What changed in this filing

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Item 1. Financial Statements

2026-10-21 compared with 2026-07-22 · 213 added, 174 removed, 797 unchanged (33% of the section changed)

4 unchanged sentences

(In thousands, except share and per share data)

June 30, 2026 December 31, 2025

September 30, 2026 December 31, 2025

Real estate, at cost:

13 unchanged sentences

Term loans, net $ 1,191,813 $ 1,093,331

Revolving credit facility 198,500 —

Mortgage note payable, net 7,780 7,814

6 unchanged sentences

Common stock, $ 0.01 par value, 400,000,000 shares authorized;

101,526,575 and 93,070,533 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

125,632,968 and 93,070,533 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively

Additional paid-in capital 2,262,541 1,701,572

11 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2026 2025 2026 2025

14 unchanged sentences

Loss on debt extinguishment ( 48 ) — ( 48 ) ( 46 )

Other income (expense), net 567 81 1,001 ( 124 )

Other income, net 1,658 170 2,659 46

Total other expense, net ( 14,734 ) ( 11,344 ) ( 41,772 ) ( 30,004 )

44 unchanged sentences

Balance at June 30, 2026 101,526,575 $ 1,016 $ 1,841,754 $ ( 282,998 ) $ 12,648 $ 1,572,420 $ 7,172 $ 1,579,592

Issuance of common stock in public offerings, net of issuance costs 24,000,000 240 417,414 — — 417,654 — 417,654

OP Units converted to common stock 98,722 1 1,576 — — 1,577 ( 1,577 ) —

Dividends and distributions declared on common stock and OP Units — — — ( 22,860 ) — ( 22,860 ) ( 137 ) ( 22,997 )

Dividends declared on restricted stock, net — — — ( 148 ) — ( 148 ) — ( 148 )

Vesting of restricted stock units 12,649 — — — — — — —

Repurchase of common stock for tax withholding obligations ( 4,978 ) — ( 102 ) — — ( 102 ) — ( 102 )

Stock-based compensation, net — — 1,899 — — 1,899 1 1,900

Other comprehensive income — — — — 24,319 24,319 76 24,395

Net income — — — 8,477 — 8,477 30 8,507

Balance at September 30, 2026 125,632,968 $ 1,257 $ 2,262,541 $ ( 297,529 ) $ 36,967 $ 2,003,236 $ 5,565 $ 2,008,801

NETSTREIT CORP.

22 unchanged sentences

Balance at June 30, 2025 83,465,051 $ 835 $ 1,538,592 $ ( 217,589 ) $ ( 5,222 ) $ 1,316,616 $ 6,929 $ 1,323,545

OP Units converted to common stock 5,694 — 92 — — 92 ( 92 ) —

Dividends and distributions declared on common stock and OP Units — — — ( 17,947 ) — ( 17,947 ) ( 91 ) ( 18,038 )

Dividends declared on restricted stock, net — — — ( 179 ) — ( 179 ) — ( 179 )

Vesting of restricted stock units 13,678 — — — — — — —

Repurchase of common stock for tax withholding obligations ( 5,247 ) — ( 98 ) — — ( 98 ) — ( 98 )

Stock-based compensation, net — — 1,484 — — 1,484 — 1,484

Other comprehensive loss — — — — ( 1,397 ) ( 1,397 ) ( 7 ) ( 1,404 )

Net income — — — 618 — 618 3 621

Balance at September 30, 2025 83,479,176 $ 835 $ 1,540,070 $ ( 235,097 ) $ ( 6,619 ) $ 1,299,189 $ 6,742 $ 1,305,931

The accompanying notes are an integral part of these condensed consolidated financial statements.

3 unchanged sentences

(In thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

Cash flows from operating activities

11 unchanged sentences

Loss on debt extinguishment 48 46

Gain on involuntary conversion of building and improvements ( 1,604 ) ( 45 )

Changes in assets and liabilities, net of assets acquired and liabilities assumed:

1 unchanged sentence

Accounts payable, accrued expenses, and other liabilities

3,029 ( 445 )

Lease incentive payments ( 1,283 ) ( 464 )

9 unchanged sentences

Proceeds from sale of mortgage loans receivable

Proceeds from the settlement of property-related insurance claims 1,604 45

Net cash used in investing activities ( 655,920 ) ( 239,508 )

30 unchanged sentences

Assumption of tenant allowances, other liabilities, and settlement of receivables in acquisitions of real estate

$ 8,880 $ 3,068

Accrued capital expenditures and real estate development and improvement costs $ 8,055 $ 2,025

14 unchanged sentences

The Company also invests in property developments and mortgage loans secured by real estate.

As of June 30, 2026, the Company owned or had investments in 864 properties located in 46 states.

As of September 30, 2026, the Company owned or had investments in 919 properties located in 46 states.

Note 2 – Summary of Significant Accounting Policies

9 unchanged sentences

In the opinion of management, all adjustments of a normal recurring nature necessary for a fair presentation have been included.

The results of operations for the three and six months ended June 30, 2026 and 2025 are not necessarily indicative of the results for the full year.

The results of operations for the three and nine months ended September 30, 2026 and 2025 are not necessarily indicative of the results for the full year.

Use of Estimates

13 unchanged sentences

Based on these unobservable inputs, the Company determined that its valuations of impaired real estate and intangible assets fall within Level 3 of the fair value hierarchy under Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement (“ASC 820”).

The Company recorded provisions for impairment on long-lived assets of $ 4.2 million and $ 4.4 million during the three months ended June 30, 2026 and 2025, respectively, and $ 5.7 million and $ 8.0 million during the six months ended June 30, 2026 and 2025, respectively.

The Company recorded provisions for impairment on long-lived assets of $ 1.9 million and $ 4.1 million during the three months ended September 30, 2026 and 2025, respectively, and $ 7.6 million and $ 12.2 million during the nine months ended September 30, 2026 and 2025, respectively.

Mortgage Loans Receivable, Net

2 unchanged sentences

Fair value is determined based on Level 3 inputs within the fair value hierarchy under ASC 820, which includes the expected selling price of the loan, current market conditions, investor yield requirements, and other relevant factors.

No provisions for impairment on mortgage loans receivable were recorded during the three months ended June 30, 2026.

The Company recorded non-credit related provisions for impairment of $ 0.6 million on one mortgage loan receivable that was disposed at a discount during the six months ended June 30, 2026.

No provisions for impairment on mortgage loans receivable were recorded during the three and six months ended June 30, 2025.

No provisions for impairment on mortgage loans receivable were recorded during the three months ended September 30, 2026.

The Company recorded non-credit related provisions for impairment of $ 0.6 million on one mortgage loan receivable that was disposed at a discount during the nine months ended September 30, 2026.

The Company recorded non-credit related provisions for impairment of $ 1.4 million on three mortgage loans receivable that were disposed at discounts during the three and nine months ended September 30, 2025.

Cash, Cash Equivalents, and Restricted Cash

2 unchanged sentences

Restricted cash is included in cash, cash equivalents, and restricted cash in the condensed consolidated balance sheets.

The Company had $ 12.5 million of restricted cash as of June 30, 2026 and $ 0.1 million of restricted cash as of December 31, 2025.

The Company’s bank balances as of June 30, 2026 and December 31, 2025 included certain amounts over the Federal Deposit Insurance Corporation limits.

The Company had $ 2.5 million of restricted cash as of September 30, 2026 and $ 0.1 million of restricted cash as of December 31, 2025.

The Company’s bank balances as of September 30, 2026 and December 31, 2025 included certain amounts over the Federal Deposit Insurance Corporation limits.

Fair Value Measurements

9 unchanged sentences

Concentrations of Credit Risk

During the three and six months ended June 30, 2026 and 2025, there were no tenants or borrowers with rental revenue or interest income on loans receivable that exceeded 10% of total revenues.

During the three and nine months ended September 30, 2026 and 2025, there were no tenants or borrowers with rental revenue or interest income on loans receivable that exceeded 10% of total revenues.

Other financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash held at various financial institutions, access to the Company’s credit facilities, and amounts due or payable under derivative contracts.

30 unchanged sentences

The Company acquires, owns, and manages single-tenant commercial retail net lease properties, the majority of which have long-term triple-net leases where the tenant is generally responsible for all improvements and contractually obligated to pay all operating costs (such as real estate taxes, utilities, and repairs and maintenance costs).

As of June 30, 2026, exclusive of mortgage loans receivable, the Company’s WALT was 10.0 years.

As of September 30, 2026, exclusive of mortgage loans receivable, the Company’s WALT was 10.1 years.

The Company’s property leases have been classified as operating leases, most of which have scheduled rent increases throughout the lease term.

5 unchanged sentences

The following table provides a disaggregation of lease income recognized under ASC Topic 842, Leases (in thousands):

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

11 unchanged sentences

There were no material reserves, write-offs, or recoveries of uncollectible amounts during the periods indicated above.

