NewLake Capital Partners, Inc. · OTC:NLCP

NewLake Capital Partners — Q4 2025 Earnings Presentation

29 slides from NewLake Capital Partners's earnings presentation, Mar 5, 2026

  1. Slide 1: A Leading Provider of Real Estate Capital To State-Licensed Cannabis Operators

    A Leading Provider of Real Estate Capital To State-Licensed Cannabis Operators March 5, 2026

  2. Slide 2: Safe Harbor Statement; Use of Non-GAAP Financial Information

    newlake.comOTCQX: NLCP 2 This presentation has been prepared by NewLake Capital Partners, Inc. (“we”,” “us” or the “Company”) solely for informational purposes. This presentation and related discussion shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be a

  3. Slide 3: Investment Highlights

    newlake.comOTCQX: NLCP 3 Investment Highlights Experienced Team Experienced team with a strong track record investing in cannabis real estate and delivering returns for investors Growth-Oriented Focus Cannabis is positioned for sustained long-term growth and requires significant real estate capital

  4. Slide 4: By The Numbers

    newlake.comOTCQX: NLCP 4 By The Numbers(1) Founded in 2019 — 2021 IPO ~$435 Million Deployed — Invested & Committed Q4 2025 AFFO Payout Ratio of 85% — Strong Dividend Coverage 34 Owned Properties — 12 States, 1.7 Million Square Feet <0.2x Debt to EBITDA — $82 Million Available Credit Facility 13.1%

  5. Slide 5: Experienced Management Team

    newlake.comOTCQX: NLCP 5 Experienced Management Team Anthony Coniglio Chief Executive Officer & President, Director Lisa Meyer Chief Financial Officer, Treasurer & Secretary  Founded NewLake in 2019  Former CEO of Primary Capital Mortgage, a residential mortgage company  14 years at J.P. Morgan a

  6. Slide 6: Experienced Board of Directors

    newlake.comOTCQX: NLCP 6 Experienced Board of Directors Gordon DuGan Chairman of the Board, Independent Director Alan Carr Independent Director Joyce Johnson Independent Director  Co-Founder and Chairman of the Board of Blackbrook Capital  Former Chairman of the Board of INDUS Realty Trust (Nasdaq

  7. Slide 7: Experienced Board of Directors Continued

    newlake.comOTCQX: NLCP 7 Experienced Board of Directors Continued Peter Martay Independent Director David Weinstein Director  CEO of Pangea Properties, a private apartment REIT that owned more than 13,000 apartments and completed over $500 million in short term bridge loans on numerous property typ

  8. Slide 8: NewLake is Focused on a Growing Industry

    newlake.comOTCQX: NLCP 8 NewLake is Focused on a Growing Industry Demand for Real Estate Capital Positions NewLake for Continued Growth Adult-Use & Medical Markets $37.6 $40.5 $54.1 2024 2025 2029 Bi llio ns Cannabis Industry Near-Term CAGR Source: BDSA • New states issuing medical cannabis licenses

  9. Slide 9: Continued Acceptance of Cannabis Nationally

    newlake.comOTCQX: NLCP 9 Continued Acceptance of Cannabis Nationally Americans Increasingly Embrace the Use of Cannabis • 97% of the U.S. population (323 million people) reside in Medical Markets(1,2) • 53% of the U.S. population (176 million people) reside in Adult-Use Markets(2) • 88% of U.S. adul

  10. Slide 10: Industry Catalysts at Federal Level

    newlake.comOTCQX: NLCP 10 Industry Catalysts at Federal Level Legislative SAFER Banking Act, supported by President Trump, creates easier banking access for operators. STATES Act, supported by President Trump, decriminalizes cannabis and allows States to decide. Administrative President Trump signed

  11. Slide 11: Portfolio Overview

    newlake.comOTCQX: NLCP 11 Portfolio Overview Early Mover Advantage Created Diverse National Platform • 12 states* • 1.7M square feet* • 15 cultivation assets, 19 dispensaries* • Primarily limited-license jurisdictions Curaleaf 25.3% Cresco 14.9% Trulieve 12.2% C3 9.4% Cannabist(3) 8.2% Calypso 7.9%

  12. Slide 12: NewLake's Underwriting Approach

    newlake.comOTCQX: NLCP 12 5.1x 4.1x 3.6x 3.2x 2.9x 2.5x FCPT NLCP EPRT BNL O GTY NewLake’s Underwriting Approach Tenant Quality Real Estate In-Depth Industry Knowledge and Proven Underwriting Approach Mitigates Portfolio Risk Focus on strong financial profiles Experienced management teams Ability to

  13. Slide 13: Deal Structure & Risk Management

    newlake.comOTCQX: NLCP 13 Deal Structure & Risk Management Deal Structure • 100% triple net leases • 15-20 year lease terms • Parent company guarantees • Annual escalations • Security deposits • Cross-collateralization and cross-securitization • Ability to substitute to better performing assets • St

  14. Slide 14: Tenant Composition by Annualized Base Rent

    newlake.comOTCQX: NLCP 14 Tenant Composition by Annualized Base Rent Tenant Annualized Base Rent (%)(1) SF # of Leases Q3 2025(2) Tenant Information Revenue Adj. EBITDA(3) MSO / SSO Curaleaf 25.3% 462,947 10 $320 $69 MSO Cresco Labs 14.9% 232,184 3 $165 $40 MSO Trulieve 12.2% 144,602 1 $302 $103 MSO

