SEC FORM 4

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SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BUONCORE RICHARD J

(Last)

(First)

(Middle)

C/O BLUE OWL REAL ESTATE NET LEASE TRUST

150 N RIVERSIDE PLAZA, 37TH FLOOR

(Street)

CHICAGO

60606

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Blue Owl Real Estate Net Lease Trust [ NONE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class I common shares of beneficial interest	10/01/2025		C		433,250.534	A	⁽¹⁾	433,250.534	I	By The Buoncore Group, LLC
Class I common shares of beneficial interest	12/04/2025		J⁽²⁾		433,250.534	D	$10.4801	0	I	By The Buoncore Group, LLC
Class I common shares of beneficial interest								40,305.312⁽³⁾	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Blue Owl NLT Operating Partnership Units	⁽¹⁾	10/01/2025		C			433,250.534	⁽¹⁾	⁽¹⁾	Class I common shares of beneficial interest	433,250.534	⁽¹⁾	394,862.318	I	By The Buoncore Group, LLC

Explanation of Responses:

1. Class I limited partner interests in Blue Owl NLT Operating Partnership LP ("Blue Owl NLT Operating Partnership Units") may, subject to certain restrictions, be exchanged for a corresponding number of Class I common shares of beneficial interest, par value $0.01 per share ("Class I Common Shares of Beneficial Interest") of Blue Owl Real Estate Net Lease Trust (the "Issuer") or the cash equivalent. Blue Owl NLT Operating Partnership Units do not expire.

2. These Class I Common Shares of Beneficial Interest were repurchased by the Issuer.

3. Reflects securities beneficially owned as of September 18, 2026 after the transactions reported herein. Includes Class I Common Shares of Beneficial Interest acquired through the Issuer's distribution reinvestment plan and unvested Class I Common Shares of Beneficial Interest.

Remarks:

This Form 4 is deemed to update the amount of Class I Common Shares of Beneficial Interest reported as beneficially owned by the Reporting Person on any Form 4 filed by the Reporting Person after October 1, 2025 through the date hereof.

	/s/ Karen Hager, as Attorney-in-Fact	09/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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