UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 16, 2024
Fortress Credit Realty Income Trust
(Exact name of registrant as specified in its charter)
Maryland
| 000-56685
| 99-3367363
|
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
1345 Avenue of the Americas
New York, NY | | 10105
|
| (Address of principal executive offices) | | (Zip Code) |
(212) 798-6100
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
☐
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | | Trading
Symbol(s) | | Name of each exchange
on which registered |
| None | | None | | None |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
November 30, 2024 NAV Per Share
On December 16, 2024, Fortress Credit Realty Income Trust (the “Company” or “we”) reported the net asset value (“NAV”) per share for each class of common shares of the Company as of November 30, 2024, which is set forth below:
| | | NAV per Share | |
| Class B | | $ | 20.2777 | |
| Class I | | $ | 20.2812 | |
| Class E | | $ | 20.2895 | |
Net Asset Value
A detailed calculation of the NAV per share is set forth below. We calculate NAV per share in accordance with the valuation guidelines that have been approved by our board of trustees. Our total NAV presented in the following tables includes the NAV of our outstanding classes of common shares, which includes Class B, Class R, Class J-1, Class J-2, Class J-4, Class S, Class D, Class I and Class E common shares. The following table provides a breakdown of the major components of our NAV as of November 30, 2024 (amounts in thousands):
| Components of NAV | | Amount | |
| Commercial real estate loan investments | | $ | 258,473 | |
| Investments in real estate-related assets | | | 25,214 | |
| Cash and cash equivalents | | | 7,121 | |
| Restricted cash | | | 105,180 | |
| Other assets | | | 11,451 | |
| Secured debt arrangements | | | (151,898 | ) |
| Subscriptions received in advance | | | (101,845 | ) |
| Revolving credit facilities | | | (4,462 | ) |
| Other liabilities | | | (8,902 | ) |
| Non-controlling interests | | | (4,683 | ) |
| Net Asset Value | | $ | 135,649 | |
| Number of outstanding shares | | | 6,689 | |
The following table provides a breakdown of our total NAV and NAV per share by class as of November 30, 2024 (amounts in thousands, except per share data):
| | | Monthly NAV | | | Number of outstanding shares | | | NAV per Share
as of November 30, 2024 | |
| Class B | | $ | 122,156 | | | | 6,024 | | | $ | 20.2777 | |
| Class R | | | — | | | | — | | | | — | |
| Class J-1 | | | — | | | | — | | | | — | |
| Class J-2 | | | — | | | | — | | | | — | |
Class J-4(1) | | | — | | | | — | | | | — | |
| Class S | | | — | | | | — | | | | — | |
| Class D | | | — | | | | — | | | | — | |
| Class I | | $ | 354 | | | | 17 | | | $ | 20.2812 | |
| Class E | | $ | 13,139 | | | | 648 | | | $ | 20.2895 | |
| Total | | $ | 135,649 | | | | 6,689 | | | | | |
| (1) | Effective as of December 16, 2024, the former Class J-3 common shares were renamed the “Class J-4 common shares.” |
The following table provides a breakdown of the major components of NAV as of October 31, 2024 (amounts in thousands):
| Components of NAV | | Amount | |
| Commercial real estate loan investments | | $ | 80,657 | |
| Investments in real estate-related assets | | | 16,066 | |
| Cash and cash equivalents | | | 86,579 | |
| Restricted cash | | | 9,458 | |
| Other assets | | | 2,964 | |
| Secured debt arrangements | | | (57,258 | ) |
| Subscriptions received in advance | | | (8,261 | ) |
| Other liabilities | | | (3,169 | ) |
| Non-controlling interests | | | (1,312 | ) |
| Net Asset Value | | $ | 125,724 | |
| Number of outstanding shares | | | 6,266 | |
The following table provides a breakdown of our total NAV and NAV per share by class as of October 31, 2024 (amounts in thousands, except per share data):
| | | Monthly NAV | | | Number of outstanding shares | | | NAV per Share
as of October 31, 2024 | |
| Class B | | $ | 107,612 | | | | 5,364 | | | $ | 20.0622 | |
| Class R | | | — | | | | — | | | | — | |
| Class S | | | — | | | | — | | | | — | |
| Class D | | | — | | | | — | | | | — | |
| Class I | | $ | 5,119 | | | | 255 | | | $ | 20.0728 | |
| Class E | | $ | 12,993 | | | | 647 | | | $ | 20.0738 | |
| Total | | $ | 125,724 | | | | 6,266 | | | | | |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: December 20, 2024 | |
| | |
| | Fortress Credit Realty Income Trust |
| | |
| | By: | |
| | Name: | Avraham Dreyfuss |
| | Title: | Chief Financial Officer |
