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 March 31, 2024. Past performance is not a guarantee of future results.

Endnotes

1. Distribution payments are not guaranteed. ORENT may pay distributions 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 S: 0.85%, Class D: 0.25% and Class I: No servicing fee). 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 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 is recently organized, and annualized distribution rates may change over time. All investments are subject to risk, including the loss of the principal amount invested. This information is summary in nature and is no way complete, and these terms have been simplified for illustrative purposes and may change materially at any time without notice. In particular, this information omits certain important details about the stated terms and does not address certain other key Fund terms or risks or represent a complete list of all Fund terms. If you express an interest in investing in the fund, you will be provided a Private Placement Memorandum or other documents ("Fund Documents"), which shall govern in the event of any conflict with the general terms herein. You must rely only on the information contained in the Fund Documents in making any decision to invest. Please see PPM for corresponding terms. 

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

3. Investment grade defined as BBB- or better per Standard & Poor’s at time of acquisition. Other creditworthy tenants determined at Blue Owl’s discretion. 

4. The leverage ratio is measured by dividing (i)consolidated property-level and entity-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. There can be no guarantee that the fund will achieve the targets presented above. All investments are subject to risk, including the loss of the principal amount invested. This information is summary in nature and is no way complete, and these terms have been simplified for illustrative purposes and may change materially at any time without notice. In particular, this information omits certain important details about the stated terms and does not address certain other key Fund terms or risks or represent a complete list of all Fund terms. If you express an interest in investing in the fund, you will be provided a Private Placement Memorandum or other documents ("Fund Documents"), which shall govern in the event of any conflict with the general terms herein. You must rely only on the information contained in the Fund Documents in making any decision to invest. Please see PPM for corresponding terms. 

5. Distributions are not guaranteed. ORENT may pay distributions 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, and that the Issuer has no limits on such amounts it may pay from such sources. 

6. 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.

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 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. 

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

10. Credit ratings are provided by an NRSRO at time of acquisition with the exception of Maverick Gaming and Bally’s, in which the credit ratings reflect the company’s secured credit rating. For total portfolio weighted average credit rating, unrated entities are assumed to carry a credit rating of “B-”. 

11. Represents percentage of fair value. Valuations may change over time. "Other" tenants include Magna International (3.3%), Walgreen Co. (3.3%), World Kinect (2.3%), Whirlpool (2.3%), Ramoco Group (1.5%), EquipmentShare.com Inc. (1.2%), Federal Insurance Co. (1.1%), Loc Performance (1.0%), STNL IG Portfolio (1.0%), Paradigm (0.8%), Dorel Industries (0.7%), Fleet Farm (0.3%), Johnson Controls (0.0%), Mountain Express (0.0%), and HOFV (0.0%).

12. Excludes STORE and Mortgage receivables. Dollars in thousands. CAD, EUR and GBP converted to USD at rates as of August 31, 2023. 

13. WALT and annual escalations as of September 30, 2023. Fair value represents ORENT purchase price. 

14. Bally’s annual rent escalations are CPI-linked every 5 years with a 10.0% collar and an 18.5% cap.

15. Tenneco shown at ORENT’s 50.9% basis in the Tenneco tranches acquired in June and July 2023.

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

17. 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. 

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