Fortress Net Lease REIT Reports July NAV Increase

Fortress Net Lease REIT recorded modest gains in its net asset value (NAV) per share for July, supported by higher real estate investments and a stronger cash position.

August 21, 2025

Overview

The company’s total NAV reached $1.23 billion as of July 31, 2025, up from $1.18 billion a month earlier.

Shares and operating units outstanding increased to nearly 119 million, compared with about 115 million at the end of June.

Share Class Results

• Class I: $10.25 per share
• Class F-S: $10.25 per share
• Class F-I: $10.30 per share
• Class D-S: $10.48 per share
• Class E: $10.54 per share
• Operating partnership units: $10.66 per unit

All share classes and operating units showed small month-over-month increases, indicating steady performance across the capital structure.

What Drove the Change

Real estate investments rose to $1.73 billion from $1.72 billion, contributing to the higher NAV. Cash on hand nearly doubled to about $11 million, while restricted cash declined to roughly $37 million.

Debt mix shifted during July. Borrowings under the revolving credit facility decreased to approximately $537 million from $622 million. The term loan balance increased to about $226 million from $181 million, reflecting a rebalancing of financing sources.

Subscription advances moved lower, and other assets and liabilities saw smaller month-to-month changes. Intangible assets remained stable.

Looking Ahead

The rise in total NAV and per-share values points to a portfolio that is growing while liquidity improves. With capital inflows continuing and funding adjusted toward a more balanced profile, the company enters the second half of 2025 with added flexibility to manage acquisitions, debt, and cash needs.