Blue Owl Real Estate Net Lease Trust

Item 3.02. Unregistered Sales of Equity Securities. As of August 3, 2026, Blue Owl Real Estate Net Lease Trust (the “Company”, “we”, or “us”) sold 1,767,877 shares of its Class I common shares (with the final number of shares being determined on August 17, 2026) to feeder vehicles primarily created to hold the Company’s Class I common shares for gross proceeds of approximately $18.9 million, based on net asset value (“NAV”) per share as of July 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. July 31, 2026 NAV Per Share The NAV per share for each class of our common shares as of July 31, 2026 is set forth below: NAV per share Class S $10.6395 Class N $10.7302 Class D $10.4938 Class I $10.7174 A detailed calculation of the NAV per share is set forth below. We calculate NAV per share in accordance with the valuation guidelines that have been approved by our Board of Trustees. Our total NAV presented in the following tables includes the NAV of our Class S, Class N, Class D, and Class I common shares, as well as the partnership interests of Blue Owl NLT Operating Partnership LP (“NLT OP”) held by parties other than the Company. The following table provides a breakdown of the major components of our NAV as of July 31, 2026 ($ in thousands): Components of NAV July 31, 2026 ─────────────────────────────────────────────────────────────────────────── Cash and cash equivalents $300,114 Restricted cash 54,665 Investments in real estate 7,312,282 Investment in leases - financing receivables 596,606 Investments in real estate debt 1,938,261 Intangible assets 311,798 Investments in unconsolidated real estate affiliates 4,471,206 Other assets 82,793 Mortgage notes and credit facility (3,770,171) Other borrowings (441,055) Due to affiliates (63,433) DST financing obligation (776,644) Accounts payable and accrued expenses (227,929) Other liabilities (116,231) Net Asset Value $9,672,262 Number of outstanding shares/units 905,269,648 The following table provides a breakdown of our total NAV and NAV per share/unit by class as of July 31, 2026 ($ 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 (1) Total ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Monthly NAV $3,829,600 $621,068 $121,251 $4,690,791 $409,552 $ 9,672,262 Number of outstanding shares/units 359,940,064 57,880,424 11,554,510 437,680,843 38,213,807 905,269,648 NAV Per Share/Unit as of July 31, 2026 $10.6395 $10.7302 $10.4938 $10.7174 $10.7174 _______________________ (1) Includes the partnership interests of the NLT OP held by the Special Limited Partners and parties other than the Company. Portfolio Update ($ in thousands) As of July 31, 2026, the Company holds interests in 4,075 properties, of which 424 are wholly-owned, with a remaining weighted average base lease term of 17 years and a remaining weighted average fully extended1 lease term of 35.6 years, with annual escalations of 2.1%. The Company’s total portfolio assets at fair value are $14,946,449. The Company has a credit rating of BBB2. As of July 31, 2026, 50.3% of our consolidated real estate portfolio debt and 45.1% of our total consolidated debt was fixed through fixed-rate debt agreements or interest rate swap transactions. The weighted average interest rate and loan-to-value of our consolidated portfolio were 5.1% and 40.8%, respectively. 1 Assumes tenants exercise all options to extend lease term. 2 Morningstar DBRS finalized the issuer rating at BBB and published its private report on July 22, 2026.