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301 Moved Permanently - onlt.com
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HTTP Code 301 Moved Permanently

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When is Code 301 used?

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HTTP Code 200 OK

200 status code is a standard successful HTTP server response. It means that the client’s request (e.g., from a browser) was successfully processed, and the server is delivering the requested data.

When is Code 200 used?

  • When loading a web page
  • When successfully receiving an API response
  • When processing a form or another HTTP request

What does Code 200 mean for the user?

The user receives content without errors, and the page or application functions properly. If Code 200 is accompanied by data, the browser or program processes and displays it to the user.

GET / HTTP/1.1
Host: onlt.com
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      <h1>Blue Owl Real Estate Net Lease Trust  <span>(ORENT) </span></h1>
      <p class="hero__subheading">ORENT takes an income-driven approach to real estate focused on tenant credit quality which can mitigate key risks and seeks to deliver long-term robust cash flows.</p>
      
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<p>In addition to ORENT, we offer investors another access point to our net lease strategy through our 1031 exchange program, OREX.</p>
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               <p><span>A triple net lease refers to a net lease in which the tenant is responsible for the taxes, insurance, and maintenance of a property throughout the life of the lease; whereas a gross lease the landlord agrees to pay for </span><span>any and all</span><span> expenses that come with the property</span><span>.</span></p>
<p><span style="text-decoration: underline;"><span style="color: #047cb1; text-decoration: underline;"><a href="https://wealth.blueowl.com/solutions/investment-strategy-re-netlease?hsLang=en" rel="noopener" style="color: #047cb1; text-decoration: underline;">Learn more about triple net lease</a></span></span></p>
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               <p><span>A sale-leaseback is an alternative financing solution that unlocks the value of a non-earning asset that is already on the company’s balance sheet. In a typical sale-leaseback arrangement, the company will sell a property to Blue Owl and lease it right back, while maintaining 100% occupancy and operational control of the asset.</span></p>
<p><span>Companies may want to enter a sale-leaseback for three key factors: capital efficiency, enhanced returns and favorable accounting. </span></p>
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                    <td>Property type</td>
                    <td>Single-tenant, free-standing</td>
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                    <td>Property sector</td>
                    <td>Primarily Industrial, mission-critical office, and essential retail</td>
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                    <td>Geography</td>
                    <td>Primarily United States and Canada</td>
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                    <td>Lease type<sup>2</sup></td>
                    <td>Triple Net Lease (NNN)</td>
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                    <td>Tenant credit<sup>3</sup></td>
                    <td>Investment grade and creditworthy</td>
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                    <td>Lease term</td>
                    <td>Target 15 years of firm lease term</td>
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                    <td>Rent escalation</td>
                    <td>Target of 2% per annum</td>
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                    <td>Leverage<sup>4</sup></td>
                    <td>40-50% loan-to-cost target for the portfolio</td>
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                    <td>Investment Advisor</td>
                    <td>Blue Owl Capital</td>
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                    <td>Fund Structure</td>
                    <td>Private REIT, not subject to state limitations that apply to registered non-traded REITs</td>
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                    <td>Close &amp; deployment</td>
                    <td>Monthly / Immediate</td>
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                    <td>Distributions<sup>1</sup></td>
                    <td>Paid monthly</td>
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                    <td>Management fee</td>
                    <td>1.25% based on net assets per annum, including assets contributed to a Delaware Statutory Trust (DST), paid monthly</td>
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                    <td>Incentive fee</td>
                    <td>12.5% of the total return, subject to a 5% annualized hurdle and high-water mark with a 100% catch up, paid quarterly</td>
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                    <td>Liquidity<sup>5</sup></td>
                    <td>5% per quarter of aggregate NAV<br>1-year soft lock, 2% early withdrawal charge</td>
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                    <td>Suitability/Limitations</td>
                    <td>Accredited Investor</td>
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                    <td>1099</td>
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                  <table class="top-tabber__small-table">
                      <tbody><tr style="border-color: #94d2ff"><td></td> <td> Class I</td><td> Class D</td><td> Class S </td></tr>
                      <tr style="border-color: #94d2ff"><td> Minimum initial investment</td><td> Investment minimums vary. Please consult your financial representative.</td></tr>
                      <tr style="border-color: #94d2ff"><td> Max upfront fee</td><td> None</td><td> Up to 1.50% of transaction price</td><td> Up to 3.50% of transaction price</td></tr>
                      <tr style="border-color: #94d2ff"><td> Ongoing service fee<sup>6</sup></td><td> None</td><td> 0.25% of net asset value (annualized)</td><td> 0.85% of net asset value (annualized)</td></tr>
                        
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            <p><span>A triple net lease refers to a net lease in which the tenant is responsible for the taxes, insurance, and maintenance of a property throughout the life of the lease; whereas a gross lease the landlord agrees to pay for </span><span>any and all</span><span> expenses that come with the property</span><span>.</span></p>
<p><span style="text-decoration: underline;"><span style="color: #047cb1; text-decoration: underline;"><a href="https://wealth.blueowl.com/solutions/investment-strategy-re-netlease?hsLang=en" rel="noopener" style="color: #047cb1; text-decoration: underline;">Learn more about triple net lease</a></span></span></p>
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            <p><span>A sale-leaseback is an alternative financing solution that unlocks the value of a non-earning asset that is already on the company’s balance sheet. In a typical sale-leaseback arrangement, the company will sell a property to Blue Owl and lease it right back, while maintaining 100% occupancy and operational control of the asset.</span></p>
<p><span>Companies may want to enter a sale-leaseback for three key factors: capital efficiency, enhanced returns and favorable accounting. </span></p>
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            <table class="top-mobile-tabber__full-width-table">
             
               <tbody><tr>
                 <td>Property type</td>
                 <td>Single-tenant, free-standing</td>
               </tr>
             
               <tr>
                 <td>Property sector</td>
                 <td>Primarily Industrial, mission-critical office, and essential retail</td>
               </tr>
             
               <tr>
                 <td>Geography</td>
                 <td>Primarily United States and Canada</td>
               </tr>
             
               <tr>
                 <td>Lease type<sup>2</sup></td>
                 <td>Triple Net Lease (NNN)</td>
               </tr>
             
               <tr>
                 <td>Tenant credit<sup>3</sup></td>
                 <td>Investment grade and creditworthy</td>
               </tr>
             
               <tr>
                 <td>Lease term</td>
                 <td>Target 15 years of firm lease term</td>
               </tr>
             
               <tr>
                 <td>Rent escalation</td>
                 <td>Target of 2% per annum</td>
               </tr>
             
               <tr>
                 <td>Leverage<sup>4</sup></td>
                 <td>40-50% loan-to-cost target for the portfolio</td>
               </tr>
             
           </tbody></table>
            
           <div class="top-mobile-tabber__table-subtext">
            
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               <tbody><tr>
                 <td>Investment Advisor</td>
                 <td>Blue Owl Capital</td>
               </tr>
             
               <tr>
                 <td>Fund Structure</td>
                 <td>Private REIT, not subject to state limitations that apply to registered non-traded REITs</td>
               </tr>
             
               <tr>
                 <td>Close &amp; deployment</td>
                 <td>Monthly / Immediate</td>
               </tr>
             
               <tr>
                 <td>Distributions<sup>1</sup></td>
                 <td>Paid monthly</td>
               </tr>
             
               <tr>
                 <td>Management fee</td>
                 <td>1.25% based on net assets per annum, including assets contributed to a Delaware Statutory Trust (DST), paid monthly</td>
               </tr>
             
               <tr>
                 <td>Incentive fee</td>
                 <td>12.5% of the total return, subject to a 5% annualized hurdle and high-water mark with a 100% catch up, paid quarterly</td>
               </tr>
             
               <tr>
                 <td>Liquidity<sup>5</sup></td>
                 <td>5% per quarter of aggregate NAV<br>1-year soft lock, 2% early withdrawal charge</td>
               </tr>
             
               <tr>
                 <td>Suitability/Limitations</td>
                 <td>Accredited Investor</td>
               </tr>
             
               <tr>
                 <td>Tax reporting</td>
                 <td>1099</td>
               </tr>
             
           </tbody></table>
            
              <table class="top-tabber__small-table">
                  <tbody><tr><td></td><td> Class I</td><td> Class D</td><td> Class S </td></tr>
                  <tr><td> Minimum initial investment</td><td> Investment minimums vary. Please consult your financial representative.</td></tr>
                  <tr><td> Max upfront fee</td><td> None</td><td> Up to 1.50% of transaction price</td><td> Up to 3.50% of transaction price</td></tr>
                  <tr><td> Ongoing service fee<sup>6</sup></td><td> None</td><td> 0.25% of net asset value (annualized)</td><td> 0.85% of net asset value (annualized)</td></tr>
                    
                </tbody></table>
            
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      <h2>
        Why ORENT?
     </h2>
     
     
       <p class="dark">
         ORENT can provide investors with a differentiated income solution unlocking three key benefits.
       </p>
     
       
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          <h3>Tax-advantaged income </h3>
          
            <p>Long-term contractual leases aim to generate attractive monthly income, most of which can be classified as tax-deferred return of capital.</p>
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          </div> 
          
          <h3>Seeking downside mitigation</h3>
          
            <p>ORENT seeks to mitigate risk by investing in mission-critical properties with creditworthy, often investment grade tenants.</p>
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          </div> 
          
          <h3>Inflation hedge</h3>
          
            <p>Contractual net operating income growth seeks to offset inflation as the net lease structure minimizes exposure to rising costs (materials, labor, tax, insurance, etc.).</p>
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      <h2>
        Investing in real estate through a credit-oriented strategy
     </h2>
     
     
       <p class="dark">
         Blue Owl’s net lease real estate strategy takes a different approach from traditional real estate, one focused on creditworthiness of the underlying tenant, which is purpose built for today’s market environment.
       </p>
     
       
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            <tbody><tr class="row">
              
              <th class="text">
                <span>
                  Illustrative Investment Characteristics
                </span>
              </th>
              
              <th class="text">
                <span>
                  Traditional Real Estate<sup>1</sup>
                </span>
              </th>
              
              <th class="text">
                <span>
                  Blue Owl Net Lease
                </span>
              </th>
              
              <th class="text">
                <span>
                  IG Fixed Income
                </span>
              </th>
              
          </tr>
        
      
        
        <tr class="row">
        
            <td class="text text">
              <span>
                <p>Primary investment objective</p>
              </span>
                
                <div class="comparison">
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                    Capital appreciation
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                    Income
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            <td class="text text">
              <span>
                <p style="text-align: left;"><span>Realize capital appreciation from active investment management and asset management</span></p>
              </span>
                
                <div class="comparison">
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                    Capital appreciation
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                    Income
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            <td class="text text">
              <span>
                <p style="text-align: left;"><span>Generate current income and, to a lesser extent, capital appreciation</span></p>
              </span>
                
                <div class="comparison">
                  <div class="line-1">
                    Capital appreciation
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                    Income
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            <td class="text text">
              <span>
                <p style="text-align: left;"><span>Generate current income</span></p>
              </span>
                
                <div class="comparison">
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                    Capital appreciation
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                    Income
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        </tr>
      
      
        
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            <td class="text comparison">
              <span>
                <p style="text-align: left;">Return composition</p>
              </span>
                
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            <td class="text image">
              <span>
                Realize capital appreciation from active investment management and asset management
              </span>
                
                  
                  
