New Mountain Net Lease Trust earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026
Q3 2026 Revenue up 31% year over year to $36.1M · 9¢ of every $1 of revenue kept as net profit · operating margin 13.0%
New Mountain Net Lease Trust made $36.1M in Q3 2026 (+31% Y/Y). Operating margin 13.0%, net earnings $3.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Revenue$36.1M
Year over year+31%
Operating margin13.0%
Net earnings$3.3M
Operating cash flow$28.7M
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 $36.1M in Q3 2026, up 31% year over year and up 13% from the previous quarter.
Operating profit was $4.7M, a 13.0% margin (down 6.6 points year over year). Operating profit fell $727K even though revenue rose $8.4M versus Q3 2025, so costs grew faster than sales. Total costs grew 41% against revenue growth of 31%. The fastest-growing cost line was General & admin (+84%). Net earnings were $3.3M, down 21% year over year. The effective tax rate was 0.4%.
Operating cash flow was $28.7M (up 92% year over year), 615% of net income including minority interests. Non-cash charges added back $11.8M of depreciation and amortization. Working capital and other items added $12.2M. Capital expenditures of $262.3M exceeded it, leaving free cash flow of −$233.5M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 6, 2026
$36.1M
+31%
13.0%
$3.3M
$28.7M
Q2 2026
10-Q
Jul 30, 2026
$31.8M
+18%
13.5%
$2.9M
$20.1M
Q1 2026
10-Q
May 12, 2026
$30.0M
+11%
19.8%
$4.6M
$14.6M
Q4 2025
10-K
Mar 31, 2026
$29.9M
+10%
19.8%
$4.6M
$14.2M
Q3 2025
10-Q
Nov 12, 2025
$27.6M
+6%
19.6%
$4.2M
$15.0M
Q2 2025
10-Q
Jul 29, 2025
$27.1M
-1%
18.4%
$3.7M
$11.7M
Q1 2025
10-Q
May 9, 2025
$27.1M
-1%
19.5%
$4.0M
$13.2M
Charts
Latest (Q3 2026): Y/Y +31%, Q/Q +13%.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 $4.7M, Operating cash flow $28.7M.Cash $629K, short-term investments —, long-term debt $946M at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
References to (i) “we,” “us,” “our,” “NEWLEASE” and the “Company” refer to New Mountain Net Lease Trust, a Maryland statutory trust, together with its consolidated subsidiaries, unless the context requires otherwise, (ii) “New Mountain,” “New Mountain Capital” and the “Firm” refer to New Mountain Capital, L.L.C., a Delaware limited liability company, a leading alternative investment firm with aggregate assets under management totaling more than $60 billion across private equity, credit, and net lease investment strategies as of December 31, 2025 and (iii) the “Adviser” refers to New Mountain Finance Advisers, L.L.C., a Delaware limited liability company and affiliate of New Mountain.
In its own words, from its 10-K, filed Mar 31, 2026.
New Mountain Net Lease Trust against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +31% against the peers' median +14%. Operating margin: 13.0% against the peers' median 15.9%.