v3.25.4
Related Party Transactions
 9 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Due to Affiliates
The following table details the components of due to affiliates:
December 31, 2025
Accrued ongoing servicing fees$34,438 
Accrued management fee995
Performance participation allocation1,319
Advanced organization and offering costs7,584
Transaction prorations7,421
Other expenses
3,103
Total$54,860 
Ongoing Servicing Fees
The Company accrues ongoing servicing fees payable to the Dealer Manager, Blue Owl Securities LLC, for ongoing services rendered to shareholders for Class S, and Class D shares equal to 0.85%, and 0.25%, respectively, per annum of the aggregate NAV of the respective outstanding class of shares. The ongoing servicing fees are paid monthly in arrears.
Accrued Management Fees
The Company will pay the Adviser a management fee equal to 1.25% of NAV for Class S shares, Class D shares, and Class I shares per annum payable monthly for services rendered related to ongoing operations of ODIT pursuant to the Advisory Agreement. Additionally, to the extent that ODIT OP issues OP Units to parties other than the Company, our ODIT OP will pay the Adviser a management fee equal to 1.25% of the NAV of OP Units attributable to Class S OP Units, Class S-1 OP Units, Class D OP Units, Class D-1 OP Units, and Class I OP Units not held by us per annum payable monthly.
The management fee may be paid, at the Adviser’s election, in cash, Class E shares, or Class E OP Units. During the period from Inception through December 31, 2025, the Company incurred management fees of $995, which were accrued and unpaid as of December 31, 2025.
Performance Participation Allocation
In addition to the fees paid to the Adviser for services provided pursuant to the Advisory Agreement, the Special Limited Partners hold a performance participation interest in ODIT OP that entitles them to receive an allocation of ODIT OP’s total return. Total return is defined as total distributions plus the change in the Company’s NAV per share, adjusted for subscriptions and repurchases. The performance participation allocation is an incentive fee paid to the Adviser and receipt of the allocation is subject to the ongoing effectiveness of the Advisory Agreement. Under the ODIT OP agreement, the Special Limited Partners are entitled to an allocation from ODIT OP with respect to the Class S OP Units, Class S-1 OP Units, Class D OP Units, Class D-1 OP Units, and Class I OP Units equal to 12.5% of total return, after the other unit holders have received a total return of 5% (after recouping any loss carryforward amount). The allocation of the performance participation interest is measured on a calendar year basis and is paid quarterly in Class E OP Units, Class E shares, or cash, at the election of the Special Limited Partner. As the performance participation allocation is associated with the performance of services rendered by the Adviser, and the Special Limited Partners are only entitled to the performance participation allocation provided that the Advisory Agreement has not been terminated, the Company accounts for the performance participation allocation as an expense in our Consolidated Statements of Operations. During the period from Inception through December 31, 2025, the Company recognized $1,319 of performance participation allocation expense in the Company’s Consolidated Statement of Operations, which was accrued and unpaid as of December 31, 2025.
As of December 31, 2025, there were no Class E OP Units outstanding related to payment of the performance participation allocation, and there were no Class E OP Units redeemed during the period from Inception through December 31, 2025 that were originally issued as payment of the performance participation allocation.
Advanced Organization and Offering Costs
The Adviser has agreed to advance all of the organization and offering costs on behalf of the Company (including legal, marketing, due diligence, administrative, accounting, design and website expenses, fees and expenses of our escrow agent and transfer agent, and other expenses attributable to the Company’s organization, but excluding ongoing servicing fees) through December 1, 2026. Such costs are recorded as a component of Due to affiliates on the Company’s Consolidated Balance Sheet and will commence being reimbursed to the Adviser pro rata over 60 months beginning on December 1, 2026.
Transaction Prorations
Pursuant to the transaction described in Note 3 - Acquisitions, the purchase agreement provided for closing and post-closing adjustments, with any amounts owed by one party to the other settled in the ordinary course pursuant to the agreement’s post‑closing adjustment procedures. As of December 31, 2025, the Company owed $7,421 to BODI I Funds for customary post‑closing prorations related to working capital, which is included in total consideration for the transaction.
Other Expenses
The Company engages an affiliate of the Adviser, STACK Infrastructure, Inc. (“STACK Inc.”), to provide site management and administrative services. The management agreement provides for a 3% management fee on base rent collected on STACK Inc. operated data centers, as well as a facility maintenance fee for onsite security and personnel required to maintain the data centers (collectively, “Property Management Fees”). During the period from Inception through December 31, 2025, the Company incurred $2,655 in Property Management Fees which are included within rental property operating expenses on the Consolidated Statement of Operations.
Common Shares Held by Affiliates
As of December 31, 2025, ODIT affiliates and their employees owned 70,000,100 Class E shares and 588,042 Class E OP units. The aggregate amount of the Class E shares and Class E OP units owned by ODIT affiliates and their employees was $705,944 and $5,930, respectively, based on the NAV per share/unit as of December 31, 2025. During the period from Inception through December 31, 2025, the Adviser did not submit any shares for repurchase.
Real Estate Transactions
Investments in real estate, net and Intangible assets, net include properties that were acquired from BODI I Funds, which are also managed by an affiliate of our Adviser. The properties acquired from BODI I Funds during the period from Inception through December 31, 2025, had a total fair value of $3,276,174 as of their respective acquisition dates. While these properties were acquired from related parties, these related parties and the Company are not under common control.