Three of the seven share classes that received the July distribution took in no new capital in the closing.

August 10, 2026

Fortress Net Lease REIT took in approximately $91.3 million of new equity on August 3, selling 8,634,316 common shares priced off each class’s net asset value as of June 30. The closing was made under the private-placement and offshore exemptions the vehicle has relied on for its continuous raise since at least early 2025.

Demand concentrated in two classes

Class I and Class S carried the bulk of the month between them, with the F-share classes trailing well behind:

• Class I: 4,080,059 shares for roughly $43.2 million, the largest single tranche
• Class S: 3,319,209 shares for about $34.9 million
• Class F-I: 1,056,802 shares for roughly $11.3 million
• Class F-S: 178,246 shares for about $1.9 million

That two classes aimed at different ends of the intermediary market led the closing together points to demand arriving through more than one distribution route, rather than a single channel doing the work.

A uniform gross distribution, seven different net outcomes

Separately, the trust declared its July distribution on July 31 across seven share classes, three more than participated in the closing. Every class was set the same gross amount of $0.0736 per share, with net figures diverging according to the servicing and management fees each bears. Class E received the full gross amount, carrying neither charge, followed by Class F-I at $0.0647, Class D-S at $0.0644, Class I at $0.0626, Class D at $0.0605 and Class F-S at $0.0572. Class S received the least, $0.0553.

The spread across that range is the clearest read available on how differently the trust’s channels are priced. Class E keeps the entire gross amount, while Class S absorbs both a servicing fee and a management fee and ends up with the largest total deduction of any class.

Three classes paid but not subscribed

Class D, Class D-S and Class E received the July distribution without taking in any new capital in the August 3 closing. Their holders continue to be paid while new subscriptions concentrate in the I, S and F-I classes.

Distributions are payable to holders of record immediately following the close of business on July 31, with payment on or about August 3, the same day the new shares were issued. Holders may take cash or reinvest through the trust’s distribution reinvestment plan.

The Maryland-organized trust, which is not listed on any exchange and reports as an emerging growth company, filed the report over the signature of Chief Financial Officer Avraham Dreyfuss on August 7.