Victory Capital Holds 9.27M Shares, 4.93% of NNN REIT

Rhea-AI Filing Summary

What this filing says: Victory Capital Management reports owning 9,267,434 shares of NNN REIT common stock, representing 4.93% of the class. The firm states it has sole voting power over 9,096,534 shares and sole dispositive power over 9,267,434 shares. Victory Capital identifies as an investment adviser and certifies these shares are held in the ordinary course of business and not to change or influence control of the company.

Why it matters: This filing documents a measurable institutional stake in NNN but remains under the 5% level that typically indicates a larger strategic or control position. Sole voting and dispositive powers mean Victory Capital can vote these shares and decide on their sale, but the filing affirms no intent to pursue control or coordinated action.

Insights

Financial Analyst

TL;DR: Institutional stake below 5%—shows interest but unlikely to shift ownership control.

Victory Capital's holding of 9,267,434 shares equal to 4.93% signals institutional participation in NNN REIT without crossing common materiality thresholds. The reported sole voting and sole dispositive powers indicate internal control over voting and disposition of the position, which matters for liquidity and potential trading flows. The filer also certifies the position is held in the ordinary course and not intended to influence control, supporting a neutral market-impact view.

Corporate Governance Expert

TL;DR: Governance impact minimal; stake under 5% and filer disclaims intent to influence control.

The Schedule 13G/A classification and the certification that the shares are not held to change control align with passive institutional disclosure practices. While sole voting/dispositive power can give the adviser practical authority over votes and sales, the filing explicitly denies any control-seeking purpose. For board dynamics or takeover scenarios, this disclosure alone does not signal a governance shift or coordinated activist behavior.

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)

06/30/2025

(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)

SCHEDULE 13G

CUSIP No. 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 9,096,534.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 9,267,434.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,267,434.00

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)

4.93 %

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 South Orange Avenue 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: 9,267,434
(b)	Percent of class: 4.93 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 9,096,534
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 9,267,434
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	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.

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:	Barry Garrett
Name/Title:	Chief Compliance Officer
Date:	08/08/2025

FAQ

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

Victory Capital reports owning 9,267,434 shares, representing 4.93% of NNN REIT's common stock.

How much voting and disposal power does Victory Capital have over NNN shares?

The filing shows sole voting power for 9,096,534 shares and sole dispositive power for 9,267,434 shares.

Is this a Schedule 13G or 13D filing for NNN?

This document is a Schedule 13G/A (an amendment), which is used by certain investors who claim a passive position.

Does Victory Capital intend to influence control of NNN?

No. The filing includes a certification that the securities are held in the ordinary course of business and not to change or influence control of the issuer.

What are the relevant filing dates in the document?

The filing references an event date of 06/30/2025 and a signature date of 08/08/2025.