NewLake Capital Partners is an internally managed REIT that owns cannabis real estate and leases it to state-licensed cannabis operators on long-term, triple-net leases. As of December 31, 2025, NewLake owned 34 properties across 12 states, leased to 11 tenants. The portfolio consists of 15 cultivation and processing facilities and 19 retail dispensaries, with cultivation facilities generating roughly 92% of rental income despite being fewer in number — reflecting the much greater size and capital intensity of growing operations relative to retail storefronts. NewLake's tenants are multi-state operators (MSOs), companies that hold cannabis licenses across multiple states. NewLake originates deals primarily through sale-leaseback transactions — buying real estate from operators and leasing it back — as well as build-to-suit funding and third-party acquisitions. The triple-net lease structure passes property-level costs to tenants, making NewLake's rental income relatively predictable. Revenue grows through annual rent escalators built into leases, new property acquisitions, and tenant improvement allowances that generate rent as capital is deployed. NewLake is structured as a REIT and targets an AFFO payout ratio of 80%-90%. The company carries minimal debt — roughly 1.6% debt-to-gross-assets as of year-end 2025 — which management argues provides flexibility to navigate tenant disruptions. Key risks include tenant concentration, the complexity of re-tenanting vacant cannabis facilities given tight licensing requirements, and the broader uncertainty around cannabis's federal legal status.