Private company

Fortress Private Lending Fund

Investment fund based in New York that raised $1.1 billion in 2025 (SEC Form D)1

In its 2026 annual report the company says: “Fortress Private Lending Fund is a Delaware statutory trust formed on January 25, 2024. The Company is a "perpetual-life", externally managed, non-diversified, closed-end management investment company that elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, on August 1, 2025.”4

Last updated Oct 20, 2026.

Overview

  • HeadquartersNew York, New York1
  • Business address1345 Avenue Of The Americas, New York, Ny 101052
  • Filer category, Emerging growth company2
  • Legal formOther
  • Kind of organizationInvestment fund1

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Fortress Private Lending Fund (the "Company") is a Delaware statutory trust formed on January 25, 2024. The Company is a "perpetual-life", externally managed, non-diversified, closed-end management investment company that elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"), on August 1, 2025 (the "BDC Election"). Prior to the BDC Election, the Company conducted its investment activities and operations in reliance on an exemption from the definition of "investment company" under Section 3(c)(7) of the 1940 Act.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Fiscal year202420252026
Net income$14.1M5
Earnings per share$0.445
Earnings per share (diluted)$0.445
Shares (weighted, basic)32.2M shares5
Shares (weighted, diluted)32.2M shares5

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Corporate structure

Fortress Private Lending Fund sits at the top of its group. 5 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Fortress Private Lending Fund

  • Heising-Simons Foundation Filed SCHEDULE 13G on Fortress Private Lending Fund, latest Apr 7, 2026
  • FTS SIP II L.P. Filed SCHEDULE 13G on Fortress Private Lending Fund, latest Nov 14, 2025
  • LIBERTY MUTUAL HOLDING Co INC. Filed SCHEDULE 13G on Fortress Private Lending Fund, latest Sep 5, 2025
  • Apollo Management Holdings GP, LLC Filed SCHEDULE 13D on Fortress Private Lending Fund, latest Aug 28, 2025
  • Fortress Private Lending Fund New York, New York
    • FPL Equity Holdings LLC Subsidiary · Delaware, United States
    • FPLF BA Holdings Finance LLC Subsidiary · Delaware, United States
    • FPLF NS Holdings Finance DAC Subsidiary · Ireland
    • FPLF NS Holdings Finance LLC Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Fortress Private Lending Fund reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$31.7M5 Dec 31, 2025

Properties, in its own words

We do not own any real estate or other physical properties materially important to our operation. Our headquarters are currently located at 1345 Avenue of the Americas, New York, New York 10105 and are provided by our Administrator or one of its affiliates in accordance with the terms of the Administration Agreement.

Item 2 of the 10-K filed Mar 27, 2026.4

Leadership

Who has led Fortress Private Lending Fund, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Aaron Thomas Blanchette2025–now

Chief financial officer

  1. Avraham Dreyfuss2025–now

Chief operating officer

  1. Lucy Lu Munro2025–now
Board members and other officers (6)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorBrian Stewart named Jul 10, 202617
  • Executive OfficerDavid Brooks named Jul 10, 202617
  • Executive OfficerPeter Simons named Jul 10, 202617
  • DirectorMichael Dillard named Jul 10, 202617

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • FPL Equity Holdings LLC Delaware3
  • FPLF BA Holdings Finance LLC Delaware3
  • FPLF NS Holdings Finance DAC Ireland3
  • FPLF NS Holdings Finance LLC Delaware3
  • Fortress Private Lending Fund Delaware3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Sep 22, 20268-K Entered a material agreement; New debt or obligation; Unregistered sale of shares18
  2. Aug 24, 20268-K Unregistered sale of shares; Other events19
  3. Jul 22, 20268-K Unregistered sale of shares; Other events20
  4. Jun 24, 20268-K Unregistered sale of shares; Other events21
  5. Jun 23, 20268-K Entered a material agreement; New debt or obligation22
  6. May 26, 20268-K Unregistered sale of shares; Other events23
  7. Apr 28, 20268-K Unregistered sale of shares; Other events24
  8. Mar 31, 20268-K Unregistered sale of shares; Other events25
  9. Feb 26, 20268-K Unregistered sale of shares; Other events26
  10. Jan 27, 20268-K Unregistered sale of shares; Other events27
  11. Dec 19, 20258-K Unregistered sale of shares; Other events28
  12. Nov 21, 20258-K Unregistered sale of shares; Other events29
  13. Aug 5, 2025New chief executive Aaron Thomas Blanchette becomes CEO9

