NETSTREIT Corp.

Tenant Diversification

As of December 31, 2025, our 761 investments were operated by 129 different tenants, each representing a distinct brand or concept, with no one tenant representing more than 5.0% of our portfolio by ABR. The following table details information about our tenants as of December 31, 2025:

Tenant (1) · Number of Investments (2) · % of Annualized Base Rent

CVS Health Corporation · 31 · 4.8

Dollar General Corporation · 78 · 4.7

Koninklijke Ahold Delhaize N.V. (Food Lion / Stop & Shop) · 11 · 4.3

Home Depot U.S.A, Inc. · 5 · 3.8

Hobby Lobby Stores, Inc. · 17 · 3.6

Tractor Supply Company · 25 · 3.5

Walgreen Co. · 17 · 2.5

Family Dollar Stores, Inc. · 43 · 2.5

Wal-Mart Stores, Inc. · 7 · 2.5

United Lone Enterprises LLC · 13 · 2.3

Speedway, LLC · 50 · 2.3

Life Time, Inc. · 2 · 2.1

Academy, Ltd. · 5 · 2.1

Best Buy Stores, L.P. · 7 · 2.0

Subtotal of Tenants with ABR greater than 2.0% · 311 · 43.0

Other · 446 · 57.0

Total / Weighted Average · 757 · 100.0

(1) Represents tenant or guarantor.

(2) Excludes one vacant property and three properties under development.

Tenant Industry Diversification

The majority of our portfolio is comprised of properties leased to tenants operating in defensive retail industries, with 87.1% of our ABR as of December 31, 2025 coming from necessity, service-oriented, and/or discount industries. Necessity-based industries are those that are considered essential by consumers and include sectors such as grocers, home improvement, drug stores, general retail, and auto parts. Service-oriented industries consist of retailers that provide services rather than goods, including, for example, convenience stores, health and fitness, quick-service restaurants, and tire and auto services. Discount retailers offer a low price point and consist of off-price and dollar stores.

The breakdown of our necessity-based retail, service-oriented, discount-focused, and other, non-defensive retail industries by sector and by percentage of ABR as of December 31, 2025 is set forth below:

Tenant Industry and Sector · Number of Investments (1) · % of Total ABR (2) · % of Total Gross Leasable Area (2) (3)

Necessity-Based Retail

Grocery · 50 · 14.0 · 18.0

Home Improvement · 31 · 8.8 · 10.9

Drug Stores & Pharmacies (4) · 48 · 7.3 · 4.6

Farm Supplies · 28 · 4.6 · 5.6

Medical & Dental · 32 · 4.5 · 2.2

General Retail · 7 · 2.5 · 7.5

Auto Parts · 53 · 2.3 · 3.1

Banking · 2 · 0.2 · 0.1

Wholesale Warehouse Club · 1 · 0.2 · 0.8

Pet Supplies · 1 · 0.1 · 0.1

Total Necessity-Based Retail · 253 · 44.5 · 52.9

Service-Oriented Industry

Convenience Stores · 134 · 13.7 · 3.2

Health and Fitness · 10 · 5.4 · 3.8

Quick Service Restaurants · 65 · 5.2 · 0.9

Automotive Service · 56 · 4.4 · 2.6

Casual Dining · 6 · 0.5 · 0.3

Equipment Rental and Leasing · 6 · 0.4 · 0.4

Total Service-Oriented Industry · 277 · 29.6 · 11.1

Discount-Focused Industry

Dollar Stores · 144 · 8.6 · 11.4

Discount Retail · 33 · 4.4 · 8.5

Total Discount-Focused Industry · 177 · 13.1 · 19.9

Defensive Retail Industries · 707 · 87.1 · 83.9

Other, Non-Defensive Industries

Sporting Goods · 10 · 4.8 · 4.7

Arts & Crafts · 16 · 3.5 · 6.4

Consumer Electronics · 7 · 2.0 · 2.5

Apparel · 6 · 0.8 · 1.4

Specialty · 2 · 0.5 · 0.5

Furniture Stores · 2 · 0.5 · 0.3

Telecommunications · 4 · 0.4 · 0.2

Beauty Supplies · 1 · 0.1 · 0.1

Gift, Novelty, and Souvenir Shops · 1 · 0.1 · 0.1

Home Furnishings · 1 · 0.1 · 0.0

Total Other, Non-Defensive · 50 · 12.9 · 16.1

Total, All Industries · 757 · 100.0 · 100.0

(1) Excludes one vacant property and three properties under development.

