Blue Owl Digital Infrastructure Trust: NAV $10.5955 at Sept 30

What ODIT is, and what the filings say it is not

ODIT is a Maryland statutory trust formed on April 7, 2025, externally managed by Blue Owl Digital Infrastructure Trust Advisors LLC and structured, in the words of its 10-Q, as a “non-listed, perpetual-life investment vehicle.” It intends to qualify as a REIT. It sells Class S, D, I and E shares in a continuous private offering to “accredited investors” under Regulation D and Regulation S, and because it is registered under the Exchange Act it files 10-Ks, 10-Qs and 8-Ks even though its shares are not offered to the public. That is why its monthly NAV is public, and why this page can be built from filings alone. If you are weighing it against other private REITs, our census of private REITs on Form D shows how few of them publish this much; the other Blue Owl real estate vehicle is covered in our ORENT review. Whether a given investor qualifies is a separate question, covered in accredited investor vs qualified purchaser.

It did not start with one building. On December 1, 2025 ODIT “commenced operations and raised an aggregate of $1.7 billion in gross proceeds” and on the same day bought 11 data center assets in seven U.S. markets for about $3.3 billion of gross enterprise value, about $1.5 billion net of assumed debt (Form 8-K, accession 0002069692-25-000025). The sellers were the Blue Owl Digital Infrastructure Fund I partnerships, which the 8-K says “are managed by an affiliate of the Company’s investment adviser.” Fairness opinions were obtained on both sides, and the sellers' advisory committee and ODIT's board of trustees approved the deal. That origin matters to a holder: the first NAV, and every NAV since, rests on assets the sponsor sold to the vehicle it also manages. The $10.00 launch price was the starting point; the first month-end NAV, December 31, 2025, was already $10.0604.

NAV by month: ten month-ends, ten increases

Every monthly NAV is published in an 8-K around the 20th of the following month, together with that month's share sales and the distribution declared. Here they are in one place.

The gross distribution was $0.0375 per share a month through the March 31, 2026 record date and $0.0416667 from April 30, 2026, after the Trust raised its rate from $0.4500 to $0.5000 per share per year (Form 8-K, accession 0002069692-26-000027). Class S and Class D net distributions are lower because the shareholder servicing fee is deducted; at September 30, 2026 the Class S net distribution was $0.0343277. Adding the ten gross monthly distributions declared since December 31, 2025 ($0.40 per share) to the Class I NAV gain of $0.5958 gives about $0.9958 on a $10.00 share, or roughly 10% in ten months, before upfront commissions and with no reinvestment (our arithmetic). The Trust's own total return figures, which it annualizes for periods under a year, were 11.30% (Class S), 12.24% (Class I) and 15.53% (Class E) since inception through June 30, 2026, without upfront selling commissions (Form 10-Q, accession 0002069692-26-000057).

Why a net loss and a rising NAV are both in the filings

For the six months ended June 30, 2026 ODIT reported rental revenue of $189.8 million and a net loss of $73.3 million, after $111.6 million of depreciation and amortization, $52.3 million of interest expense and $9.5 million of performance participation allocation. The Trust's own reconciliation shows how that becomes a NAV of $2,011.7 million.

Two of those lines are the point. NAV does not charge depreciation, which is a $120.3 million difference on a portfolio carried at fair value, and it adds $110.2 million of appreciation above cost that GAAP does not recognize. The valuation uses a discounted cash flow model with a weighted average discount rate of 7.7% and capitalization rate of 6.1% for data centers, “determined by the Adviser and reviewed by our independent valuation advisor.” The Trust discloses the sensitivity: a 0.25% lower discount rate raises property values by 1.9% and a 0.25% higher rate lowers them by 1.8%; for the capitalization rate the figures are plus 2.4% and minus 2.2%. At $4.57 billion of real estate in the NAV, a one-quarter-point move in the discount rate is worth roughly $82 million to $87 million, or 3.7% to 3.9% of the $2.234 billion NAV, because the debt does not move with it (our arithmetic on the June 30 sensitivities applied to the September 30 real estate figure).

Cash is a second test. Operating cash flow was $45.5 million for the six months; net distributions declared were $23.8 million in the first quarter and $21.6 million in the second, $45.4 million together (our arithmetic), so distributions were covered by operating cash flow almost exactly, leaving almost nothing from operations for repurchases or debt reduction.

Sales to outside investors have fallen 86% from January

The filings give the proceeds of every monthly closing by class. Class E, the no-fee class, is shown separately because it is not sold to the public.

The Class S, D and I column is the sum of each class's gross proceeds in the 8-K (our arithmetic) and includes upfront commissions on Class S. It totals $319.1 million over ten months and went from $69.5 million to $9.5 million. July is the exception that hides the trend: $131.7 million of shares were sold on July 1, 2026, but $101.1 million of it, 9,547,995 shares, was Class E. The 10-Q puts total net proceeds from the private offering at $1,999.5 million through August 6, 2026.

Two more Gainesville buildings are signed; one is closed

On May 18, 2026 ODIT's subsidiaries signed three separate purchase agreements for data centers in Gainesville, Virginia, each 100% leased to a hyperscale customer and each independent of the others (Form 8-K filed May 22, 2026, accession 0002069692-26-000036).

