Related Party Transactions

3 Months Ended

Mar. 31, 2026

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Due to Affiliates

The following table details the components of due to affiliates:

	March 31, 2026		December 31, 2025
Accrued ongoing servicing fees	$	180,528	$	167,835
Accrued management fee	18,520		16,710
Performance participation allocation	30,457		30,724
Advanced organization and offering costs	6,332		7,060
Other advanced expenses (1)	3,365		5,639
Total	$	239,202	$	227,968

(1)Includes salaries and other invoices paid by the Adviser on behalf of and subsequently reimbursed by the Company.

Ongoing Servicing Fees

The Company accrues ongoing servicing fees payable to Blue Owl Securities LLC (the “Dealer Manager”), for ongoing services rendered to shareholders for Class S, Class N, and Class D shares equal to 0.85%, 0.50% and 0.25%, respectively, per annum of the aggregate NAV of the respective outstanding class of shares. The ongoing servicing fees are paid monthly in arrears.

As part of the DST Program, NLT OP is authorized to issue three additional classes of OP Units, Class S-1, Class N-1, and Class D-1 in exchange for Interests in DSTs in the event NLT OP elects to exercise its FMV Buyback Option and the participation of such OP Units in the Company’s distribution reinvestment plan. NLT OP will pay to the Dealer Manager for ongoing services rendered to shareholders for Class S-1, Class N-1, and Class D-1 OP Units equal to 0.85%, 0.50% and 0.25%, respectively, per annum of the aggregate NAV of the respective outstanding class of OP Units. The servicing fees will be paid monthly in arrears. Additionally, the DST Sponsor, Blue Owl Real Estate Exchange LLC, a wholly owned subsidiary of the Company, will pay to the Dealer Manager, a service fee equal to 0.25% per annum of the price per Interest sold, to be paid quarterly or monthly in arrears based on the DST Offering.

Accrued Management Fees

The Company pays the Adviser a management fee equal to 1.25% of NAV per annum payable monthly for services rendered related to ongoing operations of ORENT pursuant to the advisory agreement between the Company and the Adviser (the “Investment Advisory Agreement”). Additionally, to the extent that NLT OP issues OP Units to parties other than the Company, NLT OP will pay the Adviser a management fee equal to 1.25% of the NAV of NLT OP attributable to such units not held by us per annum payable monthly.

The management fee may be paid, at the Adviser’s election, in cash, Class I shares or Class I OP Units. To date, the Adviser has elected to receive the management fee in the Company’s common shares, resulting in a non-cash expense. During the three months ended March 31, 2026 and 2025, the Company incurred management fees of $27,907 and $16,216, respectively.

During the three months ended March 31, 2026 and 2025, the Company issued 2,471,547 and 1,459,718 shares, respectively, to the Adviser as payment for management fees. Management fees of $18,520 and $16,710 were accrued and unpaid as of March 31, 2026 and December 31, 2025, respectively. The shares issued to the Adviser for payment of the management fee were issued at the applicable NAV per share at the end of each month for which the fee was earned.

Additionally, in connection with the DST Program, the Company will pay the Adviser a management fee equal to 1.25% of the total consideration received by the Company or its affiliate for selling Interests to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such Interests and any proceeds from any loans secured directly or indirectly by the DST Properties, per annum payable monthly. The Adviser has waived the fee for all current DST Offerings except for the Company’s third DST Offering. Since inception of the DST Program, the Company incurred management fees related to the DST Program of $858.

Performance Participation Allocation

In addition to the fees paid to the Adviser for services provided pursuant to the Investment Advisory Agreement, Blue Owl Oak Trust Carry LLC, a controlled subsidiary of Blue Owl, and Blue Owl Real Estate Net Lease Trust CPV LP (formerly, Oak Trust Carry Participant Vehicle LP), controlled by senior and other officers of Blue Owl (each a “Special Limited Partner”) holds a performance participation interest in NLT OP that entitles them to receive an allocation of NLT OP’s total return. Total return is defined as total distributions plus the change in the Company’s NAV per share, adjusted for subscriptions and repurchases. The performance participation allocation is an incentive fee paid to the Adviser and receipt of the allocation is subject to the ongoing effectiveness of the Investment Advisory Agreement. Under the NLT OP agreement, the Special Limited Partners are entitled to an allocation from NLT OP equal to 12.5% of total return, after the other unit holders have received a total return of 5% (after recouping any loss carryforward amount). The allocation of the performance participation allocation is measured on a calendar year basis and is paid quarterly in OP Units, ORENT shares, or cash, at the election of the Special Limited Partner. As the performance participation allocation is associated with the performance of services rendered by the Adviser, and the Special Limited Partners are only entitled to the performance participation allocation provided that the Investment Advisory Agreement has not been terminated, the Company accounts for the performance participation allocation as an expense in our Condensed Consolidated Statements of Operations. During the three months ended March 31, 2026 and 2025, the Company recognized $30,457 and $12,565, respectively, of performance participation allocation expense in the Company’s Condensed Consolidated Statements of Operations.

During the three months ended March 31, 2026 and 2025, the Company issued 2,906,557 and 1,541,283 Class I OP Units, respectively, to the Special Limited Partners as payment of performance participation allocation at the respective NAV per unit. During the three months ended March 31, 2026 and 2025, there were no repurchases of Class I OP Units originally issued as payment of performance participation allocation. As of March 31, 2026 and December 31, 2025, there were 14,620,334 and 11,713,777 Class I OP Units outstanding, respectively, issued as payment of the performance participation allocation expense.

Advanced Organization and Offering Costs

The Adviser advanced all of the organization and offering costs on behalf of the Company (including legal, marketing, due diligence, administrative, accounting, design and website expenses, fees and expenses of our escrow agent and transfer agent, and other expenses attributable to the Company’s organization, but excluding ongoing servicing fees) through September 1, 2023. Such costs are recorded as a component of Due to affiliates on the Company’s Condensed Consolidated Balance Sheets and are being reimbursed to the Adviser pro rata over 60 months beginning September 1, 2023.

Common Shares Held by Affiliates

As of March 31, 2026 and December 31, 2025, ORENT affiliates and their employees owned 6,206,912 and 5,977,092 shares of the Company, respectively, including Class I and Class D shares. The aggregate amount of shares owned by ORENT affiliates and their employees was $66,068 and $63,181, based on the NAV per share/unit as of March 31, 2026 and December 31, 2025, respectively.

During the three months ended March 31, 2026 and 2025, the Adviser submitted 2,332,559 and 4,022,250, respectively, Class I shares, previously issued as payment for management fees and interest on the affiliate line of credit, for repurchase by the Company for a total of $24,741 and $41,000, respectively.

Other

Through the Company’s investment in Miner JV, a build-to-suit joint venture, the Company engaged an affiliate of the Adviser, STACK Infrastructure, Inc. (together with its affiliates and wholly and partially owned subsidiaries, “STACK”), to provide management and administrative services as the development manager. Under the development management agreement, STACK will earn an annual development fee which is not to exceed 3% of the project costs.