Blue Owl Real Estate Net Lease Trust

Item 3.02. Unregistered Sales of Equity Securities. As of July 1, 2026, Blue Owl Real Estate Net Lease Trust (the “Company”, “we”, or “us”) sold 2,139,619 shares of its Class I common shares (with the final number of shares being determined on July 16, 2026) to feeder vehicles primarily created to hold the Company’s Class I common shares for gross proceeds of approximately $22.9 million, based on net asset value (“NAV”) per share as of June 30, 2026. The offers and sales of these shares were exempt from the registration provisions of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2), Regulation D and/or Regulation S thereunder.

Item 8.01. Other Events. June 30, 2026 NAV Per Share The NAV per share for each class of our common shares as of June 30, 2026 is set forth below: NAV per share Class S $10.6215 Class N $10.7115 Class D $10.4769 Class I $10.6988 A detailed calculation of the NAV per share is set forth below. We calculate NAV per share in accordance with the valuation guidelines that have been approved by our Board of Trustees. Our total NAV presented in the following tables includes the NAV of our Class S, Class N, Class D, and Class I common shares, as well as the partnership interests of Blue Owl NLT Operating Partnership LP (“NLT OP”) held by parties other than the Company. The following table provides a breakdown of the major components of our NAV as of June 30, 2026 ($ in thousands): Components of NAV June 30, 2026 ─────────────────────────────────────────────────────────────────────────── Cash and cash equivalents $614,145 Restricted cash 53,566 Investments in real estate 4,823,306 Investment in leases - financing receivables 596,606 Investments in real estate debt 1,834,523 Intangible assets 311,236 Investments in unconsolidated real estate affiliates 4,417,070 Other assets 74,087 Mortgage notes and credit facility (1,699,512) Unsecured senior notes, net (126,791) Other borrowings (441,777) Due to affiliates (53,133) DST financing obligation (714,785) Accounts payable and accrued expenses (191,883) Other liabilities (97,574) Net Asset Value $9,399,084 Number of outstanding shares/units 881,231,469 The following table provides a breakdown of our total NAV and NAV per share/unit by class as of June 30, 2026 ($ in thousands, except per share/unit data): NAV per share Class S Shares Class N Shares Class D Shares Class I Shares Third-Party Operating Partnership Units (1) Total ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Monthly NAV $3,738,249 $602,361 $120,674 $4,527,558 $410,242 $ 9,399,084 Number of outstanding shares/units 351,949,979 56,234,893 11,518,112 423,183,800 38,344,685 881,231,469 NAV Per Share/Unit as of June 30, 2026 $10.6215 $10.7115 $10.4769 $10.6988 $10.6988 _______________________ (1) Includes the partnership interests of the NLT OP held by the Special Limited Partners and parties other than the Company. Portfolio Update ($ in thousands) As of June 30, 2026, the Company holds interests in 3,927 properties, of which 281 are wholly-owned, with a remaining weighted average base lease term of 19 years and a remaining weighted average fully extended1 lease term of 39 years, with annual escalations of 2.2%. The Company’s total portfolio assets at fair value are $12,603,444. The Company has a credit rating of BBB2. As of June 30, 2026, 100.0% of our consolidated real estate portfolio debt and 80.9% 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 28.4%, respectively. 1 Assumes tenants exercise all options to extend lease term. 2 Morningstar DBRS finalized the issuer rating at BBB and published its private report on July 19, 2025.