Fortress Net Lease REIT 8-K

What Happened
Fortress Net Lease REIT filed an 8-K on February 19, 2026 reporting its net asset value (NAV) per share for each outstanding class of common shares as of January 31, 2026. The company reported total NAV of $1,590,191 (amounts presented in the filing in thousands) and NAV per share by class ranging from $10.3546 (Class S) to $10.8100 (Class E). The filing also includes a breakdown of major NAV components (real estate, debt, cash, etc.) as of January 31, 2026 and comparable figures as of December 31, 2025.

Key Details

• Total NAV: $1,590,191 (amounts in filing are in thousands) with 150,848 (thousands) outstanding shares/units as of Jan 31, 2026. (Dec 31, 2025: NAV $1,528,984; 145,999 shares/units.)
• NAV per share by class as of Jan 31, 2026:
  • Class S: $10.3546
  • Class I: $10.4069
  • Class F-S: $10.4190
  • Class F-I: $10.4858
  • Class D-S: $10.7447
  • Class E: $10.8100
  • OP Units: $11.0635
• Major NAV components (Jan 31, 2026, amounts in thousands): Investments in real estate $2,844,115; intangible assets $434,797; cash and cash equivalents $12,493; revolving credit facility balance $(958,100); term loan $(776,522).
• Change vs Dec 31, 2025: Total NAV increased by $61,207 (about +4.0%); shares/units outstanding increased from 145,999 to 150,848 (thousands).

Why It Matters
NAV is a common measure REIT investors use to assess the underlying value of the company’s assets per share. Fortress Net Lease REIT’s NAV rose versus December 31, 2025 (about a 4% increase), and NAV per share values for each class are provided so investors can compare quoted market prices to the company’s internally calculated net asset values. The filing also highlights the company’s major asset and liability balances (real estate, loans, and cash), which drive NAV and liquidity considerations.