Scheduled future minimum base rental payments (excluding base rental payments from properties classified as held for sale and straight-line rent adjustments for all properties) due to be received under the remaining noncancellable term of the operating leases in place as of June 30, 2026 are as follows (in thousands):

Future Minimum Base Rental Receipts

5 unchanged sentences

Note 4 – Real Estate Investments

As of June 30, 2026, the Company owned or had investments in 864 properties.

As of September 30, 2026, the Company owned or had investments in 919 properties.

The gross real estate investment portfolio, including properties under development and mortgage loans receivable, totaled approximately $ 3.4 billion and consisted of the gross acquisition cost of land, buildings, improvements, lease intangible assets and liabilities, mortgage loans receivable, and property development costs.

2 unchanged sentences

Number of Investments Amount of Investment

June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025

September 30, 2026 December 31, 2025 September 30, 2026 December 31, 2025

Properties held for investment (1)

7 unchanged sentences

919 761 $ 3,441,510 $ 2,773,722

(1) Includes one vacant property as of December 31, 2025.

(1) Includes one vacant property as of September 30, 2026 and December 31, 2025.

(2) Rent has not commenced for properties under development.

The Company’s acquisitions during the three and six months ended June 30, 2026 and 2025 were all accounted for as asset acquisitions.

The Company’s acquisitions during the three and nine months ended September 30, 2026 and 2025 were all accounted for as asset acquisitions.

An allocation of the purchase price and acquisition costs paid for the completed acquisitions during the period is as follows (dollars in thousands):

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

8 unchanged sentences

Assets held for sale 17,184 — 35,385 —

Below-market lease intangible liabilities — ( 71 ) — ( 71 )

$ 263,973 $ 194,289 $ 750,627 $ 368,291

(1) During the three months ended June 30, 2026 and 2025, the Company capitalized $ 3.5 million and $ 1.0 million of acquisition costs, respectively.

During the six months ended June 30, 2026 and 2025, the Company capitalized $ 6.6 million and $ 1.9 million of acquisition costs, respectively.

The Company’s property dispositions during the three and six months ended June 30, 2026 and 2025 are summarized below (dollars in thousands):

Three Months Ended June 30, Six Months Ended June 30,

(1) During the three months ended September 30, 2026 and 2025, the Company capitalized $ 3.5 million and $ 2.3 million of acquisition costs, respectively.

During the nine months ended September 30, 2026 and 2025, the Company capitalized $ 10.0 million and $ 4.2 million of acquisition costs, respectively.

The Company’s property dispositions during the three and nine months ended September 30, 2026 and 2025 are summarized below (dollars in thousands):

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

2 unchanged sentences

Gain on sales of real estate, net $ 1,361 $ 1,122 $ 3,142 $ 6,730

The Company’s investment in property developments during the three and six months ended June 30, 2026 and 2025 is summarized below (dollars in thousands):

Three Months Ended June 30, Six Months Ended June 30,

The Company’s investment in property developments during the three and nine months ended September 30, 2026 and 2025 is summarized below (dollars in thousands):

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

6 unchanged sentences

$ — $ — $ 4,977 $ 6,545

(1) During the three months ended June 30, 2026 and 2025, the Company capitalized $ 0.1 million and less than $0.1 million, respectively, of interest expense associated with properties under development.

During the six months ended June 30, 2026 and 2025, the Company capitalized $ 0.2 million and $ 0.1 million, respectively, of interest expense associated with properties under development.

(2) For the one development completed during the six months ended June 30, 2026, rent commenced in the second quarter of 2026.

For the two developments completed during the six months ended June 30, 2025, rent commenced in the second quarter of 2025.

(1) During the three months ended September 30, 2026 and 2025, the Company capitalized $ 0.2 million and less than $0.1 million, respectively, of interest expense associated with properties under development.

During the nine months ended September 30, 2026 and 2025, the Company capitalized $ 0.4 million and $ 0.1 million, respectively, of interest expense associated with properties under development.

(2) For the one development completed during the nine months ended September 30, 2026, rent commenced in the second quarter of 2026.

For the two developments completed during the nine months ended September 30, 2025, rent commenced in the second quarter of 2025.

(3) Amounts reclassified from property under development to land, buildings and improvements, and other assets (leasing commissions) in the accompanying condensed consolidated balance sheets.

As of June 30, 2026, the Company had five property developments under construction, which are expected to be substantially completed with rent commencing at various points throughout 2026 and into the first quarter of 2027.

The purchase price, including acquisition costs, and subsequent development are included in property under development in the accompanying condensed consolidated balance sheets as of June 30, 2026.

As of September 30, 2026, the Company had six property developments under construction, which are expected to be substantially completed with rent commencement occurring in the fourth quarter of 2026 or the first quarter of 2027.

The purchase price, including acquisition costs, and subsequent development are included in property under development in the accompanying condensed consolidated balance sheets as of September 30, 2026.

Investment in Mortgage Loans Receivable

The Company’s mortgage loans receivable portfolio as of June 30, 2026 and December 31, 2025 is summarized below (dollars in thousands):

The Company’s mortgage loans receivable portfolio as of September 30, 2026 and December 31, 2025 is summarized below (dollars in thousands):

Loan Type Monthly Payment (1)

Number of Secured Properties Effective Interest Rate (2)

Stated Interest Rate Maturity Date June 30, 2026 December 31, 2025

Stated Interest Rate Maturity Date September 30, 2026 December 31, 2025

Mortgage (3) (4)

24 unchanged sentences

I/O 12 9.50 % 9.50 % 3/18/2028 16,780 —

Mortgage None (7)

7 8.21 % 8.21 % 7/24/2026 14,426 —

Mortgage (3) (4) (10)

13 unchanged sentences

(6) The collateralized properties are in process developments with varying maturity dates dependent upon initial funding.

Maturity dates range from August 19, 2026 to January 30, 2027.

Maturity dates range from October 16, 2026 to January 30, 2027.

In October 2026, the borrower exercised its first extension option on the loan with an original maturity date of October 16, 2026, extending the maturity date by three months to January 16, 2027.

(7) Payments of both interest and principal are due at maturity.

(8) Loan was disposed during the six months ended June 30, 2026.

(9) The collateralized properties are in process developments with varying maturity dates dependent upon initial funding.

Maturity dates range from December 5, 2026 to June 15, 2027.

(8) Loan was disposed during the nine months ended September 30, 2026.

(9) The collateralized properties are in process developments with varying maturity dates dependent upon initial funding.

Maturity dates range from August 13, 2027 to November 29, 2027.

Maturity dates range from August 13, 2027 to March 18, 2028.

(10) Effective June 30, 2026, the Company completed a restructuring of its mortgage loan receivable.

2 unchanged sentences

The Company regularly evaluates the credit quality of its mortgage loans receivable portfolio by monitoring payment history, underlying collateral performance, and borrower creditworthiness.

As of June 30, 2026, all remaining mortgage loans receivable are performing in accordance with their contractual terms, are current, and no allowance for credit losses was deemed necessary.

As of September 30, 2026, all remaining mortgage loans receivable are performing in accordance with their contractual terms, are current, and no allowance for credit losses was deemed necessary.

Note 5 – Intangible Assets and Liabilities

Intangible assets and liabilities consisted of the following (in thousands):

June 30, 2026 December 31, 2025

September 30, 2026 December 31, 2025

Amount Accumulated Amortization Net Carrying Amount Gross

7 unchanged sentences

Years Remaining as of

June 30, 2026 December 31, 2025

September 30, 2026 December 31, 2025

In-place leases 8.6 8.7

4 unchanged sentences

The following amounts in the accompanying condensed consolidated statements of operations and comprehensive income (loss) related to the amortization of intangible assets and liabilities for all property and ground leases (in thousands):

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

6 unchanged sentences

$ ( 108 ) $ 35 $ ( 267 ) $ 110

The following table provides the projected amortization of in-place lease assets to amortization expense and the net amortization of above-market, below-market, and lease incentive lease intangible assets and liabilities to rental revenue as of June 30, 2026, for the next five years and thereafter (in thousands):

The following table provides the projected amortization of in-place lease assets to amortization expense and the net amortization of above-market, below-market, and lease incentive lease intangible assets and liabilities to rental revenue as of September 30, 2026, for the next five years and thereafter (in thousands):

Remainder of 2026 2027 2028 2029 2030 Thereafter Total

10 unchanged sentences

Hedged Interest Rate (3)

June 30, 2026 December 31, 2025

2028 Term Loan February 11, 2028 — 4.57 % 3.58 % $ 200,000 $ 200,000

September 30, 2026 December 31, 2025

2028 Term Loan (4)

February 11, 2028 — — — $ — $ 200,000

2029 Term Loan July 3, 2027 January 3, 2029 4.80 % 4.64 % 250,000 250,000

3 unchanged sentences

2032 Term Loan September 24, 2032 — 5.15 % 4.41 % 300,000 100,000

2033 Term Loan (5)

September 28, 2033 — 5.15 % — — —

Revolver January 15, 2029 January 15, 2030 4.70 % — — —

6 unchanged sentences

(1) Date represents the fully extended maturity date available to the Company, subject to certain conditions, under each related debt instrument.

(2) Represents the stated interest rate within the respective debt agreement as of June 30, 2026.

