New Mountain Net Lease Trust

Non-traded REITNon-traded REIT

Peers (42)All funds

Compared against Non-traded REIT non-traded reits.

1Y return

+8.2%

81th pctile · ahead of most peersas of 2026-03-31

Since inception

not stated in filings

Distribution rate

7.8%

Net assets

$814.9M

as of 2026-03-31

Net expenses

not stated yet

Repurchase

not stated yet

Level 3

not stated yet

Last offer

no offer yet

What owning this fund costs per year

Hold period3 yrs

Entity-level expenses$8.3M

Average net asset value$650.4M

Fixed costs as a share of net assets1.65%

Costs run about 1.65% a year: a 1.00% to 1.25% management fee on net asset value plus roughly 0.77% of legal, audit, administration and trustee expense. Class E pays no management fee, which pulls the blended number down, so Class I holders bear closer to 2.0%. The 12.5% performance share and the 5.8% mortgage interest are excluded.

This record does not state which class's load is inside the figure, so the holding period leaves it unchanged. Loads across the classes reach 0%.not stated

Total drag per year1.65%

This is the cost for entity-level blended across all classes. Class A and Class F approximately 1.77%, Class I approximately 2.02%, Class E approximately 0.77% (no management fee).. It reports in dollars, so entity expenses include the servicing fees of every class and the figure is blended across them.

Based on Six months ended June 30, 2026, annualized (interim 10-Q). Management fee plus general and administrative expense divided by estimated average monthly.

This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.

This issuer reports costs in dollars rather than as an expense ratio. The figure above is 8.3M of entity-level expenses against 650.4M of average net assets. Property operating costs, depreciation and mortgage interest sit in the returns, not here. Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (Performance participation to the Special Limited Partner of 12.5% of total return on Class I units (10% Class F, 5% Class A), subject to a 5% hurdle, high water mark with loss carryforward and a catch-up; accrued monthly, paid quarterly in cash or Class E OP units; none on Class E.) apply only to returns earned. How this is calculated

Against Non-traded REIT non-traded reits

Total drag

17th pctile · cheaper than most

1Y return

81th pctile · ahead of most

Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.

Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover Six months ended June 30, 2026, annualized (interim 10-Q). Management fee plus general and administrative expense divided by estimated average monthly NAV of about $740 million. The FY2025 annual 10-K basis yields 1.41% recurring (1.43% including $103 thousand of one-time organizational costs) on average NAV of about $582 million; raised to the current run rate because the interim shows a permanently higher Class I share mix (1.25% fee) and a higher professional-fee base that will persist..

Open the filing on sec.gov (0001104659-26-037121)

Size and leverage

Net assets$814.9M?

Borrowings$983.7M?

Leveragedebt to equity1.76x?

Investments held174?

Started2024-08-05?

What the manager charges

Management feeof net assets1.25%?

Performance feePerformance participation of 12.5% of Total Return on Class I units, 10% on Class F units and 5% on Class A units, subject to a 5% hurdle amount and a high water mark, with a catch-up; no performance participation on Class E units. Accrued monthly, allocated quarterly.?

Hurdle5.00%?

High water markYes?

Adviser is subsidising costsYes?

Getting your money back

Repurchase offersquarterly?

Notice required2 days?

Early repurchase fee5.00%?

Last offer filled in fullYes?

Where distributions come from

Distribution rate7.80%?

Paid out of income100.00%?

Return of your own capital0.00%?

Funded by borrowing0.00%?

Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.

What it holds

Largest position11.00%?

MostlySingle-tenant industrial net lease real estate?

Who is involved

AdviserNew Mountain Finance Advisers, L.L.C.?

AuditorDeloitte & Touche LLP?

Valuedmonthly NAV, reviewed and confirmed for reasonableness by an independent valuation advisor quarterly, with annual third-party appraisals of each net lease investment?

Independent valuation agentYes?

Deals with affiliatesYes?

