fe229825_172) | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#i7730af9b57b34b40b3ed8673fe229825_172) | [63](#i7730af9b57b34b40b3ed8673fe229825_172) |
| [Item 4.](#i7730af9b57b34b40b3ed8673fe229825_175) | [CONTROLS AND PROCEDURES](#i7730af9b57b34b40b3ed8673fe229825_175) | [63](#i7730af9b57b34b40b3ed8673fe229825_175) |
| **[Part II.](#i7730af9b57b34b40b3ed8673fe229825_178)** | **[OTHER INFORMATION](#i7730af9b57b34b40b3ed8673fe229825_178)** | [63](#i7730af9b57b34b40b3ed8673fe229825_178) |
| [Item 1.](#i7730af9b57b34b40b3ed8673fe229825_181) | [LEGAL PROCEEDINGS](#i7730af9b57b34b40b3ed8673fe229825_181) | [64](#i7730af9b57b34b40b3ed8673fe229825_181) |
| [Item 1A.](#i7730af9b57b34b40b3ed8673fe229825_184) | [RISK FACTORS](#i7730af9b57b34b40b3ed8673fe229825_184) | [64](#i7730af9b57b34b40b3ed8673fe229825_184) |
| [Item 2.](#i7730af9b57b34b40b3ed8673fe229825_187) | [UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#i7730af9b57b34b40b3ed8673fe229825_187) | [64](#i7730af9b57b34b40b3ed8673fe229825_187) |
| [Item 3.](#i7730af9b57b34b40b3ed8673fe229825_190) | [DEFAULTS UPON SENIOR SECURITIES](#i7730af9b57b34b40b3ed8673fe229825_190) | [65](#i7730af9b57b34b40b3ed8673fe229825_190) |
| [Item 4.](#i7730af9b57b34b40b3ed8673fe229825_193) | [MINE SAFETY DISCLOSURES](#i7730af9b57b34b40b3ed8673fe229825_193) | [65](#i7730af9b57b34b40b3ed8673fe229825_193) |
| [Item 5.](#i7730af9b57b34b40b3ed8673fe229825_196) | [OTHER INFORMATION](#i7730af9b57b34b40b3ed8673fe229825_196) | [65](#i7730af9b57b34b40b3ed8673fe229825_196) |
| [Item 6.](#i7730af9b57b34b40b3ed8673fe229825_199) | [EXHIBITS](#i7730af9b57b34b40b3ed8673fe229825_199) | [65](#i7730af9b57b34b40b3ed8673fe229825_199) |
| | [SIGNATURES](#i7730af9b57b34b40b3ed8673fe229825_202) | [67](#i7730af9b57b34b40b3ed8673fe229825_202) |

---

------

**PART I - FINANCIAL INFORMATION**

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

------

**Blue Owl Real Estate Net Lease Trust**

**Condensed Consolidated Balance Sheets**

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

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **Assets** | | |
| Investments in real estate, net | $3013029 | $2996309 |
| Investments in unconsolidated real estate affiliates (includes $3,596,236 and $1,742,086 reported at fair value as of September 30, 2025 and December 31, 2024, respectively) | 3601501 | 1747787 |
| Investments in leases – Financing receivables, net | 371242 | 535273 |
| Investments in real estate debt (includes $1,158,962 and $619,476 reported at fair value as of September 30, 2025 and December 31, 2024, respectively)  | 1533831 | 696052 |
| Intangible assets, net | 166665 | 168101 |
| Cash and cash equivalents | 374834 | 112718 |
| Restricted cash | 47207 | 50069 |
| Other assets | 82928 | 71279 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets**  | $9191237 | $6377588 |
| **Liabilities and Equity** |  |  |
| Mortgage notes and credit facilities, net | $1418554 | $1627748 |
| Unsecured senior notes, net | 126593 | 126345 |
| Other borrowings, net | 322510 |  |
| Due to affiliates | 212279 | 140091 |
| Accounts payable and accrued expenses | 117912 | 100564 |
| Other liabilities | 466893 | 88442 |
| &nbsp;&nbsp;**Total liabilities**  | 2664741 | 2083190 |
| Redeemable non-controlling interests | 87882 | 39952 |
| Redeemable common shares | 6880 | 56948 |
| **Equity** |  |  |
| Common shares — Class S, $0.01 par value per share, 273,269,795 and 186,966,766 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 2733 | 1870 |
| Common shares — Class N, $0.01 par value per share, 40,849,554 and 15,155,627 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 408 | 152 |
| Common shares — Class D, $0.01 par value per share, 7,419,241 and 1,751,905 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 74 | 18 |
| Common shares — Class I, $0.01 par value per share, 317,596,028 and 219,267,018 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 3173 | 2192 |
| Additional paid-in capital | 6279292 | 4149362 |
| Accumulated earnings and cumulative distributions | (103746) | (187297) |
| Accumulated other comprehensive loss  | (14681) | (18118) |
| **Total Shareholders' Equity**  | 6167253 | 3948179 |
| Non-controlling interests | 264481 | 249319 |
| **Total equity**  | 6431734 | 4197498 |
| **Total liabilities and equity**  | $9191237 | $6377588 |

---

See accompanying Notes to the Condensed Consolidated Financial Statements.

------

**Blue Owl Real Estate Net Lease Trust**

**Condensed Consolidated Statements of Operations**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Revenues** | | | | |
| Rental revenue | $56908 | $52684 | $169878 | $152355 |
| Income from investments in leases - Financing receivables | 9054 | 17133 | 28234 | 46704 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 65962 | 69817 | 198112 | 199059 |
| **Expenses** |  |  |  |  |
| Rental property operating | 8997 | 6513 | 26200 | 19301 |
| General and administrative | 10737 | 6732 | 18249 | 18242 |
| Impairment charges |  |  |  | 4849 |
| Management fee | 21361 | 12330 | 56199 | 31134 |
| Performance participation allocation | 36140 | 7440 | 67036 | 22602 |
| Depreciation and amortization | 26561 | 24489 | 78624 | 70641 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 103796 | 57504 | 246308 | 166769 |
| **Other income (expense)** |  |  |  |  |
| Income from unconsolidated real estate affiliates | 231342 | 22811 | 416806 | 96205 |
| Gain (loss) on dispositions of real estate |  | 42906 | (2180) | 43620 |
| Interest expense | (27399) | (27602) | (70312) | (96705) |
| Interest income | 29519 | 5345 | 73853 | 11444 |
| Other income (expense), net | 8956 | (4344) | 5143 | (3829) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other income, net | 242418 | 39116 | 423310 | 50735 |
| **Net income before income taxes** | $204584 | $51429 | $375114 | $83025 |
| Income tax expense | 521 | 1026 | 602 | 2438 |
| Net income | 204063 | 50403 | 374512 | 80587 |
| Net income attributable to non-controlling interests | (10988) | (3629) | (20721) | (6546) |
| **Net income attributable to ORENT shareholders** | $193075 | $46774 | $353791 | $74041 |
| **Net income per common share – basic** | $0.31 | $0.13 | $0.65 | $0.25 |
| **Net income per common share – diluted** | $0.31 | $0.13 | $0.65 | $0.25 |
| **Weighted-average common shares outstanding, basic** | 617009847 | 357017433 | 546277237 | 295966833 |
| **Weighted-average common shares outstanding, diluted** | 651859673 | 386191878 | 578822053 | 324923336 |

---

See accompanying Notes to the Condensed Consolidated Financial Statements.

------

**Blue Owl Real Estate Net Lease Trust**

**Condensed Consolidated Statements of Comprehensive Income**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Net income | $204063 | $50403 | $374512 | $80587 |
| Other comprehensive income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized loss on derivative instruments | (1198) | (35237) | (22242) | (10595) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized gain on AFS investments in real estate debt | 3456 | 244 | 587 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | (12096) | 7306 | 25321 | (2772) |
| Other comprehensive (loss) income | (9838) | (27687) | 3666 | (13023) |
| Comprehensive income | 194225 | 22716 | 378178 | 67564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income attributable to non-controlling interests | (10462) | (1519) | (20949) | (6117) |
| **Comprehensive income attributable to ORENT shareholders** | $183763 | $21197 | $357229 | $61447 |

---

See accompanying Notes to the Condensed Consolidated Financial Statements.

------

**Blue Owl Real Estate Net Lease Trust**

**Condensed Consolidated Statements of Changes in Equity**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Par Value** | **Par Value** | **Par Value** | **Par Value** | | | | | | |
| | **Class S<br>Common<br>Shares** | **Class N Common Shares** | **Class D<br>Common<br>Shares** | **Class I<br>Common<br>Shares** |<br>**Additional<br>Paid-in<br>Capital** |<br>**Accumulated**<br>**Other** <br>**Comprehensive**<br>**Loss** |<br>**Accumulated**<br>**Earnings and**<br>**Cumulative**<br>**Distributions** |<br>**Total <br>Shareholders'<br>Equity** |<br>**Non-controlling<br>Interests** |<br>**Total Equity** |
| Balance at June 30, 2025 | $2429 | $347 | $46 | $2785 | $5501647 | $(5368) | $(195102) | $5306784 | $245641 | $5552425 |
| Common shares issued | 314 | 58 | 15 | 390 | 802397 |  |  | 803174 |  | 803174 |
| Offering costs |  |  |  |  | (25040) |  |  | (25040) |  | (25040) |
| Distribution reinvestment | 23 | 3 | 1 | 24 | 51419 |  |  | 51470 |  | 51470 |
| Common share repurchases | (19) |  |  | (29) | (55195) |  |  | (55243) |  | (55243) |
| Converted common shares | (14) |  | 12 | 3 | (1) |  |  |  |  |  |
| Amortization of restricted share grants |  |  |  |  | 59 |  |  | 59 |  | 59 |
| Net income (Net income of $2,394 allocated to redeemable NCI) |  |  |  |  |  |  | 193075 | 193075 | 8594 | 201669 |
| Other comprehensive loss (Other comprehensive loss of $115 allocated to redeemable NCI) |  |  |  |  |  | (9313) |  | (9313) | (410) | (9723) |
| Distributions declared on common shares ($0.1750 gross per share) |  |  |  |  |  |  | (101719) | (101719) |  | (101719) |
| Redeemable common share measurement adjustment |  |  |  |  | (265) |  |  | (265) |  | (265) |
| Contributions from non-controlling interests |  |  |  |  |  |  |  |  | 17167 | 17167 |
| Distributions to and redemptions of non-controlling interests |  |  |  |  |  |  |  |  | (6466) | (6466) |
| Redeemable non-controlling interests measurement adjustment |  |  |  |  | (806) |  |  | (806) |  | (806) |
| Reallocation between additional paid-in capital and non-controlling interests due to changes in ownership |  |  |  |  | 5077 |  |  | 5077 | (45) | 5032 |
| Balance at September 30, 2025 | $2733 | $408 | $74 | $3173 | $6279292 | $(14681) | $(103746) | $6167253 | $264481 | $6431734 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Par Value** | **Par Value** | **Par Value** | **Par Value** | | | | | | |
| | **Class S<br>Common<br>Shares** | **Class N Common Shares** | **Class D<br>Common<br>Shares** | **Class I<br>Common<br>Shares** |<br>**Additional<br>Paid-in<br>Capital** |<br>**Accumulated**<br>**Other** <br>**Comprehensive**<br>**Income (Loss)** |<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 June 30, 2024 | $1458 | $19 | $12 | $1617 | $3047387 | $16035 | $(193046) | $2873482 | $254387 | $3127869 |
| Common shares issued | 211 | 64 |  | 322 | 604600 |  |  | 605197 |  | 605197 |
| Offering costs |  |  |  |  | (15302) |  |  | (15302) |  | (15302) |
| Distribution reinvestment | 13 |  |  | 15 | 28522 |  |  | 28550 |  | 28550 |
| Common share repurchases | (32) |  |  | (42) | (74436) |  |  | (74510) |  | (74510) |
| Amortization of restricted share grants |  |  |  |  | 47 |  |  | 47 |  | 47 |
| Net income (Net income of $392 allocated to redeemable NCI) |  |  |  |  |  |  | 46774 | 46774 | 3237 | 50011 |
| Other comprehensive loss (Other comprehensive loss of $186 allocated to redeemable NCI) |  |  |  |  |  | (25578) |  | (25578) | (1923) | (27501) |
| Distributions declared on common shares ($0.1750 gross per share) |  |  |  |  |  |  | (59012) | (59012) |  | (59012) |
| Redeemable common share measurement adjustment |  |  |  |  | 23 |  |  | 23 |  | 23 |
| Contributions from non-controlling interests |  |  |  |  |  |  |  |  | 44 | 44 |
| Distributions to and redemptions of non-controlling interests |  |  |  |  |  |  |  |  | (9560) | (9560) |
| Redeemable non-controlling interests measurement adjustment |  |  |  |  | (161) |  |  | (161) |  | (161) |
| Reallocation between additional paid-in capital and non-controlling interests due to changes in ownership |  |  |  |  | (2558) |  |  | (2558) | 2323 | (235) |
| Balance at September 30, 2024 | $1650 | $83 | $12 | $1912 | $3588122 | $(9543) | $(205284) | $3376952 | $248508 | $3625460 |

---

See accompanying Notes to the Condensed Consolidated Financial Statements.

------

**Blue Owl Real Estate Net Lease Trust**

**Condensed Consolidated Statements of Changes in Equity**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Par Value** | **Par Value** | **Par Value** | **Par Value** | | | | | | |
| | **Class S<br>Common<br>Shares** | **Class N Common Shares** | **Class D<br>Common<br>Shares** | **Class I<br>Common<br>Shares** |<br>**Additional<br>Paid-in<br>Capital** |<br>**Accumulated**<br>**Other** <br>**Comprehensive**<br>**(Loss) Income** |<br>**Accumulated**<br>**Earnings and**<br>**Cumulative**<br>**Distributions** |<br>**Total <br>Shareholders'<br>Equity** |<br>**Non-controlling<br>Interests** |<br>**Total Equity** |
| Balance at December 31, 2024 | $1870 | $152 | $18 | $2192 | $4149362 | $(18118) | $(187297) | $3948179 | $249319 | $4197498 |
| Common shares issued | 886 | 250 | 42 | 1070 | 2297287 |  |  | 2299535 |  | 2299535 |
| Offering costs |  |  |  |  | (71970) |  |  | (71970) |  | (71970) |
| Distribution reinvestment | 62 | 6 | 2 | 64 | 136241 |  |  | 136375 |  | 136375 |
| Common share repurchases | (63) |  |  | (164) | (232375) |  |  | (232602) |  | (232602) |
| Converted common shares | (22) |  | 12 | 11 | (1) |  |  |  |  |  |
| Amortization of restricted share grants |  |  |  |  | 176 |  |  | 176 |  | 176 |
| Net income (Net income of $3,962 allocated to redeemable NCI) |  |  |  |  |  |  | 353791 | 353791 | 16759 | 370550 |
| Other comprehensive income (Other comprehensive income of $67 allocated to redeemable NCI) |  |  |  |  |  | 3437 |  | 3437 | 162 | 3599 |
| Distributions declared on common shares ($0.5250 gross per share) |  |  |  |  |  |  | (270240) | (270240) |  | (270240) |
| Redeemable common share measurement adjustment |  |  |  |  | (284) |  |  | (284) |  | (284) |
| Contributions from non-controlling interests |  |  |  |  |  |  |  |  | 17286 | 17286 |
| Distributions to and redemptions of non-controlling interests |  |  |  |  |  |  |  |  | (21495) | (21495) |
| Redeemable non-controlling interests measurement adjustment |  |  |  |  | (1268) |  |  | (1268) |  | (1268) |
| Reallocation between additional paid-in capital and non-controlling interests due to changes in ownership |  |  |  |  | 2124 |  |  | 2124 | 2450 | 4574 |
| Balance at September 30, 2025 | $2733 | $408 | $74 | $3173 | $6279292 | $(14681) | $(103746) | $6167253 | $264481 | $6431734 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Par Value** | **Par Value** | **Par Value** | **Par Value** | | | | | | |
| | **Class S<br>Common<br>Shares** | **Class N Common Shares** | **Class D<br>Common<br>Shares** | **Class I<br>Common<br>Shares** |<br>**Additional<br>Paid-in<br>Capital** |<br>**Accumulated<br>Other <br>Comprehensive<br>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, 2023 | $921 | $— | $45 | $1016 | $1948355 | $3052 | $(132638) | $1820751 | $256715 | $2077466 |
| Common shares issued | 749 | 83 | 14 | 877 | 1746124 |  |  | 1747847 |  | 1747847 |
| Offering costs |  |  |  |  | (48282) |  |  | (48282) |  | (48282) |
| Distribution reinvestment | 32 |  |  | 35 | 68599 |  |  | 68666 |  | 68666 |
| Common share repurchases | (52) |  |  | (62) | (115369) |  |  | (115483) |  | (115483) |
| Converted common shares |  |  | (47) | 46 | 1 |  |  |  |  |  |
| Amortization of restricted share grants |  |  |  |  | (240) |  |  | (240) |  | (240) |
| Net income (Net income of $579 allocated to redeemable NCI) |  |  |  |  |  |  | 74041 | 74041 | 5967 | 80008 |
| Other comprehensive loss (Other comprehensive loss of $103 allocated to redeemable NCI) |  |  |  |  |  | (12595) |  | (12595) | (325) | (12920) |
| Distributions declared on common shares ($0.5250 gross per share) |  |  |  |  |  |  | (146687) | (146687) |  | (146687) |
| Redeemable common share measurement adjustment |  |  |  |  | (1) |  |  | (1) |  | (1) |
| Contributions from non-controlling interests |  |  |  |  |  |  |  |  | 127 | 127 |
| Distributions to and redemptions of non-controlling interests |  |  |  |  |  |  |  |  | (23695) | (23695) |
| Redeemable non-controlling interests measurement adjustment |  |  |  |  | (598) |  |  | (598) |  | (598) |
| Reallocation between additional paid-in capital and non-controlling interests due to changes in ownership |  |  |  |  | (10467) |  |  | (10467) | 9719 | (748) |
| Balance at September 30, 2024 | $1650 | $83 | $12 | $1912 | $3588122 | $(9543) | $(205284) | $3376952 | $248508 | $3625460 |

---

See accompanying Notes to the Condensed Consolidated Financial Statements.

------

**Blue Owl Real Estate Net Lease Trust**

**Condensed Consolidated Statements of Cash Flows**

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

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** |
| **Cash flows from operating activities:**  | | |
| Net income | $374512 | $80587 |
| **Adjustments to reconcile net income to cash provided by operating activities:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee  | 56199 | 31134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance participation allocation | 67036 | 22602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization  | 78624 | 70641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of tenant lease inducement | 2280 | 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent adjustment  | (15603) | (14017) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of tenant loan receivable | (4997) | (9372) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of below-market lease intangibles  | (267) | (238) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs  | 5643 | 3851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt extinguishment expense | 257 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized interest on real estate under development | (2291) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges |  | 4849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from unconsolidated real estate affiliates  | (416806) | (96205) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution of earnings from unconsolidated real estate affiliates | 150151 | 76306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on dispositions of real estate | 2180 | (43620) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease right of use asset amortization  | 491 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on derivative instruments not designated as hedges | 634 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gain on investments in real estate debt | (3353) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized loss on fair value of DST financing obligation  | (691) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of off-market caps | 135 | 5577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of restricted shares | 341 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest expense on affiliate line of credit |  | 4693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for current expected credit losses | 1813 | 3056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | (96) |
| &nbsp;&nbsp;**Change in assets and liabilities:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in other assets  | (11758) | (14416) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in due to affiliates  | (1514) | (860) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in accounts payable and accrued expenses  | (3265) | (6026) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in other liabilities  | 1464 | 10549 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities**  | 281215 | 131334 |
| &nbsp;&nbsp;**Cash flows from investing activities:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of real estate  | (54363) | (208341) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for real estate under development | (21109) | (62573) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposition of real estate | 137322 | 8094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of intangible assets | (5319) | (21595) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital improvements to real estate | (552) | (1685) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in leases - financing receivable  | (129092) | (150388) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from dispositions of investment in leases - financing receivables |  | 248799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of investments in real estate debt | (1024341) | (129284) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of investments in real estate debt | 335031 | 25493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in unconsolidated real estate affiliates | (2083573) | (571137) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of investment in unconsolidated real estate affiliates | 559965 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital from investment in unconsolidated real estate affiliates | 78962 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash flows from off-market interest rate swaps and caps |  | 7090 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities**  | (2207069) | (855527) |

---

------

---

| | | |
|:---|:---|:---|
| **Cash flows from financing activities:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common shares  | 2291862 | 1738437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of distributions to common shareholders | (137995) | (78055) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of non-controlling interests | 186 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of distributions to non-controlling interests  | (16753) | (14778) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common shares | (335048) | (115483) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of non-controlling interests | (1163) | (767) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from DST Program | 202448 | 24431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings under secured financings of investments in real estate debt | 328305 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of borrowings under secured financings of investments in real estate debt | (4747) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of affiliate line of credit |  | (200000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings under term loan credit facility | 84500 | 70000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings under revolving credit facility | 923000 | 1257900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of revolving credit facility | (1169950) | (1236312) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from unsecured senior notes |  | 130000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings under mortgage notes | 57750 | 43000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of mortgage notes |  | (494902) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of debt extinguishment fees |  | (3327) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of other borrowings |  | (287544) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of deferred financing costs  | (36651) | (4498) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by financing activities**  | 2185744 | 828102 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net change in cash and cash equivalents and restricted cash**  | 259890 | 103909 |
| **Cash and cash equivalents and restricted cash, beginning of period**  | 162787 | 136670 |
| **Effects of currency translation on cash, cash equivalents, and restricted cash**  | (636) | (89) |
| **Cash and cash equivalents and restricted cash, end of period**  | $422041 | $240490 |
| Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheet |  |  |
| Cash and cash equivalents | $374834 | $113372 |
| Restricted cash | 47207 | 127118 |
| Total cash and cash equivalents and restricted cash | $422041 | $240490 |
| Supplemental disclosures: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $68228 | $99879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid | $1281 | $1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued unpaid amounts for real estate under development | $22044 | $19463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued unpaid amounts for capital improvements to real estate | $— | $18779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued unpaid amounts for other intangible assets | $30183 | $51786 |
| **Non-cash investing and financing activities:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contribution of real estate assets for investment in unconsolidated real estate affiliate | $142357 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Assumption of other borrowings in conjunction with investments in unconsolidated real estate affiliates | $— | $287444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of NLT OP units as consideration for acquisitions of real estate | $17100 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of redeemable Class I Shares as interest payment for the affiliate line of credit | $— | $7081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of redeemable Class I Shares as settlement of the management fee | $51345 | $27551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable non-controlling interest issued as settlement of performance participation allocation | $46616 | $13685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allocation to redeemable non-controlling interest | $1268 | $598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allocation to redeemable common shares | $284 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution reinvestment | $136241 | $68599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued distributions for common shareholders | $35131 | $20540 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued distributions for non-controlling interests | $2066 | $1716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued shareholder servicing fees | $150277 | $89711 |

---

See accompanying Notes to the Condensed Consolidated Financial Statements.

------

**Blue Owl Real Estate Net Lease Trust**

**Notes to Condensed Consolidated Financial Statements**

***(Dollar amounts in thousands, except per share data)***

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

Blue Owl Real Estate Net Lease Trust (formerly, Oak Street Net Lease Trust) ("we", "us", "our", "ORENT", and the "Company") was formed on April 4, 2022 as a Maryland statutory trust; however, no activity occurred until the first capital funding from Blue Owl Capital Inc. ("Blue Owl") on August 9, 2022. The Company invests primarily in a diversified portfolio of single-tenant commercial real estate properties subject to long-term net leases with investment grade and other creditworthy tenants or guarantors across the United States and Canada, and to a lesser extent, Europe. The Company is the sole general partner and majority limited partner in Blue Owl NLT Operating Partnership LP (formerly OakTrust Operating Partnership L.P.), a Delaware limited partnership ("NLT OP" or "Operating Partnership"). Substantially all of the Company's business is conducted through NLT OP. As of September 30, 2025, ORENT owns 94.8% of NLT OP. The Company and NLT OP are externally managed by an adviser, Blue Owl Real Estate Capital LLC (formerly, Oak Street Real Estate Capital, LLC) ("Blue Owl Real Assets" or "Adviser"), a subsidiary of Blue Owl. 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 of Trustees").

The Company operates 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 single-tenant commercial real estate properties subject to long-term net leases with investment grade and other creditworthy tenants or guarantors, and its management does not distinguish the principal business, or group the operations, by geography, property type, lease classification, investment type, or any other grouping for purposes of measuring performance. Accordingly, the Company has one operating segment and one reportable segment as of September 30, 2025.

As of September 30, 2025, the Company owned 222 investments in real estate, 16 investments in real estate leases, and 14 build-to-suit assets currently in development, including industrial, retail, and office properties. Additionally, the Company holds interest in 11 joint ventures, one of which is consolidated under the voting interest model and 10 that are included in investments in unconsolidated real estate affiliates, including STORE Capital LLC and Waterparks LLC (collectively "STORE"). As of September 30, 2025, STORE owns 3,564 properties leased to 672 tenants on a triple-net lease basis. The Company also holds investments in real estate debt which consist of securities and loans (refer to Note 6 - Investments in Real Estate Debt).

On September 1, 2022, the Company commenced the offering of its common shares through a continuous private placement offering ("Private Offering"), under Regulation D of the Securities Act of 1933, as amended (the "1933 Act"). As of September 30, 2025, the Company is authorized to issue an unlimited number of each of its four classes of shares of its common shares (Class S shares, Class N shares, Class D shares, and Class I 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. The initial offering price for shares sold through the Private Offering was $10.00 per share. The Company conducts periodic closings and sells shares at the prior net asset value ("NAV") per share 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").

On August 31, 2023, the Company, through NLT OP, initiated a program (the "DST Program") to issue and sell up to a maximum aggregate offering amount of $3,000,000 of beneficial interests ("Interests") in specific Delaware statutory trusts (the "DSTs") holding real properties (the "DST Properties") to "accredited investors", as that term is defined under Regulation D promulgated by the SEC under the 1933 Act in private placements exempt from registration pursuant to Section 4(a)(2) of the 1933 Act (the "DST Offerings").

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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 condensed consolidated financial statements 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. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission ("SEC") on March 13, 2025.

***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 the 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 the FVO are initially recorded at fair value and subsequently adjusted for the Company's pro-rata shares of the changes in fair value.

The Company consolidates NLT OP and BORMW Quantum Shore JV LLC ("PsiQuantum JV") under the VIE and VOE models, respectively. The Company consolidates these entities as it has the ability to direct the most significant activities of the entities 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.

The Company believes the estimates and assumptions underlying its condensed consolidated financial statements are reasonable based on the information available as of September 30, 2025. However, uncertainty over the current global

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economic environment conditions, including the persistence of elevated inflation and interest rate volatility, in conjunction with global economic and geopolitical uncertainty, including the ongoing conflicts in Eastern Europe, the Middle East, and the North Africa region and the U.S. government's imposition of tariffs and the counter-tariffs imposed by other countries, and the impact on the Company's operations may cause actual results to differ materially from those estimates.

***Rental Revenue***

The Company's primary source of revenues is rental revenue, which is accounted for under the lease standard. Rental revenue primarily consists of fixed contractual base rent arising from tenant leases at our properties under operating leases or sales-type leases. Revenue under leases that are deemed probable of collection is recognized as revenue on a straight-line basis over the non-cancelable term of the related leases. 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 tenant 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 tenant, with any tenant 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 tenant's payment history, financial condition, industry and geographic area. These estimates could differ materially from actual results.

***Investments in Unconsolidated Real Estate Affiliates***

The Company has elected the FVO for certain of its investments in unconsolidated real estate affiliates, 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 Investments in unconsolidated real estate affiliates on the Condensed Consolidated Balance Sheets. Changes in the fair value of equity method investments under the FVO are recorded as Income from unconsolidated real estate affiliates 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 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. Transaction costs associated with the equity method investments are expensed as incurred. Investments made, including the transaction costs, for equity method investments are classified as cash outflows from investing activities in the Condensed Consolidated Statements of Cash Flows.

***Foreign Currency***

In the normal course of business, the Company makes investments in real estate outside the United States ("U.S.") through subsidiaries that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities of these foreign subsidiaries are translated to U.S. dollars at the prevailing exchange rate at the reporting date and income, expenses, gains, and losses are translated at the average exchange rate over the applicable period. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated assets and liabilities are recorded in Other Comprehensive Income (Loss).

***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.

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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 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*

Certain of the Company's investments in real estate debt and FVO equity method investments are reported at fair value. As of September 30, 2025, the Company's investments in real estate debt reported at fair value, directly or indirectly, consisted of commercial mortgage-backed securities ("CMBS"), which are securities backed by one or more mortgage loans secured by real estate assets, as well as term, revolver, senior and mezzanine loans secured by real estate assets, presented collectively as commercial real estate loans. The Company generally determines the fair value of its investments in real estate debt by utilizing third-party pricing service providers whenever available.

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. Certain of the Company's investments in real estate debt are unlikely to have readily available market quotations. In such cases, 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 6 - Investments in Real Estate Debt for additional details on the Company's investments in real estate debt.

The Company has elected the FVO for certain of its investments in unconsolidated real estate affiliates 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 real estate holdings, debt investments, and debt are valued on a recurring basis using unobservable inputs (Level 3 inputs). The fair value of the underlying real estate holdings is generally determined using the income capitalization valuation method. As of September 30, 2025, the weighted average capitalization rate utilized to value the underlying real estate held in unconsolidated joint ventures, excluding real estate under development, was 7.0%. 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 September 30, 2025, the weighted average interest rate utilized to value the underlying debt investments was 6.8% and the weighted average interest rate utilized to value the underlying debt was 5.7%.

The Company's derivative financial instruments are reported at fair value and consist of interest rate and foreign currency contracts. 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 and foreign currency

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contracts were estimated using advice from a third-party derivative specialist, based on cash flows and observable inputs comprising of yield curves, foreign currency rates, and credit spreads (Level 2 inputs). Fair value information relating to derivative financial instruments is provided in Note 10 - Derivative Financial Instruments.

The Company has elected to account for the DST financing obligation arising from the repurchase option on the sale of DST Interests to third parties through the Company's DST Program at fair value. The fair value of the Company's DST Program obligation is determined based on changes in fair value of the underlying assets held by the DST Interests as well as undistributed earnings related to DST Interests owned by third parties.

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Level 2** | **Level 3** | **Total** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | | | | | | |
| &nbsp;&nbsp;Investments in unconsolidated real estate affiliates | $— | $3596236 | $3596236 | $— | $1742086 | $1742086 |
| &nbsp;&nbsp;Investments in real estate debt | 767089 | 391873 | 1158962 | 505537 | 113939 | 619476 |
| &nbsp;&nbsp;Interest rate hedging derivatives <sup>(1)</sup> | 374 |  | 374 | 13546 |  | 13546 |
| &nbsp;&nbsp;Foreign currency hedging derivatives <sup>(1)</sup> | 9991 |  | 9991 | 3661 |  | 3661 |
| &nbsp;&nbsp;**Total** | $777454 | $3988109 | $4765563 | $522744 | $1856025 | $2378769 |
| **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest rate hedging derivatives <sup>(2)</sup> | $10559 | $— | $10559 | $1922 | $— | $1922 |
| &nbsp;&nbsp;Foreign currency hedging derivatives <sup>(2)</sup> | 9594 |  | 9594 | 2630 |  | 2630 |
| &nbsp;&nbsp;DST financing obligation <sup>(2)</sup> |  | 252840 | 252840 |  | 52123 | 52123 |
| &nbsp;&nbsp;**Total** | $20153 | $252840 | $272993 | $4552 | $52123 | $56675 |

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(1) Included within Other assets within the Condensed Consolidated Balance Sheets.

(2) Included within Other liabilities within the Condensed Consolidated Balance Sheets.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Investments in real estate debt** | **Investments in unconsolidated real estate affiliates** | **Total Assets** | **DST Financing Obligation** |
| **Balance as of December 31, 2024** | $113939 | $1742086 | $1856025 | $52123 |
| &nbsp;&nbsp;Purchases | 333385 | 2225992 | 2559377 |  |
| &nbsp;&nbsp;Sales | (58803) | (559965) | (618768) |  |
| &nbsp;&nbsp;Distributions received |  | (228770) | (228770) |  |
| &nbsp;&nbsp;DST Program proceeds |  |  |  | 202448 |
| &nbsp;&nbsp;Included in net income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain on sale of DST Interests |  |  |  | (1040) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss on fair value of DST financing obligation |  |  |  | (691) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on fair value of investments in real estate debt | 3352 |  | 3352 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from unconsolidated real estate affiliates measured at fair value |  | 416893 | 416893 |  |
| **Balance as of September 30, 2025** | $391873 | $3596236 | $3988109 | $252840 |

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*Valuation of assets measured at fair value on a nonrecurring basis*

Certain of the Company's assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments, such as when there is evidence of impairment, and therefore such assets are measured at fair value on a nonrecurring basis. The Company reviews its real estate properties for impairment each quarter and when there is an event or change in circumstances that could indicate the carrying amount of the real estate value may not be recoverable.

*Valuation of liabilities not measured at fair value*

As of September 30, 2025 and December 31, 2024, the fair value of the Company's unsecured term loan credit facility, unsecured revolving credit facility, mortgages payable, unsecured senior notes, and other borrowings was $1,325 above and $910 below carrying value, respectively. Fair value of the Company's indebtedness is estimated by modeling the cash flows required by the Company's debt agreements and discounting them back to the present value using an estimated market yield. Additionally, the Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company's indebtedness are considered Level 3. Fair value information pertaining to debt is provided in Note 9 – Debt.

***Allowance for Credit Losses***

The Company analyzes its Investments in leases - Financing receivables, net, certain of its investments in real estate debt which are held-to-maturity and its investment in loans receivable, which are included within Investments in real estate debt in our Condensed Consolidated Balance Sheets, for potential credit losses under the current expected credit losses ("CECL") model. The allowance for credit losses is measured, considering the Company's ownership of the leased asset, using a probability of default method based on the lessee's and borrower's respective credit ratings, the expected value related to releasing underlying assets or collateral, our historical loss experiences, and other factors related to other sale-leasebacks accounted for as financing receivables, our investments in real estate debt held-to-maturity, and our investments in loans receivable. Included in our model are factors that incorporate forward-looking information. Changes in the allowance for credit losses are subsequently included in the Company's Condensed Consolidated Statements of Operations within General and administrative expenses and as a reduction to Investments in leases - Financing receivables, net and Investments in real estate debt on our Condensed Consolidated Balance Sheets. As of September 30, 2025 and December 31, 2024, the Company has recorded an allowance for credit losses of $22,471 and $22,934, respectively, related to its Investments in leases - Financing receivables, net. As of September 30, 2025, the Company has recorded an allowance for credit losses of $2,276 related to its investments in real estate debt designated as held-to-maturity. The Company did not record an allowance for credit losses related to its investments in real estate debt designated as held-to-maturity as of December 31, 2024. As of September 30, 2025 and December 31, 2024, the Company has not recorded an allowance for credit losses related to its investments in loans receivable. Refer to Note 6 - Investments in Real Estate Debt for additional information.

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***Earnings Per Share***

Basic net income per common share is determined by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding during the period. All classes of common shares are allocated net income/(loss) at the same rate per share and receive the same gross distribution per share.

The impact of the vested restricted Class I shares held by our trustees is included in our calculation of basic earnings per share. Redeemable Class I shares issued to the Adviser as payment for management fees and interest on the affiliate line of credit and incentive compensation awards of units of NLT OP ("OP Units") to certain employees of the Adviser are included in our calculation of diluted earnings per share.

***Share-Based Compensation***

We compensate each of our non-employee trustees on the Board of Trustees who are not affiliated with Blue Owl with an annual retainer of restricted Class I shares as part of their compensation for services on the Board of Trustees. See Note 13 - Equity and Non-Controlling Interest for additional information regarding share-based compensation. 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 December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, which requires the disclosure of tax rate reconciliations, amount of income taxes separate by federal and individual jurisdiction, and the amount of income (loss) from operations before income tax expense (benefit) disaggregated between federal, state and foreign. The amendments in ASU 2023-09 apply to all entities subject to Topic 740. The ASU is effective for annual periods beginning after December 15, 2024. Entities may elect to apply the amendments either prospectively or retrospectively. Early adoption is permitted. Entities may elect to apply the amendments either prospectively or retrospectively. The Company is currently assessing the impact of adopting the standard on the Company's financial statement disclosures.

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 expense caption an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. 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. The ASU should be adopted prospectively, however, retrospective adoption is permitted. In January 2025, the FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income - Expense Disaggregation Disclosures, which clarified the effective date of ASU 2024-03. The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods with annual reporting periods beginning after December 15, 2027. Early adoption is permitted. Entities may elect to apply the amendments either prospectively or retrospectively. The Company is currently assessing the impact of adopting the standard on the Company's financial statement disclosures.

In May 2025, the FASB issued ASU 2025-03 Business Combinations (Topic 805) and Consolidation (810): Determining the Accounting Acquired in the Acquisition of a Variable Interest Entity, which revises guidance in ASC 805 on identifying the accounting acquired in a business combination in which the legal acquiree is a variable interest entity (VIE). The ASU is intended to improve comparability between business combinations that involve VIEs and those that do not. Under ASU 2025-03, a reporting entity involved in a business combination effected primarily by the exchange of equity interests must consider the factors in ASC 805-10-55-12 through 55-15 to determine which entity is the accounting acquirer regardless of whether the legal acquiree is a VIE. More specifically, when considering those factors, the reporting entity can determine that a transaction in which the legal acquiree is a VIE represents a reverse acquisition (in which the legal acquirer is identified as the acquiree for accounting purposes). As a result, comparability is increased with business combinations in which the legal acquiree is a VOE. ASU 2025-03 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. The amendments in ASU 2025-03

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must be applied prospectively to any business combination that occurs after the adoption date. The Company is currently assessing the impact of adopting the standard on the Company's financial statement disclosures.

**3. &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions and Dispositions**

*Acquisitions*

The following tables set forth the acquisition values, number of properties, and total rentable square feet of gross leasable area ("GLA") of the Company for the nine months ended September 30, 2025 and 2024. For acquisitions not denominated in USD, the amounts have been presented in USD at the prevailing foreign exchange rate on the acquisition date:

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| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
|<br>**Property Type** | **Acquisition Value** | **Number of Properties** | **Square Feet** <br>**(in thousands)** <sup>(3)</sup> |
| Industrial <sup>(1)</sup> <sup>(2)</sup> | $41726 | 2 | 530 |
| Retail | 127969 | 22 | 220 |
| Land  | 54959 | 1 | 16369 |
| &nbsp;&nbsp;**Total** | $224654 | 25 | 17119 |

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(1) The Company issued $17,100 of OP Units as consideration for the acquisition of one of the industrial properties.

(2) Includes assets held in a consolidated joint venture further described below.

(3) A portion of the square footage for the industrial properties includes properties relates to build-to-suit assets.

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| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
|<br>**Property Type** | **Acquisition Value** | **Number of Properties** | **Square Feet** <br>**(in thousands)**<sup>(1)</sup> |
| Industrial | $248930 | 29 | 3183 |
| Retail | 176321 | 7 | 144 |
| &nbsp;&nbsp;**Total** | $425251 | 36 | 3327 |

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(1) The square footage for the retail property and a portion of industrial properties relates to build-to-suit assets.

The following table details the purchase price allocation for the properties acquired during the nine months ended September 30, 2025 and 2024:

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| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** |
| Buildings | $46511 | $160219 |
| Land and land improvements <sup>(1)</sup> | 20836 | 48122 |
| Construction in process <sup>(1)</sup> | 20155 | 48050 |
| Financing receivables | 129092 | 147266 |
| In-place lease intangibles | 3660 | 13964 |
| Other lease intangibles | 4467 | 15121 |
| Below-market lease intangible liabilities | (67) | (7491) |
| &nbsp;&nbsp;**Total Purchase Price** | $224654 | $425251 |

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(1) Includes assets held in a consolidated joint venture further described below.

During the nine months ended September 30, 2025, the Company contributed land of $3,480 in exchange for a 99% ownership interest in PsiQuantum JV. PsiQuantum JV was formed to facilitate the funding and development of a quantum computing facility leased to PsiQuantum in a build-to-suit arrangement. The Company consolidates the joint venture under the voting interest model. Refer to Note 14 - Commitments and Contingencies for additional information.

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*Dispositions*

During the nine months ended September 30, 2025, the Company contributed 15 LV Petroleum properties and a mortgage loan with a net value of $279,679 to LVP Portfolio Master REIT LLC ("LV Petroleum JV") in exchange for a 50.9% ownership interest in LV Petroleum JV and cash proceeds of $137,322. In conjunction with the contribution, the Company recognized a loss on disposition of $2,180 due to the reversal of non-cash accretion of tenant loan receivables. The properties were previously accounted for as failed sale-leaseback transactions and primarily included within Investments in leases - Financing receivables. See Note 5 - Investments in Unconsolidated Real Estate Affiliates for additional information.

During the nine months ended September 30, 2024, the Company disposed of one retail property, one industrial property, one land property and one parcel of excess land at an industrial property for total net proceeds of $256,813 and recognized a net gain on dispositions of $43,620.

**4.&nbsp;&nbsp;&nbsp;&nbsp;Investments in Real Estate, net**

Investments in real estate, net consisted of the following:

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Buildings | $2539609 | $2441729 |
| Land and land improvements | 640694 | 603069 |
| Construction in process | 62685 | 110728 |
| Furniture, fixtures and equipment | 1374 |  |
| **Total**  | 3244362 | 3155526 |
| Accumulated depreciation | (231333) | (159217) |
| **Investments in real estate, net**  | $3013029 | $2996309 |

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Assets of $31,294 relating to build-to-suit properties previously acquired in sale leaseback transactions were placed into service during the nine months ended September 30, 2025, including $25,722 previously classified as construction in progress and $5,572 previously classified as investments in real estate debt. As of September 30, 2025, the assets are presented as $5,652 of land, $19,099 of building, and $6,543 of land improvements.

Assets of $5,603 relating to one build-to-suit property previously acquired in a sale leaseback transaction were placed into service during the nine months ended September 30, 2024, including $4,813 previously classified as construction in progress and $790 previously classified as investments in real estate debt. As of September 30, 2024, the assets are presented as $894 of land, $3,699 of building, and $1,010 of land improvements.

The total rentable square feet of GLA of the Company was 19,875 and 18,244 thousand square feet as of September 30, 2025 and 2024, respectively, of which approximately 99% and 99% was leased, respectively.

**5.&nbsp;&nbsp;&nbsp;&nbsp;Investments in Unconsolidated Real Estate Affiliates**

The Company owns interests in unconsolidated real estate investments with third parties. As of September 30, 2025 and December 31, 2024, investments in unconsolidated real estate affiliates were $3,601,501 and $1,747,787, respectively.

***Poseidon***

On July 22, 2025, the Company made an indirect investment of $176,506 through OT Liquid Investor LLC, a subsidiary of the Company, for a 51.0% interest in BO Poseidon JV LLC ("Poseidon JV"). Poseidon JV was formed as a joint venture with PCSD PR CAP VII M Private Limited to facilitate investment in a loan collateralized by the investment of funds managed by Blackstone Infrastructure Partners in Safe Harbor Marinas. The Company has elected to account for the investment using the FVO under ASC 825. During the nine months ended September 30, 2025, the Company contributed an additional $2,435 to fund capital calls and has received $3,226 in distributions from Poseidon JV.

