Michael Reiter - Feb 5, 2025 Form 4 Insider Report for Blue Owl Real Estate Net Lease Trust (NONE)

Role: Chief Operating Officer, Director
Signature: /s/ Karen Hager, as Attorney-in-Fact
Stock symbol: NONE
Transactions as of: Feb 5, 2025
Transactions value $: $0
Form type: 4
Date filed: 2/7/2025, 10:48 AM
Previous filing: Feb 21, 2024
SEC: View on sec.gov

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	NONE	Blue Owl NLT Operating Partnership Units	Award	$0	+74.8K	+42.63%	$0.00	250K	Feb 5, 2025	Class I common shares of beneficial interest	74.8K		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents Class I limited partner interests in Blue Owl NLT Operating Partnership LP, formerly known as OakTrust Operating Partnership, L.P. ("Blue Owl NLT Operating Partnership Units"), which may, subject to certain restrictions, be exchanged for a corresponding number of Class I common shares of beneficial interest, par value $0.01 per share or the cash equivalent. Blue Owl NLT Operating Partnership Units do not expire.
F2	The Blue Owl NLT Operating Partnership Units represent a portion of the Blue Owl NLT Operating Partnership Units previously issued to Blue Owl Real Estate Net Lease Trust CPV LP as a performance allocation, a portion of which was allocated to the Reporting Person and distributed to him on February 5, 2025.

Content

Represents Class I limited partner interests in Blue Owl NLT Operating Partnership LP, formerly known as OakTrust Operating Partnership, L.P. ("Blue Owl NLT Operating Partnership Units"), which may, subject to certain restrictions, be exchanged for a corresponding number of Class I common shares of beneficial interest, par value $0.01 per share or the cash equivalent. Blue Owl NLT Operating Partnership Units do not expire.

The Blue Owl NLT Operating Partnership Units represent a portion of the Blue Owl NLT Operating Partnership Units previously issued to Blue Owl Real Estate Net Lease Trust CPV LP as a performance allocation, a portion of which was allocated to the Reporting Person and distributed to him on February 5, 2025.