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Debt
 3 Months Ended
Mar. 31, 2026
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 Size
March 31, 2026December 31, 2025
Mortgage notes & credit facilities:
Unsecured term loan credit facility
S + 1.35%
6/12/2030$1,250,000 $1,250,000 $1,250,000 
Unsecured revolving credit facility
S + 1.40%
6/12/2029$2,610,000 180,000 414,000 
Fixed rate mortgages
5.37%11/21/2030N/A143,640 106,447 
Variable rate mortgages
S + 1.90%
3/1/2029N/A111,899 106,462 
Deferred financing costs, net(41,611)(43,912)
Total mortgage notes & credit facilities, net:
$1,643,928 $1,832,997 
Unsecured senior notes
Unsecured senior notes
6.35%2/2/2030N/A$130,000 $130,000 
Deferred financing costs, net
(3,351)(3,504)
Unsecured senior notes, net:
$126,649 $126,496 
Other borrowings
Secured financings of investments in real estate debt
S + 1.68%
7/7/2027$1,750,000 $817,170 $757,069 
Deferred financing costs, net(3,138)(3,122)
Other borrowings, net$814,032 $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 March 31, 2026, 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 three months ended March 31, 2026 was 5.00% (unhedged) and 5.00% (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 three months ended March 31, 2026 was 5.01% (unhedged) and 4.81% (hedged).
During the three months ended March 31, 2025, the Company earned an additional $208 of income as a result of over hedging on its interest rate swaps. The Company did not earn additional income related to over hedging on its interest rate swaps during the three months ended March 31, 2026. We believe the interest rate swaps are still highly effective.
The following table details the Company’s interest rate swaps as of March 31, 2026:
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
$51,8673.73%
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 18, 2028 or (b) the maturity date of the underlying secured commercial real estate loan. Certain arrangements have a one year extension option.
As of March 31, 2026, the Company’s total secured financings of investments in real estate debt outstanding was $817,170, secured by $556,370 of its CMBS investments and $669,465 of its commercial real estate loans. These financings have a weighted average maturity date of July 7, 2027, and a weighted average interest rate of SOFR + 1.68%. 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. 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 and revolving credit facilities, unsecured senior notes agreements and secured financings of investments in real estate debt. 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 March 31, 2026, 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 March 31, 2026:
YearAmount
2026 (remaining)$309,643 
2027393,087 
202883,149 
2029438,030 
20301,347,250 
203123,000 
Thereafter38,550 
Total$2,632,709