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NewLake Capital Partners President and CEO Anthony Coniglio reported routine equity compensation activity tied to restricted stock units (RSUs). On March 10, 2026, shares of common stock vested and 1,821 shares were withheld at $16.00 per share to cover tax obligations, leaving him with 601,254 common shares held directly.
Related Dividend Equivalent Rights covering 1,384 underlying common shares were granted on March 10, 2026 and then disposed of to the issuer when those dividend equivalents were settled in cash under the 2021 Equity Incentive Plan. No Dividend Equivalent Rights remain outstanding after these transactions.
NewLake Capital Partners, Inc. files its annual report as an internally managed cannabis-focused REIT that provides real estate capital to state-licensed operators through sale-leaseback and build-to-suit transactions.
As of December 31, 2025, NewLake owned 34 single-tenant, triple-net properties across 12 states, including 15 cultivation facilities and 19 dispensaries, totaling 1,697,206 rentable square feet and generating $49,739,954 in rental income for the year.
The company’s revenue base is concentrated in 11 tenants, with the largest representing 25.8% of annualized rental revenue, and it discloses 2025 lease payment defaults by two tenants that led to three vacant properties and higher re-leasing risk.
Management highlights extensive regulatory uncertainty because cannabis remains illegal under federal law, limited access to banking and capital markets, environmental and agricultural regulation exposures, real estate development and impairment risk, and the need to maintain REIT qualification while keeping aggregate borrowings at or below 50% of the cost of tangible assets under its investment guidelines.
NewLake also notes federal-level developments around potential cannabis rescheduling, banking legislation, and hemp-derived products, emphasizing that outcomes are uncertain, and reports a small corporate structure with seven employees, comprehensive employee benefits, and a market value of common stock held by non-affiliates of approximately $233,959,142 as of June 30, 2025.
NewLake Capital Partners reported steady fourth quarter and full‑year 2025 results while maintaining a very conservative balance sheet. Q4 2025 revenue was $12.3 million, down 1.4% from the prior year quarter, as vacancies at three properties modestly reduced rental income and pushed Adjusted Funds From Operations (AFFO) down 3.0%.
For full year 2025, revenue grew to $51.1 million, up 1.9%, with AFFO of $43.8 million or $2.09 per diluted share, slightly above 2024. The company declared total 2025 dividends of $1.72 per share, an 82% AFFO payout ratio, and kept the quarterly dividend at $0.43 per share for first quarter 2026.
NewLake highlighted a strong balance sheet, with $23.9 million of cash, $7.6 million drawn on its Revolving Credit Facility, total liquidity of $106.3 million, and no debt maturities until May 2027. Gross real estate assets were $432.9 million across 34 properties, and debt represented just 1.6% of total gross assets.
NewLake Capital Partners, Inc. director and President & CEO Anthony Coniglio reported routine equity-related transactions. On March 2, 2026, 1,710 shares of common stock were disposed of at $15.46 per share to cover tax withholding tied to previously granted RSUs, leaving him with 603,075 directly owned shares.
Also on March 2, he acquired 893 dividend equivalent rights relating to those RSUs, which accrued as the company paid dividends. On March 3, 2026, these 893 dividend equivalent rights were disposed of to the issuer and settled in cash based on the $15.46 closing share price. These transactions reflect compensation and tax mechanics rather than open-market buying or selling.
NewLake Capital Partners CFO Lisa Meyer reported a set of compensation-related equity transactions. On March 2, 2026, she received a grant of 343.3 dividend equivalent rights tied to previously granted RSUs, with the rights valued using a $15.46 closing share price. The same 343.3 dividend equivalent rights were then disposed to the issuer on March 3, 2026 in connection with cash settlement under the 2021 Equity Incentive Plan. Also on March 2, 584 shares of common stock were withheld at $15.46 per share to cover taxes due on RSU vesting, leaving her with 14,217 common shares held directly.
NewLake Capital Partners, Inc. CFO, Treasurer and Secretary Lisa Meyer reported routine equity-related transactions. On February 17, 2026, she acquired 159 Dividend Equivalent Rights tied to previously granted RSUs and simultaneously had 565 shares of common stock withheld to cover tax liabilities upon RSU vesting. The Dividend Equivalent Rights, based on a $16.25 closing share price, were then disposed of to the issuer on February 18, 2026 when settled in cash under the 2021 Equity Incentive Plan. Following these transactions, Meyer directly held 14,801 shares of common stock.
NewLake Capital Partners CFO Lisa Meyer reported equity compensation activity tied to performance stock units that vested based on 2023–2025 results. On January 22, 2026, she acquired 5,092 shares of common stock at no cost upon PSU vesting, with 2,465 shares disposed of to cover tax obligations. Dividend equivalent rights that accrued on the PSUs were also reported, with the underlying amount determined using the $15.00 closing share price on January 22, 2026, and corresponding derivative entries recorded.
NewLake Capital Partners President and CEO Anthony Coniglio reported equity-related transactions tied to restricted stock units (RSUs). On February 17, 2026, he was granted 413.4 dividend equivalent rights, which reflect dividends on the RSUs. These rights were later disposed of to the issuer when the underlying RSUs vested and were settled in cash at a reference price of $16.25 per share equivalent. Also on February 17, 1,654 shares of common stock were withheld and disposed to cover tax liabilities on the RSU vesting. After these transactions, Coniglio directly owned 604,785 shares of common stock.
NewLake Capital Partners, Inc.’s President and CEO Anthony Coniglio reported the vesting of performance stock units tied to results from January 2023 through December 2025. The award converted into 23,924 shares of common stock on a one-for-one basis under the 2021 Equity Incentive Plan. To cover taxes on this vesting, 10,771 shares were withheld at a price of $15 per share, leaving Coniglio with 606,439 common shares held directly after the transactions. Related dividend equivalent rights totaling 7,958.7 units accrued on the PSUs and were settled in cash based on the $15 closing price on January 22, 2026.
NewLake Capital Partners (NLCP) reported an insider purchase on a Form 4. The reporting person, who is President & CEO and a Director, bought 500 shares of common stock at $13.07 on 11/07/2025.
After this transaction, the reporting person directly holds 593,286 shares of NewLake Capital Partners’ common stock. The filing indicates direct (D) ownership of the reported holdings.