Blue Owl Real Estate Net Lease Trust (ORENT)

FOR FINANCIAL PROFESSIONAL USE ONLY.

This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein. Only a private placement memorandum for Blue Owl Real Estate Net Lease Trust can make such an offer. This material is authorized only when it is accompanied or preceded by the Blue Owl Real Estate Net Lease Trust private placement memorandum. Neither the SEC, the Attorney General of the State of New York nor any state securities commission has approved or disapproved of these securities or determined if the private placement memorandum is truthful or complete. Any representation to the contrary is a criminal offense. Securities are offered through Blue Owl Securities LLC, member of FINRA/SIPC, as Dealer Manager.

As of ​October 31, 2024. Past performance is not a guarantee of future results.

Endnotes

1. Distribution payments are not guaranteed. ORENT may pay distributions (including any preferred returns that are paid in cash on a monthly basis) from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and advances or the deferral of fees and expense reimbursements. The annualized distribution rate shown is calculated by annualizing the declared distributions per share in the previous month and dividing by the previous month’s published NAV. The annualized distribution rate shown may be rounded and is net of applicable servicing fees (Class I: No servicing fee, Class D: 0.25%, Class N: 0.50% and Class S: 0.85%). The payment of future distributions is subject to the discretion of ORENT’s board of directors and applicable legal restrictions, therefore there can be no assurance as to the amount or timing of any such future distributions. Distributions are not guaranteed. Up to 100% of distributions (including any preferred returns that are paid in cash on a monthly basis) have been funded and may continue to be funded by the reimbursement of certain expenses that are subject to repayment to the Adviser of ORENT. Such waivers and reimbursements by the Adviser may not continue in the future. ORENT's annualized distribution rates may change over time.

2. Blue Owl Real Estate’s investment strategy will target NNN as well as NN Roof & Structure properties.

3. Investment grade companies must have “BBB-” rating or higher by S&P or an equivalent rating from a nationally recognized statistical rating organization (NRSRO). Creditworthy refers to businesses that Blue Owl deems financially sound enough to justify an extension of credit or engage in a lease agreement. Please see Blue Owl’s important information page for AUM definition.

4. Leverage is measured by dividing (i) consolidated property-level and entry-level debt net of cash and loan-related restricted cash, by (ii) the asset value of real estate investments (measured using the greater of fair market value and cost) plus the equity in our settled real estate debt investments.

5. The repurchase plan currently limits aggregate quarterly repurchases to no more than 5% of the aggregate NAV per calendar quarter. 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 shares that have not been outstanding for at least one year will be repurchased at 98% of the repurchase price.

6. To be paid by the investor on a monthly basis.

7.  Past performance is not a guarantee of future results. Returns are compounded monthly. Total return is calculated as the change in monthly NAV (assuming any dividends and distributions, net of shareholder servicing fees, are reinvested in accordance with ORENT’s distribution reinvestment plan), if any, divided by the beginning NAV. Returns reflect reinvestments of distributions and the deduction of ongoing expenses that are borne by investors, such as management fees, incentive fees, servicing fees, interest expense, offering costs, professional fees, director fees and other general and administrative expenses. An investment in the Company is subject to a maximum upfront sales load (Class I: No sales load, Class D: 1.5%, Class N: 2.0%, Class S: 3.5%) which will reduce the amount of capital available for investment. Operating expenses may vary in the future based on the amount of capital raised, the Adviser’s election to continue expense support, and other unpredictable variables. Fund inception 9/1/2022. Class N is not an annualized return given the Inception date is 6/1/2024 for the share class.

8. Total asset value is the gross asset value of real estate assets, based on fair value, plus the total fair value of real estate-related securities as well as the addition of any other cash equivalents.

9. Includes 241 ORENT, 3,235 STORE and 21 properties associated with the NLCA loan investment.

10. Data represents the weighted average lease term remaining (WALTR) of the portfolio. WALTR is a metric in commercial real estate that measures how much contractual term is remaining on a property.

11. Leverage is measured by dividing (i) consolidated property-level and entry-level debt net of cash and loan-related restricted cash, by (ii) the asset value of real estate investments (measured using the greater of fair market value and cost) plus the equity in our settled real estate debt investments. Excludes short term affiliate and JV loans.

12. Based on preliminary issuer rating assigned by Morningstar DBRS in June 2024; Morningstar DBRS finalized the issuer rating at BBB and published its private report on July 9, 2024.

13. Represents percentage of fair value. Valuations may change over time. Property type and geographical diversification includes STORE on a look-through basis.

14. For tenant diversification, STORE is included in Other (STORE’s top tenant represents 2.4% of its portfolio or 0.03% of ORENT on a look-through basis).

15.  As of August 31, 2024. Dollars in thousands. CAD, EUR and GBP converted to USD at rates as of August 31, 2024. 1. The properties above are inclusive of Closed assets owned by ORENT as of August 31, 2024. 2. Property count, WALT, and annual escalations as of August 31, 2024. 3. Bally’s annual rent escalations are CPI-linked every 5 years with a 10.0% collar and an 18.5% cap. Annual escalations are assumed to be 2.85% for the portfolio weighted average. 4. Tenneco shown at ORENT’s 50.9% basis in the Tenneco tranches acquired in June and July 2023. 5. Walgreen’s rent escalates at a rate of 5% every 5 years. 6. C-Store Portfolio reflects properties formerly leased to SQRL. 7. Includes 21 properties associated with the NLCA loan investment. 8. Dorel’s annual rent escalations are fixed every five years with a weighted averageincrease of 2.0%. 9. Fleet Farm shown at ORENT’s 49.1% ownership. 10. CoreWeave shown at ORENT’s 14.3% ownership.
 

5780049.2