Demand skewed heavily toward the Class I share offering, which accounted for nearly all of the month’s capital raised.

July 8, 2026

New Mountain Net Lease Trust raised approximately $26.42 million in early July through the sale of common shares under its continuous private offering, a substantial capital inflow for the non-traded net lease REIT. The Maryland statutory trust sold an aggregate of 1,280,957 common shares of beneficial interest on July 1, priced at the most recently determined net asset value per share. The sale was conducted under the private placement exemptions of Section 4(a)(2) and Rule 506 of Regulation D.

The month’s activity was concentrated overwhelmingly in the trust’s Class I shares. That class accounted for 1,260,495 shares sold for aggregate consideration of about $25.99 million, while the Class F shares drew far less interest, with 20,462 shares placed for $425,000. The Class I share sales represented roughly 98% of both the shares issued and the dollars raised during the period.

The scale of this raise stands in contrast to the sponsor’s private credit vehicle, New Mountain Private Credit Fund, whose monthly subscription activity had slowed to roughly $0.1 million in June. While the two vehicles pursue distinct strategies — net lease real estate versus private credit — the divergence in monthly capital intake underscores how differently investor demand can flow across a single sponsor’s product lineup.

A Standard Continuous-Offering Model

For a net lease REIT operating a continuous offering, steady monthly equity issuance is the standard mechanism for funding acquisitions of income-generating properties leased to single tenants under long-term agreements. The multi-class structure, offering both Class F and Class I shares, is typical of the non-traded REIT model, with each class carrying its own fee and distribution arrangements aimed at different distribution channels.

The report was signed by Chief Financial Officer Kellie Steele on July 7, with the earliest event reported dated July 1. The trust is registered as an emerging growth company and maintains its principal offices at 1633 Broadway in New York.