(3) Square feet.

(4) The Drug Stores & Pharmacies industry has one property that resides in NETSTREIT Management TRS, LLC (“NETSTREIT TRS”), representing approximately 0.2% of ABR.

Geographic Diversification

The following table presents ABR by state for our portfolio as of December 31, 2025:

Tenant State · Number of Investments (1) · % of Total ABR (2) · % of Total Gross Leasable Area (2) (3)

Texas · 102 · 17.3 · 10.4

Illinois · 43 · 8.3 · 7.5

New York · 40 · 6.9 · 7.4

Georgia · 36 · 5.0 · 7.3

Wisconsin · 26 · 4.9 · 6.7

North Carolina · 69 · 4.0 · 3.9

Alabama · 50 · 3.9 · 3.7

Indiana · 30 · 3.9 · 3.5

Florida · 24 · 3.9 · 2.7

Ohio · 37 · 3.8 · 5.2

Pennsylvania · 30 · 3.5 · 3.6

Virginia · 16 · 3.4 · 2.2

Louisiana · 18 · 3.1 · 3.9

California · 12 · 2.6 · 2.0

Mississippi · 19 · 2.1 · 3.8

Michigan · 16 · 2.0 · 3.0

South Carolina · 17 · 1.8 · 2.7

Arizona · 7 · 1.5 · 1.1

Oklahoma · 14 · 1.4 · 1.4

Missouri · 13 · 1.3 · 0.5

Other (4) · 138 · 15.5 · 17.8

Total · 757 · 100.0 · 100.0

(1) Excludes one vacant property and three properties under development.

(3) Square feet.

