Private Placement (Form 8-K)

Item 3.02 Unregistered Sales of Equity Securities.

As of December 1, 2025, North Haven Net REIT, a Maryland statutory trust (the "Company"), sold an aggregate of 76,438 Class IO shares and 5,990 Class E shares (the "Shares") (with the final number of Shares being determined on December 15, 2025) for aggregate consideration of approximately $1,565,000 and $123,000, respectively, based on the net asset value per share as of November 30, 2025, to a feeder vehicle primarily created to hold certain classes of the Company's common shares. The offer and sale of the Shares was exempt from the registration provisions of the Securities Act of 1933, as amended, by virtue of Section 4(a)(2) and Rule 506 of Regulation D promulgated thereunder.