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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n(Mark One)\n\n☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from to\n\nCommission File Number 000-56536\n\nBlue Owl Real Estate Net Lease Trust\n\n(Exact name of registrant as specified in its charter)\n\nMaryland88-1672312\n\n(State or other jurisdiction of\n\nincorporation or registration)\n\n(I.R.S. Employer\n\nIdentification No.)\n\n150 N Riverside Plaza, 37th Floor\n60606\n\nChicago, IL\n(Zip Code)\n\n(Address of principal executive offices) \n\n888-215-2015\n\nRegistrant's telephone number, including area code\n\nSecurities registered pursuant to Section 12(b) of the Act: None\n\nTitle of each classTrading\nSymbol(s)Name of each exchange on which registered\n\nIndicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☐\n\nEmerging growth company\n\n☒\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\nAs of May 6, 2026, the issuer had the following shares outstanding: 347,200,173 Class S shares, 56,134,270 Class N shares, 10,056,183 Class D shares, and 414,394,390 Class I shares.\n\nSPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis quarterly report on Form 10-Q contains forward-looking statements about our business, including, in particular, statements about our plans, strategies and objectives. These forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “identify” or other similar words or the negatives thereof, although not all forward-looking statements include these words. These may include our financial estimates and their underlying assumptions, statements about plans, objectives, intentions and expectations with respect to positioning, including the impact of macroeconomic trends and market forces, future operations, repurchases, acquisitions, future performance, and statements with respect to acquisitions. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. These risks, uncertainties and other factors include, without limitation:\n\n• our future operating results;\n\n• our business prospects and the prospects of the assets in which we may invest;\n\n• the impact of the investments that we expect to make;\n\n• our ability to raise sufficient capital to execute our investment strategy;\n\n• our ability to source adequate investment opportunities to efficiently deploy capital;\n\n• our current and expected financing arrangements and investments;\n\n• the effect of global and national economic and market conditions generally upon our operating results, including, but not limited to, changes with respect to inflation, interest rate changes and supply chain disruptions, geopolitical uncertainty, and changes in government rules, regulations and fiscal policies;\n\n• the adequacy of our cash resources, financing sources and working capital;\n\n• the timing and amount of cash flows, distributions and dividends, if any, from our investments;\n\n• our contractual arrangements and relationships with third parties;\n\n• actual and potential conflicts of interest with the Adviser (as defined below) or any of its affiliates;\n\n• the dependence of our future success on the general economy and its effect on the assets in which we may invest;\n\n• our use of financial leverage;\n\n• the ability of the Adviser to locate suitable investments for us and to monitor and administer our investments;\n\n• the ability of the Adviser or its affiliates to attract and retain highly talented professionals;\n\n• our ability to structure investments in a tax-efficient manner and the effect of changes to tax legislation and our tax position;\n\n• the tax status of the assets in which we may invest;\n\n•changes in the economy, particularly those affecting the real estate industry;\n\n•risks associated with possible disruption in our operations or the economy generally due to terrorism, natural disasters, epidemics or other events having a broad impact on the economy;\n\n•investing in commercial real estate assets involves certain risks, including but not limited to: tenants’ inability to pay rent; increases in interest rates and lack of availability of financing; tenant turnover and vacancies; and changes in supply of or demand for similar properties in a given market;\n\n•adverse conditions in the areas where our investments or the properties underlying such investments are located and local real estate conditions;\n\n•our portfolio is currently concentrated in certain industries and geographies, and, as a consequence, our aggregate return may be substantially affected by adverse economic or business conditions affecting that particular type of asset or geography;\n\n•limitations on our business and our ability to satisfy requirements to maintain our exclusion from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”), or to maintain our qualification as a real estate investment trust (a “REIT”), for U.S. federal income tax purposes;\n\n•since there is no public trading market for our common shares of beneficial interest, par value $0.01 per share (“common shares” or “shares”), repurchase of shares by us will likely be the only way to dispose of your shares. Our share repurchase plan (the “Share Repurchase Plan”) provides shareholders with the opportunity to request that we repurchase their shares on a quarterly