[SCHEDULE 13G] NNN REIT, INC. Passive Investment Disclosure (>5%)

Rhea-AI Filing Summary

State Street Corporation has filed a Schedule 13G reporting a significant passive ownership stake in NNN REIT Inc. common stock as of 12/31/2025. State Street reports beneficial ownership of 11,449,621 shares, representing 6% of the outstanding common stock.

The firm reports 0 shares with sole voting or dispositive power, and 9,939,197 shares with shared voting power and 11,449,621 shares with shared dispositive power. State Street certifies the shares were acquired and are held in the ordinary course of business, not to change or influence control of NNN REIT.

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)

12/31/2025

(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

STATE STREET CORPORATION

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

MASSACHUSETTS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 9,939,197.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,449,621.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,449,621.00

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)

6 %

12

Type of Reporting Person (See Instructions)

HC

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, FLORIDA, 32801
Item 2.
(a)	Name of person filing: STATE STREET CORPORATION;
(b)	Address or principal business office or, if none, residence: ONE CONGRESS STREET, SUITE 1, BOSTON MA 02114, UNITED STATES
(c)	Citizenship: MA
(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: 11449621.00
(b)	Percent of class: 6 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 9,939,197
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 11,449,621
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. 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.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. SSGA FUNDS MANAGEMENT, INC. (IA);STATE STREET GLOBAL ADVISORS (JAPAN) CO., LTD. (IA);STATE STREET GLOBAL ADVISORS ASIA LIMITED (IA);STATE STREET GLOBAL ADVISORS EUROPE LIMITED (IA);STATE STREET GLOBAL ADVISORS LIMITED (IA);STATE STREET GLOBAL ADVISORS TRUST COMPANY (IA);STATE STREET GLOBAL ADVISORS, AUSTRALIA, LIMITED (IA);STATE STREET GLOBAL ADVISORS, LTD. (IA);
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. NOT APPLICABLE
Item 9.	Notice of Dissolution of Group.
	Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. 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.

STATE STREET CORPORATION

Signature:	ELIZABETH SCHAEFER
Name/Title:	SENIOR VICE PRESIDENT, CHIEF ACCOUNTING OFFICER
Date:	02/09/2026

FAQ

What does State Street’s Schedule 13G filing say about its NNN REIT (NNN) stake?

State Street Corporation reports beneficial ownership of 11,449,621 NNN REIT common shares, equal to 6% of the class as of 12/31/2025. The position is reported as being held in the ordinary course of business, without intent to influence control.

How much voting power does State Street report in NNN REIT (NNN)?

State Street reports 0 shares with sole voting power and 9,939,197 shares with shared voting power in NNN REIT. This means voting decisions on those shares are made jointly with others rather than by State Street alone.

What dispositive power does State Street have over NNN REIT (NNN) shares?

State Street reports 0 shares with sole dispositive power and 11,449,621 shares with shared dispositive power. Shared dispositive power indicates decisions to sell or otherwise dispose of these NNN REIT shares are made together with other parties.

Is State Street’s NNN REIT (NNN) ownership considered passive or activist?

The filing characterizes the stake as passive. State Street certifies the securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of NNN REIT or participating in control-related transactions.

Which State Street affiliates are referenced in the NNN REIT (NNN) Schedule 13G?

The filing lists multiple investment adviser subsidiaries, including SSGA Funds Management, Inc. and several State Street Global Advisors entities in Japan, Asia, Europe, the UK, the US, and Australia, as relevant subsidiaries connected to the reported holdings.

Who signed the Schedule 13G related to NNN REIT (NNN) for State Street?

The Schedule 13G was signed by Elizabeth Schaefer, identified as Senior Vice President, Chief Accounting Officer, on 02/09/2026. The signature certifies that the information in the statement is true, complete, and correct to the best of her knowledge.