Victory Capital Discloses 5.0% Stake in NNN REIT

TL;DR

**Victory Capital just revealed a 5% stake in NNN REIT, signaling institutional confidence.**

AI Summary

Victory Capital Management Inc. reported on February 7, 2024, that as of December 31, 2023, they beneficially own 5.0% of NNN REIT, Inc.'s Common Stock. This filing indicates a significant institutional investment in NNN REIT, Inc., a real estate investment trust (REIT). For investors, this signals that a major asset manager sees value in NNN REIT, Inc., potentially boosting confidence in the stock's long-term prospects.

Why It Matters

This filing shows a large institutional investor, Victory Capital Management Inc., has taken a significant position in NNN REIT, Inc., which can be seen as a vote of confidence in the company's future.

Risk Assessment

Risk Level: low — This filing indicates a new institutional ownership, which generally reduces risk by adding stability and professional oversight to the shareholder base.

Analyst Insight

A smart investor would view this as a positive signal, suggesting NNN REIT, Inc. is attracting institutional interest. It might warrant further research into NNN REIT's fundamentals and Victory Capital's investment thesis.

Key Numbers

• 5.0% — Beneficial Ownership (Percentage of NNN REIT, Inc. Common Stock owned by Victory Capital Management Inc.)

Key Players & Entities

• Victory Capital Management Inc. (company) — reporting person, institutional investor
• NNN REIT, Inc. (company) — subject company, real estate investment trust (REIT)
• 5.0% (dollar_amount) — percentage of beneficial ownership
• December 31, 2023 (date) — date of event requiring filing
• February 7, 2024 (date) — filing date

Forward-Looking Statements

• NNN REIT, Inc. may see increased investor confidence due to Victory Capital's significant stake. (NNN REIT, Inc.) — medium confidence, target: next 6 months

FAQ

Filing Documents

• nnnreitinc13g_123123.htm (SC 13G) — 38KB
• 0001040188-24-000034.txt ( ) — 40KB

If this statement is filed

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) x 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) ¨ Group, in accordance with §240.13d-1(b)(1)(ii)(J).

Ownership

Item 4. Ownership. Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned: 10,708,793 (b) Percent of class: 5.87% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 10,515,793 (ii) Shared power to vote or to direct the vote: 0 (iii) Sole power to dispose or to direct the disposition of: 10,708,793 (iv) Shared power to dispose or to direct the disposition of: 0 Instruction . For computations regarding securities which represent a right to acquire an underlying security see §240.13d-3(d)(1).

Ownership of Five Percent

Item 5. Ownership of Five Percent or Less of a Class. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following ¨ .

Ownership of More than

Item 6. Ownership of More than Five Percent on Behalf of Another Person. The clients of Victory Capital Management Inc., including investment companies registered under the Investment Company Act of 1940 and separately 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 class of securities reported herein of NNN REIT Inc. No client has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, more than 5% of such class.

Identification and Classification

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company. Not applicable.

Identification and Classification

Item 8. Identification and Classification of Members of the Group. Not applicable.

Notice of Dissolution

Item 9. Notice of Dissolution of Group. Not applicable. CUSIP No. 637417106 13G Page 4 of 4 Pages

Certification

Item 10. Certification. (a) The following certification shall be included if the statement is filed pursuant to §240.13d-1(b): 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. 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. 2/7/2024 Date /s / Barry Garrett Barry Garrett/Chief Compliance Officer