Blue Owl Trust Reports August NAV
The company detailed portfolio values, liabilities, and debt structure alongside its latest NAV results.
September 24, 2025
Blue Owl Real Estate Net Lease Trust secured nearly $59 million through the sale of more than 5.6 million Class I common shares. The transaction, finalized in mid-September, was carried out through feeder vehicles and priced against August’s net asset value per share.
The company also reported its August NAV, showing total assets of $6.79 billion across all share classes. Per-share values ranged from $10.19 to $10.40, with Class I shares at $10.39. The breakdown reflects a portfolio balanced across real estate holdings, lease receivables, debt investments, and joint ventures. Investments in real estate totaled $3.3 billion, while unconsolidated affiliates contributed nearly $3.8 billion.
On the liability side, mortgage notes and credit facilities stood at $1.6 billion, with unsecured senior notes at $126.5 million. Accounts payable and other obligations brought total liabilities to more than $2.3 billion.
Portfolio Overview
As of August 31, the trust held positions in 3,699 properties, supported by an average remaining lease term of 16 years. The majority of these properties were tied to STORE Capital and other joint ventures, with 250 fully owned. At fair value, the full portfolio measured $8.94 billion.
Debt Profile and Credit Rating
The company’s debt profile was largely insulated from rate volatility. Roughly 90 percent of borrowings carried fixed rates or were hedged through swaps. Average borrowing costs came to 5.2 percent , while the loan-to-value ratio registered at 36.6 percent. In July, Morningstar DBRS assigned the trust a BBB rating, placing it in investment-grade territory.
Key Takeaways
- Raised $58.6 million through Class I share sales
- Total NAV of $6.79 billion as of August
- 3,699 properties in the portfolio, averaging 16-year lease terms
- 90% of debt fixed or hedged; BBB credit rating
The recent share issuance, alongside updated portfolio metrics, shows how the trust continues to raise capital while managing a long-duration, income-focused portfolio.
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