Global Net Lease 7.3% and 7.5% holders update stakes

Global Net Lease, Inc. has an updated Schedule 13D (Amendment No. 4) from Bellevue Capital Partners, LLC, related entities, and Nicholas S. Schorsch covering the company’s common stock.

Rhea-AI Filing Summary

Global Net Lease, Inc. has an updated Schedule 13D (Amendment No. 4) from Bellevue Capital Partners, LLC, related entities, and Nicholas S. Schorsch covering the company’s common stock. Bellevue Capital reports beneficial ownership of 15,489,064 shares, or 7.3% of the outstanding common stock, with shared voting and dispositive power.

MWM PIC, LLC reports 13,910,645 shares (6.6%), while Nicholas S. Schorsch reports 15,988,273 shares (7.5%). Additional affiliated entities hold smaller positions, including the Nicholas S. Schorsch 2016 Grantor Retained Annuity Trust with 404,114 shares (0.2%). Percentages are based on 211,931,451 shares outstanding as of May 4, 2026. A Schedule of Sales is referenced as an exhibit, and the reported holdings reflect those transactions.

Key Figures

Bellevue Capital stake: 15,489,064.00 shares MWM PIC, LLC stake: 13,910,645.00 shares Nicholas S. Schorsch stake: 15,988,273.00 shares +4 more

7 metrics

Bellevue Capital stake 15,489,064.00 shares Shares beneficially owned by Bellevue Capital Partners, LLC; 7.3% of Global Net Lease common stock

MWM PIC, LLC stake 13,910,645.00 shares Shares beneficially owned by MWM PIC, LLC; 6.6% of Global Net Lease common stock

Nicholas S. Schorsch stake 15,988,273.00 shares Aggregate amount beneficially owned by Nicholas S. Schorsch; 7.5% of common stock

2016 Grantor Retained Annuity Trust stake 404,114.00 shares Shares beneficially owned by the Nicholas S. Schorsch 2016 Grantor Retained Annuity Trust; 0.2% of class

MWM I, LLC stake 26,140.00 shares Shares beneficially owned by MWM I, LLC; reported as 0.0% of class

AR Capital LLC stake 16,481.00 shares Shares beneficially owned by AR Capital LLC; reported as 0.0% of class

Shares outstanding 211,931,451 shares Global Net Lease common shares outstanding as of May 4, 2026, per Form 10-Q

Key Terms

beneficially owned, shared voting power, shared dispositive power, Schedule 13D, +1 more

5 terms

beneficially owned financial

"Aggregate amount beneficially owned by each reporting person 15,489,064.00"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared voting power financial

"Shared Voting Power 15,489,064.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared Dispositive Power 15,489,064.00"

Schedule 13D financial

"This Amendment No. 4 to Schedule 13D amends and supplements the original filing"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

Grantor Retained Annuity Trust financial

"Nicholas S. Schorsch 2016 Grantor Retained Annuity Trust"

A grantor retained annuity trust (GRAT) is an estate-planning tool where the person who creates the trust transfers assets into it but receives fixed cash payments (an annuity) from the trust for a set number of years; whatever remains after that term passes to designated beneficiaries. It matters to investors because it can shift future appreciation of assets out of the creator’s taxable estate—like putting an asset into a timed vending machine that pays you fixed amounts while any extra value that grows inside the machine goes to heirs with reduced gift or estate tax consequences.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does Amendment No. 4 to the Schedule 13D for Global Net Lease (GNL) report?

Amendment No. 4 updates beneficial ownership of Global Net Lease common stock by Bellevue Capital Partners, LLC, related entities, and Nicholas S. Schorsch. It revises share counts and percentages and references a Schedule of Sales that underlies these updated holdings.

How many Global Net Lease (GNL) shares does Bellevue Capital Partners, LLC beneficially own?

Bellevue Capital Partners, LLC reports beneficial ownership of 15,489,064 shares of Global Net Lease common stock, representing 7.3% of the class. The filing states Bellevue has shared voting and dispositive power over these shares, with no sole voting or dispositive power.

What is MWM PIC, LLC’s ownership stake in Global Net Lease (GNL)?

MWM PIC, LLC reports beneficial ownership of 13,910,645 shares of Global Net Lease common stock, equal to 6.6% of the outstanding shares. These shares are reported with shared voting and shared dispositive power, and no sole voting or dispositive authority.

How many Global Net Lease (GNL) shares does Nicholas S. Schorsch beneficially own?

Nicholas S. Schorsch reports beneficial ownership of 15,988,273 shares of Global Net Lease, representing 7.5% of the common stock. A separate reporting person, the Nicholas S. Schorsch 2016 Grantor Retained Annuity Trust, reports an additional 404,114 shares (0.2%).

How many Global Net Lease (GNL) shares are outstanding for these ownership percentages?

The ownership percentages are calculated using 211,931,451 shares of Global Net Lease common stock outstanding as of May 4, 2026. This share count is taken from the issuer’s Form 10-Q filed with the SEC on May 6, 2026.

Which additional entities related to Nicholas S. Schorsch hold Global Net Lease (GNL) shares?

Affiliated entities report smaller positions including MWM I, LLC with 26,140 shares, AR Capital LLC with 16,481 shares, American Realty Capital Global II Special LP LLC with 6,725 shares, and the 2016 Grantor Retained Annuity Trust with 404,114 shares.