• Some of our tenants operate under franchise or license agreements, which, if terminated or not renewed prior to the expiration of their leases with us, would likely impair their ability to pay us rent.
• The bankruptcy or insolvency of any of our tenants could result in the termination of such tenant’s lease and material losses to us.
• Illiquidity of real estate investments could significantly impede our ability to respond to adverse changes in the performance of our properties and harm our financial condition.
• We face significant competition for tenants, which may decrease or prevent increases in occupancy and rental rates of our properties, and competition for acquisitions may reduce the number of acquisitions we are able to complete and increase the costs of these acquisitions.
• A loss of key management personnel could adversely affect our performance.
• Any material failure, weakness, interruption, or breach in security of our information systems or data, or those of the third parties with whom we work, could prevent us from effectively operating our business.
• Data privacy risks, including evolving laws, regulations, and other obligations and compliance efforts, may result in business interruption and increased costs and liabilities.
• The use of artificial intelligence presents risks and challenges that may adversely impact our business and operating results or that of our tenants.
• Insurance on our properties may not adequately cover losses, and uninsured losses could materially and adversely affect us.
• We are subject to risks from natural disasters, such as hurricanes, tornados and flooding, and changes in weather patterns.
• We may become subject to litigation, which could materially and adversely affect us.
• We may acquire properties or portfolios of properties through tax deferred contribution transactions, which could result in stockholder dilution and limit our ability to sell such assets.
• We may experience a decline in the fair value of our assets, which may have a material impact on our financial condition, liquidity, and results of operations and adversely impact the market price of our common stock.
• The form, timing, and/or amount of dividend distributions in future periods may vary and be affected by economic and other considerations.
• Risks Related to Financing our Business
• Our growth depends on external sources of capital that are outside of our control and may not be available to us on commercially reasonable terms or at all.
• Our level of indebtedness could materially and adversely affect our financial position, including reducing funds available for other business purposes and reducing our operational flexibility.
• Failure to hedge effectively against interest rate changes may materially and adversely affect us.
• Failure to maintain our current credit ratings could adversely affect our cost of funds, related margins, liquidity, and access to the debt capital markets.
• Our debt financing agreements contain, and future debt financing agreements may contain, restrictions and covenants that may limit our ability to enter into or obtain funding for certain transactions, operate our business, or make distributions to our common stockholders.
• Risks Related to Government Regulation and Tax Matters
• Our failure to qualify or maintain our qualification as a REIT for U.S. federal income tax purposes would reduce the amount of funds we have available for distribution and limit our ability to make distributions to our stockholders.
• If our operating partnership failed to qualify as a partnership or is not otherwise disregarded for U.S. federal income tax purposes, we would cease to qualify as a REIT.
• Even if we qualify as a REIT for U.S. federal income tax purposes, we may be subject to other tax liabilities that reduce our cash flow and our ability to make distributions to stockholders.
• Dividends payable by REITs generally do not qualify for the reduced tax rates available for some dividends.
• The share ownership restrictions of the Code for REITs and the 9.8% share ownership limit in our charter may inhibit market activity in shares of our stock and restrict our business combination opportunities.
• The ability of our board of directors to revoke our REIT qualification without stockholder approval may cause adverse consequences to our stockholders.
• If a transaction intended to qualify as a 1031 Exchange is later determined to be taxable, we may face adverse consequences, and if the laws applicable to such transactions are amended or repealed, we may not be able to dispose of properties on a tax-deferred basis.
• Complying with REIT requirements may limit our ability to hedge our liabilities effectively and may cause us to incur tax liabilities.
• The U.S. federal income tax treatment of the cash that we might receive from cash settlement of our forward sale agreements is unclear and could jeopardize our ability to meet the REIT qualification requirements.
• Complying with REIT requirements may cause us to forego otherwise attractive opportunities or liquidate otherwise attractive investments.
• Our ownership of and relationship with our TRSs will be limited, and a failure to comply with the limits would jeopardize our REIT status and may result in the application of a 100% excise tax.
• New legislation or administrative or judicial action, in each instance potentially with retroactive effect, could make it more difficult or impossible for us to qualify or remain qualified as a REIT.
• Foreign investors may be subject to U.S. federal withholding tax and may be subject to U.S. federal income tax on distributions received from us and upon disposition of shares of our common stock.
• We and our subsidiaries and stockholders may be subject to state, local, or foreign tax filing and payment obligations taxation in various jurisdictions, including those in which we or they transact business, own property, or reside.
• Liabilities arising under environmental laws may materially and adversely affect us.
• Our properties may contain or develop harmful mold, which could lead to liability for adverse health effects and costs of remediation.
• Compliance with the Americans with Disabilities Act and fire, safety, and other regulations may require us to make unanticipated expenditures that materially and adversely affect us.
• Risks Related to Our Organizational Structure and Ownership of Our Common Stock
• Our bylaws designate the Circuit Court for Baltimore City, Maryland as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders and provide that claims relating to causes of action under the Securities Act may only be brought in federal district courts, which could limit stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees and could discourage lawsuits against us and our directors, officers, and employees.
• Our rights and the rights of our stockholders to take action against our directors and officers are limited.
• Future sales or issuances of our common stock or other securities convertible into or exchangeable for our common stock could cause the market price of our common stock to decline and could result in stockholder dilution.
• Certain provisions of our charter, bylaws and Maryland law could inhibit changes in control, which may discourage third parties from conducting a tender offer or seeking other change of control transactions that could trigger rights to require us to redeem our shares of common stock.
• We are a holding company with no direct operations and we rely on funds received from our operating partnership to pay liabilities.
• The market price of shares of our common stock may be volatile and could decline substantially in the future.
• Conflicts of interest could arise in the future between the interests of our stockholders and the interests of holders of OP Units, which may impede business decisions that could benefit our stockholders.
• If we fail to maintain an effective system of internal controls, we may not be able to accurately determine our financial results or prevent fraud. As a result, our investors could lose confidence in our reported financial information, which could harm our business and the market price of our common stock.