Blue Owl Digital Infrastructure Trust (ODIT)

For FINANCIAL PROFESSIONAL USE ONLY.

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.

As of September 30, 2025. Past performance is not a guarantee of future results.

Endnotes

Important information:

ODIT Risk Factors

Investing in our shares involves a number of significant risks. The following information is a discussion of the material risk factors associated with an investment in our shares specifically, as well as those factors generally associated with an investment in a company with investment objectives, investment policies, capital structure, or trading markets similar to ours. In addition to the information contained in this presentation and ODIT’s Private Placement Memorandum (the "PPM"), you should consider carefully the following information before making an investment in our shares. The risks below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition and results of operations could be materially and adversely affected. In such cases, the net asset value of our shares could decline, and you may lose all or part of your investment. Capitalized terms used and not otherwise defined herein shall have the meanings given to such terms in the PPM. 

• There is no trading market for the shares and a repurchase of shares by us under the share repurchase plan is likely the only source of liquidity and there are significant limitations to the share repurchase plan;
• Risks related to the ownership of digital infrastructure and related commercial real estate assets that could affect the performance and value of our properties;
• Customer and industry concentrations that make us more susceptible to adverse events than if our portfolio were more diversified;
• Risks related to investments in digital infrastructure and technology- and connectivity-related real estate;
• Risks related to operating digital infrastructure assets, including service-level agreements;
• The vacancy of one or more of our properties could result in us having to incur significant capital expenditures to re-lease the property;
• The Trust intends to invest in digital infrastructure assets where a substantial portion of the revenues of such investments may derive from a small number of customers, and the loss, consolidation or financial instability of any of those limited number of customers may materially decrease revenues or reduce demand for digital infrastructure assets;
• The collection of rent from our customers, those customers’ financial conditions and the ability of those customers to maintain their leases;
• Bankruptcy laws may limit our remedies if a customer becomes bankrupt and rejects the lease and we may be unable to collect balances due on our leases;
• The illiquidity of real estate investments;
• The acquisition of digital infrastructure assets, including the acquisition from Other Blue Owl Accounts;
• There is no guarantee we will be able to pay distributions to our shareholders and any distributions may be from sources other than cash flow from operations;
• The purchase and repurchase prices of our shares are based on net asset value per share and not on a traded market price and, although we will use independent appraisals in the valuation of our assets, the valuation of real properties and other assets is subjective and may not reflect that actual value at which we could dispose of our assets;
• Competition with numerous digital infrastructure developers, owners and operators, and potential future competition from new entrants into the digital infrastructure market, including new entrants who may acquire its current competitors;
• A digital infrastructure asset might not be marketable without substantial capital improvements if the Company owns a property when the lease terminates and the customer does not renew its occupancy under the lease, if the customer defaults on its lease or if the customer rejects its lease pursuant to a bankruptcy proceeding;
• A decrease in the demand for digital infrastructure or other technology- and connectivity-related real estate, which may be more materially adverse than if such properties had a more diversified customer base or less specialized use, and
• The continuing ability to meet the conditions for qualification as a REIT;
  

For further details, investors can find more fulsome descriptions of the risk factors in the PPM.

Assets Under Management (“AUM”) refers to the assets that we manage, and is generally equal to the sum of (i) net asset value (“NAV”); (ii) drawn and undrawn debt; (iii) uncalled capital commitments; (iv) total managed assets for certain Credit and Real Estate products; and (v) par value of collateral for collateralized loan obligations (“CLOs”) and other securitizations.

The material presented is proprietary information regarding Blue Owl Capital Inc. (“Blue Owl”), its affiliates and investment program, funds sponsored by Blue Owl, including the Blue Owl Credit, Real Assets and GP Strategic Capital Funds (collectively the “Blue Owl Funds”) as well as investment held by the Blue Owl Funds.

An investment in the Fund or other investment vehicle entails a high degree of risk. Prospective investors should consider all of the risk factors set forth in the "Certain Risk Factors and Actual and Potential Conflicts of Interest" of the PPM or Prospectus, each of which could have an adverse effect on the Fund or other investment vehicle and on the value of Interests.

An investment in the Fund or other investment vehicle is suitable only for sophisticated investors and requires the financial ability and willingness to accept the high risks and lack of liquidity associated with an investment in the Fund or other investment vehicle. Investors in the Fund or other investment vehicle must be prepared to bear such risks for an indefinite period of time. There will be restrictions on transferring interests in the Fund or other investment vehicle, and the investment performance of the Fund or other investment vehicle may be volatile. Investors must be prepared to hold their interests in the Fund or other investment vehicle until its dissolution and should have the financial ability and willingness to accept the risk characteristics of the Fund's or other  investment vehicle’s investments.