(2) Represents the stated interest rate within the respective debt agreement as of September 30, 2026.

The term loans and Revolver bear a floating interest rate (SOFR) plus the applicable margin as described further in “Note 6 – Debt”.

(3) Represents the weighted-average hedged fixed rate plus the applicable margin as of June 30, 2026, as described further in “Note 6 – Debt” and “Note 7 – Derivative Financial Instruments.”

(3) Represents the weighted-average hedged fixed rate plus the applicable margin as of September 30, 2026, as described further in “Note 6 – Debt” and “Note 7 – Derivative Financial Instruments.”

(4) The Company fully paid off the 2028 Term Loan on September 28, 2026.

(5) The 2033 Term Loan was undrawn as of September 30, 2026.

(6) The Company records deferred financing costs associated with the Revolver and loan commitment fees associated with the 2033 Term Loan in other assets, net in the condensed consolidated balance sheets.

The Company reclassified the net amount of loan commitment fees associated with the 2029 Term Loan from other assets, net to debt issuance costs upon the $ 100.0 million draw under the 2029 Term Loan.

The Company partially reclassified the net allocated amount of loan commitment fees associated with the 2032 Term Loan from other assets, net to debt issuance costs upon the two $ 50.0 million draws under the 2032 Term Loan.

The Company reclassified the net amount of loan commitment fees associated with the 2032 Term Loan from other assets, net to debt issuance costs upon the three $ 50.0 million draws under the 2032 Term Loan.

PNC Term Loan Agreement

On September 25, 2025, the Company entered into a Term Loan Agreement, by and among the Operating Partnership, the Company, the several institutions party thereto, as lenders, and PNC Bank, National Association, as Administrative Agent (the “PNC Term Loan Agreement”), related to a senior unsecured term loan facility consisting of (i) a $ 200.0 million senior unsecured term loan (the “2031 Term Loan”) and (ii) a $ 250.0 million senior unsecured term loan (the “2032 Term Loan”, and together with the 2031 Term Loan, the “PNC Term Loans”).

On September 25, 2025, the Company entered into a Term Loan Agreement, by and among the Operating Partnership, the Company, the several institutions party thereto, as lenders, and PNC Bank, National Association, as Administrative Agent (as amended, the “PNC Term Loan Agreement”), related to a senior unsecured term loan facility consisting of (i) a $ 200.0 million senior unsecured term loan (the “2031 Term Loan”) and (ii) a $ 250.0 million senior unsecured term loan (the “2032 Term Loan”).

All $ 200.0 million of the 2031 Term Loan was funded on September 25, 2025.

Of the $ 250.0 million capacity of the 2032 Term Loan commitments, $ 100.0 million in term loans were funded on September 25, 2025, $ 50.0 million in term loans were funded on January 2, 2026, $ 50.0 million in term loans were funded on April 1, 2026, and the remaining $ 50.0 million is available as a delayed draw term loan commitment until September 25, 2026.

Subject to the terms of the PNC Term Loan Agreement, the PNC Term Loans may be increased to an amount of up to $ 600.0 million at the Company’s request.

The 2031 Term Loan matures on March 25, 2031 and is repayable at the Company’s option in whole or in part without premium or penalty.

The 2032 Term Loan matures on September 24, 2032 and is repayable at the Company’s option in whole or in part, subject to a prepayment premium equal to (i) 2.0 % of any amount repaid during the first year of the term, and (ii) 1.0 % of any amount repaid during the second year of the term.

Prior to the date the Company obtained an Investment Grade Rating (as defined in the PNC Term Loan Agreement), interest rates were based on the Company’s consolidated total leverage ratio and were determined by (A) in the case of the 2031 Term Loan, either (i) SOFR, plus a margin ranging from 1.15 % to 1.60 %, based on the Company’s consolidated total leverage ratio, or (ii) a Base Rate (as defined in the PNC Term Loan Agreement), plus a margin ranging from 0.15 % to 0.60 %, based on the Company’s consolidated total leverage ratio;

and (B) in the case of the 2032 Term Loan, either (i) SOFR, plus a margin ranging from 1.50 % to 2.20 %, based on the Company’s consolidated total leverage ratio, or (ii) a Base Rate (as defined in the PNC Term Loan Agreement), plus a margin ranging from 0.50 % to 1.20 %, based on the Company’s consolidated total leverage ratio.

After the date the Company obtained an Investment Grade Rating, interest rates are based on the Company’s credit rating, and are determined by (A) in the case of the 2031 Term Loan, either (i) SOFR, plus a margin ranging from 0.80 % to 1.60 %, based on the Company’s credit rating and consolidated total leverage ratio, or (ii) a Base Rate, plus a margin ranging from 0.00 % to 0.60 %, based on the Company’s credit rating and consolidated total leverage ratio and (B) in the case of the 2032 Term Loan, either (i) SOFR, plus a margin ranging from 1.15 % to 2.20 %, based on the Company’s credit rating and consolidated total leverage ratio, or (ii) a Base Rate, plus a margin ranging from 0.15 % to 1.20 %, based on the Company’s credit rating and consolidated total leverage ratio.

Of the $ 250.0 million capacity of the 2032 Term Loan commitments, $ 100.0 million in term loans were funded on September 25, 2025, $ 50.0 million in term loans were funded on January 2, 2026, $ 50.0 million in term loans were funded on April 1, 2026, and $ 50.0 million in term loans were funded on September 22, 2026.

On September 28, 2026, the Company amended the existing PNC Term Loan Agreement to provide for:

(i) a $ 100.0 million increase under the 2031 Term Loan, increasing the aggregate size of the 2031 Term Loan to $ 300.0 million, (ii) a $ 50.0 million increase under the 2032 Term Loan, increasing the aggregate size of the 2032 Term Loan to $ 300.0 million, and (iii) a new $ 400.0 million senior unsecured delayed draw term loan facility (the “2033 Term Loan”, and together with the 2031 Term Loan and 2032 Term Loan, the “PNC Term Loans”).

The $ 100.0 million and $ 50.0 million increases under the 2031 Term Loan and 2032 Term Loan, respectively, were fully funded on September 28, 2026.

The 2033 Term Loan was unfunded as of September 30, 2026, and may be drawn incrementally or in full at the Company’s discretion until September 28, 2027.

Among other things, the amendment also reduced the applicable margin spread under the 2031 Term Loan.

Subject to the terms of the PNC Term Loan Agreement, the PNC Term Loans may be increased to an amount of up to $ 1.5 billion at the Company’s request.

The 2031 Term Loan, 2032 Term Loan, and 2033 Term Loan mature on March 25, 2031, September 24, 2032, and September 28, 2033, respectively.

The 2031 Term Loan is repayable at the Company’s option in whole or in part without premium or penalty.

The 2032 Term Loan and 2033 Term Loan are repayable at the Company’s option in whole or in part, subject to a prepayment premium equal to (i) 2.0 % of any amount repaid during the first year of the applicable term, and (ii) 1.0 % of any amount repaid during the second year of the applicable term.

Interest rates are determined by (A) in the case of the 2031 Term Loan, either (i) SOFR, plus a margin ranging from 0.75 % to 1.55 %, or (ii) a Base Rate, plus a margin ranging from 0.00 % to 0.55 %, and (B) in the case of the 2032 Term Loan and 2033 Term Loan, either (i) SOFR, plus a margin ranging from 1.15 % to 2.20 %, or (ii) a Base Rate, plus a margin ranging from 0.15 % to 1.20 %, in each case based on the Company’s credit rating and consolidated total leverage ratio.

Additionally, the Company will incur a ticking fee based on the total undrawn amount under the 2033 Term Loan.

The ticking fee of 0.20 % per annum will accrue from December 28, 2026 until September 28, 2027.

The Company has fully hedged the 2031 Term Loan with an all-in fixed interest rate of 4.39 % and has partially hedged $ 200.0 million of the 2032 Term Loan at an all-in fixed interest rate of 4.67 %.

The remaining undrawn $ 50.0 million of the 2032 Term Loan is currently unhedged.

The Company has fully hedged the 2031 Term Loan and 2032 Term Loan with all-in fixed interest rates of 4.07 % and 4.41 %, respectively.

The 2033 Term Loan is currently unhedged.

Interest is payable monthly or at the end of the applicable interest period in arrears on any outstanding borrowings.

1 unchanged sentence

In connection with the entry into the PNC Term Loan Agreement, the Company incurred approximately $ 3.7 million of debt issuance costs, which were allocated between the 2031 Term Loan and 2032 Term Loan in the amounts of $ 2.2 million and $ 1.5 million, respectively.

Additionally, the Company incurred $ 2.1 million of loan commitment fees associated with the 2032 Term Loan, which were initially capitalized to other assets, net in the condensed consolidated balance sheets.

Of the $ 2.1 million of loan commitment fees, $ 1.3 million was reclassified to debt issuance costs upon the two $ 50.0 million draws under the 2032 Term Loan.

The deferred financing costs and capitalized loan commitment fees are amortized over the term of the loans, and are included in interest expense, net in the Company’s condensed consolidated statements of operations and comprehensive income (loss).