For GCDC 1, KPMG audited a rental revenue of $92.0 million for 2025 and revenues in excess of certain operating expenses of $68.1 million, a 7.9% yield on the $860.6 million price before interest, fees and capital spending (our arithmetic). The building has one tenant, and its contractual minimum rent is $77.2 million for 2026 rising to $83.5 million in 2030, $1,258.2 million in total over the lease. ODIT financed it with a $559.0 million CMBS loan at a weighted average 5.465% from JPMorgan Chase Bank and Goldman Sachs Bank USA, and the 8-K adds: “Certain of the CMBS Bonds were purchased by funds managed by affiliates of the Trust.” ODIT also drew $52.0 million on the variable funding notes and $150.0 million on the revolver. The loan is 65% of the price and its annual interest is about $30.5 million, so the 2025 revenue in excess of certain operating expenses covered it 2.2 times (our arithmetic).

The May 22 8-K says the three deals “are expected to be funded through a combination of cash on hand (which primarily consists of proceeds from the Trust's private offering) and new property-level debt that the Trust is currently negotiating.” The June 30 10-Q reports GCDC 1 and does not mention the other two in its subsequent events note. What the filings do not tell us is how much equity the remaining $1.99 billion needs. As an illustration only, if the next two were financed at the same 65% as GCDC 1, the equity would be about $698 million. ODIT had $108.9 million of cash at September 30, 2026 and sold $9.5 million of Class S, D and I shares on October 1, 2026; at that pace $698 million would take more than six years (our arithmetic). The funding could come from Class E purchases, more debt, other sources or a change in price, and the 8-K does not say which.

The portfolio and the tenants

At June 30, 2026, the last date with a property-by-property table, ODIT wholly owned 12 properties with 235 megawatts, a fair value of $4.273 billion, and next-twelve-months rent of $298.8 million.

The Southeast row includes the 72-megawatt Gainesville building, so one building is 31% of the megawatts. The September 30, 2026 8-K adds that the portfolio has 13 properties, 12 wholly owned, a remaining weighted average base lease term of 9.0 years (21.1 years if every tenant extends) and 94.5% of tenants rated investment grade by S&P at BBB- or Baa3. It does not name a tenant; the 10-K calls the two largest “Hyperscale Tenant 1” and “Hyperscale Tenant 2,” with $12.4 million (42.1%) and $5.3 million (17.9%) of rental income from inception to December 31, 2025. Investments in unconsolidated joint ventures rose from $47.5 million at June 30 to $109.3 million at September 30, 2026; the 8-K does not describe what was added.

About 36% of the rent (2027 through 2031) rolls within five years, and 50% expires after 2035 (our arithmetic on the schedule above, which excludes leases whose rent had not started). The Trust's own risk factors say that for single-customer assets a customer's default in payment “is likely to cause a significant or complete reduction in our rental revenue from that asset.” For the other large listed owners of data centers, see our data center REIT comparison.

Debt

On March 3, 2026 a subsidiary issued $695 million of 5% Series 2026-1 Class A-2 notes, rated A-(sf) by S&P, secured by eleven of the Trust's data centers, to repay $400 million and $250 million of earlier notes (Form 8-K, accession 0002069692-26-000012). On April 1, 2026 it signed a $200 million revolving credit agreement with Bank of America that can be increased to $3.0 billion. The September 30, 2026 8-K reports 95.0% fixed-rate debt, a 5.4% weighted average rate and a 54.7% loan-to-value. The NAV lists credit facilities, mortgage loans and notes at $2.360 billion, $167 million lower than at June 30 (our arithmetic).

Fees, classes and the exit

In the first half of 2026 the Trust accrued $7.2 million of management fees and $9.5 million of performance participation allocation, and settled $5.6 million of the management fee in Class E shares issued to the adviser and $4.9 million of the allocation in OP units. It also paid $15.3 million in property management fees on STACK-operated data centers (Form 10-Q). The repurchase plan began after the first full quarter following the initial closing, so the second quarter of 2026 was its first: shareholders sold back 236,671 shares for $2.4 million and the Trust reported no unfulfilled requests. That is about 0.1% of NAV against a cap of 3% (our arithmetic). The plan is not a promise. Repurchases are capped at 3% of aggregate NAV per quarter, and the filing says the Trust “is not obligated to repurchase any shares” and the board may “modify and suspend the Share Repurchase Plan.” The third-quarter numbers will be in the next 10-Q.

What a reader can do with this

• Find your class. Class S and D pay the servicing fee; Class I and Class E do not; Class E is not for outside investors. Your statement's NAV should match the table above for your class and month-end.
• Read the monthly 8-K, not the marketing. Each one gives the NAV, the previous month's share sales by class and the distribution. The signals to watch are outside sales in the Class S, D and I column and the share of Class E in total sales, not a single month's NAV.
• Mark three dates. The third-quarter Form 10-Q, due around November 16, 2026, will show September repurchases and the cash position; the October 31, 2026 NAV, expected in an 8-K around November 20, 2026, is the repurchase price for the fourth quarter; and the GCDC 3 closing, expected in the fourth quarter of 2026, will show how it was financed.
• Ask what share of your portfolio is data centers. If you also own listed data center stocks or another infrastructure fund, the same hyperscale tenants may sit behind several of them. ODIT's filings give tenant ratings, not names.
• Compare the NAV with the cost of getting out. The cap is 3% of NAV a quarter and there is a 2% deduction in the first two years; the $2.4 million repurchased in the second quarter shows demand to leave has so far been small.

This is analysis of public documents, not investment, legal or tax advice.

FAQ

All figures are from Blue Owl Digital Infrastructure Trust's filings on EDGAR, read on October 22, 2026: the Form 10-K filed March 11, 2026, the Form 10-Qs filed May 13 and August 12, 2026, the Form 8-K/A filed August 7, 2026, and Form 8-Ks filed between October 9, 2025 and October 20, 2026. Figures marked “our arithmetic” are our calculations from those documents, not company statements, and the funding illustration is a scenario, not a forecast. This is analysis of public documents, not investment, legal or tax advice.