  15. Slide 15: Portfolio Composition by State

    newlake.comOTCQX: NLCP 15 Portfolio Composition by State State Annualized Base Rent (%)(1) Square Feet # of Properties Cultivation Dispensary Total Cultivation Dispensary Pennsylvania 25.1% 312,421 13,116 325,537 4 4 Florida 20.8% 417,350 - 417,350 1 - Illinois 19.5% 255,257 17,727 272,984 2 4 Misso

  16. Slide 16: Financial Overview

    newlake.comOTCQX: NLCP 16 Financial Overview Stockholders’ Equity $388 Million Invested & Committed Capital $435 Million Cash $24 Million Debt $8 Million Market Capitalization1 $328 Million Stock Price1 $15.94 Dividend Yield2 10.8% Common Shares Outstanding 20,552,632 Book Value per share $18.88 4Q2

  17. Slide 17: Attractive Relative to REIT Peers

    newlake.comOTCQX: NLCP 17 1.9% 21.3% 84.1% 30.6% NLCP IIPR Non-Cannabis REIT Peers Cannabis Mortgage REIT / BDC Peers Q4 Debt / Equity 82% 105% 71% 111% NLCP IIPR Non-Cannabis REIT Peers Cannabis Mortgage REIT / BDC Peers FY 2025 Payout Ratio(2) Attractive Relative to REIT Peers 1) Calculated using

  18. Slide 18: Investment Highlights

    newlake.comOTCQX: NLCP 18 Investment Highlights Experienced Team Experienced team with a strong track record investing in cannabis real estate and delivering returns for investors Growth-Oriented Focus Cannabis is positioned for sustained long-term growth and requires significant real estate capital

  19. Slide 19: How to Buy Our Stock

    newlake.comOTCQX: NLCP 19 How to Buy Our Stock E-Trade ----------------------------------------------- 800.387.2331 Charles Schwab ------------------------------------ 866.855.9102 Interactive Brokers --------------------------------- 877.442.2757 StoneX ---------------------------------------------

  20. Slide 20: NewLake Supplemental Information

    NewLake Supplemental Information

  21. Slide 21: Quarterly Performance Summary

    newlake.comOTCQX: NLCP 21 Quarterly Performance Summary 2025 2024 (In thousands, except share amounts) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Total Revenue $12,343 $12,587 $12,932 $13,209 $12,514 $12,554 $12,455 $12,608 General and Administrative Expense(1) $1,547 $1,301 $1,

  22. Slide 22: Balance Sheet

    newlake.comOTCQX: NLCP 22 Balance Sheet (In thousands, except share amounts) December 31, 2025 December 31, 2024 Assets: Real Estate Land $22,903 $22,891 Building and Improvements 404,983 408,552 Total Real Estate 427,886 431,443 Less Accumulated Depreciation (57,916) (44,709) Net Real Estate 369,97

  23. Slide 23: Statement of Operations

    newlake.comOTCQX: NLCP 23 Statement of Operations For the Three Months Ended December 31, For the Twelve Months Ended December 31, (In thousands, except share amounts) 2025 2024 2025 2024 Revenue: Rental Income $12,052 $12,270 49,537 $48,926 Interest Income from Loans 137 134 545 533 Fees and Reimbu

  24. Slide 24: Non-GAAP Financial Information

    newlake.comOTCQX: NLCP 24 Non-GAAP Financial Information The table below is a reconciliation of net income attributable to common stockholders to FFO and AFFO for the three and twelve months ended December 31, 2025, and 2024, (in thousands, except share and per share amounts) For the Three Months En

  25. Slide 25: Capital Commitments

    newlake.comOTCQX: NLCP 25 Capital Commitments As of June 30, 2025(1) Tenant Location Site Type Amount Cresco Labs Ohio Dispensary $375 Total $375 (1) $’s in thousands

  26. Slide 26: Lease Expiration Schedule

    newlake.comOTCQX: NLCP 26 Lease Expiration Schedule(1) 0.0% 3.5% 1.3% 34.7% 0.3% 57.5% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter Less than 3% of leases expiring in the next 6 years Year # of Leases Rentable SF Annualized Base Rent SF % ABR % 2026 - - - - - 2027 - - - - - 2028 - -

  27. Slide 27: Cultivation Property List

    newlake.comOTCQX: NLCP 27 Cultivation Property List Tenant State City Date Acquired % Leased Square Feet Invested / Committed Capital $ Invested Committed Total $ Total $ PSF Acreage Massachusetts Sterling 10/31/2019 100% 38,380 $9,787,999 - $9,787,999 $255 Acreage Pennsylvania Sinking Springs 10/31

  28. Slide 28: Dispensary Property List

    newlake.comOTCQX: NLCP 28 Dispensary Property List Tenant State City Date Acquired % Leased Square Feet Invested / Committed Capital $ In Place Under Development Total Invested Total Committed Total $ Total $ PSF Budr(1) Connecticut Uncasville 10/31/2019 100% 2,872 $925,751 $322 The Cannabist Compan

  29. Slide 29: Thank You

    Thank You Company Contact: Lisa Meyer CFO, Treasurer and Secretary Lmeyer@newlake.com Investor Relations Contact: Valter Pinto / Jack Perkins KCSA Strategic Communications NewLake@KCSA.com (212) 896-1254

NewLake Capital Partners — Q4 2025 Earnings Presentation on 6ix