Fortress Net Lease REIT 8-K

What Happened
Fortress Net Lease REIT (the “Company”) filed an 8‑K on June 15, 2026 reporting its net asset value (NAV) as of May 31, 2026. The Company reported total NAV of $1,908,500 and 178,509 outstanding shares/units (amounts are presented in the filing “amounts in thousands”). The filing discloses NAV per share/unit by class as of May 31, 2026:

• Class S: $10.4688
• Class I: $10.5423
• Class F‑S: $10.5823
• Class F‑I: $10.6526
• Class D‑S: $10.9739
• Class E: $11.0405
• OP Units: $11.3880

Key Details

• Total NAV (as reported): $1,908,500; Outstanding shares/units: 178,509 (amounts in thousands).
• Month-over-month change: Total NAV increased from $1,837,084 on April 30, 2026 to $1,908,500 on May 31, 2026 (increase of $71,416).
• Major NAV components (May 31, 2026, amounts in thousands): Investments in real estate $3,250,202; Intangible assets $486,177; Cash & equivalents $15,395; Restricted cash $114,769; Revolving credit facility debt $(1,094,664); Term loan $(777,521).
• Subscriptions received in advance grew from $67,896 (Apr 30) to $114,757 (May 31), and restricted cash increased correspondingly.

Why It Matters
NAV updates give investors a snapshot of the company’s reported per‑share economic value and recent changes in portfolio and financing balances. The May 31, 2026 update shows a month‑over‑month increase in total NAV and modest increases in NAV per share across all classes, driven by reported changes in real estate values, cash/restricted cash and subscription activity. Retail investors can use these figures to track reported net asset trends per share class and to monitor changes in leverage and capital inflows disclosed by the company.