Private company

New Mountain Net Lease Trust

New Mountain Net Lease Trust is an American real estate investment trust based in New York, active since 2024.2

Last updated Oct 20, 2026.

Overview

$111.6MRevenue, fiscal 20253
$16.4MNet income, fiscal 20253
  • IndustryReal Estate Investment Trusts2
  • HeadquartersLutherville Timonium, United States2
  • Incorporated inMD4
  • Business address1633 Broadway, 48Th Floor, New York, Ny 100194
  • Filer category, Emerging growth company4
  • Legal formOther2
  • Kind of organizationReal estate investment trust2
  • LEI254900LJR3UCHVV2GJ282
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O THE CORPORATION TRUST INCORPORATED, 21093-2264 Lutherville Timonium, United States2
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), B252594902

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Financials

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

Key numbers, fiscal 2025

14.7%Net margin3
3.2%Revenue growth, 20253
4.1%Return on equity3
2.38×Debt to equity3

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs85¢$95.1M
  • Income tax0¢$43.0K
  • Profit15¢$16.4M

Out of $111.6M in revenue.3

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid13¢$40.8M
  • Share buybacks87¢$270.8M

Out of $54.0M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.3

Financial statements

Revenue3$111.6M in 2025+3% since 2024
0$50.0M$100.0M$150.0M2024: $108.1M$108.1M20242025: $111.6M$111.6M2025+3%
Net income3$16.4M in 2025−34% since 2024
0$10.0M$20.0M$30.0M2024: $24.8M$24.8M20242025: $16.4M$16.4M2025−34%
Fiscal year202320242025
Revenue$108.1M3$111.6M3
Operating expenses$37.4M3$47.9M3
Income before tax$29.7M3$21.6M3
Income tax$431.0K3$43.0K3
Net income$24.8M3$16.4M3
Shares (weighted, basic)27.3M shares329.0M shares3
Shares (weighted, diluted)27.3M shares329.1M shares3

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What it owns

What New Mountain Net Lease Trust 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.

Property and equipment

ItemLatestA year beforeChange
Land and buildings$194.3M3 Dec 31, 2025$176.3M3 Dec 31, 2024+10.2%

Real estate and locations

ItemLatestA year beforeChange
Real estate investments, net$1.3B3 Dec 31, 2025$1.2B3 Dec 31, 2024+7.5%
Real estate investments, at cost$1.5B3 Dec 31, 2025$1.3B3 Dec 31, 2024+9.1%
Real estate accumulated depreciation$172.0M3 Dec 31, 2025$139.5M3 Dec 31, 2024+23.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$629.0K3 Dec 31, 2025$3.3M3 Dec 31, 2024−81.1%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$43.9M3 Dec 31, 2025$36.9M3 Dec 31, 2024+19.1%
Finite-lived intangibles, gross$59.4M3 Dec 31, 2025$49.1M3 Dec 31, 2024+21.0%
Accumulated amortization-$15.5M3 Dec 31, 2025-$12.3M3 Dec 31, 2024−26.6%
Finite-lived intangibles, net$43.9M3 Dec 31, 2025$36.9M3 Dec 31, 2024+19.1%

Properties, in its own words

Our principal executive offices are located at 1633 Broadway, New York, New York 10019. As part of the Advisory Agreement, the Adviser is responsible for providing office space and office services required in rendering services to us. We consider these facilities to be suitable and adequate for the management and operations of our business.

Item 2 of the 10-K filed Mar 31, 2026.9

Leadership

Who has led New Mountain Net Lease Trust, and when. Pick a name to see everywhere that person has worked.

Chief financial officer

  1. Kellie Steele2026–now
2025
Board members and other officers (7)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Chief Executive Officer, President, and TrusteeTeddy Kaplan named Feb 12, 202617
  • Independent TrusteeBruce D. Martin named Feb 12, 202617
  • TrusteeMichael McCarthy named Feb 12, 202617

Timeline

  1. Oct 7, 20268-K Unregistered sale of shares18
  2. Sep 30, 20268-K Regulation FD disclosure19
  3. Sep 8, 20268-K Unregistered sale of shares20
  4. Aug 31, 20268-K Regulation FD disclosure21
  5. Aug 6, 20268-K Unregistered sale of shares22
  6. Aug 3, 20268-K Regulation FD disclosure23
  7. Jul 7, 20268-K Unregistered sale of shares24
  8. Jun 30, 20268-K Regulation FD disclosure25
  9. Jun 5, 20268-K Unregistered sale of shares26
  10. May 29, 20268-K Regulation FD disclosure27
  11. May 6, 20268-K Unregistered sale of shares28
  12. Apr 30, 20268-K Regulation FD disclosure29
  13. Aug 5, 2024Founded New Mountain Net Lease Trust is founded2