                  
                  <img src="https://www.onlt.com/hs-fs/hubfs/ORENT%20Chart%202.png?width=161&amp;height=177&amp;name=ORENT%20Chart%202.png" alt="ORENT Chart 2" loading="" width="161" height="177" srcset="https://www.onlt.com/hs-fs/hubfs/ORENT%20Chart%202.png?width=81&amp;height=89&amp;name=ORENT%20Chart%202.png 81w, https://www.onlt.com/hs-fs/hubfs/ORENT%20Chart%202.png?width=161&amp;height=177&amp;name=ORENT%20Chart%202.png 161w, https://www.onlt.com/hs-fs/hubfs/ORENT%20Chart%202.png?width=242&amp;height=266&amp;name=ORENT%20Chart%202.png 242w, https://www.onlt.com/hs-fs/hubfs/ORENT%20Chart%202.png?width=322&amp;height=354&amp;name=ORENT%20Chart%202.png 322w, https://www.onlt.com/hs-fs/hubfs/ORENT%20Chart%202.png?width=403&amp;height=443&amp;name=ORENT%20Chart%202.png 403w, https://www.onlt.com/hs-fs/hubfs/ORENT%20Chart%202.png?width=483&amp;height=531&amp;name=ORENT%20Chart%202.png 483w" sizes="(max-width: 161px) 100vw, 161px">
                
                <div class="comparison">
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                    Income
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            </td>
        
            <td class="text image">
              <span>
                Generate current income and, to a lesser extent, capital appreciation
              </span>
                
                  
                  
                  
                  <img src="https://www.onlt.com/hs-fs/hubfs/ORENT%20Chart%203-1.png?width=182&amp;height=160&amp;name=ORENT%20Chart%203-1.png" alt="ORENT Chart 3-1" loading="" width="182" height="160" srcset="https://www.onlt.com/hs-fs/hubfs/ORENT%20Chart%203-1.png?width=91&amp;height=80&amp;name=ORENT%20Chart%203-1.png 91w, https://www.onlt.com/hs-fs/hubfs/ORENT%20Chart%203-1.png?width=182&amp;height=160&amp;name=ORENT%20Chart%203-1.png 182w, https://www.onlt.com/hs-fs/hubfs/ORENT%20Chart%203-1.png?width=273&amp;height=240&amp;name=ORENT%20Chart%203-1.png 273w, https://www.onlt.com/hs-fs/hubfs/ORENT%20Chart%203-1.png?width=364&amp;height=320&amp;name=ORENT%20Chart%203-1.png 364w, https://www.onlt.com/hs-fs/hubfs/ORENT%20Chart%203-1.png?width=455&amp;height=400&amp;name=ORENT%20Chart%203-1.png 455w, https://www.onlt.com/hs-fs/hubfs/ORENT%20Chart%203-1.png?width=546&amp;height=480&amp;name=ORENT%20Chart%203-1.png 546w" sizes="(max-width: 182px) 100vw, 182px">
                
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              <span>
                Generate current income
              </span>
                
                  
                  
                  
                  <img src="https://www.onlt.com/hs-fs/hubfs/ORENT%20Chart%204.png?width=162&amp;height=162&amp;name=ORENT%20Chart%204.png" alt="ORENT Chart 4" loading="" width="162" height="162" srcset="https://www.onlt.com/hs-fs/hubfs/ORENT%20Chart%204.png?width=81&amp;height=81&amp;name=ORENT%20Chart%204.png 81w, https://www.onlt.com/hs-fs/hubfs/ORENT%20Chart%204.png?width=162&amp;height=162&amp;name=ORENT%20Chart%204.png 162w, https://www.onlt.com/hs-fs/hubfs/ORENT%20Chart%204.png?width=243&amp;height=243&amp;name=ORENT%20Chart%204.png 243w, https://www.onlt.com/hs-fs/hubfs/ORENT%20Chart%204.png?width=324&amp;height=324&amp;name=ORENT%20Chart%204.png 324w, https://www.onlt.com/hs-fs/hubfs/ORENT%20Chart%204.png?width=405&amp;height=405&amp;name=ORENT%20Chart%204.png 405w, https://www.onlt.com/hs-fs/hubfs/ORENT%20Chart%204.png?width=486&amp;height=486&amp;name=ORENT%20Chart%204.png 486w" sizes="(max-width: 162px) 100vw, 162px">
                
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              <span>
                Cashflow
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              <span>
                Variable cash flows
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              <span>
                Long-term contractual cash flows with escalators
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            <td class="text text">
              <span>
                Contractual cash flows
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            <td class="text text">
              <span>
                Creditworthy underlying tenant/borrower
              </span>
                
                <div class="comparison">
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                    Capital appreciation
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            <td class="text text">
              <span>
                Sometimes
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            <td class="text text">
              <span>
                Always<sup>2</sup>
              </span>
                
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                  </div>
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            <td class="text text">
              <span>
                Always
              </span>
                
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                  </div>
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        </tr>
      
      
        
        <tr class="row">
        
            <td class="text text">
              <span>
                Volatility of capital appreciation
              </span>
                
                <div class="comparison">
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            <td class="text text">
              <span>
                Higher volatility
              </span>
                
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            <td class="text text">
              <span>
                Lower volatility
              </span>
                
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            <td class="text text">
              <span>
                None
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            <td class="text text">
              <span>
                Liquidity
              </span>
                
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            </td>
        
            <td class="text text">
              <span>
                Less liquid
              </span>
                
                <div class="comparison">
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                    Income
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            </td>
        
            <td class="text text">
              <span>
                More liquid
              </span>
                
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                    Income
                  </div>
                </div>
            </td>
        
            <td class="text text">
              <span>
                Liquid
              </span>
                
                <div class="comparison">
                  <div class="line-1">
                    Capital appreciation
                  </div>
                  <div class="line-2">
                    Income
                  </div>
                </div>
            </td>
        
        </tr>
      
      
        
        <tr class="row">
        
            <td class="text text">
              <span>
                Tax-efficiency of income
              </span>
                
                <div class="comparison">
                  <div class="line-1">
                    Capital appreciation
                  </div>
                  <div class="line-2">
                    Income
                  </div>
                </div>
            </td>
        
            <td class="text text">
              <span>
                High
              </span>
                
                <div class="comparison">
                  <div class="line-1">
                    Capital appreciation
                  </div>
                  <div class="line-2">
                    Income
                  </div>
                </div>
            </td>
        
            <td class="text text">
              <span>
                High
              </span>
                
                <div class="comparison">
                  <div class="line-1">
                    Capital appreciation
                  </div>
                  <div class="line-2">
                    Income
                  </div>
                </div>
            </td>
        
            <td class="text text">
              <span>
                Low
              </span>
                
                <div class="comparison">
                  <div class="line-1">
                    Capital appreciation
                  </div>
                  <div class="line-2">
                    Income
                  </div>
                </div>
            </td>
        
        </tr>
      
      
        
        <tr class="row">
        
            <td class="text text">
              <span>
                Headline risks
              </span>
                
                <div class="comparison">
                  <div class="line-1">
                    Capital appreciation
                  </div>
                  <div class="line-2">
                    Income
                  </div>
                </div>
            </td>
        
            <td class="text text">
              <span>
                <ul>
<li style="text-align: left;">New supply</li>
<li style="text-align: left;">Growing expenses</li>
<li style="text-align: left;">Asset selection</li>
<li style="text-align: left;">Geographic selection</li>
</ul>
              </span>
                
                <div class="comparison">
                  <div class="line-1">
                    Capital appreciation
                  </div>
                  <div class="line-2">
                    Income
                  </div>
                </div>
            </td>
        
            <td class="text text">
              <span>
                Tenant credit
              </span>
                
                <div class="comparison">
                  <div class="line-1">
                    Capital appreciation
                  </div>
                  <div class="line-2">
                    Income
                  </div>
                </div>
            </td>
        
            <td class="text text">
              <span>
                Bond credit
              </span>
                
                <div class="comparison">
                  <div class="line-1">
                    Capital appreciation
                  </div>
                  <div class="line-2">
                    Income
                  </div>
                </div>
            </td>
        
        </tr>
      
      
    </tbody></table>
  </div>
</section></div>

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    <p style="font-size: 14px;"><span style="color: #000000;">The graphic above seeks to examine for illustrative and educational purposes only similar characteristics of different types of investments solutions. This is not a comparison of like products but rather an illustration of different products with similar characteristics.</span></p>
<p style="font-size: 14px;"><span style="color: #000000;">1.Based on Blue Owl research on open-end core funds. The terms, investment targets and potential risks of each individual core fund offered by non-Blue Owl sponsors may vary and investors should independently evaluate the risks involved </span></p>
<p style="font-size: 14px;"><span style="color: #000000;">2.Investment grade companies must have “BBB-” rating or higher by S&amp;P. Creditworthy refers to businesses that Blue Owl deems financially sound enough to justify an extension of credit or engage in a lease agreement. Tenants are creditworthy or investment grade at acquisition.</span></p>
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<section class="performance-table">
    <div class="observer-checker" id="anchor-"></div>
    <div class="performance-table__inner">
        <div class="performancr-table__intro"> 
            <h2>Performance</h2>
            <p>ORENT is designed to generate long-term resilient cash flows by acquiring high quality, mission-critical assets. <br><br> The portfolio may outperform the broader real estate market because the portfolio contains properties bought at competitive cap rates in today’s market environment.</p>
        </div>
        <div class="performance-table__nav">
            <select>
                
                    <option role="tab" index="1" id="tab-Class I" aria-controls="panel-Class I">
                        Class I
                    </option>
                
                    <option role="tab" index="2" id="tab-Class D" aria-controls="panel-Class D">
                        Class D
                    </option>
                
                    <option role="tab" index="3" id="tab-Class N" aria-controls="panel-Class N">
                        Class N
                    </option>
                
                    <option role="tab" index="4" id="tab-Class S" aria-controls="panel-Class S">
                        Class S
                    </option>
                
            </select>
            <div class="performance-table__rates"> 
                
                    
                        <div index="1" class="performance-table__rate
                         active">
                            NAV $10.20 | Annualized Distribition Rate<sup>1</sup>: 6.86%
                        </div>
                    
                
                    
                        <div index="2" class="performance-table__rate
                         ">
                            NAV $10.01 | Annualized Distribition Rate<sup>1</sup>: 6.73%
                        </div>
                    
                
                    
                        <div index="3" class="performance-table__rate
                         ">
                            NAV $10.22 | Annualized Distribition Rate<sup>1</sup>: 6.34%
                        </div>
                    
                
                    
                        <div index="4" class="performance-table__rate
                         ">
                            NAV $10.14 | Annualized Distribition Rate<sup>1</sup>: 6.04%
                        </div>
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
                    
                
            </div>
        </div>   
        <!-- Loop through rows and organize them by share class -->   
        
            <div id="panel-Class I" class="performance-table__slide 
            
             active
             " role="tabpanel" aria-labelledby="tab-" aria-hidden="false">
                <!-- Loop through rows in shareclass group and organize them by category  -->
                  
                    
                        <!-- Add each row to their respective table -->
                        <h3></h3>
                        <table class=" performance-table__table performance-table__table--">
                            
    

                            
                                
                            
                        </table>
                    
                  
                    
                        <!-- Add each row to their respective table -->
                        <h3>Total net return<sup>7</sup></h3>
                        <table class=" performance-table__table performance-table__table--total-net-return<sup>7</sup>">
                            
    
        
    <tbody><tr class="performance-table__row">
        <th>Share Class</th>
        <th>1-month</th>
        <th>3-month</th>
        <th>YTD</th>
        <th>1-year</th>
        
