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of Contents](#toc_page)\n\n \n\n \n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n \n\n \n\nFORM 10-Q\n\n \n\n \n\n(Mark One)\n\n \n\n☒\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n \n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the transition period from to\n\nCommission File Number: 000-56701\n\n \n\n \n\nNew Mountain Net Lease Trust\n\n(Exact name of Registrant as specified in its Charter)\n\n \n\n \n\nMaryland\n\n99-6897976\n\n \n\n \n\n \n\n(State or other jurisdiction of\nincorporation or organization)\n\n \n\n(I.R.S. Employer\nIdentification No.)\n\n \n\n \n\n \n\n1633 Broadway\nNew York, New York\n\n \n\n10019\n\n \n\n \n\n \n\n(Address of principal executive offices)\n\n \n\n(Zip Code)\n\n \n\nRegistrant’s telephone number, including area code: (212) 720 0300\n\n \n\n \n\nSecurities registered pursuant to Section 12(b) of the Act: None.\n\n \n\nTitle of each class\n\n \n\nTrading\n\nSymbol(s)\n\n \n\nName of each exchange on which registered\n\n \n\n \n\n \n\n \n\n \n\n \n\nIndicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act:\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\n \n\n \n\n \n\n \n\n \n\nNon-accelerated filer\n\n☒\n\n \n\nSmaller reporting company\n\n☐\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEmerging growth company\n\n☒\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b 2 of the Exchange Act). Yes ☐ No ☒\n\nAs of May 11, 2026, the issuer had the following shares outstanding: 9,159,016 shares of Class A common shares, 11,733,888 shares of Class F common shares, 10,255,171 shares of Class I common shares and 6,715,822 shares of Class E common shares.\n\n \n\n \n\n[Table of Contents](#toc_page)\n\n \n\nExplanatory Note\n\nThis Quarterly Report on Form 10-Q of New Mountain Net Lease Trust, a Maryland statutory trust (the “Company”), includes the financial statements and other financial information of (i) the Company and (ii) the Company’s accounting predecessor, New Mountain Net Lease Partners Corporation, a Maryland corporation (the “Predecessor”), which owned a portfolio of stabilized, net leased industrial assets comprising nearly 15 million square feet (unaudited) and a weighted average remaining lease term (“WALT”) of 15 years (the “Seed Portfolio”) that was contributed to the Company on January 2, 2025, in connection with the completion of the Formation Transactions (as defined below).\n\nOn January 2, 2025, the Company completed a recapitalization transaction, which included the following transactions (collectively, referred to as, the “Formation Transactions”):\n\n•\nNew Mountain Finance Advisers, L.L.C., a Delaware limited liability company and affiliate of New Mountain (the “Adviser”), determined the net asset value (“NAV”) of the Seed Portfolio as of September 30, 2024 (the “Seed Portfolio Fair Value”), and our Board of Trustees engaged CBRE Capital Advisors, Inc. (“CBRE”) to provide a fairness opinion with respect to such valuation. CBRE’s fairness opinion was obtained on October 30, 2024, and delivered to our Board of Trustees.\n\n•\nNew Mountain Net Lease Partners, L.P., a Delaware limited partnership (“NM Fund I”), contributed 100% of the common stock of the Predecessor, which prior to such contribution indirectly owned the Seed Portfolio, to the Company in exchange for a number of the Company’s common shares based on the Seed Portfolio Fair Value, divided by $20.00 (the “REIT Contribution”).\n\n•\nSubstantially concurrently with the REIT Contribution, the Predecessor filed articles of conversion to convert to a Delaware limited partnership (the “OP Conversion”);\n\n•\nIn connection with the OP Conversion, the Predecessor changed its name to NEWLEASE Operating Partnership LP (after such conversion and name change, referred to as, the “Operating Partnership”).\n\n•\nNM Fund I then distributed in kind our common shares that it received in connection with the REIT Contribution to its existing partners in proportion to their ownership in NM Fund I immediately prior to the completion of the Formation Transactions, who had the opportunity to elect to have their common shares repurchased by us.\n\nAs used throughout this document, the terms the “Company,” “NEWLEASE,” “we,” “our,” and “us” mean:\n\n•\nThe Predecessor for periods on or prior to the completion of the Formation Transactions on January 2, 2025; and\n\n•\nThe combined operations of the Company and the Predecessor beginning January 2, 2025, following the completion of the Formation Transactions.\n\nIn addition to the financial statements contained herein, you should read and consider the audited financial statements and accompanying notes thereto of the Company for the year ended December 31, 2025 included in our Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 30, 2026.\n\n \n\n[Table of Contents](#toc_page)\n\n \n\nTABLE OF CONTENTS\n\n \n\n \n\n \n\n \n\nPages\n\n[Part I](#part_i_financial_information)\n\n \n\n[Financial Information](#part_i_financial_information)\n\n4\n\n[Item 1.](#item_i_financial_statements)\n\n \n\n[Consolidated Financial Statements (unaudited):](#item_i_financial_statements)\n\n4\n\n \n\n \n\n[Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025](#consolidated_balance_sheets)\n\n4\n\n \n\n \n\n[Consolidated Statements of Operations for the three months ended March 31, 2026 and March 31, 2025](#consolidated_statements_of_operations)\n\n5\n\n \n\n \n\n[Consolidated Statements of Changes in Equity for the three months ended March 31, 2026 and March 31, 2025](#consolidated_stmt_of_changes_in_equity)\n\n6\n\n \n\n \n\n[Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025](#consolidated_statement_of_cash_flows)\n\n7\n\n \n\n \n\n[Notes to Consolidated Financial Statements](#notes_to_consolidated_financial_stmt)\n\n8\n\n[Item 2.](#item_2_mda)\n\n \n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#item_2_mda)\n\n29\n\n[Item 3.](#item_3_quantitative_and_qualitative_disc)\n\n \n\n[Quantitative and Qualitative Disclosures about Market Risk](#item_3_quantitative_and_qualitative_disc)\n\n44\n\n[Item 4.](#item_4_controls_and_procedures)\n\n \n\n[Controls and Procedures](#item_4_controls_and_procedures)\n\n45\n\n \n\n \n\n \n\n \n\n[Part II](#part_ii_other_information)\n\n \n\n[Other Information](#part_ii_other_information)\n\n46\n\n[Item 1.](#item_1_legal_proceedings)\n\n \n\n[Legal Proceedings](#item_1_legal_proceedings)\n\n46\n\n[Item 1A.](#item_1a_risk_factors)\n\n \n\n[Risk Factors](#item_1a_risk_factors)\n\n46\n\n[Item 2.](#item_2_unregistered_sales_of_equity)\n\n \n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#item_2_unregistered_sales_of_equity)\n\n46\n\n[Item 3.](#item_3_defaults_upon_senior_securities)\n\n \n\n[Defaults Upon Senior Securities](#item_3_defaults_upon_senior_securities)\n\n46\n\n[Item 4.](#item_4_mine_safety_disclosures)\n\n \n\n[Mine Safety Disclosures](#item_4_mine_safety_disclosures)\n\n46\n\n[Item 5.](#item_5_other_information)\n\n \n\n[Other Information](#item_5_other_information)\n\n46\n\n[Item 6.](#item_6_exhibits)\n\n \n\n[Exhibits](#item_6_exhibits)\n\n47\n\n \n\n \n\n \n\n \n\n[SIGNATURES](#signatures)\n\n48\n\n \n\n \n\n3\n\n[Table of Contents](#toc_page)\n\n \n\nPART I – Financial Information"}