Filings

91 filings to the SEC since October 2021: 2 annual reports, 5 quarterly reports, 45 major events, 21 insider forms, 2 private raises, 16 other. The latest 20:

  1. Oct 7, 20268-K EDGAR
  2. Sep 30, 20268-K EDGAR
  3. Sep 8, 20268-K EDGAR
  4. Aug 31, 20268-K EDGAR
  5. Aug 6, 20268-K EDGAR
  6. Aug 3, 20268-K EDGAR
  7. Jul 30, 202610-Q EDGAR
  8. Jul 22, 2026ABS-15G EDGAR
  9. Jul 7, 20268-K EDGAR
  10. Jun 30, 20268-K EDGAR
  11. Jun 5, 20268-K EDGAR
  12. May 29, 20268-K EDGAR
  13. May 12, 202610-Q EDGAR
  14. May 6, 20268-K EDGAR
  15. Apr 30, 20268-K EDGAR
  16. Apr 6, 20268-K EDGAR
  17. Mar 31, 20268-K EDGAR
  18. Mar 31, 202610-K EDGAR
  19. Mar 17, 20264/A OWNERSHIP DOCUMENT EDGAR
  20. Mar 4, 20268-K EDGAR

The 91 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

1 open-market trades by officers, directors and large owners since October 2021: 1 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jan 2, 2025MARTIN BRUCE DDirectorBuy3,381$20.00$67.6KForm 4

From Forms 4 filed with the SEC.

Money raised

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

  1. Jan 2, 2025Raised $408.4 million in a private offering of equity Form D: 1,010 investors so far Form D

SEC filer profile

How New Mountain Net Lease Trust is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNew Mountain Net Lease Trust1
  • CIK0002033695
  • Employer ID (EIN)99-68979769
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company9
  • Incorporated inMaryland9
  • Fiscal year endsDecember 311
  • Industry code (SIC)6798 Real Estate Investment Trusts1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address1633 Broadway, 48Th Floor, New York, NY 100191
  • Phone212-720-03001
  • Shares outstanding9,159,016 Common Class A shares; 11,674,001 Common Class F shares; 8,549,336 Common Class I shares; 6,715,822 Common Class E shares as of Mar 30, 20269
  • Public float$0 as of Dec 31, 20253
  • AuditorDeloitte & Touche LLP, New York, New York PCAOB ID 34; no auditor attestation of internal control over financial reporting9
  • On EDGAR sinceOct 17, 20241
  • Filings94 in all: 8-K (45), 4 (12), 3 (8), 10-Q (5), UPLOAD (5), ABS-15G (4), 10-12G/A (3), CORRESP (3)1
    All 15 form types

    10-K (2), 40-APP/A (2), 10-12G (1), 4/A (1), 40-APP (1), D (1), D/A (1)

  • Latest filingsAnnual report (10-K) Mar 31, 2026
    Quarterly report (10-Q) Jul 30, 2026
    Latest 8-K (8-K) Oct 7, 2026

Securities registered for trading

ClassSymbolExchange
None

From the cover page of the 10-K filed Mar 31, 2026 (Section 12(b) of the Exchange Act).9

Risk factors and legal proceedings

The risks New Mountain Net Lease Trust names in Item 1A of its 10-K filed Mar 31, 2026: 77 risks under these headings, as written.9