        <th>ITD</th>
    </tr>

    

                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            Class I
        </td>
        <td>
            0.55%
        </td>
        <td>
            1.72%
        </td>
        <td>
            1.72%
        </td>
        <td>
            7.53%
        </td>
        
        <td>
            7.88%
        </td>

    </tr>

    

                                
                            
                        </tbody></table>
                    
                  
                    
                        <!-- Add each row to their respective table -->
                        <h3>Historical net asset value per share</h3>
                        <table class=" performance-table__table performance-table__table--historical-net-asset-value-per-share">
                            
    
        
    <tbody><tr class="performance-table__row">
        <th>Year</th>
        <th>Jan</th>
        <th>Feb</th>
        <th>Mar</th>
        <th>Apr</th>
        <th>May</th>
        <th>Jun</th>
        <th>Jul</th>
        <th>Aug</th>
        <th>Sep</th>
        <th>Oct</th>
        <th>Nov</th>
        <th>Dec</th>
    </tr>

    

                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2025
        </td>
        <td>
            $10.19 
        </td>
        <td>
            $10.20 
        </td>
        <td>
            $10.20 
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2024
        </td>
        <td>
            $10.13 
        </td>
        <td>
            $10.17 
        </td>
        <td>
            $10.16 
        </td>
        <td>
            $10.18 
        </td>
        <td>
            $10.16 
        </td>
        <td>
            $10.17 
        </td>
        <td>
            $10.12 
        </td>
        <td>
            $10.13 
        </td>
        <td>
            $10.12 
        </td>
        <td>
            $10.16 
        </td>
        <td>
            $10.19 
        </td>
        <td>
            $10.20 
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2023
        </td>
        <td>
            $10.18 
        </td>
        <td>
            $10.36 
        </td>
        <td>
            $10.19 
        </td>
        <td>
            $10.19 
        </td>
        <td>
            $10.21 
        </td>
        <td>
            $10.32 
        </td>
        <td>
            $10.32 
        </td>
        <td>
            $10.34 
        </td>
        <td>
            $10.36 
        </td>
        <td>
            $10.36 
        </td>
        <td>
            $10.34 
        </td>
        <td>
            $10.15 
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2022
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            $10.00 
        </td>
        <td>
            $10.27 
        </td>
        <td>
            $10.27 
        </td>
        <td>
            $10.27 
        </td>
        <td>
            $10.28 
        </td>
        
    </tr>

    

                                
                            
                        </tbody></table>
                    
                  
                    
                        <!-- Add each row to their respective table -->
                        <h3>Historical performance</h3>
                        <table class=" performance-table__table performance-table__table--historical-performance">
                            
    
        
    <tbody><tr class="performance-table__row">
        <th>Year</th>
        <th>Jan</th>
        <th>Feb</th>
        <th>Mar</th>
        <th>Apr</th>
        <th>May</th>
        <th>Jun</th>
        <th>Jul</th>
        <th>Aug</th>
        <th>Sep</th>
        <th>Oct</th>
        <th>Nov</th>
        <th>Dec</th>
        <th>YTD</th>
    </tr>

    

                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2025
        </td>
        <td>
            0.52%
        </td>
        <td>
            0.64%
        </td>
        <td>
            0.55%
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        
        <td>
            1.72%
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2024
        </td>
        <td>
            0.39%
        </td>
        <td>
            0.99%
        </td>
        <td>
            0.45%
        </td>
        <td>
            0.81%
        </td>
        <td>
            0.40%
        </td>
        <td>
            0.59%
        </td>
        <td>
            0.14%
        </td>
        <td>
            0.64%
        </td>
        <td>
            0.54%
        </td>
        <td>
            0.93%
        </td>
        <td>
            0.86%
        </td>
        <td>
            0.66%
        </td>
        
        <td>
            7.66%
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2023
        </td>
        <td>
            -0.37%
        </td>
        <td>
            2.28%
        </td>
        <td>
            -1.06%
        </td>
        <td>
            0.57%
        </td>
        <td>
            0.75%
        </td>
        <td>
            1.70%
        </td>
        <td>
            0.59%
        </td>
        <td>
            0.70%
        </td>
        <td>
            0.77%
        </td>
        <td>
            0.60%
        </td>
        <td>
            0.35%
        </td>
        <td>
            -1.31%
        </td>
        
        <td>
            5.64%
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2022
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            3.29%
        </td>
        <td>
            0.54%
        </td>
        <td>
            0.55%
        </td>
        <td>
            0.70%
        </td>
        
        <td>
            5.15%
        </td>
        
    </tr>

    

                                
                            
                        </tbody></table>
                    
                  
                    
                        <!-- Add each row to their respective table -->
                        <h3>Historical distribution per share</h3>
                        <table class=" performance-table__table performance-table__table--historical-distribution-per-share">
                            
    
        
    <tbody><tr class="performance-table__row">
        <th>Year</th>
        <th>Jan</th>
        <th>Feb</th>
        <th>Mar</th>
        <th>Apr</th>
        <th>May</th>
        <th>Jun</th>
        <th>Jul</th>
        <th>Aug</th>
        <th>Sep</th>
        <th>Oct</th>
        <th>Nov</th>
        <th>Dec</th>
    </tr>

    

                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2025 Distribution
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2024 Distribution
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2023 Distribution
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2022 Distribution
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        <td>
            $0.0583
        </td>
        
    </tr>

    

                                
                            
                        </tbody></table>
                    
                
            </div>
        
            <div id="panel-Class D" class="performance-table__slide 
            " role="tabpanel" aria-labelledby="tab-" aria-hidden="true">
                <!-- Loop through rows in shareclass group and organize them by category  -->
                  
                    
                        <!-- Add each row to their respective table -->
                        <h3></h3>
                        <table class=" performance-table__table performance-table__table--">
                            
    

                            
                                
                            
                        </table>
                    
                  
                    
                        <!-- Add each row to their respective table -->
                        <h3>Total net return<sup>7</sup></h3>
                        <table class=" performance-table__table performance-table__table--total-net-return<sup>7</sup>">
                            
    
        
    <tbody><tr class="performance-table__row">
        <th>Share Class</th>
        <th>1-month</th>
        <th>3-month</th>
        <th>YTD</th>
        <th>1-year</th>
        
        <th>ITD</th>
    </tr>

    

                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            Class D (No upfront placement fee)	
        </td>
        <td>
            0.53%
        </td>
        <td>
            1.69%
        </td>
        <td>
            1.69%
        </td>
        <td>
            7.11%
        </td>
        
        <td>
            6.98%
        </td>

    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            Class D (With upfront placement fee)	
        </td>
        <td>
            -0.96%
        </td>
        <td>
            0.18%
        </td>
        <td>
            0.18%
        </td>
        <td>
            5.52%
        </td>
        
        <td>
            6.36%
        </td>

    </tr>

    

                                
                            
                        </tbody></table>
                    
                  
                    
                        <!-- Add each row to their respective table -->
                        <h3>Historical net asset value per share</h3>
                        <table class=" performance-table__table performance-table__table--historical-net-asset-value-per-share">
                            
    
        
    <tbody><tr class="performance-table__row">
        <th>Year</th>
        <th>Jan</th>
        <th>Feb</th>
        <th>Mar</th>
        <th>Apr</th>
        <th>May</th>
        <th>Jun</th>
        <th>Jul</th>
        <th>Aug</th>
        <th>Sep</th>
        <th>Oct</th>
        <th>Nov</th>
        <th>Dec</th>
    </tr>

    

                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2025
        </td>
        <td>
            $10.43 
        </td>
        <td>
            $10.02 
        </td>
        <td>
            $10.01 
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2024
        </td>
        <td>
            $10.39 
        </td>
        <td>
            $10.40 
        </td>
        <td>
            $10.44 
        </td>
        <td>
            $10.45 
        </td>
        <td>
            $10.47 
        </td>
        <td>
            $10.42 
        </td>
        <td>
            $10.43 
        </td>
        <td>
            $10.44 
        </td>
        <td>
            $10.43 
        </td>
        <td>
            $10.44 
        </td>
        <td>
            $10.45 
        </td>
        <td>
            $10.42 
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2023
        </td>
        <td>
            $10.17 
        </td>
        <td>
            $10.15 
        </td>
        <td>
            $10.12 
        </td>
        <td>
            $10.15 
        </td>
        <td>
            $10.11 
        </td>
        <td>
            $10.14 
        </td>
        <td>
            $10.21 
        </td>
        <td>
            $10.26 
        </td>
        <td>
            $10.28 
        </td>
        <td>
            $10.21 
        </td>
        <td>
            $10.32 
        </td>
        <td>
            $10.38 
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2022
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            $9.96 
        </td>
        <td>
            $9.81 
        </td>
        <td>
            $10.00 
        </td>
        <td>
            $10.04 
        </td>
        <td>
            $9.93 
        </td>
        <td>
            $9.97 
        </td>
        <td>
            $10.01 
        </td>
        <td>
            $10.02 
        </td>
        
    </tr>

    

                                
                            
                        </tbody></table>
                    
                  
                    
                        <!-- Add each row to their respective table -->
                        <h3>Historical performance</h3>
                        <table class=" performance-table__table performance-table__table--historical-performance">
                            
    
        
    <tbody><tr class="performance-table__row">
        <th>Year</th>
        <th>Jan</th>
        <th>Feb</th>
        <th>Mar</th>
        <th>Apr</th>
        <th>May</th>
        <th>Jun</th>
        <th>Jul</th>
        <th>Aug</th>
        <th>Sep</th>
        <th>Oct</th>
        <th>Nov</th>
        <th>Dec</th>
        <th>YTD</th>
    </tr>

    

                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2025
        </td>
        <td>
            0.50%
        </td>
        <td>
            0.65%
        </td>
        <td>
            0.53%
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        
        <td>
            1.69%
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2024
        </td>
        <td>
            0.43%
        </td>
        <td>
            0.96%
        </td>
        <td>
            0.55%
        </td>
        <td>
            0.78%
        </td>
        <td>
            0.27%
        </td>
        <td>
            0.59%
        </td>
        <td>
            0.12%
        </td>
        <td>
            0.60%
        </td>
        <td>
            0.52%
        </td>
        <td>
            0.90%
        </td>
        <td>
            0.86%
        </td>
        <td>
            0.56%
        </td>
        
        <td>
            7.38%
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2023
        </td>
        <td>
            -0.37%
        </td>
        <td>
            2.34%
        </td>
        <td>
            -1.19%
        </td>
        <td>
            0.50%
        </td>
        <td>
            0.73%
        </td>
        <td>
            1.67%
        </td>
        <td>
            0.59%
        </td>
        <td>
            0.67%
        </td>
        <td>
            0.75%
        </td>
        <td>
            0.58%
        </td>
        <td>
            0.33%
        </td>
        <td>
            -1.28%
        </td>
        
        <td>
            5.40%
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2022
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            3.26%
        </td>
        <td>
            -1.42%
        </td>
        <td>
            1.12%
        </td>
        <td>
            0.49%
        </td>
        
        <td>
            3.43%
        </td>
        
    </tr>

    

                                
                            
                        </tbody></table>
                    
                  
                    
                        <!-- Add each row to their respective table -->
                        <h3>Historical distribution per share</h3>
                        <table class=" performance-table__table performance-table__table--historical-distribution-per-share">
                            
    
        
    <tbody><tr class="performance-table__row">
        <th>Year</th>
        <th>Jan</th>
        <th>Feb</th>
        <th>Mar</th>
        <th>Apr</th>
        <th>May</th>
        <th>Jun</th>
        <th>Jul</th>
        <th>Aug</th>
        <th>Sep</th>
        <th>Oct</th>
        <th>Nov</th>
        <th>Dec</th>
    </tr>