The Company incurred $ 2.1 million of loan commitment fees associated with the 2032 Term Loan, which were initially capitalized to other assets, net in the condensed consolidated balance sheets, and subsequently reclassified to debt issuance costs upon the three $ 50.0 million draws under the 2032 Term Loan.

In connection with the September 28, 2026 amendment to the PNC Term Loan Agreement, the Company incurred approximately $ 1.2 million of deferred financing costs, which were allocated between the 2031 Term Loan and 2032 Term Loan in the amounts of $ 0.5 million and $ 0.7 million, respectively.

The Company incurred $ 5.6 million of loan commitment fees associated with the 2033 Term Loan, which were capitalized to other assets, net in the condensed consolidated balance sheets.

Additionally, $ 0.3 million of unamortized deferred financing costs associated with the 2028 Term Loan (as defined below) were reclassified to the 2031 Term Loan and 2032 Term Loan in the amounts of $ 0.1 million and $ 0.2 million, respectively.

The deferred financing costs are amortized over the term of the loans, and are included in interest expense, net in the Company’s condensed consolidated statements of operations and comprehensive income (loss).

Truist Credit Agreement

3 unchanged sentences

On May 29, 2026, the Truist Credit Agreement was further amended to, among other things, reduce the applicable margin spread.

On September 28, 2026, the Truist Credit Agreement was further amended to implement certain conforming changes in connection with the amendment to the PNC Term Loan Agreement.

The 2029 Term Loan contains a 12-month delayed draw feature and $ 150.0 million was drawn on July 3, 2023.

4 unchanged sentences

The additional extension options are at the Company’s election and are subject to certain conditions.

Prior to the date the Company obtained an Investment Grade Rating (as defined in the Truist Credit Agreement), interest accrued at either (i) SOFR, plus a margin ranging from 1.15 % to 1.60 % or (ii) Base Rate (as defined in the Truist Credit Agreement), plus a margin ranging from 0.15 % to 0.60 %, in each case based on the Company’s consolidated total leverage ratio.

After the date the Company obtained an Investment Grade Rating, interest accrues at either (i) SOFR, plus a margin ranging from 0.75 % to 1.55 % or (ii) Base Rate, plus a margin ranging from 0.00 % to 0.55 %, in each case based on the Company’s credit rating.

The 2029 Term Loan also contains sustainability-linked pricing component pursuant to which the Company will receive interest rate reductions up to 0.025 % based on its performance against a sustainability performance target focused on the portion of the Company’s annualized based rent attributable to tenants with commitments or quantifiable targets for reduced GHG emission in accordance with the standards of the Science Based Targets initiative (“SBTi”).

Interest accrues at either (i) SOFR, plus a margin ranging from 0.75 % to 1.55 % or (ii) Base Rate, plus a margin ranging from 0.00 % to 0.55 %, in each case based on the Company’s credit rating and consolidated total leverage ratio.

The 2029 Term Loan also contains a sustainability-linked pricing component pursuant to which the Company will receive interest rate reductions up to 0.025 % based on its performance against a sustainability performance target focused on the portion of the Company’s annualized base rent attributable to tenants with commitments or quantifiable targets for reduced greenhouse gas emission in accordance with the standards of the Science Based Targets initiative (“SBTi”).

The Company has fully hedged the 2029 Term Loan at an all-in fixed interest rate of 4.64 % through January 2029.

1 unchanged sentence

The interest rate hedges are further described in “Note 7 – Derivative Financial Instruments.”

In connection with the entry into the 2029 Term Loan, the Company incurred $ 1.4 million of debt issuance costs.

In connection with the entry into the Truist Credit Agreement, the Company incurred $ 1.4 million of debt issuance costs.

Additionally, the Company incurred $ 0.9 million of loan commitment fees associated with the 2029 Term Loan, which were capitalized to other assets, net in the condensed consolidated balance sheets and subsequently reclassified to debt issuance costs upon the $ 100.0 million draw under the 2029 Term Loan.

8 unchanged sentences

On September 25, 2025, the PNC Credit Agreement was further amended to, among other things, remove the SOFR credit spread adjustment from the PNC Credit Facility.

On September 28, 2026, the PNC Credit Agreement was further amended to, among other things, reduce the applicable margin spread under the PNC Credit Facility.

The borrowing capacity under the PNC Credit Facility may be increased in an amount of up to $ 1.4 billion in the aggregate, subject to certain conditions.

The 2028 Term Loan matures on February 11, 2028.

On September 28, 2026, the Company fully paid off the 2028 Term Loan using proceeds from the 2031 Term Loan and 2032 Term Loan.

The 2028 Term Loan had an original maturity date of February 11, 2028.

The 2030 Term Loan B and the upsized Revolver initially mature on January 15, 2029 and include, at the Company’s election, a one-year option to extend the maturity to January 15, 2030, subject to certain conditions.

1 unchanged sentence

Borrowings under the Revolver may be repaid and reborrowed from time to time prior to the maturity date.

Prior to the date the Company obtained an Investment Grade Rating (as defined in the PNC Credit Agreement), interest rates were based on the Company’s consolidated total leverage ratio and were determined by (A) in the case of the 2028 Term Loan and the 2030 Term Loan B, either (i) SOFR, plus a margin ranging from 1.15 % to 1.60 %, based on the Company’s consolidated total leverage ratio, or (ii) a Base Rate (as defined in the PNC Credit Agreement), plus a margin ranging from 0.15 % to 0.60 %, based on the Company’s consolidated total leverage ratio;

and (B) in the case of the Revolver either (i) SOFR, plus a margin ranging from 1.00 % to 1.45 %, based on the Company’s consolidated total leverage ratio, or (ii) a Base Rate (as defined in the PNC Credit Agreement), plus a margin ranging from 0.00 % to 0.45 %, based on the Company’s consolidated total leverage ratio.

After the date the Company obtained an Investment Grade Rating, interest rates are based on the Company’s credit rating, and are determined by (A) in the case of the 2028 Term Loan and the 2030 Term Loan B, either (i) SOFR, plus a margin ranging from 0.80 % to 1.60 %, based on the Company’s credit rating and consolidated total leverage ratio, or (ii) a Base Rate, plus a margin ranging from 0.00 % to 0.60 %, based on the Company’s credit rating and consolidated total leverage ratio and (B) in the case of the Revolver either (i) SOFR, plus a margin ranging from 0.725 % to 1.40 %, based on the Company’s credit rating and consolidated total leverage ratio, or (ii) a Base Rate, plus a margin ranging from 0.00 % to 0.40 %, based on the Company’s credit rating and consolidated total leverage ratio.

Additionally, the Company will incur a facility fee based on the total commitment amount of $ 500.0 million under the Revolver.

Prior to the date the Company obtained an Investment Grade Rating, the applicable facility fee ranged from 0.15 % to 0.30 % based on the Company’s consolidated total leverage ratio.

After the date the Company obtained an Investment Grade Rating, the applicable facility fee ranges from 0.125 % to 0.30 % based on the Company’s credit rating.

Interest rates are determined by (A) in the case of the 2030 Term Loan B, either (i) SOFR, plus a margin ranging from 0.75 % to 1.55 %, or (ii) a Base Rate, plus a margin ranging from 0.00 % to 0.55 %, and (B) in the case of the Revolver either (i) SOFR, plus a margin ranging from 0.675 % to 1.35 %, or (ii) a Base Rate, plus a margin ranging from 0.00 % to 0.35 %, in each case based on the Company’s credit rating and consolidated total leverage ratio.

Additionally, the Company incurs a facility fee based on the total commitment amount of $ 500.0 million under the Revolver.

The applicable facility fee ranges from 0.125 % to 0.30 % based on the Company’s credit rating and consolidated total leverage ratio.

The PNC Credit Facility also contains a sustainability-linked pricing component pursuant to which the Company will receive interest rate reductions up to 0.025 % based on its performance against a sustainability performance target focused on the portion of the Company’s annualized base rent attributable to tenants with commitments or quantifiable targets for reduced greenhouse gas emission in accordance with the standards of the SBTi.

The Company has fully hedged the 2028 Term Loan with an all-in fixed interest rate of 3.58 %, and the 2030 Term Loan B with an all-in fixed interest rate of 4.82 %.

The Company has fully hedged the 2030 Term Loan B with an all-in fixed interest rate of 4.77 %.

Interest is payable monthly or at the end of the applicable interest period in arrears on any outstanding borrowings.

1 unchanged sentence

In connection with the entry into the PNC Credit Agreement, the Company incurred approximately $ 3.8 million of debt issuance and deferred financing costs, which were allocated between the Revolver and 2028 Term Loan in the amounts of $ 2.4 million and $ 1.3 million, respectively.

In connection with the first amendment to the PNC Credit Agreement, the Company incurred approximately $ 5.1 million of debt issuance and deferred financing costs, which were allocated between the Revolver and 2030 Term Loan B in the amounts of $ 3.7 million and $ 1.4 million, respectively.