  • Risks Related to the Private Offering and Our Organizational Structure
  • Certain of our investments have been held for a limited period of time, and you will not have the opportunity to evaluate our future investments before we make them, which makes your investment more speculative.
  • The Adviser manages our portfolio pursuant to very broad investment guidelines and generally is not required to seek the approval of our Board of Trustees for each investment, financing or asset allocation decision made by it, which may result in our making riskier investments and, in turn, may materially adversely affect our results of operations and financial condition.
  • We may make changes to our business, investment, leverage and financing strategies without shareholder approval.
  • There is no public trading market for our common shares; therefore, your ability to dispose of your shares will likely be limited to repurchase by us. If you do sell your shares to us, you may receive less than the price you paid.
  • Your ability to have your shares repurchased through our share repurchase plan is limited. We may choose to repurchase fewer shares than have been requested to be repurchased, or none at all, in our discretion at any time, and the number of shares we may repurchase is subject to caps. Further, our Board of Trustees may make exceptions to, modify or suspend our share repurchase plan if it deems such action to be in our best interest.
  • Economic events may have an adverse effect on our investments and may cause our shareholders to request that we repurchase their shares, which may materially adversely affect our cash flow and our results of operations and financial condition.
  • We face risks associated with the deployment of our capital.
  • If we are unable to successfully integrate investments and manage our growth, our results of operations and financial condition may be materially and adversely affected.
  • The amount and source of distributions we may make to our shareholders is uncertain, and we may be unable to generate sufficient cash flows from our operations to make distributions to our shareholders at any time in the future.
  • We may pay distributions from sources other than our cash flow from operations, including, without limitation, borrowings, offering net proceeds and the sale of our investments, and we have no limits on the amounts we may fund from such sources.
  • Payments to the Adviser or the Special Limited Partner in the form of common shares or Operating Partnership units, which they elect to receive in lieu of cash in respect of management fees or performance participation interest distributions, will dilute future cash available for distribution to our shareholders.
The other 66 risks
  • Purchases and repurchases of our common shares will not be made based on the current NAV per share.
  • Valuations and appraisals of our net lease investments and real estate-related assets are estimates of fair value and may not necessarily correspond to realizable value.
  • Our NAV per share amounts may change materially if the appraised values of our net lease investments materially change from prior appraisals or the actual operating results for a particular month differ from what we originally budgeted for that month.
  • It may be difficult to reflect, fully and accurately, material events that may impact our monthly NAV.
  • NAV calculations are not governed by governmental or independent securities, financial or accounting rules or standards.
  • Our shareholders have limited voting rights.
  • Our Declaration of Trust permits our Board of Trustees to authorize us to issue preferred shares on terms that may subordinate the rights of the holders of our current common shares or discourage a third party from acquiring us.
  • Your interest in us will be diluted if we issue additional shares. Your interest in our assets will also be diluted if the Operating Partnership issues additional units.
  • Maryland law and our Declaration of Trust limit our rights and the rights of our shareholders to recover claims against Covered Persons (as defined below), which could reduce your and our recovery against them if they cause us to incur losses.
  • Our Declaration of Trust does not provide for the annual election of trustees by our shareholders and contains provisions that could make removal of our trustees difficult, which could make it difficult for our shareholders to effect changes to our management.
  • We will not be required to comply with certain reporting requirements, including those relating to auditor’s attestation reports on the effectiveness of our system of internal control over financial reporting, accounting standards and disclosure about our executive compensation, that apply to other public companies.
  • Our UPREIT structure may result in potential conflicts of interest with limited partners in the Operating Partnership whose interests may not be aligned with those of our shareholders.
  • Your investment return may be reduced if we are required to register as an investment company under the Investment Company Act.
  • We depend on the Adviser to develop appropriate systems and procedures to control operational risk.
  • Cybersecurity risks could result in the loss of data, interruptions in our business, damage to our reputation and subject us to regulatory actions, increased costs and financial losses, each of which could materially adversely affect our business and results of operations.
  • Recent technological advances in artificial intelligence and machine learning technology (collectively, “AI Technology”), including, for example, the OpenAI ChatGPT application, may create opportunities for New Mountain and us, as well as risks. Any of these technological innovations could result in harm to New Mountain or us, significantly disrupt the market in which they operate and subject them to increased competition, which could materially and adversely affect their business, financial condition and results of operations, and have an adverse impact on us.
  • Misconduct of employees of the Adviser, its affiliates or third-party service providers could cause significant losses to us.
  • We may face limits on our ability to leverage the Adviser’s knowledge base.
  • Risks Related to Investments in Real Estate
  • Our operating results will be affected by economic and regulatory changes that impact the real estate market in general.
  • Our success is dependent on general market and economic conditions.
  • We are subject to tenant and industry concentrations that make us more susceptible to adverse events than if our portfolio were more diversified.
  • We may be subject to additional risks from our non-U.S. investments.
  • Our investments are concentrated in the industrial light manufacturing and industrial adjacent sectors and our business would be adversely affected by an economic downturn in those sectors. In addition, our investment portfolio is geographically concentrated in the Northeast, Midwest, and Southern region of the United States, which may expose us to the risk of economic downturns in these regions.