    

                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2025 Distribution
        </td>
        <td>
            $0.0562
        </td>
        <td>
            $0.0564
        </td>
        <td>
            $0.0562
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2024 Distribution
        </td>
        <td>
            $0.0562
        </td>
        <td>
            $0.0564
        </td>
        <td>
            $0.0562
        </td>
        <td>
            $0.0563
        </td>
        <td>
            $0.0562
        </td>
        <td>
            $0.0563
        </td>
        <td>
            $0.0562
        </td>
        <td>
            $0.0562
        </td>
        <td>
            $0.0563
        </td>
        <td>
            $0.0562
        </td>
        <td>
            $0.0563
        </td>
        <td>
            $0.0562
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2023 Distribution
        </td>
        <td>
            $0.0562
        </td>
        <td>
            $0.0564
        </td>
        <td>
            $0.0562
        </td>
        <td>
            $0.0563
        </td>
        <td>
            $0.0562
        </td>
        <td>
            $0.0563
        </td>
        <td>
            $0.0562
        </td>
        <td>
            $0.0562
        </td>
        <td>
            $0.0562
        </td>
        <td>
            $0.0562
        </td>
        <td>
            $0.0562
        </td>
        <td>
            $0.0562
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2022 Distribution
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            $0.0563
        </td>
        <td>
            $0.0562
        </td>
        <td>
            $0.0563
        </td>
        <td>
            $0.0562
        </td>
        
    </tr>

    

                                
                            
                        </tbody></table>
                    
                
            </div>
        
            <div id="panel-Class N" class="performance-table__slide 
            " role="tabpanel" aria-labelledby="tab-" aria-hidden="true">
                <!-- Loop through rows in shareclass group and organize them by category  -->
                  
                    
                        <!-- Add each row to their respective table -->
                        <h3></h3>
                        <table class=" performance-table__table performance-table__table--">
                            
    

                            
                                
                            
                        </table>
                    
                  
                    
                        <!-- Add each row to their respective table -->
                        <h3>Total net return<sup>7</sup></h3>
                        <table class=" performance-table__table performance-table__table--total-net-return<sup>7</sup>">
                            
    
        
    <tbody><tr class="performance-table__row">
        <th>Share Class</th>
        <th>1-month</th>
        <th>3-month</th>
        <th>YTD</th>
        <th>1-year</th>
        
        <th>ITD</th>
    </tr>

    

                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            Class N (No upfront placement fee)	
        </td>
        <td>
            0.49%
        </td>
        <td>
            1.58%
        </td>
        <td>
            1.58%
        </td>
        <td>
            N/A
        </td>
        
        <td>
            5.80%
        </td>

    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            Class N (With upfront placement fee)	
        </td>
        <td>
            -1.48%
        </td>
        <td>
            -0.41%
        </td>
        <td>
            -0.41%
        </td>
        <td>
            N/A
        </td>
        
        <td>
            3.72%
        </td>

    </tr>

    

                                
                            
                        </tbody></table>
                    
                  
                    
                        <!-- Add each row to their respective table -->
                        <h3>Historical net asset value per share</h3>
                        <table class=" performance-table__table performance-table__table--historical-net-asset-value-per-share">
                            
    
        
    <tbody><tr class="performance-table__row">
        <th>Year</th>
        <th>Jan</th>
        <th>Feb</th>
        <th>Mar</th>
        <th>Apr</th>
        <th>May</th>
        <th>Jun</th>
        <th>Jul</th>
        <th>Aug</th>
        <th>Sep</th>
        <th>Oct</th>
        <th>Nov</th>
        <th>Dec</th>
    </tr>

    

                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2025
        </td>
        <td>
            $10.43 
        </td>
        <td>
            $10.22 
        </td>
        <td>
            $10.22 
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2024
        </td>
        <td>
            $10.39 
        </td>
        <td>
            $10.40 
        </td>
        <td>
            $10.44 
        </td>
        <td>
            $10.45 
        </td>
        <td>
            $10.47 
        </td>
        <td>
            $10.42 
        </td>
        <td>
            $10.43 
        </td>
        <td>
            $10.44 
        </td>
        <td>
            $10.43 
        </td>
        <td>
            $10.44 
        </td>
        <td>
            $10.45 
        </td>
        <td>
            $10.42 
        </td>
        
    </tr>

    

                                
                            
                        </tbody></table>
                    
                  
                    
                        <!-- Add each row to their respective table -->
                        <h3>Historical performance</h3>
                        <table class=" performance-table__table performance-table__table--historical-performance">
                            
    
        
    <tbody><tr class="performance-table__row">
        <th>Year</th>
        <th>Jan</th>
        <th>Feb</th>
        <th>Mar</th>
        <th>Apr</th>
        <th>May</th>
        <th>Jun</th>
        <th>Jul</th>
        <th>Aug</th>
        <th>Sep</th>
        <th>Oct</th>
        <th>Nov</th>
        <th>Dec</th>
        <th>YTD</th>
    </tr>

    

                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2025
        </td>
        <td>
            0.47%
        </td>
        <td>
            0.61%
        </td>
        <td>
            0.49%
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        
        <td>
            1.58%
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2024
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            0.55%
        </td>
        <td>
            0.09%
        </td>
        <td>
            0.72%
        </td>
        <td>
            0.46%
        </td>
        <td>
            0.90%
        </td>
        <td>
            0.79%
        </td>
        <td>
            0.57%
        </td>
        
        <td>
            4.15%
        </td>
        
    </tr>

    

                                
                            
                        </tbody></table>
                    
                  
                    
                        <!-- Add each row to their respective table -->
                        <h3>Historical distribution per share</h3>
                        <table class=" performance-table__table performance-table__table--historical-distribution-per-share">
                            
    
        
    <tbody><tr class="performance-table__row">
        <th>Year</th>
        <th>Jan</th>
        <th>Feb</th>
        <th>Mar</th>
        <th>Apr</th>
        <th>May</th>
        <th>Jun</th>
        <th>Jul</th>
        <th>Aug</th>
        <th>Sep</th>
        <th>Oct</th>
        <th>Nov</th>
        <th>Dec</th>
    </tr>

    

                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2025 Distribution
        </td>
        <td>
            $0.0540
        </td>
        <td>
            $0.0544
        </td>
        <td>
            $0.0540
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2024 Distribution
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            $0.0542
        </td>
        <td>
            $0.0540
        </td>
        <td>
            $0.0540
        </td>
        <td>
            $0.0542
        </td>
        <td>
            $0.0540
        </td>
        <td>
            $0.0542
        </td>
        <td>
            $0.0540
        </td>
        
    </tr>

    

                                
                            
                        </tbody></table>
                    
                
            </div>
        
            <div id="panel-Class S" class="performance-table__slide 
            " role="tabpanel" aria-labelledby="tab-" aria-hidden="true">
                <!-- Loop through rows in shareclass group and organize them by category  -->
                  
                    
                        <!-- Add each row to their respective table -->
                        <h3></h3>
                        <table class=" performance-table__table performance-table__table--">
                            
    

                            
                                
                            
                        </table>
                    
                  
                    
                        <!-- Add each row to their respective table -->
                        <h3>Total net return<sup>7</sup></h3>
                        <table class=" performance-table__table performance-table__table--total-net-return<sup>7</sup>">
                            
    
        
    <tbody><tr class="performance-table__row">
        <th>Share Class</th>
        <th>1-month</th>
        <th>3-month</th>
        <th>YTD</th>
        <th>1-year</th>
        
        <th>ITD</th>
    </tr>

    

                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            Class S (No upfront placement fee)	
        </td>
        <td>
            0.48%
        </td>
        <td>
            1.50%
        </td>
        <td>
            1.50%
        </td>
        <td>
            6.62%
        </td>
        
        <td>
            6.76%
        </td>

    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            Class S (With upfront placement fee)	
        </td>
        <td>
            -2.92%
        </td>
        <td>
            -1.93%
        </td>
        <td>
            -1.93%
        </td>
        <td>
            3.02%
        </td>
        
        <td>
            5.35%
        </td>

    </tr>

    

                                
                            
                        </tbody></table>
                    
                  
                    
                        <!-- Add each row to their respective table -->
                        <h3>Historical net asset value per share</h3>
                        <table class=" performance-table__table performance-table__table--historical-net-asset-value-per-share">
                            
    
        
    <tbody><tr class="performance-table__row">
        <th>Year</th>
        <th>Jan</th>
        <th>Feb</th>
        <th>Mar</th>
        <th>Apr</th>
        <th>May</th>
        <th>Jun</th>
        <th>Jul</th>
        <th>Aug</th>
        <th>Sep</th>
        <th>Oct</th>
        <th>Nov</th>
        <th>Dec</th>
    </tr>

    

                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2025
        </td>
        <td>
            $10.13 
        </td>
        <td>
            $10.14 
        </td>
        <td>
            $10.14 
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2024
        </td>
        <td>
            $10.07 
        </td>
        <td>
            $10.11 
        </td>
        <td>
            $10.10 
        </td>
        <td>
            $10.12 
        </td>
        <td>
            $10.10 
        </td>
        <td>
            $10.11 
        </td>
        <td>
            $10.06 
        </td>
        <td>
            $10.07 
        </td>
        <td>
            $10.07 
        </td>
        <td>
            $10.10 
        </td>
        <td>
            $10.13 
        </td>
        <td>
            $10.14 
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2023
        </td>
        <td>
            $10.13 
        </td>
        <td>
            $10.30 
        </td>
        <td>
            $10.13 
        </td>
        <td>
            $10.13 
        </td>
        <td>
            $10.15 
        </td>
        <td>
            $10.26 
        </td>
        <td>
            $10.26 
        </td>
        <td>
            $10.27 
        </td>
        <td>
            $10.29 
        </td>
        <td>
            $10.30 
        </td>
        <td>
            $10.27 
        </td>
        <td>
            $10.08 
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2022
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            $10.00 
        </td>
        <td>
            $10.27 
        </td>
        <td>
            $10.22 
        </td>
        <td>
            $10.21 
        </td>
        <td>
            $10.23 
        </td>
        
    </tr>

    

                                
                            
                        </tbody></table>
                    
                  
                    
                        <!-- Add each row to their respective table -->
                        <h3>Historical performance</h3>
                        <table class=" performance-table__table performance-table__table--historical-performance">
                            
    
        
    <tbody><tr class="performance-table__row">
        <th>Year</th>
        <th>Jan</th>
        <th>Feb</th>
        <th>Mar</th>
        <th>Apr</th>
        <th>May</th>
        <th>Jun</th>
        <th>Jul</th>
        <th>Aug</th>
        <th>Sep</th>
        <th>Oct</th>
        <th>Nov</th>
        <th>Dec</th>
        <th>YTD</th>
    </tr>

    

                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2025
        </td>
        <td>
            0.44%
        </td>
        <td>
            0.58%
        </td>
        <td>
            0.48%
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        
        <td>
            1.50%
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2024
        </td>
        <td>
            0.41%
        </td>
        <td>
            0.92%
        </td>
        <td>
            0.36%
        </td>
        <td>
            0.74%
        </td>
        <td>
            0.32%
        </td>
        <td>
            0.53%
        </td>
        <td>
            0.07%
        </td>
        <td>
            0.57%
        </td>
        <td>
            0.47%
        </td>
        <td>
            0.86%
        </td>
        <td>
            0.79%
        </td>
        <td>
            0.58%
        </td>
        