***Oracle***

On April 9, 2025, the Company made an indirect investment of $308,212 through BOREC Longhorn Member LLC in Longhorn JV, LLC ("Oracle 1-2 JV"). Oracle 1-2 JV was formed to facilitate the investment of BOREC Longhorn Member LLC and Crusoe Abilene, LLC to fund the development of a two-building data center leased to Oracle America, Inc. in a build-to-suit arrangement. BOREC Longhorn Member LLC owns 92.3% of Oracle 1-2 JV. The Company holds a

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48% membership interest in BOREC Longhorn Member LLC. Subsequent to its initial investment, the Company contributed an additional $1,466 to BOREC Longhorn Member LLC. Additionally, during the period from the Company's initial investment through September 30, 2025, the Company received $9,679 in distributions from BOREC Longhorn Member LLC. The Company has elected to account for the investment using the FVO under ASC 825.

On May 16, 2025, the Company made an indirect investment of $31,534 through Blue Owl B3 and B4 Aggregator LLC ("B3-B4 Aggregator") to acquire an indirect 9.1% interest in Longhorn JV 3, LLC and Longhorn JV 4, LLC (collectively, "Oracle 3-4 JV"), and the Company made an indirect investment of $361,586 through Blue Owl B5 B6 B7 B8 Aggregator LLC ("B5-B8 Aggregator") to acquire an indirect 92.5% interest in Longhorn JV 5, LLC, Longhorn JV 6, LLC, Longhorn JV 7, LLC, and Longhorn JV 8, LLC (collectively, "Oracle 5-8 JV"). Oracle 3-4 JV and Oracle 5-8 JV were formed as joint ventures with affiliates of Crusoe Abilene, LLC to facilitate the development of six additional data center buildings leased to Oracle America, Inc. in build-to-suit arrangements. During the nine months ended September 30, 2025, the Company contributed an additional $28,480 and $410,657 to B3-B4 Aggregator and B5-B8 Aggregator, respectively. Additionally, B3-B4 Aggregator and B5-B8 Aggregator made distributions of $174,654 and $19,989, respectively, of which the Company received $15,908, including return of capital distributions of $14,668, and $13,061, respectively. The Company subsequently sold a portion of its investment in B5-B8 Aggregator to other vehicles managed by Blue Owl Real Assets for $559,964. As of September 30, 2025, the Company holds a 9.1% and 21.2% membership interest in B3-B4 Aggregator and B5-B8 Aggregator, respectively. As of September 30, 2025, B3-B4 Aggregator owns a weighted average interest of 90.7% in Oracle 3-4 JV and B5-B8 Aggregator owns a weighted average of 90.7% in Oracle 5-8 JV. The Company has elected to account for the investments using the FVO under ASC 825.

***LV Petroleum***

During the nine months ended September 30, 2025, the Company contributed 15 of its LV Petroleum assets and a mortgage loan for cash proceeds of $137,322 and a 50.9% interest in LV Petroleum JV, a joint venture with Blue Owl Promote G II LLC, valued at $142,357. The Company also contributed an additional $43,774 to LV Petroleum JV to fund of the acquisition of three additional assets and $19,789 to fund capital calls initiated by LV Petroleum JV. During the nine months ended September 30, 2025, LV Petroleum JV made distributions of $124,972, of which the Company received $63,611, including return of capital distributions of $57,795. The Company has elected to account for the investment using the FVO under ASC 825.

***CoreWeave***

On August 27, 2024, the Company made an indirect investment of $11,812 through BOREC Spider Member LLC in Project Spider JV LLC ("CoreWeave CTP-02 JV"). CoreWeave CTP-02 JV was formed to facilitate the investment of BOREC Spider Member LLC and AREP Chirisa CTP2 JV LLC to fund the development of a single-story data center leased to CoreWeave, Inc. in a build-to-suit arrangement. As part of its investment in CoreWeave CTP-02 JV, BOREC Spider Member LLC has agreed to fund its 95% share of the estimated total development cost of $726,895 through pro-rata capital contributions over the course of approximately 23 months, including amounts funded as of September 30, 2025. The Company holds a 15% membership interest in BOREC Spider Member LLC. During the nine months ended September 30, 2025, the Company contributed an additional $8,671 to BOREC Spider Member LLC to fund capital calls initiated by CoreWeave CTP-02 JV. Additionally, BOREC Spider Member LLC made distributions of $18,818, of which the Company received $2,823. The Company has elected to account for the investment using FVO under ASC 825.

On May 23, 2025, the Company made an indirect investment of $4,538 through BOREC Spider Member III LLC in Project Spider III JV LLC ("CoreWeave CTP-03 JV"). CoreWeave CTP-03 JV was formed to facilitate the investment of BOREC Spider Member III LLC and AREP Chirisa CTP3 JV LLC to fund the development of a single-story data center leased to CoreWeave, Inc. in a build-to-suit arrangement. As part of its investment in CoreWeave CTP-03 JV, BOREC Spider Member III LLC has agreed to fund its 95% share of the estimated total development cost of $746,114 through pro-rata capital contributions over the course of approximately 26 months, including amounts funded as of September 30, 2025. The Company holds an 11.3% membership interest in BOREC Spider Member III LLC. During the nine months ended September 30, 2025, the Company contributed an additional $4,999 to fund capital calls initiated by CoreWeave CTP-03 JV to BOREC Spider Member III LLC. Additionally, BOREC Spider Member III LLC made distributions of $67, of which the Company received $8. The Company has elected to account for the investment using FVO under ASC 825.

***STORE***

On February 3, 2023, the Company made an indirect investment through Ivory OSREC OS Aggregator LLC ("OS Aggregator") in STORE, a publicly traded REIT invested in net-lease real estate, in an all-cash, take-private transaction. The Company has elected to account for the investment using the FVO under ASC 825. In connection with closing of the

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initial investment, OS Aggregator signed a Forward Interest Purchase Agreement (the "FIPA") pursuant to which it agreed to purchase additional indirect interests in STORE such that OS Aggregator would own, in aggregate, an indirect 25% membership interest in STORE prior to the first anniversary of the closing of the initial investment, representing an aggregate additional investment of approximately $1,063,000 as of the signing date.

On February 6, 2024, subsidiaries of the Company entered into promissory notes with SuNNNy Days, LLC, an affiliate of GIC Private Limited ("GIC"), to borrow $287,844 (the "FIPA Loan") in exchange for assignment of ownership of the remaining units OS Aggregator was required to purchase under the FIPA. Such assignment resulted in OS Aggregator reaching an indirect 25% membership interest in STORE and meeting the obligations of the FIPA. The FIPA Loan had an interest rate of 9.0% and a term of 18 months, with a maturity date of August 1, 2025. During the year ended December 31, 2024, the Company repaid the FIPA Loan through the use of proceeds from the issuance of common shares.

On February 24, 2025, the Company, through OS Aggregator, and other vehicles managed by Blue Owl Real Assets (together with the Company, "Blue Owl Vehicles") entered into a Membership Interest Purchase Agreement, pursuant to which Blue Owl Vehicles acquired an additional 26% indirect interest (the "Transaction") in STORE, resulting in a total 51% indirect ownership interest in STORE. In conjunction with the Transaction, the Company funded an additional $252,145, plus its pro rata share of transaction costs, through OS Aggregator to acquire an additional 2.5% indirect interest in STORE. Additionally, the Company agreed to fund up to a maximum of $474,150 for incremental indirect interests in STORE. During the nine months ended September 30, 2025, OS Aggregator sold indirect interests in STORE to Ivory OSREC OS Co-Invest Aggregator LLC for $337,000, and the Company contributed an additional $263,069 to acquire additional indirect interest in STORE through OS Aggregator. As of September 30, 2025, there were no remaining additional fundings for incremental indirect interests in STORE required from the Company related to the Transaction.

During the nine months ended September 30, 2025, the Company contributed an additional $165,774 to fund capital calls initiated by STORE and other expenses and OS Aggregator made distributions of $171,901, of which the Company received $111,826. As of September 30, 2025, the Company owns a 64.5% interest in OS Aggregator. The initial and incremental investments made by the Company and affiliates of the Company in OS Aggregator were $3,555,630, representing 30.8% ownership percentage of interest in STORE. As of September 30, 2025, the fair value of the Company's investment in STORE was $2,442,812, representing an 22.4% ownership percentage of interest in STORE.

The Company has determined that STORE is considered a significant subsidiary under SEC Regulation S-X Rule 10-01(b) as of September 30, 2025.

The following table provides summarized income statement information of STORE for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Total revenue | $305624 | $277253 | $911339 | $819576 |
| Net income | $33754 | $185160 | $113178 | $530267 |

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The following tables detail the Company's investments in unconsolidated real estate affiliates:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Ownership Percentage** <sup>(1)</sup> | **Ownership Percentage** <sup>(1)</sup> | **Carrying Amount of Investment** | **Carrying Amount of Investment** |
|<br>**Investment** | **September 30, 2025** | **December 31, 2024** | **September 30, 2025** | **December 31, 2024** |
| STORE Capital LLC | 22.4% | 16.4% | $2442812 | $1704458 |
| Blue Owl NL Opportunity Credit REIT E LLC ("Fleet Farm JV") <sup>(2)</sup> | 49.1% | 49.1% | 5265 | 5701 |
| Blue Owl NL Opportunity Credit Holdings REIT LLC ("Tenneco JV") <sup>(3)</sup> | 50.9% | 50.9% | 31959 | 28808 |
| CoreWeave JVs <sup>(4)</sup> | 14.0% | 14.3% | 32617 | 8820 |
| LV Petroleum JV | 50.9% | —% | 191186 |  |
| Oracle JVs <sup>(5)</sup> | 35.4% | —% | 718587 |  |
| Poseidon JV | 51.0% | —% | 179075 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** |  |  | $3601501 | $1747787 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **ORENT's Share of Unconsolidated Entities' Income (Loss)** | **ORENT's Share of Unconsolidated Entities' Income (Loss)** | **ORENT's Share of Unconsolidated Entities' Income (Loss)** | **ORENT's Share of Unconsolidated Entities' Income (Loss)** |
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|<br>**Investment** | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| STORE Capital LLC | $28190 | $22655 | $169192 | $90897 |
| Fleet Farm JV <sup>(2)</sup> | 2 | (232) | (93) | (58) |
| Tenneco JV <sup>(3)</sup> | 1006 | 691 | 4653 | 5669 |
| CoreWeave JVs <sup>(4)</sup> | 16709 | (303) | 15549 | (303) |
| LV Petroleum JV | 20363 |  | 48876 |  |
| Oracle JVs <sup>(5)</sup> | 161712 |  | 175269 |  |
| Poseidon JV | 3360 |  | 3360 |  |
|  | $**231342** | $**22811** | $**416806** | $**96205** |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;Ownership percentages reflect weighted average ownership as of September 30, 2025.

(2) &nbsp;&nbsp;&nbsp;&nbsp;On August 12, 2022, the Company formed Fleet Farm JV, a joint venture in which the Company holds a 49.1% interest and accounts for using the equity method of accounting. As of September 30, 2025, the joint venture wholly owns two assets that are 100% leased to a single tenant under a triple-net lease.

(3)&nbsp;&nbsp;&nbsp;&nbsp;On June 5, 2023, the Company formed Tenneco JV, a joint venture in which the Company holds a 50.9% interest and accounts for using the FVO under ASC 825. As of September 30, 2025, the joint venture wholly owns six assets that are 100% leased to a single tenant under triple-net leases.

(4)&nbsp;&nbsp;&nbsp;&nbsp;Includes CoreWeave CTP-02 JV and CoreWeave CTP-03 JV, of which the Company owns 14.3% and 10.8%, respectively, as of September 30, 2025.

(5)&nbsp;&nbsp;&nbsp;&nbsp;Includes Oracle 1-2 JV, Oracle 3-4 JV and Oracle 5-8 JV, of which the Company owns 44.3%, 8.2%, and 19.2%, respectively, as of September 30, 2025.

**6.&nbsp;&nbsp;&nbsp;&nbsp;Investments in Real Estate Debt** 

The Company's investments in real estate debt as of September 30, 2025, consist of $767,089 in CMBS, $391,873 in commercial real estate loans, $359,492 in Horizontal Risk Retention Interests ("HRRs"), and $15,377 in investments in loans receivable.

The following tables detail the Company's investments in real estate debt held at fair value:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Type of Security/Loan** | **Weighted Average**<br>**Coupon**<sup>(1) (2)</sup> | **Weighted Average Maturity Date** <sup>(3)</sup> | **Face<br>Amount** | **Cost Basis** | **Fair Value** |
| CMBS <sup>(4)</sup>  | SOFR + 4% | 1/17/2035 | $761933 | $764344 | $767089 |
| Commercial real estate loans <sup>(5)</sup> | 10% | 2/25/2030 | 391758 | 388521 | 391873 |
| Total investments in real estate debt <sup>(6)</sup> | 9% |  | $1153691 | $1152865 | $1158962 |

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

(2)The weighted average coupon for our CMBS includes both floating and fixed rate investments. Fixed rate CMBS represent a spread over SOFR for purposes of the weighted average calculation.

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

(4)Includes investments pledged as collateral under a secured financing agreement. See Note 9 - Debt for additional information.

(5)Certain commercial real estate loans include future funding obligations to borrower. See Note 14 - Commitments and Contingencies.

(6)Total investments in real estate debt per the tables above exclude our investments in HRRs and loans receivable, described below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>**Type of Security/Loan** | **Weighted Average**<br>**Coupon**<sup>(1) (2)</sup> | **Weighted Average Maturity Date** <sup>(3)</sup> | **Face<br>Amount** | **Cost Basis** | **Fair Value** |
| CMBS  | SOFR + 4% | 4/29/2036 | $503280 | $503379 | $505537 |
| Commercial real estate loans | 12% | 4/5/2028 | 114089 | 113939 | 113939 |
| Total investments in real estate debt <sup>(4)</sup> | 9% |  | $617369 | $617318 | $619476 |

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

(2)The weighted average coupon for our CMBS includes both floating and fixed rate investments. Fixed rate CMBS represent a spread over SOFR for purposes of the weighted average calculation.

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

(4)Total investments in real estate debt per the tables above exclude our investments in HRRs and loans receivable, described below.

The following table details the credit rating of the Company's investments in real estate debt held at fair value:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>**Credit Rating** | **Cost Basis** | **Fair Value** | **Percentage Based <br>on Fair Value** | **Cost Basis** | **Fair Value** | **Percentage Based <br>on Fair Value** |
| Aaa | $20000 | $20043 | 2% | $25695 | $25675 | 4% |
| Aa3 |  |  | —% | 6072 | 6091 | 1% |
| AA- | 3393 | 3389 | —% | 21437 | 21441 | 3% |
| A- | 56193 | 56358 | 5% | 91631 | 91848 | 15% |
| A3 |  |  | —% | 8189 | 8262 | 1% |
| Baa3 |  |  | —% | 3007 | 3037 | —% |
| BBB+ | 5169 | 5173 | —% |  |  | —% |
| BBB | 7008 | 7025 | 1% | 12017 | 12032 | 2% |
| BBB- | 76674 | 76927 | 7% | 84391 | 84886 | 14% |
| Ba2 | 30840 | 30943 | 3% | 31646 | 31674 | 5% |
| BB+ | 6495 | 6495 | 1% | 6629 | 6656 | 1% |
| BB | 159315 | 160001 | 14% | 17348 | 17548 | 3% |
| Ba3 | 10011 | 10036 | 1% | 40057 | 40357 | 7% |
| BB- | 165682 | 165237 | 14% | 115158 | 115528 | 19% |
| B | 18738 | 18773 | 2% |  |  | —% |
| B1 | 69991 | 71329 | 6% |  |  | —% |
| B3 | 37344 | 37135 | 3% |  |  | —% |
| B- | 97491 | 98225 | 8% | 40102 | 40502 | 7% |
| Unrated | 388521 | 391873 | 33% | 113939 | 113939 | 18% |
| Total | $1152865 | $1158962 | 100% | $617318 | $619476 | 100% |

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The following table provides the activity for the real estate-related securities for the nine months ended September 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| | **Amortized Cost Basis** | **Gain/(Loss)** | **Fair Value** |
| Real estate-related securities as of December 31, 2024  | $503379 | $2158 | $505537 |
| Face value of real estate-related securities acquired | 535330 |  | 535330 |
| Sale of real estate-related securities | (276995) |  | (276995) |
| Realized gain on sale of real estate-related securities | 769 |  | 769 |
| Interest income associated with real estate-related securities | 1861 |  | 1861 |
| Unrealized gain on real estate securities |  | 587 | 587 |
| Real estate-related securities as of September 30, 2025 | $764344 | $2745 | $767089 |

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The following tables detail the Company's HRR investments which are classified as held-to-maturity and presented at amortized cost. The carrying value of the HRR investments as of September 30, 2025 is net of an allowance for credit losses of $2,276. The Company did not record an allowance for credit losses related to its HRR investments as of December 31, 2024. The Company has the intent and ability to hold its HRR investments until maturity.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Type of Security/Loan** | **Weighted Average**<br>**Coupon**<sup>(1)</sup> | **Weighted Average Maturity Date** | **Face<br>Amount** | **Cost Basis** | **Carrying Value** |
| HRRs | SOFR+7% | 3/10/2030 | $361650 | $361685 | $359492 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>**Type of Security/Loan** | **Weighted Average**<br>**Coupon**<sup>(1)</sup> | **Weighted Average Maturity Date** | **Face<br>Amount** | **Cost Basis** | **Carrying Value** |
| HRRs | SOFR+7% | 12/15/2029 | $48800 | $48941 | $48941 |

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

***Other Investments***

During the year ended December 31, 2024, the Company acquired land related to build-to-suit properties in sale leaseback transactions for a total purchase price of $28,827 which is being accounted for as an investment in loans receivable and held at amortized cost, as the related lease is not deemed to have commenced until the constructed assets are made available for use by the lessee. Direct costs associated with originating loans are deferred and amortized as an adjustment to interest income over the term of the related loan receivable. During the nine months ended September 30, 2025, the Company placed six build-to-suit properties in service and contributed properties for an interest in LV Petroleum JV, including two of its build-to-suit properties with a balance of $6,623. See Note 4 - Investments in Real Estate, net and Note 5 - Investments in Unconsolidated Real Estate Affiliates for additional information. As of September 30, 2025 and December 31, 2024, the Company held 14 and 22 investments in loans receivable related to build-to-suit arrangements with a total balance of $15,377 and $27,635, respectively, which are included within Investments in real estate debt in the Condensed Consolidated Balance Sheets.

**7.&nbsp;&nbsp;&nbsp;&nbsp;DST Program**

On August 31, 2023, the Company, through NLT OP, initiated a DST Program to issue and sell up to a maximum aggregate offering amount of $3,000,000 of Interests in one or more DSTs holding DST Properties in private placement. Under the DST Program, DST Properties, which may be sold, contributed, sourced, or otherwise seeded from the Company's real properties held through NLT OP or from third parties, will be held in one or more DSTs and leased back by wholly owned subsidiaries of NLT OP in accordance with corresponding master lease agreements. NLT OP will have the right, but not the obligation, to acquire the Interests in the applicable DST from the beneficial owners or the applicable DST's right, title, interest in any portion of the DST Properties from the beneficial owners, in each case, in exchange for cash or OP Units, at a purchase price equal to the fair market value of the beneficial owner's interest in one or more of the DST Properties ("FMV Buyback Option"). The FMV Buyback Option is exercisable during the one-year option period beginning two years from the final closing of the applicable DST Offering or in such other time frame as provided for in the applicable DST arrangement. After a one-year holding period, investors who receive OP Units pursuant to the FMV Buyback Option generally have the right to cause NLT OP to redeem all or a portion of their OP Units for, at the Company's sole discretion, common shares of the Company, cash, or a combination of both.

The proceeds received from the DSTs are accounted for as financing obligation liabilities on the Condensed Consolidated Balance Sheets. The sale of Interests in a DST Property is accounted for as a failed sale-leaseback transaction due to the FMV Buyback Option retained by NLT OP and in accordance with ASC 842, the property remains on the Company's Condensed Consolidated Balance Sheets. The Company has elected to account for the DST financing obligations using the FVO in accordance with ASC 825 and applies the FVO for each financial obligation recognized as Interests are sold, thus the election is occurring on an instrument-by-instrument basis. When the FVO is elected for a financial obligation, the Company subsequently measures the instrument at fair value and separately presents the changes in fair value resulting from instrument specific credit risk, if any, in other comprehensive income. The impact of changes in fair value other than those related to instrument specific credit risk are recorded in earnings, which represents a debit or credit entry, with the offset recorded as an adjustment to the financial obligation each reporting period.

Under the applicable master lease agreements, the Company is responsible for ongoing property management and for making fixed payments to the DSTs regardless of whether the DST Properties' cash flows are sufficient to cover the payment. Accordingly, a holder of the DST's beneficial interest receives a fixed payment from the Company and the potential for capital appreciation through the FMV Buyback Option. In exchange for these payments, the Company is entitled to receive the operating cash flows from the properties. For financial reporting purposes, the DST entities are not consolidated by the Company, but the underlying DST Properties and related mortgage debt are included in the condensed consolidated financial statements due to the resulting failed sale-leaseback transactions. The DST Property operations, including rental revenues and property operating expenses associated with the underlying property of each master lease and

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the master lease payment expense, are included in the respective line items on the Condensed Consolidated Statements of Operations.

As the FMV Buyback Option is exercised, the financial obligation is settled and is derecognized on the Company's balance sheet. Upon exercise, management would record the fair value adjustment to its financial obligation to reflect the value of the underlying properties at the date of exercise, and realize a gain or loss, as applicable.

If the FMV Buyback Option expires and is not exercised, the Company would reevaluate the existing failed sale-leaseback conclusions under ASC 842, determine whether a successful sale-leaseback occurs at that time and reevaluate the lease classification in accordance with ASC 842-10-25-1. While this has not happened since the inception of the Company's DST Program, the Company expects that control of the property would transfer to the DST interest holders. Therefore, the real property and the financial obligation would be derecognized from the Company's balance sheet and the Company would recognize a gain or loss, as applicable. The Company expects that the master lease would be classified as an operating lease, and as such, the Company would record a right-of-use asset and lease liability based on the guidance under ASC 842. The establishment of these assets and liabilities under ASC 842 would preclude any future accounting under a fair value election at that time.

During the nine months ended September 30, 2025, the Company sold one industrial asset, net of a $57,750 mortgage loan, to a DST as part of its second DST Offering of $60,900, sold 13 industrial assets to a DST as part of its third DST Offering of $95,540, and sold 40 retail assets to a DST as part of its fourth DST Offering of $229,250. See Note 9 - Debt for additional information regarding the mortgage loan. The Company did not sell or contribute any assets to a DST during the year ended December 31, 2024. Wholly owned subsidiaries of the Company leased back the assets held in the DSTs in accordance with master lease agreements.

The following tables provide details on the Company's DST Program activity:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Net proceeds from DST Interests sold <sup>(1)</sup> | $96176 | $11491 | $202448 | $24431 |
| Master lease payments <sup>(2)</sup> | $5122 | $1120 | $9640 | $3390 |
| Distributions from the Company's DST Interests | $960 | $680 | $2768 | $2675 |

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(1) &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from DST Interests sold for the three and nine months ended September 30, 2025 are net of total upfront fees at closing of $1,631 and $4,376, of which the Company earned $1,340 and $2,905, respectively. Net proceeds from DST Interests sold for the three and nine months ended September 30, 2024 are net of total upfront fees earned at closing of $267 and $402, of which the Company earned $115 and $244, respectively. The upfront fees earned at closing by the Company are included within Other income (expense), net on the Condensed Consolidated Statements of Operations.

(2)&nbsp;&nbsp;&nbsp;&nbsp;We account for payments made to the DSTs under the master leases as a reduction of our financial obligations prior to remeasuring the fair value.

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| DST financing obligation <sup>(1)</sup> | $252840 | $52123 |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;The DST financing obligation is included within Other liabilities on the Condensed Consolidated Balance Sheets.

From inception of the DST Program through September 30, 2025, the Company has raised gross proceeds of $259,053.

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**8.&nbsp;&nbsp;&nbsp;&nbsp;Intangibles**

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **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 | 14.6 | $111690 | $(22091) | $89599 | $107642 | $(15978) | $91664 |
| &nbsp;&nbsp;Other lease intangibles <sup>(1)</sup> | 14.8 | 88024 | (10958) | 77066 | 82696 | (6259) | 76437 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total intangible lease assets** | 14.7 | $199714 | $(33049) | $166665 | $190338 | $(22237) | $168101 |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;Includes total tenant lease inducement balance of $61,288 and $60,676 as of September 30, 2025 and December 31, 2024.

Amortization expense related to the intangible lease assets for the three months ended September 30, 2025 was $3,634, of which $2,869 and $765 is included in Depreciation and amortization and Rental revenue, respectively, within the Condensed Consolidated Statements of Operations. Amortization expense related to the intangible leases assets for the nine months ended September 30, 2025 was $10,706, of which $8,426 and $2,280 is included in Depreciation and amortization and Rental revenue, respectively, within the Condensed Consolidated Statements of Operations. The amount included in rental revenue is related to tenant inducements and is a reduction to revenue.

Amortization expense related to the intangible lease assets for the three months ended September 30, 2024 was $3,124, of which $2,612 and $512 is included in Depreciation and amortization and Rental revenue, respectively, within the Condensed Consolidated Statements of Operations. Amortization expense related to the intangible lease assets for the nine months ended September 30, 2024 was $8,251, of which $6,962 and $1,289 is included in Depreciation and amortization and Rental revenue, respectively, within the Condensed Consolidated Statements of Operations.

The estimated future amortization on the Company's intangible assets for each of the next five years and thereafter as of September 30, 2025 is as follows:

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| | | |
|:---|:---|:---|
| | **In-Place Tenant Lease Intangible Assets** | **Other Lease Intangibles** |
| &nbsp;&nbsp;2025 (remaining) | $2058 | $1586 |
| &nbsp;&nbsp;2026 | 8231 | 6342 |
| &nbsp;&nbsp;2027 | 8231 | 6342 |
| &nbsp;&nbsp;2028 | 8231 | 6342 |
| &nbsp;&nbsp;2029 | 8231 | 6341 |
| &nbsp;&nbsp;2030 | 8231 | 6342 |
| &nbsp;&nbsp;Thereafter | 46386 | 43771 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $89599 | $77066 |

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As of September 30, 2025 and December 31, 2024, the gross carrying amount of the Company's below market lease intangibles was $5,998 and $5,931, with accumulated amortization of $787 and $519, respectively. The below market lease intangibles, net of accumulated amortization, are included in Other liabilities within our Condensed Consolidated Balance Sheets.

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**9.&nbsp;&nbsp;&nbsp;&nbsp;Debt** 

The following table details the mortgage notes, credit facilities, and other borrowings of the Company:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Principal Balance Outstanding** | **Principal Balance Outstanding** |
|<br>**Indebtedness** | **Weighted Average**<br>**Interest Rate** <sup>(1)(2)</sup> | **Weighted Average**<br>**Maturity Date** | **Maximum Facility Size** | **September 30, 2025** | **December 31, 2024** |
| *Mortgage notes & credit facilities:* |  |  |  |  |  |
| Unsecured term loan credit facility  | S + 1.35% | 6/12/2030 | $1250000 | $1250000 | $1165500 |
| Unsecured revolving credit facility  | S + 1.40% | 6/12/2029 | $2610000 |  | 246950 |
| Fixed rate mortgages | 4.99% | 8/25/2029 | N/A | 106403 | 99098 |
| Variable rate mortgages | S + 1.88% | 4/3/2028 | N/A | 106376 | 129824 |
| Deferred financing costs, net |  |  |  | (44225) | (13624) |
| **Total Mortgage notes & credit facilities, net:**  |  |  |  | $1418554 | $1627748 |
| *Unsecured senior notes* |  |  |  |  |  |
| Unsecured senior notes  | 6.35% | 2/2/2030 | N/A | $130000 | $130000 |
| Deferred financing costs, net |  |  |  | (3407) | (3655) |
| **Unsecured senior notes, net:**  |  |  |  | $126593 | $126345 |
| *Other borrowings* |  |  |  |  |  |
| Secured financings of investments in real estate debt | S + 1.82% | 1/4/2027 | $799275 | $323557 | $— |
| Deferred financing costs, net |  |  |  | (1047) |  |
| **Other borrowings, net** |  |  |  | $322510 | $— |

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__________________

(1)The term "S" refers to the relevant floating benchmark rates, which include daily secured overnight financing rate ("SOFR"), 30-day SOFR, one-month euro interbank offered rate ("EURIBOR"), daily Canadian overnight repo rate average ("CORRA"), and one-month SONIA as applicable to each loan. As of September 30, 2025, we have outstanding interest rate swaps that mitigate our exposure to potential future interest rate increases under our floating rate debt. See further discussion of outstanding interest rate swaps below.

(2)The Company's mortgage and notes payable contain yield or spread maintenance provisions.

***Mortgage Notes and Credit Facilities***

On June 12, 2025, the Company entered into an amended and restated credit agreement, which amends and restates the credit agreement dated August 11, 2022. The amended and restated credit agreement provides for, among other things, (a) an upsize of the senior unsecured term loan facility from $1,165,500 to $1,250,000, (b) an upsize of the aggregate principal amount of the senior unsecured revolving credit facility from $724,500 to $2,485,000, (c) an upsize of the accordion feature, subject to the satisfaction of various conditions, which could bring total commitments from up to $3,200,000 to up to $5,000,000, (d) an extension of the revolving credit scheduled maturity date from August 2026 to June 2029, (e) an extension of the initial term loan scheduled maturity date from August 2027 to June 2030, and (f) the amendment of certain financial and other covenants. On July 23, 2025, the agreement was further amended to increase the aggregate principal amount of the senior unsecured revolving credit facility from $2,485,000 to $2,610,000.

The unsecured term loan credit facility bears interest at a base rate plus a margin ranging from 0.25% to 1.85%. The base rate is SOFR plus 0.10% or the greater of (a) Keybank N.A.'s announced prime rate, (b) 0.5% above the federal funds effective rate, and (c) 1.0%, as applicable. The weighted average interest rate for the unsecured term loan credit facility for the nine months ended September 30, 2025 was 5.68% (unhedged) and 5.01% (hedged).

The unsecured revolving credit facility consists of USD ("USD Revolver") and Alternative ("Alternative Revolver") denominated currencies, and bears interest at a base rate plus a margin ranging from 0.30% to 1.90%. The base rate is the greater of (a) Keybank N.A.'s announced prime rate, (b) 0.5% above the federal funds effective rate, (c) adjusted floating rate, and (d) 1.0%. The adjusted floating rate for the USD Revolver is SOFR plus 0.10%, while the Alternative Revolver is EURIBOR for Euro borrowings, and CORRA plus 0.30% for Canadian Dollar borrowings. The weighted average interest rate for the unsecured revolving credit facility for the nine months ended September 30, 2025 was 5.75%

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(unhedged) and 4.73% (hedged). During the nine months ended September 30, 2025, the Company earned an additional $558 of income as a result of over hedging on our interest rate swaps. We believe the interest rate swaps are still highly effective.

During the nine months ended September 30, 2025, the Company entered into a variable rate mortgage note of $57,750 secured by a property contributed to a DST as part of our DST Program. The interest on the mortgage and any amounts received or owed under the interest rate swap are borne by such DST and are not consolidated in the Company's Condensed Consolidated Financial Statements. Additionally, the Company contributed a variable rate mortgage note of $84,500 for interest in a joint venture. Refer to Note 3 - Acquisitions and Dispositions for additional information.

The following table details the Company's interest rate swaps as of September 30, 2025:

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| | |
|:---|:---|
| **Notional Balance** | **Fixed Rate** |
| *Mortgage notes & credit facilities:* |  |
| Unsecured term loan credit facility |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$700000 | 3.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$250000 | 3.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$145500 | 4.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100000 | 3.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$54500 | 3.40% |
| Unsecured revolving credit facility |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100000 | 3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45500 | 3.40% |
| Variable rate mortgages |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$47793 | 3.74% |

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***Unsecured Senior Notes***

On August 28, 2024, NLT OP entered into a Note Purchase Agreement (the "Note Purchase Agreement") governing the issuance of $29,000 of 6.24% Senior Notes, Series A, due August 28, 2028, $38,500 of 6.32% Senior Notes, Series B, due August 28, 2029, $39,500 of 6.40% Senior Notes, Series C, due August 28, 2030 and $23,000 of 6.43% Senior Notes, Series D, due August 28, 2031 (collectively, the "Notes"), to qualified institutional investors in a private placement. Interest on the notes is due semi-annually on the 28th day of February and August of each year beginning on February 28, 2025. Proceeds from the issuance of the notes were used to pay down existing indebtedness of the Company and for other general purposes.

***Secured Financings of Investments in Real Estate Debt***

During the nine months ended September 30, 2025, the Company entered into financing agreements secured by certain of its CMBS investments and commercial real estate loans. The terms of the CMBS master repurchase agreements provide the lenders the ability to determine the size and terms of the financing provided based upon the particular collateral pledged by the Company, and may require the Company to provide additional collateral in the form of cash or securities if the market value of such financed investment declines. The CMBS master repurchase agreements have no set maturity date, with each borrowing having initial terms of one to three months. The Company has the option to continuously extend the maturity of outstanding balances for additional one to three month terms upon each interim maturity date. The financing arrangement secured by the Company's commercial real estate loans has a maturity date which is the earlier of (a) July 11, 2029 with a one year extension option, or (b) the maturity date of the underlying secured commercial real estate loan. The Company also has a note-on-note financing for a commercial real estate loan investment which has an initial maturity date of June 30, 2027 with three one-year extension options, subject to certain conditions.

As of September 30, 2025, the Company's total secured financings of investments in real estate debt outstanding was $323,557, secured by $347,385 of its CMBS investments and $174,303 of its commercial real estate loans. These financings have a weighted average maturity date of January 4, 2027, and a weighted average interest rate of SOFR + 1.82%, the relevant floating benchmark rate. As of December 31, 2024, the Company did not have any secured financings of investments in real estate debt outstanding. The Company's secured financings of investments in real estate debt are included within Other Borrowings within the Condensed Consolidated Balance Sheets.

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The Company is subject to various financial and operational covenants under certain of its mortgage notes, term loan and revolving credit facilities, unsecured senior notes agreements and secured financings of investments in real estate debt. These covenants require the Company to maintain certain financial ratios, which include leverage, debt service coverage, and tangible net worth thresholds, among others. As of September 30, 2025, the Company believes it was in compliance with all of its loan 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 September 30, 2025:

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| | |
|:---|:---|
| **Year** | **Amount** |
| 2025 (remaining) | $198591 |
| 2026 | 48626 |
| 2027 | 46500 |
| 2028 | 29000 |
| 2029 | 223369 |
| 2030 | 1347250 |
| Thereafter | 23000 |
| Total | $1916336 |

---

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**10.&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 investments and financing transactions. These derivatives may or may not qualify as net investment, cash flow, or fair value hedges under the hedge accounting requirements of ASC 815. Derivatives not designated as hedges are not speculative and are used to manage the Company's exposure to fluctuations in foreign exchange rates.

Changes in the fair value of cash flow and fair value 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 swaps and interest rate caps will be reclassified to interest expense as interest payments are made on the Company's mortgages and unsecured credit facility, and reclassified to interest income as interest payments are received on the Company's investments in real estate debt. Refer to Note 2 - Summary of Significant Accounting Policies and Estimates for additional detail.

***Interest Rate Contracts***

Certain of the Company's financing transactions expose the Company to interest rate risks, which include exposure to variable interest rates on certain unsecured loans and loans secured by the Company's real estate and fixed rate investments in real estate debt where the Company is the lender. 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 our interest expense and to manage our exposure to interest rate fluctuations. To accomplish this objective, we use interest rate swap and interest rate cap contracts to manage our exposure on the variable rate interest debt and to manage our exposure to fluctuations in the fair value of our fixed rate investments in real estate debt. The Company has designated these derivative financial instruments as cash flow and fair value hedges, respectively, as defined under GAAP as of September 30, 2025.

***Foreign Currency Exchange Rate Derivatives***

Certain of the Company's foreign investments expose it to fluctuations in foreign currency exchange rates. The Company uses foreign exchange rate derivatives, including foreign currency forwards and currency options, to reduce the risk from fluctuations in foreign exchange rates associated with its assets and liabilities denominated in foreign currencies. The Company also uses foreign currency derivatives to hedge the foreign exchange risk associated with certain of its net investments in foreign operations.

The Company enters into currency options that give it the right, but not the obligation, to sell the foreign currency amount in exchange for a functional currency amount within a limited time at a contracted price. The contracts may also be net settled in cash, based on differentials in the foreign currency exchange rate and the strike price. The Company uses currency options as an economic hedge of foreign currency exposure related to the Company's non-U.S. investments.

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** | **September 30, 2025** | **December 31, 2024** |
| **Derivatives designated as hedging instruments** | | | | |
| &nbsp;&nbsp;Interest rate swaps | 14 | 5/23/2028 | $1721088 | $1425130 |
| **Derivatives not designated as hedging instruments** |  |  |  |  |
| &nbsp;&nbsp;Foreign currency forward contracts <sup>(1)</sup> | 8 | 1/1/2030 | 435219 | 131037 |
| &nbsp;&nbsp;Foreign currency option contracts <sup>(1)</sup> | 2 | 11/30/2028 | 104370 | 104370 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** |  |  | $2260677 | $1660537 |

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__________________

(1)The notional amount reflects the balance we expect to settle at the maturity date based on the contractual strike price at trade execution.

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The fair value of our derivative financial instruments and their classification on our Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 are detailed below.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Asset Derivatives** | **Asset Derivatives** | | **Liability Derivatives** | **Liability Derivatives** |
| | | **Fair Value** | **Fair Value** | | **Fair Value** | **Fair Value** |
| |<br>**Balance Sheet <br>Location** | **September 30, 2025** | **December 31, 2024** |<br>**Balance Sheet <br>Location** | **September 30, 2025** | **December 31, 2024** |
| **Derivatives Designated as Hedging Instruments** | | | | | | |
| &nbsp;&nbsp;Interest rate swaps | Other Assets | $374 | $13546 | Other Liabilities | $10559 | $1922 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Derivatives Designated as Hedging Instruments** |  | $374 | $13546 |  | $10559 | $1922 |
| **Derivatives Not Designated as Hedging Instruments** |  |  |  |  |  |  |
| &nbsp;&nbsp;Foreign currency forward contracts | Other Assets | $4903 | $808 | Other Liabilities | $9594 | $2630 |
| &nbsp;&nbsp;Foreign currency option contracts | Other Assets | 5088 | 2853 | Other Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Derivatives Not Designated as Hedging Instruments** |  | $9991 | $3661 |  | $9594 | $2630 |

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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 September 30, 2025 and 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Amount of <br>Unrealized Gain <br>(Loss) Recognized <br>in OCI** | **Amount of <br>Unrealized Gain <br>(Loss) Recognized <br>in OCI** | **Location of Gain <br>(Loss) Recognized in <br>Income on Derivatives** | **Amount of Gain** <br>**Reclassified from** <br>**Accumulated OCI into Income** | **Amount of Gain** <br>**Reclassified from** <br>**Accumulated OCI into Income** |
| **Derivatives Designated as Hedging Instruments** | **September 30, 2025** | **September 30, 2024** | | **September 30, 2025** | **September 30, 2024** |
| &nbsp;&nbsp;Interest rate swaps - Investments  | $3 | $— | Interest Income | $226 | $— |
| &nbsp;&nbsp;Interest rate swaps - Borrowings  | 1632 | (28741) | Interest Expense | 2607 | 5470 |
| &nbsp;&nbsp;Interest rate caps |  | 397 | Interest Expense |  | 1423 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Derivatives Designated as Hedging Instruments** | $1635 | $(28344) |  | $2833 | $6893 |

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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 nine months ended September 30, 2025 and 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Amount of <br>Unrealized Gain <br>(Loss) Recognized <br>in OCI** | **Amount of <br>Unrealized Gain <br>(Loss) Recognized <br>in OCI** | **Location of Gain <br>(Loss) Recognized in <br>Income on Derivatives** | **Amount of Gain** <br>**Reclassified from** <br>**Accumulated OCI into Income** | **Amount of Gain** <br>**Reclassified from** <br>**Accumulated OCI into Income** |
| **Derivatives Designated as Hedging Instruments** | **September 30, 2025** | **September 30, 2024** | | **September 30, 2025** | **September 30, 2024** |
| &nbsp;&nbsp;Interest rate swaps - Investments  | $(1022) | $— | Interest Income | $284 | $— |
| &nbsp;&nbsp;Interest rate swaps - Borrowings  | (13627) | 5240 | Interest Expense | 7309 | 15835 |
| &nbsp;&nbsp;Interest rate caps |  | 6053 | Interest Expense |  | 6053 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Derivatives Designated as Hedging Instruments** | $(14649) | $11293 |  | $7593 | $21888 |

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The following table details the effect of the Company's derivative financial instruments not designated as hedging instruments on the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024:

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| **Derivatives Not Designated as Hedging Instruments** |<br>**Income Statement Location** | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| &nbsp;&nbsp;Foreign currency forward contracts | Other Income (Expense) | $7390 | $3084 | $(2870) | $187 |
| &nbsp;&nbsp;Foreign currency option contracts | Other Income (Expense) | (1376) | (912) | 2236 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Derivatives Not Designated as Hedging Instruments** |  | $6014 | $2172 | $(634) | $983 |

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

***Due to Affiliates***

The following table details the components of due to affiliates:

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Accrued ongoing servicing fees | $150277 | $101890 |
| Accrued management fee | 14564 | 9710 |
| Performance participation allocation | 36140 | 15719 |
| Advanced organization and offering costs | 7709 | 9677 |
| Other advanced expenses <sup>(1)</sup>  | 3589 | 3095 |
| Total | $212279 | $140091 |

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________________

(1)Includes salaries and other invoices paid by the Adviser on behalf of and subsequently reimbursed by the Company.

*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, Class N, and Class D shares equal to 0.85%, 0.50% 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.

As part of the DST Program, NLT OP is authorized to issue three additional classes of OP Units, Class S-1, Class N-1, and Class D-1 in exchange for Interests in DSTs in the event NLT OP elects to exercise its FMV Buyback Option and the participation of such OP Units in the Company's distribution reinvestment plan. NLT OP will pay to the Dealer Manager for ongoing services rendered to shareholders for Class S-1, Class N-1, and Class D-1 OP Units equal to 0.85%, 0.50% and 0.25%, respectively, per annum of the aggregate NAV of the respective outstanding class of OP Units. The servicing fees will be paid monthly in arrears. Additionally, the DST Sponsor, Blue Owl Real Estate Exchange LLC, a wholly owned subsidiary of the Company, will pay to the Dealer Manager, a service fee equal to 0.25% per annum of the price per Interest sold, to be paid quarterly or monthly in arrears based on the DST Offering.

*Accrued Management Fees*

The Company will pay the Adviser a management fee equal to 1.25% of NAV per annum payable monthly for services rendered related to ongoing operations of ORENT pursuant to the Investment Advisory Agreement. Additionally, to the extent that NLT OP issues OP Units to parties other than the Company, NLT OP will pay the Adviser a management fee equal to 1.25% of the NAV of NLT OP attributable to such units not held by us per annum payable monthly.

The management fee may be paid, at the Adviser's election, in cash, Class I shares or Class I OP Units. To date, the Adviser has elected to receive the management fee in the Company's common shares, resulting in a non-cash expense. During the three and nine months ended September 30, 2025, the Company incurred management fees of $21,361 and $56,199, respectively. During the three and nine months ended September 30, 2024, the Company incurred management fees of $12,330 and $31,134, respectively.

During the nine months ended September 30, 2025 and 2024, the Company issued 5,019,194 and 2,708,984 shares, respectively, to the Adviser as payment for management fees. Management fees of $14,564 and $9,710 were accrued and unpaid as of September 30, 2025 and December 31, 2024, respectively. The shares issued to the Adviser for payment of the management fee were issued at the applicable NAV per share at the end of each month for which the fee was earned.

