{"url_path":"/sec/cik-0001966394/8-k/2026-05-20/item-8-01","section_key":"item-8-01","section_title":"Item 8.01 Other Events.","topic":"sec","document":{"doc_type":"8-K","doc_date":"2026-05-20","source_url":"https://www.sec.gov/Archives/edgar/data/1966394/0001193125-26-232299-index.html","accession_number":"0001193125-26-232299","cik":"0001966394","ticker":null,"issuer_name":"Fortress Net Lease REIT","edgar_url":"https://www.sec.gov/Archives/edgar/data/1966394/0001193125-26-232299-index.html","primary_entity_key":"0001966394","primary_entity_name":"Fortress Net Lease REIT"},"word_count":614,"has_tables":true,"body_markdown":"## Item 8.01 Other Events.\n\nApril 30, 2026 NAV Per Share\n\n \n\nOn May 14, 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 April 30, 2026, which is set forth below:\n\n \n\n \n\n \n\nNAV per Share\n\n \n\nClass S\n\n \n\n$\n\n10.4102\n\n \n\nClass I\n\n \n\n$\n\n10.4826\n\n \n\nClass F-S\n\n \n\n$\n\n10.5171\n\n \n\nClass F-I\n\n \n\n$\n\n10.5862\n\n \n\nClass D-S\n\n \n\n$\n\n10.8876\n\n \n\nClass E\n\n \n\n$\n\n10.9541\n\n \n\n \n\nNet Asset Value\n\nA 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.\n\nThe following table provides a breakdown of the major components of our NAV as of April 30, 2026 (amounts in thousands):\n\n \n\nComponents of NAV\n\n \n\nAmount\n\n \n\nInvestments in real estate\n\n \n\n$\n\n3,228,996\n\n \n\nIntangible assets\n\n \n\n \n\n491,282\n\n \n\nCash and cash equivalents\n\n \n\n \n\n14,843\n\n \n\nRestricted cash\n\n \n\n \n\n70,896\n\n \n\nOther assets\n\n \n\n \n\n64,004\n\n \n\nRevolving credit facility\n\n \n\n \n\n(1,123,065\n\n)\n\nTerm loan\n\n \n\n \n\n(777,218\n\n)\n\nSubscriptions received in advance\n\n \n\n \n\n(67,896\n\n)\n\nDistribution payable\n\n \n\n \n\n(10,766\n\n)\n\nDue to affiliate\n\n \n\n \n\n(9,909\n\n)\n\nOther liabilities\n\n \n\n \n\n(44,083\n\n)\n\nNet Asset Value\n\n \n\n$\n\n1,837,084\n\n \n\nNumber of outstanding shares/units\n\n \n\n \n\n172,827\n\n \n\n \n\nThe following table provides a breakdown of our total NAV and NAV per share/unit by class as of April 30, 2026 (amounts in thousands, except per share/unit data):\n\n \n\n \n\n \n\nNet Asset Value\n\n \n\n \n\nNumber of Outstanding Shares/Units\n\n \n\n \n\nNAV per Share/Unit as of April 30, 2026\n\n \n\nClass S\n\n \n\n$\n\n96,248\n\n \n\n \n\n \n\n9,245\n\n \n\n \n\n$\n\n10.4102\n\n \n\nClass I\n\n \n\n \n\n247,264\n\n \n\n \n\n \n\n23,588\n\n \n\n \n\n$\n\n10.4826\n\n \n\nClass F-S\n\n \n\n \n\n271,200\n\n \n\n \n\n \n\n25,787\n\n \n\n \n\n$\n\n10.5171\n\n \n\nClass F-I\n\n \n\n \n\n766,514\n\n \n\n \n\n \n\n72,408\n\n \n\n \n\n$\n\n10.5862\n\n \n\nClass D-S\n\n \n\n \n\n407,588\n\n \n\n \n\n \n\n37,436\n\n \n\n \n\n$\n\n10.8876\n\n \n\nClass E\n\n \n\n \n\n28,300\n\n \n\n \n\n \n\n2,583\n\n \n\n \n\n$\n\n10.9541\n\n \n\nOP Units(1)\n\n \n\n \n\n19,970\n\n \n\n \n\n \n\n1,780\n\n \n\n \n\n$\n\n11.2162\n\n \n\nTotal\n\n \n\n$\n\n1,837,084\n\n \n\n \n\n \n\n172,827\n\n \n\n \n\n \n\n \n\n \n\n \n\n(1)\nIncludes the Class A OP Units held by FNLR Management LLC (the “Adviser”) and FNLR SLP LLC (the “Special Limited Partner”) .\n\n \n\n \n\n \n\nThe following table provides a breakdown of the major components of our NAV as of March 31, 2026 (amounts in thousands):\n\nComponents of NAV\n\n \n\nAmount\n\n \n\nInvestments in real estate\n\n \n\n$\n\n2,965,702\n\n \n\nIntangible assets\n\n \n\n \n\n491,282\n\n \n\nCash and cash equivalents\n\n \n\n \n\n13,410\n\n \n\nRestricted cash\n\n \n\n \n\n112,946\n\n \n\nOther assets\n\n \n\n \n\n66,547\n\n \n\nRevolving credit facility\n\n \n\n \n\n(981,080\n\n)\n\nTerm loan\n\n \n\n \n\n(776,996\n\n)\n\nSubscriptions received in advance\n\n \n\n \n\n(112,333\n\n)\n\nDistribution payable\n\n \n\n \n\n(10,029\n\n)\n\nDue to affiliate\n\n \n\n \n\n(8,058\n\n)\n\nOther liabilities\n\n \n\n \n\n(30,319\n\n)\n\nNet Asset Value\n\n \n\n$\n\n1,731,072\n\n \n\nNumber of outstanding shares/units\n\n \n\n \n\n163,179\n\n \n\n \n\nThe following table provides a breakdown of our total NAV and NAV per share/unit by class as of March 31, 2026 (amounts in thousands, except per share/unit data):\n\n \n\n \n\n \n\nNet Asset Value\n\n \n\n \n\nNumber of Outstanding Shares/Units\n\n \n\n \n\nNAV per Share/Unit as of March 31, 2026\n\n \n\nClass S\n\n \n\n$\n\n43,791\n\n \n\n \n\n \n\n4,210\n\n \n\n \n\n$\n\n10.4024\n\n \n\nClass I\n\n \n\n \n\n198,625\n\n \n\n \n\n \n\n18,983\n\n \n\n \n\n$\n\n10.4635\n\n \n\nClass F-S\n\n \n\n \n\n268,310\n\n \n\n \n\n \n\n25,583\n\n \n\n \n\n$\n\n10.4879\n\n \n\nClass F-I\n\n \n\n \n\n766,979\n\n \n\n \n\n \n\n72,661\n\n \n\n \n\n$\n\n10.5556\n\n \n\nClass D-S\n\n \n\n \n\n406,808\n\n \n\n \n\n \n\n37,514\n\n \n\n \n\n$\n\n10.8443\n\n \n\nClass E\n\n \n\n \n\n28,170\n\n \n\n \n\n \n\n2,582\n\n \n\n \n\n$\n\n10.9104\n\n \n\nOP Units(1)\n\n \n\n \n\n18,389\n\n \n\n \n\n \n\n1,646\n\n \n\n \n\n$\n\n11.1697\n\n \n\nTotal\n\n \n\n$\n\n1,731,072\n\n \n\n \n\n \n\n163,179\n\n \n\n \n\n \n\n \n\n \n\n \n\n(1)\nIncludes the Class A OP Units held by FNLR Management LLC (the “Adviser”) and FNLR SLP LLC (the “Special Limited Partner”) .\n\n \n\n \n\n \n\nSIGNATURES\n\nPursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.\n\n \n\n \n\n \n\nFortress Net Lease REIT\n\n \n\n \n\n \n\n \n\nDated: May 20, 2026\n\n \n\nBy:\n\n/s/ Avraham Dreyfuss\n\n \n\n \n\n \n\nName: Avraham Dreyfuss\nTitle: Chief Financial Officer"}