v3.25.4
Schedule IV - Mortgage Loans on Real Estate
12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

NNN REIT, INC. AND SUBSIDIARIES

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

December 31, 2025

(dollars in thousands)

 

Description

 

Interest
Rate

 

Maturity
Date

 

Periodic
Payment
Terms

 

Prior
Liens

 

 

Face
Amount of
Mortgages

 

 

Carrying
Amount of
Mortgages
(c)

 

 

Principal
Amount
of Loans Subject
to Delinquent
Principal or
Interest

 

First mortgages on properties:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b)

 

 

 

 

$

 

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

$

 

(a)

$

 

 

(a)
The following shows the changes in the carrying amounts of mortgage loans during the years ended December 31:

 

 

 

2025

 

 

2024

 

 

2023

 

Beginning balance, January 1

 

$

451

 

 

$

996

 

 

$

1,521

 

New mortgage loans

 

 

 

 

 

 

 

 

 

Deductions during the year:

 

 

 

 

 

 

 

 

 

Collections of principal

 

 

(460

)

 

 

(599

)

 

 

(559

)

Other: credit (losses) recoveries(d)

 

 

9

 

 

 

54

 

 

 

34

 

Foreclosures

 

 

 

 

 

 

 

 

 

Ending balance, December 31

 

$

 

 

$

451

 

 

$

996

 

 

(b)
There were no mortgages outstanding at December 31, 2025.
(c)
Mortgages held by NNN and its subsidiaries for federal income tax purposes for the year ended December 31, 2024 and 2023 were $454 and $1,002, respectively.
(d)
In accordance with FASB ASC Topic 326, Financial Instruments - Credit Losses, NNN recorded an allowance for an estimated expected lifetime credit loss on its mortgage receivables based on the fair value of the collateral and a 15-year historical collectability trend analysis.