NNN REIT (NYSE: NNN) EVP and CIO granted new stock awards

Rhea-AI Filing Summary

NNN REIT EVP and CIO Joshua Phillip Lewis reported stock awards. On February 17, 2026, he acquired 4,648 shares of common stock at $44.34 per share through a grant, increasing his direct holdings related to that award to 60,298 shares. He also received a separate grant of 21,692 shares at $44.34 per share, bringing his direct holdings tied to that award to 81,990 shares.

The first grant will vest 25% each year from 2027 through 2030, and he has voting and dividend rights on all those shares, including unvested shares. The second grant will vest on January 1, 2029 based on specified total shareholder return goals, and he will not receive dividends on those shares until they vest.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Lewis Joshua Phillip

(Last) (First) (Middle)

450 S. ORANGE AVE

SUITE 900

(Street)

ORLANDO FL 32801

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NNN REIT, INC. [ NNN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, CIO

3. Date of Earliest Transaction (Month/Day/Year)
02/17/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/17/2026	02/17/2026	A		4,648(1)	A	$44.34	60,298	D
Common Stock	02/17/2026	02/17/2026	A		21,692(2)	A	$44.34	81,990	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The shares will vest 25% annually beginning 2027 through 2030. The Reporting Person has voting and dividend rights on all of these shares, including unvested shares.

2. Shares will vest on January 1, 2029 based upon achieving certain total shareholder returns. The Reporting Person has no dividend rights on these shares until the shares have vested.

	/s/ Joshua Phillip Lewis	02/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did NNN REIT (NNN) report for Joshua Phillip Lewis?

NNN REIT reported two stock grants to EVP and CIO Joshua Phillip Lewis. He acquired 4,648 shares and 21,692 shares of common stock at $44.34 per share, both recorded as awards rather than open-market purchases, increasing his directly held share balances associated with each grant.

Are the recent NNN REIT (NNN) stock awards to Joshua Phillip Lewis time-vested or performance-based?

The company granted both time-vested and performance-based stock. One 4,648-share grant vests 25% annually from 2027 to 2030, while a 21,692-share grant vests on January 1, 2029, contingent on achieving specified total shareholder returns over the performance period.

Does Joshua Phillip Lewis receive dividends on his new NNN REIT (NNN) stock awards?

Dividend rights differ between the two grants. For the time-vested 4,648-share award, he has voting and dividend rights immediately, even on unvested shares. For the 21,692-share performance-based award, he has no dividend rights until those shares vest in 2029.

What role does Joshua Phillip Lewis hold at NNN REIT (NNN) in this Form 4 filing?

Joshua Phillip Lewis is identified as an officer of NNN REIT, serving as Executive Vice President and Chief Investment Officer. The Form 4 reports equity compensation awards in the form of company common stock granted to him under his role, not open-market trading activity.

How many NNN REIT (NNN) shares are covered by Joshua Phillip Lewis’s new performance-based award?

The performance-based component covers 21,692 shares of NNN REIT common stock. These shares are scheduled to vest on January 1, 2029, provided that certain total shareholder return targets are achieved, and they carry no dividend rights before vesting is satisfied.