North Haven Net REIT earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026
Q3 2026 Revenue up 163% year over year to $56.0M · 7¢ of every $1 of revenue lost · operating margin 28.4%
North Haven Net REIT made $56.0M in Q3 2026 (+163% Y/Y). Operating margin 28.4%, net loss $3.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Revenue$56.0M
Year over year+163%
Operating margin28.4%
Net earnings−$3.8M
Operating cash flow$33.2M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $56.0M in Q3 2026, up 163% year over year and up 22% from the previous quarter.
Operating profit was $15.9M, a 28.4% margin (down 9.0 points year over year). Of the extra revenue versus Q3 2025, 23% reached operating profit, below the 37% margin then. Total costs grew 201% against revenue growth of 163%. The fastest-growing cost line was Other operating costs (+214%). The quarter ended with a net loss of $3.8M, wider than the previous quarter's $1.9M loss. Net interest and other expense of $19.7M was the main reason.
Operating cash flow was $33.2M (up 130% year over year). Non-cash charges added back $25.0M of depreciation and amortization. Working capital and other items added $12.0M. Capital expenditures of $32K left free cash flow of $33.2M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 6, 2026
$56.0M
+163%
28.4%
−$3.8M
$33.2M
Q2 2026
10-Q
Aug 7, 2026
$45.8M
+135%
25.9%
−$1.9M
$21.2M
Q1 2026
10-Q
May 11, 2026
$41.1M
+216%
27.7%
−$3.0M
$21.3M
Q4 2025
10-K
Mar 5, 2026
$31.5M
+298%
41.2%
$3.6M
$16.5M
Q3 2025
10-Q
Nov 6, 2025
$21.3M
+315%
37.4%
$5.1M
$14.4M
Q2 2025
10-Q
Aug 6, 2025
$19.5M
16×
36.6%
$5.3M
$15.5M
Q1 2025
10-Q
May 8, 2025
$13.0M
34×
28.1%
$5.6M
$12.7M
Charts
Latest (Q3 2026): Y/Y +163%, Q/Q +22%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income −$3.8M, Operating cash flow $33.2M.+45262284.0% since FY2023: more shares outstanding (issuance, stock pay); earlier years scaled for the 2-for-1 split before FY2025.Cash $103M, short-term investments —, long-term debt $1.1B at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
MS · Stated in 10-K (named, share not stated) · source
About North Haven Net REIT
References herein to “North Haven Net REIT,” the “Company,” “we,” “us,” or “our” refer to North Haven Net REIT, a Maryland statutory trust and its subsidiaries, unless the context specifically requires otherwise. The Company invests in net lease investments comprised of high-quality commercial real estate assets that are primarily long-term leased under net lease structures to tenants for whom the properties are mission critical, meaning essential to the continuance of their business operations. The Company seeks to create a portfolio diversified across asset class, tenant industry, lease expiration and geography to attempt to mitigate credit risk concentration and volatility resulting from market conditions.
In its own words, from its 10-K, filed Mar 5, 2026.
North Haven Net REIT against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +163% against the peers' median +14%. Operating margin: 28.4% against the peers' median 20.6%.