Fortress Net Lease REIT 8-K

What Happened

• Fortress Net Lease REIT announced its net asset value (NAV) per share for each outstanding class as of March 31, 2026 in an 8‑K filed April 21, 2026 (reported April 16, 2026). Total NAV was $1,731,072 (amounts in the filing are stated in thousands, i.e., ~$1.731 billion) with 163,179 outstanding shares/units (in thousands). NAV per share by class included: Class S $10.4024, Class I $10.4635, Class F‑S $10.4879, Class F‑I $10.5556, Class D‑S $10.8443, Class E $10.9104, and OP Units $11.1697.
• The filing also provided the NAV component breakdown: investments in real estate $2,965,702; intangible assets $491,282; cash $13,410; restricted cash $112,946; major liabilities included a $981,080 revolving credit facility and a $776,996 term loan (all amounts in thousands).

Key Details

• Total NAV (Mar 31, 2026): $1,731,072 (in thousands) vs. $1,638,979 (in thousands) on Feb 28, 2026 — increase of $92,093 (in thousands) (~$92.1M).
• Outstanding shares/units (Mar 31): 163,179 (in thousands) vs. 155,085 (in thousands) on Feb 28 — increase of 8,094 (in thousands) (~8.09M shares/units).
• Major NAV components (Mar 31, 2026, in thousands): Investments in real estate $2,965,702; Intangible assets $491,282; Revolving credit facility $(981,080); Term loan $(776,996).
• NAV per OP Unit: $11.1697 (includes Class A OP Units held by the Adviser and Special Limited Partner).

Why It Matters

• NAV per share is a key valuation metric for REIT investors — it shows the company’s estimated per‑share value based on assets and liabilities under board‑approved valuation guidelines. The reported rise in total NAV and small increases in NAV per share across classes between Feb 28 and Mar 31, 2026 reflect changes in portfolio value, cash, subscriptions and borrowings disclosed in the filing.
• Investors can use these NAV figures to compare market price to estimated underlying value, assess dilution from new share issuance (noted increase in outstanding shares), and review leverage levels (large credit facility and term loan balances shown). The filing is informational; it does not report earnings, dividends changes or management departures.