Share classes

Class	Ongoing fee	Entry charge	Expense ratio	Minimum
Class A	1.00%	0.00%	-	-
Class F	1.00%	0.00%	-	-
Class I	1.25%	0.00%	-	-
Class E	0.00%	0.00%	-	-

Also worth knowing

As of June 30, 2026 the ABS Program had $492,727 thousand outstanding, of which $357,978 thousand relates to properties contributed by affiliate NMNL II and is excluded from the Company's reported debt.
The Aggregation Facility was upsized from $300 million to $550 million on June 16, 2026; a December 2025 amendment cut the spread from 2.50% to 2.00% and made the guarantee full recourse.
Class A and Class F Anchor Shares cannot be submitted for repurchase until January 1, 2027; all repurchase requests in the second quarter of 2026 were satisfied in full.
Beginning with the December 31, 2025 distribution, management fees are netted from the gross distribution, reducing net distributions per share for Class A, F and I.
Class E shares pay no management fee, which lowers the blended cost figure: Class E NAV $145,153 of $814,877 total, or 17.8% percent of NAV (The blended 1.65% drag understates what an outside Class I investor bears, because roughly 18% of net assets carries a zero management fee and no performance participation. Class I holders bear approximately 2.02%.)
Deferred organization and offering cost reimbursement to the Adviser: $5,010 thousand remaining, repaid at about $1,113 thousand per year through January 2031 USD thousands (This is a real cash cost investors will pay for five years that does not appear in the expense lines of the income statement, adding roughly 0.15% a year against NAV until fully repaid.)
Offering costs charged directly to equity: $1,024 thousand for the six months ended June 30, 2026 USD thousands (Ongoing offering costs reduce paid-in capital rather than flowing through expenses, so they are absent from any expense ratio yet still reduce what shareholders own while the continuous offering runs.)
Aggregation Facility upsized and guarantee made full recourse: Maximum principal raised to $550,000 thousand; $269,412 thousand outstanding of which $174,323 thousand relates to affiliate NMNL II USD thousands (A full recourse guarantee on a facility shared with an affiliated fund means the Company's balance sheet can be reached for borrowings tied to assets it does not own, despite the intercreditor allocation.)
ABS collateral pool shared with affiliated fund: $769,384 thousand collateral pool, of which $567,264 thousand contributed by NMNL II USD thousands (Cross-collateralization means poor performance of affiliate-contributed properties could produce losses for the Company's shareholders even though the Company does not own those assets.)
Valuation sensitivity to capitalization rate: 6.46% weighted average cap rate; 25 basis point move changes real property value by +4.03% or -3.73% percent (NAV, the base for both the management fee and the performance participation, is driven almost entirely by the cap rate the Adviser selects, and a modest cap rate move swings value by roughly 4%.)
NAV exceeds GAAP equity mainly through unrealized real estate appreciation: $181,727 thousand of net unrealized real estate appreciation plus $185,194 thousand of accumulated depreciation added back USD thousands (Nearly all of the gap between $498 million of GAAP shareholders equity and $815 million of NAV comes from adviser-determined appreciation and depreciation add-backs, and fees are charged on the larger figure.)
Lease maturity profile is very long dated: 86.9% of annualized base rent expires after 2035; no leases expire before 2032 percent of annualized base rent (Long fixed leases with roughly 2% escalators reduce near term vacancy risk but cap rent growth, so returns depend heavily on cap rate movement rather than releasing spreads.)

Fees

Management fee1.25%

Incentive fee

Performance participation to the Special Limited Partner of 12.5% of total return on Class I units (10% Class F, 5% Class A), subject to a 5% hurdle, high water mark with loss carryforward and a catch-up; accrued monthly, paid quarterly in cash or Class E OP units; none on Class E.

Sales load0%

Interest on borrowings5.83%

Incentive fees accrued1.41%

Liquidity terms

Repurchase frequencyquarterly

Valuation

Independent valuation firmunchanged, 4 filingsEngaged, name in filing

Valuation frequencymonthly

Structure

Legal structurechanged · Mar 2026 Maryland statutory trust

Share classesClass A, Class F, Class I, Class E

Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.

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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.