Fortress Net Lease REIT Reports Modest NAV

The latest valuation reveals increased real estate investment and significant debt restructuring at quarter-end.

October 22, 2025

Steady Gains Across Share Classes

Fortress Net Lease REIT released its September 30 NAV update, and the numbers show steady movement. The company’s total net asset value rose to $1.32 billion from $1.27 billion in August—a gain driven by new real estate investments and shifts in capital structure.

Share classes stayed largely stable, with minor increases across the board. Class I shares came in at $10.2777, virtually unchanged from the month prior. Class F-I nudged up to $10.3362, and Class D-S and Class E shares followed a similar trend, landing at $10.5387 and $10.6020 respectively. The highest NAV per unit belonged to the OP Units, valued at $10.7167.

Real Estate Holdings Expand

The bigger story sits on the balance sheet. Fortress increased its real estate holdings by nearly $284 million in a single month—now totaling $2.38 billion. That kind of uptick reflects either a flurry of acquisitions or a material change in portfolio valuations.

Debt Rebalancing and Cash Position

To support the buildout, Fortress adjusted how it manages leverage. The company reduced its revolving credit facility balance by $110 million, while more than doubling its term loan—from $225.6 million to $570 million. That suggests a deliberate shift in debt structure, likely aimed at optimizing borrowing terms or extending maturities.

Cash holdings also improved. Between unrestricted and restricted cash, the company closed the quarter with $64 million in reserve, up from about $61 million at the end of August. Meanwhile, total shares and OP Units outstanding rose to 127,164, an increase of over 5,000 units.

Strategic Takeaway

For investors watching NAV trends and capital allocation, Fortress’s September update signals a clear focus: scale the asset base, rebalance financing, and keep per-share performance steady while doing it.