Class S shares drove the single-day closing and were the only tranche to carry upfront selling commissions.

July 8, 2026

North Haven Net REIT, the perpetual-life, non-listed real estate investment trust advised by a Morgan Stanley subsidiary, sold more than 3.0 million common shares in a single closing dated July 1 for aggregate consideration of approximately $63.5 million, extending the brisk pace of the continuous private offering it conducts on a monthly basis.

The shares were issued across four classes at the trust’s most recently determined net asset value per share and placed under the Regulation D private-placement exemption, consistent with the accredited-investor offering North Haven has run since January 2024. Perpetual-life REITs raise equity on a rolling basis rather than through discrete offerings, so monthly closings like this one are the primary way the vehicle grows its capital base and funds new acquisitions.

Class S leads a four-class raise

Class S shares made up the largest portion of the closing. The breakdown by class:

• Class S — 1,401,978 shares for roughly $29.4 million, including about $0.3 million in upfront selling commissions and dealer manager fees
• Class I — 896,860 shares for about $18.6 million
• Class E — 431,207 shares for roughly $9.0 million
• Class F-I — 310,786 shares for about $6.5 million

Class S was the only tranche to carry upfront charges, reflecting its distribution through commission-based brokerage channels. The absence of such charges on the Class I, Class E, and Class F-I shares is consistent with the fee-based advisory and institutional channels through which those classes are typically sold.

A raise above the recent monthly pace

The July closing sits comfortably above the trust’s average monthly pace from earlier in the year. In its most recent quarterly report, North Haven disclosed about $148.4 million in gross proceeds for the first quarter of 2026 and inception-to-date gross proceeds of roughly $1.20 billion as of March 31. A single-month closing of $63.5 million suggests investor demand for the vehicle’s net lease strategy has held firm into the second half of the year.

North Haven invests primarily in industrial and other commercial real estate leased on a long-term net basis to tenants for whom the properties are essential to daily operations, a portfolio that carried an aggregate fair value of about $2.05 billion at the end of the first quarter. Proceeds are deployed through the trust’s operating partnership into new investments.