Bellevue Capital Partners Holds 21.2M GNL Shares|Schorsch Group Updates Global Net Lease Holdings|GNL 13D/A Shows Major Shareholder Changes

Rhea-AI Filing Summary

Schedule 13D/A filing reveals significant ownership changes in Global Net Lease (GNL) common stock. Bellevue Capital Partners holds 21.19M shares (9.5%), while MWM PIC owns 19.61M shares (8.8%). Nicholas S. Schorsch maintains beneficial ownership of 21.69M shares (9.7%), including holdings through various entities and a Grantor Retained Annuity Trust. The amendment notably indicates Mr. Weil's departure from the reporting group. Other entities including MWM I, AR Capital, and American Realty Capital Global II Special LP maintain smaller positions. Filing is based on 223.21M outstanding shares as of May 2, 2025, with Michael R. Anderson serving as signatory for all reporting entities.

Positive

• Significant ownership stake maintained - Nicholas S. Schorsch and affiliated entities collectively hold approximately 9.7% of Global Net Lease's common stock (21.7M shares)
• Strong institutional backing - Bellevue Capital Partners maintains substantial position with 9.5% ownership (21.2M shares)
• Multiple sophisticated investors involved showing confidence in company - MWM PIC holds 8.8% stake (19.6M shares)

Negative

• Group structure change - Mr. Weil has ceased to be part of the reporting group, potentially indicating reduced alignment among major shareholders
• Complex ownership structure through multiple entities may reduce transparency for other investors
• Large concentrated ownership positions could impact stock liquidity and increase volatility risk

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

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)

06/16/2025

(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).

SCHEDULE 13D

CUSIP No. 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 21,185,803.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 21,185,803.00

11

Aggregate amount beneficially owned by each reporting person

21,185,803.00

12

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

13

Percent of class represented by amount in Row (11)

9.5 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 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 19,607,384.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 19,607,384.00

11

Aggregate amount beneficially owned by each reporting person

19,607,384.00

12

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

13

Percent of class represented by amount in Row (11)

8.8 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 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 No. 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 No. 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 No. 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 21,685,012.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 21,685,012.00

11

Aggregate amount beneficially owned by each reporting person

21,685,012.00

12

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

13

Percent of class represented by amount in Row (11)

9.7 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 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. 3 (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. This Amendment updates the Schedule 13D to reflect the fact that Mr. Weil has ceased to be in a group with the Reporting Persons. 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 223,208,729 outstanding shares of Common Stock as of May 2, 2025.
(c)	Attached as Schedule 5(c).
Item 7.	Material to be Filed as Exhibits.
	Schedule 5(c) - Transaction Description

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/ Michael R. Anderson
Name/Title:	Michael R. Anderson, General Counsel
Date:	06/18/2025

MWM PIC, LLC

Signature:	/s/ Michael R. Anderson
Name/Title:	Michael R. Anderson, Attorney-in-fact
Date:	06/18/2025

MWM I, LLC

Signature:	/s/ Michael R. Anderson
Name/Title:	Michael R. Anderson, Attorney-in-fact
Date:	06/18/2025

AR Capital LLC

Signature:	/s/ Michael R. Anderson
Name/Title:	Michael R. Anderson, Attorney-in-fact
Date:	06/18/2025

American Realty Capital Global II Special LP LLC

Signature:	/s/ Michael R. Anderson
Name/Title:	Michael R. Anderson, Attorney-in-fact
Date:	06/18/2025

Nicholas S. Schorsch

Signature:	/s/ Michael R. Anderson
Name/Title:	Michael R. Anderson, Attorney-in-fact
Date:	06/18/2025

Nicholas S. Schorsch 2016 Grantor Retained Annuity Trust

Signature:	/s/ Michael R. Anderson
Name/Title:	Michael R. Anderson, Attorney-in-fact
Date:	06/18/2025

FAQ

How many shares of GNL does Bellevue Capital Partners own as of June 2025?

Bellevue Capital Partners, LLC owns 21,185,803 shares of GNL, representing approximately 9.5% of the company's outstanding common stock.

What percentage of GNL stock does Nicholas Schorsch control in June 2025?

Nicholas S. Schorsch controls 21,685,012 shares representing 9.7% of GNL's outstanding common stock, plus an additional 404,114 shares (0.2%) through his 2016 Grantor Retained Annuity Trust.

How many total shares of GNL were outstanding as of May 2025?

According to the filing, there were 223,208,729 outstanding shares of GNL common stock as of May 2, 2025.

What changes were reported in this Schedule 13D/A filing for GNL?

The Amendment No. 3 to Schedule 13D updates the filing to reflect that Mr. Weil has ceased to be in a group with the Reporting Persons.

Who is authorized to receive notices and communications for this GNL Schedule 13D filing?

Michael R. Anderson of Bellevue Capital Partners, LLC, located at 222 Bellevue Avenue, Newport, RI, 02840, with phone number 212-415-6500, is authorized to receive notices and communications.