Statement of Changes in Beneficial Ownership (Form 4)

Ownership Submission

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * TIEDEMANN ADVISORS, LLC 2. Issuer Name and Ticker or Trading Symbol Fortress Net Lease REIT [N/A] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) C/O ALTI GLOBAL, INC., 520 MADISON AVENUE, 26TH FLOOR 3. Date of Earliest Transaction (Month/Day/Year) 07/01/2024 (Street) NEW YORK, NY 10022 4. If Amendment, Date Original Filed (Month/Day/Year) 6. Individual or Joint/Group Filing (Check Applicable Line) ___ Form filed by One Reporting Person _X_ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Class D Common Shares of Beneficial Interest 07/01/2024 P 387,254 A $10.0709 5,517,946 D(1) Class D Common Shares of Beneficial Interest 07/01/2024 P 0 A $ 0 5,517,946 I See Footnote 1 Class D Common Shares of Beneficial Interest 07/01/2024 P 0 A $ 0 5,517,946 I See Footnote 1 Class D Common Shares of Beneficial Interest 07/01/2024 P 0 A $ 0 5,517,946 I See Footnote 1 Class D Common Shares of Beneficial Interest 07/01/2024 P 0 A $ 0 5,517,946 I See Footnote 1 Class D Common Shares of Beneficial Interest 07/01/2024 P 0 A $ 0 5,517,946 I See Footnote 1 Class D Common Shares of Beneficial Interest 07/01/2024 P 0 A $ 0 5,517,946 I See Footnote 1 Class D Common Shares of Beneficial Interest 07/01/2024 P 0 A $ 0 5,517,946 I See Footnote 1 Class D Common Shares of Beneficial Interest 07/01/2024 J(2) 1,667 A $ 0 (2) 5,519,614 D(1) Class D Common Shares of Beneficial Interest 07/01/2024 J(2) 0 A $ 0 (2) 5,519,614 I See Footnote 1 Class D Common Shares of Beneficial Interest 07/01/2024 J(2) 0 A $ 0 (2) 5,519,614 I See Footnote 1 Class D Common Shares of Beneficial Interest 07/01/2024 J(2) 0 A $ 0 (2) 5,519,614 I See Footnote 1 Class D Common Shares of Beneficial Interest 07/01/2024 J(2) 0 A $ 0 (2) 5,519,614 I See Footnote 1 Class D Common Shares of Beneficial Interest 07/01/2024 J(2) 0 A $ 0 (2) 5,519,614 I See Footnote 1 Class D Common Shares of Beneficial Interest 07/01/2024 J(2) 0 A $ 0 (2) 5,519,614 I See Footnote 1 Class D Common Shares of Beneficial Interest 07/01/2024 J(2) 0 A $ 0 (2) 5,519,614 I See Footnote 1

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)	5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)	6. Date Exercisable and Expiration Date (Month/Day/Year)	7. Title and Amount of Underlying Securities (Instr. 3 and 4)	8. Price of Derivative Security (Instr. 5)	9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
Director	10% Owner	Officer	Other
TIEDEMANN ADVISORS, LLC C/O ALTI GLOBAL, INC. 520 MADISON AVENUE, 26TH FLOOR NEW YORK, NY 10022		X
TTC MULTI-STRATEGY FUND QP, LP C/O ALTI GLOBAL, INC. 520 MADISON AVENUE, 26TH FLOOR NEW YORK, NY 10022		X
Tiedemann Advisors GP, LLC C/O ALTI GLOBAL, INC. 520 MADISON AVENUE, 26TH FLOOR NEW YORK, NY 10022		X
AlTi Wealth Management Holdings, LLC C/O ALTI GLOBAL, INC. 520 MADISON AVENUE, 26TH FLOOR NEW YORK, NY 10022		X
AlTi Global Holdings, LLC C/O ALTI GLOBAL, INC. 520 MADISON AVENUE, 26TH FLOOR NEW YORK, NY 10022		X
AlTi Global Topco Ltd C/O ALTI GLOBAL, INC. 520 MADISON AVENUE, 26TH FLOOR NEW YORK, NY 10022		X
AlTI Global Capital, LLC C/O ALTI GLOBAL, INC. 520 MADISON AVENUE, 26TH FLOOR NEW YORK, NY 10022		X
AlTi Global, Inc. 520 MADISON AVE 26TH FLOOR NEW YORK, NY 10022		X

Signatures

Tiedemann Advisors, LLC, By: /s/ Whitney Fogle Lewis, Name: Whitney Fogle Lewis, Title: Authorized Signatory	12/11/2024
**Signature of Reporting Person	Date
TTC Multi-Strategy Fund QP, LP, By: /s/ Whitney Fogle Lewis, Name: Whitney Fogle Lewis, Title: Authorized Signatory	12/11/2024
**Signature of Reporting Person	Date
Tiedemann Advisors GP, LLC, By: /s/ Whitney Fogle Lewis, Name: Whitney Fogle Lewis, Title: Authorized Signatory	12/11/2024
**Signature of Reporting Person	Date
AlTi Wealth Management Holdings, LLC, By: /s/ Colleen Graham, Name: Colleen Graham, Title: Authorized Signatory	12/11/2024
**Signature of Reporting Person	Date
AlTi Global Holdings, LLC, By: /s/ Colleen Graham, Name: Colleen Graham, Title: Authorized Signatory	12/11/2024
**Signature of Reporting Person	Date
AlTi Global Topco Limited, By: /s/ Colleen Graham, Name: Colleen Graham, Title: Authorized Signatory	12/11/2024
**Signature of Reporting Person	Date
AlTi Global Capital, LLC, By: /s/ Colleen Graham, Name: Colleen Graham, Title: Authorized Signatory	12/11/2024
**Signature of Reporting Person	Date
AlTi Global, Inc., By: /s/ Colleen Graham, Name: Colleen Graham, Title: Authorized Signatory	12/11/2024
**Signature of Reporting Person	Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The reported securities are directly owned by Tiedemann Advisors, LLC ("Tiedemann") and may be deemed to be beneficially owned by each of: (i) TTC Multi-Strategy Fund QP, LP, a private investment fund for which Tiedemann serves as the investment manager ("TTC Fund"); (ii) Tiedemann Advisors GP, LLC, as general partner of the TTC Fund; and (iii) each of the following parent companies of Tiedemann, (A) AlTi Wealth Management Holdings, LLC; (B) AlTi Global Holdings, LLC; (C) AlTi Global Topco Limited; (D) AlTi Global Capital, LLC; and (E) AlTi Global, Inc. (collectively, the "Reporting Persons"). Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
(2)	The Reporting Persons acquired these Class D Common Shares of Beneficial Interest, par value $0.01 per share (the "Class D Shares") via an automatic conversion by the Issuer of shares of another class of the Issuer's securities beneficially owned by the Reporting Persons pursuant to the application of a fee waiver by the Issuer. No consideration was paid by any of the Reporting Persons for the additional Class D Shares acquired by them pursuant to such conversion.

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