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BALCAO · REAL ESTATE INVESTMENT TRUSTS · SMALL CAP

NewLake Capital Partners, Inc. NLCP

6 fiscal years on record · USD · FY2025 reported · SEC filings only
$51.1M
▲ 1.9% YoY
$26.3M
▲ 0.8% YoY
$41.7M
▲ 5.9% YoY

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

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 51.1M
Revenue, FY2025 · full 6-year series below
Revenue $M Net income $M
FY2025 · Revenue 51.1 · Net income 26.3
20M40M-5M-10M
202020232025
Compound annual growth
+4.3%
+34.4%
+6.2%
+7.5%
+6.8%
+46.9%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +34.4% a year over the five years to FY2025.

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

52 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 53.4% · Net 52.4%
20%40%-50%
202020222025
ROE
FY2025 · ROE 6.7%
2%4%6%-2%-4%-6%
202020222025
Three returns, three denominators.
Return on capital employedNot available: we don't have total assets or current liabilities for this period.

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
15M30M-20M-40M
202020222025
Net buybacks $M Dividends $M
FY2025 · Dividends 35.3 · Net buybacks ·
20M40MDividendsNet buybacks
202020212022202320242025

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—not applicable◌not available in our data
NLCP, 6-year financial record
Metric 202520242023202220212020
Revenue $B0.10.10.00.00.00.0
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. "—" not applicable · "◌" not available in our data.

More in this sector

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Provenance

Company facts, as filed

How we verify · 0 failures in 18 reconciliationsAUDITED

Reconciled in 6 of the 6 fiscal years we could check. 13 checks were skipped: the balance sheet is not tagged before 2020. 13 checks were skipped: EPS is not tagged before 2020.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 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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