Fortress Net Lease REIT 8-K

What Happened Fortress Net Lease REIT (via FNLR OP LP as borrower and the Company as guarantor) filed an 8-K reporting a Fifth Amendment to its Credit Agreement dated January 29, 2026 (filed February 4, 2026). The amendment increases the company’s aggregate credit facilities from $1.65 billion to $1.8 billion and updates certain borrowing-base and fee provisions. Bank of America, N.A. remains administrative agent, and Old National Bank joined as a new lender.

Key Details

• Aggregate credit facilities increased from $1,650,000,000 to $1,800,000,000 (Fifth Amendment dated Jan 29, 2026).
• Revolving credit facility commitment raised from $1,347,500,000 to $1,475,000,000.
• Term loan facility increased from $302,500,000 to $325,000,000.
• Borrowing-base cap for properties with commercial net leases to retail bank/credit union branches increased from 15% to 30%.
• Amendment also updated how the unused fee is calculated and clarified which lenders are entitled to the unused fee. Old National Bank joined the lender group.

Why It Matters This amendment increases Fortress Net Lease REIT’s committed borrowing capacity and adjusts the collateral composition rules, which can provide greater liquidity and flexibility for financing operations, portfolio activity, or refinancing needs. The higher cap on bank-branch leased properties allows a larger share of those assets to count toward the borrowing base. Changes to the unused-fee mechanics and the addition of a new lender affect the cost and composition of the company’s credit syndicate.