Marc Zahr - Jan 17, 2024 Form 4 Insider Report for Blue Owl Real Estate Net Lease Trust (NONE)

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

Type	Sym	Class	Transaction	Value $	Shares	* Price $	Shares After	Date	Underlying Class	Amount	Ownership	Footnotes
transaction	NONE	Blue Owl NLT Operating Partnership Units	Award	$0	+1.15M	$0.00	1.15M	Jan 17, 2024	Class I common shares of beneficial interest	1.15M	By Blue Owl Real Estate Net Lease Trust CPV LP	F1, F2, F3
holding	NONE	Blue Owl NLT Operating Partnership Units					285K	Jan 17, 2024	Class I common shares of beneficial interest	285K	Direct	F1
holding	NONE	Blue Owl NLT Operating Partnership Units					3.25M	Jan 17, 2024	Class I common shares of beneficial interest	3.25M	By Augustus LLC	F1

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

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	Represents the date on which the annual performance allocation for fiscal year 2023 was determined.
F3	Securities issued to Blue Owl Real Estate Net Lease Trust CPV LP, as performance allocation, a portion of which is allocable to the Reporting Person. Reporting Person disclaims beneficial ownership of these securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 or any other purpose.