Blue Owl Real Estate Raises $40M

The trust reported a portfolio spanning 3,857 properties with a weighted average lease term of 18 years.

December 22, 2025

Equity Raise and Share Issuance

Blue Owl Real Estate Net Lease Trust has brought in $40.2 million in new capital. As of December 1, 2025, the company issued over 3.8 million Class I shares, directed to feeder vehicles designed to hold these shares. Pricing was based on the company’s net asset value (NAV) as of November 30 and finalized on December 15. The transaction qualified for exemptions from SEC registration under applicable rules.

NAV Breakdown and Share Class Details

The update also breaks down the latest NAV figures. Class I shares stood at $10.4927, with Class N slightly higher at $10.5058. Class S and Class D shares came in at $10.4211 and $10.2864, respectively. Across all equity classes and partnership interests, Blue Owl’s NAV reached $7.78 billion.

That number reflects a broad mix of real estate and related holdings. The portfolio includes:

• More than $3.5 billion in direct real estate investments


• Over $3.7 billion in unconsolidated real estate affiliates


• Roughly $2 billion in real estate debt


• $384 million in cash and $222 million in intangible assets

Liabilities—including mortgage and unsecured notes, other borrowings, and operational expenses—were netted against total assets to arrive at the NAV.

Portfolio Composition and Market Position

Looking at the portfolio itself, Blue Owl holds interests in 3,857 properties. Of those, 254 are directly owned, while the rest are tied to STORE Capital LLC and Waterparks LLC ( 3,561 properties) or held through joint ventures ( 42 properties). The weighted average lease term is 18 years. At fair value, the portfolio totals more than $10.3 billion.

Leverage Profile and Credit Rating

The company continues to maintain a conservative approach to leverage. As of November 30, 74% of consolidated debt was fixed, either through fixed-rate instruments or swaps. The average interest rate on debt was 5.3%, and the loan-to-value ratio stood at 32.3%. Blue Owl carries a BBB issuer rating, finalized by Morningstar DBRS earlier this year.

Together, the equity raise, updated NAV, and portfolio metrics provide a snapshot of where the trust stands—and how it’s positioning for continued performance across real estate markets.