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Additionally, in connection with the DST Program, the Company will pay the Adviser a management fee equal to 1.25% of the total consideration received by the Company or its affiliate for selling Interests to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such Interests and any proceeds from any loans secured directly or indirectly by the DST Properties, per annum payable monthly. The Adviser has waived the fee for the current DST Offerings.

*Performance Participation Allocation*

In addition to the fees paid to the Adviser for services provided pursuant to the Investment Advisory Agreement, Blue Owl Oak Trust Carry LLC, a controlled subsidiary of Blue Owl, and Blue Owl Real Estate Net Lease Trust CPV LP (formerly, Oak Trust Carry Participant Vehicle LP), controlled by senior and other officers of Blue Owl (each a "Special Limited Partner") holds a performance participation interest in NLT OP that entitles them to receive an allocation of NLT 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 Investment Advisory Agreement. Under the NLT OP agreement, the Special Limited Partners are entitled to an allocation from NLT OP 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 OP Units, ORENT 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 fee provided that the Investment Advisory Agreement has not been terminated, the Company accounts for the performance participation allocation as an expense in our Condensed Consolidated Statements of Operations. During the three and nine months ended September 30, 2025, the Company recognized $36,140 and $67,036, respectively, of performance participation allocation expense in the Company's Condensed Consolidated Statements of Operations. During the three and nine months ended September 30, 2024, the Company recognized $7,440 and $22,602, respectively, of performance participation allocation expense in the Company's Condensed Consolidated Statements of Operations.

During the nine months ended September 30, 2025 and 2024, the Company issued 4,562,577 and 1,346,696 Class I OP Units to the Special Limited Partners as payment of performance participation allocation at the respective NAV per unit. During the nine months ended September 30, 2025, 113,979 Class I OP Units originally issued as payment of performance participation allocation were redeemed. During the nine months ended September 30, 2024, 20,439 Class I OP Units originally issued as payment of performance participation allocation were redeemed. As of September 30, 2025 and December 31, 2024, there were 8,257,752 and 3,809,153 Class I OP Units outstanding, respectively, issued as payment of the performance participation allocation expense.

*Advanced Organization and Offering Costs*

The Adviser advanced 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 September 1, 2023. Such costs are recorded as a component of Due to affiliates on the Company's Condensed Consolidated Balance Sheets and are being reimbursed to the Adviser pro rata over 60 months beginning September 1, 2023.

*Accrued interest - affiliate line of credit*

During the nine months ended September 30, 2024, the Company issued 695,189 Class I shares to our affiliate, Blue Owl Capital Holdings LP, as payment for interest on the revolving promissory note. During the year ended December 31, 2024, the Company repaid the outstanding balance under the affiliate line of credit as well as the remaining accrued interest through the use of proceeds from the issuance of common shares and cash flows from operations.

*Common Shares Held by Affiliates*

As of September 30, 2025 and December 31, 2024, ORENT affiliates and their employees owned 5,822,437 and 13,109,016 ORENT Class I shares, respectively. The aggregate amount of Class I shares owned by ORENT affiliates and their employees was $60,886 and $133,696, based on the NAV per share/unit as of September 30, 2025 and December 31, 2024, respectively.

During the nine months ended September 30, 2025, the Adviser submitted 9,925,147 Class I shares, previously issued as payment for management fees and interest on the affiliate line of credit, for repurchase by the Company for a total of

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$101,931. During the nine months ended September 30, 2024, the Adviser did not submit any shares for repurchase. Additionally, during the nine months ended September 30, 2025, Blue Owl Real Estate Fund V OP (SH) LP ("Fund V"), a fund also managed by the Adviser, redeemed 2,777,242 Class I shares for a total of $28,402. The shares represent all of the shares previously issued by the Company as consideration for properties acquired from Fund V during the year ended December 31, 2022.

**12.&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 net lease properties which consists of fixed annual rent that escalates annually throughout the term of the applicable leases, and the tenant is generally responsible for all property-related expenses, including taxes, insurance, and maintenance. The Company's net lease properties are each leased to a single tenant.

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** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| &nbsp;&nbsp;Base rent <sup>(1)</sup> | $46928 | $41977 | $138092 | $121750 |
| &nbsp;&nbsp;Straight-line rental revenue, net <sup>(2)</sup> | 5198 | 4899 | 15603 | 14017 |
| &nbsp;&nbsp;Variable lease payments <sup>(3)</sup> | 4693 | 5693 | 15916 | 16350 |
| &nbsp;&nbsp;Amortization of above/below market lease intangibles | 89 | 115 | 267 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Rental revenue** | $56908 | $52684 | $169878 | $152355 |

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__________________

(1)Consists of fixed lease payments.

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

(3)Consists of reimbursement of common area maintenance ("CAM") and real estate taxes, as well as amortization of tenant inducements.

The following table presents the undiscounted future minimum rents the Company expects to receive for its net lease properties classified as operating leases as of September 30, 2025.

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| | |
|:---|:---|
| **Year** | **Future Minimum Rents** <sup>(1)</sup> |
| 2025 (remaining) | $51102 |
| 2026 | 191360 |
| 2027 | 194220 |
| 2028 | 197227 |
| 2029 | 198715 |
| 2030 | 201766 |
| Thereafter | 1782005 |
| &nbsp;&nbsp;Total | $2816395 |

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__________________

(1)&nbsp;&nbsp;&nbsp;&nbsp;Excludes future minimum rents related to leases with build-to-suit arrangements and other leases where the rent commencement date is based on future events and therefore not fixed at September 30, 2025.

***Lessor – Financing receivables***

In accordance with ASC 842, certain of the Company's sales-type lease contracts are accounted for as failed sale-leaseback transactions and were recorded as an Investments in leases - Financing receivables. During the three and nine months ended September 30, 2025, the Company recognized interest income of $9,054 and $28,234, respectively. During the three and nine months ended September 30, 2024, the Company recognized interest income of $17,133 and $46,704, respectively. Interest income is recognized on an effective interest basis at a constant rate of return over the term of the applicable leases. Cash received from the sales-type leasing agreements was $18,031 and $37,179 during the nine months ended September 30, 2025 and 2024, respectively.

All of the lease payments are on a triple net basis to the tenant and the Company has rights in accordance with the individual lease agreements to protect the value of our leased properties. As of September 30, 2025, the future minimum

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payments of sales-type lease receivables were as follows:

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| | |
|:---|:---|
| **Year** | **Future Minimum Payments** |
| 2025 (remaining) | $8369 |
| 2026 | 33911 |
| 2027 | 34739 |
| 2028 | 35641 |
| 2029 | 36514 |
| 2030 | 37462 |
| Thereafter | 1973527 |
| &nbsp;&nbsp;**Total lease payment receivable** | 2160163 |
| Less deferred interest income | 1766450 |
| Less allowance for credit losses | 22471 |
| &nbsp;&nbsp;**Total Investments in leases - Financing receivables** | $371242 |

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The following table reflects the roll-forward of the allowance for credit losses on our real estate portfolio for the nine months ended September 30, 2025 and 2024:

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| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** |
| **Balance, beginning of period** | $22934 | $16638 |
| &nbsp;&nbsp;Current period change in credit allowance | 6736 | 3056 |
| &nbsp;&nbsp;Reduction in allowance resulting from dispositions | (7199) |  |
| **Balance, end of period** | $22471 | $19694 |

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We assess the credit quality of our investments through the credit ratings of the lessee. The credit quality indicators are reviewed by us on a quarterly basis as of quarter-end. In instances where the lessee does not have a public credit rating, we may use either a comparable proxy company or the overall corporate credit rating, as applicable. We also use this credit rating to determine the probability of default ("PD") when estimating credit losses for each investment. Our current year change in credit allowance is primarily the result of the Company's dispositions.

The following tables detail the amortized cost basis of our Investments in leases - Financing receivable by the credit quality indicator as of September 30, 2025 and December 31, 2024:

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| | | | |
|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **B2** | **Caa2** | **Total** |
| Investments in leases - Financing receivable | $114939 | $278774 | $393713 |

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| | | | |
|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **B2** | **Caa2** | **Total** |
| Investments in leases - Financing receivable | $342849 | $215358 | $558207 |

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***Purchase Option Provisions***

Certain of the Company's leases include purchase option provisions. The provisions vary by agreement but generally allow the lessee to purchase the property during a specified period for the Company's gross investment plus a specified proportion of appreciation. The Company expects that the purchase price will be greater than its net investment in the property at the time of potential exercise by the lessee.

***Lessee - DST Program Master Lease***

As of September 30, 2025, the Company has contributed or sold 56 assets to DSTs as part of its DST Offerings. The assets are leased back to wholly owned subsidiaries of the Company under the master lease agreements. The following table presents the undiscounted future minimum rent payment obligation of the wholly owned subsidiaries:

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---

| | |
|:---|:---|
| **Year** | **Future Minimum Payments** |
| 2025 (remaining) | $7269 |
| 2026 | 29076 |
| 2027 | 29076 |
| 2028 | 29234 |
| 2029 | 29482 |
| 2030 | 30813 |
| Thereafter | 493711 |
| &nbsp;&nbsp;**Total** | $**648661** |

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

***Authorized Capital***

As of September 30, 2025, the Company had the authority to issue an unlimited number of preferred shares and four classes of common shares including Class S shares, Class N shares, Class D shares, and Class I shares. Each class of common shares and preferred shares has a par value of $0.01. The Company's Board of Trustees has the ability to establish the preferences and rights of each class of common shares or series of preferred shares, without shareholder approval, and as such, it may afford the holders of any series 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, each class of common shares has the same economic and voting rights.

***Common Shares***

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | **Class S** | **Class N** | **Class D** | **Class I** | **Total** |
| **June 30, 2025** | 242926932 | 34737369 | 4602147 | 278875945 | 561142393 |
| Common shares issued | 31428024 | 5831722 | 1592418 | 39459697 | 78311861 |
| Distribution reinvestment | 2297828 | 282918 | 54628 | 2365826 | 5001200 |
| Common shares repurchased | (1918989) | (2455) |  | (3411681) | (5333125) |
| Common shares converted<sup>(1)</sup> | (1464000) |  | 1170048 | 306241 | 12289 |
| **September 30, 2025** | 273269795 | 40849554 | 7419241 | 317596028 | 639134618 |

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__________________

(1)During the three months ended September 30, 2025, 1,464,000 Class S shares with a value of $14,930 were converted into 306,241 Class I shares and 1,170,048 Class D shares based on the respective period's NAV per share.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **Class S** | **Class N** | **Class D** | **Class I** | **Total** |
| **December 31, 2024** | 186966766 | 15155627 | 1751905 | 219267018 | 423141316 |
| Common shares issued | 88691563 | 25065132 | 4343484 | 107271406 | 225371585 |
| Distribution reinvestment | 6169935 | 631250 | 153804 | 6385590 | 13340579 |
| Common shares repurchased | (6335194) | (2455) |  | (16388830) | (22726479) |
| Common shares converted<sup>(1)</sup> | (2223275) |  | 1170048 | 1060844 | 7617 |
| **September 30, 2025** | 273269795 | 40849554 | 7419241 | 317596028 | 639134618 |

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__________________

(1)During the nine months ended September 30, 2025, 2,223,275 Class S shares with a value of $22,633 were converted into 1,060,844 Class I shares and 1,170,048 Class D shares based on the respective period's NAV per share.

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***Redeemable Common Shares***

In connection with the Company's payment of interest on its affiliate line of credit and management fee, the Adviser holds Class I common shares. See Note 11 – Related Party Transactions for further details on the affiliate line of credit and management fee. The Adviser and Blue Owl Capital Holdings LP have the ability to redeem the Class I shares for cash at their election, therefore the Company has classified these Class I shares as Redeemable common shares outside of equity on the Company's Condensed Consolidated Balance Sheets. As of September 30, 2025 and December 31, 2024, we have issued 13,437,307 and 8,418,113 Redeemable common shares, respectively. As of September 30, 2025 and December 31, 2024, 657,913 and 5,563,867 Redeemable common shares, respectively, remained outstanding. See Note 11 - Related Party Transactions for further details on the redemption of Redeemable common shares.

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 $264 and $284 during the three and nine months ended September 30, 2025, respectively, and $(23) and $1 during the three and nine months ended September 30, 2024, respectively.

***Share and Unit Repurchases***

The Company adopted a share repurchase plan whereby, subject to certain limitations, shareholders may 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 one year will be repurchased at 98% of the transaction price ("Early Repurchase Deduction"). The aggregate NAV of total repurchases of Class S, Class N, Class D and Class I Shares is limited to no more than 5% 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.

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 of Trustees 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 determines to repurchase some but not all of the shares submitted for repurchase during any particular calendar quarter, shares repurchased at the end of such calendar quarter would be repurchased on a pro rata basis.

During the three months ended September 30, 2025, the Company repurchased 5,333,125 shares of common shares for a total of $55,243, and converted 167,396 Class I OP Units to Class I shares with a value of $1,715. The Company did not repurchase any OP Units for cash during the three months ended September 30, 2025.

During the nine months ended September 30, 2025, the Company repurchased 22,726,479 shares of common shares for a total of $232,602, and converted 751,819 Class I OP Units to Class I shares with a value of $7,676. The Company did not repurchase any OP Units for cash during the nine months ended September 30, 2025.

During the three months ended September 30, 2024, the Company repurchased 7,380,191 shares of common shares for a total of $74,509, and converted 491,403 Class I OP Units to Class I shares with a value of $4,994. The Company did not repurchase any OP Units for cash during the three months ended September 30, 2024.

During the nine months ended September 30, 2024, the Company repurchased 11,424,558 shares of common shares for a value of $115,483, and converted 920,449 Class I OP Units to Class I shares with a total value of $9,411. The Company repurchased 115,483 OP Units for cash with a value of $516.

The Company had no unfulfilled repurchase requests during the nine months ended September 30, 2025 and 2024.

***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 receives the same gross distribution per share. The net

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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 following table details the aggregate distributions declared for each applicable class of common shares for the three months ended September 30, 2025 and 2024:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
| | **Class S** | **Class N** | **Class D** | **Class I** | **Class S** | **Class N** | **Class D** | **Class I** |
| Aggregate gross distributions declared per common share | $0.1750 | $0.1750 | $0.1750 | $0.1750 | $0.1750 | $0.1750 | $0.1750 | $0.1750 |
| Shareholder servicing fee per common share | (0.0218) | (0.0129) | (0.0064) |  | (0.0214) | (0.0127) | (0.0061) |  |
| &nbsp;&nbsp;**Net distributions declared per common share** | $**0.1532** | $**0.1621** | $**0.1686** | $**0.1750** | $**0.1536** | $**0.1623** | $**0.1689** | $**0.1750** |

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The following table details the aggregate distributions declared for each applicable class of common shares for the nine months ended September 30, 2025 and 2024:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
| | **Class S** | **Class N** | **Class D** | **Class I** | **Class S** | **Class N** | **Class D** | **Class I** |
| Aggregate gross distributions declared per common share | $0.5250 | $0.5250 | $0.5250 | $0.5250 | $0.5250 | $0.2334 | $0.5250 | $0.5250 |
| Shareholder servicing fee per common share | (0.0648) | (0.0383) | (0.0192) |  | (0.0642) | (0.0170) | (0.0186) |  |
| &nbsp;&nbsp;**Net distributions declared per common share** | $**0.4602** | $**0.4867** | $**0.5058** | $**0.5250** | $**0.4608** | $**0.2164** | $**0.5064** | $**0.5250** |

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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 transaction 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, Class N shares, and Class D shares are calculated based on the NAV for those shares and may reduce the NAV.

***Redeemable Non-controlling Interest***

In connection with payment of its performance participation allocation, the Special Limited Partners hold Class I OP Units. See Note 11 - Related Party Transactions for further details of the Special Limited Partners' performance participation interest. Because the Special Limited Partners have the ability to redeem their Class I OP Units for Class I shares in the Company or cash at their election, the Company has classified these Class I OP Units as Redeemable Non-controlling Interest in mezzanine equity on the Company's Condensed Consolidated Balance Sheets.

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The following table details the redeemable non-controlling interest activity related to the Special Limited Partners for the nine months ended September 30, 2025 and 2024:

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| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** |
| **Balance, beginning of period** | $39952 | $17976 |
| &nbsp;&nbsp;Settlement of prior performance participation allocation | 46617 | 13685 |
| &nbsp;&nbsp;Repurchases | (1163) | (251) |
| &nbsp;&nbsp;Net income allocation | 3962 | 579 |
| &nbsp;&nbsp;Other comprehensive income allocation | 67 | (103) |
| &nbsp;&nbsp;Distributions | (3247) | (1161) |
| &nbsp;&nbsp;Fair value allocation | 1268 | 598 |
| &nbsp;&nbsp;Reallocation between additional paid-in capital and non-controlling interests due to changes in NLT OP ownership | 426 | 748 |
| **Balance, end of period** | $**87882** | $**32071** |

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During the nine months ended September 30, 2025 and 2024, the Company issued Class I OP Units to the Special Limited Partners as payment of the performance participation allocation. As of September 30, 2025, 134,418 OP Units had been redeemed for cash, and 6,718 OP Units had been exchanged for Class I shares in the Company.

The 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 $806 and $1,268 during the three and nine months ended September 30, 2025, respectively, and $161 and $598 during the three and nine months ended September 30, 2024, respectively.

***Share-Based Compensation***

During the nine months ended September 30, 2025 and 2024, we awarded independent members of the Board of Trustees 39,255 and 38,683 shares of restricted Class I shares, respectively. The restricted Class I shares are subject to a vesting period of 13.5 months. The Company incurred total share-based compensation expense of approximately $106 and $341 for the three and nine months ended September 30, 2025, respectively, and $94 and $301 for the three and nine months ended September 30, 2024, respectively.

**14.&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 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.

During the year ended December 31, 2024, the Company acquired 23 investments related to build-to-suit arrangements and placed one asset in service. During the nine months ended September 30, 2025, the Company had placed six of the assets in service and contributed two of the assets for interest in LV Petroleum JV. The Company has paid and/or accrued $82,219 in construction costs and estimates the total future commitments to complete the construction for the 14 remaining assets to be $15,699. As of September 30, 2025, the remaining maximum contractual funding is $45,446.

During the year ended December 31, 2024, the Company made an indirect investment through BOREC Spider Member LLC in CoreWeave CTP-02 JV, which will construct an asset under a build-to-suit arrangement. Additionally, during the nine months ended September 30, 2025, the Company made an indirect investment through BOREC Spider Member III LLC in CoreWeave CTP-03 JV, which will construct an asset under a build-to-suit arrangement leased to CoreWeave, Inc. As of September 30, 2025, the Company estimates that it will contribute an additional $5,410 and $13,671 to CoreWeave CTP-02 JV and CoreWeave CTP-03 JV, respectively, to fund the future commitments to complete the construction of the build-to-suit assets. See Note 5 - Investments in Unconsolidated Real Estate Affiliates for additional discussion.

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During the year ended December 31, 2024, the Company, through BOREC Longhorn NLT Aggregator LLC, was admitted as a member to BOREC Longhorn Member LLC, a member of Oracle 1-2 JV, which was formed for the purpose of constructing assets under a build-to-suit arrangement. As a member of BOREC Longhorn Member LLC, the Company has provided a guarantee to Oracle 1-2 JV and to Crusoe Abilene, LLC to fund the construction of the assets. As of September 30, 2025, the Company does not expect to fund any future commitments to complete the construction of the build-to-suit asset.

During the nine months ended September 30, 2025, the Company, through B3-B4 Aggregator and B5-B8 Aggregator, invested in Oracle 3-4 JV and Oracle 5-8 JV, respectively, which were formed for the purpose of constructing assets under build-to-suit arrangements. As a member of these joint ventures, the Company has agreed to fund its pro rata share of costs to fund the construction of the assets. The Company does not expect to make any additional contributions to Oracle 3-4 JV as the development costs have been fully funded as of September 30, 2025. As of September 30, 2025, the Company estimates that it will contribute $526 to Oracle 5-8 JV to fund its future commitments to complete the construction of the build-to-suit asset.

During the nine months ended September 30, 2025, the Company contributed land to PsiQuantum JV, which was formed to construct an asset under a build-to-suit arrangement. As a member of this consolidated joint venture, the Company has agreed to fund its pro rata share of costs to fund the construction of the assets. As of September 30, 2025, the Company estimates that it will contribute $183,465 to PsiQuantum JV to fund its future commitments to complete the construction of the build-to-suit asset.

Additionally, as of September 30, 2025, the Company has commitments to fund up to $66,792 in additional future fundings related to our investments in commercial real estate loans, including those held through joint ventures.

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

Basic net income/(loss) per common share is determined by dividing net income/(loss) attributable to common shareholders by the weighted average number of common shares outstanding during the period, excluding unvested restricted Class I shares. The restricted Class I shares are considered to be participating securities because they contain non-forfeitable rights to distributions. The restricted Class I shares participate equally with all classes of common shares, therefore net income/(loss) has not been presented separately.

All classes of common shares are allocated net income (loss) at the same rate per share and receive the same gross distribution per share.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Net income | $204063 | $50403 | $374512 | $80587 |
| Net income attributable to non-controlling interests | (10988) | (3629) | (20721) | (6546) |
| Net income attributable to ORENT shareholders | $193075 | $46774 | $353791 | $74041 |
| Net income attributable to dilutive OP units | 10988 | 3629 | 20721 | 6546 |
| Net income attributable to ORENT shareholders - dilutive | $204063 | $50403 | $374512 | $80587 |
| Weighted average common shares outstanding - basic | 617009847 | 357017433 | 546277237 | 295966833 |
| Effect of dilutive unvested grants of restricted Class I shares | 39255 | 38683 | 39255 | 38683 |
| Effect of dilutive OP units | 34810571 | 29135762 | 32505561 | 28917820 |
| Weighted average common shares outstanding - dilutive | 651859673 | 386191878 | 578822053 | 324923336 |
| Net income per common share - basic | $0.31 | $0.13 | $0.65 | $0.25 |
| Net income per common share - diluted | $0.31 | $0.13 | $0.65 | $0.25 |

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The computation of diluted net income per common share for the three and nine months ended September 30, 2025 includes 39,255 dilutive restricted Class I shares and 34,810,571 and 32,505,561 dilutive OP Units, respectively. The computation of diluted net income per common share for three and nine months ended September 30, 2024 includes 38,683 dilutive restricted Class I shares and 29,135,762 and 28,917,820 dilutive OP Units, respectively.

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**16.&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 September 30, 2025. 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 and nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Total segment revenues** | $65962 | $69817 | $198112 | $199059 |
| **Segment expenses** |  |  |  |  |
| &nbsp;&nbsp;Fund level expenses <sup>(1)</sup> | 6076 | 4418 | 16436 | 15186 |
| &nbsp;&nbsp;Management fees | 21361 | 12330 | 56199 | 31134 |
| &nbsp;&nbsp;Performance participation allocation | 36140 | 7440 | 67036 | 22602 |
| &nbsp;&nbsp;Interest expense <sup>(2)</sup> | 24849 | 25522 | 65377 | 87951 |
| &nbsp;&nbsp;Other segment income, net <sup>(3)</sup> | (227048) | (31322) | (382050) | (40839) |
| &nbsp;&nbsp;Income tax expense  | 521 | 1026 | 602 | 2438 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consolidated segment net income**  | $204063 | $50403 | $374512 | $80587 |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;Fund level expenses are equal to total general and administrative expenses adjusted to exclude the CECL allowance.

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

(3) &nbsp;&nbsp;&nbsp;&nbsp;Other segment income, net includes rental property operating expenses, CECL allowance, depreciation and amortization, income from unconsolidated real estate affiliates, loss on dispositions, interest income, and other (income) expense, net.

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

**17. &nbsp;&nbsp;&nbsp;&nbsp;Income Taxes**

The Company has elected to be taxed as a REIT under the applicable provisions of the Code for every year beginning with the year ended December 31, 2022. The Company has also elected for some of its subsidiaries to be treated as taxable REIT subsidiaries ("TRSs"), which are subject to federal and state income taxes.

The Company's income tax expense is related to its foreign entities and its DST Program held through a TRS. The components of income tax (benefit) expense for three and nine months ended September 30, 2025 and 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Current Tax (Benefit) Expense** | | | | |
| &nbsp;&nbsp;U.S. Federal | $(1) | $168 | $61 | $280 |
| &nbsp;&nbsp;U.S. State | (1) | 78 | 10 | 151 |
| &nbsp;&nbsp;Foreign | 200 | (112) | 926 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current expense** | $198 | $134 | $997 | $1225 |
| **Deferred Tax (Benefit) Expense** |  |  |  |  |
| &nbsp;&nbsp;U.S. Federal | $175 | $(70) | $(514) | $149 |
| &nbsp;&nbsp;U.S. State | 70 | (33) | (125) | 69 |
| &nbsp;&nbsp;Foreign | 78 | 995 | 244 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total deferred tax (benefit) expense** | $323 | $892 | $(395) | $1213 |
| &nbsp;&nbsp;**Total income tax (benefit) expense, net** | $521 | $1026 | $602 | $2438 |

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Income tax expense is higher than the expected pretax book income of the TRS at the 21.0% federal statutory rate as a result of fair value adjustments on interest rate swaps and gains on sales of DST interests, as well as the impact of state and local taxes.

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for GAAP purposes and the amount used for income tax purposes. As of September 30, 2025, the Company had a deferred tax asset related to its DST Program of $669 included within Other assets in the Condensed Consolidated Balance Sheet primarily related to amortization of organizational expense and fair value adjustments on interest rate swaps. As of September 30, 2025, the Company had a net deferred tax liability related to its foreign entities of $1,616 included within Other liabilities in the Condensed Consolidated Balance Sheet comprised of a deferred tax asset of $357 and a deferred liability of $1,973, primarily related to temporary differences on real property and straight-line rent adjustments, respectively. As of December 31, 2024, the Company had a net deferred tax asset related to its DST Program of $29 included within Other assets in the Condensed Consolidated Balance Sheet comprised of a deferred tax asset of $383 related to amortization of organizational expenses and a deferred tax liability of $354 for basis differences in real property. As of December 31, 2024, the Company had a net deferred tax liability related to its foreign entities of $1,176 included within Other liabilities in the Condensed Consolidated Balance Sheet comprised of a deferred tax asset of $170 related to temporary differences on property and a deferred tax liability of $1,346, primarily related to straight-line rent adjustments.

Income taxes paid for the nine months ended September 30, 2025 were $1,281, comprised of $28 U.S. Federal, $141 U.S. State, and $1,112 Foreign, of which $796, $300, and $16 relate to the U.K., Canadian, and German jurisdictions, respectively. Income taxes paid for the nine months ended September 30, 2024 were $1,004, primarily comprised of Foreign income tax, of which $994 and $10 relate to the Canadian and German jurisdictions, respectively.

The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the tax years that remain open under the statute of limitations may be subject to examinations by the appropriate tax authorities. The Company is generally no longer subject to state or local examinations by tax authorities for tax years prior to 2022.

**18.&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 September 30, 2025 for recognition or disclosure purposes. Based on this evaluation, we identified the following subsequent events, from September 30, 2025 through the date the financial statements were issued.

***Investments in Unconsolidated Real Estate Affiliates***

On October 21, 2025, the Company acquired a 63.0% indirect investment in Beignet Investor LLC ("Beignet Investor"), which owns an 80.0% interest in Project Beignet Holdings ("Beignet JV"). Beignet JV was formed to facilitate the funding and development of a data center campus leased to and operated by Meta Platforms, Inc. As part of its investment in Beignet JV, the Company has agreed to fund $1,533,307 in equity for its pro rata share of the total development cost. In conjunction with the transaction, Beignet Investor issued $27,293,849 in senior secured notes with an interest rate of 6.581% and a maturity date of May 30, 2049.

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

From October 1, 2025 through the date the financial statements were issued, the Company sold an aggregate of 56,046,765 shares of its common shares (consisting of 24,107,937 Class S shares, 5,525,602 Class N shares, 1,638,845 Class D shares, and 24,774,381 Class I shares) resulting in net proceeds of $582,531 to the Company as payment for such shares.

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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 Real Estate Net Lease Trust," "Company," "we," "us," or "our" refer to Blue Owl Real Estate Net Lease 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 2024 Annual Report on Form 10-K filed with the SEC on March 13, 2025. Dollars are in thousands, except for per share amounts.*

**Overview**

Blue Owl Real Estate Net Lease Trust (formerly, Oak Street Net Lease Trust) was formed on April 4, 2022 ("Inception") as a Maryland statutory trust; however, no activity occurred until the first capital funding from Blue Owl on August 9, 2022. The Company invests primarily in stabilized income-generating commercial real estate in the United States. To a lesser extent, we may invest outside the U.S. and in real estate debt. The Company is the sole general partner and majority limited partner in Blue Owl NLT Operating Partnership LP (formerly, OakTrust Operating Partnership L.P.), a Delaware limited partnership ("NLT OP" or the "Operating Partnership"), and we own substantially all of our assets through NLT OP. We are externally managed by our Adviser. 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, and its management does not distinguish the principal business, or group the operations, by property type, lease classification, investment type or any other grouping for purposes of measuring performance. Accordingly, the Company has one operating segment and one reportable segment.

The Company is a non-listed, perpetual life real estate investment trust ("REIT") that qualifies as a REIT under the Internal Revenue Code of 1986, as amended (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 September 30, 2025, we have received net proceeds of $6,623,363 from the sale of our common shares. We have contributed the net proceeds to NLT OP in exchange for a corresponding number of Class S, Class N, Class D, and Class I units of NLT OP ("OP Units"). NLT OP has primarily used the net proceeds to make investments in real estate and real estate debt as further described below under "Investment Portfolio." We intend to continue selling shares on a monthly basis.

**DST Program**

On August 31, 2023, the Company, through NLT OP, initiated a program (the "DST Program") to issue and sell up to a maximum aggregate offering amount of $3,000,000 of beneficial interests ("Interests") in one or more Delaware statutory trusts (the "DSTs") holding real properties (the "DST Properties"). The Interests will be issued and sold to "accredited investors," as that term is defined under Regulation D promulgated by the SEC under the 1933 Act in private placements exempt from registration pursuant to Section 4(a)(2) of the 1933 Act (the "DST Offerings"). Under the DST Program, DST Properties, which may be sold, contributed, sourced or otherwise seeded from the Company's real properties held through NLT OP or from third parties, will be held in one or more DSTs, and will be leased back by wholly owned subsidiaries of NLT OP in accordance with corresponding master lease agreements. Each master lease agreement will be guaranteed by NLT OP, which will have the right, but not the obligation, to acquire the Interests in the applicable DST from the beneficial owners, in each case, in exchange for cash or OP Units, at a purchase price equal to the fair market value of the beneficial owner's Interest or the fair market value of the beneficial owner's interest in one or more of the DST Properties (the "FMV Buyback Option"). The FMV Buyback Option is exercisable during the one-year option period beginning two years from the final closing of the applicable DST Offering or in such other time frame as provided for in the applicable DST arrangement. After a one-year holding period, investors who receive OP Units pursuant to the FMV Buyback Option generally have the right to cause NLT OP to redeem all or a portion of their OP Units for, at the Company's sole discretion, common shares of the Company, cash or a combination of both.

We expect that the DST Program will give us the opportunity to expand and diversify our capital-raising strategies by offering what we believe to be an attractive investment product for investors that may be seeking replacement properties to complete like-kind exchange transactions under Section 1031 of the Internal Revenue Code of 1986, as amended. Affiliates of the Adviser receive fees in connection with the sale of the Interests and the management of the DSTs. We intend to

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continue to use the net offering proceeds from the DST Program to make investments in accordance with our investment strategy and policies, reduce our borrowings, repay indebtedness, fund the repurchase of shares of all classes of our common shares under our Share Repurchase Plan and for other corporate purposes. We have not allocated specific amounts of the net proceeds from the DST Program for any specific purpose.

As of September 30, 2025, the Company has raised proceeds of $259,053 from its DST program including $3,427 of upfront fees earned at closing. As of September 30, 2025, approximately 100%, 100%, 97%, and 6% of the interests in our first, second, third, and fourth DST Offering, respectively, have been sold to third parties. As a result of the FMV Buyback Option, the sale of DST Interests is offset by a financing obligation liability. The Company has elected to account for its DST financing obligation using the FVO, and as such, the liability is remeasured at fair value on a recurring 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 1933 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 1933 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.

**Recent Developments**

The Company's businesses are materially affected by conditions in the financial markets and economic conditions in the U.S. and to a lesser extent, globally.

During the three months ended September 30, 2025, the U.S. government's imposition of tariffs and the counter-tariffs imposed by other countries, in conjunction with global economic and geopolitical uncertainty including the ongoing conflicts in Eastern Europe, the Middle East, and the North Africa region, continued to weigh on industry deal activity. In addition, any continued fluctuation in the value of the U.S. dollar against other currencies may affect our non-U.S. real-estate and real estate-related investments. It remains difficult to predict the full impact of recent events and any future changes in interest rates, currency exchange rates or inflation.

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, our real assets business, focused on triple net lease, continued to deploy significant capital. Our investors continue to benefit from the inflation-mitigating characteristics of the net lease structure, highly predictable net rent growth, and long-duration contractual income across the portfolio.

We are continuing to closely monitor developments related to the macroeconomic factors that have contributed to market volatility, and to assess 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 2024 Annual Report on Form 10-K filed with the SEC on March 13, 2025.

**Q3 2025 Highlights (Results of Operations)**

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***Operating Results***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Declared monthly net distributions on our common shares totaling $101,712 for the three months ended September 30, 2025. The details of the average annualized distribution rates and total returns are shown in the following table:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **Class N**  | **Class D** | **Class I** |
| Annualized Distribution Rate<sup>(1)</sup> | 5.95% | 6.24% | 6.62% | 6.74% |
| Year-to-Date Total Return, without upfront selling commissions<sup>(2)</sup> | 7.19% | 7.45% | 7.71% | 7.89% |
| Year-to-Date Total Return, assuming maximum upfront selling commissions<sup>(2)</sup> | 3.56% | 5.34% | 6.12% | N/A |
| Inception-to-Date Total Return, without upfront selling commissions<sup>(2)</sup> | 7.52% | 8.80% | 7.81% | 8.62% |
| Inception-to-Date Total Return, assuming maximum upfront selling commissions<sup>(2)</sup> | 6.32% | 7.20% | 7.29% | N/A |

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__________________

(1)The annualized distribution rate is calculated as the current month's distribution annualized and divided by the prior month's net asset value, which is inclusive of all fees and expenses. The Company believes the annualized distribution rate is a useful measure of overall investment performance of our shares.

(2)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 greater than one year are 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;• During the three months ended September 30, 2025, acquired two industrial properties, three retail properties, and one parcel of land for a total purchase price of $105,216. These acquisitions are consistent with our strategy of acquiring diversified, income-producing, commercial real estate assets concentrated in high growth markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Invested $498,530 in real estate debt, net of amounts unsettled as of September 30, 2025, consisting of commercial mortgage-backed securities ("CMBS") investments and commercial real estate loans, including mezzanine loans, and sold $74,307 of real estate debt during the three months ended September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contributed land of $3,480 for a 99.0% membership interest in PsiQuantum JV, which was formed to facilitate the development of a quantum computing facility leased to PsiQuantum in a build-to-suit arrangement. The Company consolidates PsiQuantum JV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Made an indirect investment in Poseidon JV of $176,506 for a membership interest of 51.0%, which was formed to facilitate the investment in a loan collateralized by the investment of funds managed by Blackstone Infrastructure Partners in Safe Harbor Marinas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the three months ended September 30, 2025, contributed $263,069 to acquire additional indirect interests in STORE. As of September 30, 2025, the total investment in STORE totaled $2,442,812, representing a 22.4% indirect ownership interest.

***Capital Activity and Financings***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raised net proceeds of $801,462 from the sale of our common shares and repurchased 10,747,101 of our common shares for $111,650 during the three months ended September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Incurred net unsecured debt of $84,500.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Incurred net borrowings under secured financings of investments in real estate debt of $208,282, which are secured by certain of the Company's CMBS investments and commercial real estate loans.

***Overall Portfolio***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of September 30, 2025, our portfolio consisted of investments in real estate, including consolidated joint ventures (39%), investments in leases (4%), investments in real estate debt (17%), and investments in unconsolidated real estate affiliates (40%), based on fair value.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our 253 properties as of September 30, 2025, of which 252 are wholly owned and one is held through a consolidated joint venture, consisted of Industrial (68%), Retail (23%), Land (2%), and Office (7%) assets, based on fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our investments in real estate debt as of September 30, 2025, consisted of CMBS, commercial real estate loans, Horizontal Risk Retention Interests ("HRRs"), and investments in loans receivable related to land at build-to-suit properties. For further details on credit ratings and underlying real estate collateral, refer to "Investment Portfolio – Investments in Real Estate Debt".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of September 30, 2025, our investments in unconsolidated real estate affiliates consisted of equity investments in STORE, Fleet Farm JV, Tenneco JV, CoreWeave CTP-02 JV, CoreWeave CTP-03 JV, LV Petroleum JV, Oracle 1-2 JV, Oracle 3-4 JV, Oracle 5-8 JV, and Poseidon JV of $2,442,812, $5,265, $31,959, $30,579, $2,038, $191,186, $480,309, $41,720, $196,558, and $179,075, respectively.

**Investment Portfolio**

***Real Estate Investments***

The following chart describes the diversification of our wholly owned and consolidated joint venture investments in real estate by property type based on fair value as of September 30, 2025:

 Property Type <sup>(1)</sup>

![173](osnl-20250930_g1.jpg)

(1)&nbsp;&nbsp;&nbsp;&nbsp;Property Type weighting is measured as the asset value of our wholly owned real estate investments for each sector category against the total asset value of real estate investments. "Real estate investments" excludes properties held within unconsolidated joint ventures, including the Company's investment in STORE.

The following table provides a summary of our wholly owned and consolidated joint venture property portfolio as of September 30, 2025, including Investments in real estate and Investments in leases – financing receivables:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property Type** <sup>(1)</sup> | **Number of Properties** | **Sq. Feet (in thousands)** | **Occupancy Rate** <sup>(3) (4)</sup> | **Average Effective Annual Base Rent Per Leased Sq. Foot** | **Gross Asset Value** <sup>(2)</sup> | **Annual Base Rent** | **Percentage of Total Revenue** |
| Industrial  | 67 | 18919 | 100% | 7.5 | $2693460 | $142588 | 64% |
| Retail  | 180 | 2205 | 100% | 25.1 | 922082 | 55390 | 25% |
| Land | 2 | 16584 | N/A | 0.2 | 94959 | 4092 | 2% |
| Office | 4 | 1006 | 100% | 19.9 | 265190 | 20015 | 9% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total**  | **253** | **38714** | $**3975691** | $**222085** | **100%** |

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__________

(1)Excludes properties owned by unconsolidated real estate affiliates.

(2)Based on fair value as of September 30, 2025.

(3)Occupancy rate is calculated as the percentage of square footage leased.

(4)Land investments are excluded from Occupancy Rate. Build-to-suit investments are included in Occupancy Rate to the extent a lease has been executed.

***Real Estate and Leases***

The following table provides information regarding our wholly owned real estate property types as of September 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property Type and Investment** <sup>(1)</sup> | **Number of Properties** | **Location** | **Acquisition/Commencement Date** | **Ownership Interest** | **Sq. Feet (in thousands)** | **Occupancy Rate** <sup>(2)(7)</sup> |
| **Industrial:** | | | | | | |
| Amazon | 5 | Various | Aug. - Dec. 2022 | 100% | 4964 | 100% |
| Dorel Industries | 1 | Cornwall, ON | November 2022 | 100% | 492 | 100% |
| EquipmentShare.com <sup>(4) (5)</sup> | 31 | Various | Oct. - Nov. 2022 | 100% | 780 | 100% |
| Magna International | 1 | Bowling Green, KY | September 2022 | 100% | 1176 | 100% |
| Paradigm <sup>(5)</sup> | 3 | Various | October 2022 | 100% | 314 | 100% |
| Whirlpool <sup>(5)</sup> | 1 | Amana, IA | November 2022 | 100% | 1572 | 100% |
| Tenneco | 5 | Various | December 2022 | 100% | 2150 | 100% |
| LOC Performance | 2 | Various | March 2023 | 100% | 990 | 100% |
| QVC | 2 | Various | January 2023 | 100% | 2166 | 100% |
| Save Mart <sup>(5)</sup> | 2 | Various | September 2023 | 100% | 555 | 100% |
| Quanta Cloud | 1 | San Jose, CA | June 2024 | 100% | 91 | 100% |
| General Mills | 1 | Belvidere, IL | July 2024 | 100% | 1318 | 100% |
| Hillenbrand | 2 | Various | September 2024 | 100% | 712 | 100% |
| Air Distribution Technologies | 7 | Various | July 2024 | 100% | 1097 | 100% |
| Johnson Controls | 1 | Seattle, WA | September 2022 | 100% | 12 | 100% |
| US Foods | 1 | Fresno, CA | July 2025 | 100% | 97 | 100% |
| PsiQuantum <sup>(3) (4)</sup> | 1 | Chicago, IL | September 2025 | 99% | 433 | N/A |
| **Retail:** |  |  |  |  |  |  |
| Cracker Barrel <sup>(5)</sup> | 53 | Various | September 2022 | 100% | 537 | 100% |
| Ramoco Fuels NC LLC <sup>(6)</sup> | 27 | Various | September 2023 | 100% | 94 | 100% |
| Walgreen Co. | 29 | Various | September 2022 | 100% | 426 | 100% |
| Maverick Gaming | 11 | Various | Sep. 2022 - Jun. 2023 | 100% | 317 | 100% |
| Save Mart <sup>(5)</sup> | 10 | Various | July 2023 | 100% | 475 | 100% |
| N&L Investments <sup>(6)</sup> | 8 | Various | September 2022 | 100% | 22 | 100% |
| JK Petroleum <sup>(6) (7)</sup> | 5 | Various | September 2022 | 100% | 24 | 100% |
| Abbasi <sup>(6) (7)</sup> | 10 | Various | September 2022 | 100% | 35 | 100% |
| World Fuel Services, Inc <sup>(6) (7)</sup> | 5 | Various | September 2022 | 100% | 62 | 100% |
| Dollar General | 10 | Various | Dec. 2024 - May 2025 | 100% | 113 | 100% |
| Tractor Supply | 1 | Brookville, PA | January 2025 | 100% | 22 | 100% |
| Starbucks | 4 | Various | Feb. - Sep. 2025 | 100% | 7 | 100% |
| Washington Trust | 4 | Various | January 2025 | 100% | 27 | 100% |
| MedVet | 3 | Various | Jun.- Aug. 2025 | 100% | 44 | 100% |
| **Office:** |  |  |  |  |  |  |
| Chubb | 2 | Whitehouse, NJ | November 2022 | 100% | 429 | 100% |
| Energy Center | 1 | Houston, TX | October 2022 | 100% | 524 | 100% |
| EquipmentShare.com | 1 | Columbia, MO | October 2022 | 100% | 53 | 100% |
| **Land:** |  |  |  |  |  |  |
| HOF Village Waterpark | 1 | Canton, OH | November 2022 | 100% | 215 | N/A |
| Related Midwest | 1 | Chicago, IL | September 2025 | 100% | 16369 | N/A |
| **Total**  | **253** |  |  |  | **38714** |  |

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__________________

(1)Excludes properties owned by unconsolidated real estate affiliates, including STORE.

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(2)Land investments are excluded from Occupancy Rate.

(3)Includes assets held in a consolidated joint venture holding a build-to-suit asset.

(4)Includes build-to-suit assets currently in development.

(5)Includes properties sold or contributed to the DST Program that remain consolidated under GAAP.

(6)Properties previously leased to SQRL Holdings.

(7)Includes leases that have not commenced as of September 30, 2025.

(8)Occupancy Rate is calculated as the percentage of square footage leased.

