Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

In preparation of the accompanying Condensed Consolidated Financial Statements, the Company has evaluated events and transactions that occurred after September 30, 2023 for recognition or disclosure purposes. Based on this evaluation, we identified the following subsequent events, from September 30, 2023 through the date the financial statements were issued.

Acquisitions

STORE

In October 2023 and November 2023, the Company made an additional investment in OS Aggregator of $94,794 and $64,579 under the terms of the FIPA. The Company’s additional investments did not result in a change in control and therefore, no gain or loss was recognized in the Condensed Consolidated Statement of Operations as a result of the incremental investments. The investment will continue to be accounted for using the FVO under ASC 825.

Financings

In November 2023, NLT OP paid down $25,000 on its affiliate line of credit, for a remaining outstanding principal balance of $200,000. Further, NLT OP amended and restated its loan agreement with its affiliate, Blue Owl Capital Holdings LP, to set a maturity date of June 30, 2024 for the $200,000 outstanding balance, remove the revolving feature from the promissory note, and to allow NLT OP to borrow an additional $50,000 on a delayed draw basis (for an aggregate principal amount of up to $250,000). Any unpaid principal balance and unpaid accrued interest is payable on June 30, 2024.

Proceeds from the Issuance of Common Shares

From October 1, 2023 through the date the financial statement were issued, the Company sold an aggregate of 21,446,608 shares of its common shares (consisting of 8,609,105 Class S shares, 451,472 Class D shares, and 12,386,031 Class I shares) resulting in net proceeds of $221,359 to the Company as payment for such shares.

Repurchases

Effective October 18, 2023, the Company amended its share repurchase plan (the “Amended Share Repurchase Plan”). Under the Amended Share Repurchase Plan, to the extent the Company chooses to repurchase shares in any particular calendar quarter, the Company will repurchase shares as of the close of the fourth business day of the last month of the applicable calendar quarter. The repurchase price per share will generally be equal to the net asset value (“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 transaction price. The aggregate NAV of total repurchases of Class S, Class D and Class I Shares is limited to no more than 5% of the Company’s aggregate NAV per

calendar quarter (measured using the average aggregate NAV as of the end of the preceding three months for which NAV is available). Shareholders may request on a quarterly basis that the Company repurchase all or any portion of their shares and may submit such repurchase requests beginning after the start of the second month of the applicable calendar quarter.