Essential Properties Realty Trust (EPRT) is a net lease REIT that acquires commercial real estate from business operators and leases it back to them on long-term triple-net (NNN) leases, under which tenants pay property taxes, insurance, and maintenance, leaving EPRT with near-pure contractual rent income. EPRT focuses on "small-box" single-tenant properties — car washes, quick-service and casual dining restaurants, early childhood education centers, medical and dental offices, and convenience stores — leased to middle-market operators with 10 to 250 locations. As of year-end 2025, EPRT owned 2,300 properties across 48 states, leased to 659 distinct brands, with annualized base rent of $555M and 99.7% occupancy. EPRT's earnings model is driven by the spread between its acquisition cap rates (~8% cash yield) and its cost of capital (~5.5%), generating roughly 450 bps of spread on new investments. Nearly all leases include contractual rent bumps averaging 1.8% per year, providing organic growth on top of acquisitions. EPRT also structures 66.8% of ABR under master leases — single contracts covering multiple properties — which reduces bankruptcy rejection risk. Deal flow is primarily relationship-driven, with roughly 80-90% of investments sourced from existing tenants or referrals. No single tenant exceeds 3.4% of ABR, reflecting EPRT's deliberate focus on portfolio granularity over large investment-grade credits.