***Lease Expirations***

The following schedule details the expiring leases at our wholly owned real estate properties by annualized base rent and square footage as of September 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year** | **Number of Expiring Leases** | **Annualized Base Rent** <sup>(1)</sup> | **% of Total Annualized Base Rent Expiring** | **Square Feet (in thousands)** | **% of Total Square Feet Expiring** |
| &nbsp;&nbsp;2025 (remaining) |  | $— | —% |  | —% |
| &nbsp;&nbsp;2026 |  |  | —% |  | —% |
| &nbsp;&nbsp;2027 |  |  | —% |  | —% |
| &nbsp;&nbsp;2028 | 1 | 1985 | 1% | 191 | —% |
| &nbsp;&nbsp;2029 |  |  | —% |  | —% |
| &nbsp;&nbsp;2030 |  |  | —% |  | —% |
| &nbsp;&nbsp;2031 |  |  | —% |  | —% |
| &nbsp;&nbsp;2032 | 2 | 10686 | 5% | 1187 | 3% |
| &nbsp;&nbsp;2033 | 17 | 10963 | 5% | 1551 | 4% |
| &nbsp;&nbsp;2034 | 15 | 13904 | 6% | 1857 | 5% |
| &nbsp;&nbsp;Thereafter | 176 | 184547 | 83% | 33928 | 88% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **211** | $**222085** | **100%** | **38714** | **100%** |

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(1) &nbsp;&nbsp;&nbsp;&nbsp;Excludes executed leases and build-to-suit properties for which leases have not commenced as of September 30, 2025.

***STORE***

As of September 30, 2025, the Company holds an 22.4% indirect interest in STORE, which owns 3,564 properties in the United States, leased to 672 tenants in various industries on a triple-net basis. We initially acquired the investment in STORE in February 2023 with incremental interests purchased throughout 2023, 2024, and the nine months ended September 30, 2025. We have determined that STORE is a significant subsidiary under SEC Regulation S-X 10-01(b) as of September 30, 2025. Accordingly, the Company is required to include STORE's summarized statement of operations information for the three and nine months ended September 30, 2025 and 2024. See "Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—5. Investments in Unconsolidated Real Estate Affiliates" for the summarized statement of operations.

***Investments in Real Estate Debt***

The Company's investments in real estate debt as of September 30, 2025, consist of $767,089 in CMBS, $391,873 in commercial real estate loans, $359,492 in HRRs, and $15,377 in investments in loans receivable.

The following table details our investments in real estate debt held at fair value as of September 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Security/Loan** | **Weighted Average Coupon** <sup>(1) (2)</sup> | **Weighted Average Maturity Date** <sup>(3)</sup> | **Face Amount** | **Cost Basis** | **Fair Value** |
| CMBS <sup>(4)</sup> | SOFR + 4% | 1/17/2035 | $761933 | $764344 | $767089 |
| Commercial real estate loans <sup>(5)</sup>  | 10% | 2/25/2030 | 391758 | 388521 | 391873 |
| Total investments in real estate debt <sup>(6)</sup> | 9% |  | $1153691 | $1152865 | $1158962 |

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

(2)The weighted average coupon for our CMBS includes both floating and fixed rate investments. Fixed rate CMBS represent a spread over SOFR for purposes of the weighted average calculation.

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

(4)Includes investments pledged as collateral under a secured financing agreement.

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(5)Certain commercial real estate loans include potential future funding obligations to borrower. See Note 14 - Commitments and Contingencies for additional information.

(6)Total investments in real estate debt per the tables above exclude our investments in HRRs and loans receivable, which are presented below.

The following table details the Company's HRR investments which are classified as held-to-maturity and presented at amortized cost. The carrying value of the HRR investments as of September 30, 2025 is net of an allowance for credit losses of $2,276. The Company did not record an allowance for credit losses related to its HRR investments as of December 31, 2024. The Company has the intent and ability to hold its HRR investments until maturity.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Type of Security/Loan** | **Weighted Average**<br>**Coupon**<sup>(1)</sup> | **Weighted Average Maturity Date** | **Face<br>Amount** | **Cost Basis** | **Carrying Value** |
| HRRs | SOFR + 7% | 3/10/2030 | $361650 | $361685 | $359492 |

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

***Other Investments***

During the year ended December 31, 2024, the Company acquired land related to build-to-suit properties in sale leaseback transactions for a total purchase price of $28,827 which is being accounted for as an investment in loans receivable and are held at amortized cost, as the related lease is not deemed to have commenced until the constructed assets are made available for use by the lessee. Direct costs associated with originating loans are deferred and amortized as an adjustment to interest income over the term of the related loan receivable. During the nine months ended September 30, 2025, the Company placed six build-to-suit properties in service and contributed properties for an interest in LV Petroleum JV, including two of its build-to-suit properties with a balance of $6,623. See Note 4 - Investments in Real Estate, net and Note 5 - Investments in Unconsolidated Real Estate Affiliates for additional information. As of September 30, 2025 and December 31, 2024, the Company held 14 and 22 investments in loans receivable related to build-to-suit arrangements with a total balance of $15,377 and $27,635, respectively, which are included within Investments in real estate debt in the Condensed Consolidated Balance Sheets.

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**Results of Operations**

The following table sets forth the results of our operations for the three months ended September 30, 2025 and 2024:

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Change** |
| | **September 30, 2025** | **September 30, 2024** | **$** |
| **Revenues** |  |  |  |
| Rental revenue | $56908 | $52684 | $4224 |
| Income from investments in leases - Financing receivables | 9054 | 17133 | (8079) |
| &nbsp;&nbsp;**Total revenues** | 65962 | 69817 | (3855) |
| **Expenses** |  |  |  |
| Rental property operating | 8997 | 6513 | 2484 |
| General and administrative | 10737 | 6732 | 4005 |
| Management fee | 21361 | 12330 | 9031 |
| Performance participation allocation | 36140 | 7440 | 28700 |
| Depreciation and amortization | 26561 | 24489 | 2072 |
| &nbsp;&nbsp;**Total expenses** | 103796 | 57504 | 46292 |
| **Other income (expense)** |  |  |  |
| Income from unconsolidated real estate affiliates | 231342 | 22811 | 208531 |
| Gain on dispositions of real estate |  | 42906 | (42906) |
| Interest expense | (27399) | (27602) | 203 |
| Interest income | 29519 | 5345 | 24174 |
| Other income (expense), net | 8956 | (4344) | 13300 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total other income, net** | 242418 | 39116 | 203302 |
| **Net income before income taxes** | $204584 | $51429 | $153155 |
| **Income tax expense** | 521 | 1026 | (505) |
| **Net income** | 204063 | 50403 | 153660 |
| Net income attributable to non-controlling interests | (10988) | (3629) | (7359) |
| **Net income attributable to ORENT shareholders** | $193075 | $46774 | $146301 |
| **Net income per common share – basic** | $0.31 | $0.13 |  |
| **Net income per common share – diluted** | $0.31 | $0.13 |  |
| **Weighted-average common shares outstanding, basic** | 617009847 | 357017433 |  |
| **Weighted-average common shares outstanding, diluted** | 651859673 | 386191878 |  |

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***Rental revenue***

Rental revenue from our income property operations was $56,908 for the three months ended September 30, 2025 and $52,684 for the three months ended September 30, 2024. The increase in revenues is primarily due to an increase from 189 properties classified as Investments in real estate as of September 30, 2024 to 222 properties as of September 30, 2025, as well as contractual rent increases across the existing portfolio from September 30, 2024 to September 30, 2025.

***Income from investments in leases - Financing receivables***

Income from investments in leases - Financing receivables was $9,054 for the three months ended September 30, 2025 and $17,133 for the three months ended September 30, 2024. The decrease in revenues is primarily due to revenue from properties that were sold or contributed to joint ventures and leases that were terminated during 2024.

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***Rental property operating***

Rental property operating expenses were $8,997 for the three months ended September 30, 2025, and $6,513 for the three months ended September 30, 2024. The increase in expenses is primarily the result of our increased property count compared to the prior year.

***General and administrative***

General and administrative expenses were $10,737 for the three months ended September 30, 2025 and $6,732 for the three months ended September 30, 2024. The increase is primarily due to our credit allowance adjustment under the CECL model and an increase in legal fees during the three months ended September 30, 2025.

***Management fee***

The management fee for the three months ended September 30, 2025 and 2024 was $21,361 and $12,330, respectively. The increase is primarily due to an increase in NAV.

***Performance participation allocation***

Performance participation allocation for the three months ended September 30, 2025 and 2024 was $36,140 and $7,440, respectively. The increase was due to an increase in NAV in excess of the required 5% return.

***Depreciation and amortization***

Depreciation and amortization was $26,561 for the three months ended September 30, 2025 and $24,489 for the three months ended September 30, 2024. The increase in depreciation and amortization during the periods presented is due to an increase from 189 properties classified as Investments in real estate as of September 30, 2024 to 222 properties as of September 30, 2025.

***Income from unconsolidated real estate affiliates***

Income from unconsolidated real estate affiliates was $231,342 for the three months ended September 30, 2025, and $22,811 for the three months ended September 30, 2024. The increase in income from unconsolidated real estate affiliates is primarily due to income from the Company's investments in STORE, Oracle joint ventures, and LV Petroleum joint venture.

***Gain on dispositions of real estate***

During the three months ended September 30, 2024, the Company recognized a net gain on dispositions of real estate of $42,906 resulting from the disposition of one retail property and a parcel of excess land at one industrial property for total proceeds of $251,634. The Company did not dispose of any properties during the three months ended September 30, 2025.

***Interest expense***

Interest expense was $27,399 for the three months ended September 30, 2025, and $27,602 for the three months ended September 30, 2024. The decrease in expense was primarily due to a decrease in outstanding borrowings under the Company's credit facility and mortgage notes, offset by interest expense related to our secured financings of investments in real estate debt.

***Interest income***

Interest income was $29,519 and $5,345 for the three months ended September 30, 2025 and 2024, respectively. The increase in interest income in the current year was primarily due to acquisitions of investments in real estate debt in the current year, as well as an increase in interest earned on the Company's deposits with banks.

***Other income (expense), net***

Other income, net was $8,956 for the three months ended September 30, 2025, compared to other expense, net of $4,344 for the three months ended September 30, 2024. The increase in income in the current year was primarily due to gains on our foreign currency derivatives which increased $8,187 compared to the prior year and income of $1,374 related to our commercial real estate loans. The prior year period also included $3,308 of debt extinguishment fees not included in the current year period.

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The following table sets forth the results of operations for the nine months ended September 30, 2025 and 2024:

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| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** | **Change** |
| | **September 30, 2025** | **September 30, 2024** | **$** |
| **Revenues** |  |  |  |
| Rental revenue | $169878 | $152355 | $17523 |
| Income from investments in leases - Financing receivables | 28234 | 46704 | (18470) |
| &nbsp;&nbsp;**Total revenues** | 198112 | 199059 | (947) |
| **Expenses** |  |  |  |
| Rental property operating | 26200 | 19301 | 6899 |
| General and administrative | 18249 | 18242 | 7 |
| Impairment charges |  | 4849 | (4849) |
| Management fee | 56199 | 31134 | 25065 |
| Performance participation allocation | 67036 | 22602 | 44434 |
| Depreciation and amortization | 78624 | 70641 | 7983 |
| &nbsp;&nbsp;**Total expenses** | 246308 | 166769 | 79539 |
| **Other income (expense)** |  |  |  |
| Income from unconsolidated real estate affiliates | 416806 | 96205 | 320601 |
| (Loss) gain on dispositions of real estate | (2180) | 43620 | (45800) |
| Interest expense | (70312) | (96705) | 26393 |
| Interest income | 73853 | 11444 | 62409 |
| Other income (expense), net | 5143 | (3829) | 8972 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total other income, net** | 423310 | 50735 | 372575 |
| **Net income before income taxes** | $375114 | $83025 | $292089 |
| **Income tax expense** | 602 | 2438 | (1836) |
| **Net income** | 374512 | 80587 | 293925 |
| Net income attributable to non-controlling interests | (20721) | (6546) | (14175) |
| **Net income attributable to ORENT shareholders** | $353791 | $74041 | $279750 |
| **Net income per common share – basic** | $0.65 | $0.25 |  |
| **Net income per common share – diluted** | $0.65 | $0.25 |  |
| **Weighted-average common shares outstanding, basic** | 546277237 | 295966833 |  |
| **Weighted-average common shares outstanding, diluted** | 578822053 | 324923336 |  |

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***Rental revenue***

Rental revenue from our income property operations was $169,878 for the nine months ended September 30, 2025 and $152,355 for the nine months ended September 30, 2024. The increase in revenues is primarily due to an increase from 189

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properties classified as Investments in real estate as of September 30, 2024 to 222 properties as of September 30, 2025, as well as contractual rent increases across the existing portfolio from September 30, 2024 to September 30, 2025.

***Income from investments in leases - Financing receivables***

Income from investments in leases - Financing receivables was $28,234 for the nine months ended September 30, 2025 and $46,704 for the nine months ended September 30, 2024. The decrease in revenues is primarily due to revenue from properties that were sold or contributed to joint ventures and leases that were terminated during 2024.

***Rental property operating expenses***

Rental property operating expenses were $26,200 for the nine months ended September 30, 2025, and $19,301 for the nine months ended September 30, 2024. The increase in expenses is primarily the result of our increased property count compared to the prior year.

***General and administrative expenses***

General and administrative expenses were $18,249 for the nine months ended September 30, 2025 and $18,242 for the nine months ended September 30, 2024. The increase in respective General and administrative expenses is primarily due to an increase in professional fees offset by a favorable credit allowance adjustment under the CECL model during the nine months ended September 30, 2025.

***Impairment charges***

During the nine months ended September 30, 2024, the Company recognized $4,849 of impairment charges related to lease intangibles and straight-line rent receivables for properties previously leased to SQRL Holdings. The Company did not recognize any impairment charges during the nine months ended September 30, 2025.

***Management fee***

The management fee for the nine months ended September 30, 2025 and 2024 was $56,199 and $31,134, respectively. The increase was primarily due to an increase in NAV.

***Performance participation allocation***

Performance participation allocation for the nine months ended September 30, 2025 and 2024 was $67,036 and $22,602, respectively. The increase was due to an increase in NAV in excess of the required 5% return.

***Depreciation and amortization***

Depreciation and amortization was $78,624 for the nine months ended September 30, 2025 and $70,641 for the nine months ended September 30, 2024. The increase in depreciation and amortization during the periods presented is due to an increase from 189 properties classified as Investments in real estate as of September 30, 2024 to 222 properties as of September 30, 2025.

***Income from unconsolidated real estate affiliates***

Income from unconsolidated real estate affiliates was $416,806 for the nine months ended September 30, 2025, and $96,205 for the nine months ended September 30, 2024. The increase in income from unconsolidated real estate affiliates is primarily due to an increase in the Company's investment in STORE as well as income from its investments in the Company's Oracle, LV Petroleum, and CoreWeave joint ventures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(Loss) gain on dispositions of real estate***

During the nine months ended September 30, 2025, the Company recognized a loss on dispositions of real estate of $2,180 due to the reversal of non-cash accretion of tenant loan receivables related to the contribution of 15 LV Petroleum properties to LV Petroleum JV. During the nine months ended September 30, 2024, the Company recognized a net gain on dispositions of real estate of $43,620 resulting from the disposition of one retail property and a parcel of excess land at one industrial property for total proceeds of $256,813.

***Interest expense***

Interest expense was $70,312 for the nine months ended September 30, 2025, and $96,705 for the nine months ended September 30, 2024. The decrease in expense was primarily due to a decrease in outstanding borrowings under the

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Company's credit facility and mortgage notes, as well as a reduction in interest related to the affiliate line of credit and the FIPA loan, which were repaid in full in 2024.

***Interest income***

Interest income was $73,853 and $11,444 for the nine months ended September 30, 2025 and 2024, respectively. The increase in interest income in the current year was primarily due to acquisitions of investments in real estate debt, as well as an increase in interest earned on our deposits with banks.

***Other income (expense), net***

Other income, net was $5,143 for the nine months ended September 30, 2025, compared to other expense, net of $3,829 for the nine months ended September 30, 2024. The increase in income in the current year was primarily due to income related to our commercial real estate loans, as well as a reduction in debt extinguishment fees.

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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 (including the DST Properties), (2) our real estate debt and other securities for which third-party market quotes are available, (3) our other real estate debt and other securities, and (4) our other assets and liabilities. The NAV for each class of shares will be based on the net asset values of our investments (including real estate debt 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. 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 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 N, Class D, and Class I common shares, as well as the partnership interests of NLT OP held by parties other than the Company. The following table provides a breakdown of the major components of our NAV as of September 30, 2025:

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| | |
|:---|:---|
| **Components of NAV** | **September 30, 2025** |
| Cash and cash equivalents | $374834 |
| Restricted cash | 47207 |
| Investments in real estate | 3386456 |
| Investments in leases - Financing receivables | 369872 |
| Investments in real estate debt | 1536273 |
| Intangible assets | 213901 |
| Investments in unconsolidated real estate affiliates | 3602028 |
| Other assets | 36610 |
| Mortgage notes and credit facility | (1419879) |
| Unsecured senior notes, net | (126593) |
| Other borrowings | (322510) |
| Due to affiliates | (54452) |
| Accounts payable and accrued expenses | (125103) |
| Other liabilities | (477708) |
| **Net Asset Value** | $7040936 |
| Number of outstanding shares/units | 675208190 |

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The following table provides a breakdown of our total NAV and NAV per share/unit by class as of September 30, 2025 (dollars are in thousands except for per share amounts):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **NAV per share** | **Class S Shares** | **Class N Shares** | **Class D Shares** | **Class I Shares** <sup>(1)</sup> | **Third - Party Operating Partnership Units** <sup>(2)</sup> | **Total** |
| NAV | $2838644 | $427804 | $76121 | $3328021 | $370346 | $7040936 |
| Number of outstanding shares/units | 273269795 | 40849554 | 7419241 | 318253942 | 35415658 | 675208190 |
| NAV Per Share/Unit as of September 30, 2025 | $10.3877 | $10.4727 | $10.2600 | $10.4571 | $10.4571 |  |

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__________________

(1)Includes 657,914 Class I Shares subject to redemption features, classified as Redeemable common shares.

(2)Includes the partnership interests of NLT OP held by the Special Limited Partners and parties other than the Company.

The following table details the weighted average capitalization rate by property type, which is the key assumption used in the valuations as of September 30, 2025:

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| | |
|:---|:---|
| **Property Type** | **Capitalization Rate** <sup>(1)</sup> |
| Industrial | 5.6% |
| Land <sup>(2)</sup> | 7.0% |
| Office | 7.6% |
| Retail | 6.5% |

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__________________

(1)Excludes properties owned by unconsolidated real estate affiliates.

(2)Excludes valuation of a land investment which is based on a regression analysis using relevant characteristics of the property and available market real estate sales values.

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 wholly owned 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** | **Industrial** | **Land** | **Office** | **Retail** |
| Capitalization Rate | 0.25 % Decrease | +3.8% | +3.7% | +3.5% | +8.1% |
| (weighted average) | 0.25 % Increase | (3.5)% | (3.4)% | (3.3)% | (0.5)% |

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

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| | |
|:---|:---|
| | **September 30, 2025** |
| Shareholders' equity | $6167253 |
| Non-controlling interests attributable to NLT OP | 264145 |
| Redeemable non-controlling interests | 87882 |
| Redeemable common shares | 6880 |
| Total partners' capital of NLT OP under GAAP | 6526160 |
| Adjustments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued shareholder servicing fee | 148087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued organization and offering costs | 7550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization under GAAP | 265918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses under GAAP | 24664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized net real estate and real estate debt appreciation | 153054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest on financing receivables | (24771) |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent | (56424) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax impact | (3302) |
| &nbsp;&nbsp;&nbsp;&nbsp;**NAV** | $**7040936** |

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The following details the adjustments to reconcile GAAP shareholders' equity and total partners' capital of NLT 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, Class N, 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 September 1, 2023. Such costs are being reimbursed to the Adviser on a pro-rata basis over a 60-month period beginning September 1, 2023. 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 mortgage notes, term loan credit facilities, unsecured revolving credit facilities, and unsecured senior notes ("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;• In accordance with GAAP, the Company accrues interest income from Investments in leases – Financing receivables under the effective interest method. Interest income in excess of the payment is recorded as interest receivable, which is not recognized for purposes of calculating NAV.

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

**Distributions**

Beginning September 21, 2022, 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 $0.1750 and $0.5250 per share for the three and nine months ended September 30, 2025. 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.

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The following table details the total net distribution for each of our share classes for the nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Record Date** | **Class S** | **Class N** | **Class D** | **Class I** |
| January 31, 2025 | $0.0512 | $0.0541 | $0.0562 | $0.0583 |
| February 28, 2025 | 0.0512 | 0.0541 | 0.0562 | 0.0583 |
| March 31, 2025 | 0.0512 | 0.0541 | 0.0562 | 0.0584 |
| April 30, 2025 | 0.0512 | 0.0541 | 0.0562 | 0.0583 |
| May 31, 2025 | 0.0511 | 0.0541 | 0.0562 | 0.0583 |
| June 30, 2025 | 0.0511 | 0.0541 | 0.0562 | 0.0584 |
| July 31, 2025 | 0.0511 | 0.0541 | 0.0562 | 0.0583 |
| August 31, 2025 | 0.0511 | 0.0540 | 0.0562 | 0.0583 |
| September 30, 2025 | 0.0510 | 0.0540 | 0.0562 | 0.0584 |
| &nbsp;&nbsp;**Total** | $0.4602 | $0.4867 | $0.5058 | $0.5250 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Record Date** | **Class S** | **Class N** | **Class D** | **Class I** |
| January 31, 2024 | $0.0512 | $— | $0.0563 | $0.0583 |
| February 29, 2024 | 0.0512 |  | 0.0563 | 0.0583 |
| March 31, 2024 | 0.0512 |  | 0.0562 | 0.0583 |
| April 30, 2024 | 0.0512 |  | 0.0562 | 0.0583 |
| May 31, 2024 | 0.0512 |  | 0.0562 | 0.0584 |
| June 30, 2024 | 0.0512 | 0.0541 | 0.0563 | 0.0584 |
| July 31, 2024 | 0.0512 | 0.0541 | 0.0563 | 0.0583 |
| August 31, 2024 | 0.0512 | 0.0541 | 0.0563 | 0.0583 |
| September 30, 2024 | 0.0512 | 0.0541 | 0.0563 | 0.0584 |
| &nbsp;&nbsp;**Total** | $0.4608 | $0.2164 | $0.5064 | $0.5250 |

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The following table details our distributions declared for the three and nine months ended September 30, 2025 and September 30, 2024:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
| | **Amount** | **Percentage** | **Amount** | **Percentage** | **Amount** | **Percentage** | **Amount** | **Percentage** |
| **Distributions** | | | | | | | | |
| &nbsp;&nbsp;Payable in cash | $54069 | 50% | $35515 | 55% | $144534 | 50% | $91304 | 56% |
| &nbsp;&nbsp;Reinvested in shares | 53736 | 50% | 28594 | 45% | 142752 | 50% | 70562 | 44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | $107805 | 100% | $64109 | 100% | $287286 | 100% | $161866 | 100% |
| **Sources of Distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Cash flows from operating activities | $107805 | 100% | $64109 | 100% | $287286 | 100% | $161866 | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering proceeds |  | —% |  | —% |  | —% |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total sources of distributions | $107805 | 100% | $64109 | 100% | $287286 | 100% | $161866 | 100% |
| &nbsp;&nbsp;Cash flows from operating activities <sup>(1)</sup> | $106330 |  | $57597 |  | $281215 |  | $131334 |  |
| &nbsp;&nbsp;Adjusted cash flows from operating activities <sup>(1) (2)</sup> | $128542 |  | $59270 |  | $312235 |  | $133148 |  |
| &nbsp;&nbsp;Funds from Operations <sup>(2)</sup> | $218358 |  | $29885 |  | $430448 |  | $103411 |  |
| &nbsp;&nbsp;Adjusted Funds from Operations <sup>(2)</sup> | $168530 |  | $54110 |  | $334384 |  | $128353 |  |

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______________

(1)Excluding $20,988 of cash paid during the year ended December 31, 2024 for tenant lease inducements at properties previously under construction in accordance with their lease agreements, and including rent and preferred equity distributions from our build-to-suit arrangements for which rent has not commenced as of September 30, 2025, our inception to date cash flows from operating activities have funded 100% of our distributions. The payments were made using construction escrows acquired in 2022 and held in Restricted cash on the Consolidated Balance Sheets as of December 31, 2023 and 2022.

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(2)Represents non-GAAP supplemental measures. See "Adjusted cash flows from operating activities" below for descriptions and reconciliations of these amounts to GAAP cash flows from operating activities. See "Funds from Operations and Adjusted Funds from Operations" below for a description of Funds from Operations and Adjusted Funds from Operations. Refer to below for reconciliations of these amounts to GAAP net income attributable to ORENT shareholders and for consideration on how to review these metrics.

**Non-GAAP Financial Measures**

The Company reports its financial results in accordance with US GAAP. The Company also uses certain non-GAAP measures that fall within the meaning of Securities and Exchange Commission Regulation G and Regulation S-K Item 10(e), which may provide users of the financial information with additional meaningful comparison to prior reported results. Non-GAAP measures do not have standardized definitions and are not defined by GAAP. Therefore, our non-GAAP measures are unlikely to be comparable to similar measures presented by other companies. The presentation of these non-GAAP measures should not be considered in isolation from, as a substitute for, or as superior to the financial information presented in accordance with GAAP. Reconciliations of non-GAAP measures to corresponding GAAP measures are below.

***Adjusted Cash Flows from Operating Activities***

We believe adjusted cash flows from operating activities is a meaningful non-GAAP supplemental measure of our ability to generate cash earnings to be used for the payment of distributions to our investors. Our current definition of adjusted cash flows from operating activities is cash flows from operating activities plus (i) rental revenues and preferred equity distributions related to our build-to-suit arrangements for which the lease agreements have not commenced and (ii) certain incentive payments made to tenants and funded by construction escrows acquired at acquisition which are required to be presented as operating cash flows under GAAP.

Adjusted Cash Flows from Operating Activities should not be considered more relevant or accurate than GAAP cash flows from operating activities in evaluating our operating performance or liquidity. It should not be considered as an alternative to cash flows from operating activities as an indication of our liquidity, but rather should be reviewed in conjunction with this and other GAAP measurements. Further, Adjusted Cash Flows from Operating Activities is not intended to be used as a liquidity measure indicative of cash flow available to fund our cash needs, including our ability to make distributions to our shareholders. In addition, our methodology for calculating Adjusted Cash Flows from Operating Activities may differ from the methodologies employed by other companies to calculate the same or similar supplemental measures, and accordingly, our reported Adjusted Cash Flows from Operating Activities may not be comparable to the Adjusted Cash Flows from Operating Activities reported by other companies.

The following table presents a reconciliation of our net cash flows provided by operating activities to our adjusted cash flows from operating activities:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Net cash flows provided by operating activities | $106330 | $57597 | $281215 | $131334 |
| &nbsp;&nbsp;Build-to-suit rent and preferred equity distributions | 22212 | 1673 | 31020 | 1814 |
| Adjusted net cash flows provided by operating activities | $128542 | $59270 | $312235 | $133148 |

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***Funds from Operations and Adjusted Funds from Operations***

We believe funds from operations ("FFO") is a meaningful non-GAAP supplemental measure of our operating results. Our condensed consolidated financial statements are presented using historical cost accounting which, among other things, requires depreciation of real estate investments to be calculated on a straight-line basis. As a result, our operating results imply that the value of our real estate investments have decreased over time. However, we believe that the value of our real estate investments will fluctuate over time based on market conditions and, as such, depreciation under historical cost accounting may be less informative as a measure of our performance. FFO is an operating measure defined by the National Association of Real Estate Investment Trusts ("NAREIT") that is broadly used in the REIT industry. FFO, as defined by NAREIT and presented below, is calculated as net income or loss (computed in accordance with GAAP), excluding (i) depreciation and amortization, (ii) impairment of investments in real estate, (iii) net gains or losses from sales of real estate, and (iv) similar adjustments for non-controlling interests and unconsolidated entities.

We also believe that adjusted FFO ("AFFO") is an additional meaningful non-GAAP supplemental measure of our operating results. AFFO further adjusts FFO to reflect the performance of our portfolio by adjusting for items we believe

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are not directly attributable to our operations. Our adjustments to FFO to arrive at AFFO include removing the impact of (i) straight-line rental income and expense, (ii) deferred income amortization, (iii) amortization of above- and below-market lease intangibles, (iv) amortization of mortgage premium/discount, (v) unrealized gains or losses from changes in the fair value of real estate debt, investments in unconsolidated real estate affiliates, and other financial instruments, (vi) gains and losses resulting from foreign currency translations, (vii) provision for credit losses, (viii) non-cash income, (ix) non-cash performance participation allocation, even if repurchased by us, (x) management fees paid in shares or OP Units, even if subsequently repurchased by us, (xi) non-cash interest expense on affiliate line of credit paid in shares or OP Units, even if subsequently repurchased by us, (xii) organization costs, (xiii) amortization of deferred financing costs, (xiv) shareholder servicing fees paid during the period, (xv) debt extinguishment fees paid during the period and (xvi) similar adjustments for non-controlling interests and unconsolidated entities. AFFO is not defined by NAREIT and our calculation of AFFO may not be comparable to disclosures made by other REITs.

The Company's definition of AFFO excludes the impact of the amortization of deferred financing costs ("DFCs") on our debt, which is included in GAAP net income (loss). We do not consider the amortization of DFCs to be directly attributable to our operations and view DFCs similar to acquisition expenses, which are capitalized into the cost basis of our investments, and therefore excluded from AFFO. We believe that excluding amortization of DFCs from our calculations of AFFO and results in metrics that better reflect the results of our operations.

FFO and AFFO should not be considered more relevant or accurate than GAAP net income (loss) in evaluating our operating performance. In addition, FFO and AFFO should not be considered as alternatives to net income (loss) as indications of our performance or as alternatives to cash flows from operating activities as indications of our liquidity, but rather should be reviewed in conjunction with these and other GAAP measurements. Further, FFO and AFFO are not intended to be used as liquidity measures indicative of cash flow available to fund our cash needs, including our ability to make distributions to our shareholders. In addition, our methodology for calculating AFFO may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and accordingly, our reported AFFO may not be comparable to the AFFO reported by other companies.

The following table presents a reconciliation of net income (loss) attributable to ORENT shareholders to FFO and AFFO attributable to ORENT shareholders (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Net income attributable to ORENT shareholders | $193075 | $46774 | $353791 | $74041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to arrive at FFO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 26561 | 24489 | 78624 | 70641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment charges |  |  |  | 4849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on dispositions of real estate |  | (42906) | 2180 | (43620) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount attributable to investment in unconsolidated affiliates | 149 | 149 | 447 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount attributable to non-controlling interests for above adjustments | (1427) | 1379 | (4594) | (2947) |
| FFO attributable to ORENT shareholders | 218358 | 29885 | 430448 | 103411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to arrive at AFFO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rental income | (5198) | (4899) | (15603) | (14017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of ground lease and below market lease intangibles | 75 | 49 | 224 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on foreign currency derivatives | (6014) | 1447 | 634 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain from changes in fair value of financial instruments | (1374) | (244) | (3353) | (344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment for investments accounted for under fair value option | (98471) | 6961 | (194926) | (15160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss from changes in fair value of DST financing obligation | 1832 | 434 | 2711 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 4661 | 2314 | 1813 | 3056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of tenant loan receivable | (1660) | (1569) | (4997) | (9372) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance participation allocation | 36140 | 7440 | 67036 | 22602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fee | 21361 | 12330 | 56199 | 31134 |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on affiliate line of credit |  |  |  | 5420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt extinguishment fees |  | 3309 | 257 | 3309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 2770 | 2475 | 5763 | 9201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees | (6370) | (3538) | (16487) | (8780) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount attributable to investment in unconsolidated affiliate | (33) | (21) | (104) | (119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount attributable to non-controlling interests for above adjustments | 2453 | (2263) | 4769 | (3493) |
| **AFFO attributable to ORENT shareholders** | $**168530** | $**54110** | $**334384** | $**128353** |

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**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 $374,834 and availability under our credit facility of $388,327 as of September 30, 2025. In addition to our immediate liquidity, we obtain incremental liquidity through the sale of our common shares, from which we generated net proceeds of $2,291,862 for the nine months ended September 30, 2025, as well as through the ability to sell our liquid CMBS investments with a fair value of $767,089 as of September 30, 2025. Additionally, we may incur indebtedness secured by our real estate and real estate debt investments, borrow money through unsecured financings, or incur other forms of indebtedness. We may also generate incremental liquidity through the sale of our real estate.

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 NLT OP pays to the Special Limited Partners, both of which will impact our liquidity to the extent the Adviser or the Special Limited Partners 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 capacity on our unsecured line of credit or exercise of 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 September 30, 2025, our indebtedness included loans secured by our properties, unsecured credit facilities, unsecured senior notes and other borrowings. The following table is a summary of our indebtedness as of September 30, 2025 (in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Principal Balance as of** | **Principal Balance as of** |
|<br>**Indebtedness** | **Weighted Average**<br>**Interest Rate**<sup>(1)(2)</sup> | **Weighted Average**<br>**Maturity Date** | **Maximum Facility Size** | **September 30, 2025** | **December 31, 2024** |
| *Mortgage notes & credit facility:* |  |  |  |  |  |
| Unsecured credit facility | S + 1.35% | 6/12/2030 | $1250000 | $1250000 | $1165500 |
| Unsecured revolving credit facility | S + 1.40% | 6/12/2029 | $2610000 |  | 246950 |
| Fixed rate mortgages | 4.99% | 8/25/2029 | N/A | 106403 | 99098 |
| Variable rate mortgages | S + 1.88% | 4/3/2028 | N/A | 106376 | 129824 |
| Deferred financing costs, net |  |  |  | (44225) | (13624) |
| **Total Mortgage notes & credit facilities, net:** |  |  |  | $1418554 | $1627748 |
| *Unsecured senior notes* |  |  |  |  |  |
| Unsecured senior notes | 6.35% | 2/2/2030 | N/A | $130000 | $130000 |
| Deferred financing costs, net |  |  |  | (3407) | (3655) |
| **Unsecured senior notes, net** |  |  |  | $126593 | $126345 |
| *Other borrowings* |  |  |  |  |  |
| Secured financings of investments in real estate debt | S + 1.82% | 1/4/2027 | $799275 | $323557 | $— |
| Deferred financing costs, net |  |  |  | (1047) |  |
| **Other borrowings, net** |  |  |  | $322510 | $— |
| **Total indebtedness** |  |  |  | $**1867657** | $**1754093** |

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(1)The term "S" refers to the relevant floating benchmark rates, which include daily secured overnight financing rate ("SOFR"), 30-day SOFR, one-month euro interbank offered rate ("EURIBOR"), daily Canadian overnight repo rate average ("CORRA"), and one-month SONIA as applicable to each loan. As of September 30, 2025, we have outstanding interest rate swaps that mitigate our exposure to potential future interest rate increases under our floating rate debt. See further discussion of outstanding interest rate swaps below.

(2)The Company's mortgage and notes payable contain yield or spread maintenance provisions.

***Mortgage Notes and Credit Facilities***

On June 12, 2025, the Company entered into an amended and restated credit agreement, which amends and restates the credit agreement dated August 11, 2022. The amended and restated credit agreement provides for, among other things, (a) an upsize of the senior unsecured term loan facility from $1,165,500 to $1,250,000, (b) an upsize of the aggregate principal amount of the senior unsecured revolving credit facility from $724,500 to $2,485,000, (c) an upsize of the accordion feature, subject to the satisfaction of various conditions, which could bring total commitments from up to $3,200,000 to up to $5,000,000, (d) an extension of the revolving credit scheduled maturity date from August 2026 to June 2029, (e) an extension of the initial term loan scheduled maturity date from August 2027 to June 2030, and (f) the amendment of certain financial and other covenants. On July 23, 2025, the agreement was further amended to increase the aggregate principal amount of the senior unsecured revolving credit facility from $2,485,000 to $2,610,000.

The unsecured term loan credit facility bears interest at a base rate plus a margin ranging from 0.25% to 1.85%. The base rate is SOFR plus 0.10% or the greater of (a) Keybank N.A.'s announced prime rate, (b) 0.5% above the federal funds effective rate, and (c) 1.0%, as applicable. The weighted average interest rate for the unsecured term loan credit facility for the nine months ended September 30, 2025 was 5.68% (unhedged) and 5.01% (hedged).

The unsecured revolving credit facility consists of USD ("USD Revolver") and Alternative ("Alternative Revolver") denominated currencies, and bears interest at a base rate plus a margin ranging from 0.30% to 1.90%. The base rate is the greater of (a) Keybank N.A.'s announced prime rate, (b) 0.5% above the federal funds effective rate, (c) adjusted floating rate, and (d) 1.0%. The adjusted floating rate for the USD Revolver is SOFR plus 0.10%, while the Alternative Revolver is EURIBOR for Euro borrowings, and CORRA plus 0.30% for Canadian Dollar borrowings. The weighted average interest rate for the unsecured revolving credit facility for the nine months ended September 30, 2025 was 5.75% (unhedged) and 4.73% (hedged). During the nine months ended September 30, 2025, the Company earned an additional $558 of income as a result of over hedging on our interest rate swaps. We believe the interest rate swaps are still highly effective.

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During the nine months ended September 30, 2025, the Company entered into a variable rate mortgage note of $57,750 secured by a property contributed to a DST as part of our DST Program. The interest on the mortgage and any amounts received or owed under the interest rate swap are borne by such DST and are not consolidated in the Company's Condensed Consolidated Financial Statements. Additionally, the Company contributed a variable rate mortgage note of $84,500 for interest in a joint venture. Refer to Note 3 - Acquisitions and Dispositions for additional information.

The following table details the Company's interest rate swaps as of September 30, 2025:

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| | |
|:---|:---|
| **Notional Balance** | **Fixed Rate** |
| *Mortgage notes & credit facilities:* |  |
| Unsecured term loan credit facility |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$700000 | 3.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$250000 | 3.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$145500 | 4.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100000 | 3.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$54500 | 3.40% |
| Unsecured revolving credit facility |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100000 | 3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45500 | 3.40% |
| Variable rate mortgages |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$47793 | 3.74% |

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***Unsecured Senior Notes***

On August 28, 2024, NLT OP entered into a Note Purchase Agreement (the "Note Purchase Agreement") governing the issuance of $29,000 of 6.24% Senior Notes, Series A, due August 28, 2028, $38,500 of 6.32% Senior Notes, Series B, due August 28, 2029, $39,500 of 6.40% Senior Notes, Series C, due August 28, 2030 and $23,000 of 6.43% Senior Notes, Series D, due August 28, 2031 (collectively, the "Notes"), to qualified institutional investors in a private placement. Interest on the notes is due semi-annually on the 28th day of February and August of each year beginning on February 28, 2025. Proceeds from the issuance of the notes were used to pay down existing indebtedness of the Company and for other general purposes.

***Secured Financings of Investments in Real Estate Debt***

During the nine months ended September 30, 2025, the Company entered into financing agreements secured by certain of its CMBS investments and commercial real estate loans. The terms of the CMBS master repurchase agreements provide the lenders the ability to determine the size and terms of the financing provided based upon the particular collateral pledged by the Company, and may require the Company to provide additional collateral in the form of cash or securities if the market value of such financed investment declines. The CMBS master repurchase agreements have no set maturity date, with each borrowing having initial terms of one to three months. The Company has the option to continuously extend the maturity of outstanding balances for additional one to three month terms upon each interim maturity date. The financing arrangement secured by the Company's commercial real estate loans has a maturity date which is the earlier of (a) July 11, 2029 with a one year extension option, or (b) the maturity date of the underlying secured commercial real estate loan. The Company also has a note-on-note financing for a commercial real estate loan investment which has an initial maturity date of June 30, 2027 with three one-year extension options, subject to certain conditions.

As of September 30, 2025, the Company's total secured financings of investments in real estate debt outstanding was $323,557, secured by $347,385 of its CMBS investments and $174,303 of its commercial real estate loans. These financings have a weighted average maturity date of January 4, 2027, and a weighted average interest rate of SOFR + 1.82%, the relevant floating benchmark rate. As of December 31, 2024, the Company did not have any secured financings of investments in real estate debt outstanding. The Company's secured financings of investments in real estate debt are included within Other Borrowings within the Condensed Consolidated Balance Sheets. As of September 30, 2025, the Company believes it was in compliance with all of its loan covenants that could result in a default under such agreements.

On September 1, 2022, the Company commenced the offering of its shares through a continuous private placement offering. As of September 30, 2025, the Company is authorized to issue an unlimited number of each of its four classes of shares of its common shares (Class S shares, Class N shares, Class D shares, and Class I shares).

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As of November 5, 2025, we had received net proceeds of $7,177,876 from selling an aggregate 704,016,958 common shares in the private offering (consisting of 300,718,820 Class S shares, 45,651,261 Class N shares, 12,489,129 Class D shares, and 345,157,748 Class I shares).

***Cash Flows***

Cash flows provided by operating activities was $281,215 for the nine months ended September 30, 2025 compared to $131,334 for the nine months ended September 30, 2024. The change in cash flows provided by operating activities was primarily due to an increase in distributions of earnings from unconsolidated real estate affiliates and interest income from investments in real estate debt.

Cash flows used in investing activities was $2,207,069 for the nine months ended September 30, 2025 compared to $855,527 for the nine months ended September 30, 2024. The change in cash flows used in investing activities was primarily due to an increase in investing activity related to unconsolidated real estate affiliates, real estate debt, and properties classified as financing receivables.

Cash flows provided by financing activities was $2,185,744 for the nine months ended September 30, 2025 compared to $828,102 for the nine months ended September 30, 2024. The change in cash flows provided by financing activities was primarily due to an increase in proceeds received from the issuance of common shares, proceeds from the Company's DST program, and a decrease in net payments of principal on debt, partially offset by increased repurchases on common shares.

**Critical Accounting Estimates**

The preparation of the financial statements in accordance with GAAP involves significant judgments and assumptions and requires 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 assumptions, which are described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

**Recent Accounting Pronouncements**

See "Item 1. Financial Statements—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 September 30, 2025 (in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Obligations** | **Total** | **Less than 1 year** | **1-3 years** | **3-5 years** | **More than 5 years** |
| Indebtedness | $1916336 | $247218 | $75500 | $1570618 | $23000 |
| Organizational and offering costs | 7550 | 2588 | 4962 |  |  |
| &nbsp;&nbsp;**Total** | $1923886 | $249806 | $80462 | $1570618 | $23000 |

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The Company has future commitments to fund the construction of wholly owned assets and assets held at joint ventures under build-to-suit arrangements. As of September 30, 2025, the Company estimates that its total remaining future commitments to complete the construction of the assets is $219,676 which it expects to fund over the next six months. Additionally, as of September 30, 2025, the Company has commitments to fund up to $66,792 in additional future fundings related to our commercial real estate loans, including those held through joint ventures.

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**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 as an increase in interest rates would directly result in higher interest expense. We seek to manage our exposure to interest rate risk by utilizing a mix of floating rate financings with staggered maturities and through interest rate hedging agreements to fix all or a portion of our variable rate debt. As of September 30, 2025, the outstanding principal balance of our indebtedness was $1.9 billion and consisted of mortgage notes, term loan credit facilities, unsecured revolving credit facilities, unsecured senior notes, and other borrowings.

Certain of our mortgage notes, term loan credit facilities, unsecured revolving credit facilities, and other borrowings are variable rate and indexed to SOFR, one-month SOFR, and one-month SONIA (collectively, the "Reference Rates"). For the three and nine months ended September 30, 2025, a 10 basis point increase in each of the Reference Rates would have resulted in an inconsequential increase in interest expense as a result of our interest rate swap and interest rate cap contracts which hedge our risk of changing interest rates. 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.

