NET Lease Office: Vanguard Discloses 5.09% Stake

Vanguard Capital Management filed an amended beneficial ownership report for NET Lease Office Properties, disclosing passive ownership of the company’s common stock.

Rhea-AI Filing Summary

Vanguard Capital Management filed an amended beneficial ownership report for NET Lease Office Properties, disclosing passive ownership of the company’s common stock. Vanguard reports beneficial ownership of 754,679 shares, representing 5.09% of the class as of June 30, 2026.

Vanguard has sole voting power over 99,979 shares and sole dispositive power over 754,679 shares, with no shared voting or dispositive power. The position aggregates holdings managed by Vanguard Capital Management LLC and certain affiliated entities and funds, while excluding other Vanguard affiliates whose ownership is disaggregated.

Key Figures

Beneficially owned shares: 754,679 shares Percent of class: 5.09% Sole voting power: 99,979 shares +3 more

6 metrics

Beneficially owned shares 754,679 shares Amount of NET Lease Office Properties common stock beneficially owned by Vanguard Capital Management

Percent of class 5.09% Percentage of NET Lease Office Properties common stock beneficially owned by Vanguard Capital Management

Sole voting power 99,979 shares Shares of NET Lease Office Properties over which Vanguard Capital Management has sole power to vote

Sole dispositive power 754,679 shares Shares of NET Lease Office Properties over which Vanguard Capital Management has sole power to dispose

Amendment number Amendment No. 1 Amendment number to the Schedule 13G reporting this ownership

Ownership date 06/30/2026 Date as of which beneficial ownership information is reported

Key Terms

beneficially owned, sole voting power, sole dispositive power, Schedule 13G, +1 more

5 terms

beneficially owned financial

"this reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole voting power financial

"Sole Voting Power 99,979.00 6 | Shared Voting Power 0.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"Sole Dispositive Power 754,679.00 8 | Shared Dispositive Power 0.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Schedule 13G regulatory

"In accordance with SEC Release No. 34-39538 (January 12, 1998), this reflects"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

percent of class financial

"Percent of class: 5.09 %"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What percentage of NET Lease Office Properties (NLOP) shares does Vanguard Capital Management report owning?

Vanguard Capital Management reports beneficial ownership of 5.09% of the common stock of NET Lease Office Properties, based on 754,679 shares held as of June 30, 2026, according to the Schedule 13G/A amendment.

How many NET Lease Office Properties (NLOP) shares does Vanguard Capital Management beneficially own?

Vanguard Capital Management reports beneficial ownership of 754,679 shares of NET Lease Office Properties common stock. This stake represents 5.09% of the class and includes shares held by certain Vanguard funds and managed accounts.

What voting power does Vanguard Capital Management have over NET Lease Office Properties (NLOP) shares?

Vanguard Capital Management has sole voting power over 99,979 shares of NET Lease Office Properties and no shared voting power. It also reports sole dispositive power over 754,679 shares, with no shared dispositive power.

Which Vanguard entities are included in the NET Lease Office Properties (NLOP) ownership reported on the Schedule 13G/A?

The reported holdings reflect securities beneficially owned by Vanguard Capital Management LLC and affiliates, including Vanguard Asset Management Limited, Vanguard Fiduciary Trust Company, Vanguard Global Advisers, LLC, and Vanguard Investments Australia Ltd, as well as related Vanguard funds and managed accounts.

Does any single Vanguard client own more than 5% of NET Lease Office Properties (NLOP)?

No. The filing states that no one other person's interest in the NET Lease Office Properties securities reported is more than 5%. The 5.09% stake represents aggregated holdings across Vanguard-managed funds and accounts.

What type of filing did Vanguard Capital Management submit for its NET Lease Office Properties (NLOP) position?

Vanguard Capital Management submitted an Amendment No. 1 to Schedule 13G for NET Lease Office Properties common stock, reflecting updated information on its 5.09% beneficial ownership position and related voting and dispositive powers.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/31/2026 - 10:43 AM Accepted by SEC EDGAR 07/31/2026 - 10:43 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

NET Lease Office Properties

(Name of Issuer)

Common Stock

(Title of Class of Securities)

64110Y108

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 64110Y108

1

Names of Reporting Persons

Vanguard Capital Management

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 99,979.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 754,679.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

754,679.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.09 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Capital Management LLC and the following affiliates of Vanguard Capital Management LLC or business divisions of such affiliates: Vanguard Asset Management Limited, Vanguard Fiduciary Trust Company, Vanguard Global Advisers, LLC and Vanguard Investments Australia Ltd. This Schedule 13G includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Capital Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions of such affiliates indicated above exercise dispositive and/or voting power. This Schedule 13G does not include securities, if any, beneficially owned by other subsidiaries or affiliates of Vanguard Capital Management LLC, or business divisions of such subsidiaries, whose ownership of securities is disaggregated from that of the reporting business unit in accordance with such release.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: NET Lease Office Properties
(b)	Address of issuer's principal executive offices: 1 Manhattan West, 395 9th Ave, 58th Floor, New York, NY, 10001
Item 2.
(a)	Name of person filing: Vanguard Capital Management
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 64110Y108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 754679
(b)	Percent of class: 5.09 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 99979
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 754679
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Vanguard Capital Management, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Vanguard Capital Management

Signature:	My Trieu-Gatt
Name/Title:	Authorized Signatory, Head of Global Fund Administration
Date:	07/31/2026