  • We may change our investment and operational policies without shareholder consent.
  • We may have difficulty selling our properties, which may limit our flexibility and ability to pay distributions.
  • We face risks associated with property acquisitions.
  • The sale and disposition of real properties carry certain litigation risks at the property level that may reduce our profitability and the return on your investment.
  • Competition for investment opportunities may reduce our profitability and the return on your investment.
  • We may make joint venture investments, including with Other New Mountain Accounts. Joint venture investments could be adversely affected by our lack of sole decision-making authority, our reliance on the financial condition of our joint venture partners and disputes between us and our joint venture partners.
  • Acquiring or attempting to acquire multiple properties in a single transaction may adversely affect our operations.
  • In the event we obtain options to acquire properties, we may lose the amount paid for such options whether or not the underlying property is purchased.
  • In our due diligence review of potential investments, we may rely on third-party consultants and advisors and representations made by sellers of properties, and we may not identify all relevant facts that may be necessary or helpful in evaluating potential investments.
  • Certain properties may require an expedited transaction, which may result in limited information being available about the property prior to its acquisition.
  • There can be no assurance that the Adviser will be able to detect or prevent irregular accounting, employee misconduct or other fraudulent practices or material misstatements or omissions by the seller in connection with our property acquisitions during the due diligence phase or during our efforts to monitor and disclose information about the investment on an ongoing basis or that any risk management procedures implemented by us will be adequate.
  • We may rely on property managers to operate our properties and leasing agents to lease vacancies in our properties.
  • We depend on tenants for our revenue, and therefore our revenue is dependent on the success and economic viability of our tenants. Our reliance on single or significant tenants in certain buildings may decrease our ability to lease vacated space and could materially adversely affect our revenue and net income, overall performance, results of operations and ability to pay distributions.
  • Single-tenant leases involve significant risks of tenant default and tenant vacancies, which could materially and adversely affect us.
  • Our underwriting and risk-management procedures that we use to evaluate a tenant’s credit risk may be faulty, deficient, or otherwise fail to accurately reflect the risk of our investment, which could materially and adversely affect us.
  • Any failure of one or more tenants to provide accurate or complete financial information could prevent us from identifying tenant problems that could materially and adversely affect us.
  • We could face potential material adverse effects from the bankruptcies or insolvencies of our tenants.
  • We may be unable to renew leases as leases expire.
  • Our properties face significant competition.
  • Our properties may be leased at below-market rates under long-term leases.
  • We may experience material losses or damage related to our properties and such losses may not be covered by insurance.
  • We face unique risks related to any development or redevelopment projects we undertake.
  • Supply chain disruptions could create unexpected renovation or maintenance costs or delays and/or could impact our tenants’ businesses, any of which could materially adversely affect our results of operations.
  • The impacts of climate-related initiatives at the U.S. federal and state levels remain uncertain at this time but could result in increased operating costs.
  • We could become subject to liability for environmental violations, regardless of whether we caused such violations.
  • Our costs associated with complying with the Americans with Disabilities Act of 1990 (the “ADA”) may affect cash available for distributions.
  • The properties we acquire will be subject to property taxes that may increase in the future, which could materially adversely affect our cash flow.
  • A significant number of our properties may be special use and/or build-to-suit and may be difficult to sell or relet upon tenant defaults or lease terminations.
  • We face risks in effecting operating improvements.
  • Our industrial tenants may be adversely affected by a decline in manufacturing activity in the United States.
  • Our properties are generally subject to triple net leases, which could subject us to losses.
  • Due to tax considerations applicable to certain investors, the Company expects to be required to structure the sale or disposition of certain real estate assets in a manner that may reduce overall returns.
  • Technological or other innovations may disrupt the markets and sectors in which we operate and subject us to increased competition or negatively impact the tenants of our properties and the value of our properties.
  • Rising inflation may materially adversely affect our financial condition and results of operations.
  • Risks Related to Investments in Real Estate-Related Investments
  • Investments in real estate debt are subject to risks including various creditor risks and early redemption features, which may materially adversely affect our results of operations and financial condition.
  • Our debt investments may face prepayment risk and interest rate fluctuations that may adversely affect our results of operations and financial condition.
  • Reinvestment risk could affect the price for our common shares or their overall returns.
  • Debt-oriented real estate investments face a number of general market-related risks that can affect the creditworthiness of issuers, and modifications to certain loan structures and market terms make it more difficult to monitor and evaluate investments.
  • The operating and financial risks of issuers and the underlying default risk across capital structures may adversely affect our results of operations and financial condition.
  • We may invest in high-yield debt, which is generally subject to more risk than higher rated securities.
  • Some of our real estate-related securities investments may become distressed, which securities would have a high risk of default and may be illiquid.
  • Certain risks associated with CMBS may adversely affect our results of operations and financial condition.
  • Concentrated CMBS investments may pose specific risks beyond the control of the Adviser that may adversely affect our results of operations and financial condition.

Legal proceedings

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of December 31, 2025, we were not involved in any material legal proceedings.

The opening of Item 3, Legal Proceedings.9

Sources

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