<?xml version="1.0"?>
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    <schemaVersion>X0708</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001944366</cik>
        <entityName>Blue Owl Real Estate Net Lease Trust</entityName>
        <issuerAddress>
            <street1>30 N. LASALLE STREET, SUITE 4140</street1>
            <city>CHICAGO</city>
            <stateOrCountry>IL</stateOrCountry>
            <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
            <zipCode>60602</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(773) 389-6502</issuerPhoneNumber>
        <jurisdictionOfInc>MARYLAND</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>Oak Street Net Lease Trust</previousName>
        </edgarPreviousNameList>
        <entityType>Business Trust</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2022</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Marc</firstName>
                <lastName>Zahr</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>30 N. LaSalle Street, Suite 4140</street1>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60602</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Executive Officer, President and Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <lastName>Reiter</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>30 N. LaSalle Street, Suite 4140</street1>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60602</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Operating Officer and Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Alan</firstName>
                <lastName>Kirshenbaum</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>30 N. LaSalle Street, Suite 4140</street1>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60602</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kevin</firstName>
                <lastName>Halleran</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>30 N. LaSalle Street, Suite 4140</street1>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60602</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Financial Officer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Andrew</firstName>
                <lastName>Murphy</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>30 N. LaSalle Street, Suite 4140</street1>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60602</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Secretary</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Rick</firstName>
                <lastName>Buoncore</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>30 N. LaSalle Street, Suite 4140</street1>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60602</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Fred</firstName>
                <lastName>Cummings</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>30 N. LaSalle Street, Suite 4140</street1>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60602</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <lastName>Mackey</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>30 N. LaSalle Street, Suite 4140</street1>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60602</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jonathan</firstName>
                <lastName>Shames</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>30 N. LaSalle Street, Suite 4140</street1>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60602</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <lastName>Blue Owl Real Estate Capital LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>30 N. LaSalle Street, Suite 4140</street1>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60602</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>REITS and Finance</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
            <item>3C</item>
            <item>3C.5</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001944366-23-000028</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2022-09-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Blue Owl Securities LLC</recipientName>
                <recipientCRDNumber>283250</recipientCRDNumber>
                <associatedBDName>Blue Owl Securities LLC</associatedBDName>
                <associatedBDCRDNumber>283250</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>575 Lexington Avenue</street1>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10022</zipCode>
                </recipientAddress>
                <statesOfSolicitationList></statesOfSolicitationList>
                <foreignSolicitation>true</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Morgan Stanley Smith Barney LLC</recipientName>
                <recipientCRDNumber>149777</recipientCRDNumber>
                <associatedBDName>Morgan Stanley Smith Barney LLC</associatedBDName>
                <associatedBDCRDNumber>149777</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2000 Westchester Avenue</street1>
                    <city>Purchase</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10577</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>UBS Financial Services Inc.</recipientName>
                <recipientCRDNumber>8174</recipientCRDNumber>
                <associatedBDName>UBS Financial Services Inc.</associatedBDName>
                <associatedBDCRDNumber>8174</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1200 Harbor Boulevard</street1>
                    <city>Weehawken</city>
                    <stateOrCountry>NJ</stateOrCountry>
                    <stateOrCountryDescription>NEW JERSEY</stateOrCountryDescription>
                    <zipCode>07086</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Stifel, Nicolaus &amp; Company Incorporated</recipientName>
                <recipientCRDNumber>793</recipientCRDNumber>
                <associatedBDName>Stifel, Nicolaus &amp; Company Incorporated</associatedBDName>
                <associatedBDCRDNumber>783</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>501 North Broadway</street1>
                    <city>St. Louis</city>
                    <stateOrCountry>MO</stateOrCountry>
                    <stateOrCountryDescription>MISSOURI</stateOrCountryDescription>
                    <zipCode>63102</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>J.P. Morgan Securities LLC</recipientName>
                <recipientCRDNumber>79</recipientCRDNumber>
                <associatedBDName>J.P. Morgan Securities LLC</associatedBDName>
                <associatedBDCRDNumber>79</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>383 Madison Avenue</street1>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10179</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated</recipientName>
