New Mountain Net Lease Trust Raises $29.3 Million as Inflows Climb for a Second Month

Class F sales have held in a tight band all season, leaving Class I subscriptions to account for nearly every dollar of the month-to-month swings.

October 9, 2026

New Mountain Net Lease Trust raised approximately $29.32 million on October 1 through its continuous private offering, selling 1,395,955 common shares at its most recently determined net asset value per share. The October close outpaced each of the non-traded net lease REIT's three prior monthly raises and marked a second consecutive month of rising subscriptions.

Class I shares again did most of the work. The trust sold 1,372,381 Class I shares for $28.82 million, while Class F sales totaled 23,574 shares for $500,000. As with its earlier monthly closings, the shares were issued privately under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D.

A Two-Month Rebound

October builds on a recovery that began in September, when the trust sold 1,067,178 shares for about $22.29 million. That followed an August close of roughly $15.98 million, itself a step down from the $26.42 million raised in July.

Across those four closings, the Class I line accounts for the movement. Class I proceeds have ranged from about $15.55 million in August to $28.82 million in October, while Class F sales have stayed between $290,000 and $500,000 per month, so the rise and fall in total raises has tracked Class I demand almost entirely.

Latest Distribution

The October raise came on the heels of the trust's September 30 distribution declaration: a gross $0.1546 per share across its Class I, Class F, Class A and Class E common shares, payable on or about October 8 to shareholders of record as of September 30. After class-specific management fees, net distributions were:

• Class I: $0.1336 per share
• Class F and Class A: $0.1377 per share
• Class E: $0.1546 per share, with no management fee deduction

Shareholders enrolled in the distribution reinvestment plan receive additional shares of their class instead of cash, so a portion of each payout returns to the trust as newly issued equity.