NewLake Capital Partners reported third quarter 2025 results in line with expectations, driven by strong tenant performance despite ongoing challenges in the cannabis sector.

• AFFO increased over 2% year-over-year, with an AFFO payout ratio of 82%, within the target range.
• All scheduled rents were collected except for two AYR properties, which are now being re-tenanted after regaining control.
• Notable performances from tenants: Curaleaf reported over $100 million in cash flow yearto-date, and Cresco achieved positive cash flow and reduced debt.
• The company remains cautiously optimistic about federal cannabis reform, emphasizing proactive risk management and potential diversification beyond cannabis.
• Total revenue for Q3 reached $12.6 million, reflecting a 0.3% year-over-year increase amidst a challenging regulatory environment.