Company: NNN
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000950170-25-017472
Chunk: 122

Company: NNN REIT, INC.
Filing Date: 2025-02-11
Form: 10-K
Item: Item 1B
Chunk 122
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      Description
       
      InterestRate
       
      MaturityDate
       
      PeriodicPaymentTerms
       
      PriorLiens

      Face Amount ofMortgages

      CarryingAmount ofMortgages(c)

      PrincipalAmountof Loans Subjectto DelinquentPrincipal orInterest

      First mortgages on properties:

      2 properties in VA
       
      7.000%
       
      3/1/2025
       
      (b)

      —

      $
      3,000
       
      (d)
      $
      451

      $
      —

      $
      3,000

      $
      451
       
      (a)
      $
      —

     (a)The following shows the changes in the carrying amounts of mortgage loans during the years ended December 31: 

      2024

      2023

      2022

      Beginning balance, January 1
       
      $
      996

      $
      1,521

      $
      2,011

      New mortgage loans

      —

      —

      —

      Deductions during the year:

      Collections of principal

      (599
      )

      (559
      )

      (521
      )

      Other: credit (losses) recoveries(e)

      54

      34

      31

      Foreclosures

      —

      —

      —

      Ending balance, December 31
       
      $
      451

      $
      996

      $
      1,521

     (b)Principal and interest is payable at varying amounts over the life of the loan.(c)Mortgages held by NNN and its subsidiaries for federal income tax purposes for the year ended December 31, 2024, 2023 and 2022 were $454, $1,002 and $1,530, respectively. (d)Mortgages totaling $3,000 were accepted in connection with real estate transactions for the year ended December 31, 2020.(e)In accordance with FASB ASC Topic 326, Financial Instruments - Credit Losses, NNN recorded an allowance for an estimated expected lifetime credit loss on its mortgage receivables based on the fair value of the collateral and a 15-year historical collectability trend analysis.

See accompanying report of independent registered public accounting firm.

F-4