Alan Kirshenbaum - 06 Feb 2026 Form 4 Insider Report for Blue Owl Real Estate Net Lease Trust

Role: Director
Signature: /s/ Karen Hager, as Attorney-in-Fact
Issuer symbol: N/A
Transactions as of: 06 Feb 2026
Net transactions value: $0
Form type: 4
Filing time: 10 Feb 2026, 15:16:12 UTC
Previous filing: 03 Dec 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Kirshenbaum Alan	Director	C/O BLUE OWL REAL ESTATE NET LEASE TRUST, 150 N RIVERSIDE PLAZA, 37TH FLOOR, CHICAGO	/s/ Karen Hager, as Attorney-in-Fact	10 Feb 2026	0001535196

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		Blue Owl NLT Operating Partnership Units	Award	$0	+187,678		$0.000000	187,678	06 Feb 2026	Class I common shares of beneficial interest	187,678		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, ("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 of the Issuer 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 6, 2026.