In connection with the January 15, 2025 amendment to the PNC Credit Agreement, the Company incurred approximately $ 5.1 million of debt issuance and deferred financing costs, which were allocated between the Revolver and 2030 Term Loan B in the amounts of $ 3.7 million and $ 1.4 million, respectively.

Additionally, $ 0.5 million of unamortized deferred financing costs associated with the Company’s previous revolving credit facility were reclassified to the Revolver.

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On September 25, 2025, the Wells Fargo Credit Agreement was further amended to, among other things, remove the SOFR credit spread adjustment from the 2030 Term Loan A.

On September 28, 2026, the Wells Fargo Credit Agreement was further amended to, among other things, reduce the applicable margin spread under the 2030 Term Loan A.

The 2030 Term Loan A is repayable at the Company’s option in whole or in part without premium or penalty.

Prior to the date the Company obtained an Investment Grade Rating (as defined in the Wells Fargo Credit Agreement), interest accrued at either (i) SOFR, plus a margin ranging from 1.15 % to 1.60 % or (ii) Base Rate (as defined in the Wells Fargo Credit Agreement), plus a margin ranging from 0.15 % to 0.60 %, in each case based on the Company’s consolidated total leverage ratio.

After the date the Company obtained an Investment Grade Rating, interest accrues at either (i) SOFR, plus a margin ranging from 0.80 % to 1.60 % or (ii) Base Rate, plus a margin ranging from 0.00 % to 0.60 %, in each case based on the Company’s credit rating.

The Company has fully hedged the 2030 Term Loan A with an all-in fixed interest rate of 3.30 %.

3 unchanged sentences

Debt issuance costs are amortized over the term of the loan and are included in interest expense, net in the Company’s condensed consolidated statements of operations and comprehensive income (loss).

Reduced Margins on Debt

As of December 30, 2025, as a result of receiving an investment grade credit rating, the interest rates on the Company’s term loans and revolving credit facility, including the revolving credit facility fee, are now determined by the Company’s credit rating and consolidated total leverage ratio.

Mortgage Note Payable

As of June 30, 2026, the Company had total gross mortgage indebtedness of $ 8.0 million, which was collateralized by related real estate and a tenant’s lease with an aggregate net book value of $ 11.4 million.

As of September 30, 2026, the Company had total gross mortgage indebtedness of $ 7.9 million, which was collateralized by related real estate and a tenant’s lease with an aggregate net book value of $ 11.2 million.

The Company incurred debt issuance costs of less than $ 0.1 million and recorded a debt discount of $ 0.6 million, both of which are recorded as a reduction of the principal balance in mortgage note payable, net in the Company’s condensed consolidated balance sheets.

1 unchanged sentence

Debt Maturities

Payments on the 2028 Term Loan, 2029 Term Loan, 2030 Term Loan A, 2030 Term Loan B, 2031 Term Loan, and 2032 Term Loan are interest-only through maturity.

As of June 30, 2026, scheduled debt maturities, including balloon payments, are as follows (in thousands):

Payments on the 2029 Term Loan, 2030 Term Loan A, 2030 Term Loan B, 2031 Term Loan, and 2032 Term Loan are interest-only through maturity.

As of September 30, 2026, scheduled debt maturities, including balloon payments, are as follows (in thousands):

Scheduled Principal Payment

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2029 — 350,000 350,000

2029 — 548,500 548,500

Thereafter — 600,000 600,000

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Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2026 2025 2026 2025

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Total interest expense, net $ 17,705 $ 12,636 $ 47,525 $ 36,734

(1) Includes facility fees of approximately $ 0.3 million and $ 0.2 million for the three months ended June 30, 2026 and 2025, respectively, and facility fees of $ 0.5 million and $ 0.4 million for the six months ended June 30, 2026 and 2025, respectively.

(1) Includes facility fees of approximately $ 0.3 million and $ 0.2 million for the three months ended September 30, 2026 and 2025, respectively, and facility fees of $ 0.8 million and $ 0.6 million for the nine months ended September 30, 2026 and 2025, respectively.

(2) Includes the effects of interest rate hedges.

Deferred financing, discount, and debt issuance costs are amortized over the remaining terms of each respective borrowing and are included in interest expense, net in the Company’s condensed consolidated statements of operations and comprehensive income (loss).

The Company was in compliance with all of its debt covenants as of June 30, 2026 and expects to be in compliance for the twelve month period ending December 31, 2026.

The Company was in compliance with all of its debt covenants as of September 30, 2026 and expects to remain in compliance for the next twelve months.

Note 7 – Derivative Financial Instruments

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Associated Debt Instrument

June 30, 2026 December 31, 2025 Hedge Fixed Rate (1)

September 30, 2026 December 31, 2025 Hedge Fixed Rate (1)

Maturity Dates

June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025

September 30, 2026 December 31, 2025 September 30, 2026 December 31, 2025

2028 Term Loan

3 3 2.63 % February 11, 2028 $ 200,000 $ 200,000 $ 4,168 $ 2,620

— 3 — — $ — $ 200,000 $ — $ 2,620

2029 Term Loan

5 unchanged sentences

2031 Term Loan 9 8 3.17 % March 1, 2031 (3)

300,000 200,000 12,509 ( 185 )

2032 Term Loan 10 8 3.16 % September 1, 2032 (3)

300,000 200,000 15,712 1,140

(1) Represents the weighted-average hedge fixed rate of the derivative contracts for each associated debt instrument and excludes the associated applicable margin as described in “Note 6 – Debt.”

(2) Derivative contracts in asset positions are included within other assets, net and derivative contracts in liability positions are included within accounts payable, accrued expenses, and other liabilities in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025.

34 34 $ 1,200,000 $ 1,200,000 $ 38,259 $ ( 1,284 )

(1) Represents the weighted-average hedge fixed rate of the derivative contracts for each associated debt instrument as of September 30, 2026.

Excludes the associated applicable margin as described in “Note 6 – Debt”.

(3) In connection with the repayment of the 2028 Term Loan in September 2026, the interest rate swaps with an aggregate notional amount of $ 200.0 million that previously hedged the variable interest payments on the 2028 Term Loan were reallocated to the 2031 Term Loan and 2032 Term Loan, with $ 100.0 million allocated to each.

The reallocation was consistent with the Company’s original hedge designation, under which the hedged transactions are defined as variable-rate interest payments on the Company’s borrowings rather than on a specific debt instrument.

The swaps continue to be designated as cash flow hedges and mature on February 11, 2028.

The following table presents the effect of the Company’s interest rate swaps in the condensed consolidated statements of operations and comprehensive income (loss) (in thousands):

1 unchanged sentence

Derivatives in Cash Flow Hedging Relationships 2026 2025 2026 2025

For the Three Months Ended June 30

For the Three Months Ended September 30

Interest Rate Products $ 24,860 $ 201 Interest expense, net $ 465 $ 1,605

For the Six Months Ended June 30

For the Nine Months Ended September 30

Interest Rate Products $ 42,932 $ ( 12,251 ) Interest expense, net $ 1,252 $ 4,660

The Company did not exclude any amounts from the assessment of hedge effectiveness for the three and six months ended June 30, 2026 and 2025.

The Company did not exclude any amounts from the assessment of hedge effectiveness for the three and nine months ended September 30, 2026 and 2025.

During the next twelve months, the Company estimates that an additional $ 10.1 million will be reclassified as a decrease to interest expense.

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Companies are required to disclose the estimated fair values of all financial instruments, even if those instruments are not carried at fair value.

The fair values of financial instruments are based on estimates that reflect market conditions and perceived risks as of June 30, 2026 and December 31, 2025.

The fair values of financial instruments are based on estimates that reflect market conditions and perceived risks as of September 30, 2026 and December 31, 2025.

These estimates require management’s judgment and may not be indicative of the future fair values of the assets and liabilities.

The carrying values of the Company’s cash, cash equivalents, and restricted cash (including money market accounts), other assets, and accounts payable, accrued expenses, and other liabilities approximate their fair values due to the short-term nature of these instruments.

Additionally, the Company believes that the following financial instruments have carrying values that approximate their fair values as of June 30, 2026 and December 31, 2025:

Additionally, the Company believes that the following financial instruments have carrying values that approximate their fair values as of September 30, 2026 and December 31, 2025:

• Borrowings under the Company’s Revolver (as defined in “Note 6 – Debt”) approximate fair value based on their nature, terms, and variable interest rates.

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Description Carrying Value Fair Value Level 1 Level 2 Level 3

June 30, 2026

September 30, 2026

Derivative assets $ 38,259 $ 38,259 $ — $ 38,259 $ —

Derivative liabilities $ 106 $ 106 $ — $ 106 $ —

Term loans (1)

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Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties.

However, as of June 30, 2026, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives.

However, as of September 30, 2026, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives.

As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

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The following table summarizes the provisions for impairment on real estate investments during the periods indicated below (dollars in thousands):

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

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Estimating future cash flows is inherently subjective, and actual results may differ materially from these estimates.

During the six months ended June 30, 2026, the Company accounted for held for investment assets at fair value using purchase offers from third parties, which the Company believes is reasonable.