***Investments in Real Estate Debt***

As of September 30, 2025 and December 31, 2024, we held $1,533.8 million and $696.1 million of investments in real estate debt, of which $1,159.0 million and $619.5 million are reported at fair value on our Condensed Consolidated Balance Sheets, respectively. Our investments in real estate debt consist of floating rate and fixed rate debt. 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 and nine months ended September 30, 2025, a 50 basis point increase or decrease in the Reference Rates would have resulted in an increase or decrease of $1.0 and $2.7 million, respectively, to income from investments in real estate debt.

We may also be exposed to market risk with respect to our investments in real estate debt due to changes in the fair value of our investments. We seek to manage our exposure to market risk with respect to our investments in real estate debt by making investments in real estate debt backed by different types of collateral and varying credit ratings. Additionally, we utilize interest rate hedging agreements on certain investments to fix all of or a portion of our variable interest rates. The fair value of our investments may fluctuate, therefore the amount we will realize upon any sale of our investments in real estate debt is unknown. However, as of September 30, 2025 and December 31, 2024, a 10% change in the fair value of our investments in real estate debt would result in a change in the carrying value of our investments in real estate debt of $115.9 million and $61.9 million, respectively.

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

***Evaluation of Disclosure Controls and Procedures***

We maintain disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, that are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and that such information 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. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired objectives.

Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2025. Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial officer concluded that, as of September 30, 2025, the design and operation of our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

***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 quarter ended September 30, 2025, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

**PART II - OTHER INFORMATION**

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**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 September 30, 2025, 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 13, 2025. 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 13, 2025.

**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)*:

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| | | |
|:---|:---|:---|
| **Shares Sold Date** | **Number of Common Shares Sold** | **Aggregate Consideration** <sup>(4)</sup> |
| July 2025 <sup>(1)</sup> | 25481481 | $261312 |
| August 2025 <sup>(2)</sup> | 27874469 | 286285 |
| September 2025 <sup>(3)</sup> | 29789673 | 308354 |
| &nbsp;&nbsp;**Total** | 83145623 | $855951 |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;Includes 11,015,774 of Class S common shares, 3,021,911 of Class N common shares, 1,107,175 of Class D common shares, and 10,336,621 of Class I common shares.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Includes 11,216,935 of Class S common shares, 1,405,560 of Class N common shares, 169,702 of Class D common shares, and 15,082,272 of Class I common shares.

(3)&nbsp;&nbsp;&nbsp;&nbsp;Includes 11,493,103 of Class S common shares, 1,687,169 of Class N common shares, 370,169 of Class D common shares, and 16,239,233 of Class I common shares.

(4)&nbsp;&nbsp;&nbsp;&nbsp;Includes upfront selling commissions for Class S, Class N, and Class D shares of $3,016.

*Share Repurchases* 

Our Board of Trustees adopted the Share Repurchase Plan, whereby, subject to certain limitations, shareholders may request on a quarterly basis that the Company repurchases all or any portion of their shares. Shares repurchased under the Share Repurchase Plan are limited to no more than 5% aggregate NAV per calendar quarter (measured using 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 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 determines to repurchase some but not all of the shares submitted for repurchase during any month, shares repurchased at the end of the month will be repurchased on a pro rata basis.

The following table sets forth purchases by the Company of its common shares during the three months ended September 30, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Repurchase Request Deadline** | **Total Number of Common Shares Purchased** <sup>(1)</sup> | **Average Price per Common Share** <sup>(2)</sup> | **Total Number of Common Shares Purchased as Part of Publicly Announced Plans or Programs**  | **Maximum Approximate Dollar Value of Common Shares That May Yet be Purchased as Part of Publicly Announced Plans or Programs**<sup>(3)</sup> |
| September 5, 2025 | 10747100 | $10.3192 | 5333124 | $— |
| Total | 10747100 | $10.3192 | 5333124 | $— |

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(1)Includes 5,413,976 Class I shares previously issued to the adviser as payment of management fees and interest on the affiliate line of credit. The shares were repurchased at the then-current transaction price resulting in a total repurchase of $55,931.

(2)Repurchase pricing date was July 31, 2025.

(3)Repurchases are limited as set forth in our Share Repurchase Plan described above. All requests under the Share Repurchase Plan were satisfied.

From Inception through September 30, 2025, 8,398,887 Class I OP Units in the Operating Partnership were issued to the Special Limited Partners. Subsequent to initial issuance, 4,570,954 Class I OP Units were distributed to participants in the Special Limited Partners, with the remaining 3,827,933 Class I OP Units held directly by the Special Limited Partners as of September 30, 2025.

From Inception through September 30, 2025, the Company issued 13,437,307 Class I shares to the Adviser as payment of management fees and interest on the affiliate loan. As of September 30, 2025, the Company has repurchased 12,779,393 Class I shares previously issued to the Adviser. As of September 30, 2025, the Adviser held 3,100,854 Class I shares, including shares previously purchased by the Adviser. The repurchase of any Class I OP Units held by the Special Limited Partner or Class I shares held by the Adviser acquired as payment of management fee and interest 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 September 30, 2025, none of the Company's directors 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 March 31, 2022 (filed as Exhibit 3.1 to the Registrant's Registration Statement on Form 10 filed on April 5, 2023 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1944366/000162828023010847/exhibit31-form10.htm)</u> |
| 3.2 | <u>[Certificate of Amendment to Certificate of Trust of Blue Owl Real Estate Net Lease Trust, effective July 6, 2023 (filed as Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on July 10, 2023 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1944366/000194436623000014/ex31-oakstreetnetleasetrus.htm)</u> |
| 3.3 | <u>[Third Amended and Restated Declaration of Trust of Blue Owl Real Estate Net Lease Trust, dated as of April 19, 2024 (filed as Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on April 23, 2024 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1944366/000194436624000044/exhibit31-blueowlrealestat.htm)</u> |
| 3.4 | <u>[Second Amended and Restated Bylaws of Blue Owl Real Estate Net Lease Trust, dated as of July 6, 2023 (filed as Exhibit 3.3 to the Registrant's Current Report on Form 8-K filed on July 10, 2023 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1944366/000194436623000014/ex33-blueowlrealestatenetl.htm)</u> |
| 4.1\* | <u>[F](orent-q32025ex415tharshare.htm)[ifth](orent-q32025ex415tharshare.htm)[Amended and Restated Share Repurchase Plan, dated](orent-q32025ex415tharshare.htm)[August 6](orent-q32025ex415tharshare.htm)[, 202](orent-q32025ex415tharshare.htm)[5](orent-q32025ex415tharshare.htm)</u> |
| 4.2 | <u>[Amended and Restated Distribution Reinvestment Plan of the Company (filed as Exhibit 4.2 to the Registrant's Current Report on Form 8-K filed on April 23, 2024 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1944366/000194436624000044/exhibit42-blueowlrealestat.htm)</u> |
| 10.1\* | <u>[Incremental Revolving Credit Commitment Assumption Agreement, dated as of July 23, 2025, by and among Blue Owl NLT Operating Partnership LP, KeyBank National Association, as agent for the Lenders, and the lenders from time to time party thereto](orent-q32025ex101amtoca.htm)</u> |
| 10.2\* | <u>[Second Amended and Restated Dealer Manager Agreement dated November 7, 2025, between Blue Owl Real Estate Net Lease Trust, Blue Owl Real Estate Capital LLC and Blue Owl Securities LLC](orent-q32025exhibit102ardma.htm)</u> |
| 10.3\* | <u>[Form of Participating Broker-Dealer Agreement between Blue Owl Securities LLC and Participating broker-dealers](orent-q32025ex103formofpbda.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](exhibit311q32025.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](exhibit312q32025.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](exhibit321q32025.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](exhibit322q32025.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

------

**SIGNATURES** 

Pursuant to the requirements of Section 12 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 Real Estate Net Lease Trust** | **Blue Owl Real Estate Net Lease Trust** |
| By: | /s/ Kevin Halleran |
|  | Name: Kevin Halleran |
|  | Title: Chief Financial Officer |
|  | (Authorized Signatory and Principal Financial Officer) |

---

Date: November 7, 2025

## Exhibit 4.1

**Exhibit 4.1**

**BLUE OWL REAL ESTATE NET LEASE TRUST** <br> Fifth Amended and Restated Class S, N, D and I Share Repurchase Plan <br>Effective as of August 6, 2025

**Definitions**

*Adviser* – shall mean Blue Owl Real Estate Capital LLC.

*Class D shares* – shall mean the Company's common shares of beneficial interest classified as Class D.

*Class I shares* – shall mean the Company's common shares of beneficial interest classified as Class I.

*Class N shares* – shall mean the Company's common shares of beneficial interest classified as Class N.

*Class S shares* – shall mean the Company's common shares of beneficial interest classified as Class S.

*Company* – shall mean Blue Owl Real Estate Net Lease Trust, a Maryland statutory trust.

*Dealer Manager* – shall mean Blue Owl Securities LLC.

*NAV* – shall mean the net asset value of the Company attributable to its Shareholders or the net asset value of a class of its shares, as the context requires, determined in accordance with the Company's "Net Asset Value Calculation and Valuation Guidelines" as described in the Company's confidential private placement memorandum.

*Operating Partnership* – shall mean Blue Owl NLT Operating Partnership LP.

*Operating Partnership units* – shall mean limited partnership interests in the Operating Partnership.

*Plan* – shall mean this share repurchase plan of the Company.

*Special Limited Partners* – shall mean Blue Owl Oak Trust Carry LLC and Blue Owl Real Estate Net Lease Trust CPV LP.

*Shareholders* – shall mean the holders of Class S, Class N, Class D or Class I shares.

*Transaction Price* – shall mean the repurchase price per share for each class of common shares, which will generally be equal to the NAV per share as of the last calendar day of the first month of the calendar quarter.

**Share Repurchase Plan**

Shareholders may request that the Company repurchase their common shares through their financial advisor or directly with the Company's transfer agent beginning on the first calendar day of the second month of the applicable calendar quarter. If a repurchase request is received prior to the first calendar day of the second month of the applicable calendar quarter, such repurchase request will not be executed and must be resubmitted after the start of the second month of the applicable calendar quarter.

The procedures relating to the repurchase of the Company's common shares are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain broker-dealers require that their clients process repurchases through their broker-dealer, which may impact the time necessary to process such repurchase request, impose

------

more restrictive deadlines than described under this Plan, impact the timing of a Shareholder receiving repurchase proceeds and require different paperwork or process than described in this Plan. A Shareholder should contact its broker-dealer first if it wants to request the repurchase of its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under this Plan, to the extent the Company chooses to repurchase shares in any particular calendar quarter, the Company will only repurchase shares as of the close of the fourth business day of the last month of the applicable calendar quarter (a "Repurchase Date"). To have shares repurchased, a Shareholder's repurchase request and required documentation must be received in good order by 11:59 p.m. (Eastern time) on the third business day of the last month of the applicable calendar quarter. The repurchase price for the applicable quarter will be made available by the tenth business day prior to the third business day of the last month of such quarter. Settlements of share repurchases will generally be made within three business days of the Repurchase Date. Repurchase requests received and processed by the Company's transfer agent will be effected at a repurchase price equal to the Transaction Price on the applicable Repurchase Date (which will generally be equal to the most recently determined NAV per share as of the Repurchase Date), subject to any Early Repurchase Deduction (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A Shareholder may withdraw his or her repurchase request by completing a repurchase withdrawal form and sending the form to the transfer agent, directly or through the Shareholder's financial intermediary, or by emailing <u>Servicedesk@blueowl.com</u>. Repurchase requests must be cancelled before 11:59 p.m. (Eastern time) on the third business day of the last month of the applicable calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a repurchase request is received after 11:59 p.m. (Eastern time) on the third business day of the last month of the applicable calendar quarter, the repurchase request will not be executed, and if a Shareholder still wishes to have its shares repurchased, the repurchase request must be resubmitted after the start of the second month of the next calendar quarter. Repurchase requests received and processed by the Company's transfer agent on a business day, but after the close of business on that day or on a day that is not a business day, will be deemed received on the next business day. All questions as to the form and validity (including time of receipt) of repurchase requests and notices of withdrawal will be determined by the Company, in its sole discretion, and such determination shall be final and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchase requests may be made by mail or by contacting the Shareholder's financial intermediary, both subject to certain conditions described in this Plan. If making a repurchase request by contacting the Shareholder's financial intermediary, the Shareholder's financial intermediary may require the Shareholder to provide certain documentation or information. If making a repurchase request by mail to the transfer agent, the Shareholder must complete and sign a repurchase authorization form, which can be found at the end of this Plan. Written requests should be sent to the transfer agent at the following address:

Blue Owl c/o <br>SS&C GIDS, Inc. <br>PO Box 219398 <br>Kansas City, MO 64121-9349

Overnight Address: <br>Blue Owl c/o

------

<br>SS&C GIDS, Inc.<br>430 W 7th St. Suite 219398 <br>Kansas City, MO 64105-1407

Toll Free Number: 844-331-3341

<u>Email: blueowl.repurchases@dstsystems.com</u> 

Corporate investors and other non-individual entities must have an appropriate certification on file authorizing repurchases. A signature guarantee may be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For processed repurchases, Shareholders may request that repurchase proceeds are to be paid by the instructions on file with the transfer agent. Shareholders should check with their broker-dealer that such payment may be made via check or wire transfer, as further described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A medallion signature guarantee will be required in certain circumstances described below. The medallion signature process protects Shareholders by verifying the authenticity of a signature and limiting unauthorized fraudulent transactions. A medallion signature guarantee may be obtained from a domestic bank or trust company, broker-dealer, clearing agency, savings association or other financial institution that participates in a medallion program recognized by the Securities Transfer Association. The three recognized medallion programs are the Securities Transfer Agents Medallion Program, the Stock Exchanges Medallion Program and the New York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees from financial institutions that are not participating in any of these medallion programs will not be accepted. A notary public cannot provide signature guarantees. The Company reserves the right to amend, waive or discontinue this policy at any time and establish other criteria for verifying the authenticity of any repurchase or transaction request. The Company may require a medallion signature guarantee if, among other reasons: (1) the amount of the repurchase request is over $500,000; (2) a Shareholder wishes to have repurchase proceeds transferred by wire to an account other than the designated bank or brokerage account on file for at least 30 days or sent to an address other than such Shareholder's address of record for the past 30 days; or (3) the Company's transfer agent cannot confirm a Shareholder's identity or suspects fraudulent activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a Shareholder has made multiple purchases of the Company's common shares, any repurchase request will be processed on a first in/first out basis unless otherwise requested in the repurchase request.

***Minimum Account Repurchases***

If any Shareholder fails to maintain the minimum balance of $500 of shares of the Company's common shares, the Company may repurchase all of the shares held by that Shareholder at the repurchase price in effect on the date the Company determines that such Shareholder has failed to meet the minimum balance, less any Early Repurchase Deduction.

Minimum account repurchases will apply even if the failure to meet the minimum balance is caused solely by a decline in the Company's NAV. Minimum account repurchases are subject to Early Repurchase Deduction.

***Sources of Funds for Repurchases***

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The Company may fund repurchase requests from sources other than cash flow from operations, including, without limitation, borrowings, offering proceeds (including from sales of the Company's common shares or Operating Partnership units to the Special Limited Partners), the sale of the Company's assets, and repayments of the Company's real estate debt investments, and the Company has no limits on the amounts it may fund from such sources.

***Repurchase Limitations***

If the Company determines to repurchase some but not all of the shares submitted for repurchase during any calendar quarter, shares submitted for repurchase during such calendar quarter will be repurchased on a pro rata basis. The Company may repurchase fewer shares than have been requested in any particular calendar quarter to be repurchased under this Plan, or none at all, in its discretion at any time. In addition, the aggregate NAV of total repurchases of Class S, Class N, Class D and Class I shares (including repurchases by certain "fund of fund" vehicles and certain non-U.S. investor access funds primarily created to hold shares of the Company but excluding any Early Repurchase Deduction applicable to the repurchased shares) will be limited to no more than 5% 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).

All unsatisfied repurchase requests must be resubmitted after the start of the second month of the applicable calendar quarter, or upon the recommencement of this Plan, as applicable.

Should repurchase requests, in the Company's judgment, place an undue burden on the Company's liquidity, adversely affect the Company's operations or risk having an adverse impact on the Company as a whole, or should the Company otherwise determine that investing its liquid assets in real properties or other investments rather than repurchasing the Company's shares is in the best interests of the Company as a whole, the Company may choose to repurchase fewer shares in any particular calendar quarter than have been requested to be repurchased, or none at all. Further, the Company's board of trustees may make exceptions to, modify or suspend this Plan if, in its reasonable judgment, it deems such action to be in the best interest of the Company and its Shareholders. Material modifications, including any amendment to the 5% quarterly limitations on repurchases, to and suspensions of the Plan will be promptly disclosed to Shareholders' financial advisors. In addition, the Company may determine to suspend this Plan due to regulatory changes, changes in law or if the Company becomes aware of undisclosed material information that it believes should be publicly disclosed before shares are repurchased. Once this Plan is suspended, the Company's board of trustees will be required to consider at least quarterly whether the continued suspension of the Plan is in the best interests of the Company and its Shareholders. The Company's board of trustees must affirmatively authorize the recommencement of this Plan before Shareholder requests will be considered again. The Company's board of trustees cannot terminate this Plan absent a liquidity event which results in Shareholders receiving cash or securities listed on a national securities exchange or where otherwise required by law.

As described in the Company's confidential private placement memorandum, shares held by the Adviser acquired as payment of the Adviser's management fee or held by a Special Limited Partner for its performance participation interest will not be subject to this Plan, the Early Repurchase Deduction or the calculation of NAV. Shareholders who are exchanging a class of the Company's shares for an equivalent aggregate NAV of another class of the Company's shares will not be subject to, and will not be treated as repurchases for the calculation of, the 5% quarterly limitations on repurchases and will not be subject to the Early Repurchase Deduction.

***Early Repurchase Deduction***

------

There is no minimum holding period for shares of the Company's common shares and Shareholders can request that the Company repurchase their shares at any time. However, subject to limited exceptions, shares that have not been outstanding for at least one year will be repurchased at 98% of the Transaction Price (an "Early Repurchase Deduction") on the applicable Repurchase Date. Shareholders who have received shares of the Company's common shares in exchange for their Operating Partnership units may include the period of time such Shareholder held such Operating Partnership units for purposes of calculating the holding period for such common shares. This Early Repurchase Deduction will also generally apply to minimum account repurchases. The Early Repurchase Deduction will not apply to shares acquired through the Company's distribution reinvestment plan.

The Company may, from time to time, waive the Early Repurchase Deduction in the following circumstances (subject to the conditions described below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• repurchases resulting from death or qualifying disability; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if a Shareholder's shares are repurchased because such Shareholder has failed to maintain the $500 minimum account balance.

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As set forth above, the Company may waive the Early Repurchase Deduction in respect of repurchase of shares resulting from the death or qualifying disability (as such term is defined in Section 72(m)(7) of the Code) of a Shareholder who is a natural person, including shares held by such Shareholder through a trust or an IRA or other retirement or profit-sharing plan, after (i) in the case of death, receiving written notice from the estate of the Shareholder, the recipient of the shares through bequest or inheritance, or, in the case of a trust, the trustee of such trust, who shall have the sole ability to request repurchase on behalf of the trust or (ii) in the case of qualified disability, receiving written notice from such Shareholder along with a physician's certification of disability as defined in Section 72(m)(7) of the Code, provided that the condition causing the qualifying disability was not preexisting on the date that the Shareholder became a Shareholder. The Company must receive the written repurchase request within 12 months after the death of the Shareholder or the initial determination of the Shareholder's disability in order for the requesting party to rely on any of the special treatment described above that may be afforded in the event of the death or disability of a Shareholder. In the case of death, such a written request must be accompanied by a certified copy of the official death certificate of the Shareholder. If spouses are joint registered holders of shares, the request to have the shares repurchased may be made if either of the registered holders dies or acquires a qualified disability. If the Shareholder is not a natural person, such as certain trusts or a partnership, corporation or other similar entity, the right to waiver of the Early Repurchase Deduction upon death or disability does not apply.

In addition, the Company may sell shares to (i) certain vehicles that as an investment strategy make secondary investments in the Company (i.e., "fund of fund" vehicles) and (ii) feeder vehicles primarily created to hold the Company's shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such "fund of fund" and feeder vehicles and similar arrangements in certain markets, the Company in its discretion may not apply the Early Repurchase Deduction to certain "fund of fund" or feeder vehicles or their respective underlying investors, often because of administrative or systems limitations. Further, the Company will not apply the Early Repurchase Deduction on repurchases of the Company's common shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by the Company.

***Items of Note***

When requesting to have shares repurchased, Shareholders should note the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if a Shareholder requests that some but not all of his or her shares be repurchased, such Shareholder should keep his or her balance above $500 to avoid minimum account repurchase, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shareholders will not receive interest on amounts represented by uncashed repurchase checks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• under applicable anti-money laundering regulations and other federal regulations, repurchase requests may be suspended, restricted or canceled and the proceeds may be withheld; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all common shares of the Company requested to be repurchased must be beneficially owned by the Shareholder of record making the request or his or her estate, heir or beneficiary, or the party requesting the repurchase must be authorized to do so by the Shareholder of record of the shares or his or her estate, heir or beneficiary, and such common shares must be fully transferable and not subject to any liens or encumbrances. In certain cases, the Company may ask the requesting party to provide evidence satisfactory to the Company that the shares requested for repurchase are not subject to any liens or encumbrances. If the Company determines that a lien exists against the shares, the Company will not be obligated to repurchase any shares subject to the lien.

IRS regulations require the Company to determine and disclose on Form 1099-B the adjusted cost basis for the Company's shares sold or repurchased. The Company will utilize the first-in-first-out method for determining the adjusted cost basis.

**Mail Instructions**

------

The Company and its transfer agent will not be responsible for the authenticity of mail instructions or losses, if any, resulting from unauthorized shareholder transactions if they reasonably believe that such instructions were genuine. The Company's transfer agent has established reasonable procedures to confirm that instructions are genuine including requiring the Shareholder to provide certain specific identifying information on file and sending written confirmation to Shareholders of record. Failure by the Shareholder, or its agent to notify the Company's transfer agent in a timely manner, but in no event more than 60 days from receipt of such confirmation, that the instructions were not properly acted upon or any other discrepancy will relieve the Company, the Company's transfer agent and the financial advisor of any liability with respect to the discrepancy.

[REPURCHASE AUTHORIZATION FORM FOLLOWS]

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![image_0.jpg](image_0.jpg)

## Exhibit 10.1

**Exhibit 10.1**

**<u>INCREMENTAL REVOLVING CREDIT COMMITMENT ASSUMPTION AGREEMENT</u>**

THIS INCREMENTAL REVOLVING CREDIT COMMITMENT ASSUMPTION AGREEMENT, dated as of July 23, 2025 (this "<u>Agreement</u>"), is among BLUE OWL NLT OPERATING PARTNERSHIP LP (f/k/a OAKTRUST OPERATING PARTNERSHIP L.P.), a Delaware limited partnership (the "<u>Borrower</u>"), the other Loan Parties (as defined in the Credit Agreement (defined below)) solely for purpose of <u>Section VI</u> hereof, KEYBANK NATIONAL ASSOCIATION, as Agent for the Lenders (in such capacity, the "<u>Agent</u>"), and the Additional Lender (defined below).

**<u>RECITALS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Borrower, the lenders from time to time party thereto (the "<u>Lenders</u>") and the Agent are parties to the Amended and Restated Credit Agreement, dated as of June 12, 2025 (as amended, restated, modified or supplemented from time to time, the "<u>Credit Agreement</u>"). Terms used but not defined herein shall have the respective meanings ascribed thereto in the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Borrower has requested (i) an increase in the Dollar Revolving Credit Commitment (such increase in the Dollar Revolving Credit Commitment, the "<u>Incremental Dollar Revolving Commitment</u>") and (ii) an increase in the Alternative Currency Revolving Commitment (such increase in the Alternative Currency Revolving Commitment, the "<u>Incremental Alternative Currency Revolving Commitment</u>" and, together with the Incremental Dollar Revolving Commitment, the "<u>Incremental Commitments</u>") pursuant to <u>Section 2.11</u> of the Credit Agreement as more particularly set forth herein, and the Additional Lender (defined below) has agreed to provide such Incremental Commitments, subject to the terms and conditions set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

I.<u>COMMITMENTS</u>. Standard Chartered Bank (the "<u>Additional Lender</u>") hereby commits on the terms set forth in this Agreement to make the Incremental Commitments in the principal amount set forth opposite the Additional Lender's name on <u>Schedule A</u> available to the Borrower on the Increase Effective Date (defined below) subject to the conditions precedent set forth in <u>Section III</u> below. After giving effect to the Incremental Commitments, the aggregate Revolving Credit Commitments shall be as set forth on <u>Schedule B</u> hereto. The Agent, the Borrower and the Additional Lender agree that as of the Increase Effective Date, the Additional Lender shall be a "Lender" for all purposes of the Credit Agreement and the other Loan Documents, including, without limitation, this Agreement. The address of the Additional Lender for purposes of all notices and other communications under the Credit Agreement and the other Loan Documents is as set forth on the administrative questionnaire delivered by the Additional Lender to the Agent.

II.<u>REPRESENTATIONS</u>. The Borrower, on its own behalf and on behalf of the other Loan Parties, hereby represents, warrants and confirms that (a) the representations and warranties made or deemed made by the Borrower or any other Loan Party in the Credit Agreement and each other Loan Document to which such Loan Party is a party are true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) as of the date hereof, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances permitted

------

under the Credit Agreement, and (b) immediately before and after giving effect to this Agreement and the Incremental Commitments on the date hereof, no Default or Event of Default exists.

III.<u>CONDITIONS TO EFFECTIVENESS</u>. This Agreement will become effective on the first date (the "<u>Increase Effective Date</u>") on which the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The Agent shall have received counterparts of this Agreement executed and delivered by the Borrower, the other Loan Parties, the Additional Lender and the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.If so requested by the Additional Lender, the Agent shall have received Notes (as applicable) made by the Borrower and payable to the Additional Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.The Agent shall have received a certificate of each Loan Party, signed by an Authorized Officer of such Loan Party and dated as of the Increase Effective Date, certifying (i) that attached thereto is a true and complete copy of each organizational document of such entity certified (to the extent applicable) as of a recent date by the Secretary of State of the state of its incorporation or organization, as the case may be, (ii) that attached thereto is a true and complete copy of resolutions duly adopted by the board of directors, managers, or other applicable governing body of such entity authorizing the Incremental Commitments and the execution, delivery and performance of the documents executed in connection with this Agreement, (iii) that attached thereto is a certificate of good standing or certificate of similar meaning (to the extent such concept is applicable in the applicable jurisdiction) with respect to each such entity issued as of a recent date by the Secretary of State of the state of its incorporation or organization, as the case may be (or, in the case of each Guarantor, a bringdown good standing letter to accompany the certificate of good standing for such Person delivered to the Agent on the Closing Date), (iv) as to the incumbency and specimen signature of each officer executing any documents delivered in connection with this Agreement on behalf of such entity, and (v) in the case of the Borrower, that (x) the representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) as of the Increase Effective Date, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances permitted under the Credit Agreement, and (y) no Default or Event of Default exists; <u>provided</u> that in the case of the certificate delivered with respect to any Loan Party, such certificate can certify that there have been no changes to such documents or items described in the foregoing clauses (i) or (iv) since the most recent delivery thereof to the Agent on or after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.The Agent shall have received a customary written opinion addressed to the Lenders and the Agent and dated as of the Increase Effective Date from counsel to the Borrower and each Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.The Borrower shall have paid all fees that are due and payable under any applicable Fee Letter by and among the Borrower, the Agent and/or the Additional Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.The Agent shall have received all other amounts due and payable by the Borrower to the Agent pursuant to any Loan Document on or prior to the date hereof, including, to the extent

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invoiced, reimbursement or payment of all out of pocket expenses required pursuant to the terms of the Credit Agreement to be reimbursed or paid by the Borrower in connection herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.After giving effect to this Agreement, the Borrower is in compliance with the requirements of <u>Sections 2.11(e)</u> of the Credit Agreement.

IV.<u>TERMS GENERALLY</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Other than as set forth herein, for all purposes under the Credit Agreement and the other Loan Documents, (i) the Incremental Dollar Revolving Commitment and any Loan made using the Incremental Dollar Revolving Commitment (such Loans, the "<u>Incremental Dollar Revolving Loans</u>") shall have the same terms as the initial Dollar Revolving Credit Commitments and initial Dollar Revolving Credit Loans, respectively, and shall be treated for all terms and conditions as the same Class of Commitments and Loans, as applicable, as the initial Dollar Revolving Credit Commitments and initial Dollar Revolving Credit Loans, as applicable, and (ii) the Incremental Alternative Currency Revolving Commitment and any Loan made using the Incremental Alternative Currency Revolving Commitment (such Loans, the "<u>Incremental Alternative Currency Revolving Loans</u>") shall have the same terms as the initial Alternative Currency Revolving Commitments and initial Alternative Currency Loans, respectively, and shall be treated for all terms and conditions as the same Class of Commitments and Loans, as applicable, as the initial Alternative Currency Revolving Commitments and initial Alternative Currency Loans, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Upon the occurrence of the Increase Effective Date, (i) the Incremental Dollar Revolving Commitment and any Incremental Dollar Revolving Loans shall automatically and without further action by any Person constitute, for all purposes of the Credit Agreement and the other Loan Documents, Dollar Revolving Credit Commitments and Dollar Revolving Credit Loans, respectively, and (ii) the Incremental Alternative Currency Revolving Commitment and any Incremental Alternative Currency Revolving Loans shall automatically and without further action by any Person constitute, for all purposes of the Credit Agreement and the other Loan Documents, Alternative Currency Revolving Commitments and Alternative Currency Loans, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.The Agent shall take any and all action as may be reasonably necessary to ensure that (i) the Incremental Dollar Revolving Commitment and the Incremental Dollar Revolving Loans are included in each repayment or commitment reduction, as applicable, of Dollar Revolving Credit Commitments and Dollar Revolving Credit Loans, as applicable, on a pro rata basis, and (ii) the Incremental Alternative Currency Revolving Commitment and the Incremental Alternative Currency Revolving Loans are included in each repayment or commitment reduction, as applicable, of Alternative Currency Revolving Commitments and Alternative Currency Loans, as applicable, on a pro rata basis.

V.<u>CREDIT AGREEMENT GOVERNS</u>. Notwithstanding anything to the contrary set forth in this Agreement, the Credit Agreement or the other Loan Documents and for the avoidance of doubt, the obligation of the Additional Lender to make (i) its Incremental Commitments available, in each case, on the Increase Effective Date shall be subject to the satisfaction or waiver of the conditions set forth in <u>Section III</u> above, and (ii) its portion of Dollar Revolving Credit Loans and Alternative Currency Loans from time to time thereafter shall be subject to the terms and conditions of the Credit Agreement applicable to Dollar Revolving Credit Loans and Alternative Currency Loans, respectively.

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VI.<u>CONFIRMATION OF GUARANTY</u>. Each Loan Party (a) confirms its obligations under the Guaranty to which it is a party, (b) confirms that the obligations under the Credit Agreement as modified hereby (including, without limitation, the Incremental Commitments) constitute "Obligations" (as defined in the Credit Agreement), (c) confirms its guarantee of the Obligations under the Guaranty to which it is a party, (d) confirms that the Obligations under the Credit Agreement as modified hereby are entitled to the benefits of the guarantee set forth in the Guaranty to which it is a party, and (e) agrees that the Credit Agreement as modified hereby is the Credit Agreement under and for all purposes of the Guaranty to which it is a party. Each Loan Party, by its execution of this Agreement, hereby confirms that the Obligations shall remain in full force and effect.

VII.<u>ADDITIONAL LENDER</u>. The Additional Lender (i) confirms that it has received a copy of the Credit Agreement, the other Loan Documents and any amendments and exhibits thereto, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; (ii) agrees that it has and will, independently and without reliance upon the Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in entering into the Credit Agreement and this Agreement, and in taking or not taking action under the Credit Agreement; (iii) appoints and authorizes the Agent to take such actions as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to the Agent, as the case may be, by the terms thereof, together with such powers as are reasonably incidental thereto; and (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender. Upon the Increase Effective Date, the Additional Lender shall make available to the Agent, in accordance with Section 2.11(d) of the Credit Agreement, (x) Dollar Revolving Credit Loans in an amount sufficient to cause the outstanding Dollar Revolving Credit Loans then held by all Dollar Revolving Credit Lenders to be repaid such that the outstanding Dollar Revolving Credit Loans held by each Dollar Revolving Credit Lender (including the Additional Lender) following such repayment are pro rata in accordance with the Dollar Revolving Credit Commitment of each such Dollar Revolving Credit Lender after giving effect to this Agreement, and (y) Alternative Currency Loans in an amount sufficient to cause the outstanding Alternative Currency Loans then held by all Alternative Currency Revolving Lenders to be repaid such that the outstanding Alternative Currency Loans held by each Alternative Currency Revolving Lender (including the Additional Lender) following such repayment are pro rata in accordance with the Alternative Currency Revolving Commitment of each such Alternative Currency Revolving Lender after giving effect to this Agreement.

VIII.<u>MISCELLANEOUS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Each party hereto agrees that, except as specifically amended hereby, the Loan Documents shall remain unmodified and in full force and effect. The execution, delivery and effectiveness of this Agreement shall not operate as a waiver of any right, power or remedy of any Lender or the Agent under any of the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.On and after the date hereof, references in the Credit Agreement or in any other Loan Document to the Loan Documents shall be deemed to be references to the Loan Documents as amended hereby and as further amended, restated, modified or supplemented from time to time. This Agreement shall constitute a Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the parties hereto may execute this Agreement by signing any such counterpart. Delivery of an executed counterpart of a signature page of this

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Agreement by facsimile or as an attachment to an electronic mail message in .pdf, .jpeg, .TIFF or similar electronic format shall be effective as delivery of a manually executed counterpart of this Agreement for all purposes. <u>Section 11.8</u> of the Credit Agreement is incorporated herein by reference, *mutatis mutandis*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.This Agreement shall be construed in accordance with and governed by the law of the State of New York. <u>Section 11.7</u> of the Credit Agreement is incorporated herein by reference, *mutatis mutandis*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.Any provision in this Agreement that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of this Agreement are declared to be severable.

[*Remainder of page intentionally blank*]

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&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of the date first above written.

**BORROWER:**

**BLUE OWL NLT OPERATING PARTNERSHIP LP**,

a Delaware limited partnership

By: **BLUE OWL REAL ESTATE NET LEASE TRUST**, its general partner

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Michael Reiter</u>

Name: Michael Reiter

Title: Chief Operating Officer

[Blue Owl NLT – Incremental Revolving Credit Commitment Assumption Agreement]

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**GUARANTORS:**

**BLUE OWL REAL ESTATE NET LEASE TRUST**,

a Maryland statutory trust

By: <u>/s/ Michael Reiter</u>

Name: Michael Reiter<br>Title: Chief Operating Officer

[Blue Owl NLT – Incremental Revolving Credit Commitment Assumption Agreement]

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**Project Pearl Pasco LLC** 

**Oak Trust Sub-REIT I, LLC**

**Oak Trust Sub-REIT II, LLC**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OT CB I Owner LLC**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OT MA Owner LLC** 

**Project Bronco Fayetteville LLC**

**ENBHOTX001 LLC**

**CHWSNJ001 LLC**

**TEN Portfolio Owner LLC**

**LOPLMI001 LLC**

**LOSTOH001 LLC**

**Project Oyster Pasco LLC**

**Project Pearl Pasco Holdings LLC** 

**ES ALIA Owner LLC**

**ES ATGA Owner LLC**

**ES CAGA Owner LLC, ES CAWY Owner LLC**

**ES CHWY Owner LLC**

**ES CSCO Owner LLC**

**ES COTN Owner LLC**

**ES CGWI Owner LLC**

**ES FMFL Owner LLC**

**ES GELA Owner LLC**

**ES GUMS Owner LLC**

**ES JOAR Owner LLC**

**ES LALA Owner LLC**

**ES LCFL Owner LLC**

**ES MAAL Owner LLC**

**ES MOAL Owner LLC**

**ES RHGA Owner LLC**

**ES SPSC Owner LLC**

**ES TROH Owner LLC**

**GMBEIL001 LLC**

**Project Maverick Calgary LLC**

**OT SM Owner A LLC**

**OT SM Owner B LLC**

**OT SM Owner C LLC**

**HILBAOH001 LLC**

**HILMTOH001 LLC**

**JCTANC001 LLC**

**JCHCTX001 LLC** 

**JCSANC001 LLC**

**DG ELKMONT LLC**

**DG LEESBURG LLC<br>DG HALEYVILLE LLC**

[Blue Owl NLT – Incremental Revolving Credit Commitment Assumption Agreement]

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**TSBRPA001 LLC**

**SB ORENT PORTFOLIO OWNER LLC**

**DG ORENT PORTFOLIO OWNER LLC**

**DG BARNEVELD LLC**

**WTCHRI001 LLC**

**WTNARI001 LLC**

**WTNKRI001 LLC** 

**WTWARI001 LLC**

**Blue Owl Real Estate Exchange TRS LLC,** 

**DG SAUQUOIT LLC<br>MVMCPA001 SM LLC<br>MVMOAL001 LLC**

each a Delaware limited liability company

By: BLUE OWL NLT OPERATING PARTNERSHIP LP, its managing member

By: BLUE OWL REAL ESTATE NET LEASE TRUST, its general partner

By: <u>/s/ Michael Reiter</u>

Name: Michael Reiter<br>Title: Chief Operating Officer

[Blue Owl NLT – Incremental Revolving Credit Commitment Assumption Agreement]

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**PAORON001 HOLDINGS ULC**, a British Columbia unlimited liability company

By: BLUE OWL NLT OPERATING PARTNERSHIP LP, its managing member

By: BLUE OWL REAL ESTATE NET LEASE TRUST, its general partner

By: <u>/s/ Michael Reiter</u> 

Name: Michael Reiter<br>Title: Chief Operating Officer

**DOCOON001 HOLDINGS ULC**, a British Columbia unlimited liability company

By: <u>/s/ Michael Reiter</u>

Name: Michael Reiter<br>Title: Chief Operating Officer

[Blue Owl NLT – Incremental Revolving Credit Commitment Assumption Agreement]

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**JCDOAL002 LLC**

**JCMLCA 002 LLC**

**JCLEIN002 LLC**

**JCPAKS002 LLC,** each a Delaware limited liability company

By: BLUE OWL NLT OPERATING PARTNERSHIP LP, its manager

By: BLUE OWL REAL ESTATE NET LEASE TRUST, its general partner

By: <u>/s/ Michael Reiter</u>

Name: Michael Reiter<br>Title: Chief Operating Officer

[Blue Owl NLT – Incremental Revolving Credit Commitment Assumption Agreement]

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**MGKY001 Owner LLC**, a Delaware limited liability company

By: OT MA OWNER LLC, its sole member

By: BLUE OWL NLT OPERATING PARTNERSHIP LP, its managing member

By: BLUE OWL REAL ESTATE NET LEASE TRUST, its general partner

By: <u>/s/ Michael Reiter</u>

Name: Michael Reiter<br>Title: Chief Operating Officer

[Blue Owl NLT – Incremental Revolving Credit Commitment Assumption Agreement]

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**OT WA OWNER LLC<br>WBCCTX001 LLC<br>WBHOTX003 LLC<br>WBHOTX004 LLC<br>WBKITX001 LLC<br>WBPLTX001 LLC<br>WBSATX001 LLC**,

**QCTSJCA001 LLC,** each a Delaware limited liability company

By: OAK TRUST SUB-REIT I, LLC, its sole member

By: BLUE OWL NLT OPERATING PARTNERSHIP LP, its member

By: BLUE OWL REAL ESTATE NET LEASE TRUST, its general partner

By: <u>/s/ Michael Reiter</u>

Name: Michael Reiter<br>Title: Chief Operating Officer

[Blue Owl NLT – Incremental Revolving Credit Commitment Assumption Agreement]

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**Mountain Portfolio Owner LLC**

**Mountain Portfolio Owner NC LLC**

**JCSEWA001 LLC,** each a Delaware limited liability company

By: OAK TRUST SUB-REIT II, LLC, its member

By: BLUE OWL NLT OPERATING PARTNERSHIP LP, its member

By: BLUE OWL REAL ESTATE NET LEASE TRUST, its general partner

By: <u>/s/ Michael Reiter</u>

Name: Michael Reiter<br>Title: Chief Operating Officer

[Blue Owl NLT – Incremental Revolving Credit Commitment Assumption Agreement]

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**CB Portfolio Owner LLC**

**CBPFTN001 LLC**

**CBMUTN001 LLC**

**CBLCTN001 LLC**

**CBLATN001 LLC**

**CBCRTN001 LLC**

**CBCOTN002 LLC**, each a Delaware limited liability company

By: OT CB I OWNER LLC, its sole member

By: BLUE OWL NLT OPERATING PARTNERSHIP LP, its managing member

By: BLUE OWL REAL ESTATE NET LEASE TRUST, its general partner

By: <u>/s/ Michael Reiter</u>

Name: Michael Reiter<br>Title: Chief Operating Officer

[Blue Owl NLT – Incremental Revolving Credit Commitment Assumption Agreement]

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**ES HUTX Owner LP** 

**ES SATX Owner LP**

**ESTX Portfolio Owner LP,** each a Delaware limited liability partnership

By: ESTX Portfolio Owner GP LLC, its general partner

By: BLUE OWL NLT OPERATING PARTNERSHIP LP, its shareholder

By: BLUE OWL REAL ESTATE NET LEASE TRUST, its general partner

By: <u>/s/ Michael Reiter</u>

Name: Michael Reiter<br>Title: Chief Operating Officer

[Blue Owl NLT – Incremental Revolving Credit Commitment Assumption Agreement]

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**Project Laser Huntsville LLC,** a Delaware limited liability company

By: PROJECT PEARL PASCO HOLDINGS LLC, its managing member

By: BLUE OWL NLT OPERATING PARTNERSHIP LP, its managing member

By: BLUE OWL REAL ESTATE NET LEASE TRUST, its general partner

By: <u>/s/ Michael Reiter</u>

Name: Michael Reiter<br>Title: Chief Operating Officer

[Blue Owl NLT – Incremental Revolving Credit Commitment Assumption Agreement]

------

**Project Maverick Calgary Holdings LLC,** a Delaware limited liability company

By: PROJECT MAVERICK CALGARY LLC, its managing member

By: BLUE OWL NLT OPERATING PARTNERSHIP LP, its managing member

By: BLUE OWL REAL ESTATE NET LEASE TRUST, its general partner

By: <u>/s/ Michael Reiter</u>

Name: Michael Reiter<br>Title: Chief Operating Officer

[Blue Owl NLT – Incremental Revolving Credit Commitment Assumption Agreement]

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**TENSKIL001 LLC,** a Delaware limited liability company

By: TEN PORTFOLIO OWNER LLC, its shareholder

By: BLUE OWL NLT OPERATING PARTNERSHIP LP, its shareholder

By: BLUE OWL REAL ESTATE NET LEASE TRUST, its general partner

By: <u>/s/ Michael Reiter</u>

Name: Michael Reiter<br>Title: Chief Operating Officer

[Blue Owl NLT – Incremental Revolving Credit Commitment Assumption Agreement]

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**SBALOK001 LLC**

**SBTUOK001 LLC,** each a Delaware limited liability company

By: SB ORENT PORTFOLIO OWNER LLC, its Shareholder

By: BLUE OWL NLT OPERATING PARTNERSHIP LP, its sole Member

By: BLUE OWL REAL ESTATE NET LEASE TRUST, its general partner

By: <u>/s/ Michael Reiter</u>

Name: Michael Reiter<br>Title: Chief Operating Officer

[Blue Owl NLT – Incremental Revolving Credit Commitment Assumption Agreement]

------

**DGPRWI001 LLC**

**DGGRWI001 LLC**

**DGACWI001 LLC**

**DGLSWI001 LLC** 

**DGPLWI001 LLC,** each a Delaware limited liability company

By: DG ORENT PORTFOLIO OWNER LLC, its sole Member

By: BLUE OWL NLT OPERATING PARTNERSHIP LP, its sole Member

By: BLUE OWL REAL ESTATE NET LEASE TRUST, its general partner

By: <u>/s/ Michael Reiter</u>

Name: Michael Reiter<br>Title: Chief Operating Officer

[Blue Owl NLT – Incremental Revolving Credit Commitment Assumption Agreement]

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**Blue Owl Real Estate Exchange LLC,** a Delaware limited liability company

By: BLUE OWL REAL ESTATE EXCHANGE TRS LLC, its Sole Member

By: BLUE OWL NLT OPERATING PARTNERSHIP LP, its sole Member

By: BLUE OWL REAL ESTATE NET LEASE TRUST, its general partner

By: <u>/s/ Michael Reiter</u>

Name: Michael Reiter<br>Title: Chief Operating Officer

[Blue Owl NLT – Incremental Revolving Credit Commitment Assumption Agreement]

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**Blue Owl Real Estate Exchange Depositor LLC,**

a Delaware limited liability company

By: : BLUE OWL REAL ESTATE EXCHANGE LLC, its Sole Member

By: BLUE OWL REAL ESTATE EXCHANGE TRS LLC, its Sole Member

By: BLUE OWL NLT OPERATING PARTNERSHIP LP, its sole Member

By: BLUE OWL REAL ESTATE NET LEASE TRUST, its general partner

By: <u>/s/ Michael Reiter</u> 

Name: Michael Reiter<br>Title: Chief Operating Officer

[Blue Owl NLT – Incremental Revolving Credit Commitment Assumption Agreement]

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**&nbsp;&nbsp;&nbsp;&nbsp;MVMCPA001 LLC,** 

**&nbsp;&nbsp;&nbsp;&nbsp;**a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;By: **Blue Owl NLT Operating Partnership LP**, a Delaware limited partnership, its shareholder

&nbsp;&nbsp;&nbsp;&nbsp;By: **Blue Owl Real Estate Net Lease Trust,** a Maryland statutory trust, its general partner

&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Michael Reiter</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name: Michael Reiter

&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Operating Officer

&nbsp;&nbsp;&nbsp;&nbsp;By: **MVMCPA001 SM LLC**, a Delaware limited liability company, its shareholder

By: **Blue Owl NLT Operating Partnership LP**, a Delaware limited partnership, its sole member

&nbsp;&nbsp;&nbsp;&nbsp;By: **Blue Owl Real Estate Net Lease Trust,** a Maryland statutory trust, its general partner

&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Michael Reiter</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name: Michael Reiter

&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Operating Officer

**&nbsp;&nbsp;&nbsp;&nbsp;**

[Blue Owl NLT – Incremental Revolving Credit Commitment Assumption Agreement]

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**KEYBANK NATIONAL ASSOCIATION**, as Agent

By: <u>/s/ Joshua Mayers</u>

Name: Joshua Mayers&nbsp;&nbsp;&nbsp;&nbsp;

Title: Senior Vice President &nbsp;&nbsp;&nbsp;&nbsp;

[Blue Owl NLT – Incremental Revolving Credit Commitment Assumption Agreement]

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**STANDARD CHARTERED BANK**, as a Lender

By: <u>/s/ Noubar Sofoian</u>

Name: Noubar Sofoian&nbsp;&nbsp;&nbsp;&nbsp;

Title: Executive Director, CRE Americas&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 10.2

**Exhibit 10.2**

BLUE OWL REAL ESTATE NET LEASE TRUST

**SECOND AMENDED AND RESTATED DEALER MANAGER AGREEMENT**

November 7, 2025

Blue Owl Real Estate Net Lease Trust

150 N Riverside Plaza, 37th Floor

Chicago, IL 60606

Ladies and Gentlemen:

Blue Owl Real Estate Net Lease Trust, a Maryland statutory Trust (the "<u>Trust</u>"), that intends to satisfy the requirements of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>") for qualification and taxation of the Trust as a real estate investment trust ("<u>REIT</u>"), is conducting a private placement offering (the "<u>Offering</u>") in accordance with Rule 506(b) of Regulation D under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), of Class S, Class N, Class D and/or Class I common shares of beneficial interest (the "<u>Shares</u>"). Blue Owl Securities LLC, as the managing dealer (the "<u>Dealer Manager</u>"), and the broker-dealers participating in the offering (the "<u>Participating Broker-Dealers</u>") will solicit subscriptions pursuant to which investors will invest in Shares, from time to time. Such solicitations will be made by the Dealer Manager and any Participating Broker-Dealer on a "best efforts" basis. Investments will be solicited (i) in the United States only to U.S. persons who are "accredited investors" within the meaning of Regulation D under Securities Act and (ii) outside the United States in accordance with Regulation S under the Securities Act and pursuant to the laws, rules, and regulations applicable to the offer and sale of Shares in the applicable non-U.S. jurisdiction. Terms not otherwise defined herein shall have the same meaning as in the Private Placement Memorandum, as that term is defined in Section 1.1 below.

