Morgan Stanley’s North Haven Net REIT Raises $59.6 Million as Class S Inflows Ease

Class F-I, which supplied $2.4 million a month earlier, brought in just $105,000, while Class I and Class E held close to their September levels.

October 8, 2026

North Haven Net REIT, the perpetual-life, non-listed net lease REIT advised by a Morgan Stanley subsidiary, sold 2,835,825 common shares in an October 1 closing for aggregate consideration of approximately $59.6 million. That is below the roughly $68.1 million the trust raised in its September 1 closing, though slightly above the $58.3 million it took in at its August 3 closing.

The shares were issued at the trust's most recently determined net asset value per share, under the Regulation D exemption that governs its continuous private offering. The closing broke down by class as follows:

• Class S: 1,537,181 shares for roughly $32.4 million, including about $0.2 million of upfront selling commissions and dealer manager fees. As in prior months, Class S was the only class carrying those charges.
• Class I: 1,014,991 shares for about $21.2 million.
• Class E: 278,655 shares for roughly $5.9 million.
• Class F-I: 4,998 shares for $105,000.

Where the month changed

The step down from September came in two classes. Class S drew about $38.0 million in the September closing, against $32.4 million this time, and Class F-I fell from $2.4 million to $105,000. Class I, at about $21.7 million in September, and Class E, at about $6.0 million, were little changed.

Class F-I has been the most uneven tranche over the past four months. It brought in roughly $6.5 million in the July 1 closing, $925,000 in August and $2.4 million in September before falling to $105,000 in October. Class S, by contrast, has supplied the largest share of capital in every one of those closings.

One month's class mix is thin evidence of a shift in distribution channels, and subscriptions to a single class can swing from one closing to the next. On the headline number, North Haven's start-of-month closings have ranged from about $58 million to $68 million since July, with October near the low end of that band.