During the nine months ended September 30, 2026, the Company accounted for held for investment assets at fair value using purchase offers from third parties, which the Company believes is reasonable.

Note 9 – Supplemental Detail for Certain Components of the Condensed Consolidated Balance Sheets

Other assets, net consists of the following (in thousands):

June 30, 2026 December 31, 2025

September 30, 2026 December 31, 2025

Accounts receivable, net $ 11,107 $ 9,679

11 unchanged sentences

Accounts payable, accrued expenses, and other liabilities consists of the following (in thousands):

June 30, 2026 December 31, 2025

September 30, 2026 December 31, 2025

Accrued expenses $ 17,901 $ 4,249

11 unchanged sentences

On October 25, 2023, the Company entered into a $ 300.0 million at-the-market equity program (the “2023 ATM Program”) through which, from time to time, it could sell shares of its common stock in registered transactions.

During 2024, the Company entered into forward sale agreements with respect to an aggregate 1,743,100 shares of its common stock under the 2023 ATM Program at a weighted-average price of $ 17.67 per share.

The Company may physically settle the forward sale agreements (by the delivery of shares of common stock) and receive proceeds from the sale of those shares on one or more forward settlement dates, which shall occur no later than December 31, 2026, unless the parties mutually agree to extend such dates.

During 2024, the Company entered into forward sale agreements with respect to an aggregate of 1,743,100 shares of its common stock under the 2023 ATM Program at a weighted-average price of $ 17.67 per share.

As of September 30, 2026, the Company had fully settled the forward sale agreements.

On August 12, 2024, the Company entered into a $ 300.0 million at-the-market equity program (the “2024 ATM Program”) through which, from time to time, it could sell shares of its common stock in registered transactions.

1 unchanged sentence

As a result of the termination, the Company will not offer or sell any additional shares of common stock under the 2023 ATM Program.

During the six months ended June 30, 2026, the Company entered into forward sale agreements with respect to an aggregate 4,264,015 shares of its common stock under the 2024 ATM Program at a weighted-average price of $ 18.86 per share.

During the nine months ended September 30, 2026, the Company entered into forward sale agreements with respect to an aggregate of 4,264,015 shares of its common stock under the 2024 ATM Program at a weighted-average price of $ 18.86 per share.

The Company may physically settle the forward sale agreements (by the delivery of shares of common stock) and receive proceeds from the sale of those shares on one or more forward settlement dates, which shall occur no later than the stated maturity dates ranging from January 2027 to April 2027, unless the parties mutually agree to extend such dates.

During 2025, the Company entered into forward sale agreements with respect to an aggregate 9,068,486 shares of its common stock under the 2024 ATM Program at a weighted-average price of $ 17.75 per share.

The Company may physically settle the forward sale agreements (by the delivery of shares of common stock) and receive proceeds from the sale of those shares on one or more forward settlement dates, which shall occur no later than the stated maturity dates ranging from September 2026 to November 2026, unless the parties mutually agree to extend such dates.

During 2025, the Company entered into forward sale agreements with respect to an aggregate of 9,068,486 shares of its common stock under the 2024 ATM Program at a weighted-average price of $ 17.75 per share.

As of September 30, 2026, the Company had fully settled the forward sale agreements.

On April 21, 2026, the Company entered into a $ 400.0 million at-the-market equity program (the “2026 ATM Program”) through which, from time to time, it may sell shares of its common stock in registered transactions.

2 unchanged sentences

As context requires, the 2023 ATM Program, the 2024 ATM Program, and the 2026 ATM Program are referred to herein as the “ATM Programs.”

During the six months ended June 30, 2026, the Company entered into forward sale agreements with respect to an aggregate 8,697,206 shares of its common stock under the 2026 ATM Program at a weighted-average price of $ 20.51 per share.

The Company may physically settle the forward sale agreements (by the delivery of shares of common stock) and receive proceeds from the sale of those shares on one or more forward settlement dates, which shall occur no later than the stated maturity dates ranging from April 2027 to June 2027, unless the parties mutually agree to extend such dates.

During the nine months ended September 30, 2026, the Company entered into forward sale agreements with respect to an aggregate of 9,688,981 shares of its common stock under the 2026 ATM Program at a weighted-average price of $ 20.60 per share.

The Company may physically settle the forward sale agreements (by the delivery of shares of common stock) and receive proceeds from the sale of those shares on one or more forward settlement dates, which shall occur no later than the stated maturity dates ranging from April 2027 to January 2028, unless the parties mutually agree to extend such dates.

The following table presents information about the ATM Programs (in thousands):

As of June 30, 2026

As of September 30, 2026

Program Name Date Established Date Terminated Maximum Sales Authorization Value of Gross Proceeds

Value of Gross Proceeds of Unsettled Forward Equity Value of Gross Proceeds Available for Issuance (2)

2023 ATM Program (3)

October 2023 August 2024 $ 300,000 $ 77,323 $ 30,806 $ —

2023 ATM Program October 2023 August 2024 $ 300,000 $ 108,129 $ — $ —

2024 ATM Program (3)

4 unchanged sentences

(2) Represents gross proceeds available for future issuances of shares of common stock under the ATM Programs.

(3) As of June 30, 2026, 1,743,100 shares remain unsettled under the forward sale agreements at a weighted-average available net settlement price of $ 17.06 .

(4) As of June 30, 2026, 11,034,802 shares remain unsettled under the forward sale agreements at a weighted-average available net settlement price of $ 18.07 .

(5) As of June 30, 2026, 8,697,206 shares remain unsettled under the forward sale agreements at a weighted-average available net settlement price of $ 20.30 .

The following table details information related to the issuance of shares (including through physical settlement under forward sale agreements) under the ATM Programs for the six months ended June 30, 2025 (in thousands, except share and per share data).

During the three and six months ended June 30, 2026, the Company did not issue any shares under the ATM Programs or physically settle any forward sale agreements under the ATM Programs.

Six Months Ended June 30,

(3) As of September 30, 2026, 1,674,613 shares remain unsettled under the forward sale agreements at a weighted-average available net settlement price of $ 19.80 .

(4) As of September 30, 2026, 9,688,981 shares remain unsettled under the forward sale agreements at a weighted-average available net settlement price of $ 20.32 .

The following table details information related to the issuance of shares (including through physical settlement under forward sale agreements) under the ATM Programs for the three and nine months ended September 30, 2026 and 2025 (in thousands, except share and per share data).

Three Months Ended September 30, Nine Months Ended September 30,

2025 2026 (1)

Shares of common stock issued 11,103,289 — 11,103,289 1,757,815

Weighted-average price per share

$ 18.08 $ — $ 18.08 $ 16.32

Gross proceeds $ 200,787 $ — $ 200,787 $ 28,694

1 unchanged sentence

Net proceeds (3)

$ 193,295 $ — $ 193,295 $ 28,352

(1) Includes 11,103,289 shares of common stock that were physically settled at a weighted-average price of $ 18.08 per share under forward sale agreements.

(2) Includes 1,105,299 shares of common stock that were physically settled at a weighted-average price of $ 16.37 per share under forward sale agreements.

(3) The net proceeds were contributed to the Operating Partnership in exchange for an equivalent number of OP Units.

3 unchanged sentences

The Company did not initially receive any proceeds from the sale of shares of common stock by the forward purchasers.

As of June 30, 2026, 12,627,000 shares remain unsettled under the February 2026 forward sale agreements.

On September 25, 2026, the Company physically settled 8,056,711 shares of common stock at a weighted-average price of $ 17.90 per share in accordance with the forward sale agreements.

The Company received net proceeds from the settlement of $ 143.8 million, net of underwriting discounts and offering costs of $ 9.3 million.

The Company contributed the net proceeds to the Operating Partnership in exchange for 8,056,711 OP Units (as defined below).

As of September 30, 2026, 4,570,289 shares remain unsettled under the February 2026 forward sale agreements.

The Company expects to physically settle the forward sale agreements (by delivery of shares of common stock) and receive proceeds from the sale of those shares upon one or more forward settlement dates, which shall occur no later than February 2027, unless the parties mutually agree to extend such dates.

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The Company received net proceeds from the settlement of $ 70.7 million, net of underwriting discounts and offering costs of $ 4.8 million.

The Company contributed the net proceeds to the Operating Partnership in exchange for 4,264,947 OP Units (as defined below).

As of June 30, 2026, the Company had fully settled the July 2025 forward sale agreements.

The Company contributed the net proceeds to the Operating Partnership in exchange for 4,264,947 OP Units.

As of September 30, 2026, the Company had fully settled the July 2025 forward sale agreements.

January 2024 Follow-On Offering

4 unchanged sentences

The Company received net proceeds from the settlement of $ 67.8 million, net of underwriting discounts and offering costs of $ 4.2 million.

The Company contributed the net proceeds to the Operating Partnership in exchange for 4,000,000 OP Units (as defined below).

As of June 30, 2026, 4,840,000 shares remain unsettled under the January 2024 forward sale agreements.

