Class F-I shares, a meaningful contributor to the trust’s July tranche, all but dropped out this time, while Class S again supplied the largest block of capital.

August 7, 2026

North Haven Net REIT, the perpetual-life, non-listed real estate investment trust advised by a Morgan Stanley subsidiary, sold 2,790,195 common shares in an August 3 closing for aggregate consideration of approximately $58.3 million, keeping the monthly cadence of its continuous private offering intact through the start of the third quarter.

Class S shares again supplied the largest tranche, at 1,496,456 shares for roughly $31.4 million, an amount that includes about $0.2 million of upfront selling commissions and dealer manager fees. Class S remained the only class in the closing to carry such charges, consistent with its distribution through commission-based brokerage channels. Class I followed at 888,726 shares for about $18.5 million, and Class E at 360,733 shares for roughly $7.5 million.

Class F-I is where the mix moved

The class contributed 44,280 shares for $925,000, a small fraction of the roughly $6.5 million of Class F-I shares the trust placed in its July closing. Class F-I went from the second-largest contributor by dollar volume that month to the smallest in August. Monthly subscription flows into a single fee-based class can be lumpy, and one month is thin evidence of a trend, but the swing is worth watching for advisors tracking which distribution channels are feeding the vehicle.

The August total also came in below the roughly $63.5 million North Haven raised in its July 1 closing. Both months, however, sit well ahead of the pace the trust set earlier in the year, when it reported about $148.4 million of gross proceeds across the entire first quarter.

A rolling raise as the demand signal

For perpetual-life REITs, rolling monthly closings rather than discrete offering periods are the mechanism by which the vehicle grows its equity base and funds acquisitions, so the month-to-month figures function as the closest available read on investor appetite. The shares were issued at North Haven’s most recently determined net asset value per share and placed under the Regulation D private-placement exemption that governs its accredited-investor offering, which has run on a monthly basis since January 2024.

North Haven invests principally in industrial and other commercial real estate leased long-term on a net basis to tenants for whom the properties are essential to daily operations, deploying proceeds through its operating partnership. The portfolio carried an aggregate fair value of about $2.05 billion at the end of the first quarter, when higher interest expense and the expiration of an advisory fee waiver pushed the trust to a small quarterly net loss.