STORE Capital LLC announced on September 21, 2026, the closing of a $525 million issuance of long-term fixed-rate notes under its Master Funding debt program. The notes, designated as STORE Master Funding Net-Lease Mortgage Notes, Series 2026-2, were issued in private placements to institutional investors.
The notes were issued in four classes, with two classes rated AAA and two rated AA by S&P Global Ratings. The AAA-rated Class A-1 notes have an aggregate principal balance of $317.0 million and an interest rate of 5.79%, while the AAA-rated Class A-1-P notes have a balance of $133.0 million and an interest rate of 5.56%. The AA-rated Class A-2 notes have a balance of $53.0 million and an interest rate of 5.89%, and the AA-rated Class A-2-P notes have a balance of $22.0 million and an interest rate of 5.71%.
The weighted average all-in interest rate for the notes is 5.74%, with a weighted average all-in credit spread of 97 basis points. The weighted average life of the notes is 4.92 years. The company stated that the net proceeds from the issuance will be used to redeem approximately $280 million of previously issued Master Funding notes maturing in the fourth quarter of 2026, which were prepayable without penalty, and to fund growth.
The transaction included the execution of a Thirteenth Amended and Restated Master Indenture with Citibank, N.A. as indenture trustee, and a Twelfth Amended and Restated Property Management and Servicing Agreement with KeyBank National Association as backup manager. The notes are not registered under the Securities Act and may not be offered or sold in the United States or outside the United States absent registration or an applicable exemption.
