Fortress Net Lease REIT Posts Modest NAV Growth

The firm’s net asset value increase was driven by higher intangible assets and cash reserves despite a drop in real estate holdings.

November 20, 2025

Fortress Net Lease REIT Reports Higher NAV for October Amid Asset Mix Shifts

Fortress Net Lease REIT reported new net asset values as of October 31, showing steady growth across all common share classes. Compared to the prior month, total NAV rose from $1.32 billion to $1.38 billion—an increase driven by changes in the company’s asset composition.

The numbers reflect a mix of movement across the balance sheet. Investments in real estate dropped by more than $46 million, while intangible assets jumped by over $100 million. The company also saw increases in restricted cash and other assets, which helped push NAV higher despite static debt levels.

Class-level NAV per share also inched upward:

• Class I rose to $10.2933


• Class F-S climbed to $10.2946


• Class F-I moved to $10.3542


• Class D-S reached $10.5677


• Class E advanced to $10.6318


• OP Units increased to $10.7477

The number of outstanding shares and OP Units increased by more than 5,000 over the month, reaching 132,441. This growth in share count did not dilute per-share NAV, thanks to the uptick in total assets.