Fortress Net Lease REIT

02/19/2026 | Press release | Distributed by Public on 02/19/2026 11:33

Material Event (Form 8-K)

Item 8.01 Other Events.

January 31, 2026 NAV Per Share

On February 12, 2026, Fortress Net Lease REIT (the "Company" or "we") the Company reported net asset value ("NAV") per share for each outstanding class of common shares of the Company as of January 31, 2026, which is set forth below:

NAV per Share

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

Net Asset Value

A detailed calculation of the NAV per share is set forth below. We calculate NAV per share in accordance with the valuation guidelines that have been approved by our board of trustees. Our total NAV presented in the following tables includes the NAV of our outstanding classes of common shares, which includes Class S, Class I, Class F-S, Class F-I, Class D-S and Class E common shares, as well as the partnership interests ("OP Units") of FNLR OP LP (the "Operating Partnership"), if any, held by parties other than the Company.

The following table provides a breakdown of the major components of our NAV as of January 31, 2026 (amounts in thousands):

Components of NAV

Amount

Investments in real estate

$

2,844,115

Intangible assets

434,797

Cash and cash equivalents

12,493

Restricted cash

46,955

Other assets

73,411

Revolving credit facility

(958,100

)

Term loan

(776,522

)

Subscriptions received in advance

(45,565

)

Distribution payable

(9,231

)

Due to affiliate

(5,218

)

Other liabilities

(26,944

)

Net Asset Value

$

1,590,191

Number of outstanding shares/units

150,848

The following table provides a breakdown of our total NAV and NAV per share/unit by class as of January 31, 2026 (amounts in thousands, except per share/unit data):

Net Asset Value

Number of Outstanding Shares/Units

NAV per Share/Unit as of January 31, 2026

Class S

$

10,385

1,003

$

10.3546

Class I

152,420

14,646

$

10.4069

Class F-S

258,134

24,775

$

10.4190

Class F-I

722,447

68,897

$

10.4858

Class D-S

403,343

37,539

$

10.7447

Class E

27,876

2,579

$

10.8100

OP Units(1)

15,586

1,409

$

11.0635

Total

$

1,590,191

150,848

(1)
Includes the Class A OP Units held by FNLR Management LLC (the "Adviser") and FNLR SLP LLC (the "Special Limited Partner") .

The following table provides a breakdown of the major components of our NAV as of December 31, 2025 (amounts in thousands):

Components of NAV

Amount

Investments in real estate

$

2,832,738

Intangible assets

429,536

Cash and cash equivalents

3,968

Restricted cash

43,917

Other assets

74,036

Revolving credit facility

(1,010,100

)

Term loan

(753,905

)

Subscriptions received in advance

(40,227

)

Distribution payable

(8,911

)

Due to affiliate

(11,789

)

Other liabilities

(30,279

)

Net Asset Value

$

1,528,984

Number of outstanding shares/units

145,999

The following table provides a breakdown of our total NAV and NAV per share/unit by class as of December 31, 2025 (amounts in thousands, except per share/unit data):

Net Asset Value

Number of Outstanding Shares/Units

NAV per Share/Unit as of December 31, 2025

Class S

$

152

15

$

10.3382

Class I

132,922

12,842

$

10.3505

Class F-S

251,749

24,312

$

10.3550

Class F-I

711,068

68,237

$

10.4205

Class D-S

400,087

37,528

$

10.6611

Class E

27,292

2,544

$

10.7261

OP Units(1)

5,714

521

$

10.9751

Total

$

1,528,984

145,999

(1)
Includes the Class A OP Units held by FNLR Management LLC (the "Adviser").
Fortress Net Lease REIT published this content on February 19, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on February 19, 2026 at 17:33 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]