# EDGAR Filing Document

**Accession Number:** 0001944366
**File Stem:** 0001944366-26-000012
**Filing Date:** 2026-2
**Character Count:** 8535
**Document Hash:** 215bdac2980577d8fc65f67ff268322a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001944366-26-000012.hdr.sgml**: 20260219

**ACCESSION NUMBER**: 0001944366-26-000012

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260217

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20260219

**DATE AS OF CHANGE**: 20260219

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56536
- **FILM NUMBER:** 26654882

**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-20260217

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

_________________________________________________________

**FORM 8-K**

_________________________________________________________

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): February 17, 2026**

_________________________________________________________

**Blue Owl Real Estate Net Lease Trust**

(Exact name of registrant as specified in its charter)

_________________________________________________________

---

| | | |
|:---|:---|:---|
| **Maryland** | **000-56536** | **88-1672312** |
| (State or other jurisdiction of<br>incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

---

| | |
|:---|:---|
| **150 N Riverside Plaza, 37th Floor**<br>**Chicago, IL** | **60606** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's Telephone Number, Including Area Code: **(888**) **215-2015**

**Not applicable**

(Former name or former address, if changed since last report.)

_________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **None** | **None** | **None** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. □

------

**Item 3.02. Unregistered Sale of Equity Securities.**

As of February 2, 2026, Blue Owl Real Estate Net Lease Trust (the "***Company***", "***we***", or "***us***") sold 3,355,538 shares of its Class I common shares (with the final number of shares being determined on February 17, 2026) to feeder vehicles primarily created to hold the Company's Class I common shares for gross proceeds of approximately $35.6 million, based on net asset value ("***NAV***") per share as of January 31, 2026. The offers and sales of these shares were exempt from the registration provisions of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2), Regulation D and/or Regulation S thereunder.

------

**Item 8.01. Other Events.**

***January 31, 2026 NAV Per Share***

The NAV per share for each class of our common shares as of January 31, 2026 is set forth below:

---

| | |
|:---|:---|
| | **NAV per share** |
| Class S | $10.5324 |
| Class N | $10.6197 |
| Class D | $10.3963 |
| Class I | $10.6069 |

---

A detailed calculation of the NAV per share is set forth below. We calculate NAV per share in accordance with the valuation guidelines that have been approved by our Board of Trustees. Our total NAV presented in the following tables includes the NAV of our Class S, Class N, Class D, and Class I common shares, as well as the partnership interests of Blue Owl NLT Operating Partnership LP ("***NLT OP***") held by parties other than the Company. The following table provides a breakdown of the major components of our NAV as of January 31, 2026 ($ in thousands):

---

| | |
|:---|:---|
| **Components of NAV** | **January 31, 2026** |
| Cash and cash equivalents | $203197 |
| Restricted cash | 48019 |
| Investments in real estate | 4556019 |
| Investment in leases - financing receivables | 511986 |
| Investments in real estate debt | 2351921 |
| Intangible assets | 303175 |
| Investments in unconsolidated real estate affiliates | 3885306 |
| Other assets | 43028 |
| Mortgage notes and credit facility | (1904880) |
| Unsecured senior notes, net | (126550) |
| Other borrowings | (756998) |
| Due to affiliates | (63244) |
| Accounts payable and accrued expenses | (151444) |
| Other liabilities | (576080) |
| **Net Asset Value** | $8323455 |
| Number of outstanding shares/units | 787085531 |

---

The following table provides a breakdown of our total NAV and NAV per share/unit by class as of January 31, 2026 ($ in thousands, except per share/unit data):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **NAV per share** | **Class S Shares** | **Class N Shares** | **Class D Shares** | **Class I Shares**  | **Third - Party Operating Partnership Units** <sup>(1)</sup> | **Total** |
| Monthly NAV | $3362651 | $523199 | $95119 | $3958195 | $384291 | $8323455 |
| Number of outstanding shares/units | 319267344 | 49266914 | 9149331 | 373171680 | 36230262 | 787085531 |
| NAV Per Share/Unit as of January 31, 2026 | $10.5324 | $10.6197 | $10.3963 | $10.6069 | $10.6069 |  |

---

_______________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Includes the partnership interests of the NLT OP held by the Special Limited Partners and other NLT OP interests held by parties other than us.

------

***Portfolio Update*** *($ in thousands)*

As of January 31, 2026, the Company holds interests in 3,896 properties with a remaining weighted average lease term of 19 years, of which 271 are wholly-owned, 3,582 are through its investment in STORE<sup>1</sup>, and 43 are through other joint ventures. The Company's total portfolio assets at fair value are $11,826,259. The Company has a credit rating of BBB<sup>2</sup>.

As of January 31, 2026, 85.7% of our consolidated real estate portfolio debt and 62.7% of our total consolidated debt was fixed through fixed-rate debt agreements or interest rate swap transactions. The weighted average interest rate and loan-to-value of our consolidated portfolio were 5.2% and 35.7%, respectively.

<sup>1</sup> STORE Capital LLC and Waterparks LLC ("STORE")

<sup>2</sup> Morningstar DBRS finalized the issuer rating at BBB and published its private report on July 19, 2025.

------

**SIGNATURES** 

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

---

| | | | |
|:---|:---|:---|:---|
| | **Blue Owl Real Estate Net Lease Trust** | **Blue Owl Real Estate Net Lease Trust** | **Blue Owl Real Estate Net Lease Trust** |
| | By: | /s/ Kevin Halleran | /s/ Kevin Halleran |
| | | Name: | Kevin Halleran |
| | | Title: | Chief Financial Officer |
| Date: February 19, 2026 |  |  |  |

---