The Trust entered into the second amended and restated investment advisory agreement (the "<u>Second A&R Investment Advisory Agreement</u>"), with Blue Owl Real Estate Capital LLC, an Illinois limited liability company registered as an investment adviser (the "<u>Adviser</u>") under the Investment Advisers Act of 1940, as amended, and the rules and regulations thereunder (collectively, the "<u>Advisers Act</u>") on March 13, 2024.

The Trust and the Adviser hereby enter into this second amended and restated agreement (this "<u>A&R Agreement</u>") with the Dealer Manager, as follows:

1.<u>Representations and Warranties of the Trust and the Adviser</u>.

The Trust and the Adviser hereby represent and warrant to the Dealer Manager and each Participating Broker-Dealer with whom the Dealer Manager has entered into or will enter into a Participating Broker-Dealer Agreement (the "<u>Participating Broker-Dealer Agreement</u>") in substantially the form attached as <u>Exhibit A</u> to this Agreement (or such other form as shall be approved in writing by the Trust) that, as of the date hereof and at all times during the Offering (provided that, to the extent such representations and warranties are given only as of a specified date or dates, the Trust and the Adviser only make such representations and warranties as of such date or dates):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.The Shares have not been registered under the Securities Act, the securities laws of any state or the securities laws of any other jurisdiction, but will be offered and sold in reliance on an exemption from the registration requirements of the Securities Act and any other applicable laws pursuant to the confidential private placement memorandum dated as of March 2025 and amended or supplemented from time to time (the "<u>Private Placement Memorandum</u>"). The Shares are being offered and sold (i) in the United States under the exemption provided by Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D promulgated thereunder and other exemptions of similar import in the laws of the states and jurisdictions where the Offering will be made, to U.S. persons who are "accredited investors" within the meaning of Regulation D under the Securities Act, and (ii) outside the United States in accordance with Regulation S under the Securities Act. As of the date hereof, no jurisdiction in which the Shares have been or will be offered or sold has issued any notification with respect to the suspension of the qualification of the Shares

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for sale in such jurisdiction and no proceedings for that purpose have been instituted or are pending or, to the knowledge of the Trust, threatened. The Trust is in compliance in all material respects with all federal and state securities laws, rules and regulations applicable to it and its activities, including, without limitation, with respect to the Offering and the sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.The Private Placement Memorandum does not, and any amendments thereto will not, contain an untrue statement of material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading; *provided, however,* that the Trust and the Adviser make no warranty or representation with respect to any statement contained in the Private Placement Memorandum, or any amendments or supplements thereto, made in reliance upon and in conformity with information furnished in writing to the Trust by the Dealer Manager or any Participating Broker-Dealer expressly for use in the Private Placement Memorandum or any amendments or supplements thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.The Second A&R Investment Advisory Agreement has been duly authorized, executed and delivered by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.The Trust is a statutory trust duly organized, validly existing and in good standing under the laws of the State of Maryland, and is in good standing with the State Department of Assessments and Taxation of Maryland, with full power and authority to conduct its business as described in the Private Placement Memorandum and to enter into this Agreement and to perform the transactions contemplated hereby; this Agreement has been duly authorized, executed and delivered by the Trust and, assuming due authorization, execution and delivery by the Adviser and the Dealer Manager, is a legal, valid and binding agreement of the Trust enforceable against the Trust in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting creditors' rights generally, and by general equitable principles, and except to the extent that the enforceability of the indemnity and contribution provisions contained in Section 5 of this Agreement may be limited under applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.The Trust has qualified to do business and is in good standing in every jurisdiction in which the conduct of its business, as described in the Private Placement Memorandum, requires such qualification, except where the failure to do so would not have a material adverse effect on the condition, financial or otherwise, results of operations or cash flows of the Trust (a "<u>Trust Material Adverse Effect</u>"). The Adviser has qualified to do business and is in good standing in every jurisdiction in which the conduct of its business, as described in the Private Placement Memorandum, requires such qualification, except where the failure to do so would not have a material adverse effect on the condition, financial or otherwise, results of operations or cash flows of the Adviser or would materially and adversely affect the regulatory status of the Adviser such that the Adviser would be prevented from carrying out its obligations under the Second A&R Investment Advisory Agreement (an "<u>Adviser Material Adverse Effect</u>" and each of an Adviser Material Adverse Effect and a Trust Material Adverse Effect, as applicable to the Trust or the Adviser, a "<u>Material Adverse Effect</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6.The Adviser is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Illinois with full power and authority to conduct its business as described in the Private Placement Memorandum and to enter into this Agreement and to perform the transactions contemplated hereby; this Agreement has been duly authorized, executed and delivered by the Adviser and, assuming due authorization, execution and delivery by the Trust and the Dealer Manager, is a legal, valid and binding agreement of the Adviser enforceable against the Adviser in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting creditors' rights generally, and by general equitable principles, and except to the extent that the enforceability of the indemnity and contribution provisions contained in Section 5 of this Agreement may be limited under applicable securities laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.The Shares conform in all material respects to the description of the Shares contained in the Private Placement Memorandum. As of the date hereof, the Trust has authorized an unlimited number of Shares. As of the date hereof, all the issued and outstanding Shares are fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8.The Trust is not in violation of its certificate of trust, its declaration of trust, or its bylaws and the execution and delivery of this Agreement, the issuance, sale and delivery of the Shares, the consummation of the transactions herein contemplated and compliance with the terms of this Agreement by the Trust will not violate the terms of or constitute a default under: (a) its certificate of trust, declaration of trust or bylaws; or (b) any indenture, mortgage, deed of trust, lease or other material agreement to which the Trust is a party; or (c) any law, rule or regulation applicable to the Trust; or (d) any writ, injunction or decree of any government, governmental instrumentality or court, domestic or foreign, having jurisdiction over the Trust except, in the cases of clauses (b), (c) and (d), for such violations or defaults that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9.The Adviser is not in violation of its certificate of formation or its limited liability company agreement and the execution and delivery of this Agreement, the consummation of the transactions herein contemplated and compliance with the terms of this Agreement by the Adviser will not violate the terms of or constitute a default under: (a) its certificate of formation or limited liability company agreement; or (b) any indenture, mortgage, deed of trust, lease or other material agreement to which the Adviser is a party; or (c) any law, rule or regulation applicable to the Adviser; or (d) any writ, injunction or decree of any government, governmental instrumentality or court, domestic or foreign, having jurisdiction over the Adviser except, in the cases of clauses (b), (c) and (d), for such violations or defaults that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10.The Trust intends to conduct its business so as not to be an "investment company" as that term is defined in the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, and it will exercise reasonable diligence to ensure that it does not become an "investment company" within the meaning of the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.The terms of the Second A&R Investment Advisory Agreement, including compensation terms, will comply in all material respects with all applicable provisions of the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12.The approval of the Second A&R Investment Advisory Agreement by the board of trustees of the Trust has been made in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13.Except as have been obtained or waived, no material consent, approval, authorization or other order of any governmental authority is required in connection with the execution or delivery by the Trust of this Agreement or the issuance and sale by the Trust of the Shares, except (a) any necessary qualification under the securities or blue sky laws of the jurisdictions in which the Shares are being offered by the Dealer Manager and the Participating Broker-Dealers; and (b) any necessary qualification or notice under the conduct rules set forth in the Financial Industry Regulatory Authority, Inc. ("<u>FINRA</u>") rulebook (the "<u>FINRA Rules</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14.There are no actions, suits or proceedings pending or, to the knowledge of the Trust or the Adviser, respectively, threatened against either the Trust or the Adviser, respectively, at law or in equity or before or by any federal or state commission, regulatory body, or administrative agency or other governmental body, domestic or foreign, which would have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15.The issuance and sale of the Shares have been duly authorized by the Trust, and, when issued and duly delivered against payment therefor as contemplated by the Private Placement Memorandum and the Subscription Agreement substantially in the form attached as an Appendix to the Private Placement Memorandum (the "<u>Subscription Agreement</u>"), the Shares will be validly issued, fully paid and non-assessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, and the issuance and sale of the Shares by the Trust are not subject to preemptive or other similar rights arising by

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operation of law, under the declaration of trust or bylaws of the Trust or under any agreement to which the Trust is a party or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16.When applicable, the financial statements of the Trust to be included in a registration statement on Form 10 (the "<u>Form 10</u>") and included or to be included in the Trust's periodic reports filed pursuant to the U.S. Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), together with the related notes, will present fairly, in all material respects, the financial position of the Trust, as of the date specified, in conformity with generally accepted accounting principles applied on a consistent basis and in conformity with Regulation S-X of the U.S. Securities and Exchange Commission (the "<u>SEC</u>"), except as described in the notes thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17.When applicable, the independent accounting firm that will have audited and certified any financial statements included in the Form 10 or to be included in the Trust's Annual Report on Form 10-K or any amendments thereto, shall be, as of the applicable dates thereof, and shall have been during the periods covered by their report included therein, independent registered public accountants as required by the Securities Act and the rules and regulations of the Public Company Accounting Oversight Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18.Since the respective dates as of which information is given in the Private Placement Memorandum or any amendments or supplements thereto, there has not been any event or development which could reasonably be seen as having a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19.All of the Trust's material contracts or other documents are accurately described in all material respects in the Private Placement Memorandum. The agreements to which either the Trust or the Adviser is a party which are described in Private Placement Memorandum are valid and enforceable in all material respects by the Trust or the Adviser except as enforceability may be limited by bankruptcy, reorganization, moratorium or similar laws affecting the enforceability of creditors' rights generally and rules of law governing specific performance, injunctive relief and other equitable remedies, and, to the best of the Trust's and the Adviser's knowledge, no party thereto is in breach or default under any of such agreements except where such breach or default would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20.The Trust has, and, to the knowledge of the Trust, all of the Trust's trustees or officers in their capacities as such have, complied in all material respects with any applicable provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.Neither the Trust nor, to the knowledge of the Trust, any trustee, officer, employee or affiliate of the Trust is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22.When applicable, the Trust expects to implement and maintain controls and other procedures that will be designed to ensure that information required to be disclosed by the Trust in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms, and is accumulated and communicated to the Trust's management, including its chief executive officer and chief financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure; and the Trust will make and keep books, records and accounts which, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Trust; and the Trust expects to implement and maintain a system of internal accounting controls sufficient to provide reasonable assurances that: (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and, to the Trust's knowledge, neither the Trust nor the Adviser, nor any employee or agent thereof, has made any payment of funds of the Trust or the Adviser, as the case may be, or received or

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retained any funds, and no funds of the Trust have been set aside to be used for any payment, in each case in material violation of any law, rule or regulation applicable to the Trust or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23.No relationship, direct or indirect, exists between or among the Trust on the one hand, and the directors, trustees, officers and security holders of the Trust, the Adviser or their respective affiliates, on the other hand, which is required to be described in the Private Placement Memorandum and which is not so described.

2.<u>Covenants of the Trust and the Adviser</u>.

Each of the Trust and the Adviser hereby covenants and agrees, with respect to itself and for the benefit of the Dealer Manager that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.The Trust will promptly advise the Dealer Manager of the receipt of any comments of, or requests for additional or supplemental information from, the SEC and of any proposed amendment or supplement to the Private Placement Memorandum. Prior to amending or supplementing the Private Placement Memorandum the Trust shall furnish to the Dealer Manager for its review, a reasonable period of time prior to the proposed use thereof, a copy of each such proposed amendment or supplement. The Trust will file and amend a Form D in accordance with the rules and regulations of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.In addition to and apart from the Private Placement Memorandum, the Trust intends to furnish to all appropriate regulatory agencies and use printed sales literature or other materials in connection with the Offering prepared by the Trust, the Adviser or the Dealer Manager ("<u>Sales Literature</u>"). Such printed Sales Literature may include a brochure describing the Trust, as well as articles and publications about investment strategies applicable to the Trust. Such Sales Literature prepared by the Trust, the Adviser or the Dealer Manager, provided that the use of such Sales Literature has been approved for use by the Trust in writing by all applicable regulatory agencies, are referred to hereinafter as the "<u>Authorized Sales Materials</u>." If FINRA or any governmental agency (including, without limitation, any state securities regulator or commissioner, or any similar agency with respect to a non-U.S. jurisdiction) or other self-regulatory organization prohibits the use of any Sales Literature, the Trust shall promptly provide written notice of such fact to the Dealer Manager and the Adviser, and such notice shall specifically identify the prohibited Sales Literature. If the Trust uses Sales Literature in connection with the Offering prepared by the Trust, the Adviser or the Dealer Manager that is intended for "broker-dealer use only" or "advisor use only," the Dealer Manager shall use such materials in accordance with Section 4.4 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.The Trust will, at no expense to the Dealer Manager, furnish to the Dealer Manager and Participating Broker-Dealers designated by the Dealer Manager, as many copies as the Dealer Manager may reasonably request in connection with the sale of Shares of (a) the Private Placement Memorandum, including all amendments and exhibits thereto, and (b) the Authorized Sales Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.The Trust will use its commercially reasonable efforts to (a) qualify the Shares for sale under, or to establish the exemption of the sale of the Shares from qualification or registration under, the applicable state securities ("<u>blue sky</u>" laws), or the applicable laws of any non-U.S. jurisdiction, designated in <u>Exhibit B</u> hereto (the "<u>Qualified Jurisdictions</u>") and (b) maintain such qualifications or exemptions in effect throughout the Offering. In connection therewith, the Trust will prepare and file all such reports as may be required by the securities regulatory authorities in the Qualified Jurisdictions in which the Shares have been sold, provided that the Dealer Manager shall have provided the Trust with any information required for such filings or reports that is in the Dealer Manager's possession. The Trust will notify the Dealer Manager promptly following each date of (i) the effectiveness of qualification or exemption of Shares in any additional jurisdiction in which the sale of Shares has been authorized by appropriate state regulatory authorities; and (ii) a change in the status of the qualification or exemption of the Shares in any jurisdiction in any respect. The Trust will file and obtain clearance of the Authorized Sales Materials to the extent required by FINRA or applicable state securities laws. The Trust will furnish to the Dealer Manager a copy of such papers filed by the Trust in connection with any such qualification.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.If at any time when a Private Placement Memorandum is delivered to a potential investor any event occurs as a result of which, in the opinion of the Trust, the Private Placement Memorandum would include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they are made, not misleading, the Trust will promptly notify the Dealer Manager thereof (unless the information shall have been received from the Dealer Manager) and the Dealer Manager and the Participating Broker-Dealers shall suspend the Offering in accordance with Section 4.4 hereof until such time as the Trust, in its sole discretion (a) instructs the Dealer Manager to resume the Offering and (b) has prepared any required supplement to the Private Placement Memorandum as shall be necessary to correct such statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.The Trust is conducting the Offering as a private placement and shall not take any action that (i) causes the Offering to lose any exemption from registration with the SEC provided by Section 4(a)(2) of the Securities Act or any regulations promulgated thereunder or (ii) causes the Offering to lose its exemption from registration provided by Rule 506(b) of Regulation D under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.The Trust will apply the proceeds from the sale of the Shares as stated in the Private Placement Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8.The Trust will engage and maintain, at its expense, a registrar and transfer agent for the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.The Trust will operate in a manner so as to enable the Trust to qualify to be taxed as a REIT under the Code, for each taxable year during which it elects to be treated as a REIT under the Code; provided, however, that at the discretion of the Trust's board of trustees, it may elect to not be so treated.

3.<u>Payment of Expenses and Fees.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.The Trust agrees to pay all costs and expenses incident to the Offering, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, including expenses, fees and taxes in connection with: (a) the preparation of the Private Placement Memorandum (including without limitation financial statements, exhibits, schedules and consents) and any amendments or supplements thereto, and the printing and furnishing of copies of each thereof to the Dealer Manager and to Participating Broker-Dealers (including costs of mailing and shipment); (b) the preparation, issuance and delivery of certificates, if any, for the Shares, including any share or other transfer taxes or duties payable upon the sale of the Shares; (c) all fees and expenses of the Trust's legal counsel and the independent registered public accounting firm; (d) filings required under the federal securities laws (including, for the avoidance of doubt, Form D filings) or under state law, (e) the qualification of the Shares for sale under state laws in the states, or the non-U.S. laws in non-U.S. jurisdictions, including the Qualified Jurisdictions, that the Trust shall designate as appropriate and the determination of their eligibility for investment under state or non-U.S. law as aforesaid and the printing and furnishing of copies of any blue sky surveys or legal investment surveys to the Dealer Manager; (f) filing for review by FINRA of all necessary documents and information relating to the Offering and the Shares, as well as review of any Authorized Sales Materials (including the reasonable legal fees and filing fees and other disbursements of counsel relating thereto); (g) the fees and expenses of any transfer agent or registrar for the Shares and miscellaneous expenses referred to in the Private Placement Memorandum; (h) all costs and expenses incident to the travel and accommodation of the Trust's or Adviser's employees with respect to the Offering; and (i) the performance of the Trust's other obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.In addition, the Trust shall reimburse the Dealer Manager or Participating Broker-Dealers for reasonable out-of-pocket due diligence expenses incurred by the Dealer Manager or such Participating Broker-Dealer. Such due diligence expenses may include reasonable travel, lodging, meals and other reasonable out-of-pocket expenses incurred by the Dealer Manager or any Participating Broker-Dealer and their personnel when visiting the Trust's offices to verify information relating to the Trust. The Dealer Manager or any

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Participating Broker-Dealer shall provide to the Trust a detailed and itemized invoice for any such due diligence expenses.

4.<u>Obligations and Compensation of Dealer Manager.</u> The Dealer Manager hereby represents and warrants to, and covenants and agrees with the Trust and the Adviser (provided that, to the extent representations and warranties of the Trust and the Adviser are given only as of a specified date or dates, the Dealer Manager only makes such representations and warranties as of such date or dates), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.The Trust hereby appoints the Dealer Manager as its non-exclusive agent and distributor during the Offering to solicit subscriptions for the Shares upon the other terms and conditions set forth in, the Private Placement Memorandum and the Subscription Agreement, and the Dealer Manager agrees to use its best efforts to procure subscribers for the Shares during the Offering. It is expressly understood between the Dealer Manager and the Adviser that the Dealer Manager may cooperate with respect to the offering and sale of the Shares with other broker-dealers who are registered as broker-dealers with the SEC, members of FINRA and duly licensed by the appropriate regulatory agency of each jurisdiction in which they will conduct offers and sales of the Shares, or with broker-dealers exempt from all such registration requirements. Such other Participating Broker-Dealers may be retained by the Dealer Manager as brokers on terms and conditions identical or similar to this Agreement and shall receive such rates of compensation as are agreed to between the Dealer Manager and the respective other Participating Broker-Dealers and as are in accordance with the terms hereof. During the Offering, offers and sales of Shares pursuant to the terms of any Participating Broker-Dealer Agreement that are made to "benefit plan investors" (within the meaning of Section 3(12) of the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>")) or other investors who are or whose assets are subject to Title I of ERISA or Section 4975 of the Code must be properly and clearly identified to the Trust. At the Trust's request, the Dealer Manager will provide to the Trust a list of all investors and broker-dealers with whom the Dealer Manager has initiated oral or written discussions regarding the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.The Dealer Manager represents to the Trust that (i) it is a member of FINRA in good standing, (ii) it and its employees and representatives are properly registered and licensed as required by any applicable law, rule, or regulation to act under this Agreement, and (iii) it has established and implemented anti-money laundering compliance programs (the "<u>AML Program</u>") in accordance with applicable law, including applicable FINRA Rules, SEC rules and regulations ("<u>Commission Rules</u>") and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT Act) of 2001, as amended by the USA Patriot Improvement and Reauthorization Act of 2005 (the "<u>USA PATRIOT Act</u>"), specifically including, but not limited to, Section 352 of the International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001 (the "<u>Money Laundering Abatement Act</u>" and together with the USA PATRIOT Act, the "<u>AML Rules</u>") reasonably expected to detect and cause the reporting of suspicious transactions in connection with the offering and sale of the Shares. In addition, the Dealer Manager represents that it has established and implemented a program for compliance with all applicable regulations and programs ("<u>OFAC Program</u>") administered by the U.S. Department of the Treasury's Office of Foreign Assets Control ("<u>OFAC</u>") and will continue to maintain its OFAC Program during the term of this Agreement.

As of the date of this Agreement, the Dealer Manager is in compliance with all applicable AML Rules and OFAC requirements, specifically including, but not limited to, any Customer Identification Program requirements under Section 326 of the USA PATRIOT Act, and the Dealer Manager hereby agrees, upon request of the Trust, to provide an annual certification to the Trust that, as of the date of such certification (i) its AML Program and its OFAC Program are consistent with the AML Rules and OFAC Program requirements applicable to it, (ii) it has continued to implement its AML Program and its OFAC Program as applicable to it, and (iii) it is currently in compliance with all applicable AML Rules and OFAC Program requirements, specifically including, but not limited to, the Customer Identification Program requirements under Section 326 of the USA PATRIOT Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.With respect to its participation and the participation by each Participating Broker-Dealer in the Offering (including, without limitation, any resales and transfers of Shares), the Dealer Manager agrees, and, by virtue of entering into the Participating Broker-Dealer Agreement, each Participating Broker-Dealer shall have agreed, to comply and shall comply with all the applicable requirements under the Securities Act, Exchange Act, FINRA Rules, Regulation Best Interest under the Exchange Act, and any other applicable foreign, state or local securities or other laws or rules of any other applicable self-regulatory agency in offering and selling the Shares. The Dealer Manager agrees, and each Participating Broker-Dealer shall have agreed, to comply and shall comply with any applicable requirements with respect to its and each Participating Broker-Dealer's participation in any resales or transfers of the Shares. In addition, the Dealer Manager agrees, and each Participating Broker-Dealer shall have agreed, that should it or they assist with the resale or transfer of the Shares, it and each Participating Broker-Dealer will fully comply with all applicable FINRA Rules or Commission Rules or any other applicable Federal or state laws, including Regulation D under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.The Dealer Manager shall cause the Shares to be offered and sold only in each jurisdiction designated in <u>Exhibit B</u> hereto as "Qualified Jurisdictions", and in such additional jurisdictions as may be added thereto in which the offering and sale of Shares has been authorized by appropriate state or non-U.S. regulatory authorities. No Shares shall be offered or sold for the account of the Trust in any other jurisdictions. The Dealer Manager shall use and distribute in conjunction with the offer and sale of any Shares only the Private Placement Memorandum and the Authorized Sales Materials. The Authorized Sales Materials may only be furnished to prospective investors if accompanied or preceded by the Private Placement Memorandum. The Dealer Manager represents and warrants to the Trust that it will not (i) use any Sales Literature not authorized and approved by the Trust; (ii) use any "broker-dealer use only" or "advisor use only" materials with members of the public in connection with offers or sales or the Shares; or (iii) offer or sell Shares by means of any form of general solicitation or general advertisement, including but not limited to (A) any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio and (B) any seminar or meeting whose attendees have been invited by any general solicitation or general advertising. The Dealer Manager agrees to comply with all applicable requirements under the Securities Act, the Exchange Act, FINRA Rules, and any other foreign, state or local securities or other laws or rules of any other applicable self-regulatory organization in offering and selling Shares. The Dealer Manager agrees, and will cause the Participating Broker-Dealers to each agree, to suspend or terminate offering and sale of the Shares upon request of the Trust at any time and to resume offering and sale of the Shares upon subsequent request of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.The Dealer Manager has not taken and shall not take any action that (i) causes the Offering to lose any exemption from registration with the SEC provided by Section 4(a)(2) of the Securities Act or any regulations promulgated thereunder or (ii) causes the Offering to lose its exemption from registration provided by Rule 506(b) of Regulation D under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.Neither the Dealer Manager nor any of its affiliates, directors, executive officers, general partners, managing members, beneficial owners of 20% or more of the Dealer Manager's outstanding voting equity securities or promoters are or have been subject to any order, conviction, suspension, expulsion or other event which would bar the Trust from relying on Rule 506 pursuant to Rule 506(d) or which would require disclosure to prospective purchasers of securities in the Offering pursuant to Rule 506(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.In consideration for the services rendered by the Dealer Manager, the Trust agrees that it will pay to the Dealer Manager:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.1.Subject to the special circumstances described in or otherwise provided in this Agreement and provided in the "Plan of Distribution" section of the Private Placement Memorandum, which may be amended and restated from time to time, subject to the limitations set forth in Section 4.7.2 below, the Trust will pay to the Dealer Manager a servicing fee with respect to sales of Class S shares, Class N shares and Class D shares (the "<u>Servicing Fee</u>") and the Dealer Manager may charge or permit Participating Broker-Dealers to charge transaction or other fees, including upfront placement fees or

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brokerage commissions, all as described in <u>Schedule 1</u> to this Agreement. The Trust will pay the Servicing Fee to the Dealer Manager monthly in arrears. The Dealer Manager will reallow all or a portion of the Servicing Fee to any Participating Broker-Dealers who sold the Class S shares, Class N shares or Class D shares giving rise to a portion of such Servicing Fee to the extent the Participating Broker-Dealer Agreement with such Participating Broker-Dealer provides for such a reallowance and such Participating Broker-Dealer is in compliance with the terms of such Participating Broker-Dealer Agreement related to such reallowance. Notwithstanding the foregoing, subject to the terms of the Private Placement Memorandum, at such time as the Participating Broker-Dealer who sold the Class S shares, Class N shares or Class D shares giving rise to a portion of the Servicing Fee is no longer the broker-dealer of record with respect to such Class S shares, Class N shares or Class D shares or the Participating Broker-Dealer no longer satisfies any or all of the conditions in its Participating Broker-Dealer Agreement for the receipt of the Servicing Fee, then the Participating Broker-Dealer's entitlement to the Servicing Fees related to such Class S shares, Class N shares and/or Class D shares, as applicable, shall cease in, and the Participating Broker-Dealer shall not receive the Servicing Fee for, that month or any portion thereof (i.e., Servicing Fees are payable with respect to an entire month without any proration). Participating Broker-Dealer transfers will be made effective as of the start of the first business day of a month.

Thereafter, such Servicing Fees may be reallowed to the then-current broker-dealer of record of the Class S shares, Class N shares and/or Class D shares, as applicable, if any such broker-dealer of record has been designated (the "<u>Servicing Dealer</u>"), to the extent such Servicing Dealer has entered into a Participating Broker-Dealer Agreement or similar agreement with the Dealer Manager ("<u>Servicing Agreement</u>"), such Participating Broker-Dealer Agreement or Servicing Agreement with the Servicing Dealer provides for such reallowance and the Servicing Dealer is in compliance with the terms of such agreement related to such reallowance. In this regard, all determinations will be made by the Dealer Manager in good faith in its sole discretion. The Participating Broker-Dealer is not entitled to any Servicing Fee with respect to Class I shares. The Dealer Manager will also reallow some or all of the Servicing Fee to other broker-dealers who provide services with respect to the Shares (who shall be considered additional Servicing Dealers) pursuant to a Servicing Agreement with the Dealer Manager to the extent such Servicing Agreement provides for such reallowance and such additional Servicing Dealer is in compliance with the terms of such agreement related to such reallowance, in accordance with the terms of such Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.2.The Dealer Manager shall cease receiving the Servicing Fee with respect to any Class S share, Class N share or Class D share held in a shareholder's account at the end of the month in which the Dealer Manager, in conjunction with the transfer agent, determines that total transaction or other fees, including any upfront placement fees or brokerage commissions charged by the Participating Broker-Dealers as described in <u>Schedule 1</u> to this Agreement, and Servicing Fees paid with respect to the shares held by such shareholder within such account would exceed, in the aggregate, any agreed-upon amount of the gross proceeds from the sale of such Shares (including the gross proceeds of any shares issued under our distribution reinvestment plan with respect thereto). At the end of such month, each such Class S share, Class N share or Class D share shall automatically and without any action on the part of the holder thereof convert into a number of Class I shares (including any fractional shares), each with an equivalent aggregate net asset value per share as such share. In addition, the Dealer Manager will cease receiving the Servicing Fee on Class S shares, Class N shares and Class D shares in connection with the Offering upon the earlier to occur of the following: (i) a liquidity event, or (ii) the date following the completion of the Offering on which, in the aggregate, underwriting compensation from all sources in connection with such Offering, including any upfront placement fees or brokerage commissions charged by Participating Broker-Dealers as described in <u>Schedule 1</u> to this Agreement, the Servicing Fee and other underwriting compensation, reaches any agreed-upon amount of the gross proceeds from Shares sold in the Offering, as determined in good faith by the Dealer Manager in its sole discretion. For purposes of this Agreement, the portion of the Servicing Fee accruing with respect to Class S shares, Class N shares and Class D shares issued by the Trust during the term of the Offering, and not issued pursuant to a

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prior offering, shall be underwriting compensation with respect to the Offering and not with respect to any other offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.The Dealer Manager may reallow upfront placement fees or brokerage commissions, Servicing Fees or other underwriting compensation to the Participating Broker-Dealer who offered or sold the Shares giving rise to the upfront placement fees or brokerage commissions, Servicing Fees or other underwriting compensation, as described more fully in the Participating Broker-Dealer Agreement entered into with such Participating Broker-Dealer. The Adviser will not be liable or responsible to any Participating Broker-Dealer or Servicing Dealer for direct payment or reallowance of any upfront placement fees or brokerage commissions or Investor Servicing Fees to such Participating Broker-Dealer or Servicing Dealer, the payment or reallowance, as applicable, of any upfront placement fees or brokerage commissions or Servicing Fees to such Participating Broker-Dealer or Servicing Dealer being the sole and exclusive responsibility of the Dealer Manager. Notwithstanding the foregoing, at the discretion of the Adviser, the Adviser may act as agent of the Dealer Manager by making direct payment of upfront placement fees or brokerage commissions or Servicing Fees to Participating Broker-Dealers or Servicing Dealers on behalf of the Dealer Manager without incurring any liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9.The Trust will not be liable or responsible to any Participating Broker-Dealer for direct payment of Servicing Fees or other underwriting compensation to such Participating Broker-Dealer, it being the sole and exclusive responsibility of the Dealer Manager for payment of all such Servicing Fees or other underwriting compensation to Participating Broker-Dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10.The Dealer Manager represents and warrants to the Trust and the Adviser that the information regarding the Offering in the Private Placement Memorandum and all other information furnished to the Trust by the Dealer Manager in writing expressly for use in the Private Placement Memorandum or any amendment or supplement thereto, does not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11.Neither the Dealer Manager nor any of its directors, executive officers, general partners, managing members or other officers participating in the Offering, nor any of the directors, executive officers or other officers participating in the Offering of any such general partner or managing member, nor any other officers, employees or associated persons of the Dealer Manager or any such general partner or managing member that have been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the offer and sale of Shares (each, a "<u>Dealer Manager Covered Person</u>" and, together, "<u>Dealer Manager Covered Persons</u>"), is subject to any of the "Bad Actor" disqualifications ("<u>Disqualification Events</u>") set forth in Rule 506(d) of Regulation D under the Securities Act applicable to the Dealer Manager, or which would require disclosure to prospective purchasers of securities in the Offering pursuant to Rule 506(e), except for a Disqualification Event contemplated by Rule 506(d)(2) of the Securities Act, a description of which has been furnished in writing to the Trust prior to the date hereof. The "Bad Actor" disqualifications include, among other things: (1) criminal convictions and court injunctions and restraining orders issued in connection with the purchase or sale of a security or false filings with the SEC; (2) final orders from the Commodities Futures Trading Commission, federal banking agencies and certain other regulators that bar a person from associating with a regulated entity or engaging in the business of securities, insurance or banking or that are based on certain fraudulent conduct; (3) SEC disciplinary orders relating to investment advisers, brokers, dealers and their associated persons; (4) SEC cease-and-desist orders relating to violations of certain anti-fraud provisions and registration requirements of the federal securities laws; (5) suspensions or expulsions from membership in a self-regulatory organization ("<u>SRO</u>") or from association with an SRO member; and (6) U.S. Postal Service false representation orders. To the extent permitted by applicable law and without disclosing any non-public personal information regarding any Dealer Manager Covered Person, the Dealer Manager will promptly notify the Trust if it becomes aware of a Dealer Manager Covered Person who is or becomes the subject of a Disqualifying Event or determines that the Trust's exemption under Rule 506 is no longer available as a result of any Disqualifying Event.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12.In its agreements with Participating Broker-Dealers, the Dealer Manager will require each Participating Broker-Dealer to represent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12.1.it has exercised reasonable care, in accordance with section (e) of Rule 506, in making a factual inquiry into whether any Disqualifying Event exists with respect to the Participating Broker-Dealer or any of its directors, executive officers, general partners, managing members or other officers participating in the Offering, or any of the directors, executive officers or other officers participating in the Offering of any such general partner or managing member, or any other officers, employees or associated persons of the Participating Broker-Dealer or any such general partner or managing member that have been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the offer and sale of Shares (each, a "<u>Participating Broker-Dealer Covered Person</u>" and, together, "<u>Participating Broker-Dealer Covered Persons</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12.2.it shall make periodic factual inquiry as to the occurrence or existence of any Disqualifying Events with respect to itself and its Participating Broker-Dealer Covered Persons, and shall conduct such factual inquiry with reasonable care in accordance with subsection (d)(2)(iv) of Rule 506;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12.3.To the extent permitted by applicable law, it will promptly notify the Trust if it is or becomes subject to a Disqualifying Event or if it becomes aware that any of its Participating Broker-Dealer Covered Persons is or becomes the subject of a Disqualifying Event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12.4.If a Disqualifying Event occurs with respect to any of its Participating Broker-Dealer Covered Persons, the Trust shall have the right to terminate the Participating Broker-Dealer Agreement with effect from the date of the occurrence of the Disqualifying Event.

5.<u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.For the purposes of this Section 5, an entity's "<u>Indemnified Parties</u>" shall include such entity's officers, directors, trustees, employees, members, partners, agents and representatives, and each person, if any, who controls such entity within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.The Trust and the Adviser, severally and not jointly, will indemnify, defend (subject to Section 5.6) and hold harmless the Participating Broker-Dealers and the Dealer Manager, and their respective Indemnified Parties, from and against any losses, claims (including the reasonable cost of investigation), damages or liabilities (collectively, "<u>Losses</u>"), joint or several, to which such Participating Broker-Dealers or the Dealer Manager, or their respective Indemnified Parties, may become subject, under the Securities Act or the Exchange Act, or otherwise, insofar as such Losses (or actions in respect thereof) arise out of or are based upon (a) in whole or in part, any material inaccuracy in a representation or warranty contained herein by either the Trust or the Adviser, any material breach of a covenant contained herein by either the Trust or the Adviser, or any material failure by either the Trust or the Adviser to perform its obligations hereunder or to comply with state or federal securities laws applicable to the Offering, (b) any untrue statement or alleged untrue statement of a material fact contained (i) in the Private Placement Memorandum or (ii) in any Authorized Sales Materials, or (c) the omission or alleged omission to state a material fact required to be stated in the Private Placement Memorandum as necessary to make the statements therein not misleading, and the Trust and/or the Adviser will reimburse each Participating Broker-Dealer or Dealer Manager, and/or their respective Indemnified Parties, for any legal or other expenses reasonably incurred by such Participating Broker-Dealer or Dealer Manager, and/or their respective Indemnified Parties, in connection with investigating or defending such Loss or action; *provided, however*, that the Trust or the Adviser will not be liable in any such case to the extent that any such Loss arises out of, or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information furnished either (x) to the Trust or the Adviser by the Dealer Manager or (y) to the Trust, the Adviser or Dealer Manager by or

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on behalf of any Participating Broker-Dealer expressly for use in the Private Placement Memorandum. This indemnity agreement will be in addition to any liability which either the Trust or the Adviser may otherwise have.