                <recipientCRDNumber>7691</recipientCRDNumber>
                <associatedBDName>Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated</associatedBDName>
                <associatedBDCRDNumber>7691</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>One Bryant Park</street1>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10036</zipCode>
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                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>iCapital Markets LLC</recipientName>
                <recipientCRDNumber>118219</recipientCRDNumber>
                <associatedBDName>iCapital Markets LLC</associatedBDName>
                <associatedBDCRDNumber>118219</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>60 East 42nd Street, 26th Floor</street1>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10165</zipCode>
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                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>LPL Financial LLC</recipientName>
                <recipientCRDNumber>6413</recipientCRDNumber>
                <associatedBDName>LPL Financial LLC</associatedBDName>
                <associatedBDCRDNumber>6413</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1055 LPL Way</street1>
                    <city>Fort Mill</city>
                    <stateOrCountry>SC</stateOrCountry>
                    <stateOrCountryDescription>SOUTH CAROLINA</stateOrCountryDescription>
                    <zipCode>29715</zipCode>
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                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>MML Investors Services LLC</recipientName>
                <recipientCRDNumber>10409</recipientCRDNumber>
                <associatedBDName>MML Investors Services LLC</associatedBDName>
                <associatedBDCRDNumber>10409</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1295 State Street</street1>
                    <city>Springfield</city>
                    <stateOrCountry>MA</stateOrCountry>
                    <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                    <zipCode>01111</zipCode>
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                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>RBC Capital Markets, LLC</recipientName>
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                <recipientAddress>
                    <street1>3 World Financial Center</street1>
                    <street2>200 Vesey Street</street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10281</zipCode>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Sanctuary Securities, Inc.</recipientName>
                <recipientCRDNumber>205</recipientCRDNumber>
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                    <street1>3815 River Crossing Pkwy, Suite 200</street1>
                    <city>Indianapolis</city>
                    <stateOrCountry>IN</stateOrCountry>
                    <stateOrCountryDescription>INDIANA</stateOrCountryDescription>
                    <zipCode>46240</zipCode>
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                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Raymond James &amp; Associates, Inc.</recipientName>
                <recipientCRDNumber>705</recipientCRDNumber>
                <associatedBDName>Raymond James &amp; Associates, Inc.</associatedBDName>
                <associatedBDCRDNumber>705</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>880 Carillon Parkway</street1>
                    <city>St. Petersburg</city>
                    <stateOrCountry>FL</stateOrCountry>
                    <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                    <zipCode>33716</zipCode>
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                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Noorden Global Ventures - FZCO</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>Dubai Silicon Oasis</street1>
                    <street2>Building A2</street2>
                    <city>Dubai</city>
                    <stateOrCountry>C0</stateOrCountry>
                    <stateOrCountryDescription>UNITED ARAB EMIRATES</stateOrCountryDescription>
                    <zipCode>-</zipCode>
                </recipientAddress>
                <statesOfSolicitationList></statesOfSolicitationList>
                <foreignSolicitation>true</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Roam Capital Partners LLC</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>501 Brickell Key Drive, Suite 501</street1>
                    <city>Miami</city>
                    <stateOrCountry>FL</stateOrCountry>
                    <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                    <zipCode>33131</zipCode>
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                <statesOfSolicitationList></statesOfSolicitationList>
                <foreignSolicitation>true</foreignSolicitation>
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            <recipient>
                <recipientName>Raymond James Financial Services, Inc.</recipientName>
                <recipientCRDNumber>6694</recipientCRDNumber>
                <associatedBDName>Raymond James Financial Services, Inc.</associatedBDName>
                <associatedBDCRDNumber>6694</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>880 Carillon Parkway</street1>
                    <city>St. Peterberg</city>
                    <stateOrCountry>FL</stateOrCountry>
                    <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                    <zipCode>33716</zipCode>
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                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>3565177828</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>Total Amount Sold includes General Partner's commitment.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>15660</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>Any commissions are paid from a potential investor directly to such financial intermediaries in amounts that are in the discretion of the financial intermediaries and the Company is not able to estimate the amount of such commissions.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Blue Owl Real Estate Net Lease Trust</issuerName>
                <signatureName>/s/ Michael Reiter</signatureName>
                <nameOfSigner>Michael Reiter</nameOfSigner>
                <signatureTitle>Chief Operating Officer and Trustee</signatureTitle>
                <signatureDate>2024-08-30</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
