STORE CAPITAL LLC
STORE Capital LLC completed a $542M securitization on September 21, 2026, issuing STORE Master Funding Net-Lease Mortgage Notes, Series 2026-2. The deal includes $525M of Class A Notes sold to institutional investors across four rated tranches (AAA and AA) and $17M of Class B Notes retained by an affiliate. Proceeds were used to redeem approximately $280M of existing Master Funding notes maturing in Q4 2026 and to fund growth.
- $525M Class A Notes issued across four tranches with weighted average rate of 5.74% and spread of 97 bps.
- Lowest credit spread in the history of STORE's Master Funding program, with 14 bps tightening on AAA and 13 bps on AA vs. May 2026.
- ~$280M of proceeds used to redeem existing Master Funding notes maturing in Q4 2026 that were prepayable without penalty.
- S&P rated $450M AAA(sf) and $75M AA(sf); $17M Class B retained by an affiliate.
- Sixteenth issuance under the Master Funding debt program, a proprietary bankruptcy-remote structured financing vehicle.
Price data unavailable.
A record-low credit spread in a volatile market validates STORE's Master Funding program and improves its debt maturity profile while freeing capital for growth.
Net-lease REITs rely heavily on securitization markets for cost-efficient funding; STORE's ability to tighten spreads in a volatile market signals strong investor confidence in its underwriting and collateral pool.
The Notes are unregistered private placements; forward-looking statements caution that market volatility and interest rate shifts could affect future funding costs despite this record-low spread.
Get filings like this before the market reacts.
Real-time SEC filing alerts, AI summaries, and a free daily digest — plus portfolio tracking that ties filings to your positions.