Victory Capital files 13G/A: 8.35M NNN shares (4.39%) — NNN

Rhea-AI Filing Summary

NNN REIT, Inc. ownership update: Victory Capital Management, Inc. reports beneficial ownership of 8,351,366 shares of Common Stock, representing 4.39% of the class.

The filing shows sole voting power of 8,200,466 shares and sole dispositive power of 8,351,366 shares. The filer certifies the position is held in the ordinary course of business and not for control purposes. Signature date: 05/12/2026.

Insights

Institutional Ownership Analyst

Large passive holding disclosed by an institutional investor.

Victory Capital Management discloses beneficial ownership of 8,351,366 shares (4.39%), with sole dispositive power over the full amount and sole voting power over 8,200,466 shares. The filing is an amended Schedule 13G, signaling passive intent.

Implications are procedural: the position is documented for transparency and Section 13 reporting. The filing states the shares are held in the ordinary course of business and not to influence control; subsequent filings would show any change to that stance.

Key Figures

Beneficial ownership: 8,351,366 shares Percent of class: 4.39% Sole voting power: 8,200,466 shares +2 more

5 metrics

Beneficial ownership 8,351,366 shares amount beneficially owned reported in Item 4(a)

Percent of class 4.39% percent of class reported in Item 4(b)

Sole voting power 8,200,466 shares Item 4(c)(i) sole power to vote or to direct the vote

Sole dispositive power 8,351,366 shares Item 4(c)(iii) sole power to dispose or direct disposition

Signature date 05/12/2026 date below signature block

Key Terms

Schedule 13G/A, Beneficial ownership, Sole dispositive power

3 terms

Schedule 13G/A regulatory

"Amendment No. 1 and form type heading"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Beneficial ownership regulatory

"Item 4(a) Amount beneficially owned: 8,351,366.00"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Sole dispositive power regulatory

"Item 4(c)(iii) Sole power to dispose or to direct the disposition of: 8,351,366.00"

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.

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

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Accepted by SEC EDGAR 05/12/2026 - 09:45 AM Learn about SEC filing dates

FAQ

What stake does Victory Capital hold in NNN REIT (NNN)?

Victory Capital reports beneficial ownership of 8,351,366 shares, equal to 4.39% of the common stock. The filing lists sole dispositive power for all shares and sole voting power for 8,200,466 shares as of the disclosed amendment.

Does this Schedule 13G/A indicate Victory Capital intends to control NNN REIT?

No; the filer certifies the position is held in the ordinary course of business and not for control purposes. The amendment reiterates that the shares were not acquired to change or influence control of the issuer.

Which voting and disposition powers does Victory Capital report?

The filing reports sole voting power for 8,200,466 shares and sole dispositive power for 8,351,366 shares. Shared voting and dispositive powers are reported as 0 in the excerpt.

When was the Schedule 13G/A signed for Victory Capital's NNN position?

The Schedule 13G/A amendment is signed by the Chief Compliance Officer on 05/12/2026. The cover reference lists an issuer CUSIP of 637417106 and an issuer address in Orlando, Florida.

What does filing an amended Schedule 13G (13G/A) mean for investors?

An amended Schedule 13G documents changes in beneficial ownership by an institutional investor. It updates ownership counts, voting/dispositive power, and certifications; it does not by itself indicate a change in strategy or control intent.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

NNN REIT, INC.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

637417106

(CUSIP Number)

03/31/2026

(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): 637417106

1

Names of Reporting Persons

Victory Capital Management, Inc.

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

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 8,200,466.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 8,351,366.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,351,366.00

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)

4.39 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: NNN REIT, INC.
(b)	Address of issuer's principal executive offices: 450 S Orange Ave Suite 900 Orlando, FL 32801
Item 2.
(a)	Name of person filing: Victory Capital Management, Inc.
(b)	Address or principal business office or, if none, residence: 15935 La Cantera Pkwy San Antonio, TX 78256
(c)	Citizenship: New York
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 637417106
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: 8,351,366.00
(b)	Percent of class: 4.39 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 8,200,466.00
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 8,351,366.00
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
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. 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. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Victory Capital Management, Inc. is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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.

Victory Capital Management, Inc.

Signature:	Sean Fox
Name/Title:	Chief Compliance Officer
Date:	05/12/2026