        <td>
            6.83%
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2023
        </td>
        <td>
            -0.45%
        </td>
        <td>
            2.19%
        </td>
        <td>
            -1.17%
        </td>
        <td>
            0.48%
        </td>
        <td>
            0.68%
        </td>
        <td>
            1.63%
        </td>
        <td>
            0.50%
        </td>
        <td>
            0.62%
        </td>
        <td>
            0.70%
        </td>
        <td>
            0.52%
        </td>
        <td>
            0.28%
        </td>
        <td>
            -1.38%
        </td>
        
        <td>
            4.66%
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2022
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            3.21%
        </td>
        <td>
            0.00%
        </td>
        <td>
            0.46%
        </td>
        <td>
            0.63%
        </td>
        
        <td>
            4.33%
        </td>
        
    </tr>

    

                                
                            
                        </tbody></table>
                    
                  
                    
                        <!-- Add each row to their respective table -->
                        <h3>Historical distribution per share</h3>
                        <table class=" performance-table__table performance-table__table--historical-distribution-per-share">
                            
    
        
    <tbody><tr class="performance-table__row">
        <th>Year</th>
        <th>Jan</th>
        <th>Feb</th>
        <th>Mar</th>
        <th>Apr</th>
        <th>May</th>
        <th>Jun</th>
        <th>Jul</th>
        <th>Aug</th>
        <th>Sep</th>
        <th>Oct</th>
        <th>Nov</th>
        <th>Dec</th>
    </tr>

    

                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2025 Distribution
        </td>
        <td>
            $0.0510 
        </td>
        <td>
            $0.0517 
        </td>
        <td>
            $0.0510 
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2024 Distribution
        </td>
        <td>
            $0.0511 
        </td>
        <td>
            $0.0515 
        </td>
        <td>
            $0.0511 
        </td>
        <td>
            $0.0513 
        </td>
        <td>
            $0.0510 
        </td>
        <td>
            $0.0513 
        </td>
        <td>
            $0.0511 
        </td>
        <td>
            $0.0511 
        </td>
        <td>
            $0.0513 
        </td>
        <td>
            $0.0511 
        </td>
        <td>
            $0.0513 
        </td>
        <td>
            $0.0510 
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2023 Distribution
        </td>
        <td>
            $0.0510 
        </td>
        <td>
            $0.0517 
        </td>
        <td>
            $0.0509 
        </td>
        <td>
            $0.0513 
        </td>
        <td>
            $0.0510 
        </td>
        <td>
            $0.0512 
        </td>
        <td>
            $0.0509 
        </td>
        <td>
            $0.0509 
        </td>
        <td>
            $0.0512 
        </td>
        <td>
            $0.0509 
        </td>
        <td>
            $0.0511 
        </td>
        <td>
            $0.0509 
        </td>
        
    </tr>

    

                                
                            
                                
                                    
    
        
    <tr class="performance-table__row"> 
        <td>
            2022 Distribution
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            -
        </td>
        <td>
            $0.0513 
        </td>
        <td>
            $0.0509 
        </td>
        <td>
            $0.0512 
        </td>
        <td>
            $0.0510 
        </td>
        
    </tr>

    

                                
                            
                        </tbody></table>
                    
                
            </div>
        
        
            <div class="performance-table__disclosure"> 
                <p>Distribution payments are not guaranteed, may represent a return of capital and may be paid from sources other than cash flow from operations. <a href="#9" rel="noopener">Click here to view more important information.</a></p>
            </div>
        
    </div>
</section></div>

</div><!--end widget-span -->
</div><!--end row-->
</div><!--end row-wrapper -->

</div><!--end widget-span -->
</div><!--end row-->
</div><!--end row-wrapper -->

<div class="row-fluid-wrapper row-depth-1 row-number-17 dnd-section">
<div class="row-fluid ">
<div class="span12 widget-span widget-type-cell dnd-column" style="" data-widget-type="cell" data-x="0" data-w="12">

<div class="row-fluid-wrapper row-depth-1 row-number-18 dnd-row">
<div class="row-fluid ">
<div class="span12 widget-span widget-type-custom_widget dnd-module" style="" data-widget-type="custom_widget" data-x="0" data-w="12">
<div id="hs_cos_wrapper_module_17023468799779" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="" data-hs-cos-general-type="widget" data-hs-cos-type="module">

<section class="  heading " style="padding-right: px; padding-left: px; padding-top: px; padding-bottom: px; margin-top: px; margin-bottom: px">
  <div class="observer-checker" id="anchor-3"></div>
  <div class="heading__inner dark">
    
     
      <h2>
        Portfolio
     </h2>
     
     
       <p class="dark">
         ORENT offers a newly constructed portfolio comprising properties bought at competitive cap rates in today’s market environment.
       </p>
     
       
        <div class="heading__cta-container">
          
              
           
        
          
           
        </div>
      
   </div>
</section></div>

</div><!--end widget-span -->
</div><!--end row-->
</div><!--end row-wrapper -->

</div><!--end widget-span -->
</div><!--end row-->
</div><!--end row-wrapper -->

<div class="row-fluid-wrapper row-depth-1 row-number-19 dnd-section">
<div class="row-fluid ">
<div class="span12 widget-span widget-type-cell dnd-column" style="" data-widget-type="cell" data-x="0" data-w="12">

<div class="row-fluid-wrapper row-depth-1 row-number-20 dnd-row">
<div class="row-fluid ">
<div class="span12 widget-span widget-type-custom_widget dnd-module" style="" data-widget-type="custom_widget" data-x="0" data-w="12">
<div id="hs_cos_wrapper_widget_1743167725305" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="" data-hs-cos-general-type="widget" data-hs-cos-type="module">





<section id="anchor-" class="animated-stats-v2 observer-checker"> 
    
    <div class="animated-stats-v2__inner 
    five_column     
    
"> 
        
            
    
        <div class="animated-stats-v2__stat    animated-stats-v2__stat--light "> 
            <div class="animated-stats-v2__stat--top">
                
                    <span class="stat-text stat animated-stats-v2__stat--number"> $7.1B</span>
                
            </div>
             <span class="animated-stats-v2__stat--label">
                Total asset value<sup>8</sup>
             </span>
        </div>

        
            
    
        <div class="animated-stats-v2__stat    animated-stats-v2__stat--light "> 
            <div class="animated-stats-v2__stat--top">
                
                    <span class="stat-text stat animated-stats-v2__stat--number"> 3,578</span>
                
            </div>
             <span class="animated-stats-v2__stat--label">
                Properties<sup>9</sup>
             </span>
        </div>

        
            
    
        <div class="animated-stats-v2__stat    animated-stats-v2__stat--light "> 
            <div class="animated-stats-v2__stat--top">
                
                    <span class="stat-text stat animated-stats-v2__stat--number"> 16 Years</span>
                
            </div>
             <span class="animated-stats-v2__stat--label">
                Average lease term<sup>10</sup>
             </span>
        </div>

        
            
    
        <div class="animated-stats-v2__stat    animated-stats-v2__stat--light "> 
            <div class="animated-stats-v2__stat--top">
                
                    <span class="stat-text stat animated-stats-v2__stat--number"> 23.7%</span>
                
            </div>
             <span class="animated-stats-v2__stat--label">
                Leverage<sup>11</sup>
             </span>
        </div>

        
            
    
        <div class="animated-stats-v2__stat    animated-stats-v2__stat--light "> 
            <div class="animated-stats-v2__stat--top">
                
                    <span class="stat-text stat animated-stats-v2__stat--number"> BBB</span>
                
            </div>
             <span class="animated-stats-v2__stat--label">
                Credit rating<sup>12</sup>
             </span>
        </div>

        
    </div>
</section></div>

</div><!--end widget-span -->
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</div><!--end row-wrapper -->

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<div class="row-fluid ">
<div class="span12 widget-span widget-type-custom_widget dnd-module" style="" data-widget-type="custom_widget" data-x="0" data-w="12">
<div id="hs_cos_wrapper_module_16920438851524" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="" data-hs-cos-general-type="widget" data-hs-cos-type="module"><section class="doughnut-charts">
  <span class="anchor" id="3"></span>
  <div class="inner">
    <div class="chart-container">
      <div class="chart 
      ">
        <h3 class="chart-header">Geographic Diversification<sup>13&nbsp;</sup></h3>
      <canvas class="chart-1"> </canvas>
      <ul>
        
          <li>
            <span class="text"><span style="background:#00244F"></span>Southeast</span>
            <span class="number">27%</span>
          </li>
        
          <li>
            <span class="text"><span style="background:#94D2FF"></span>Midwest</span>
            <span class="number">24%</span>
          </li>
        
          <li>
            <span class="text"><span style="background:#047CB1"></span>West</span>
            <span class="number">19%</span>
          </li>
        
          <li>
            <span class="text"><span style="background:#BE6CFF"></span>Southwest</span>
            <span class="number">14%</span>
          </li>
        
          <li>
            <span class="text"><span style="background:#FF7F22"></span>International</span>
            <span class="number">10%</span>
          </li>
        
          <li>
            <span class="text"><span style="background:#FAC12C"></span>Northeast</span>
            <span class="number">6%</span>
          </li>
        
      </ul>
      </div>
      <div class="chart  ">
        <h3 class="chart-header"><p>Property Type<sup>13</sup></p></h3>
        <canvas class="chart-2"> </canvas>
        <ul>
          
            <li>
              <span class="text"><span style="background:#00244F"></span>Industrial</span>
              <span class="number">43%</span>
            </li>
          
            <li>
              <span class="text"><span style="background:#94D2FF"></span>Essential Retail</span>
              <span class="number">41%</span>
            </li>
          
            <li>
              <span class="text"><span style="background:#047CB1"></span>Liquid Credit Investments</span>
              <span class="number">10%</span>
            </li>
          
            <li>
              <span class="text"><span style="background:#BE6CFF"></span>Office</span>
              <span class="number">3%</span>
            </li>
          
            <li>
              <span class="text"><span style="background:#FF7F22"></span>Loan / Credit Investment</span>
              <span class="number">2%</span>
            </li>
          
            <li>
              <span class="text"><span style="background:#FAC12C"></span>Data Center</span>
              <span class="number">0%</span>
            </li>
          
            <li>
              <span class="text"><span style="background:#45DE5E"></span>Land</span>
              <span class="number">0%</span>
            </li>
          
        </ul>
      </div>
      <div class="chart  ">
        <h3 class="chart-header"><p>Tenant Diversification<sup>14</sup></p></h3>
        <canvas class="chart-3"> </canvas>
        <ul>
          
            <li>
              <span class="text"><span style="background:#00244F"></span>Amazon</span>
              <span class="number">17.1%</span>
            </li>
          
            <li>
              <span class="text"><span style="background:#94d2ff"></span>Tenneco</span>
              <span class="number">3.2%</span>
            </li>
          
            <li>
              <span class="text"><span style="background:#047cb1"></span>QVC</span>
              <span class="number">3.1%</span>
            </li>
          
            <li>
              <span class="text"><span style="background:#BE6CFF"></span>Maverick Gaming</span>
              <span class="number">3.1%</span>
            </li>
          
            <li>
              <span class="text"><span style="background:#9A38D8"></span>LV Petroleum</span>
              <span class="number">3.0%</span>
            </li>
          
            <li>
              <span class="text"><span style="background:#FF7F22"></span>Save Mart Supermarkets</span>
              <span class="number">2.7%</span>
            </li>
          