Notwithstanding the foregoing, the indemnification and agreement to hold harmless provided in this Section 5.2 is further limited to the extent that no such indemnification by the Trust or the Adviser of a Participating Broker-Dealer or the Dealer Manager, or their respective Indemnified Parties, shall be permitted under this Agreement for, or arising out of, an alleged violation of federal or state securities laws by the Trust or the Adviser, unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against the particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which the securities were offered or sold as to indemnification for violations of securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.The Dealer Manager will indemnify, defend and hold harmless the Trust and the Adviser, and their respective Indemnified Parties, from and against any Losses to which the Trust, the Adviser or their respective Indemnified Parties may become subject, under the Securities Act or the Exchange Act, or otherwise, insofar as such Losses arise out of or are based upon (a) in whole or in part, any material inaccuracy in a representation or warranty contained herein by the Dealer Manager, any material breach of a covenant contained herein by the Dealer Manager or any material failure by the Dealer Manager to perform its obligations hereunder or other material violation by the Dealer Manager under this Agreement, (b) any untrue statement or any alleged untrue statement of a material fact contained (i) in the Private Placement Memorandum or any supplement thereto or (ii) in any Authorized Sales Materials, (c) the omission or alleged omission to state a material fact required to be stated in the Private Placement Memorandum as necessary to make the statements therein not misleading; *provided, however*, that in each case described in clauses (b) and (c), to the extent, but only to the extent, that such untrue statement or omission was made in reliance upon and in conformity with written information furnished to the Trust or the Adviser by the Dealer Manager specifically for use with reference to the Dealer Manager in the preparation of the Private Placement Memorandum, (d) any use of Sales Literature by the Dealer Manager not authorized or approved by the Trust or any use of "broker-dealer use only" or "advisor use only" materials with members of the public concerning the Shares by the Dealer Manager, (e) any untrue statement made by the Dealer Manager or its representatives or agents or omission to state a fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading in connection with the offer and sale of the Shares, (f) any failure by the Dealer Manager to comply with applicable laws governing money laundering abatement and anti-terrorist financing efforts, including applicable FINRA Rules, Commission Rules and the USA PATRIOT Act, or (g) any other failure by the Dealer Manager to comply with applicable FINRA Rule or Commission Rules. The Dealer Manager will reimburse the aforesaid parties in connection with investigation or defense of such Loss or action. This indemnity agreement will be in addition to any liability which the Dealer Manager may otherwise have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.Each Participating Broker-Dealer severally will indemnify, defend and hold harmless the Trust, the Adviser, the Dealer Manager, and each of their respective Indemnified Parties, from and against any Losses to which the Trust, the Adviser, the Dealer Manager, or any of their respective Indemnified Parties, may become subject, under the Securities Act or otherwise, insofar as such losses, claims (including the reasonable cost of investigation), damages or liabilities (or actions in respect thereof) arise out of or are based upon (a) in whole or in part, any material inaccuracy in a representation or warranty by the Participating Broker-Dealer, any material breach of a covenant by the Participating Broker-Dealer or any material failure by the Participating Broker-Dealer to perform its obligations hereunder or under the Participating Broker-Dealer Agreement, any other material violation by the Participating Broker-Dealer under this Agreement or under the Participating Broker-Dealer Agreement, (b) any untrue statement or

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alleged untrue statement of a material fact contained (i) in the Private Placement Memorandum or any supplement thereto or (ii) in any Authorized Sales Materials, (c) the omission or alleged omission to state a material fact required to be stated in the Private Placement Memorandum or necessary to make statements therein not misleading; *provided, however*, that in each case described in clauses (b) and (c), to the extent, but only to the extent, that such untrue statement or omission was made in reliance upon and in conformity with written information furnished to the Trust or the Adviser or the Dealer Manager by the Participating Broker-Dealer specifically for use with reference to the Participating Broker-Dealer in the Private Placement Memorandum, (d) any use of Sales Literature by the Participating Broker-Dealer not authorized or approved by the Trust or use of "broker-dealer use only" or "advisor use only" materials with members of the public concerning the Shares by such Participating Broker-Dealer or Participating Broker-Dealer's representatives or agents, (e) any untrue statement made by such Participating Broker-Dealer or its representatives or agents or omission to state a fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading in connection with the offer and sale of the Shares, (f) any failure by the Participating Broker-Dealer to comply with the Participating Broker-Dealer Agreement, (g) any failure of the Participating Broker-Dealer to comply with applicable laws governing money laundering abatement and anti-terrorist financing efforts, including applicable FINRA Rules, Commission Rules and the USA PATRIOT Act, or (h) any other failure by the Participating Broker-Dealer to comply with applicable FINRA Rules or Commission Rules or any other applicable Federal or state laws, including its failure to ensure the appropriate FINRA licensing credentials for its representatives. Each Participating Broker-Dealer will reimburse the aforesaid parties in connection with investigation or defense of such Loss or action. This indemnity agreement will be in addition to any liability which the Participating Broker-Dealer may otherwise have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.Promptly after receipt by an indemnified party under this Section 5 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 5, notify in writing the indemnifying party of the commencement thereof but failure to so notify the indemnifying party will not relieve the indemnifying party from any liability which the indemnifying party may have hereunder or otherwise, except to the extent that such failure materially prejudices the indemnifying party's rights. In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled, to the extent it may wish, jointly with any other indemnifying party similarly notified, to participate in the defense thereof, with separate counsel. Such participation shall not relieve such indemnifying party of the obligation to reimburse the indemnified party for reasonable legal and other expenses (subject to Section 5.6) incurred by such indemnified party in defending itself, except for such expenses incurred after the indemnifying party has deposited funds sufficient to effect the settlement, with prejudice, of the claim in respect of which indemnity is sought. Alternatively, at its sole option, the indemnifying party, jointly with any other indemnifying parties similarly notified, may assume the defense thereof. In any action or proceeding the defense of which the indemnifying party assumes, the indemnified party will have the right to participate in such litigation and to retain its own counsel at such indemnified party's own expense. Any such indemnifying party shall not be liable to any such indemnified party on account of any settlement of any claim or action effected without the prior written consent of such indemnifying party, which consent will not be unreasonably withheld or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.An indemnifying party under Section 5 of this Agreement shall be obligated to reimburse an indemnified party for reasonable legal and other expenses as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.1.In the case of the Trust and/or the Adviser indemnifying the Dealer Manager, the advancement of funds of the Trust to the Dealer Manager for legal expenses and other costs incurred as a result of any legal action for which indemnification is being sought shall be permissible only if all of the following conditions are satisfied: (i) the legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the Trust; (ii) the legal action is initiated by a third party who is not a shareholder of the Trust or the legal action is initiated by a shareholder of the Trust acting in his or her capacity as such and a court of competent jurisdiction specifically approves such advancement; and (iii) the Dealer Manager undertakes to repay the advanced funds to the Trust,

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together with the applicable legal rate of interest thereon, in cases which the Dealer Manager is found not to be entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.2.In any case of indemnification other than that described in Section 5.6.1 above, the indemnifying party shall pay all reasonable legal fees and expenses of the indemnified party in the defense of such claims or actions; *provided*, *however*, that the indemnifying party shall not be obligated to pay legal expenses and fees to more than one law firm in connection with the defense of similar claims arising out of the same alleged acts or omissions giving rise to such claims notwithstanding that such actions or claims are alleged or brought by one or more parties against more than one indemnified party (including other Participating Broker-Dealers that sign other Participating Broker-Dealer Agreements or similar agreements). If such claims or actions are alleged or brought against more than one indemnified party, then the indemnifying party shall only be obliged to reimburse the reasonable expenses and fees of the one law firm that has been selected by a majority of the indemnified parties against which such action is finally brought; and if a majority of such indemnified parties is unable to agree on which law firm for which expenses or fees will be reimbursable by the indemnifying party, then payment shall be made to the first law firm of record representing an indemnified party against the action or claim. Such law firm shall be paid only to the extent of services performed by such law firm and no reimbursement shall be payable to such law firm on account of legal services performed by another law firm. Notwithstanding the foregoing, to the extent such law firm is not located in the same jurisdiction as any legal proceeding subject to such indemnity, the indemnifying party shall also cover reasonable local counsel fees of one other law firm in each jurisdiction where the litigation is pending, it being understood that the responsibilities of such local counsel shall be minimal and not overlap with that of the lead law firm, and that such responsibilities shall consist primarily of matters such lead law firm is unable to undertake on a cost-efficient basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.The indemnity agreements contained in this Section 5 shall remain operative and in full force and effect regardless of: (a) any investigation made by or on behalf of any Participating Broker-Dealer, or any person controlling any Participating Broker-Dealer, or by or on behalf of the Trust, the Adviser, the Dealer Manager or any officer, trustee or director thereof, or by or on behalf of the Trust or the Dealer Manager; (b) delivery of any Shares and payment therefor; and (c) any termination of this Agreement or any Participating Broker-Dealer Agreement. A successor of any Participating Broker-Dealer or of any of the parties to this Agreement, as the case may be, shall be entitled to the benefits of the indemnity agreements contained in this Section 5.

6.<u>Survival of Provisions</u>.

The respective agreements, representations and warranties of the Trust, the Adviser and the Dealer Manager set forth in this Agreement shall remain operative and in full force and effect until the date the Adviser determines to stop accepting subscriptions (the "<u>Termination Date</u>") regardless of: (a) any investigation made by or on behalf of the Dealer Manager or any Participating Broker-Dealer or any person controlling the Dealer Manager or any Participating Broker-Dealer or by or on behalf of the Trust, the Adviser or any person controlling the Trust; (b) the delivery of payment for the Shares; and (c) the delivery of signed Subscription Agreements. Following the termination of this Agreement, this Agreement will become void and there will be no liability of any party to any other party hereto, except for obligations under Sections 5, 6, 7, 9, 10, 11 and 15, all of which will survive the termination of this Agreement.

7.<u>Applicable Law; Venue</u>.

THE PARTIES TO THIS AGREEMENT, ACTING FOR THEMSELVES AND FOR THEIR RESPECTIVE SUCCESSORS AND ASSIGNS, WITHOUT REGARD TO DOMICILE, CITIZENSHIP OR RESIDENCE, EXPRESSLY AND IRREVOCABLY SUBMIT TO, AS THE EXCLUSIVE FORUM FOR THE DETERMINATION OF ALL DISPUTES ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT, THE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT THAT IS LOCATED IN THE STATE OF NEW YORK, COUNTY OF NEW YORK. EACH OF THE PARTIES WAIVES ANY CLAIMS OF INCONVENIENT FORUM OR VENUE.

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This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement, directly or indirectly, shall be governed by the laws of the State of New York applicable to contracts formed and to be formed entirely within the State of New York, without regard to the conflicts of laws principles and rules thereof, to the extent such principles would require or permit the application of the laws of another jurisdiction.

8.<u>Counterparts</u>.

This Agreement may be executed, by facsimile, electronic transmission or otherwise, in any number of counterparts. Each counterpart, when executed and delivered, shall be an original contract, but all counterparts, when taken together, shall constitute one and the same Agreement.

9.<u>Entire Agreement</u>.

This Agreement and the Exhibits attached hereto constitute the entire agreement among the parties and supersede any prior understanding, whether written or oral, prior to the date hereof with respect to the Offering.

10.<u>Successors and Amendment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.This Agreement shall inure to the benefit of and be binding upon the Dealer Manager, the Trust, the Adviser and their respective successors and permitted assigns and shall inure to the benefit of the Participating Broker-Dealers to the extent set forth in Sections 1 and 5 hereof. Nothing in this Agreement is intended or shall be construed to give to any other person any right, remedy or claim, except as otherwise specifically provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.This Agreement may be amended only by the written agreement of the Dealer Manager, the Trust and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.Neither the Trust or Adviser, nor the Dealer Manager may assign or transfer any of such party's rights or obligations under this Agreement without the prior written consent of the Dealer Manager, on the one hand, or the Trust and the Adviser, acting together, on the other hand.

11.<u>Term and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.This Agreement may be terminated by the Dealer Manager, on the one hand, or the Trust and the Adviser acting together, on the other, in the event that (a) the Trust or the Adviser, on the one hand, or the Dealer Manager, on the other, shall have materially failed to comply with any of the material provisions of this Agreement or (b) the Trust or the Adviser, on the one hand, or the Dealer Manager, on the other, materially breaches any of its representations and warranties contained in this Agreement and, in the case of the Trust or the Adviser, such breach or breaches, individually or in the aggregate, would have a Material Adverse Effect; *provided*, *however*, that no party may terminate this Agreement under this sentence unless such failure(s) or breach(es) under clause (a) or (b) above is or are not cured within thirty (30) days after such party has delivered notice of intent to terminate under this Section 11.1. In any case, this Agreement shall expire at the close of business on the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.Notwithstanding Section 11.1, this Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Trust's trustees, on not more than sixty (60) days' written notice to the Dealer Manager and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.The Dealer Manager, upon the expiration or termination of this Agreement, shall (i) promptly deposit any and all funds, if any, in its possession which were received from investors for the sale of Shares into the appropriate account designated by the Trust, (ii) promptly deliver to the Trust all records and documents in its possession which relate to the Offering and are not designated as dealer copies, (iii) provide a list of all purchasers and broker-dealers with whom the Dealer Manager has initiated oral or written discussions

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regarding the Offering, and (iv) notify Participating Broker-Dealers of such termination. The Dealer Manager, at its sole expense, may make and retain copies of all such records and documents but shall keep all such information confidential. The Dealer Manager shall use its best efforts to cooperate with the Trust to accomplish an orderly transfer of management of the Offering to a party designated by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.In addition to any other obligations of the Trust that survive the expiration or termination of this Agreement, the Trust shall pay to the Dealer Manager all compensation to which the Dealer Manager is or becomes entitled under Section 4 at such time as such compensation becomes payable.

12.<u>Reserved</u>.

13.<u>Submission of Orders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.Each person desiring to purchase Shares in the Offering will be required to complete and execute a Subscription Agreement substantially in the form attached as an Appendix to the Private Placement Memorandum and to deliver to the Participating Broker-Dealer or Dealer Manager, as the case may be (the "<u>Processing Broker-Dealer</u>"), such completed Subscription Agreement, together with a check, draft, wire or money order (hereinafter referred to as a "<u>Subscription Payment</u>") for the purchase price of the Shares, which must be at least the minimum purchase amount set forth in the Private Placement Memorandum. The Dealer Manager shall ensure that any Participating Broker-Dealer shall only offer to sell and accept Subscription Agreements and Subscription Payments for Shares in accordance with the offering terms and conditions as set forth in the Private Placement Memorandum. Persons who purchase Shares shall make their Subscription Payments payable to "UMB Bank, N.A., as Escrow Agent for Blue Owl Real Estate Net Lease Trust."

The Trust will sell the Shares on a continuous basis at prices and in accordance with the offering terms and conditions set forth in and subject to any adjustment described or otherwise provided in the Private Placement Memorandum. Each person desiring to purchase Shares in the Offering must submit subscriptions for a certain dollar amount, rather than a number of Shares and, as a result, may receive fractional Shares.

The Processing Broker-Dealer receiving a Subscription Agreement and Subscription Payment not conforming to the foregoing instructions, or for a sale of Shares not meeting the offering terms and conditions set forth in the Private Placement Memorandum, shall return such Subscription Agreement and Subscription Payment directly to such subscriber not later than the end of the second business day following receipt by the Processing Broker-Dealer of such materials. Subscription Agreements and Subscription Payments received by the Processing Broker-Dealer which conform to the foregoing instructions shall be transmitted for deposit pursuant to one of the methods described in this Section 13. Transmittal of received investor funds will be made in accordance with the following procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.If the Processing Broker-Dealer conducts its internal supervisory review at the same location at which Subscription Agreements and Subscription Payments are received from subscribers, then, by noon of the next business day following receipt by the Processing Broker-Dealer, the Processing Broker-Dealer will transmit the Subscription Agreements and Subscription Payment for deposit to the Escrow Agent, or after the Trust commences investment operations, to the Trust or its designated agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.If the Processing Broker-Dealer conducts its internal supervisory review at a different location (the "<u>Final Review Office</u>"), Subscription Agreements and Subscription Payments will be transmitted by the Processing Broker-Dealer to the Final Review Office by noon of the next business day following receipt by the Processing Broker-Dealer. The Final Review Office will in turn by noon of the next business day following receipt by the Final Review Office, transmit such Subscription Agreements and Subscription Payment for deposit to the Escrow Agent, or after the Trust commences investment operations, to the Trust or its designated agent.

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Notwithstanding the foregoing, with respect to any Shares to be purchased by a custodial account, the Processing Broker-Dealer shall cause the custodian of such account to deliver a completed Subscription Agreement and Subscription Payment for such account directly for deposit to the Escrow Agent, or after the Trust commences investment operations, to the Trust or its designated agent. The Processing Broker-Dealer shall furnish to the Escrow Agent, the Trust or its designated agent, as applicable, with each delivery of Subscription Payments a list of the subscribers showing the name, U.S. address, tax identification number, state of residence, number of Shares subscribed for and the amount of money paid. The Dealer Manager understands that the Trust reserves the unconditional right to reject any Subscription Agreement, in whole or in part, for any or no reason.

14.<u>Suitability of Investors; Compliance with Privacy Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.The Dealer Manager will offer Shares, and in its agreements with Participating Broker-Dealers will require that the Participating Broker-Dealers offer Shares, only to those persons who meet the suitability standards set forth in the Private Placement Memorandum or in any suitability letter or memorandum sent by the Trust (including, for the avoidance of doubt, only from investors each of which, together with any other investor for which such investor is acting as a trustee or other fiduciary, the Dealer Manager or Participating Broker-Dealer making such offering of Shares, shall reasonably believe (a) is an "accredited investor" with respect to the Shares within the meaning of Regulation D under the Securities Act; or (b) is not a United States person within the meaning of Rule 902 under the Securities Act) and will only make offers to persons in the jurisdictions in which it is advised in writing that the Shares are qualified for sale or that such qualification is not required. Notwithstanding the qualification of the Shares for sale in any respective jurisdiction (or the exemption therefrom), the Dealer Manager represents, warrants and covenants that it will not offer Shares and will not permit any of its registered representatives to offer Shares in any jurisdiction unless both the Dealer Manager and such registered representative are duly licensed to transact securities business in such jurisdiction. In offering Shares, the Dealer Manager will comply, and in its agreements with Participating Broker-Dealers, the Dealer Manager will require that the Participating Broker-Dealers comply, with the provisions of the FINRA Rules, as well as all other applicable rules and regulations relating to suitability of investors.

The Dealer Manager further represents, warrants and covenants that neither the Dealer Manager, nor any person associated with the Dealer Manager, shall offer or sell Shares in any jurisdiction except to investors who satisfy the investor suitability standards and minimum investment requirements under the most restrictive of the following: (a) applicable provisions described in the Private Placement Memorandum, including status as an "accredited investor" as defined in Regulation D under the Securities Act, minimum income and net worth standards; (b) applicable laws of the jurisdiction of which such investor is a resident; or (c) applicable FINRA Rules. The Dealer Manager agrees to ensure that, in recommending the purchase, sale or exchange of Shares to an investor, the Dealer Manager, or a person associated with the Dealer Manager, shall have reasonable grounds to believe, on the basis of information obtained from the investor (and thereafter maintained in the manner and for the period required by the SEC, any state securities commission, any applicable non-U.S. jurisdiction, FINRA or the Trust) concerning his or her age, investment objectives, other investments, financial situation and needs and any other information known to the Dealer Manager, or person associated with the Dealer Manager, that (i) the investor can reasonably benefit from an investment in the Shares based on the investor's overall investment objectives and portfolio structure, (ii) the investor is able to bear the economic risk of the investment based on the investor's overall financial situation and (iii) the investor has an apparent understanding of (A) the fundamental risks of the investment, (B) the risk that the investor may lose his or her entire investment in the Shares, (C) the lack of liquidity of the Shares, (D) the background and qualifications of the Adviser or the persons responsible for directing and managing the Trust and (E) the tax consequences of an investment in the Shares. In the case of sales to fiduciary accounts, the suitability standards must be met by the person who directly or indirectly supplied the funds for the purchase of the Shares or by the beneficiary of such fiduciary account; and the purchaser of Shares has a substantive pre-existing relationship with the Dealer Manager pursuant to Regulation D under the Securities Act. The Dealer Manager further represents, warrants and covenants that the Dealer Manager, or a person associated with

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the Dealer Manager, will make every reasonable effort to determine the suitability and appropriateness of an investment in Shares of each proposed investor by reviewing documents and records disclosing the basis upon which the determination as to suitability was reached as to each purchaser of Shares pursuant to a subscription solicited by the Dealer Manager, whether such documents and records relate to accounts which have been closed, accounts which are currently maintained or accounts hereafter established. The Dealer Manager agrees to retain its records in compliance with applicable law and make available a record of the information obtained to determine that an investor meets the suitability standards imposed on the offer or sale of Shares at the time of the initial purchase of Shares to (i) the Trust and (ii) representatives of the SEC, FINRA and applicable state or non-U.S. securities administrators upon the Dealer Manager's receipt of an appropriate document subpoena or other appropriate request for documents from any such agency for a period of at least six years following the Termination Date. In addition, at the Trust's reasonable written request, which shall be no later than the six-year anniversary of the Termination Date, and at the Trust's sole expense, the Dealer Manger agrees to retain such records for a reasonable period of time beyond the six-year anniversary of the Termination Date. The Dealer Manager shall not purchase any Shares for a discretionary account without obtaining the prior written approval of the Dealer Manager's customer and his or her signature on a Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.The Dealer Manager agrees, and in its agreements with Participating Broker-Dealers the Dealer Manager will require that the Participating Broker-Dealers to agree, (a) to abide by and comply with (i) the privacy standards and requirements of the Gramm-Leach-Bliley Act of 1999 ("<u>GLB Act</u>") and Regulation S-P, (ii) the privacy standards and requirements of any other applicable Federal or state law and (iii) its own internal privacy policies and procedures, each as may be amended from time to time; (b) to refrain from the use or disclosure of non-public personal information (as defined under the GLB Act) of all customers who have opted out of such disclosures except as necessary to service the customers or as otherwise necessary or required by applicable law; and (c) to determine which customers have opted out of the disclosure of non-public personal information by periodically reviewing and, if necessary, retrieving a list of such customers (the "<u>List</u>") as provided by each to identify customers that have exercised their opt-out rights.

If the Dealer Manager uses or discloses non-public personal information of any customer for purposes other than servicing the customer, or as otherwise required by applicable law, the Dealer Manager will consult the List to determine whether the affected customer has exercised his or her opt-out rights. The Dealer Manager understands that it is prohibited from using or disclosing any non-public personal information of any customer that is identified on the List as having opted out of such disclosures.

15.<u>Notices</u>.

Any notice, approval, request, authorization, direction or other communication under this Agreement shall be deemed given (a) when delivered personally, (b) on the first business day after delivery to a national overnight courier service, (c) upon receipt when delivered via email or (d) on the fifth business day after deposited in the U.S. mail, properly addressed and stamped with the required postage, registered or certified mail, return receipt requested, in each case to the intended recipient at the address set forth below:

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| | |
|:---|:---|
| If to the Trust: | Blue Owl Real Estate Net Lease Trust |
|  | 150 N Riverside Plaza, 37th Floor |
|  | Chicago, IL 60606 |
|  | Attention: Andrew Morris |
|  | E-mail: legal@blueowl.com |
| If to the Adviser: | Blue Owl Real Estate Capital LLC |
|  | 150 N Riverside Plaza, 37th Floor |
|  | Chicago, IL 60606 |
|  | Attention: Neena Reddy |
|  | E-mail: legal@blueowl.com |
| If to the Dealer Manager: | Blue Owl Securities LLC |
|  | 399 Park Avenue, 38th floor |
|  | New York, NY 10022 |
|  | Attention: Sean Connor |
|  | E-mail: <u>legal@blueowl.com</u> |

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Any party may change its address specified above by giving the other party notice of such change in accordance with this Section 15.

16.<u>No Partnership</u>.

Nothing in this Agreement shall be construed or interpreted to constitute the Dealer Manager as an employee, agent or representative of, or in association with or in partnership with, the Trust; instead, this Agreement shall only constitute the Dealer Manager as a dealer authorized to sell the Shares according to the terms set forth in the Private Placement Memorandum as amended and supplemented and in this Agreement.

17.<u>Severability</u>.

The invalidity or unenforceability of any provision of this Agreement shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision was omitted.

[*The remainder of the page is intentionally left blank.*]

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If the foregoing correctly sets forth our understanding, please indicate your acceptance thereof in the space provided below for that purpose, whereupon this letter and your acceptance shall constitute a binding agreement between us as of the date first above written.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| "TRUST" | "TRUST" |
| BLUE OWL REAL ESTATE NET LEASE TRUST | BLUE OWL REAL ESTATE NET LEASE TRUST |
| By: | /s/ Michael Reiter |
|  | Name: Michael Reiter |
|  | Title: Chief Operating Officer |
| "ADVISER" | "ADVISER" |
| BLUE OWL REAL ESTATE CAPITAL LLC | BLUE OWL REAL ESTATE CAPITAL LLC |
| By: | /s/ Neena Reddy |
|  | Name: Neena Reddy |
|  | Title: General Counsel and Chief Legal Officer |

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Accepted and agreed as of the date first above written:

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| | |
|:---|:---|
| "DEALER MANAGER" | "DEALER MANAGER" |
| BLUE OWL SECURITIES LLC | BLUE OWL SECURITIES LLC |
| By: | /s/ Sean Connor |
|  | Name: Sean Connor |
|  | Title: President and Chief Executive Officer |

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**<u>Schedule 1</u>**

**Compensation**

&nbsp;&nbsp;&nbsp;&nbsp;I.&nbsp;&nbsp;&nbsp;&nbsp;<u>Upfront Sales Loads</u>

Unless the Dealer Manager and the applicable financial intermediaries agree otherwise, the Dealer Manager will not receive an upfront sales load with respect to Class S shares. The Dealer Manager will not receive any upfront sales load with respect to Class N shares, Class D shares or Class I shares. However, if subscribers purchase Class S shares, Class N shares or Class D shares through certain financial intermediaries, those financial intermediaries may directly charge subscribers transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that the Participating Broker-Dealer limit such charges to 3.5% of the transaction price for each Class S share, 2.0% of the transaction price for each Class N Share and 1.50% of the transaction price for each Class D Share.

Certain financial intermediaries may agree that the Dealer Manager will receive an upfront sales load of up to 3.5% with respect to Class S shares sold through such intermediary. All or a portion of the applicable upfront sales load received by the Dealer Manager shall be reallowed (paid) in whole or in part by the Dealer Manager to such financial intermediary, as described more fully in the Participating Broker-Dealer Agreement or other agreements entered into with each such financial intermediary and its affiliates, and which Participating Broker-Dealer Agreement or other agreements will provide the amount of the applicable upfront sales load, if any, to be reallowed to the applicable financial intermediary.

II.&nbsp;&nbsp;&nbsp;&nbsp;<u>Servicing Fee</u>

The Trust will pay to the Dealer Manager a Servicing Fee (i) with respect to outstanding Class S shares equal to 0.85% per annum of the aggregate net asset value of the Trust's outstanding Class S shares, (ii) with respect to outstanding Class N shares equal to 0.50% per annum of the aggregate net asset value of the Trust's outstanding Class N shares (iii) and with respect to outstanding Class D shares equal to 0.25% per annum of the aggregate net asset value of the Trust's outstanding Class D shares. The Servicing Fees will be paid monthly in arrears. The Dealer Manager will reallow all or a portion of the Servicing Fee with respect to the Class S shares, Class N shares and Class D shares to a Participating Broker-Dealer subject to the terms and conditions included in the applicable Participating Broker-Dealer Agreement. The Trust will not pay the Dealer Manager a Servicing Fee with respect to Class I shares.

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**<u>EXHIBIT A</u>**

**FORM OF PARTICIPATING BROKER-DEALER AGREEMENT** 

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**<u>EXHIBIT B</u>**

**QUALIFIED JURISDICTIONS** 

**AS OF NOVEMBER 7, 2025** 

**United States of America** 

## Exhibit 10.3

**Exhibit 10.3**

BLUE OWL REAL ESTATE NET LEASE TRUST

FORM OF PARTICIPATING BROKER-DEALER AGREEMENT

[ • ], 2025

Ladies and Gentlemen:

Blue Owl Securities LLC, as the dealer manager (the "<u>Dealer Manager</u>") is party to the second amended and restated dealer manager agreement with Blue Owl Real Estate Net Lease Trust, a Maryland statutory trust (the "<u>Trust</u>") and Blue Owl Real Estate Capital LLC, an Illinois limited liability company and the investment adviser of the Trust (the "<u>Adviser</u>"), dated November 7, 2025 in the form attached hereto as <u>Exhibit A</u> (the "<u>Dealer Manager Agreement</u>").

As described in the Dealer Manager Agreement, the Trust is conducting a private placement offering (the "<u>Offering</u>") in accordance with Rule 506(b) of Regulation D under the Securities Act of 1933, as amended (the "Securities Act"), which may consist of Class S, Class N, Class D and/or Class I shares of common shares of beneficial interest (the "<u>Shares</u>"). The differences between the classes of Shares and the eligibility requirements for each class are described in detail in the Private Placement Memorandum (as defined in the Dealer Manager Agreement). The Shares are to be sold as described under the caption "Plan of Distribution" in the Private Placement Memorandum.

If the Trust makes any amendments, supplements or restatements of the Private Placement Memorandum, the Dealer Manager will (a) give you ("<u>Participating Broker-Dealer</u>") written notice of such amendment, supplement or restatement and (b) provide the Participating Broker-Dealer with sufficient copies of the appropriate Private Placement Memorandum in order to continue to make sales.

**I.**&nbsp;&nbsp;&nbsp;&nbsp;**Dealer Manager Agreement** 

Upon effectiveness of this Participating Broker-Dealer Agreement (the "<u>Agreement</u>") pursuant to Section XIV below, you will become one of the Participating Broker-Dealers referred to in the Dealer Manager Agreement and will be entitled and subject to the representations, warranties and covenants contained in the Dealer Manager Agreement relating to the rights and obligations of a Participating Broker-Dealer, including, but not limited to, the provisions of Sections 2.5 and 4.4 regarding suspension of offers and sales of Shares, Section 4.1 regarding solicitation of subscriptions of Shares, Section 4.3 regarding regulatory compliance, Section 5, wherein each of the Participating Broker-Dealers severally agrees to indemnify and hold harmless the Trust, the Adviser, the Dealer Manager and their respective officers, directors, employees, members, partners, agents and representatives, and each person, if any, who controls such entity within the meaning of Section 15 of the Securities Act, or Section 20 of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), Section 13 regarding submission of subscriptions for Shares, and Section 14 regarding suitability of investors and compliance procedures for offers and sales of Shares. Except as otherwise set forth herein, capitalized terms used and not otherwise defined herein shall have the meanings given to them in the Dealer Manager Agreement. The Shares are offered solely through broker-dealers who are members in good standing of the Financial Industry Regulatory Authority, Inc. ("<u>FINRA</u>").

Participating Broker-Dealer hereby agrees to use its best efforts to sell the Shares for cash on the terms and conditions stated in the Private Placement Memorandum. Nothing in this Agreement shall be deemed or construed to make Participating Broker-Dealer an employee, agent, representative, or partner of the Dealer Manager, the Trust or the Adviser, and Participating Broker-Dealer is not authorized to act for the Dealer Manager, the Trust or the Adviser or to make any representations on their behalf except as set forth in the Private Placement Memorandum and any printed sales literature or other materials prepared by the Trust, the Adviser or the Dealer Manager, provided that the use of said sales literature and other materials has been approved for use by the Trust in writing and by all applicable regulatory agencies (the "<u>Authorized Sales Materials</u>"). If Participating Broker-Dealer uses printed materials in connection with the Offering prepared by the Trust, the Adviser or the Dealer Manager intended for "broker-dealer use only," Participating Broker-Dealer shall use such "broker-dealer use only" materials in accordance with Section VII below.

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Participating Broker-Dealer represents and warrants that, upon request of the Dealer Manager, Participating Broker-Dealer will provide information with regard to the number of Shares sold by Participating Broker-Dealer to investors that are "benefit plan investors" within the meaning of Section 3(42) of the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>") or other investors who are or whose assets are subject to Title I of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>") ("<u>Benefit Plan Investors</u>"), and Participating Broker-Dealer will only sell Shares to Benefit Plan Investors (a) to the extent Participating Broker-Dealer has acknowledged to such Benefit Plan Investor that it is acting as a fiduciary (within the meaning of Section 3(21) of ERISA or Section 4975(e)(3) of the Code, or both) with respect to the decision to purchase Shares and Participating Broker-Dealer in fact acts as a fiduciary with respect to the sale of Shares to the Benefit Plan Investor; or (b) Participating Broker-Dealer has determined that such Benefit Plan Investor is subject to Title I of ERISA and the purchase, and or subsequent disposition, is directed by a fiduciary independent of Dealer Manager and the Trust that has at least $50 million of investible assets under its management and control, and Participating Broker-Dealer has independently concluded that such Benefit Plan Investor fiduciary is responsible for exercising, and is capable of exercising, independent judgment in evaluating the transaction and that the purchase, holding and subsequent disposition of any Shares would otherwise meet the requirements of "Transactions with independent fiduciaries with financial expertise" at 29 CFR 2510.3-21(c)(1) such that neither the Dealer Manager, the Trust, nor any of their affiliates shall be regarded as a fiduciary with respect to such Benefit Plan Investor's decision to participate in the Offering or otherwise acquire the Shares. Each Subscription Agreement (as defined below) received in connection with Participating Broker-Dealer's efforts contemplated hereby shall constitute a representation to the Trust and the Dealer Manager by Participating Broker-Dealer that the immediately foregoing sentence shall be true. In addition, Participating Broker-Dealer must properly and clearly identify to the Trust any Subscription Agreements solicited from Benefit Plan Investors.

In selling Shares pursuant to the Offering to any investor, Participating Broker-Dealer will have a reasonable basis to believe, having taken reasonable steps to verify (based on such information known by Participating Broker-Dealer after due inquiry, including, but not limited to, a review of the forms, instruments or investor questionnaire completed by each investor) that: (i) such investor is an "accredited investor" within the meaning of Rule 501 of Regulation D under the Securities Act (an "<u>Accredited Investor</u>"); (ii) upon execution of the Subscription Agreement by such investor, the information contained in the investor questionnaire and Subscription Agreement is true and correct in all material respects with respect to such investor; (iii) any information concerning such investor that is transmitted by Participating Broker-Dealer to the Trust is true and correct in all material respects; (iv) such investor will be acquiring the Shares for an investment in its own account and not with a view a toward distribution; and (v) that any Benefit Plan Investors have been properly identified to the Trust.

Participating Broker-Dealer acknowledges that the Trust intends to limit investments in the shares by "Benefit Plan Investors" to less than 25% of the total value of each class of shares, within the meaning of the Plan Asset Regulations (as defined in the Private Placement Memorandum). The Participating Broker-Dealer further acknowledges that the Dealer Manager may provide notice to the Participating Broker-Dealer that the Participating Broker-Dealer may no longer offer or sell Shares to investors that are "Benefit Plan Investors", and upon receipt of such notice, the Participating Broker-Dealer shall immediately cease to make any further offers or sales of Shares to investors that are "Benefit Plan Investors".

**II.**&nbsp;&nbsp;&nbsp;&nbsp;**Submission of Orders** 

Each person desiring to purchase Shares in the Offering will be required to complete and execute a subscription agreement in the form attached as an Appendix to the Private Placement Memorandum (a "<u>Subscription Agreement</u>") and to deliver to Participating Broker-Dealer such completed Subscription Agreement, together with a check, draft or wire (hereinafter referred to as a "<u>Subscription Payment</u>") for the purchase price of the Shares, which must be at least the minimum purchase amount set forth in the Private Placement Memorandum. Any minimum purchase amount may be waived in the sole discretion of the Trust. Persons who purchase Shares by check shall make their Subscription Payments payable to "UMB Bank, N.A., as EA for Blue Owl Real Estate Net Lease Trust."

The Participating Broker-Dealer receiving a Subscription Agreement and Subscription Payment not conforming to the foregoing instructions or for a sale of Shares not meeting the offering terms and conditions of the Private

&nbsp;&nbsp;&nbsp;&nbsp;

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Placement Memorandum, shall return such Subscription Agreement and Subscription Payment directly to such subscriber not later than the end of the second (2nd) business day following receipt by the Participating Broker-Dealer of such materials. Subscription Agreements and Subscription Payments received by the Participating Broker-Dealer which conform to the foregoing instructions shall be transmitted for deposit pursuant to one of the methods described in this Section II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Participating Broker-Dealer conducts its internal supervisory review at the same location at which Subscription Agreements and Subscription Payments are received from subscribers, then, by noon of the next business day following receipt by the Participating Broker-Dealer, the Participating Broker-Dealer will transmit the Subscription Agreements and Subscription Payment for deposit to the Trust or its designated agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Participating Broker-Dealer conducts its internal supervisory review at a different location (the "<u>Final Review Office</u>"), Subscription Agreements and Subscription Payments will be transmitted by the Participating Broker-Dealer to the Final Review Office by noon of the next business day following receipt by the Participating Broker-Dealer. The Final Review Office will, in turn, by noon of the next business day following receipt by the Final Review Office, transmit such Subscription Agreements and Subscription Payment for deposit to the Trust or its designated agent.

Participating Broker-Dealer understands that the Trust reserves the unconditional right to reject any order, in whole or in part, for any or no reason.

Notwithstanding the foregoing, with respect to any Shares to be purchased by a custodial account, the Participating Broker-Dealer shall cause the custodian of such account to deliver a completed Subscription Agreement and Subscription Payment for such account directly for deposit to the Trust or its designated agent. The Participating Broker-Dealer shall furnish with each delivery of Subscription Payments a list of the subscribers showing the name, U.S. address, tax identification number, state of residence, dollar amount of Shares subscribed for, and the amount of money paid.

&nbsp;&nbsp;&nbsp;&nbsp;

**III.**&nbsp;&nbsp;&nbsp;&nbsp;**Pricing** 

The Shares shall be offered at the offering price (the "<u>Offering Price</u>"), which is the price per Share set forth in the Private Placement Memorandum, and in accordance with the offering terms and conditions as set forth in the Private Placement Memorandum and payable in cash. Except as otherwise indicated in the Private Placement Memorandum or in any letter or memorandum sent to Participating Broker-Dealer by the Trust or Dealer Manager, purchases must be for at least the minimum purchase amount set forth in the Private Placement Memorandum. The Trust will sell the Shares on a continuous basis at the Offering Price, subject to the adjustments described in or otherwise provided in the Private Placement Memorandum. Each person desiring to purchase Shares in the Offering must submit subscriptions for a certain dollar amount, rather than a number of Shares and, as a result, may receive fractional Shares.

For shareholders of the Trust who elect to participate in the Trust's distribution reinvestment plan, the cash otherwise distributable to them will be invested in additional Shares. No Upfront Sales Loads will be paid with respect to shares issued under the distribution reinvestment plan. The Trust will pay the plan administrator's fees under the distribution reinvestment plan.

The Shares are non-assessable. Participating Broker-Dealer hereby agrees to place any order for the full purchase price except as otherwise provided in the Private Placement Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;

**IV.**&nbsp;&nbsp;&nbsp;&nbsp;**Participating Broker-Dealer's Compensation** 

Except as described in the Private Placement Memorandum, as compensation for completed sales and ongoing shareholder services rendered by Participating Broker-Dealer hereunder, Participating Broker-Dealer is entitled, on

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the terms and subject to the conditions herein, to the compensation set forth on <u>Annex A</u> hereto (the "<u>Compensation</u>").

Participating Broker-Dealer hereby represents that its receipt of the Compensation with respect to any sales of Shares by the Participating Broker-Dealer to a Benefit Plan Investor does not represent a non-exempt prohibited transaction arising under ERISA or Section 4975 of the Code.

**V.**&nbsp;&nbsp;&nbsp;&nbsp;**"Bad Actor" Representation** 

Participating Broker-Dealer represents that it has exercised reasonable care, in accordance with Rule 506(e) of Regulation D under the Securities Act, in making a factual inquiry into whether any Disqualifying Event (as defined below) exists with respect to Participating Broker-Dealer or any of its covered persons under section (d) of Rule 506 ("<u>Covered Persons</u>"). As of the date of this Agreement, except as set forth on <u>Exhibit D</u>, Participating Broker-Dealer is not aware, based on its exercise of reasonable care, that any Covered Person is the subject of any of the acts enumerated in Rule 506(d)(1)(i) through (viii) of Regulation D under the Securities Act (each, a "<u>Disqualifying Event</u>"), except for any Disqualifying Events that occurred prior to September 23, 2013 and that have been disclosed to relevant investors in accordance with Rule 506(e).

Participating Broker-Dealer shall make periodic factual inquiry as to the occurrence or existence of any Disqualifying Events with respect to itself and its Covered Persons, and shall conduct such factual inquiry with reasonable care in accordance with Rule 506(d)(2)(iv) and shall provide the Trust with a certificate including the representation in this Section V upon the Trust's reasonable request.

To the extent permitted by applicable law, Participating Broker-Dealer shall promptly notify the Trust if it becomes aware of a Covered Person who is or becomes the subject of a Disqualifying Event. The Trust may immediately terminate this Agreement with effect from the date of the occurrence of a Disqualifying Event with respect to Participating Broker-Dealer or any of its Covered Persons.

**VI.**&nbsp;&nbsp;&nbsp;&nbsp;**Right to Reject Orders or Cancel Sales** 

All orders, whether initial or additional, are subject to acceptance by and shall only become effective upon confirmation by the Trust, which reserves the right to reject any order, in whole or in part, for any or no reason. Orders not accompanied by a Subscription Agreement and executed signature page thereto and the required Subscription Payment for the Shares may be rejected. Issuance and delivery of the Shares will be made only after actual receipt of payment therefor. If any Subscription Payment is not paid upon presentment, or if the Trust is not in actual receipt of clearinghouse funds or cash, certified or cashier's check or the equivalent in payment for the Shares within five (5) days of sale, the Trust reserves the right to cancel the sale without notice.

&nbsp;&nbsp;&nbsp;&nbsp;

**VII.**&nbsp;&nbsp;&nbsp;&nbsp;**Private Placement Memorandum and Authorized Sales Materials** 

Participating Broker-Dealer is not authorized or permitted to give, and will not give, any information or make any representation (written or oral) concerning the Shares except as set forth in the Private Placement Memorandum and the Authorized Sales Materials. The Dealer Manager will supply Participating Broker-Dealer with reasonable quantities of the Private Placement Memorandum, any supplements thereto and any amended Private Placement Memorandum, as well as any Authorized Sales Materials, for delivery to investors, and Participating Broker-Dealer will deliver a copy of the Private Placement Memorandum and all supplements thereto and any amended Private Placement Memorandum to each investor to whom an offer is made prior to or simultaneously with the first solicitation of an offer to sell the Shares to an investor. Participating Broker-Dealer agrees that it will not send or give any supplements to the Private Placement Memorandum, any amended Private Placement Memorandum or any Authorized Sales Materials to that investor unless it has previously sent or given a Private Placement Memorandum and all supplements thereto and any amended Private Placement Memorandum to that investor or has simultaneously sent or given a Private Placement Memorandum and all supplements thereto and any amended Private Placement Memorandum with such Private Placement Memorandum supplement, amended Private Placement Memorandum or Authorized Sales Materials. Participating Broker-Dealer agrees that it will not show or

&nbsp;&nbsp;&nbsp;&nbsp;

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give to any investor or prospective investor or reproduce any material or writing which is supplied to it by the Dealer Manager and marked "broker-dealer use only" or otherwise bearing a legend denoting that it is not to be used in connection with the offer or sale of Shares. Participating Broker-Dealer agrees that it will not use in connection with the offer or sale of Shares any materials or writings which have not been previously approved by the Trust in writing other than the Private Placement Memorandum and the Authorized Sales Materials. Participating Broker-Dealer agrees to comply with all the applicable requirements under the Securities Act, the Exchange Act, conduct rules of FINRA and any other foreign, state or local securities or other laws or rules of FINRA or any other applicable self-regulatory agency in offering and selling Shares.

&nbsp;&nbsp;&nbsp;&nbsp;

**VIII.**&nbsp;&nbsp;&nbsp;&nbsp;**License and Association Membership** 

Participating Broker-Dealer's acceptance of this Agreement constitutes a representation to the Trust and the Dealer Manager that Participating Broker-Dealer is a properly registered or licensed broker-dealer, duly authorized to sell Shares under federal and state securities laws and regulations in all states where it offers or sells Shares, and that it is a member in good standing of FINRA. Participating Broker-Dealer represents and warrants that it is its sole responsibility to ensure that its representatives are properly registered and licensed as required by any applicable law, rule or regulation. This Agreement shall automatically terminate if Participating Broker-Dealer ceases to be a member in good standing of FINRA or with the securities commission of the state in which Participating Broker-Dealer's principal office is located. Participating Broker-Dealer agrees to notify the Dealer Manager immediately if Participating Broker-Dealer ceases to be a member in good standing of FINRA or with the securities commission of any state in which Participating Broker-Dealer is currently registered or licensed, or in the case of a foreign dealer, so to conform. Participating Broker-Dealer also hereby agrees to abide by the conduct rules set forth in the FINRA rulebook ("<u>FINRA Rules</u>").

&nbsp;&nbsp;&nbsp;&nbsp;

**IX.**&nbsp;&nbsp;&nbsp;&nbsp;**Anti-Money Laundering Compliance Programs** 

Participating Broker-Dealer's acceptance of this Agreement constitutes a representation to the Trust and the Dealer Manager that Participating Broker-Dealer has established and implemented an anti-money laundering compliance program ("<u>AML Program</u>") in accordance with applicable law, including applicable FINRA Rules, U.S. Securities and Exchange Commission (the "<u>SEC</u>") Rules (the "<u>Commission Rules</u>") and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT Act) of 2001, as amended by the USA Patriot Improvement and Reauthorization Act of 2005 (the "<u>USA PATRIOT Act</u>"), specifically including, but not limited to, Section 352 of the International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001 (the "<u>Money Laundering Abatement Act</u>," and together with the USA PATRIOT Act, the "<u>AML Rules</u>"), reasonably expected to detect and cause the reporting of suspicious transactions in connection with the sale of Shares. In addition, Participating Broker-Dealer represents that it has established and implemented a program for compliance with Executive Order 13224 and all regulations and programs administered by the U.S. Department of the Treasury's Office of Foreign Assets Control ("<u>OFAC"</u>), the Department of Commerce, Bureau of Industry and Security, or the Department of State (such regulations and programs, "<u>Sanctions</u>," and such program as established by the Participating Broker-Dealer, "<u>OFAC Program</u>") and will continue to maintain its OFAC Program during the term of this Agreement. Upon request by the Dealer Manager at any time, Participating Broker-Dealer hereby agrees to (i) furnish a written copy of its AML Program and OFAC Program to the Dealer Manager for review, and (ii) furnish a copy of the findings and any remedial actions taken in connection with Participating Broker-Dealer's most recent independent testing of its AML Program or its OFAC Program.