The Company expects to physically settle the forward sale agreements (by delivery of shares of common stock) and receive proceeds from the sale of those shares upon one or more forward settlement dates, which shall occur no later than December 31, 2026, unless the parties mutually agree to extend such dates.

The Company contributed the net proceeds to the Operating Partnership in exchange for 4,000,000 OP Units.

On September 25, 2026, the Company physically settled 4,840,000 shares of common stock at a weighted-average price of $ 16.68 per share in accordance with the forward sale agreements.

The Company received net proceeds from the settlement of $ 80.6 million, net of underwriting discounts and offering costs of $ 6.5 million.

The Company contributed the net proceeds to the Operating Partnership in exchange for 4,840,000 OP Units.

As of September 30, 2026, the Company had fully settled the January 2024 forward sale agreements.

The following table presents information about the Company’s January 2024, July 2025, and February 2026 follow-on offerings (in thousands, except share data):

As of June 30, 2026

As of September 30, 2026

Follow-On Offering Shares Sold Shares Settled Shares Unsettled Value of Gross Proceeds of Unsettled Forward Equity

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Surrendered Shares on Vested Stock Unit Awards

During the six months ended June 30, 2026 and 2025, portions of restricted stock unit awards (“RSUs”) granted to certain of the Company’s officers, directors, and employees vested.

During the nine months ended September 30, 2026 and 2025, portions of restricted stock unit awards (“RSUs”) granted to certain of the Company’s officers, directors, and employees vested.

The vesting of these awards, granted pursuant to the NETSTREIT Corp.

Amended and Restated 2019 Omnibus Incentive Plan (the “Omnibus Incentive Plan”), resulted in federal and state income tax liabilities for the recipients.

During the six months ended June 30, 2026 and 2025, as permitted by the terms of the Omnibus Incentive Plan and the award grants, certain executive officers and employees elected to surrender approximately 88 thousand and 44 thousand RSUs valued at approximately $ 1.8 million and $ 0.6 million, respectively, solely to pay the associated statutory withholding tax.

During the nine months ended September 30, 2026 and 2025, as permitted by the terms of the Omnibus Incentive Plan and the award grants, certain executive officers and employees elected to surrender approximately 93 thousand and 50 thousand RSUs valued at approximately $ 1.9 million and $ 0.7 million, respectively, solely to pay the associated statutory withholding tax.

The surrendered RSUs are included in the row entitled “repurchase of common stock for tax withholding obligations” in the condensed consolidated statements of cash flows and condensed consolidated statements of changes in equity.

During the six months ended June 30, 2026, the Company declared and paid the following common stock dividends (in thousands, except per share data):

Six Months Ended June 30, 2026

During the nine months ended September 30, 2026, the Company declared and paid the following common stock dividends (in thousands, except per share data):

Nine Months Ended September 30, 2026

Declaration Date Dividend Per Share Record Date Total Amount Payment Date

1 unchanged sentence

April 16, 2026 0.220 June 1, 2026 21,398 June 15, 2026

July 16, 2026 0.225 September 1, 2026 22,860 September 15, 2026

$ 0.665 $ 65,654

During the six months ended June 30, 2025, the Company declared and paid the following common stock dividends (in thousands, except per share data):

Six Months Ended June 30, 2025

During the nine months ended September 30, 2025, the Company declared and paid the following common stock dividends (in thousands, except per share data):

Nine Months Ended September 30, 2025

Declaration Date Dividend Per Share Record Date Total Amount Payment Date

1 unchanged sentence

April 25, 2025 0.210 June 2, 2025 17,159 June 16, 2025

July 21, 2025 0.215 September 2, 2025 17,947 September 15, 2025

$ 0.635 $ 52,263

2 unchanged sentences

The Company contributes net proceeds from issuing shares of common stock to the Operating Partnership in exchange for common units of limited partnership interest in the Operating Partnership (the “OP Units”) equal to the number of shares of common stock issued.

As of June 30, 2026, the Company held 101,526,575 OP Units and external parties (the “Noncontrolling OP Unit Holders”) held 445,539 OP Units, representing 99.6 % and 0.4 %, respectively, of OP Units.

As of September 30, 2026, the Company held 125,632,968 OP Units and external parties (the “Noncontrolling OP Unit Holders”) held 346,817 OP Units, representing 99.7 % and 0.3 %, respectively, of OP Units.

As of December 31, 2025, the Company held 93,070,533 OP Units and Noncontrolling OP Unit Holders held 412,143 OP Units, representing 99.6 % and 0.4 %, respectively, of OP Units.

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The holders of OP Units are entitled to receive an equal distribution for each OP Unit held as of each record date.

During each of the six months ended June 30, 2026 and 2025, the Operating Partnership paid distributions of $ 0.2 million to Noncontrolling OP Unit Holders.

During each of the nine months ended September 30, 2026 and 2025, the Operating Partnership paid distributions of $ 0.3 million to Noncontrolling OP Unit Holders.

OP Units may be redeemed for cash or, at the Company’s election, exchanged for shares of the Company’s common stock on a one -for-one basis.

During the six months ended June 30, 2026, Noncontrolling OP Unit Holders redeemed 9,965 OP Units for shares of common stock on a one -for-one basis.

There were no OP Unit redemptions during the six months ended June 30, 2025.

During the three and nine months ended September 30, 2026, Noncontrolling OP Unit Holders redeemed 98,722 and 108,687 OP Units, respectively, for shares of common stock on a one -for-one basis.

During the three and nine months ended September 30, 2025, Noncontrolling OP Unit Holders redeemed 5,694 OP Units for shares of common stock on a one -for-one basis.

Note 11 – Stock-Based Compensation

Under the Omnibus Incentive Plan, 4,294,976 shares of common stock are reserved for issuance and, as of June 30, 2026, 3,120,916 shares of common stock were available for future issuance under the Omnibus Incentive Plan.

Under the Omnibus Incentive Plan, 4,294,976 shares of common stock are reserved for issuance and, as of September 30, 2026, 3,103,223 shares of common stock were available for future issuance under the Omnibus Incentive Plan.

The Omnibus Incentive Plan provides for the grant of stock options, stock appreciation rights, restricted shares, RSUs, LTIP Units (as defined below), dividend equivalent rights, and other share-based, share-related, or cash-based awards, including performance-based awards, to employees, directors, and consultants, with each grant evidenced by an award agreement providing the terms of the award.

The Omnibus Incentive Plan is administered by the Compensation Committee of the Board of Directors.

As of June 30, 2026, the only stock-based compensation granted by the Company were RSUs and LTIP Units.

The total amount of stock-based compensation costs recognized in general and administrative expense in the accompanying condensed consolidated statements of operations and comprehensive income (loss) was $ 1.8 million and $ 1.5 million for the three months ended June 30, 2026 and 2025, respectively.

Stock-based compensation expense was $ 3.4 million and $ 2.9 million for the six months ended June 30, 2026 and 2025, respectively.

As of September 30, 2026, the only stock-based compensation awards granted by the Company were RSUs and LTIP Units.

The total amount of stock-based compensation costs recognized in general and administrative expense in the accompanying condensed consolidated statements of operations and comprehensive income (loss) was $ 1.9 million and $ 1.5 million for the three months ended September 30, 2026 and 2025, respectively.

Stock-based compensation expense was $ 5.3 million and $ 4.4 million for the nine months ended September 30, 2026 and 2025, respectively.

All awards of unvested RSUs and LTIP Units are expected to fully vest within the next five years .

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Vested during the period (2)

Unvested grants outstanding as of June 30, 2026 346,921 $ 16.90 321,348 $ 15.32 125,559 $ 19.85 121,691 $ 20.74

( 228,441 ) 16.13 ( 53,173 ) 21.81 ( 4,125 ) 19.85 ( 919 ) 20.74

Unvested grants outstanding as of September 30, 2026 334,272 $ 16.99 321,348 $ 15.32 121,434 $ 19.85 117,566 $ 20.74

(1) The number of Performance LTIP Units (as defined below) disclosed is based on the target level of awards being achieved, with the ultimate number earned subject to the achievement of specified performance metrics over a three-year performance period, ranging from 0 % to 200 % of target.

The actual number of Performance LTIP Units issued on the grant date assumes maximum performance is achieved.

(2) Includes LTIP Units that vested on an accelerated basis in connection with a termination during the period.

These units have not been converted into OP Units as of September 30, 2026.

Service-Based RSUs

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The vesting terms of these grants are specific to the individual grant and vest in equal annual installments within the next one to five years .

For the three months ended June 30, 2026 and 2025, the Company recognized $ 0.8 million and $ 0.9 million, respectively, in stock-based compensation expense associated with service-based RSUs.

For each of the six months ended June 30, 2026 and 2025, the Company recognized $ 1.7 million in stock-based compensation expense associated with service-based RSUs.

As of June 30, 2026 and December 31, 2025, the remaining unamortized stock-based compensation expense totaled $ 4.1 million and $ 3.9 million, respectively, and as of June 30, 2026, these awards are expected to be recognized over a remaining weighted average period of 1.9 years.

For each of the three months ended September 30, 2026 and 2025, the Company recognized $ 0.9 million in stock-based compensation expense associated with service-based RSUs.