Filings

70 filings to the SEC since October 2021: 1 annual reports, 4 quarterly reports, 20 major events, 26 insider forms, 4 large holders, 3 private raises, 12 other. The latest 20:

  1. Sep 22, 20268-K EDGAR
  2. Sep 22, 20264 EDGAR
  3. Sep 22, 20264 EDGAR
  4. Aug 26, 2026SC TO-I/A EDGAR
  5. Aug 24, 20268-K EDGAR
  6. Aug 11, 202610-Q EDGAR
  7. Jul 23, 202640-17G EDGAR
  8. Jul 23, 2026SC TO-I EDGAR
  9. Jul 22, 20268-K EDGAR
  10. Jul 10, 2026D/A EDGAR
  11. Jun 24, 20268-K EDGAR
  12. Jun 24, 20264 EDGAR
  13. Jun 23, 20268-K EDGAR
  14. May 26, 20268-K EDGAR
  15. May 14, 202610-Q EDGAR
  16. Apr 28, 20268-K EDGAR
  17. Apr 7, 2026SCHEDULE 13G EDGAR
  18. Apr 7, 20263 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  19. Mar 31, 20268-K EDGAR
  20. Mar 27, 202610-K EDGAR

The 70 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

12 open-market trades by officers, directors and large owners since October 2021: 12 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 18, 2026Munro Lucy LuChief Operating OfficerBuy4,133$24.19$100.0KForm 4
Sep 18, 2026Dreyfuss AvrahamChief Financial OfficerBuy4,133$24.19$100.0KForm 4
Jun 22, 2026Blanchette Aaron ThomasCo-Chief Executive OfficerBuy20,723$24.13$500.0KForm 4
Oct 23, 2025Patel Amit RamanlalDirectorBuy1,999$25.01$50.0KForm 4
Oct 23, 2025Dillard Michael E.DirectorBuy19,995$25.01$500.1KForm 4
Aug 18, 2025Munro Lucy LuChief Operating OfficerBuy80$25.00$2.0KForm 4
Aug 18, 2025Pack Joshua ADirectorBuy80$25.00$2.0KForm 4
Aug 18, 2025Brooks DavidChief Legal OfficerBuy40$25.00$1.0KForm 4
Aug 18, 2025Stewart Brian ThomasCo-Chief Executive OfficerBuy80$25.00$2.0KForm 4
Aug 18, 2025Dreyfuss AvrahamChief Financial OfficerBuy40$25.00$1.0KForm 4
Aug 18, 2025Blanchette Aaron ThomasCo-Chief Executive OfficerBuy80$25.00$2.0KForm 4
Aug 18, 2025Simons Peter MichaelChief Compliance OfficerBuy40$25.00$1.0KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Aug 1, 2025Raised $1.1 billion in a private offering of equity Form D: 1,208 investors so far Form D

SEC filer profile

How Fortress Private Lending Fund is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARFortress Private Lending Fund1
  • CIK0002012139
  • Employer ID (EIN)33-65157274
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Business address1345 Avenue Of The Americas, New York, NY 101051
  • Phone(212) 798-61001
  • Shares outstanding43,551,078 as of May 14, 20267
  • Public float$0 as of Dec 31, 20255
  • AuditorErnst & Young LLP, New York, New York PCAOB ID 42; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceFeb 21, 20241
  • Filings75 in all: 8-K (19), 3 (14), 4 (12), 10-Q (4), 40-APP/A (4), SCHEDULE 13G (3), 10-12G/A (2), 40-17G (2)1
    All 20 form types

    40-APP (2), APP NTC (2), D/A (2), 10-12G (1), 10-K (1), 8-K/A (1), APP ORDR (1), D (1), N-54A (1), SC TO-I (1), SC TO-I/A (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (10-K) Mar 27, 2026
    Quarterly report (10-Q) Aug 11, 2026
    Latest 8-K (8-K) Sep 22, 2026

Securities registered for trading

ClassSymbolExchange
NoneNoneNONE

From the cover page of the 10-K filed Mar 27, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Fortress Private Lending Fund names in Item 1A of its 10-K filed Mar 27, 2026: 76 risks under these headings, as written.4

