Investment grade financial investment universe based upon combined book value of net residential or commercial property, plant and devices for all publicly traded business in the United States and Canada. Investment grade financial investment universe based on combined book value of net residential or commercial property, plant and equipment for all publicly traded business in North America with an investment grade credit score from Standard & Poor's. Source: Standard & Poor's Capital IQ as of September 27, 2023. Average annual single renter transaction volume 2022. Sources: Institutional Realty Inc. "Net-leased commercial genuine estate posts record year" published March 1, 2023, and Colliers research. Investment grade business need to have "BBB-" score or greater by S&P or a comparable rating from a nationally recognized statistical rating organization (NRSRO). Creditworthy describes organizations that Blue Owl deems financially sound enough to justify an extension of credit or engage in a lease agreement. Tenants are credit worthy or financial investment grade at time of acquisition. The above figure is inclusive of the relationships that belong to STORE Capital, which was obtained by Blue Owl Real Estate and GIC in September 2022. Exclusive of STORE's tenant relationships/partnerships, Blue Owl has 160+ tenant relationships/partnerships since June 30, 2024. Since the beginning of Blue Owl's net lease financial investment strategy in 2010.

Important details
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Unless otherwise noted the Report Date referenced herein is as of December 31, 2024.

Past performance is not an assurance of future outcomes.

Creditworthy refers to services that Blue Owl deems economically sound sufficient to validate an extension of credit or participate in a lease arrangement.

Taxpayers ought to talk to their independent tax advisors with respect to any contemplated Section 1031 Exchange.

Assets Under Management (" AUM") refers to the possessions that we manage and is usually equivalent to the amount of (i) net asset value (" NAV")