Fortress Net Lease REIT 8-K

What Happened
Fortress Net Lease REIT reported its net asset value (NAV) as of April 30, 2026 (reported May 14, 2026; 8‑K filed May 20, 2026). The Company reported total NAV of $1,837,084 (amounts presented in thousands) and provided NAV per share for each outstanding class of common shares and OP units using board‑approved valuation guidelines. The Company also disclosed a month‑over‑month increase in NAV versus March 31, 2026.

Key Details

• Total NAV (presented in the filing in thousands): April 30, 2026 — $1,837,084; March 31, 2026 — $1,731,072 (increase of $106,012).
• Number of outstanding shares/units: April 30, 2026 — 172,827; March 31, 2026 — 163,179.
• NAV per share/unit as of April 30, 2026:
  • Class S: $10.4102
  • Class I: $10.4826
  • Class F‑S: $10.5171
  • Class F‑I: $10.5862
  • Class D‑S: $10.8876
  • Class E: $10.9541
  • OP Units: $11.2162
• Major NAV components (April 30, 2026, amounts presented in thousands): Investments in real estate $3,228,996; Intangible assets $491,282; Revolving credit facility (debt) $(1,123,065); Term loan $(777,218); Cash and restricted cash ~$85,739 combined.

Why It Matters
NAV and NAV per share are key metrics for investors in non‑traded REITs to gauge portfolio value and per‑share economic backing. The filing shows an increase in total NAV and outstanding shares from March to April 2026, driven in part by higher reported real estate investment values and changes in financing and subscription balances. Retail investors should note the NAV per share by class (which can differ modestly) and the Company’s disclosed debt and cash positions when assessing value and liquidity.