ABSolutely joining the party
Non-traded, perpetual REIT New Mountain Net Lease Trust appears to be targeting the ABS (asset-backed securitization) market for a debt raise. The company filed an Independent Accountants’ Report, completed by a ‘last four’ audit firm (Deloitte), detailing comparisons and recomputations of data related to 59 properties and their respective leases.
Details on the size and scope of the potential financing have yet to be released. As of June 30, 2025, New Mountain Net Lease Trust’s portfolio consisted of 165 industrial properties leased to 33 tenants with total annualized base rent of $84.5 million.
The SEC filing dropped the same day as New Mountain Net Lease Trust CEO Teddy Kaplan appeared on FICC Focus, Bloomberg Intelligence’s weekly podcast on fixed income, credit, currencies, and commodities. During the conversation, Kaplan noted he recently attended FT Live’s ABS East conference in Miami, FL.
The full episode, titled “Credit Crunch: New Mountain's Kaplan on Landscape in Net Lease” can be found here:
Credit Crunch: New Mountain's Kaplan on Landscape in Net Lease - Bloomberg
New Mountain is seeking to join a lengthening list of fund managers, including STORE Capital, CIM Group, Blue Owl, Fundamental Income, Tenet Equity, Capital Automotive, and others, who utilize ABS financing on net lease assets. ABS typically allows for elevated loan-to-value (LTV) ratios, interest-only periods, and collateral substitution rights.
S&P Global September 2025 Triple-Net Lease ABS Portfolio Comparison
Investments on the rise
Another 10 net lease focused listed REIT reported 3Q earnings this week with a combined equity market capitalization exceeding $64 billion.
From $5.5 billion at industry giant Realty Income (NYSE: O) to $110 million at USPS leased property owner Postal Realty Trust (NYSE: PSTL), the net lease public REIT continue to raise investment volume guidance and accelerate capital deployment into year-end.
Full coverage with each REIT’s detailed tear sheet is attached here:
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