There can be no assurances or guarantees that the Fund's or other investment vehicles investment objectives will be realized that the Fund's or other investment vehicle investment strategy will prove successful or that investors will not lose all or a portion of their investment in the Fund. 
Furthermore, investors should not construe the performance of any predecessor funds or other investment vehicle as providing any assurances or predictive value regarding future performance of the Fund.

The views expressed and, except as otherwise indicated, the information provided are as of the report date and are subject to change, update, revision, verification, and amendment, materially or otherwise, without notice, as market or other conditions change. Since these conditions can change frequently, there can be no assurance that the trends described herein will continue or that any forecasts are accurate. In addition, certain of the statements contained in this material may be statements of future expectations and other forward-looking statements that are based on the current views and assumptions of Blue Owl and involve known and unknown risks and uncertainties (including those discussed below) that could cause actual results, performance, or events to differ materially from those expressed or implied in such statements. These statements may be forward-looking by reason of context or identified by words such as “may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential or continue” and other similar expressions. Neither Blue Owl, its affiliates, nor any of Blue Owl’s or its affiliates' respective advisers, members, directors, officers, partners, agents, representatives or employees or any other person (collectively the “Blue Owl Entities”) is under any obligation to update or keep current the information contained in this document.

This material contains information from third party sources which Blue Owl has not verified. No representation or warranty, express or implied, is given by or on behalf of the Blue Owl Entities as to the accuracy, fairness, correctness or completeness of the information or opinions contained in this material and no liability whatsoever (in negligence or otherwise) is accepted by the Blue Owl Entities for any loss howsoever arising, directly or indirectly, from any use of this material or its contents, or otherwise arising in connection therewith.

All investments are subject to risk, including the loss of the principal amount invested. These risks may include limited operating history, uncertain distributions, inconsistent valuation of the portfolio, changing interest rates, leveraging of assets, reliance on the investment advisor, potential conflicts of interest, payment of substantial fees to the investment advisor and the dealer manager, potential illiquidity, and liquidation at more or less than the original amount invested. Diversification will not guarantee profitability or protection against loss. Performance may be volatile, and the NAV may fluctuate.

The information presented contains case studies and other discussions of selected investments made by Blue Owl Funds and other investment vehicles. These discussions provide descriptions and certain key aspects of such investments presented for informational purposes only and are intended to illustrate Blue Owl’s sourcing experience and the profile and types of investments and investment strategies which may be pursued by Blue Owl. The types and performance of these investments (i) are not representative of the types and performance of all investments or investment strategies that have been made or recommended by Blue Owl and (ii) are not necessarily indicative of the types and performance of investments that Blue Owl may seek to make, or be able to make, in the future. Any future investment vehicle that Blue Owl may sponsor or advise in the future, may pursue and consummate different types of investments in different concentrations, than those selected for illustrative purposes in this material. Further, references to investments included in illustrative case studies are presented to illustrate Blue Owl’s investment processes only and should not be construed as a recommendation of any particular investment. Past performance of any investment described in these illustrative case studies is not indicative of future results that may be obtained by any Blue Owl funds and other investment vehicles, and there can be no assurance that any such fund or other vehicle will achieve comparable results.

Performance Information: Where performance returns have been included in this material, Blue Owl has included herein important information relating to the calculation of these returns as well as other pertinent performance related definitions.

In addition, to the fullest extent permitted by law, no responsibility or liability or duty of care is or will be accepted by any of the Blue Owl Entities or their respective affiliates for updating this presentation, correcting any inaccuracies in it or providing any additional information to the recipient. Accordingly, none of the Blue Owl Entities or their respective affiliates shall be liable for any loss (whether direct, indirect or consequential) or damage suffered by any person as a result of relying on any statement in, or omission from, this presentation or in, or omitted from, any other information or communications in connection herewith.

This material is for informational purposes only and is not an offer or a solicitation to sell or subscribe for any fund or other investment vehicle and does not constitute investment, legal, regulatory, business, tax, financial, accounting, or other advice or a recommendation regarding any securities of Blue Owl, of any fund or investment vehicle managed by Blue Owl, or of any other issuer of securities. Only a definitive offering document (i.e.: Prospectus or Private Placement Memorandum or other offering material) can make such an offer. Neither the Securities and Exchange Commission, 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 Prospectus, Private Placement Memorandum or other offering material is truthful or complete. Any representation to the contrary is a criminal offense. Within the United States and Canada, securities are offered through Blue Owl Securities LLC, member of FINRA/SIPC, as Dealer Manager.