            <li>
              <span class="text"><span style="background:#B25919"></span>Enbridge &amp; Schlumberger</span>
              <span class="number">2.7%</span>
            </li>
          
            <li>
              <span class="text"><span style="background:#FAC12C"></span>Cracker Barrel</span>
              <span class="number">2.6%</span>
            </li>
          
            <li>
              <span class="text"><span style="background:#45DE5E"></span>Magna International</span>
              <span class="number">2.4%</span>
            </li>
          
            <li>
              <span class="text"><span style="background:#BBBDC7"></span>Other</span>
              <span class="number">60.1%</span>
            </li>
          
        </ul>
      </div>      
    </div>
  </div>
      
        <div class="doughnut-charts__subtext">
          Past performance is not guaranteed.&nbsp; <a href="#9" rel="noopener">Click here to view more important information.&nbsp;</a>
      </div>
      
</section>

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<section class="holdings-table"> 
    <div class="holdings-table__inner"> 
    <h2>Top 10 holdings <sup> 15</sup></h2>
        <table>
            <thead>
                
        <tr>
            <th>Tenant</th> 
            <th># of properties</th>
            <th>Fair value</th> 
            <th>Type</th>
            <th>Annual escalations</th>
            <th>Weighted avg lease term</th>
        </tr>
    
            </thead>
            <tbody>
                  
                    
                        
        <tr>
            <td>STORE</td>
            <td>3,310</td>
            <td>$2,017,284</td>
            <td>Industrial / Essential Retail</td>
            <td>2.00%</td> 
            <td>14 Years</td>
        </tr>
    
                    
                  
                    
                        
        <tr>
            <td>Amazon</td>
            <td>5</td>
            <td>$1,237,603 </td>
            <td>Industrial</td>
            <td>1.00%</td> 
            <td>14 Years</td>
        </tr>
    
                    
                  
                    
                        
        <tr>
            <td>Tenneco Inc.</td>
            <td>11</td>
            <td>$228,783 </td>
            <td>Industrial</td>
            <td>3.00%</td> 
            <td>18 Years</td>
        </tr>
    
                    
                  
                    
                        
        <tr>
            <td>QVC</td>
            <td>2</td>
            <td>$227,287 </td>
            <td>Industrial</td>
            <td>2.00%</td> 
            <td>18 Years</td>
        </tr>
    
                    
                  
                    
                        
        <tr>
            <td>Maverick Gaming</td>
            <td>11</td>
            <td>$225,056 </td>
            <td>Essential Retail</td>
            <td>2.50%</td> 
            <td>38 Years</td>
        </tr>
    
                    
                  
                    
                        
        <tr>
            <td>LV Petroleum</td>
            <td>15</td>
            <td>$215,044 </td>
            <td>Essential Retail</td>
            <td>2.00%</td> 
            <td>30 Years</td>
        </tr>
    
                    
                  
                    
                        
        <tr>
            <td>Save Mart Supermarkets</td>
            <td>12</td>
            <td>$198,392 </td>
            <td>Industrial</td>
            <td>1.75%</td> 
            <td>12 Years</td>
        </tr>
    
                    
                  
                    
                        
        <tr>
            <td>Enbridge &amp; Schlumberger</td>
            <td>1</td>
            <td>$193,750 </td>
            <td>Office</td>
            <td>2.50%</td> 
            <td>11 Years</td>
        </tr>
    
                    
                  
                    
                        
        <tr>
            <td>Cracker Barrel</td>
            <td>53</td>
            <td>$190,176 </td>
            <td>Essential Retail</td>
            <td>1.00%</td> 
            <td>15 Years</td>
        </tr>
    
                    
                  
                    
                        
        <tr>
            <td>Magna International</td>
            <td>1</td>
            <td>$174,960 </td>
            <td>Industrial</td>
            <td>1.25%</td> 
            <td>7 Years</td>
        </tr>
    
                    
                
            </tbody>
        </table>
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            <img src="https://www.onlt.com/hs-fs/hubfs/tenneco.png?width=200&amp;height=50&amp;name=tenneco.png" alt="tenneco" loading="lazy" width="200" height="50" srcset="https://www.onlt.com/hs-fs/hubfs/tenneco.png?width=100&amp;height=25&amp;name=tenneco.png 100w, https://www.onlt.com/hs-fs/hubfs/tenneco.png?width=200&amp;height=50&amp;name=tenneco.png 200w, https://www.onlt.com/hs-fs/hubfs/tenneco.png?width=300&amp;height=75&amp;name=tenneco.png 300w, https://www.onlt.com/hs-fs/hubfs/tenneco.png?width=400&amp;height=100&amp;name=tenneco.png 400w, https://www.onlt.com/hs-fs/hubfs/tenneco.png?width=500&amp;height=125&amp;name=tenneco.png 500w, https://www.onlt.com/hs-fs/hubfs/tenneco.png?width=600&amp;height=150&amp;name=tenneco.png 600w" sizes="(max-width: 200px) 100vw, 200px">
          
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            <h3>
              Tenneco (Chicago)
            </h3>
            <a target="_blank" href="https://docs.blueowl.com/mNXiKo0dyRT">Learn more</a>
          </div>
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            <img src="https://www.onlt.com/hs-fs/hubfs/d7146d10-382b-41a6-8e7b-21747083137f.png?width=200&amp;height=111&amp;name=d7146d10-382b-41a6-8e7b-21747083137f.png" alt="The same mart companies logo" loading="lazy" width="200" height="111" srcset="https://www.onlt.com/hs-fs/hubfs/d7146d10-382b-41a6-8e7b-21747083137f.png?width=100&amp;height=56&amp;name=d7146d10-382b-41a6-8e7b-21747083137f.png 100w, https://www.onlt.com/hs-fs/hubfs/d7146d10-382b-41a6-8e7b-21747083137f.png?width=200&amp;height=111&amp;name=d7146d10-382b-41a6-8e7b-21747083137f.png 200w, https://www.onlt.com/hs-fs/hubfs/d7146d10-382b-41a6-8e7b-21747083137f.png?width=300&amp;height=167&amp;name=d7146d10-382b-41a6-8e7b-21747083137f.png 300w, https://www.onlt.com/hs-fs/hubfs/d7146d10-382b-41a6-8e7b-21747083137f.png?width=400&amp;height=222&amp;name=d7146d10-382b-41a6-8e7b-21747083137f.png 400w, https://www.onlt.com/hs-fs/hubfs/d7146d10-382b-41a6-8e7b-21747083137f.png?width=500&amp;height=278&amp;name=d7146d10-382b-41a6-8e7b-21747083137f.png 500w, https://www.onlt.com/hs-fs/hubfs/d7146d10-382b-41a6-8e7b-21747083137f.png?width=600&amp;height=333&amp;name=d7146d10-382b-41a6-8e7b-21747083137f.png 600w" sizes="(max-width: 200px) 100vw, 200px">
          
          <div class="case-study-cards__content">  
            <h3>
              Save Mart
            </h3>
            <a target="_blank" href="https://docs.blueowl.com/kPpvf1cSavP">Learn more</a>
          </div>
        </div>
      
        <div class="case-study-cards__card">
          
            
            
             
            <img src="https://www.onlt.com/hs-fs/hubfs/86864091-ecde-4fdb-8774-871e4bbf46c0.png?width=200&amp;height=97&amp;name=86864091-ecde-4fdb-8774-871e4bbf46c0.png" alt="store capital logo" loading="lazy" width="200" height="97" srcset="https://www.onlt.com/hs-fs/hubfs/86864091-ecde-4fdb-8774-871e4bbf46c0.png?width=100&amp;height=49&amp;name=86864091-ecde-4fdb-8774-871e4bbf46c0.png 100w, https://www.onlt.com/hs-fs/hubfs/86864091-ecde-4fdb-8774-871e4bbf46c0.png?width=200&amp;height=97&amp;name=86864091-ecde-4fdb-8774-871e4bbf46c0.png 200w, https://www.onlt.com/hs-fs/hubfs/86864091-ecde-4fdb-8774-871e4bbf46c0.png?width=300&amp;height=146&amp;name=86864091-ecde-4fdb-8774-871e4bbf46c0.png 300w, https://www.onlt.com/hs-fs/hubfs/86864091-ecde-4fdb-8774-871e4bbf46c0.png?width=400&amp;height=194&amp;name=86864091-ecde-4fdb-8774-871e4bbf46c0.png 400w, https://www.onlt.com/hs-fs/hubfs/86864091-ecde-4fdb-8774-871e4bbf46c0.png?width=500&amp;height=243&amp;name=86864091-ecde-4fdb-8774-871e4bbf46c0.png 500w, https://www.onlt.com/hs-fs/hubfs/86864091-ecde-4fdb-8774-871e4bbf46c0.png?width=600&amp;height=291&amp;name=86864091-ecde-4fdb-8774-871e4bbf46c0.png 600w" sizes="(max-width: 200px) 100vw, 200px">
          
          <div class="case-study-cards__content">  
            <h3>
              STORE Capital
            </h3>
            <a target="_blank" href="https://docs.blueowl.com/4yG6uUsX5NS">Learn more</a>
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              <h3 style="color: #00244f">Why does a company want to enter into a sale-leaseback transaction and how does Blue Owl consistently source at above market cap rates? </h3>
              
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              <p><span>A sale-lease back (“SLB”) is a non-traditional way of unlocking the value of an asset that is already on the balance sheet. An SLB can serve as an alternative to financing solutions traditionally provided by banks and capital markets. As the interest rate regime has shifted higher, the cost to finance (and oftentimes re-finance) has become more expensive, which has led to a greater number of counterparties who are exploring this structure. By selling the asset and </span><span>entering into</span><span> a long-term lease, a company can capture immediate value creation as well as more flexible balance sheet management over the long term.</span></p>
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              <h3 style="color: #00244f">How does Blue Owl ensure that fixed lease escalations are inflation protected?</h3>
              
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              <p><span>Periodic rent escalators, typically resetting on an annual basis, are normal features in long-term corporate lease agreements. Because we structure these leases as triple net - net of expenses, net of taxes, net of insurance - we are not exposed to the inflation sensitive costs of materials, labor, tax and insurance.</span></p>
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              <h3 style="color: #00244f">How does Blue Owl monitor the health of its portfolio companies? What steps will Blue Owl take if a tenant defaults or declares bankruptcy?</h3>
              
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              <p><span>Before acquisition, we apply a rigorous credit evaluation process to understand the business and test the resiliency through different market environments. We have our tenants share financials with us on an annual, and in some case, quarterly, basis. Our deal team works closely with the credit monitoring team to understand the fundamentals of the business. Blue Owl engages in constant proactive evaluation of all portfolio positions as part of the investment process, including weekly reviews and discussions with the full investment team. In an extreme credit event, when there is a default or bankruptcy, we will go through a process to re-tenant the properties. In most cases, our in-place rents are at a discount to market, so the re-tenanting process has potential to mark rents to market – which could be a positive outcome for the fund.</span></p>
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              <h3 style="color: #00244f">How can I invest in ORENT? </h3>
              
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              <p data-fontsize="20" data-lineheight="24px"><span data-metadata="<!--(figmeta)eyJmaWxlS2V5IjoiYkZKYzRRMWJiYVY5cGVGNjhWaFhhUCIsInBhc3RlSUQiOjE1NTg1OTgwMSwiZGF0YVR5cGUiOiJzY2VuZSJ9Cg==(/figmeta)-->">ORENT is structured as a continuously offered, perpetually private REIT. The fund will have monthly closes and 100% of capital will be drawn upon subscription. Suitable investors may purchase ORENT by completing a Subscription Agreement. Please see the PPM for complete details. </span><span><br></span></p>
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              <h3 style="color: #00244f">When will I receive my first ORENT distribution and how often will I receive future distributions? </h3>
              
