Fortress Net Lease REIT Reports Steady NAV Growth

The real estate investment trust saw a month-over-month increase in overall asset value driven by cash inflows and reduced debt liabilities.

December 16, 2025

November NAV Rises on Solid Asset Base

Fortress Net Lease REIT released its November 2025 net asset value (NAV) figures, and the numbers show a steady climb across the board. Total NAV landed at $1.44 billion, up from $1.38 billion in October. That’s a meaningful month-over-month gain, reflecting both strong positioning in real estate and effective balance sheet management.

NAV per share ticked up slightly across all classes. Class S came in at $10.2931, while Class E topped the list at $10.6612. Operating Partnership (OP) units also saw an increase, with the NAV per unit rising to $10.7782. The number of outstanding shares and units grew to 138,565, suggesting new capital inflows or reinvestment activity across investor segments.

Real Estate and Liquidity Positions Hold Firm

On the asset side, real estate investments remained steady at just over $2.34 billion. Intangible assets held their value at $429.5 million. Meanwhile, the company added to its cash position:

• Restricted cash increased from $62.7 million to $81.3 million


• General cash and cash equivalents rose slightly


• Other assets edged higher, contributing further to total NAV

These gains helped reinforce the company’s liquidity buffer as it moved into the final month of the year.

Liability Reductions Support Upward NAV Trend

Fortress also moved to reduce its debt load. The balance on the revolving credit facility dropped by over $125 million in November. Term loan obligations were also trimmed. Together, these changes helped offset other liabilities, including:

• Distributions payable


• Amounts due to affiliates


• Subscriptions received in advance, which rose from $62.0 million to $81.1 million

Class F-I continues to be the REIT’s largest share class by volume, with over 66,000 shares outstanding. That category alone accounts for nearly $689 million in NAV. It’s a clear indicator of where investor activity is concentrated.

The NAV update points to a disciplined investment approach and a continued focus on maintaining stability—even as the market shifts. Fortress Net Lease REIT is showing that steady growth is possible with the right combination of real assets, capital flows, and ongoing adjustments to liability exposure.