Item 8.01. Other Events.
March 31, 2025NAV Per Share
On April 15, 2025, the Company reported the NAV per share for each class of common shares of the Company as of March 31, 2025, whichis set forth below:
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NAV per Share
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Class I
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$
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10.1931
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Class F-S
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$
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10.1760
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Class F-I
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$
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10.2245
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Class D-S
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$
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10.3631
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Class D-X(1)
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$
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10.4440
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Class E
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$
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10.4357
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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 I, Class F-S, Class F-D, Class F-I, Class D-S, Class D-X 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 March 31, 2025(amounts in thousands):
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Components of NAV
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Amount
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Investments in real estate
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$
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1,352,910
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Intangible assets
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211,065
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Cash and cash equivalents
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3,188
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Restricted cash
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76,563
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Other assets
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82,981
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Revolving credit facility and term loan
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(627,091)
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Subscriptions received in advance
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(69,329)
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Distribution payable
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(5,569)
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Due to affiliate
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(3,987)
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Other liabilities
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(15,298)
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Net Asset Value
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$
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1,005,433
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Number of outstanding shares/units
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97,848
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The following table provides a breakdown of our total NAV and NAV per share/unit by class as of March 31, 2025 (amounts in thousands, except per share unit data):
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Monthly NAV
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Number of outstanding shares/units
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NAV per Share/Unit as of March 31, 2025
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Class I
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$
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19,766
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1,939
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$
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10.1931
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Class F-S
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67,126
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6,597
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$
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10.1760
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Class F-D
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-
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-
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-
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Class F-I
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523,717
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51,222
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$
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10.2245
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Class D-S
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381,659
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36,829
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$
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10.3631
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Class D-X(1)
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3,197
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306
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$
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10.4440
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Class E
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6,579
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630
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$
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10.4357
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OP Units
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3,389
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325
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$
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10.4432
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Total
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$
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1,005,433
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97,848
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The following table provides a breakdown of the major components of our NAV as of February 28, 2025(amounts in thousands):
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Components of NAV
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Amount
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Investments in real estate
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$
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1,353,311
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Intangible assets
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193,445
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Cash and cash equivalents
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4,172
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Restricted cash
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52,095
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Other assets
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15,305
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Revolving credit facility and term loan
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(592,108)
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Subscriptions received in advance
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(45,645)
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Distribution payable
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(5,105)
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Due to affiliate
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(2,742)
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Other liabilities
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(15,249)
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Net Asset Value
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$
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957,479
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Number of outstanding shares/units
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93,184
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The following table provides a breakdown of our total NAV and NAV per share/unit by class as of February28, 2025(amounts in thousands, except per share/unit data):
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Monthly NAV
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Number of outstanding shares/units
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NAV per Share/Unit as of February 28, 2025
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Class I
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$
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8,095
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793
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$
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10.2038
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Class F-S
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54,920
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5,396
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$
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10.1772
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Class F-D
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-
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-
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-
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Class F-I
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501,343
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49,038
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$
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10.2237
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Class D-S
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376,612
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36,373
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$
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10.3542
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Class D-X(1)
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7,320
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702
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$
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10.4257
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Class E
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6,534
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627
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$
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10.4176
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OP Units
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2,655
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255
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$
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10.4249
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Total
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$
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957,479
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93,184
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(1)Class D-X represents Class D common shares that were purchased during the Initial Share Offering Period (as defined in the Company's registration statement on Form 10 initially filed with the Securities and Exchange Commission on February 1, 2024 (as amended, the "Form 10")) and that are currently entitled to a fee waiver, as described in the Form 10. Pursuant to the fee waiver: (i) the Adviser has waived the management fee for six months for certain investors measured from the later of (x) the day on which such investor first purchased any such shares and (y) if applicable, the day on which such shares were released from escrow (such later date in respect of any investor, the "Issuance Date"); and (ii) FNLR SLP LLC, the special limited partner of the Operating Partnership, has waived the performance participation for six months for certain investors measured from the applicable Issuance Date.