  • Risks Related to Our Business and Structure
  • We have a limited operating history.
  • Our Board may change our operating policies and strategies without prior notice or Shareholder approval, the effects of which may be adverse to our results of operations and financial condition.
  • We are a privately placed BDC and our Shareholders may not be able to transfer or otherwise dispose of our Shares at desired times or prices, or at all.
  • We may have difficulty sourcing investment opportunities.
  • We generally will not control the business operations of our portfolio companies.
  • Due to the illiquid nature of our holdings in our portfolio companies, we may not be able to dispose of our interests in our portfolio companies.
  • We may borrow money, which may magnify the potential for gain or loss and may increase the risk of investing in us.
  • Provisions in the agreements governing a credit facility or other borrowings may limit discretion in operating our business and defaults thereunder may adversely affect our business, financial condition, results of operations and cash flows.
  • We are exposed to risks associated with high rates of inflation.
  • We are exposed to risks associated with changes in interest rates.
  • We may enter into total return swaps that would expose us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage.
The other 65 risks
  • Our investment portfolio will be recorded at fair value as determined in good faith in accordance with procedures established by our Board and, as a result, there is and will be uncertainty as to the value of our portfolio investments.
  • Any unrealized depreciation we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution.
  • Failure to maintain our status as a BDC would reduce our operating flexibility.
  • We are subject to limited restrictions with respect to the proportion of our assets that may be invested in a single issuer.
  • The requirement that we invest a sufficient portion of our assets in qualifying assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in qualifying assets could result in our failure to maintain our status as a BDC.
  • Because our initial Shareholders approved a proposal to allow an asset coverage ratio of 150%, we are subject to 150% asset coverage ratio.
  • We face competition for investment opportunities, which could delay further deployment of our capital, reduce returns and result in losses.
  • The Company may be the subject of litigation or similar proceedings.
  • We will be dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect our liquidity, financial condition or results of operations.
  • Cybersecurity risks and cyber incidents may adversely affect our business or the business of our portfolio companies by causing a disruption to our operations or the operations of our portfolio companies, a compromise or corruption of our confidential information or the confidential information of our portfolio companies and/or damage to our business relationships or the business relationships of our portfolio companies, all of which could negatively impact the business, financial condition and operating results of us or our portfolio companies.
  • Our business and operations could be adversely affected by developments in artificial intelligence ("AI").
  • Compliance with the privacy laws to which we are subject may require the dedication of substantial time and financial resources, and non-compliance with such laws could lead to regulatory action being taken and/or could negatively impact the business, financial condition and operating results of us or our portfolio companies.
  • Certain investors are limited in their ability to make significant investments in us.
  • No Shareholder approval is required for certain mergers, except as required by law.
  • Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.
  • Regulations governing our operation as a BDC and RIC affect our ability to raise capital and the way in which we raise additional capital or borrow for investment purposes, which may have a negative effect on our growth. As a BDC, the necessity of raising additional capital may expose us to risks, including risks associated with leverage.
  • Risks Related to the Adviser and its Affiliates
  • Our ability to achieve our investment objectives depends on the Adviser’s ability to manage and support our investment process.
  • The Adviser relies on key personnel, the loss of any of whom could impair its ability to successfully manage us.
  • Our fee structure may create a conflict of interest due to the incentives for the Adviser to make speculative investments or use substantial leverage.
  • The Adviser and its affiliates may have incentives to favor their respective other funds, accounts and clients over us, which may result in conflicts of interest that could be adverse to us and our investment opportunities and harmful to us.
  • The Adviser and its affiliates may face conflicts of interest with respect to services performed for issuers in which we invest and their use of service providers.
  • The Adviser and its affiliates’ personnel will work on other projects and conflicts may arise in the allocation of personnel between us and other funds, accounts or projects.
  • Our access to confidential information may restrict our ability to take action with respect to some investments, which, in turn, may negatively affect our results of operations.
  • We will be obligated to pay the Adviser an Incentive Fee even if we incur a net loss due to a decline in the value of our portfolio and even if our earned interest income is not payable in cash.
  • Our ability to enter into transactions with our affiliates is restricted.
  • We may make investments that could give rise to a conflict of interest.
  • The recommendations given to us by the Adviser may differ from those rendered to their other clients.
  • The Adviser’s liability is limited under the Investment Advisory Agreement, and we are required to indemnify the Adviser against certain liabilities, which may lead the Adviser to act in a riskier manner on our behalf than it would when acting for its own account.
  • Investment by Fortress employees in the Company may lead to conflicts of interest.
