Note 8. Debt

Mortgage Notes Payable

Certain consolidated special purpose entity subsidiaries of the Company have financed their real estate properties with traditional first-mortgage debt secured by the underlying properties. These borrowings are structured as non-recourse obligations. The Company was in compliance with all debt covenants associated with its mortgage notes payable as of September 30, 2026 and December 31, 2025.

During 2025, the Company implemented its ABS Program, pursuant to which certain consolidated special purpose entities issue multiple series of non-recourse net lease mortgage notes from time to time. These notes are collateralized by the assets and related leases (the “collateral”) owned by such entities. A principal feature of the program is that, as additional series of notes are issued, new collateral is contributed to the collateral pool, thereby increasing the size and diversification of the pool for the benefit of all noteholders, including noteholders in prior series. The program also permits substitution of collateral, subject to satisfaction of prescribed conditions and eligibility criteria. Notes issued under the ABS Program are generally offered in Class A amortizing notes, Class B amortizing notes, and Class C non-amortizing notes, each with distinct credit profiles and payment priorities.

The Class A and Class B notes require monthly principal and interest payments with a balloon payment due at maturity and these notes may be prepaid, subject to a yield maintenance prepayment premium if prepaid more than 12 months prior to maturity. The Class C notes require monthly interest payments with a balloon payment due at maturity and these notes may be prepaid, subject to a yield maintenance prepayment premium if prepaid more than 12 months prior to maturity. As of September 30, 2026, the aggregate collateral pool securing the net‑lease mortgage notes was comprised primarily of single-tenant commercial real estate properties with an aggregate investment amount of approximately $1,410,641, of which $925,340 related to properties contributed by New Mountain Net Lease Partners II, L.P., a Delaware limited partnership and private fund advised by New Mountain (“NMNL II”), with the remainder

attributable to properties contributed by the Company. The Company was in compliance with debt covenants associated with ABS Program as of September 30, 2026.

The ABS Program is cross-collateralized by properties contributed by each of NMNL II and the Company. Notwithstanding the cross-collateralization, each of the Company and NMNL II retains independent ownership of the assets it contributes to the ABS Program. In addition, the Company has provided a limited guarantee under the ABS Program, the recourse of which is limited to the assets held in the ABS Program collateral pool, as described in the definitive agreements.

In connection with the ABS Program, the Company and NMNL II entered into an intercreditor agreement designed to allocate liabilities associated with the program pro rata based on the assets each party finances and provides for indemnification between each of NMNL II and the Company with respect to any liabilities arising from assets contributed by such party. As of September 30, 2026, the ABS Program had an outstanding principal balance of $934,492, of which $645,444 related to properties contributed by NMNL II, with the remainder attributable to properties contributed by the Company, as detailed below.

Affiliated Line of Credit

On January 2, 2025, the Operating Partnership entered into an uncommitted revolving loan agreement with NM Partners Manager Holdings, L.P., a Delaware limited partnership and affiliate of the Adviser, providing for a discretionary and uncommitted credit facility in a maximum aggregate principal amount of $50,000 (the “Line of Credit”). The Line of Credit has a maturity date of December 31, 2027. Borrowings under the Line of Credit will bear interest at a rate equal to Daily Secured Overnight Financing Rate ("SOFR") plus 2.35%. The Line of Credit contains customary events of default. As is customary in such financings, if an event of default occurs under the Line of Credit, the lender may accelerate the repayment of amounts outstanding under the Line of Credit and exercise other remedies subject, in certain instances, to the expiration of an applicable cure period. As of September 30, 2026 and December 31, 2025, there were no amounts outstanding under the Line of Credit.

