Note 10 – Fair Value of Financial Instruments:

Line of Credit Payable. NNN believes the carrying value of its Credit Facility approximates fair value based upon its nature, terms and variable interest rate.

Term Loan Payable. NNN believes the carrying value of its Term Loan would approximate fair value based upon its nature, terms and variable interest rate. There was no outstanding balance on the Term Loan at December 31, 2025.

Notes Payable. At December 31, 2025 and 2024, the fair value of NNN's notes payable excluding unamortized discount and debt costs, were $4,124,161,000 and $3,894,030,000, respectively, based upon quoted market prices as of the close of the year, which is a Level 1 valuation since NNN's notes payable are publicly traded.

Derivative Financial Instruments. At December 31, 2025, the aggregate carrying value of NNN's outstanding derivative financial instruments was $357,000 (see "Note 8 – Derivatives") based on a Level 2 valuation to approximate fair value using widely accepted valuation techniques with observable market inputs. The valuation represents the theoretical net cost to cash settle the transaction as of December 31, 2025, including a credit valuation adjustment ("CVA") as required by ASC 820 to reflect counterparty credit risk and any credit enhancements. NNN determined the CVA's overall impact to the derivative valuation was insignificant and classified its derivative financial instrument as Level 2 within the fair value reporting hierarchy.