  • The Adviser’s failure to comply with pay-to-play laws, regulations and policies could have an adverse effect on the Adviser, and thus, us.
  • There are risks associated with any potential merger with or purchase of assets of another fund.
  • Our Administrator can resign from its role as Administrator under the Administration Agreement, and a suitable replacement may not be found, resulting in disruptions that could adversely affect our business, results of operations and financial condition.
  • Any Sub-Administrator that the Administrator engages to assist the Administrator in fulfilling its responsibilities could resign from its role as Sub-Administrator, and a suitable replacement may not be found, resulting in disruptions that could adversely affect our business, results of operations and financial condition.
  • Risks Related to Our Investments
  • The capital markets may experience periods of disruption and instability. Such market conditions may materially and adversely affect the debt and equity capital markets, which may have a negative impact on our business and operations.
  • Our investments in portfolio companies may be risky, and we could lose all or part of our investments.
  • Secured Debt, including First Lien Debt.
  • Unsecured Debt, including Mezzanine Debt.
  • Investing in middle-market companies involves a number of significant risks.
  • Investments in common and preferred equity securities, many of which are illiquid with no readily available market, involve a substantial degree of risk.
  • By originating loans to companies that are experiencing significant financial or business difficulties, we may be exposed to distressed lending risks.
  • We may suffer a loss if a portfolio company defaults on a loan and the underlying collateral is not sufficient, or if the portfolio company has debt that ranks equally with, or senior to, our investments.
  • Certain of our investments may be adversely affected by laws relating to fraudulent conveyance or voidable preferences, or we could become subject to lender liability claims.
  • Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.
  • If we cannot obtain debt financing or equity capital on acceptable terms, our ability to acquire investments and to expand our operations will be adversely affected.
  • The effect of global climate change may impact the operations of our portfolio companies.
  • Our portfolio companies may be highly leveraged.
  • Our investments in non-U.S. companies or investments denominated in foreign currencies may involve significant risks in addition to the risks inherent in U.S. and U.S. dollar denominated investments.
  • The market structure applicable to derivatives imposed by the Dodd-Frank Act, the U.S. Commodity Futures Trading Commission ("CFTC") and the SEC may affect our ability to use over-the-counter ("OTC") derivatives for hedging purposes.
  • Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.
  • Defaults by our portfolio companies could jeopardize a portfolio company’s ability to meet its obligations under the debt or equity investments that we hold which could harm our operating results.
  • Our portfolio may be focused on a limited number of portfolio companies or industries, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry.
  • An investment strategy focused primarily on privately held companies presents certain challenges, including the lack of available information about these companies.
  • Certain investment analyses and decisions by the Adviser may be required to be undertaken on an expedited basis.
  • We may not have the funds or ability to make additional investments in our portfolio companies.
  • The prices of the debt instruments and other securities in which we invest may decline substantially.
  • Because our business model in the future may depend to an extent upon relationships with private equity sponsors and intermediaries, the inability of the Adviser or Fortress to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.
  • The credit ratings of certain of our investments may not be indicative of the actual credit risk of such rated instruments.
  • We may be liable for unfunded pension liabilities of our portfolio companies.
  • To the extent OID and PIK interest income constitute a portion of our income, we will be exposed to risks associated with the deferred receipt of cash representing such income.
  • We may not be able to realize expected returns on our invested capital.
  • Any acquisition or strategic investments that we pursue are subject to risks and uncertainties.
  • We cannot guarantee that we will be able to obtain various required licenses in U.S. states or in any other jurisdiction where they may be required in the future.
  • We may not be able to complete certain desired investments because such investments may be subject to regulatory review and approval requirements, including pursuant to foreign investment regulations and review by governmental entities such as the Committee on Foreign Investment in the United States, or may be ultimately prohibited.
  • Risks Related to an Investment in our Shares
  • The amount of any distributions we may make on our Shares is uncertain. We may not be able to pay distributions, or be able to sustain distributions at any particular level, and our distributions per Share, if any, may not grow over time, and our distributions per Share may be reduced. We have not established any limit on the extent to which we may use borrowings, if any, and proceeds from our Offering to fund distributions (which may reduce the amount of capital we ultimately invest in portfolio companies).
  • Our Shares are not listed on an exchange or quoted through a quotation system and will not be listed for the foreseeable future, if ever. Therefore, our Shareholders will have limited liquidity.

Legal proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. We may also be subject to regulatory proceedings. While the outcome of these legal or regulatory proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

The opening of Item 3, Legal Proceedings.4

Sources

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