Shareholders’ Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Shareholders’ Equity

Shareholders’ Equity

ATM Programs

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 may 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 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.

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 may sell shares of its common stock in registered transactions. Effective August 12, 2024, in connection with the establishment of the new at-the-market offering program, the 2023 ATM Program was terminated. As a result of the termination, the Company will not offer or sell any additional shares of common stock under the 2023 ATM Program. As context requires, the 2024 ATM Program and the 2023 ATM Program are referred to herein as the “ATM Programs.”

During 2024, the Company entered into forward sale agreements with respect to an aggregate 152,547 shares of its common stock under the 2024 ATM Program at a weighted-average price of $17.13 per share. As of December 31, 2025, the Company had fully settled the forward sale agreements.

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.

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

					As of December 31, 2025
Program Name	Date Established	Date Terminated	Maximum Sales Authorization		Value of Gross Proceeds Settled(1)		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	$	—
2024 ATM Program (4)	August 2024	—	$	300,000	$	52,446	$	123,229	$	124,325

(1) Represents gross proceeds received from shares of common stock issued by the Company under the ATM Programs, including settlements of forward sale agreements.

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

(3) As of December 31, 2025, 1,743,100 shares remain unsettled under the forward sale agreements at a weighted-average available net settlement price of $17.25.

(4) As of December 31, 2025, 6,770,787 shares remain unsettled under the forward sale agreements at a weighted-average available net settlement price of $17.94.

The following table details information related to activity under the ATM Programs for each period presented (in thousands, except share and per share data):

	Year Ended December 31,
	2025 (1)		2024 (2)		2023 (3)
Shares of common stock issued	3,185,262		5,983,711		7,662,341
Weighted-average price per share	$	16.47	$	16.50	$	17.22
Gross proceeds	$	52,446	$	98,731	$	131,911
Sales commissions and offering costs	$	884	$	1,070	$	1,638
Net proceeds (4)	$	51,562	$	97,661	$	130,274

(1) Includes 2,450,246 shares of common stock that were physically settled at a weighted-average price of $16.47 per share under forward sale agreements.

(2) Includes 5,983,711 shares of common stock that were physically settled at a weighted-average price of $16.50 per share under forward sale agreements.

(3) Includes 1,516,289 shares of common stock that were physically settled at a weighted-average price of $16.49 per share under forward sale agreements.

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

July 2025 Follow-On Offering

In July 2025, the Company completed a registered public offering of 12,420,000 shares of its common stock at a public offering price of $17.70 per share, including the full exercise of the underwriters’ option to purchase additional shares. In connection with the offering, the Company entered into forward sale agreements for 12,420,000 shares of its common stock. The Company did not initially receive any proceeds from the sale of shares of common stock by the forward purchasers.

On December 30, 2025, the Company physically settled 8,155,053 shares of common stock at a weighted-average price of $16.81 per share in accordance with the forward sale agreements. The Company received net proceeds from the settlement of $137.0 million, net of underwriting discounts and offering costs of $7.6 million.

As of December 31, 2025, 4,264,947 shares remain unsettled under the July 2025 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 July 28, 2026.

January 2024 Follow-On Offering

In January 2024, the Company completed a registered public offering of 11,040,000 shares of its common stock at a public offering price of $18.00 per share. In connection with the offering, the Company entered into forward sale agreements for 11,040,000 shares of its common stock. The Company did not initially receive any proceeds from the sale of shares of common stock by the forward purchasers. On September 26, 2024, the Company physically settled 2,200,000 shares of common stock at a price of $17.22 per share in accordance with the forward sale agreements. The Company received net proceeds from the settlement of $37.8 million, net of underwriting discounts and offering costs of $1.8 million.

As of December 31, 2025, 8,840,000 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.

The following table presents information about the Company’s follow-on offerings (in thousands, except share data):

			As of December 31, 2025
Follow-On Offering	Shares Sold	Shares Settled	Shares Unsettled	Value of Gross Proceeds of Unsettled Forward Equity
January 2024	11,040,000	2,200,000	8,840,000	$	159,120
July 2025	12,420,000	8,155,053	4,264,947	$	75,490

Surrendered Shares on Vested Stock Unit Awards

During the years presented, 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 years ended December 31, 2025, 2024, and 2023, as permitted by the terms of the Omnibus Incentive Plan and the award grants, certain executive officers and employees elected to surrender approximately 50 thousand, 90 thousand, and 37 thousand RSUs, respectively, valued at approximately $0.8 million, $1.5 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 consolidated statements of cash flows and consolidated statements of changes in equity.

Dividends

During the year ended December 31, 2025, the Company declared and paid the following common stock dividends (in thousands, except per share data):

Year Ended December 31, 2025
Declaration Date	Dividend Per Share		Record Date	Total Amount		Payment Date
February 21, 2025	$	0.210	March 14, 2025	$	17,157	March 31, 2025
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
October 24, 2025	0.215		December 1, 2025	17,967		December 15, 2025
	$	0.850		$	70,230

During the year ended December 31, 2024, the Company declared and paid the following common stock dividends (in thousands, except per share data):

Year Ended December 31, 2024
Declaration Date	Dividend Per Share		Record Date	Total Amount		Payment Date
February 13, 2024	$	0.205	March 15, 2024	$	15,031	March 28, 2024
April 23, 2024	0.205		June 3, 2024	15,042		June 14, 2024
July 23, 2024	0.210		September 3, 2024	16,251		September 13, 2024
October 18, 2024	0.210		December 2, 2024	17,133		December 13, 2024
	$	0.830		$	63,457

The holders of OP Units are entitled to receive an equal distribution for each OP Unit held as of each record date. Accordingly, during both of the years ended December 31, 2025 and 2024, the Operating Partnership paid distributions of $0.4 million to holders of OP Units.

For federal income tax purposes, distributions to stockholders are characterized as ordinary income dividends, capital gain distributions, or non-dividend distributions. Non-dividend distributions will reduce U.S. stockholders’ basis (but not below zero) in their shares. The following table shows the character of the Company’s common stock distributions paid per share:

	Year Ended December 31,
	2025		2024		2023
Ordinary income dividends	$	0.7342	$	0.7680	$	0.7488
Non-dividend distributions	0.1158		0.0620		0.0502
Capital gain distributions	0.0000		0.0000		0.0110
Total	$	0.8500	$	0.8300	$	0.8100

Noncontrolling Interests

Noncontrolling interests represent noncontrolling holders of OP Units in the Operating Partnership. 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. As of December 31, 2025 and 2024, noncontrolling interests represented 0.4% and 0.5%, respectively, of OP Units. During the years ended December 31, 2025 and 2024, OP Unit holders redeemed 12,813 and 54,342 OP Units, respectively, for shares of common stock on a one-for-one basis.