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              <p><span>Investors in ORENT are admitted on the first business day of each month. New investors will receive their first distribution ~15 business days following the last business day of their month of admission. Subject to ORENT’s Board of Trustees discretion and applicable legal restrictions, ORENT intends to pay distributions monthly.</span></p>
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              <h3 style="color: #00244f">When can I redeem my ORENT shares?</h3>
              
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              <p><span>Under the share repurchase plan, the Company intends to repurchase once per quarter no more than 5% of aggregate NAV per calendar quarter. Shares that have not been outstanding for at least one year will be repurchased at 98% of the transaction price. </span></p>
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              <h3 style="color: #00244f">What are ORENT’s fees? </h3>
              
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              <p><span>Management fee: 1.25%, based on net assets.</span></p>
<p><span>Incentive fee: 12.5%, based on the annual total return subject to a 5% annual hurdle rate and a high-water mark.</span></p>
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              <h3 style="color: #00244f">What are the differences between ORENT’s share classes?</h3>
              
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<tbody>
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<td style="background-color: #00244f; width: 149.988px; height: 56px;" width="142">
<p><span style="font-family: Arial, Helvetica, sans-serif;"><strong>&nbsp;</strong></span></p>
</td>
<td style="background-color: #00244f; width: 156.988px; height: 56px; text-align: left;" width="177">
<p><span style="color: #ffffff; font-family: Arial, Helvetica, sans-serif;"><strong>Class S</strong></span></p>
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<td style="background-color: #00244f; width: 171.988px; height: 56px; text-align: left;" width="168">
<p><span style="color: #ffffff; font-family: Arial, Helvetica, sans-serif;"><strong>Class D</strong></span></p>
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<td style="background-color: #00244f; width: 121.975px; height: 56px; text-align: left;" width="114">
<p><span style="color: #ffffff; font-family: Arial, Helvetica, sans-serif;"><strong>Class I</strong></span></p>
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<td style="width: 149.988px; height: 111px; text-align: left;" width="142">
<p><span style="font-family: Arial, Helvetica, sans-serif;"><strong>Maximum upfront sales load</strong></span></p>
</td>
<td style="width: 156.988px; height: 111px; text-align: left;" width="177">
<p><span style="font-family: Arial, Helvetica, sans-serif;">Up to 3.50% </span><span style="font-family: Arial, Helvetica, sans-serif;">of transaction price per share</span></p>
</td>
<td style="width: 171.988px; height: 111px; text-align: left;" width="168">
<p><span style="font-family: Arial, Helvetica, sans-serif;">Up to 1.50%</span><span style="font-family: Arial, Helvetica, sans-serif;">of transaction price per share</span></p>
</td>
<td style="width: 121.975px; height: 111px; text-align: left;" width="114">
<p><span style="font-family: Arial, Helvetica, sans-serif;">None</span></p>
</td>
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<tr style="height: 79.8px;">
<td style="width: 149.988px; height: 80px; text-align: left;" width="142">
<p><span style="font-family: Arial, Helvetica, sans-serif;"><strong>Ongoing service fee<sup>13</sup></strong></span></p>
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<p><span style="font-family: Arial, Helvetica, sans-serif;">0.85% of net asset value (annualized) </span></p>
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<td style="width: 171.988px; height: 80px; text-align: left;" width="168">
<p><span style="font-family: Arial, Helvetica, sans-serif;">0.25% of net asset value (annualized)</span></p>
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<td style="width: 121.975px; height: 80px; text-align: left;" width="114">
<p><span style="font-family: Arial, Helvetica, sans-serif;">None</span></p>
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              <h3 style="color: #00244f">What paperwork do I need to fill out to invest in ORENT?</h3>
              
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              <p><span>Investors must submit a signed Subscription Agreement. Please see the PPM for complete details.</span></p>
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              <h3 style="color: #00244f">How often will I receive my account statement and how can I make changes to my account preferences? </h3>
              
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              <p><span>The fund administrator posts investor statements to a portal on a monthly basis where each individual investor can download the statement. Please reach out to your Blue Owl representative for specific questions.</span></p>
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              <h3 style="color: #00244f">What is the tax reporting for ORENT? </h3>
              
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              <p><span>Tax reporting for ORENT is done via form 1099. In the case of certain U.S. shareholders, we expect your IRS Form 1099-DIV tax information, if required, to be mailed by January 31 of each year.</span></p>
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              <h3 style="color: #00244f">Where can I find more information on ORENT’s historical tax treatment?</h3>
              
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              <p><span>For the year ended December 31, 2024 and for the period from Inception through December 31, 2022, we declared net distributions of $94.3 million and $11.8 million, respectively. The following table outlines the tax character of our distributions paid in 2023 and 2022&nbsp; as a percentage of total distribution.</span></p>
<p>&nbsp;</p>
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<td style="width: 42.3191%; padding: 4px; border-color: #00244f;">&nbsp;</td>
<td style="width: 20.5492%; padding: 4px; border-color: #00244f; border-style: none; text-align: left;"><strong>Ordinary income</strong></td>
<td style="width: 18.6163%; padding: 4px; border-color: #00244f; border-style: none; text-align: left;"><strong>Capital gains</strong></td>
<td style="width: 18.6163%; padding: 4px; border-color: #00244f; border-style: none; text-align: left;"><strong>Return of capital</strong></td>
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<tr>
<td style="width: 42.3191%; padding: 4px; background-color: #94d2ff; border-color: #00244f;"><strong>2023 Tax Year</strong></td>
<td style="width: 20.5492%; padding: 4px; background-color: #94d2ff; border-color: #00244f; border-style: none; text-align: left;">- %</td>
<td style="width: 18.6163%; padding: 4px; background-color: #94d2ff; border-color: #00244f; border-style: none; text-align: left;">- %</td>
<td style="width: 18.6163%; padding: 4px; background-color: #94d2ff; border-color: #00244f; border-style: none; text-align: left;">100%</td>
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<td style="width: 42.3191%; padding: 4px; border-color: #00244f;"><strong>2022 Tax Year</strong></td>
<td style="width: 20.5492%; padding: 4px; border-color: #00244f; border-style: none; text-align: left;">- %</td>
<td style="width: 18.6163%; padding: 4px; border-color: #00244f; border-style: none; text-align: left;">-%</td>
<td style="width: 18.6163%; padding: 4px; border-color: #00244f; border-style: none; text-align: left;">100%</td>
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<p>&nbsp;</p>
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              <h3 style="color: #00244f">Why does a company want to enter into a sale-leaseback transaction and how does Blue Owl consistently source at above market cap rates? </h3> 
              
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              <p><span>A sale-lease back (“SLB”) is a non-traditional way of unlocking the value of an asset that is already on the balance sheet. An SLB can serve as an alternative to financing solutions traditionally provided by banks and capital markets. As the interest rate regime has shifted higher, the cost to finance (and oftentimes re-finance) has become more expensive, which has led to a greater number of counterparties who are exploring this structure. By selling the asset and </span><span>entering into</span><span> a long-term lease, a company can capture immediate value creation as well as more flexible balance sheet management over the long term.</span></p>
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              <h3 style="color: #00244f">How does Blue Owl ensure that fixed lease escalations are inflation protected?</h3> 
              
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              <p><span>Periodic rent escalators, typically resetting on an annual basis, are normal features in long-term corporate lease agreements. Because we structure these leases as triple net - net of expenses, net of taxes, net of insurance - we are not exposed to the inflation sensitive costs of materials, labor, tax and insurance.</span></p>
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              <h3 style="color: #00244f">How does Blue Owl monitor the health of its portfolio companies? What steps will Blue Owl take if a tenant defaults or declares bankruptcy?</h3> 
              
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              <p><span>Before acquisition, we apply a rigorous credit evaluation process to understand the business and test the resiliency through different market environments. We have our tenants share financials with us on an annual, and in some case, quarterly, basis. Our deal team works closely with the credit monitoring team to understand the fundamentals of the business. Blue Owl engages in constant proactive evaluation of all portfolio positions as part of the investment process, including weekly reviews and discussions with the full investment team. In an extreme credit event, when there is a default or bankruptcy, we will go through a process to re-tenant the properties. In most cases, our in-place rents are at a discount to market, so the re-tenanting process has potential to mark rents to market – which could be a positive outcome for the fund.</span></p>
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              <h3 style="color: #00244f">How can I invest in ORENT? </h3> 
              
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              <p data-fontsize="20" data-lineheight="24px"><span data-metadata="<!--(figmeta)eyJmaWxlS2V5IjoiYkZKYzRRMWJiYVY5cGVGNjhWaFhhUCIsInBhc3RlSUQiOjE1NTg1OTgwMSwiZGF0YVR5cGUiOiJzY2VuZSJ9Cg==(/figmeta)-->">ORENT is structured as a continuously offered, perpetually private REIT. The fund will have monthly closes and 100% of capital will be drawn upon subscription. Suitable investors may purchase ORENT by completing a Subscription Agreement. Please see the PPM for complete details. </span><span><br></span></p>
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              <h3 style="color: #00244f">When will I receive my first ORENT distribution and how often will I receive future distributions? </h3> 
              
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              <p><span>Investors in ORENT are admitted on the first business day of each month. New investors will receive their first distribution ~15 business days following the last business day of their month of admission. Subject to ORENT’s Board of Trustees discretion and applicable legal restrictions, ORENT intends to pay distributions monthly.</span></p>
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              <h3 style="color: #00244f">When can I redeem my ORENT shares?</h3> 
              
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              <p><span>Under the share repurchase plan, the Company intends to repurchase once per quarter no more than 5% of aggregate NAV per calendar quarter. Shares that have not been outstanding for at least one year will be repurchased at 98% of the transaction price. </span></p>
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              <h3 style="color: #00244f">What are ORENT’s fees? </h3> 
              
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              <p><span>Management fee: 1.25%, based on net assets.</span></p>
<p><span>Incentive fee: 12.5%, based on the annual total return subject to a 5% annual hurdle rate and a high-water mark.</span></p>
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              <h3 style="color: #00244f">What are the differences between ORENT’s share classes?</h3> 
              
