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MARKETS / BALCAO / NLCP
BALCAO · REAL ESTATE INVESTMENT TRUSTS · SMALL CAP

NewLake Capital Partners, Inc. NLCP

6 fiscal years on record · USD · FY2025 reported · SEC filings only
$49.5M
▲ 1.2% YoY
$26.3M
▲ 0.8% YoY
$41.7M
▲ 5.9% YoY
In brief

What this company does

The company is an internally managed real estate investment trust (REIT) focused on providing real estate capital to state-licensed cannabis operators through sale-leaseback transactions, third-party purchases and funding for build-to-suit projects. As of December 31, 2025, the company owned a geographically diversified portfolio consisting of 34 properties across 12 states with 11 tenants, comprised of 19 dispensaries and 15 cultivation facilities. The company capitalizes on this market opportunity by purchasing medical-use and adult-use retail cannabis dispensaries and cultivation facilities in states that permit such activities. As of December 31, 2025, the company had seven employees.

Written from the business description in NewLake Capital Partners, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 6 March 2026. Every sentence was checked against that document before publication.

Growth
USD 49.5M
Revenue, FY2025 · full 6-year series below
Revenue $M Net income $M
FY2025 · Revenue 49.5 · Net income 26.3
20M40M-4M-8M202020212022202320242025
Compound annual growth
+5.5%
+33.5%
+6.2%
+7.5%
+6.8%
+46.9%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +33.5% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
54 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 55.0% · Net 54.0%
20%40%-50%202020212022202320242025
ROE
FY2025 · ROE 6.7%
2%4%6%-2%-4%-6%202020212022202320242025

Each USD of equity produced 7 cents of profit this year.

Cash & shareholders
USD 35.3M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 41.7
20M40M-20M-40M202020212022202320242025
Net buybacks $M Dividends $M
FY2025 · Dividends 35.3 · Net buybacks —
20M40MDividendsNet buybacks202020212022202320242025

USD 35.3M in dividends — 134% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 420.8M
EquityUSD 387.9M
CashUSD 23.9M

Equity funds 92% of total assets.

The 6-year record
6 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023202220212020
Revenue $B0.00.00.00.00.00.0
Operating income $B0.00.00.00.00.0−0.0
EBITDA $B0.00.00.00.00.0−0.0
Income tax $B······
Net income $B0.00.00.00.00.0−0.0
Free cash flow $B0.00.00.00.0−0.0−0.0
EPS, diluted $1.281.271.161.030.65−1.50
Dividend / sh $1.721.701.57···
Payout %134131134132101−49
ROE %6.76.55.95.24.1−7.7
Shares out B0.020.020.020.020.020.01

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 18 reconciliationsAUDITED

Reconciled in 6 of 19 fiscal years. 39 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityReal Estate Investment Trusts
Listed onOTC market
Incorporated inMaryland
Fiscal year endsDecember 31
SEC categoryemerging growth company, smaller reporting company
Data on record since2020

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