Fortress Net Lease REIT 8-K

What Happened

• Fortress Net Lease REIT filed an 8‑K (filed Jan 20, 2026) reporting its Net Asset Value (NAV) as of December 31, 2025, and published NAV per share for each outstanding class. The Company reported total NAV of $1,528,984 (amounts presented in the filing in thousands, roughly $1.529 billion) and NAV per share by class (see details below). The NAV disclosure was reported by the Company on January 14, 2026.

Key Details

• Total Net Asset Value (as reported, amounts in thousands): $1,528,984 (Dec 31, 2025) vs $1,444,722 (Nov 30, 2025).
• NAV per share by class as of Dec 31, 2025:
  • Class S: $10.3382
  • Class I: $10.3505
  • Class F‑S: $10.3550
  • Class F‑I: $10.4205
  • Class D‑S: $10.6611
  • Class E: $10.7261
  • OP Units: $10.9751
• Major NAV components (Dec 31, 2025, amounts in thousands): Investments in real estate $2,832,738; intangible assets $429,536; cash $3,968; restricted cash $43,917. Major liabilities include a revolving credit facility of $1,010,100 and a term loan of $753,905.
• Outstanding shares/units increased to 145,999 on Dec 31, 2025 from 138,565 on Nov 30, 2025.

Why It Matters

• NAV disclosures give investors a snapshot of the REIT’s reported asset value net of liabilities and the per‑share value for each share class. Changes in total NAV, NAV per share, and the composition of assets and debt (credit facility and term loan levels) are useful for assessing underlying portfolio value and leverage trends.
• Different NAVs across share classes reflect the REIT’s share-class structure and affect how investors compare reported NAV to market prices or make buy/sell decisions. This 8‑K is informational; it does not announce operating results, dividends, or management changes.