Class F subscriptions held almost exactly flat for a second consecutive close, while Class I absorbed nearly all of the swing in demand.

August 7, 2026

New Mountain Net Lease Trust took in approximately $15.98 million of fresh equity on August 3, selling 767,565 common shares of beneficial interest through its continuous private offering. The Maryland statutory trust priced the shares at its most recently determined net asset value and placed them under the Section 4(a)(2) and Rule 506 exemptions that govern its accredited-investor channel.

The close marks a pronounced step down from the trust’s prior monthly issuance, when it sold 1,280,957 shares for roughly $26.42 million on July 1. For a net lease REIT that funds single-tenant acquisitions out of recurring equity intake, a swing of that size between consecutive closes is the sort of thing allocators watch, since subscription volume is the most frequent read available on a private vehicle’s distribution momentum.

The decline sits entirely in Class I

The August close broke out as follows:

• Class I: 747,069 shares for $15,546,500
• Class F: 20,496 shares for $430,000

Class F’s contribution lands remarkably close to the 20,462 shares and $425,000 that class placed in July — a near-identical repetition that points toward a programmatic or committed subscription rather than discretionary advisor flow. The practical consequence is that the month’s entire decline in dollars raised traces to the Class I channel.

Private structure, limited visibility

New Mountain’s net lease vehicle reports under the Exchange Act but carries no listed securities and conducts no registered public offering. That structure has become increasingly common among sponsors building net lease exposure for wirehouse and RIA distribution without the cost and disclosure load of a registered non-traded REIT. The tradeoff for advisors is visibility: absent a public offering document refreshed at each closing, equity-sale disclosures like this one are among the few recurring datapoints available between periodic reports.

What the disclosure does not say

The report is narrow in scope. It covers a single settlement date and is silent on share repurchases, distribution reinvestment, and the trust’s aggregate net asset value, so it cannot be read as a measure of net capital formation. It also declines to name the per-share price at which the shares cleared, despite the reference to net asset value.

The trust remains classified as an emerging growth company. The report was signed by Chief Financial Officer Kellie Steele on August 6, three days after the sale it discloses.