Fortress Net Lease Reports April NAV Growth

The REIT posted an increase in total net asset value and unit count, with Class E shares maintaining the highest per-share valuation.

May 22, 2025

Fortress Net Lease REIT Posts Solid NAV Growth in April Update

Fortress Net Lease is building momentum. In its latest update, the REIT reported a total net asset value (NAV) of approximately $1.07 billion as of April 30, 2025—up from $1.01 billion the month prior. That increase reflects continued execution across its real estate portfolio and capital structure.

NAV per share climbed for nearly every share class. Class E led the pack at $10.5982 , followed by Class D-S at $10.3953 and Class F-I at $10.2467. These shifts are incremental, but they matter—each signals a step forward in performance for investors across the capital stack.

Outstanding shares and units also rose, reaching 104,200 in April compared to 97,848 in March. Fortress Net Lease continues to bring in capital, even as it manages ongoing obligations like:

• Distributions payable


• Affiliate payables


• Credit facility balances

Real Estate and Capital Activity Drive Value

At the asset level, real estate investments grew to $1.58 billion in April, up from $1.35 billion in March. Intangible assets increased as well, along with a modest uptick in cash and equivalents. Debt obligations climbed to $751.3 million, reflecting new draws on the credit facility and term loan—supporting the growth but adding pressure to manage liquidity.

Class F-I remained the largest class by NAV, totaling $565.7 million. Class D-S followed at $386.7 million, with Class F-S at $82.5 million. Class I, Class E, and OP Units accounted for smaller but material segments of the overall value.

This NAV update gives investors a clear view of where things stand. Fortress Net Lease is deploying capital, growing its share base, and reporting steady gains across key asset classes. The signals are consistent: the platform is scaling, and investors are along for the ride.