Sec Form 4 Filing - Zahr Marc @ Blue Owl Real Estate Net Lease Trust - 2024-04-15

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

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Zahr Marc 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 X __ Officer (give title below) _____ Other (specify below) CEO and President (Last) (First) (Middle) C/O BLUE OWL REAL ESTATE NET LEASE TRUST, 30 N. LASALLE ST., SUITE 4140 3. Date of Earliest Transaction (MM/DD/YY) 04/15/2024 (Street) CHICAGO, IL60602 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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) Code V Amount (A) or (D) Price

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Blue Owl NLT Operating Partnership Units ( 1 ) ( 1 ) 04/15/2024 A( 2 ) 449,422.122 ( 1 ) ( 1 ) Class I common shares of beneficial interest 449,422.122 $ 0 550,175.775 ( 3 ) I By Blue Owl Real Estate Net Lease Trust CPV LP ( 4 ) Blue Owl NLT Operating Partnership Units ( 1 ) ( 1 ) ( 1 ) ( 1 ) Class I common shares of beneficial interest 737,262.486 737,262.486 ( 3 ) D Blue Owl NLT Operating Partnership Units ( 1 ) ( 1 ) ( 1 ) ( 1 ) Class I common shares of beneficial interest 3,252,105.584 3,252,105.584 I By Augustus LLC

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Zahr Marc C/O BLUE OWL REAL ESTATE NET LEASE TRUST 30 N. LASALLE ST., SUITE 4140 CHICAGO, IL60602 X CEO and President Signatures /s/ Karen Hager, as Attorney-in-Fact 04/17/2024 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Represents Class I limited partner interests in Blue Owl NLT Operating Partnership LP ("Blue Owl NLT Operating Partnership Units"), which 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 of Blue Owl Real Estate Net Lease Trust or the cash equivalent. Blue Owl NLT Operating Partnership Units do not expire. ( 2 )Securities issued to Blue Owl Real Estate Net Lease Trust CPV LP, as performance allocation, a portion of which is allocable to the Reporting Person. ( 3 )Reflects a distribution by Blue Owl Real Estate Net Lease Trust CPV LP of 1,044,331.763 Blue Owl NLT Operating Partnership Units, including 452,134.222 Blue Owl NLT Operating Partnership Units distributed to the Reporting Person, previously received as a performance allocation. ( 4 )Reflects securities held by Blue Owl Real Estate Net Lease Trust CPV LP. The Reporting Person disclaims beneficial ownership of these securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 or any other purpose.

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).

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