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Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
The following table details the mortgage notes, credit facilities, and other borrowings of the Company:
Principal Balance Outstanding
Indebtedness
Weighted Average
Interest Rate (1)(2)
Weighted Average
Maturity Date
Maximum Facility SizeDecember 31, 2025December 31, 2024
Mortgage notes & credit facilities:
Unsecured term loan credit facility
S + 1.35%
6/12/2030$1,250,000 $1,250,000 $1,165,500 
Unsecured revolving credit facility
S + 1.40%
6/12/2029$2,610,000 414,000 246,950 
Fixed rate mortgages
4.99%8/25/2029N/A106,447 99,098 
Variable rate mortgages
S + 1.88%
3/2/2029N/A106,462 129,824 
Deferred financing costs, net(43,912)(13,624)
Total mortgage notes & credit facility, net:
$1,832,997 $1,627,748 
Unsecured senior notes
Unsecured senior notes
6.35%2/2/2030N/A$130,000 $130,000 
Deferred financing costs, net
(3,504)(3,655)
Unsecured senior notes, net
$126,496 $126,345 
Other borrowings
Secured financings of investments in real estate debt
S + 1.67%
6/20/2027$1,750,000 $757,069 $— 
Deferred financing costs, net
(3,122)— 
Other borrowings, net
$753,947 $— 
__________________
(1)The term “S” refers to the relevant floating benchmark rates, which include daily secured overnight financing rate (“SOFR”), 30-day SOFR, one-month euro interbank offered rate (“EURIBOR”), daily Canadian overnight repo rate average (“CORRA”), and one-month SONIA as applicable to each loan. As of December 31, 2025, we have outstanding interest rate swaps that mitigate our exposure to potential future interest rate increases under our floating-rate debt. See further discussion of outstanding interest rate swaps below.
(2)The Company’s mortgage and notes payable contain yield or spread maintenance provisions.

Mortgage Notes and Credit Facilities
On June 12, 2025, the Company entered into an amended and restated credit agreement, which amends and restates the credit agreement dated August 11, 2022. The amended and restated credit agreement provides for, among other things, (a) an upsize of the senior unsecured term loan facility from $1,165,500 to $1,250,000, (b) an upsize of the aggregate principal amount of the senior unsecured revolving credit facility from $724,500 to $2,485,000, (c) an upsize of the accordion feature, subject to the satisfaction of various conditions, which could bring total commitments from up to $3,200,000 to up to $5,000,000, (d) an extension of the revolving credit scheduled maturity date from August 2026 to June 2029, (e) an extension of the initial term loan scheduled maturity date from August 2027 to June 2030, and (f) the amendment of certain financial and other covenants. On July 23, 2025, the agreement was further amended to increase the aggregate principal amount of the senior unsecured revolving credit facility from $2,485,000 to $2,610,000.
The unsecured term loan credit facility bears interest at a base rate plus a margin ranging from 0.25% to 1.85%. The base rate is the greatest of (a) Keybank N.A.’s announced prime rate, (b) 0.5% above the federal funds effective rate, (c) SOFR plus 1.0%, and (d) 1.0%. The weighted average interest rate for the unsecured term loan credit facility for the year ended December 31, 2025 was 5.59% (unhedged) and 5.01% (hedged).
The unsecured revolving credit facility consists of USD (“USD Revolver”) and Alternative (“Alternative Revolver”) denominated currencies, and bears interest at a base rate plus a margin ranging from 0.30% to 1.90%. The base rate is the greatest of (a) Keybank N.A.’s announced prime rate, (b) 0.5% above the federal funds effective rate, (c) SOFR plus 1.0%, and (d) 1.0%. The adjusted floating rate for the USD Revolver is SOFR, while the Alternative Revolver is EURIBOR for Euro borrowings, and CORRA plus 0.30% for Canadian Dollar borrowings. The weighted average interest rate for the unsecured revolving credit facility for the year ended December 31, 2025 was 5.63% (unhedged) and 4.69% (hedged).