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              <table width="601" style="border-collapse: collapse; table-layout: fixed; margin-left: auto; margin-right: auto; border: 1px solid #99acc2; height: 256.2px;">
<tbody>
<tr style="height: 55.8px;">
<td style="background-color: #00244f; width: 149.988px; height: 56px;" width="142">
<p><span style="font-family: Arial, Helvetica, sans-serif;"><strong>&nbsp;</strong></span></p>
</td>
<td style="background-color: #00244f; width: 156.988px; height: 56px; text-align: left;" width="177">
<p><span style="color: #ffffff; font-family: Arial, Helvetica, sans-serif;"><strong>Class S</strong></span></p>
</td>
<td style="background-color: #00244f; width: 171.988px; height: 56px; text-align: left;" width="168">
<p><span style="color: #ffffff; font-family: Arial, Helvetica, sans-serif;"><strong>Class D</strong></span></p>
</td>
<td style="background-color: #00244f; width: 121.975px; height: 56px; text-align: left;" width="114">
<p><span style="color: #ffffff; font-family: Arial, Helvetica, sans-serif;"><strong>Class I</strong></span></p>
</td>
</tr>
<tr style="height: 110.8px;">
<td style="width: 149.988px; height: 111px; text-align: left;" width="142">
<p><span style="font-family: Arial, Helvetica, sans-serif;"><strong>Maximum upfront sales load</strong></span></p>
</td>
<td style="width: 156.988px; height: 111px; text-align: left;" width="177">
<p><span style="font-family: Arial, Helvetica, sans-serif;">Up to 3.50% </span><span style="font-family: Arial, Helvetica, sans-serif;">of transaction price per share</span></p>
</td>
<td style="width: 171.988px; height: 111px; text-align: left;" width="168">
<p><span style="font-family: Arial, Helvetica, sans-serif;">Up to 1.50%</span><span style="font-family: Arial, Helvetica, sans-serif;">of transaction price per share</span></p>
</td>
<td style="width: 121.975px; height: 111px; text-align: left;" width="114">
<p><span style="font-family: Arial, Helvetica, sans-serif;">None</span></p>
</td>
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<tr style="height: 79.8px;">
<td style="width: 149.988px; height: 80px; text-align: left;" width="142">
<p><span style="font-family: Arial, Helvetica, sans-serif;"><strong>Ongoing service fee<sup>13</sup></strong></span></p>
</td>
<td style="width: 156.988px; height: 80px; text-align: left;" width="177">
<p><span style="font-family: Arial, Helvetica, sans-serif;">0.85% of net asset value (annualized) </span></p>
</td>
<td style="width: 171.988px; height: 80px; text-align: left;" width="168">
<p><span style="font-family: Arial, Helvetica, sans-serif;">0.25% of net asset value (annualized)</span></p>
</td>
<td style="width: 121.975px; height: 80px; text-align: left;" width="114">
<p><span style="font-family: Arial, Helvetica, sans-serif;">None</span></p>
</td>
</tr>
</tbody>
</table>
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              <h3 style="color: #00244f">What paperwork do I need to fill out to invest in ORENT?</h3> 
              
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              <p><span>Investors must submit a signed Subscription Agreement. Please see the PPM for complete details.</span></p>
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              <h3 style="color: #00244f">How often will I receive my account statement and how can I make changes to my account preferences? </h3> 
              
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              <h3 style="color: #00244f">What is the tax reporting for ORENT? </h3> 
              
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              <p><span>Tax reporting for ORENT is done via form 1099. In the case of certain U.S. shareholders, we expect your IRS Form 1099-DIV tax information, if required, to be mailed by January 31 of each year.</span></p>
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              <h3 style="color: #00244f">Where can I find more information on ORENT’s historical tax treatment?</h3> 
              
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              <p><span>For the year ended December 31, 2024 and for the period from Inception through December 31, 2022, we declared net distributions of $94.3 million and $11.8 million, respectively. The following table outlines the tax character of our distributions paid in 2023 and 2022&nbsp; as a percentage of total distribution.</span></p>
<p>&nbsp;</p>
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<td style="width: 42.3191%; padding: 4px; border-color: #00244f;">&nbsp;</td>
<td style="width: 20.5492%; padding: 4px; border-color: #00244f; border-style: none; text-align: left;"><strong>Ordinary income</strong></td>
<td style="width: 18.6163%; padding: 4px; border-color: #00244f; border-style: none; text-align: left;"><strong>Capital gains</strong></td>
<td style="width: 18.6163%; padding: 4px; border-color: #00244f; border-style: none; text-align: left;"><strong>Return of capital</strong></td>
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<td style="width: 42.3191%; padding: 4px; background-color: #94d2ff; border-color: #00244f;"><strong>2023 Tax Year</strong></td>
<td style="width: 20.5492%; padding: 4px; background-color: #94d2ff; border-color: #00244f; border-style: none; text-align: left;">- %</td>
<td style="width: 18.6163%; padding: 4px; background-color: #94d2ff; border-color: #00244f; border-style: none; text-align: left;">- %</td>
<td style="width: 18.6163%; padding: 4px; background-color: #94d2ff; border-color: #00244f; border-style: none; text-align: left;">100%</td>
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<tr>
<td style="width: 42.3191%; padding: 4px; border-color: #00244f;"><strong>2022 Tax Year</strong></td>
<td style="width: 20.5492%; padding: 4px; border-color: #00244f; border-style: none; text-align: left;">- %</td>
<td style="width: 18.6163%; padding: 4px; border-color: #00244f; border-style: none; text-align: left;">-%</td>
<td style="width: 18.6163%; padding: 4px; border-color: #00244f; border-style: none; text-align: left;">100%</td>
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    <p style="font-size: 12px; line-height: 1.25;"><span style="color: #ffffff;"><strong>For FINANCIAL PROFESSIONAL USE ONLY.</strong></span></p>
 <p style="font-size: 12px; line-height: 1.25;"><span style="color: #ffffff;"><strong>This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein. Only a private placement memorandum for Blue Owl Real Estate Net Lease Trust can make such an offer. This material is authorized only when it is accompanied or preceded by the Blue Owl Real Estate Net Lease Trust Private placement memorandum. Neither the SEC, the Attorney General Of the State Of New York nor any state securities commission has approved or disapproved of these securities or determined if the private placement memorandum is truthful or complete. Any representation to the contrary is a criminal offense. Securities are offered through Blue Owl Securities LLC, member Of FINRA/SIPC, As Dealer Manager.</strong></span></p>
 <p style="font-size: 12px; line-height: 1.25;"><strong><span style="color: #ffffff;">As of March 31, 2025. Past performance is not a guarantee of future results. </span></strong></p>
 <p style="font-size: 12px; line-height: 1.25;"><span style="color: #ffffff;"><span style="text-decoration: underline;"><strong>Endnotes</strong></span></span></p>
 <p style="line-height: 1.25;"><span style="color: #ffffff; font-size: 12px;">1. Distribution payments are not guaranteed. ORENT may pay distributions (including any preferred returns that are paid in cash on a monthly basis) from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and advances or the deferral of fees and expense reimbursements. The annualized distribution rate shown is calculated by annualizing the declared distributions per share in the previous month and dividing by the previous month’s published NAV. The annualized distribution rate shown may be rounded and is net of applicable servicing fees (Class I: No servicing fee, Class D: 0.25%, Class N: 0.50% and Class S: 0.85%). The payment of future distributions is subject to the discretion of ORENT’s board of directors and applicable legal restrictions, therefore there can be no assurance as to the amount or timing of any such future distributions. Distributions are not guaranteed. Up to 100% of distributions (including any preferred returns that are paid in cash on a monthly basis) have been funded and may continue to be funded by the reimbursement of certain expenses that are subject to repayment to the Adviser of ORENT. Such waivers and reimbursements by the Adviser may not continue in the future. ORENT's annualized distribution rates may change over time. </span></p>
 <p style="line-height: 1.25;"><span style="color: #ffffff; font-size: 12px;">2. Blue Owl Real Estate’s investment strategy will target NNN as well as NN Roof &amp; Structure properties.</span></p>
 <p style="line-height: 1.25;"><span style="color: #ffffff; font-size: 12px;">3. Investment grade companies must have "BBB-" rating or higher By S&amp;P or an equivalent rating from a nationally recognized statistical rating organization (NRSRO). Creditworthy refers to businesses that Blue Owl deems financially sound enough to justify an extension of credit or engage In a lease agreement. Please see Blue Owl’s important information page for AUM definition.</span></p>
 <p style="line-height: 1.25;"><span style="color: #ffffff; font-size: 12px;">4. Leverage is measured By dividing (i) consolidated property-level and entry-level debt net of cash and loan-related restricted cash, by (ii) the asset value of real estate investments (measured using the greater of fair market value and cost) plus the equity in our settled real estate debt investments.</span></p>
 <p style="line-height: 1.25;"><span style="color: #ffffff; font-size: 12px;">5. The repurchase plan currently limits aggregate quarterly repurchases to no more than 5% of the aggregate NAV per calendar quarter. The repurchase price per share will generally be equal to the NAV per share as of the last calendar day of the first month of the applicable calendar quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of the repurchase price.</span></p>
 <p style="line-height: 1.25;"><span style="color: #ffffff; font-size: 12px;">6. To be paid by the investor on a monthly basis.</span><span style="color: #ffffff; font-size: 12px;"></span></p>
 <p style="line-height: 1.25;"><span style="color: #ffffff; font-size: 12px;">7.&nbsp; Past performance is not a guarantee of future results. Returns are compounded monthly. Total return is calculated as the change in monthly NAV (assuming any dividends and distributions, net of shareholder servicing fees, are reinvested in accordance with ORENT’s distribution reinvestment plan), if any, divided by the beginning NAV. Returns reflect reinvestments Of distributions And the deduction Of ongoing expenses that are borne By investors, such As management fees, incentive fees, servicing fees, interest expense, offering costs, professional fees, director fees And other general And administrative expenses. An investment In the Company Is subject To a maximum upfront sales load (Class I: No sales load, Class D: 1.5%, Class N: 2.0%, Class S: 3.5%) which will reduce the amount of capital available for investment. Operating expenses may vary in the future based on the amount of capital raised, the Adviser’s election to continue expense support, and other unpredictable variables. Fund inception 9/1/2022. Class N is not an annualized return given the inception date is 6/1/2024 for the share Class.</span></p>
 <p style="line-height: 1.25;"><span style="color: #ffffff; font-size: 12px;">8. Total asset value is the gross asset value of real estate assets, based on fair value, plus the total fair value of real estate-related securities as well as the addition of any other cash equivalents.</span></p>
 <p style="line-height: 1.25;"><span style="color: #ffffff; font-size: 12px;">9. Includes 267 ORENT and 3,305 STORE properties, and excludes properties associated with debt investments.</span></p>
 <p style="line-height: 1.25;"><span style="color: #ffffff; font-size: 12px;">10. Data represents the weighted average lease term remaining (WALTR) of the portfolio. WALTR is a metric in commercial real estate that measures how much contractual term is remaining on a property.</span></p>
 <p style="line-height: 1.25;"><span style="color: #ffffff; font-size: 12px;"> 11. Leverage is measured by dividing (i) consolidated property-level and entry-level debt net of cash and loan-related restricted cash, by (ii) the asset value of real estate investments (measured using the greater of fair market value and cost) plus the equity in our settled real estate debt investments. Excludes short term affiliate and JV loans.</span></p>
 <p style="line-height: 1.25;"><span style="color: #ffffff; font-size: 12px;">12. Based on preliminary issuer rating assigned by Morningstar DBRS In June 2024; Morningstar DBRS finalized the issuer rating at BBB and published its private report on July 9, 2024.</span></p>
 <p style="line-height: 1.25;"><span style="color: #ffffff; font-size: 12px;">13. Represents percentage of fair value. Valuations may change over time. Property type and geographical diversification includes STORE on a look-through basis.</span></p>
 <p style="line-height: 1.25;"><span style="color: #ffffff; font-size: 12px;">14. For tenant diversification, STORE is included in Other.</span></p>
 <p style="line-height: 1.25;"><span style="color: #ffffff; font-size: 12px;">15. As of March 31, 2025. Dollars In thousands. CAD, EUR and GBP converted to USD at rates as of March 31, 2025. 1. The properties above are inclusive of closed assets owned by ORENT as of March 31, 2025. 2. Value based on ORENT’s cost basis, distributions, and its share of FV pick-up. WALT and annual escalations as of March 31, 2025. 3. LV petroleum assets shown at their respective ownership level (JV assets shown at 50.9%). 4. Tenneco shown at ORENT’s 50.9% basis in the Tenneco tranches acquired In June And July 2023.&nbsp;<br></span></p>
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