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Fortress Net Lease REIT cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$22.9M in Q2 2026 · $112M over twelve months

Operating cash flow$22.9M
Free cash flow+$22.9M
Cash / net income2.6×

Analysis

In Q2 2026, Fortress Net Lease REIT generated $22.9M of operating cash flow. That is $3.4M more than in Q2 2025 ($19.5M).

Over the twelve months to Jun 30, 2026, operating cash flow was $112M; the largest uses were real estate bought ($1.5B), net borrowing (+) / repaid (−) ($891M), other investing ($176M); besides operations, cash came from other financing ($2.0B), shares issued ($722M); the cash balance rose by $96.3M.

Operating cash flow was $22.9M against net income of $8.7M — 2.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$29.3M, other liabilities −$7.6M, gains on disposals −$3.2M.

Free cash flow

Fortress Net Lease REIT: free cash flow by quarterFortress Net Lease REIT: free cash flow by quarter$10.3MQ3 2024$13.8MQ4 2024$13.4MQ1 2025$19.5MQ2 2025$25.4MQ3 2025$26.7MQ4 2025$37.0MQ1 2026$22.9MQ2 2026
Operating cash flow less capital spending.
Fortress Net Lease REIT: operating cash flow against capital spendingFortress Net Lease REIT: operating cash flow against capital spendingOperating cash flowCapital spending$10.3M$0Q3 2024$13.8M$0Q4 2024$13.4M$0Q1 2025$19.5M$0Q2 2025$25.4M$0Q3 2025$26.7M$0Q4 2025$37.0M$0Q1 2026$22.9M$0Q2 2026
Latest (Q2 2026): Operating cash flow $22.9M, Capital spending $0.

Cash runway and the debt wall

Cash & investments$41.8M
Debt$1.4B
Net debt$1.3B

Fortress Net Lease REIT funds itself: free cash flow was $112M over the last twelve months, and $41.8M of cash and investments stands against $1.4B of debt.

Where the cash came from and went

Fortress Net Lease REIT: sources (+) and uses (−) of cash, Q2 2026Fortress Net Lease REIT: sources (+) and uses (−) of cash, Q2 2026Other financing$323MNet borrowing (+) / repaid (−)−$304MShares issued$290MReal estate bought−$228MOther investing−$61.5MAsset & business sales$31.0MBuybacks−$26.1MOperating cash flow$22.9MCash drawn (+) / kept (−)−$21.0MDividends−$17.2MPartners−$7.5MExchange rates−$194K
Fortress Net Lease REIT: sources (+) and uses (−) of cash, TTM to Q2 2026Fortress Net Lease REIT: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$2.0BReal estate bought−$1.5BNet borrowing (+) / repaid (−)−$891MShares issued$722MOther investing−$176MOperating cash flow$112MCash drawn (+) / kept (−)−$96.3MDividends−$58.9MBuybacks−$40.6MPartners−$13.4M

From profit to cash

Fortress Net Lease REIT: net income to operating cash flow, Q2 2026Fortress Net Lease REIT: net income to operating cash flow, Q2 2026Net income$8.7MDepreciation & amortization$29.3MStock-based pay$100KGains on disposals−$3.2MOther non-cash$2.5MPrepaid and other assets$131KOther liabilities−$7.6MOperating cash flow$22.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$22.9M−$26.1M−$17.2M−$304M$290M−$21.0M$22.9M
Q1 2026$37.0M−$6.2M−$15.5M−$163M$120M−$78.5M$37.0M
Q4 2025$26.7M−$5.6M−$13.8M−$127M$191M$16.1M$26.7M
Q3 2025$25.4M−$2.7M−$12.3M−$296M$122M−$12.7M$25.4M
Q2 2025$19.5M−$5.8M−$10.7M−$183M$146M$28.4M$19.5M
Q1 2025$13.4M−$26K−$9.1M−$200M$81.7M$135M$13.4M
Q4 2024$13.8M−$2.6M−$7.2M−$142M$153M−$156M$13.8M
Q3 2024$10.3M−$356K−$5.8M−$37.0M$107M$85.9M$10.3M

Fortress Net Lease REIT: income statement and cash flow

Fortress Net Lease REIT, Q2 2026: revenue $79.3M (+102% year over year), operating margin 11.0%. The chart follows the revenue to costs, profit and cash.

Fortress Net Lease REIT: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.