During the year ended December 31, 2025, the Company earned an additional $682 of income as a result of over hedging on our interest rate swaps. We believe the interest rate swaps are still highly effective.
The following table details the Company’s interest rate swaps as of December 31, 2025:
Notional BalanceFixed Rate
Mortgage notes & credit facilities:
Unsecured term loan credit facility
$700,0003.65 %
$250,0003.42 %
$145,5004.23 %
$100,0003.67 %
$54,5003.40 %
Unsecured revolving credit facility
$100,0003.25 %
$45,5003.40 %
Variable rate mortgages
$47,6663.74 %
During the year ended December 31, 2025, the Company entered into a variable rate mortgage note of $57,750 secured by a property contributed to a DST as part of our DST Program. The interest on the mortgage and any amounts received or owed under the interest rate swap are borne by such DST and are not consolidated in the Company’s Condensed Consolidated Financial Statements. Additionally, the Company contributed a variable rate mortgage note of $84,500 for interest in a joint venture. Refer to Note 3 - Acquisitions and Dispositions for additional information.
Unsecured Senior Notes
On August 28, 2024, NLT OP entered into a Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance of $29,000 of 6.24% Senior Notes Series A, due August 28, 2028, $38,500 of 6.32% Senior Notes, Series B, due August 28, 2029, $39,500 of 6.40% Senior Notes, Series C, due August 28, 2030 and $23,000 of 6.43% Senior Notes, Series D, due August 28, 2031 (collectively, the “Notes”), to accredited investors in a private placement. Interest on the Notes is due semi-annually on the 28th day of February and August of each year, beginning on February 28, 2025. Proceeds from the issuance of the Notes were used to pay down existing indebtedness of the Company and for other general purposes. On October 16, 2025, NLT OP entered into an amendment to the Note Purchase Agreement, providing for, among other things, the amendment of certain financial and other covenants to align with the amended and restated credit agreement.
Secured Financings of Investments in Real Estate Debt
During the year ended December 31, 2025, the Company entered into financing agreements secured by certain of its CMBS investments and commercial real estate loans. The terms of the CMBS master repurchase agreements provide the lenders the ability to determine the size and terms of the financing provided based upon the particular collateral pledged by the Company, and may require the Company to provide additional collateral in the form of cash or securities if the market value of such financed investment declines. The CMBS master repurchase agreements have no set maturity date, with each borrowing having initial terms of one to three months. The Company has the option to continuously extend the maturity of outstanding balances for additional one to three month terms upon each interim maturity date. The financing arrangements secured by the Company’s commercial real estate loans have a maturity date which is the earlier of (a) the weighted average maturity date of March 26, 2028 or (b) the maturity date of the underlying secured commercial real estate loans. Certain arrangements have a one year extension option.
As of December 31, 2025, the Company’s total secured financings of investments in real estate debt outstanding was $757,069, secured by $497,710 of its CMBS investments and $631,980 of its commercial real estate loans. These financings have a weighted average maturity date of June 20, 2027, and a weighted average interest rate of SOFR + 1.67%. As of December 31, 2024, the Company did not have any secured financings of investments in real estate debt outstanding. The Company’s secured financings of investments in real estate debt are included within Other Borrowings within the Condensed Consolidated Balance Sheets.
Financial Covenants
The Company is subject to various financial and operational covenants under certain of its mortgage notes, term loan credit facilities, revolving credit facility and unsecured senior notes agreements. These covenants require the Company to maintain certain financial ratios, which include leverage, debt service coverage, and tangible net worth thresholds, among others. As of December 31, 2025, the Company believes it was in compliance with all of its loan covenants that could result in a default under such agreements.
The following table details the future principal payments due under the Company’s outstanding third-party borrowings as of December 31, 2025:
YearAmount
2026$274,446 
2027368,183 
202877,712 
2029673,388 
203097,250 
Thereafter1,273,000 
Total$2,763,978