GNLGlobal Net Lease, Inc.

Real Estate Investment Trusts

Revenue: $495M; 13% YoY
Operating margin: 22.4%; 32% YoY
EBITDA: $302M; 25% YoY
Market cap: $1.5B
Employees: —
Net debt / EBITDA: -0.5×; −$154M net debt
AI in 10-K: 2.0; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
473% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
140% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
88% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
2.0 per 10K words · 55th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.5× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$0 net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$391M	$379M	$446M	$570M	$495M	13%
Operating income	$112M	$101M	−$15M	$188M	$111M	41%
Operating cash flow	$192M	$182M	$144M	$299M	$223M	26%
Stock-based comp	$11M	$12M	$17M	$9M	$13M	40%
Buybacks	$156K	$686K	$0	$0	$120M
Dividends	$156M	$167M	$207M	$272M	$192M	30%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jul 24, 2026	Bellevue Capital Partners, LLC	SCHEDULE 13D/A	7.3%	Passive
Jun 18, 2025	Bellevue Capital Partners, LLC	SCHEDULE 13D/A	9.5%	Passive
Jun 13, 2025	Bellevue Capital Partners, LLC	SCHEDULE 13D/A	9.5%	Passive
Jun 26, 2024	Bellevue Capital Partners, LLC	SC 13D/A	12.5%	Passive
Sep 22, 2023	Bellevue Capital Partners, LLC	SC 13D	15.1%	Passive

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	96	149
FY2024	—	—	69	117
FY2023	—	—	80	111
FY2022	—	—	87	100
FY2021	—	—	93	132