Vanguard (NYSE: NNN) reports 10.05M shares, 5.28% stake disclosed

Rhea-AI Filing Summary

NNN REIT Inc Schedule 13G reports that Vanguard Capital Management beneficially owned 10,047,239 shares of Common Stock, representing 5.28% of the class as of 03/31/2026. The filing lists a sole power to vote on 1,573,330 shares and sole dispositive power over 10,047,239 shares.

The filing states these holdings reflect securities managed by Vanguard Capital Management LLC and affiliated business divisions, including holdings for Vanguard funds and client accounts. The form is signed by Ashley Grim, Head of Global Fund Administration, dated 04/30/2026.

Insights

Equity Ownership Analyst

Vanguard holds a passive, >5% stake disclosed via Schedule 13G.

Vanguard Capital Management reports 10,047,239 shares ( 5.28% ) of NNN REIT Inc common stock as of 03/31/2026. The filing shows voting power concentrated in a smaller subset: 1,573,330 shares with sole voting authority.

Holdings are reported on behalf of Vanguard funds and managed accounts per the filing language. Future disclosures would show changes if ownership or voting arrangements materially change.

Institutional Investor Governance Specialist

Disclosure indicates dispositive control without full voting control across all held shares.

The filing distinguishes sole dispositive power over 10,047,239 shares from sole voting power of 1,573,330 shares, reflecting that voting authority may rest with different affiliate accounts or fund structures. The statement cites SEC Release No. 34-39538 describing affiliated reporting.

Because this is a Schedule 13G, the filing reflects passive ownership status rather than an active 13D stake; governance implications depend on any future changes in voting or intent disclosures.

Key Figures

Beneficial ownership: 10,047,239 shares Percent of class: 5.28% Sole voting power: 1,573,330 shares +1 more

4 metrics

Beneficial ownership 10,047,239 shares as of 03/31/2026

Percent of class 5.28% NNN common stock

Sole voting power 1,573,330 shares voting power reported in Item 4

CUSIP 637417106 NNN REIT Inc common stock identifier

Key Terms

Schedule 13G, Beneficially owned, Sole dispositive power, Investment Company Act of 1940, +1 more

5 terms

Schedule 13G regulatory

"Item 1. | (a) | Name of issuer: NNN REIT Inc"

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.

Beneficially owned financial

"This reflects the securities beneficially owned, or deemed to be beneficially owned"

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 dispositive power financial

"Sole Dispositive Power 10,047,239.00"

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.

Investment Company Act of 1940 regulatory

"investment companies registered under the Investment Company Act of 1940"

A U.S. federal law that sets the rulebook for pooled investment vehicles such as mutual funds, exchange-traded funds and similar money managers, requiring them to register with regulators, disclose holdings and fees, limit conflicts of interest, and follow governance standards. It matters to investors because these protections and transparency rules act like a referee and scoreboard, helping people compare funds, trust that managers follow fair practices, and spot hidden costs or risks.

CUSIP technical

"CUSIP Number(s): 637417106"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

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

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 1,573,330.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 10,047,239.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,047,239.00

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)

5.28 %

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: 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: 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 Number(s): 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: 10047239
(b)	Percent of class: 5.28 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1573330
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 10047239
	(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:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	04/30/2026

FAQ

What stake does Vanguard Capital Management report in NNN (NNN)?

Vanguard reports beneficial ownership of 10,047,239 shares, equal to 5.28% of NNN's common stock as of 03/31/2026. The disclosure is filed on Schedule 13G and attributes holdings to Vanguard funds and managed accounts.

How much voting power does Vanguard hold in NNN?

Vanguard reports sole voting power for 1,573,330 shares of NNN common stock. The filing also shows sole dispositive power over 10,047,239 shares, indicating voting and dispositive powers differ across accounts.

Does the Schedule 13G indicate Vanguard is an active acquirer of NNN shares?

No. The filing is a Schedule 13G, which indicates passive beneficial ownership reporting for a >5% stake rather than an active acquisition intent. The document lists holdings managed on behalf of funds and clients.

Who signed the NNN Schedule 13G for Vanguard?

The form is signed by Ashley Grim, Head of Global Fund Administration, with the signature date of 04/30/2026. The filing lists Vanguard Capital Management's Malvern, PA address.