For each of the nine months ended September 30, 2026 and 2025, the Company recognized $ 2.6 million in stock-based compensation expense associated with service-based RSUs.

As of September 30, 2026 and December 31, 2025, the remaining unamortized stock-based compensation expense totaled $ 3.3 million and $ 3.9 million, respectively, and as of September 30, 2026, these awards are expected to be recognized over a remaining weighted average period of 1.8 years.

Stock-based compensation expense is recognized on a straight-line basis over the total requisite service period for the entire award.

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Stock-based compensation expense associated with unvested performance-based share awards is recognized on a straight-line basis over the minimum required service period of three years .

For each of the three months ended June 30, 2026 and 2025, the Company recognized $ 0.5 million in stock-based compensation expense associated with performance-based RSUs.

For each of the six months ended June 30, 2026 and 2025, the Company recognized $ 1.0 million in stock-based compensation expense associated with performance-based RSUs.

As of June 30, 2026 and December 31, 2025, the remaining unamortized stock-based compensation expense totaled $ 1.8 million and $ 2.8 million, respectively, and as of June 30, 2026, these awards are expected to be recognized over a remaining weighted average period of 1.3 years.

For the three months ended September 30, 2026 and 2025, the Company recognized $ 0.4 million and $ 0.6 million, respectively, in stock-based compensation expense associated with performance-based RSUs.

For the nine months ended September 30, 2026 and 2025, the Company recognized $ 1.4 million and $ 1.6 million, respectively, in stock-based compensation expense associated with performance-based RSUs.

As of September 30, 2026 and December 31, 2025, the remaining unamortized stock-based compensation expense totaled $ 1.3 million and $ 2.8 million, respectively, and as of September 30, 2026, these awards are expected to be recognized over a remaining weighted average period of 1.1 years.

On February 11, 2026, the Company entered into the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership to, among other things, designate and set forth the terms of a new class of units of limited partnership interest in the Operating Partnership (the “LTIP Units”), including Basic LTIP Units, which have service-based vesting conditions (“Basic LTIP Units”), and Performance LTIP Units, which have performance-based vesting conditions (“Performance LTIP Units”).

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The awards vest in equal annual installments over three years on each anniversary of the grant date, subject to continued service to the Company and certain exceptions.

For the three and six months ended June 30, 2026, the Company recognized $ 0.2 million and $ 0.3 million, respectively, in stock-based compensation expense associated with Basic LTIP Units.

As of June 30, 2026, the remaining unamortized stock-based compensation expense totaled $ 2.2 million, and as of June 30, 2026, these awards are expected to be recognized over a remaining weighted average period of 2.6 years.

For the three and nine months ended September 30, 2026, the Company recognized $ 0.3 million and $ 0.6 million, respectively, in stock-based compensation expense associated with Basic LTIP Units.

As of September 30, 2026, the remaining unamortized stock-based compensation expense totaled $ 1.9 million, and as of September 30, 2026, these awards are expected to be recognized over a remaining weighted average period of 2.4 years.

Stock-based compensation expense is recognized on a straight-line basis over the total requisite service period for the entire award.

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The fair value per share on the grant date specific to the target TSR relative to the Company’s peers was $ 21.34 .

For the three and six months ended June 30, 2026, the Company recognized $ 0.2 million and $ 0.3 million, respectively, in stock-based compensation expense associated with Performance LTIP Units.

For the three and nine months ended September 30, 2026, the Company recognized $ 0.2 million and $ 0.5 million, respectively, in stock-based compensation expense associated with Performance LTIP Units.

Stock-based compensation expense associated with unvested Performance LTIP Units is recognized on a straight-line basis over the minimum required service period of three years .

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The Program is deemed to be a liability-classified award (accounted for as an equity-classified award as the service date precedes the grant date and the award would otherwise be classified as equity on grant date), which will be fair-valued and accrued over the applicable service period.

The total estimated fair value of the elections made for 2026 under the Program was approximately $ 0.9 million as of June 30, 2026.

The total estimated fair value of the elections made for 2026 under the Program was approximately $ 1.1 million as of September 30, 2026.

The award will be remeasured to fair value each reporting period until the unvested RSUs are granted.

For each of the three and six months ended June 30, 2026 and 2025, the Company recognized approximately $ 0.1 million of stock-based compensation expense associated with these awards.

For each of the three months ended September 30, 2026 and 2025, the Company recognized approximately $ 0.1 million of stock-based compensation expense associated with these awards.

For each of the nine months ended September 30, 2026 and 2025, the Company recognized approximately $ 0.2 million of stock-based compensation expense associated with these awards.

Previous awards under the Program that have been granted are included within service-based RSUs above.

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The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per common share (in thousands, except share data and per share data):

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

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Net income available to common stockholders per common share, diluted $ 0.08 $ 0.01 $ 0.20 $ 0.07

The three months ended June 30, 2026 exclude the impact of 5,800 unsettled shares under open forward equity contracts, and the three months ended June 30, 2025 exclude the impact of 111,161 unvested RSUs and 751,523 unsettled shares under open forward equity contracts, as such conversion would be antidilutive.

The six months ended June 30, 2026 exclude the impact of 62,803 unvested RSUs and LTIP Units and 7,999 unsettled shares under open forward equity contracts, and the six months ended June 30, 2025 exclude the impact of 264,106 unvested RSUs and 1,319,159 unsettled shares under open forward equity contracts, as such conversion would be antidilutive.

As of June 30, 2026 and December 31, 2025, there were 445,539 and 412,143 OP Units outstanding, respectively.

The three months ended September 30, 2026 exclude the impact of 36,217 unsettled shares under open forward equity contracts, and the three months ended September 30, 2025 exclude the impact of 75,160 unvested RSUs and 678 unsettled shares under open forward equity contracts, as such conversion would be antidilutive.

The nine months ended September 30, 2026 exclude the impact of 41,868 unvested RSUs and LTIP Units and 17,405 unsettled shares under open forward equity contracts, and the nine months ended September 30, 2025 exclude the impact of 201,124 unvested RSUs and 879,665 unsettled shares under open forward equity contracts, as such conversion would be antidilutive.

As of September 30, 2026 and December 31, 2025, there were 346,817 and 412,143 OP Units outstanding, respectively.

Note 13 – Commitments and Contingencies

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These commitments are generally subject to the Company’s customary due diligence process and, accordingly, a number of specific conditions must be met before the Company is obligated to purchase or extend funding.

As of June 30, 2026, the Company had commitments to fund property developments, extend funds under mortgage loans receivable, and fund tenant improvement allowances totaling $ 25.1 million, $ 11.3 million, and $ 7.9 million, respectively.

Commitments to fund property developments are expected to occur over the next nine months , while commitments to fund mortgage loans receivable and tenant improvement allowances are expected to occur over the next 18 months.

As of September 30, 2026, the Company had commitments to fund property developments, extend funds under mortgage loans receivable, and fund tenant improvement allowances totaling $ 24.3 million, $ 12.5 million, and $ 15.0 million, respectively.

Commitments to fund property developments are expected to occur over the next six months , commitments to fund mortgage loans receivable are expected to occur over the next 18 months, and commitments to fund tenant improvement allowances are expected to occur over the next 12 months.

In August 2021, the Company entered into a lease agreement related to its corporate office space, which is classified as an operating lease.

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Annual rent expense, excluding operating expenses, is approximately $ 0.5 million during the initial term.

As of June 30, 2026, the Company did not have any other material commitments for re-leasing costs, recurring capital expenditures, non-recurring building improvements, or similar types of costs.

As of September 30, 2026, the Company did not have any other material commitments for re-leasing costs, recurring capital expenditures, non-recurring building improvements, or similar types of costs.

Note 14 – Subsequent Events

The Company has evaluated all events that occurred subsequent to June 30, 2026 through the date on which these condensed consolidated financial statements were issued to determine whether any of these events required disclosure in the financial statements.

The Company has evaluated all events that occurred subsequent to September 30, 2026 through the date on which these condensed consolidated financial statements were issued to determine whether any of these events required disclosure in the financial statements.

Common Stock Dividend

On July 16, 2026, the Company’s Board of Directors declared a cash dividend of $ 0.225 per share for the third quarter of 2026.

The dividend will be paid on September 15, 2026 to stockholders of record on September 1, 2026.

Revolver Activity

In July 2026, the Company borrowed $ 69.0 million, net of repayments, under the Revolver.

Forward Equity Sales

In July 2026, the Company entered into forward sale agreements with respect to an aggregate 210,670 shares of its common stock under the 2026 ATM Program at a weighted-average price of $ 21.49 per share.

The Company may physically settle the forward sale agreements (by delivery of shares of common stock) and receive proceeds from the sale of those shares on one or more forward settlement dates, which shall occur no later than July 2027, unless the parties mutually agree to extend such dates.

On October 15, 2026, the Company’s Board of Directors declared a cash dividend of $ 0.225 per share for the fourth quarter of 2026.

The dividend will be paid on December 15, 2026 to stockholders of record on December 1, 2026.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements