Fortress Net Lease Raises $68M in Equity

The newly issued shares and declared distributions highlight Fortress Net Lease REIT’s continued capital deployment and shareholder focus.

April 08, 2025

Equity Raise Totals $68 Million

Fortress Net Lease REIT has taken another step forward. On April 1, 2025, the company raised $68 million through the sale of over 6.6 million common shares. The offering wasn’t registered with the SEC, but instead relied on exemptions under Regulation D, Regulation S, and Section 4(a)(2). This approach allowed the company to move quickly and efficiently—getting capital in the door based on the latest net asset value per share as of February 28.

The raise included four classes of common shares:

• Class F-I: $40.1 million raised


• Class F-S: $15 million raised


• Class I: $12.7 million raised


• Class E: just under $200,000 raised

Combined, the capital provides Fortress Net Lease with added flexibility to execute on its investment strategy and maintain momentum.

Distributions Declared for March

Alongside the equity raise, Fortress declared March distributions across all common share classes. Each class received a gross distribution of $0.0574 per share. For most share classes, that amount will hit accounts in full. Class F-S shareholders, however, will see $0.0502 after accounting for servicing fees.

Payments are scheduled for April 2 and will be delivered either in cash or reinvested, depending on shareholder elections under the company’s distribution reinvestment plan.

Fee Waivers on Class D-X Shares

Fortress also outlined how it’s handling Class D-X shares. These were acquired during the Initial Share Offering Period and come with temporary fee waivers. Both the management fee and the performance participation fee are being waived for six months from the date the shares were issued or released from escrow.

The structure is designed to give early investors a defined window of reduced fees, starting from their specific issuance timeline.

Moving Forward

Together, the capital raise and the distribution announcement signal a consistent operational rhythm. Fortress Net Lease is continuing to raise capital, return cash to shareholders, and offer clear terms across all share classes. The moves reflect a focus on staying active in the market and maintaining alignment with investor expectations.