On March 26, 2025, NEWLEASE entered into a committed revolving loan agreement with NM Partners Manager Holdings, L.P., a Delaware limited partnership and affiliate of the Adviser, providing for a committed credit facility in a maximum aggregate principal amount of $95,000 (the “Committed Line of Credit”). The Committed Line of Credit had an effective date of May 2, 2025, and a maturity

date of the earlier of (a) June 30, 2026 and (b) the refinancing by a third party of the existing City National Bank facility that matures in July 2025. Borrowings under the Committed Line of Credit bore interest at a rate equal to Daily SOFR plus 2.35%. The Committed Line of Credit contained customary events of default. With signing of the City National Bank facility refinancing, the Committed Line of Credit with NM Partners Manager Holdings, L.P. of $95,000 matured on July 25, 2025.

Revolving Line of Credit

The Company has a revolving loan with City National Bank (the "City National facility"). The original loan, dated November 22, 2022, was for $86,000. The Company increased its available credit by $2,000 on June 28, 2023. The Company amended the existing City National facility in May 2025 to extend the maturity date. On July 1, 2025, the Company amended the facility to decrease its available credit to $65,000 and extend the maturity date to July 31, 2025. The extension was necessary to provide time to negotiate a longer-term facility. On July 25, 2025, the Company further amended the facility to reduce its available credit to $55,000 and extend the maturity date to July 25, 2028. On July 24, 2026, the Company signed the tenth amendment to the City National facility, which temporarily increased its available credit from $55,000 to $61,500 for a period of 30 days ending August 23, 2026. On September 11, 2026, the Company signed the eleventh amendment to the City National facility, which temporarily increased its available credit from $55,000 to $65,000 for a period of 30 days ending October 11, 2026, after which available credit reverts to $55,000. The maturity date of July 25, 2028 was not changed by either the tenth or eleventh amendment.

Additionally, the Company has two irrevocable standby letters of credit issued by City National Bank. The first, issued on November 19, 2025 in the amount of $850 and increased by $900 to $1,750 on August 5, 2026, provides a liquidity reserve for an asset-backed securitization transaction. The second, dated September 21, 2026, is in the amount of $7,750 and was issued in favor of the master servicer of a commercial mortgage-backed securities trust as credit support for a mortgage loan. The letters of credit are included as part of the total commitment under the City National facility, which was $65,000 as of September 30, 2026, and reduce the available borrowing capacity accordingly. As of September 30, 2026, no amounts have been drawn on either letter of credit.

Aggregation Facility

On August 5, 2025, the Company entered into a loan agreement with NMNL II, as co-borrower, and Goldman Sachs Bank USA, as lender, which provided for an uncommitted revolving aggregation facility with a maximum aggregate principal amount of $300,000 (the “Aggregation Facility”). The Aggregation Facility includes an initial maturity date on August 30, 2026, and two one-year extensions. The Company and NMNL II amended the facility on December 29, 2025, which reduced the interest rate spread from 2.50% to 2.00% and made the guarantee full recourse. On June 16, 2026, the Company and NMNL II further amended the facility to increase the maximum aggregate principal amount to $550,000. In August 2026, the Company and NMNL II exercised the first of the two one-year extension options, extending the maturity date to August 30, 2027. On September 14, 2026, NMNL II was released from the Aggregation Facility and New Mountain Net Lease Partners III, L.P., a Delaware limited partnership and private fund advised by New Mountain ("NMNL III"), became a party to the Aggregation Facility. The Company intends to use the Aggregation Facility to acquire net lease properties.

The Aggregation Facility is cross-collateralized by properties contributed by each of NMNL III and the Company, but each of the Company and NMNL III retains independent ownership of the assets it contributes to the Aggregation Facility. In connection with the Aggregation Facility, the Company and NMNL III entered into an intercreditor agreement that is intended to allocate liabilities relating to the Aggregation Facility in proportion to the assets each party finances using the Aggregation Facility, and provides for indemnification between each of NMNL III and the Company with respect to any liabilities arising from assets contributed by such party. As of September 30, 2026, the Aggregation Facility had an outstanding principal amount of $207,750, of which $64,973 related to properties contributed by NMNL III and $142,777 related to properties contributed by the Company, as set forth below.

Scheduled Principal Payments