The Company has evaluated events and transactions that occurred after December 31, 2025 for recognition or disclosure purposes. Based on this evaluation, the Company identified the following subsequent events, from December 31, 2025 through the date the consolidated financial statements were issued.

Subsequent to December 31, 2025, the Company issued the following shares (in thousands, except for share amounts):


	Shares		Gross Proceeds
Class S		4,204,633	$	43,454
Class I		6,194,123		64,182
Class F-S		1,355,058		14,039
Class F-I		4,655,274		48,687
Class D-S		191,516		2,043
Class E		9,303		100
Total		16,609,907	$	172,505

In addition, on January 2, 2026, the Company issued 28,139 Class E shares to the board of trustees as payment for $0.3 million compensation expense for 2025 fiscal year service.

Subsequent to December 31, 2025, the Company issued 357,525 Class A units of FNLR OP to the Adviser as payment for $3.9 million of management fees.

Subsequent to December 31, 2025, the Company issued 768,181 Class A units of FNLR OP to the Special Limited Partner as payment for $8.4 million performance participation allocation fees.

Subsequent to December 31, 2025, the Company repurchased the following shares (in thousands, except for share amounts):


	Shares		Amount
Class I		38,211	$	389
Class F-S		58,546		609
Class F-I		138,075		1,446
Class D-S		135,654		1,453
Total		370,486	$	3,897

On February 9, 2026, the Company acquired one retail property in Maine for $1.7 million in connection with an existing retail portfolio.

On March 11, 2026, the Company acquired one industrial property in New York for $47.1 million.

On March 20, 2026, the Company acquired three retail properties in Alabama for $5.9 million.

On March 26, 2026, the Company acquired a portfolio of 10 industrial properties in France for an aggregate purchase price of approximately $63.8 million.

Subsequent to December 31, 2025, the Company repaid $163.0 million and drew an additional $87.4 million on the outstanding principal balance of the Secured Revolving Credit Facility. Additionally, the Company drew $22.5 million on the Term Loan Facility.

On January 29, 2026, the Operating Partnership, as borrower, the Company, as guarantor, the other guarantors party thereto (together with the Company, the “Guarantors” and, collectively with the Operating Partnership, the “Loan Parties”), entered into that certain Fifth Amendment to Credit Agreement (the “Fifth Amendment”) with each lender party thereto and Bank of America, N.A., as administrative agent (the “Administrative Agent”), amending that certain Credit Agreement, initially dated August 13, 2024 and as most recently amended on November 20, 2025 (and as amended by the Fifth Amendment, the “Credit Agreement”), among the Loan Parties, the lenders party thereto and the Administrative Agent. Capitalized terms used in this description and not otherwise defined herein shall have the meaning attributed to such terms in the Credit Agreement.

Pursuant to the Fifth Amendment, the aggregate principal amount of the Credit Facilities was increased from $1,650,000,000 to $1,800,000,000 in the form of (i) an increase in the aggregate commitments to the revolving credit facility from $1,347,500,000 to $1,475,000,000 (the “Revolving Credit Facility”), and (ii) an increase in the term loan facility from $302,500,000 to $325,000,000 (the “Term Loan Facility”; and together with the Revolving Credit Facility, collectively, the “Credit Facilities”). In addition, the Fifth Amendment (x) increased from 15% to 30% the cap on the Borrowing Base Value attributable to Borrowing Base Properties that have Commercial Net Leases with tenants that are retail branches of banks, credit unions, or other financial institutions, (y) updated the calculations of unused fee, and (z) clarified the lenders entitled to the unused fee. Old National Bank also joined as a new lender.

On February 25, 2026, the Subsidiary Loan Borrower entered into that certain Omnibus First Amendment to Loan Documents and Guarantor Reaffirmation (the “First Amendment to Subsidiary Loan Agreement”), by and among Bank of America, N.A., as administrative agent, the Subsidiary Loan Borrower and the Operating Partnership. The First Amendment to Subsidiary Loan Agreement amended the Subsidiary Loan Agreement to, among other things, (i) update the definition of Affiliate to expressly exclude the Mubadala Group as an Affiliate of Borrower, Operating Partnership, Fortress or any of their subsidiaries, (ii) eliminate certain restrictions on lenders in the event of a lender assignment, participation or pledge if an Event of Default exists, (iii) require the delivery of unaudited quarterly financial statements even when a Cash Sweep Period does not exist and (iv) clarify the requirements for an acceptable SOFR Swap Contract based on the outstanding principal balance of the Loan. Capitalized terms used in this paragraph and not otherwise defined herein shall have the meaning attributed to such terms in the Subsidiary Loan Agreement.

On February 25, 2026, Bank of America, N.A., as a lender, U.S. Bank National Association and Bank of America, N.A., as administrative agent, entered into that certain Assignment and Assumption, pursuant to which U.S. Bank National Association was joined as a new lender to the Subsidiary Loan Agreement.