basis, but we are not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular calendar quarter in our discretion. In addition, repurchases will be subject to available liquidity and other significant restrictions. Further, our Board of Trustees (the “Board” or “Board of Trustees”) may make exceptions to, modify and suspend our Share Repurchase Plan if, in its judgment, it deems such action to be in our best interest. As a result, our shares should be considered as having only limited liquidity and at times may be illiquid;\n\n•distributions are not guaranteed and may be funded from sources other than cash flow from operations, including, without limitation, borrowings, offering proceeds, DST proceeds, the sale of our assets, and repayments of our real estate debt investments, and we have no limits on the amounts we may fund from such sources;\n\n•the purchase and repurchase prices for our shares are generally based on our prior month’s net asset value (“NAV”) and are not based on any public trading market. While there will be independent valuations of our properties from time to time, the valuation of properties is inherently subjective and our NAV may not accurately reflect the actual price at which our properties could be liquidated on any given day; and\n\n•future changes in laws or regulations and conditions in our operating areas.\n\nFor more information regarding these and other risks and uncertainties that we face, refer to Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 13, 2026 and any such updated factors included in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or our prospectus and other filings). Except as otherwise required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.\n\nTABLE OF CONTENTS\n\nPage\n\n[Part I](#i6b48468d9a194a0fbc45f10c52326477_13).\n\n[FINANCIAL INFORMATION](#i6b48468d9a194a0fbc45f10c52326477_13)\n\n[1](#i6b48468d9a194a0fbc45f10c52326477_13)\n\n[Item 1.](#i6b48468d9a194a0fbc45f10c52326477_16)\n\n[FINANCIAL STATEMENTS](#i6b48468d9a194a0fbc45f10c52326477_16)\n\n[1](#i6b48468d9a194a0fbc45f10c52326477_16)\n\nCondensed Consolidated Financial Statements (Unaudited):\n\n[Condensed Consolidated Balance Sheets as of](#i6b48468d9a194a0fbc45f10c52326477_22)March 31, 2026[and](#i6b48468d9a194a0fbc45f10c52326477_22)December 31, 2025\n\n[2](#i6b48468d9a194a0fbc45f10c52326477_22)\n\n[Condensed Consolidated Statements of Operations](#i6b48468d9a194a0fbc45f10c52326477_25)for the three months ended March 31, 2026 and 2025\n\n[3](#i6b48468d9a194a0fbc45f10c52326477_25)\n\n[Condensed Consolidated Statements of Comprehensive Income](#i6b48468d9a194a0fbc45f10c52326477_28) for the three months ended March 31, 2026 and 2025\n\n[4](#i6b48468d9a194a0fbc45f10c52326477_28)\n\n[Condensed Consolidated Statements of Changes in Equity for the](#i6b48468d9a194a0fbc45f10c52326477_31)three months ended March 31, 2026 and 2025\n\n[5](#i6b48468d9a194a0fbc45f10c52326477_31)\n\n[Condensed Consolidated Statements of Cash Flows for the](#i6b48468d9a194a0fbc45f10c52326477_34)three months ended March 31, 2026 and 2025\n\n[6](#i6b48468d9a194a0fbc45f10c52326477_34)\n\n[Notes to Condensed Consolidated Financial Statements](#i6b48468d9a194a0fbc45f10c52326477_37)\n\n[8](#i6b48468d9a194a0fbc45f10c52326477_37)\n\n[Item 2.](#i6b48468d9a194a0fbc45f10c52326477_94)\n\n[MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#i6b48468d9a194a0fbc45f10c52326477_94)\n\n[35](#i6b48468d9a194a0fbc45f10c52326477_94)\n\n[Item 3.](#i6b48468d9a194a0fbc45f10c52326477_172)\n\n[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#i6b48468d9a194a0fbc45f10c52326477_172)\n\n[53](#i6b48468d9a194a0fbc45f10c52326477_172)\n\n[Item 4.](#i6b48468d9a194a0fbc45f10c52326477_175)\n\n[CONTROLS AND PROCEDURES](#i6b48468d9a194a0fbc45f10c52326477_175)\n\n[53](#i6b48468d9a194a0fbc45f10c52326477_175)\n\n[Part II.](#i6b48468d9a194a0fbc45f10c52326477_178)\n\n[OTHER INFORMATION](#i6b48468d9a194a0fbc45f10c52326477_178)\n\n[53](#i6b48468d9a194a0fbc45f10c52326477_178)\n\n[Item 1.](#i6b48468d9a194a0fbc45f10c52326477_181)\n\n[LEGAL PROCEEDINGS](#i6b48468d9a194a0fbc45f10c52326477_181)\n\n[54](#i6b48468d9a194a0fbc45f10c52326477_181)\n\n[Item 1A.](#i6b48468d9a194a0fbc45f10c52326477_184)\n\n[RISK FACTORS](#i6b48468d9a194a0fbc45f10c52326477_184)\n\n[54](#i6b48468d9a194a0fbc45f10c52326477_184)\n\n[Item 2.](#i6b48468d9a194a0fbc45f10c52326477_187)\n\n[UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#i6b48468d9a194a0fbc45f10c52326477_187)\n\n[54](#i6b48468d9a194a0fbc45f10c52326477_187)\n\n[Item 3.](#i6b48468d9a194a0fbc45f10c52326477_190)\n\n[DEFAULTS UPON SENIOR SECURITIES](#i6b48468d9a194a0fbc45f10c52326477_190)\n\n[55](#i6b48468d9a194a0fbc45f10c52326477_190)\n\n[Item 4.](#i6b48468d9a194a0fbc45f10c52326477_193)\n\n[MINE SAFETY DISCLOSURES](#i6b48468d9a194a0fbc45f10c52326477_193)\n\n[55](#i6b48468d9a194a0fbc45f10c52326477_193)\n\n[Item 5.](#i6b48468d9a194a0fbc45f10c52326477_196)\n\n[OTHER INFORMATION](#i6b48468d9a194a0fbc45f10c52326477_196)\n\n[55](#i6b48468d9a194a0fbc45f10c52326477_196)\n\n[Item 6.](#i6b48468d9a194a0fbc45f10c52326477_199)\n\n[EXHIBITS](#i6b48468d9a194a0fbc45f10c52326477_199)\n\n[55](#i6b48468d9a194a0fbc45f10c52326477_199)\n\n[SIGNATURES](#i6b48468d9a194a0fbc45f10c52326477_202)\n\n[57](#i6b48468d9a194a0fbc45f10c52326477_202)\n\nPART I - FINANCIAL INFORMATION"}