The parties acknowledge that for the purposes of FINRA Rules, the investors who purchase Shares through Participating Broker-Dealer are "customers" of Participating Broker-Dealer and not the Dealer Manager. Nonetheless, to the extent that the Dealer Manager deems it prudent, Participating Broker-Dealer shall cooperate with the Dealer Manager's reasonable requests for information, records and data related to the Trust's shareholders introduced by, and serviced by, Participating Broker-Dealer (the "<u>Customers</u>"). Notwithstanding the foregoing, Participating Broker-Dealer shall not be required to provide to the Dealer Manager any documentation that, in Participating Broker-Dealer's reasonable judgment, would cause Participating Broker-Dealer to lose the benefit of

&nbsp;&nbsp;&nbsp;&nbsp;

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attorney-client privilege or other privilege which it may be entitled to assert relating to the discoverability of documents in any civil or criminal proceedings. Participating Broker-Dealer hereby represents that it is currently in compliance with all AML Rules and all OFAC requirements, specifically including, but not limited to, the Customer Identification Program requirements under Section 326 of the USA PATRIOT Act. Participating Broker-Dealer hereby agrees, upon request by the Dealer Manager to (A) provide an annual certification to Dealer Manager that, as of the date of such certification (i) its AML Program and its OFAC Program are consistent with the AML Rules and Sanctions requirements; (ii) it has continued to implement its AML Program and its OFAC Program, and (iii) it is currently in compliance with all AML Rules and Sanctions requirements, specifically including, but not limited to, the Customer Identification Program requirements under Section 326 of the USA PATRIOT Act; and (B) perform and carry out, on behalf of both the Dealer Manager and the Trust, the Customer Identification Program requirements in accordance with Section 326 of the USA PATRIOT Act and applicable Commission Rules and Treasury Department rules thereunder.

**X.**&nbsp;&nbsp;&nbsp;&nbsp;**Limitation of Offer; Suitability** 

The Shares have been registered or otherwise qualified for offer or sale only in the United States. In connection with an Offering, Participating Broker-Dealer shall not approach or contact any prospective investor that is located outside of the United States without the prior written consent of the Dealer Manager. Shares are available for purchase by persons meeting the suitability standards described in the Private Placement Memorandum. Participating Broker-Dealer will offer Shares only to persons who meet the respective suitability standards, minimum investment requirements, and investor qualifications for the Shares as set forth in the Private Placement Memorandum and in accordance with the offering and conditions contained therein, or in any suitability letter or memorandum sent to it by the Trust or the Dealer Manager. Notwithstanding the qualification of the Shares for sale in any respective jurisdiction (or the exemption therefrom), and the Dealer Manager's written consent for Participating Broker-Dealer to offer Shares in such jurisdiction. Participating Broker-Dealer represents, warrants and covenants that it will not offer Shares and will not permit any of its registered representatives to offer Shares in any jurisdiction unless both Participating Broker-Dealer and such registered representative are duly licensed to transact securities business in such jurisdiction. In offering Shares, Participating Broker-Dealer will comply with the provisions of FINRA Rules, as well as all other applicable rules and regulations relating to suitability of investors. Participating Broker-Dealer acknowledges and agrees that the marketing of Shares to "U.S. persons" (as defined in Regulation S under the Securities Act) will rely on Rule 506(b) under Regulation D under the Securities Act as a safe harbor from registration under the Securities Act. Participating Broker-Dealer represents, warrants and covenants that it will not offer or sell Shares by means of any form of "general solicitation" or "general advertising" (within the meaning of Rule 502(c) of Regulation D under the Securities Act), including but not limited to (A) any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio and (B) any seminar or meeting whose attendees have been invited by any general solicitation or general advertising.

Participating Broker-Dealer further represents, warrants and covenants that neither Participating Broker-Dealer, nor any person associated with Participating Broker-Dealer, shall offer or sell Shares in any jurisdiction except to investors who satisfy the investor suitability standards and minimum investment requirements under the most restrictive of the following: (a) applicable provisions described in the Private Placement Memorandum, including status as an "accredited investor"; (b) applicable laws of the jurisdiction of which such investor is a resident; or (c) applicable FINRA Rules. Participating Broker-Dealer further represents, warrants and covenants that Participating Broker-Dealer, or a person associated with Participating Broker-Dealer, will make every reasonable effort to determine the suitability and appropriateness of an investment in Shares of each proposed investor by reviewing documents and records disclosing the basis upon which the determination as to suitability was reached as to each purchaser of Shares pursuant to a subscription solicited by Participating Broker-Dealer, whether such documents and records relate to accounts which have been closed, accounts which are currently maintained, or accounts hereafter established. Participating Broker-Dealer agrees to retain such documents and records in Participating Broker-Dealer's records for a period of six (6) years from the date of the applicable sale of Shares, to otherwise comply with the record keeping requirements provided in Section XII below and to make such documents and records available to (i) the Dealer Manager and the Trust upon request, and (ii) representatives of the SEC, FINRA and applicable state securities administrators upon Participating Broker-Dealer's receipt of an appropriate document subpoena or

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other appropriate request for documents from any such agency. Participating Broker-Dealer further represents, warrants and covenants that it will notify Dealer Manager in writing if an investment in the Shares becomes no longer suitable or appropriate for a proposed investor prior to the acceptance of the order by the Trust. Participating Broker-Dealer shall not purchase any Shares for a discretionary account without obtaining the prior written approval of Participating Broker-Dealer's Customer and his or her signature on a Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;

**XI.**&nbsp;&nbsp;&nbsp;&nbsp;**Due Diligence; Adequate Disclosure** 

Prior to offering the Shares for sale, Participating Broker-Dealer shall have conducted an inquiry (the "<u>Diligence Review</u>") such that Participating Broker-Dealer has reasonable grounds to believe, based on information made available to Participating Broker-Dealer by the Trust or the Dealer Manager through the Private Placement Memorandum or other materials, that all material facts are adequately and accurately disclosed and provide a basis for evaluating a purchase of Shares. In determining the adequacy of disclosed facts pursuant to the foregoing, Participating Broker-Dealer may obtain, upon request, information on material facts relating at a minimum to the following: (i) items of compensation; (ii) tax aspects; (iii) financial stability and experience of the Trust and its Adviser; (iv) conflicts and risk factors; and (v) other pertinent reports. Notwithstanding the foregoing, Participating Broker-Dealer may rely upon the results of an inquiry conducted by an independent third party retained for that purpose or another Participating Broker-Dealer, provided that: (i) such Participating Broker-Dealer has reasonable grounds to believe that such inquiry was conducted with due care by said independent third party or such other Participating Broker-Dealer; (ii) the results of the inquiry were provided to Participating Broker-Dealer with the consent of the other Participating Broker-Dealer conducting or directing the inquiry; and (iii) no Participating Broker-Dealer that participated in the inquiry is an affiliate of the Trust or its Adviser. Prior to the sale of the Shares, Participating Broker-Dealer shall inform each prospective purchaser of Shares of pertinent facts relating to the Shares including specifically the lack of liquidity and lack of marketability of the Shares during the term of the investment but shall not, in any event, make any representation on behalf of the Trust or the Adviser except as set forth in the Private Placement Memorandum and any Authorized Sales Materials.

&nbsp;&nbsp;&nbsp;&nbsp;

**XII.**&nbsp;&nbsp;&nbsp;&nbsp;**Compliance with Record Keeping Requirements** 

Participating Broker-Dealer agrees to comply with the record keeping requirements of the Exchange Act, including but not limited to, Rules 17a-3 and 17a-4 promulgated under the Exchange Act. Participating Broker-Dealer further agrees to keep such records with respect to each customer who purchases Shares, his or her suitability and the amount of Shares sold, and to retain such records for such period of time as may be required by the SEC, any state securities commission, FINRA or the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;

**XIII.**&nbsp;&nbsp;&nbsp;&nbsp;**Customer Complaints** 

Each party hereby agrees to provide to the other party copies of any written or otherwise documented customer complaints received by such party relating to the Offering (including, but not limited to, the manner in which the Shares are offered by the Dealer Manager or Participating Broker-Dealer), the Shares or the Trust, but in the case of the Dealer Manager, only in such cases as such complaints relate to the Participating Broker-Dealer.

&nbsp;&nbsp;&nbsp;&nbsp;

**XIV.**&nbsp;&nbsp;&nbsp;&nbsp;**Effective Date** 

This Agreement will become effective upon the last date it is signed by either party hereto. Upon effectiveness of this Agreement, all offers and sales of Shares by Participating Broker-Dealer will be made pursuant to this Agreement exclusively and not through any prior agreement between Participating Broker-Dealer and the Dealer Manager, if any.

&nbsp;&nbsp;&nbsp;&nbsp;

**XV.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Termination; Survival; Amendment** 

Participating Broker-Dealer will immediately suspend or terminate its offer and sale of Shares upon the request of the Trust or the Dealer Manager at any time and will resume its offer and sale of Shares hereunder upon subsequent request of the Trust or the Dealer Manager. Any party may terminate this Agreement by written notice, which

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termination shall be effective 48 hours after such notice is given. The Trust may immediately terminate this Agreement with effect from the date of the occurrence of a Disqualifying Event with respect to Participating Broker-Dealer or any of its Covered Persons. This Agreement will automatically terminate upon the termination of the Dealer Manager Agreement.

This Agreement may be amended at any time by the Dealer Manager by written notice to Participating Broker-Dealer, and any such amendment shall be deemed accepted by Participating Broker-Dealer upon placing an order for sale of Shares after it has received such notice.

The respective agreements and obligations of Participating Broker-Dealer and the Dealer Manager set forth in Articles I, IV, VII, VIII, X, XII, XIII, XIV, XV, XVI, XVII, XVIII, XIX, XX, XXI, XXIV and XXV and Annex A of this Agreement and Section 4 of the Dealer Manager Agreement shall remain operative and in full force and effect regardless of the termination of this Agreement.

Notwithstanding the termination of this Agreement or the payment of any amount to Participating Broker-Dealer, Participating Broker-Dealer agrees to pay Participating Broker-Dealer's proportionate share of any claim, demand or liability asserted against Participating Broker-Dealer and the other Participating Broker-Dealers on the basis that the Participating Broker-Dealers or any of them constitute an association, unincorporated business or other separate entity, including in each case Participating Broker-Dealer's proportionate share of any expenses incurred in defending against any such claim, demand or liability.

&nbsp;&nbsp;&nbsp;&nbsp;

**XVI.**&nbsp;&nbsp;&nbsp;&nbsp;**Privacy Laws** 

The Dealer Manager and Participating Broker-Dealer (each referred to individually in this section as a "party") agree as follows:

(a) Each party agrees to abide by and comply with (i) the privacy standards and requirements of the Gramm-Leach-Bliley Act of 1999 ("<u>GLB Act</u>") and Regulation S-P; (ii) the privacy standards and requirements of any other applicable Federal or state law; and (iii) its own internal privacy policies and procedures, each as may be amended from time to time;

(b) Each party agrees to refrain from the use or disclosure of non-public personal information (as defined under the GLB Act) of all customers who have opted out of such disclosures except as necessary to service the customers or as otherwise necessary or required by applicable law; and

(c) Each party shall be responsible for determining which customers have opted out of the disclosure of non-public personal information by periodically reviewing and, if necessary, retrieving a list of such customers (the "<u>List</u>") as provided by each to identify customers that have exercised their opt-out rights. If either party uses or discloses non-public personal information of any customer for purposes other than servicing the customer, or as otherwise required by applicable law, that party will consult the List to determine whether the affected customer has exercised his or her opt-out rights. Each party understands that each is prohibited from using or disclosing any non-public personal information of any customer that is identified on the List as having opted out of such disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;

**XVII.**&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Signatures and Electronic Delivery of Documents** 

If Participating Broker-Dealer has adopted or adopts a process by which persons may authorize certain account-related transactions or requests, in whole or in part, by "Electronic Signature" (as such term is defined by the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. 7001 et seq., the Uniform Electronic Transactions Act, as promulgated by the Uniform Conference of Commissioners on Uniform State Law in July 1999 and as adopted by the relevant jurisdiction(s) where Participating Broker-Dealer is licensed, and applicable rules, regulations or guidance relating to the use of electronic signatures issued by the SEC and FINRA (collectively, "<u>Electronic Signature Law</u>")), to the extent the Trust allows the use of Electronic Signature, in whole or in part, Participating Broker-Dealer represents that: (i) each Electronic Signature will be genuine; (ii) each Electronic Signature will represent the signature of the person required to sign the Subscription Agreement or other form to

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which such Electronic Signature is affixed; and (iii) Participating Broker-Dealer will comply with the terms outlined in the Electronic Signature Use Rules of Engagement attached as <u>Exhibit B</u> hereto. Participating Broker-Dealer agrees to the Electronic Signature Use Indemnity Agreement attached as <u>Exhibit C</u> hereto.

If Participating Broker-Dealer intends to use electronic delivery to distribute the Private Placement Memorandum or other documents related to the Trust to any person, Participating Broker-Dealer will comply with all applicable rules, regulations or guidance relating to the electronic delivery of documents issued by the SEC, FINRA and state securities administrators and any other laws or regulations related to the electronic delivery of private placement memoranda.

&nbsp;&nbsp;&nbsp;&nbsp;

**XVIII.**&nbsp;&nbsp;&nbsp;&nbsp;**Notices** 

All notices will be in writing and will be duly given to the Dealer Manager when mailed to:

Blue Owl Securities LLC

399 Park Avenue, 38th Floor

New York, NY 10022

Attention: Sean Connor

Email: legal@blueowl.com

and to Participating Broker-Dealer when mailed to the address specified by Participating Broker-Dealer below.

**XIX.**&nbsp;&nbsp;&nbsp;&nbsp;**Applicable Law and Venue** 

This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement, directly or indirectly, shall be governed by the laws of the State of New York applicable to contracts formed and to be formed entirely within the State of New York, without regard to the conflicts of laws principles and rules thereof, to the extent such principles would require or permit the application of the laws of another jurisdiction; provided, however, that the governing law for causes of action for violations of federal or state securities law shall be governed by the applicable federal or state securities law.

&nbsp;&nbsp;&nbsp;&nbsp;

**XX.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Successors and Assigns** 

Participating Broker-Dealer shall not assign this Agreement or any right, interest or benefit under this Agreement without the prior written consent of the Dealer Manager. This Agreement shall be binding upon the Dealer Manager and Participating Broker-Dealer and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;

**XXI.**&nbsp;&nbsp;&nbsp;&nbsp;**Arbitration** 

All disputes arising out of or in connection with this Agreement, including without limitation, its existence, validity, interpretation, performance, breach or termination, and any provisions of the Dealer Manager Agreement incorporated into this Agreement, shall be submitted to, and fully and finally resolved by, binding arbitration, conducted on a confidential basis, under the then current commercial arbitration rules of the American Arbitration Association, except to the extent a claim is required to be arbitrated as specified in FINRA Rules in which case the FINRA Rules of arbitration will apply, in accordance with the terms of this Agreement (including the governing law provisions of this section) and pursuant to the Federal Arbitration Act (9 U.S.C. §§ 1 –16). All arbitration proceedings, and all documents, pleadings and transcripts associated therewith, shall be kept strictly confidential by all parties, their counsel and other advisors, employees, experts and all others under their reasonable control. Unless the parties otherwise agree, each party shall appoint one arbitrator and the two party-appointed arbitrators shall appoint the third arbitrator, who shall also be the chair of the arbitration panel (the "Arbitrator"). The parties will request that the Arbitrator issue written findings of fact and conclusions of law. The Arbitrator shall not be empowered to make any award or render any judgment for punitive damages, and the Arbitrator shall be required to follow applicable law in construing this Agreement, making awards, and rendering judgments. The decision of the Arbitrator shall be final and binding, and judgment upon any arbitration award may be entered in any appropriate

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state or federal court within the County of New York, State of New York or any other court having competent jurisdiction. All arbitration hearings will be held (i) for claims required to be arbitrated as specified in FINRA Rules, at the New York FINRA District Office, (ii) in all other cases, in New York, NY, or (iii) in either case, at another mutually agreed upon site. If a third party brings an action or other proceeding against either party to this Agreement (a "Third-Party Action"), then the party to this Agreement against which or whom such Third-Party Action is brought or asserted, may in such Third-Party Action, litigate any related claim which it may have against the other party to this Agreement, including, without limitation, by way of a claim, indemnity, cross-claim, counterclaim, interpleader or other third-party action without being obligated to arbitrate the same as otherwise provided in this Section XXI, except to the extent otherwise required in the FINRA Rules regarding arbitration. In any such case, the matter which is the subject of such Third-Party Action (including any related claims, indemnity, cross-claim, counterclaim, interpleader or other third-party action, which either party hereto may have against the other) shall not be subject to arbitration, but shall be resolved exclusively within such Third-Party Action. Notwithstanding anything set forth herein to the contrary, no party will be prevented from immediately seeking provisional remedies in courts of competent jurisdiction, including but not limited to, temporary restraining orders and preliminary injunctions in aid of arbitration, but such remedies will not be sought as a means to avoid or stay arbitration. If a court grants provisional remedies, the duration thereof shall last no longer than the Arbitrator (upon constitution of the arbitration panel) deems necessary to review such provisional remedies and render its own decision. Except as provided otherwise in Section 5 of the Dealer Manager Agreement, in any action or arbitration to enforce the provisions of this Agreement or to secure damages for its breach, the prevailing party shall recover its costs and reasonable attorney's fees. Each party to this Agreement hereby waives a trial by jury in any legal action or proceeding relating to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;

**XXII.**&nbsp;&nbsp;&nbsp;&nbsp;**Severability** 

The invalidity or unenforceability of any provision of this Agreement shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision was omitted.

&nbsp;&nbsp;&nbsp;&nbsp;

**XXIII.**&nbsp;&nbsp;&nbsp;&nbsp;**Counterparts** 

This Agreement may be executed in any number of counterparts. Each counterpart, when executed and delivered, shall be an original contract, but all counterparts, when taken together, shall constitute one and the same agreement. This Agreement will become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, which delivery may be made by exchange of copies of the signature page by facsimile or electronic transmission.

&nbsp;&nbsp;&nbsp;&nbsp;

**XXIV.**&nbsp;&nbsp;&nbsp;&nbsp;**No Partnership** 

Nothing in this Agreement shall be construed or interpreted to constitute Participating Broker-Dealer as an employee, agent or representative of, or in association with or in partnership with, the Dealer Manager, the Trust or the other Participating Broker-Dealers; instead, this Agreement shall only constitute Participating Broker-Dealer as a dealer authorized by the Dealer Manager to sell the Shares according to the terms set forth in the Private Placement Memorandum as amended and supplemented and in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;

**XXV.**&nbsp;&nbsp;&nbsp;&nbsp;**Confidentiality** 

Dealer Manager, the Trust, Blue Owl Capital Inc. ("<u>Blue Owl</u>") or one of their affiliates or employees, agents or advisers ("<u>Representatives</u>") (all such entities and persons, collectively, the "<u>Blue Owl Entities</u>") may have provided and will furnish to Participating Broker-Dealer or its affiliates or Representatives with certain information that is either non-public, confidential or proprietary in nature in order to enable Participating Broker-Dealer to perform a Diligence Review. This information furnished to Participating Broker-Dealer or its affiliates or Representatives, including the terms and conditions of any agreements entered into between Participating Broker-Dealer or its affiliates and any Blue Owl Entity, together with analyses, compilations, forecasts, studies or other documents prepared by Participating Broker-Dealer or its affiliates or Representatives which contain or otherwise reflect such information is hereinafter referred to as the "<u>Information</u>." The term Information shall not include such portions of

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the Information which (i) are or become generally available to the public other than as a result of a disclosure by Participating Broker-Dealer or its affiliates or Representatives in violation of this Agreement, or (ii) become available to Participating Broker-Dealer on a non-confidential basis from a source other than a Blue Owl Entity that has a *bona fide* right to such Information and which is not subject to any obligation to keep such Information confidential. In consideration of the Blue Owl Entities furnishing Participating Broker-Dealer or its affiliates or Representatives with the Information, Participating Broker-Dealer agrees that:

(a) The Information will be kept confidential and shall not, without Blue Owl's prior written consent, be disseminated or disclosed by Participating Broker-Dealer or its affiliates or Representatives, in any manner whatsoever, in whole or in part, and shall not be used by Participating Broker-Dealer or its affiliates or Representatives, other than in connection with performing the Diligence Review. Moreover, Participating Broker-Dealer agrees to reveal the Information only to such of its affiliates or Representatives who need to know the Information for the purpose of performing the Diligence Review, who are informed by Participating Broker-Dealer of the confidential nature of the Information and who agree to act in accordance with the terms and conditions of this Section XXV.

(b) All copies of the Information will be returned to Blue Owl or destroyed upon Blue Owl's request.

(c) If Participating Broker-Dealer or any of its affiliates or Representatives are requested or required (by oral questions, depositions, interrogatories, requests for information or documents, subpoena, civil investigative demand or other process) to disclose any of the Information, Participating Broker-Dealer will provide Blue Owl with prompt written notice so that any of the Blue Owl Entities may seek a protective order, other appropriate remedy or waive compliance with the provisions of this Agreement. If such protective order or other remedy is not obtained, or if Blue Owl waives compliance with the provisions of this Agreement, Participating Broker-Dealer shall disclose such Information without liability hereunder; provided, however, that Participating Broker-Dealer will furnish only that portion of the Information which, in the opinion of its counsel, Participating Broker-Dealer is compelled to disclose and will not oppose any action by Blue Owl to obtain reliable assurance that confidential treatment will be accorded the Information. Participating Broker-Dealer further agrees to exercise its reasonable efforts to otherwise preserve the confidentiality of the Information. Upon reasonable notice, Participating Broker-Dealer further agrees to cooperate with the Blue Owl Entities in obtaining a protective order or other appropriate remedy.

(d) In no event shall any of the Blue Owl Entities be liable for any losses, damages, claims or expenses incurred or actions undertaken by Participating Broker-Dealer or its affiliates or Representatives as a result of their receipt of the Information or their use thereof. Participating Broker-Dealer agrees that the Information is and shall remain the property of Blue Owl and that none of the Blue Owl Entities has granted Participating Broker-Dealer or its affiliates or Representatives any license, copyright, or similar right with respect to any of the Information.

(e) Participating Broker-Dealer hereby acknowledges that Participating Broker-Dealer is aware, and that Participating Broker-Dealer will advise its affiliates or Representatives who have been provided with Information, that the United States securities laws prohibit any person who has received from an issuer material, non-public information from purchasing or selling securities of such issuer or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities. Participating Broker-Dealer further acknowledges that some or all of the Information is or may be price-sensitive information and that the use of such Information may be regulated or prohibited by applicable legislation relating to insider dealing and Participating Broker-Dealer undertakes, on behalf of itself and its Representatives, not to use any Information for any unlawful purpose.

(f) Blue Owl has the right to enforce this Section XXV as a third-party beneficiary.

[*Signatures Appear on Following Pages*]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on its behalf by its duly authorized agent.

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| | |
|:---|:---|
| "DEALER MANAGER"<br>BLUE OWL SECURITIES LLC | "DEALER MANAGER"<br>BLUE OWL SECURITIES LLC |
| By: |  |
|  | Sean Connor<br>President and Chief Executive Officer |

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We have read the foregoing Agreement and we hereby accept and agree to the terms and conditions therein set forth. We hereby represent that the jurisdictions identified below represent a true and correct list of all jurisdictions in which we are registered or licensed as a broker or dealer and are fully authorized to sell securities, and we agree to advise you of any change in such list during the term of this Agreement.

1. Identity of Participating Broker-Dealer:

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| |
|:---|
| Full Legal Name: |
| (to be completed by Participating Broker-Dealer) |
| Type of Entity: |
| (to be completed by Participating Broker-Dealer) |
| Organized in the State of: |
| (to be completed by Participating Broker-Dealer) |
| Tax Identification Number: |
| (to be completed by Participating Broker-Dealer) |
| FINRA/CRD Number: |
| (to be completed by Participating Broker-Dealer) |

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2. Any notice under this Agreement will be deemed given pursuant to Section XVIII hereof when delivered to Participating Broker-Dealer as follows:

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| | |
|:---|:---|
| Company Name: | |
| Attention to: | (Name) |
| | (Title) |

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| |
|:---|
| Street Address: |
| City, State and Zip Code: |
| Telephone No.: |
| Facsimile No.: |
| Email Address: |

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Accepted and agreed as of the date below:

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| | |
|:---|:---|
| PARTICIPATING BROKER-DEALER | PARTICIPATING BROKER-DEALER |
| (Print Name of Participating Broker-Dealer) | (Print Name of Participating Broker-Dealer) |
| By: |  |
|  | Name: |
|  | Title: |
|  | Date: |

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**<u>ANNEX A</u>**

**TO** 

**PARTICIPATING BROKER-DEALER AGREEMENT** 

**WITH** 

**BLUE OWL SECURITIES LLC** 

The following reflects the upfront sales loads ("Upfront Sales Loads") and servicing fees ("Servicing Fees") as agreed upon between the Dealer Manager and Participating Broker-Dealer, effective as of the effective date of the Agreement.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Share Class** | **Available** | **Upfront Sales Load** | **Servicing Fee** | **Total Fee Cap** | **Investment Minimums** | **Investment Minimums** |
| **Share Class** | **Available** | **Upfront Sales Load** | **Servicing Fee** | **Total Fee Cap** | **Initial** | **Subsequent** |
| Class S | Yes | Up to 3.50% of transaction price per share | 0.85% (Annualized Rate) of aggregate NAV of outstanding Class S shares | No cap | $25000 | $500 |
| Class N | Yes | Up to 2.00% of transaction price per share | 0.50% (Annualized Rate) of aggregate NAV of outstanding Class N shares | No cap | $25000 | $500 |
| Class D | Yes | Up to 1.50% of transaction price per share | 0.25% (Annualized Rate) of aggregate NAV of outstanding Class D shares | No cap | $25000 | $500 |
| Class I | Yes |  |  | No cap | $1000000 | $500 |

---

**Upfront Sales Loads**.

Except as may be provided in the "Plan of Distribution" section of the Private Placement Memorandum, which may be amended or supplemented from time to time, as compensation for completed sales (as defined below) by Participating Broker-Dealer of Class S shares, Class N shares and Class D shares and for services rendered by Participating Broker-Dealer hereunder, the Participating Broker-Dealer may directly charge subscribers transaction or other fees, including an Upfront Sales Load in an amount up to the percentage set forth above, if any, of the transaction price per share on such completed sales of Class S shares, Class N shares and Class D shares, as applicable, by Participating Broker-Dealer. Participating Broker-Dealer shall not receive Upfront Sales Loads for sales of any Class I shares or any shares issued under the Trust's distribution reinvestment plan.

For purposes of this <u>Annex A</u>, a "completed sale" shall occur if and only if a transaction has closed with a subscriber for Shares pursuant to all applicable offering and subscription documents, payment for the Shares has been received by the Trust in full in the manner provided in <u>Section II</u> of the Agreement, the Trust has accepted the subscription agreement of such subscriber and Shares are credited to the subscriber's account.

As provided in the "Plan of Distribution" section of the Private Placement Memorandum, under certain circumstances Class S, Class N and Class D shares may be purchased without the Upfront Sales Load (*i.e.*, "load waived"). Neither the Dealer Manager nor the Trust is responsible for making such determination. To receive a reduced Upfront Sales Load, notification must be provided at the time of the purchase order by Participating Broker-Dealer to the Trust.

**Terms and Conditions of the Servicing Fees**.

&nbsp;&nbsp;&nbsp;&nbsp;

------

Subject to the conditions described herein, for Class S shares, Class N shares and Class D shares sold by Participating Broker-Dealer, the Dealer Manager shall reallow any Servicing Fees, in an amount described above, directly to Participating Broker-Dealer unless such shares are held in custody at a qualified custodian with which the Dealer Manager has an agreement directing that any such Servicing Fees be paid to such custodian. For Class S shares, Class N shares and Class D shares sold by Participating Broker-Dealer and held in custody with any such custodian, any Servicing Fees for such shares shall be paid by the Dealer Manager to such custodian. To the extent payable, the Servicing Fee will be payable monthly in arrears as provided in the Private Placement Memorandum. All determinations regarding the total amount of the Servicing Fee, Participating Broker-Dealer or its authorized designee's compliance with the listed conditions, or the portion retained by the Dealer Manager will be made by the Dealer Manager in its sole discretion.

The payment of the Servicing Fee is subject to terms and conditions set forth herein and the Private Placement Memorandum as may be amended or supplemented from time to time. Eligibility to receive the Servicing Fee with respect to the Class S shares, Class N shares and/or Class D shares, as applicable, is conditioned upon Participating Broker-Dealer acting as broker-dealer of record with respect to such Shares and complying, either directly or through an authorized designee, with the requirements set forth below, including providing shareholder and account maintenance services with respect to such Shares. For the avoidance of doubt, such services are non-distribution services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; the existence of an effective Participating Broker-Dealer Agreement or ongoing Servicing Agreement between the Dealer Manager and Participating Broker-Dealer, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;the provision of one or more of the following services with respect to the Class S shares, Class N shares or Class D shares, as applicable, by Participating Broker-Dealer or its authorized designee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)responding to customer inquiries of a general nature regarding the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)crediting distributions from the Trust to customer accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)arranging for bank wire transfer of funds to or from a customer's account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)responding to customer inquiries and requests regarding shareholder reports, notices, proxies and proxy statements, and other Trust documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)forwarding private placement memoranda, tax notices and annual and quarterly reports to beneficial owners of the Trust's shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)assisting the Trust in establishing and maintaining shareholder accounts and records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)assisting customers in changing account options, account designations and account addresses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)providing such other similar services as the Trust may reasonably request to the extent the authorized service provider is permitted to do so under applicable statutes, rules, or regulations.

Participating Broker-Dealer hereby represents, by its acceptance (or the acceptance by a qualified custodian on behalf of Participating Broker-Dealer's Customer) of each payment of the Servicing Fee, that Participating Broker-Dealer complies with each of the above requirements and is providing the above-described services either directly or through an authorized designee.

Notwithstanding the foregoing, subject to the terms of the Private Placement Memorandum, at such time as Participating Broker-Dealer is no longer the broker-dealer of record with respect to such Class S shares, Class N shares or Class D shares or Participating Broker-Dealer or its authorized designee no longer satisfies any or all of the conditions set forth above, then Participating Broker-Dealer's entitlement to the Servicing Fees related to such Class S shares, Class N shares and/or Class D shares, as applicable, shall cease in, and neither Participating Broker-Dealer nor any qualified custodian on behalf of Participating Broker-Dealer's Customer shall receive the Servicing Fee for that month or any portion thereof (*i.e.*, Servicing Fees are payable with respect to an entire month without any proration). Broker-dealer transfers will be made effective on or about the third business day of a month.

&nbsp;&nbsp;&nbsp;&nbsp;

------

Thereafter, such Servicing Fees may be reallowed to the then-current broker-dealer of record of the Class S shares, Class N shares and/or Class D shares, as applicable, if any such broker-dealer of record has been designated (the "<u>Servicing Dealer</u>"), to the extent such Servicing Dealer has entered into a Participating Broker-Dealer Agreement or similar agreement with the Dealer Manager ("<u>Servicing Agreement</u>") and such Participating Broker-Dealer Agreement or Servicing Agreement with the Servicing Dealer provides for such reallowance. In this regard, all determinations will be made by the Dealer Manager in good faith in its sole discretion. Participating Broker-Dealer is not entitled to any Servicing Fee with respect to Class I shares. The Dealer Manager may also reallow some or all of the Servicing Fee to other broker-dealers who provide services with respect to the Shares (who shall be considered additional Servicing Dealers) pursuant to a Servicing Agreement with the Dealer Manager to the extent such Servicing Agreement provides for such reallowance and such additional Servicing Dealer is in compliance with the terms of such agreement related to such reallowance, in accordance with the terms of such Servicing Agreement.

The Trust and the Dealer Manager shall cease paying the Servicing Fee on Class S shares, Class N shares and Class D shares in connection with an Offering upon the occurrence of a liquidity event.

**General**

Servicing Fees due to Participating Broker-Dealer pursuant to this Agreement will be paid within thirty (30) days after receipt by the Dealer Manager of the Servicing Fee from the Trust. Participating Broker-Dealer, in its sole discretion, may authorize Dealer Manager to deposit Servicing Fees or other payments due to it pursuant to this Agreement directly to its bank account. If Participating Broker-Dealer so elects, Participating Broker-Dealer shall provide such deposit authorization and instructions in <u>Annex B</u> to this Agreement.

The parties hereby agree that the foregoing Upfront Sales Loads and Servicing Fee are not in excess of the usual and customary distributors' or sellers' commission received in the sale of securities similar to the offered Shares, that Participating Broker-Dealer's interest in the Offering is limited to such Upfront Sales Loads and Servicing Fee, as applicable, from the Dealer Manager and the Participating Broker-Dealer's indemnity referred to in Section 5 of the Dealer Manager Agreement, and that the Trust is not liable or responsible for the direct payment of such Upfront Sales Loads and Servicing Fee to Participating Broker-Dealer.

Except as otherwise described under "Upfront Sales Loads" above, Participating Broker-Dealer waives any and all rights to receive compensation, including the Servicing Fee, until it is paid to and received by the Dealer Manager. Participating Broker-Dealer acknowledges and agrees that, if the Trust pays Upfront Sales Loads or Servicing Fees, as applicable, to the Dealer Manager, the Trust is relieved of any obligation for Upfront Sales Loads or Servicing Fees, as applicable, to Participating Broker-Dealer. Participating Broker-Dealer affirms that the Dealer Manager's liability for Upfront Sales Loads and Servicing Fees is limited solely to the proceeds received associated therewith. Notwithstanding the above, Participating Broker-Dealer affirms that, to the extent Participating Broker-Dealer retains Upfront Sales Loads as described above under "Upfront Sales Loads," neither the Trust nor the Dealer Manager shall have liability for Upfront Sales Loads payable to Participating Broker-Dealer, and that Participating Broker-Dealer is solely responsible for retaining the Upfront Sales Loads due to Participating Broker-Dealer from the subscription funds received by Participating Broker-Dealer from its customers for the purchase of Shares in accordance with the terms of this Agreement.

Participating Broker-Dealer acknowledges and agrees that no commissions, payments or amount whatsoever will be paid to Participating Broker-Dealer in respect of the purchase of offered Shares by a Participating Broker-Dealer (or its registered representative), in its individual capacity, or by a retirement plan of such Participating Broker-Dealer (or its registered representative), or by an officer, director or employee of the Trust, the Adviser or their respective affiliates.

**Due Diligence** 

In addition, as set forth in the Private Placement Memorandum, the Trust may reimburse Participating Broker-Dealers for reasonable out-of-pocket due diligence expenses incurred by such Participating Broker-Dealers. Participating Broker-Dealer shall provide a detailed and itemized invoice for any such due diligence expenses.

&nbsp;&nbsp;&nbsp;&nbsp;

------

**<u>ANNEX B</u>**

**TO** 

**PARTICIPATING BROKER-DEALER AGREEMENT** 

**WITH** 

**BLUE OWL SECURITIES LLC**

---

| | |
|:---|:---|
| **NAME OF ISSUER:** | Blue Owl Real Estate Net Lease Trust |
| **NAME OF PARTICIPATING BROKER-DEALER:** | |
| **SCHEDULE TO AGREEMENT DATED:** | |

---

Participating Broker-Dealer hereby authorizes the Dealer Manager or its agent to deposit Upfront Sales Loads and other payments due to it pursuant to this Participating Broker-Dealer Agreement to its bank account specified below. This authority will remain in force until Participating Broker-Dealer notifies the Dealer Manager in writing to cancel it. If the Dealer Manager deposits funds erroneously into Participating Broker-Dealer's account, the Dealer Manager is authorized to debit the account with no prior notice to Participating Broker-Dealer for an amount not to exceed the amount of the erroneous deposit. *Instructions provided pursuant to this Annex B will supersede the instructions provided by Participating Broker-Dealer with respect to all other funds sponsored by Blue Owl Capital Inc. ("Blue Owl")*.

---

| | |
|:---|:---|
| ☐ ACH | ☐ Wire |
| Bank Name: | |
| Bank Address: | |
| Bank Routing Number: | |
| Account Number: | |

---

---

| | |
|:---|:---|
| "PARTICIPATING BROKER-DEALER"<br>(Print Name of Participating Broker-Dealer/Beneficiary) | "PARTICIPATING BROKER-DEALER"<br>(Print Name of Participating Broker-Dealer/Beneficiary) |
| By: |  |
|  | Name: |
|  | Title: |
|  | Date: |

---

For direct access to commission information, including support and allocation, please enroll in DST Internet Dealer Commissions (IDC). IDC allows a Participating Broker-Dealer to obtain commission statements at any time following the processing period. Please log on to www.DSTIDC.com to request access to reporting for all Blue Owl investments. For further assistance, call the DST IDC team at 1-800-214-2101 or email commissions@dstsystems.com.

&nbsp;&nbsp;&nbsp;&nbsp;

------

**<u>EXHIBIT A</u>**

**DEALER MANAGER AGREEMENT**

------

**<u>EXHIBIT B</u>**

**ELECTRONIC SIGNATURE USE RULES OF ENGAGEMENT** 

In consideration of the Trust allowing the Participating Broker-Dealer and the Participating Broker-Dealer's clients to authorize certain account-related transactions or requests, in whole or in part, by Electronic Signature (as such term is defined in Section XVII hereof), and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Participating Broker-Dealer does hereby, for itself and its successors and permitted assigns, covenant and agree:

1. That the Participating Broker-Dealer has selected an appropriate electronic signature technology that: (a) adheres to applicable Electronic Signature Law; (b) provides a visible indication that an Electronic Signature was affixed to the relevant document and displays the date on which such Electronic Signature was affixed thereto; (c) employs an authentication process to establish signer credentials (the "<u>Authentication Process</u>"); (d) prevents the Electronic Signature from repudiation; (e) protects the signed record from undetected and unauthorized alteration after signing; and (f) utilizes a password protected, encrypted interface to provide client access to documents to be signed electronically or which have previously been signed electronically. The Authentication Process will comply with the Customer Identification Program requirements of the USA Patriot Act.

2. That (a) the Participating Broker-Dealer shall advise clients that participation in the Electronic Signature program is optional; (b) clients must expressly opt into the Electronic Signature program to participate; (c) any client that fails to make an election will execute paper subscription documents; (d) clients may terminate their participation in the Electronic Signature program at any time; (e) clients that elect to participate in the Electronic Signature program will have the ability to elect to receive the Private Placement Memorandum and other materials electronically or in paper form; (f) the same investment opportunities will be available to the client, regardless of whether the client participates in the Electronic Signature program; (g) the use of Electronic Signatures will not affect the Participating Broker-Dealer's obligation to make the suitability determinations that are required under the Participating Broker-Dealer Agreement and the Dealer Manager Agreement; and (h) the Participating Broker-Dealer maintains and will comply with written policies and procedures covering its use of Electronic Signatures.

3. That the Participating Broker-Dealer will maintain a copy (the "<u>Record</u>") of each Electronic Signature used to execute a transaction or request for the life of the account and a minimum of seven (7) years after the account is closed, or for such longer period as any law, rule or regulation may require. The Participating Broker-Dealer will provide such Record to the Trust or the Dealer Manager upon request. Supporting documentation for the use of any Electronic Signature will be maintained and available to the Trust or the Dealer Manager upon request. The Participating Broker-Dealer will maintain all Records in accordance with applicable recordkeeping obligations under state and federal securities laws and regulations and all applicable FINRA Rules and regulations.

 4. Electronic Signature may only be used to the extent permitted by the Trust.

5. That the consent of the Participating Broker-Dealer's client will be obtained for the use of Electronic Signature prior to delivery of any Electronic Signature to the Dealer Manager or the Trust. For each transaction or request submitted, the signer must be informed that an Electronic Signature is being created. If a party must sign a single document in more than one place, a separate signature or expression of intent to sign will be obtained for each location where a signature is required. If multiple documents are to be signed, a separate signature or expression of intent to sign will be obtained for each document.

&nbsp;&nbsp;&nbsp;&nbsp;

------

6. That, if Electronic Signature credentials may be used multiple times, the Participating Broker-Dealer will use a procedure to identify and de-activate expired, withdrawn or compromised credentials. The Participating Broker-Dealer will establish procedures for removing Electronic Signature credentials when a client no longer wishes to participate in the use of Electronic Signature.

7. The Participating Broker-Dealer may not limit its clients to the use of Electronic Signature or electronic delivery of documents only. The Participating Broker-Dealer will allow its clients to elect to sign any document with a manual signature. The Participating Broker-Dealer will allow its clients to elect to receive any document in paper format. The Participating Broker-Dealer may not charge its clients different fees or expenses based on its clients' elections to participate, or not to participate, in the Electronic Signature program.

&nbsp;&nbsp;&nbsp;&nbsp;

------

**<u>EXHIBIT C</u>**

**ELECTRONIC SIGNATURE USE INDEMNITY AGREEMENT** 

The Participating Broker-Dealer has adopted a process by which clients may authorize certain account-related transactions or requests, in whole or in part, evidenced by Electronic Signature (as such term is defined in Section XVII hereof). In consideration of the Trust allowing the Participating Broker-Dealer and its clients to complete certain account-related transactions or requests, in whole or in part, by Electronic Signature, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Participating Broker-Dealer does hereby, for itself and its successors and permitted assigns, covenant and agree to indemnify and hold harmless the Trust, the Dealer Manager, each of their affiliates and each of their affiliates' officers, directors, trustees, agents and employees, in whatever capacity they may act, from and against any and all claims (whether groundless or otherwise), losses, liabilities, damages and expenses, including, but not limited to, costs, disbursements and reasonable counsel fees (whether incurred in connection with such claims, losses, liabilities, damages, and expenses or in connection with the enforcement of any rights hereunder), arising out of or in connection with the Participating Broker-Dealer's representations or covenants set forth in Section XVII hereof or the representations described below.

The Participating Broker-Dealer represents that it will comply with the terms outlined in the Electronic Signature Use Rules of Engagement attached hereto as <u>Exhibit B</u>. The Participating Broker-Dealer represents that the Trust may accept any Electronic Signature without any responsibility to verify or authenticate that it is the signature of the Participating Broker-Dealer's client given with such client's prior authorization and consent. The Participating Broker-Dealer represents that the Trust may act in accordance with the instructions authorized by Electronic Signature without any responsibility to verify that the Participating Broker-Dealer's client intended to give the Electronic Signature for the purpose of authorizing the instruction, transaction or request and that the Participating Broker-Dealer's client received all disclosures required by applicable Electronic Signature Law. The Participating Broker-Dealer agrees to provide a copy of each Electronic Signature and further evidence supporting any Electronic Signature upon request by the Trust.

------

**<u>EXHIBIT D</u>**

**PARTICIPATING BROKER-DEALER'S RULE 506 DISQUALIFYING EVENT DISCLOSURE**

[__]<sup>1</sup>

<sup>1</sup> **Note to Participating Broker-Dealer**: Please provide completed disclosure.

## 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, Marc Zahr, 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 September 30, 2025 of Blue Owl Real Estate Net Lease 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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&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: November 7, 2025

---

| |
|:---|
| /s/ Marc Zahr |
| Marc Zahr |
| 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 September 30, 2025 of Blue Owl Real Estate Net Lease 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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&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: November 7, 2025

---

| |
|:---|
| /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 Real Estate Net Lease Trust (the "Company") on Form 10-Q for the period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Marc Zahr, 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/ Marc Zahr |
| Marc Zahr |
| Chief Executive Officer |
| November 7, 2025 |

---

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 Real Estate Net Lease Trust (the "Company") on Form 10-Q for the period ended September 30, 2025 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 |
| November 7, 2025 |

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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.

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