What is Schedule 5(c) in the Global Net Lease (GNL) Schedule 13D amendment?

Schedule 5(c) is described as a Schedule of Sales filed as an exhibit to the amendment. It lists sales transactions in Global Net Lease common stock whose effects are reflected in the updated beneficial ownership reported for the various reporting persons.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/24/2026 - 06:00 PM Accepted by SEC EDGAR 07/24/2026 - 06:00 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

Global Net Lease, Inc.

(Name of Issuer)

Common Stock, $0.01 par value per share

(Title of Class of Securities)

379378201

(CUSIP Number)

Michael R. Anderson
Bellevue Capital Partners, LLC, 222 Bellevue Avenue
Newport, RI, 02840
212-415-6500

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

07/24/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 379378201

1

Name of reporting person

Bellevue Capital Partners, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 15,489,064.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 15,489,064.00

11

Aggregate amount beneficially owned by each reporting person

15,489,064.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.3 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 379378201

1

Name of reporting person

MWM PIC, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 13,910,645.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 13,910,645.00

11

Aggregate amount beneficially owned by each reporting person

13,910,645.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.6 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 379378201

1

Name of reporting person

MWM I, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 26,140.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 26,140.00

11

Aggregate amount beneficially owned by each reporting person

26,140.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 379378201

1

Name of reporting person

AR Capital LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 16,481.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 16,481.00

11

Aggregate amount beneficially owned by each reporting person

16,481.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 379378201

1

Name of reporting person

American Realty Capital Global II Special LP LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,725.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,725.00

11

Aggregate amount beneficially owned by each reporting person

6,725.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 379378201

1

Name of reporting person

Nicholas S. Schorsch

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 15,988,273.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 15,988,273.00

11

Aggregate amount beneficially owned by each reporting person

15,988,273.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.5 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 379378201

1

Name of reporting person

Nicholas S. Schorsch 2016 Grantor Retained Annuity Trust

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 404,114.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 404,114.00

11

Aggregate amount beneficially owned by each reporting person

404,114.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.2 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.01 par value per share
(b)	Name of Issuer: Global Net Lease, Inc.
(c)	Address of Issuer's Principal Executive Offices: 650 FIFTH AVE, 30TH FLOOR, NEW YORK, NEW YORK , 10019.
Item 1 Comment: This Amendment No. 4 (the "Amendment") to Schedule 13D (the "Schedule 13D") amends and supplements the Schedule 13D originally filed with the United States Securities and Exchange Commission (the "SEC") on September 22, 2023 relating to the shares of common stock, par value $0.01per share (the "Common Stock"), of Global Net Lease, Inc., a Maryland corporation (the "Issuer"), as amended by Amendment No. 1 thereto, filed with the SEC on June 24, 2024, as further amended by Amendment No. 2 thereto, filed with the SEC on June 13, 2025, and Amendment No. 3 thereto, filed with the SEC on June 18, 2025. This Amendment updates the Schedule 13D to reflect updates to the beneficial ownership holdings reported on the cover pages to this amendment, including transactions reported under Item 5(c) below. Unless indicated otherwise, all items left blank remain unchanged and any items which are reported are deemed to amend and supplement the existing items in the Schedule 13D. Capitalized terms used herein without definition shall have the meaning set forth in the Original Schedule 13D.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 of the Schedule 13D is amended and supplemented by incorporating by reference the information set forth in boxes (11) and (13) of the cover pages to this Amendment for each of the Reporting Persons, and such information is incorporated herein by reference. The percentages reported herein are calculated based upon 211,931,451 outstanding shares of Common Stock as of May 4, 2026, as reflected in the Issuer's Form 10-Q filed with the SEC on May 6, 2026.
(c)	Attached as Schedule 5(c).
Item 7.	Material to be Filed as Exhibits.
	Schedule 5(c) - Schedule of Sales Exhibit 99.1 - Power of Attorney

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Bellevue Capital Partners, LLC

Signature:	/s/ Matthew A. Lyons
Name/Title:	/s/ Matthew A. Lyons, Attorney-in-Fact
Date:	07/24/2026

MWM PIC, LLC

Signature:	/s/ Matthew A. Lyons
Name/Title:	/s/ Matthew A. Lyons, Attorney-in-Fact
Date:	07/24/2026

MWM I, LLC

Signature:	/s/ Matthew A. Lyons
Name/Title:	/s/ Matthew A. Lyons, Attorney-in-Fact
Date:	07/24/2026

AR Capital LLC

Signature:	/s/ Matthew A. Lyons
Name/Title:	/s/ Matthew A. Lyons, Attorney-in-Fact
Date:	07/24/2026

American Realty Capital Global II Special LP LLC

Signature:	/s/ Matthew A. Lyons
Name/Title:	/s/ Matthew A. Lyons, Attorney-in-Fact
Date:	07/24/2026

Nicholas S. Schorsch

Signature:	/s/ Matthew A. Lyons
Name/Title:	/s/ Matthew A. Lyons, Attorney-in-Fact
Date:	07/24/2026

Nicholas S. Schorsch 2016 Grantor Retained Annuity Trust

Signature:	/s/ Matthew A. Lyons
Name/Title:	/s/ Matthew A. Lyons, Attorney-in-Fact
Date:	07/24/2026