NNN REIT

NNN • NYSE

NNN REIT is a reit - retail company in the real estate sector on NYSE, led by Stephen A. Horn, Jr., with a market cap of $7.6B. As of Q3 2025, 90% of shares are held by 494 institutional investors, with VANGUARD GROUP INC as the largest holder at 13.94%.

CEOStephen A. Horn, Jr.

Market Cap$7.6B

REIT - Retail

Real Estate

Employees77.0

Websitennnreit.com

Country

United States of America

Overview

Overview of institutional ownership in NNN as of Q3 2025 with a market cap of $8.0B

All Institutions

Institutions: 494
Value Held: $7.2B
Shares Held: 169.6M
Avg Position: $14.6M
Median Position: $567.9K

Hedge Funds

Hedge Funds: 38
Value Held: $477.9M
Shares Held: 11.2M
Avg Position: $12.6M
Median Position: $1.1M

Ownership Breakdown

Institutional (non-HF)

83.85%

$6.7B

Hedge Funds

5.95%

$477.9M

Retail & Other

10.2%

$819.6M

Based on market cap of $8.0B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in NNN as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$1.1B 0.02% of portfolio	13.94% 26.3M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
B BlackRock, Inc. Institution	-	$1.1B 0.02% of portfolio	13.19% 24.9M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
FMR LLC Institution	-	$886.4M 0.05% of portfolio	11.03% 20.8M shares	≤ Q2 2013 Held for 12y 5m+	$1.92T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$511.9M 0.02% of portfolio	6.37% 12.0M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
VICTORY CAPITAL MANAGEMENT INC Long Only Manager	David Craig Brown CEO	$420.5M 0.27% of portfolio	5.23% 9.9M shares	Q2 2015 Held for 10y 5m	$158.22B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$162.7M 0.01% of portfolio	2.02% 3.8M shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	David Gary Kabiller Founder	$138.8M 0.09% of portfolio	1.74% 3.3M shares	≤ Q2 2013 Held for 12y 5m+	$156.17B
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	Edward Murray Maloney CEO	$135.1M 0.04% of portfolio	1.68% 3.2M shares	Q1 2021 Held for 4y 8m	$322.72B
NORTHWOOD LIQUID MANAGEMENT LP Hedge Fund•Sector	Stephen Lewis Millham CIO	$130.7M 8.96% of portfolio	1.63% 3.1M shares	Q3 2021 Held for 4y 2m	$1.5B
FEDERATED INVESTORS INC /PA/ Long Only Manager	Gregory Philip Dulski Chairman	$126.2M 0.22% of portfolio	1.57% 3.0M shares	≤ Q2 2013 Held for 12y 5m+	$56.6B

Net Capital Flow

Institutional buying and selling activity for NNN in Q3 2025

Traded: +$92.7M
Buyers: 271
Sellers: 178
Total Bought: +$527.0M
Total Sold: −$434.3M
Avg Position: $13.4M

Biggest Buyers

Institution	Net Bought	Current Position
FMR LLC Institution	+$63.5M +1.5M shares	$886.4M 20.8M shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$62.9M +1.5M shares	$138.8M 3.3M shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	+$44.2M +1.0M shares	$53.1M 1.2M shares
Hudson Bay Capital Management LP Hedge Fund•Multi-Strategy	+$25.6M +601.0K shares	$25.6M 601.0K shares
JPMORGAN CHASE & CO Institution	+$24.5M +576.3K shares	$119.8M 2.8M shares
Quantinno Capital Management LP Hedge Fund•Market Neutral	+$24.0M +564.8K shares	$52.4M 1.2M shares
S Standard Life Aberdeen plc Institution	+$17.6M +418.0K shares	$21.3M 505.9K shares
VICTORY CAPITAL MANAGEMENT INC Long Only Manager	+$17.3M +407.3K shares	$420.5M 9.9M shares
IEQ CAPITAL, LLC RIA/Wealth	+$11.8M +277.8K shares	$17.8M 417.1K shares
S STIFEL FINANCIAL CORP Long Only Manager	+$11.0M +259.3K shares	$17.5M 410.9K shares

Biggest Sellers

Institution	Net Sold	Current Position
VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P. Long Only Manager	−$51.9M −1.2M shares	Sold Off 0 shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$50.7M −1.2M shares	Sold Off 0 shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$29.4M −690.8K shares	$15.8M 370.7K shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	−$24.8M −582.5K shares	$1.0M 24.4K shares
CENTERSQUARE INVESTMENT MANAGEMENT LLC Real Assets	−$20.1M −471.9K shares	$60.5M 1.4M shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	−$18.5M −435.4K shares	$7.3M 172.2K shares
Schonfeld Strategic Advisors LLC Hedge Fund•Multi-Strategy	−$16.9M −390.7K shares	Sold Off 0 shares
Ceredex Value Advisors LLC Long Only Manager	−$13.9M −321.0K shares	Sold Off 0 shares
Timbercreek Asset Management Ltd. Real Assets	−$12.9M −298.0K shares	Sold Off 0 shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	−$12.5M −292.8K shares	$135.1M 3.2M shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited NNN in Q3 2025

New Positions: 38
New Value: $49.9M
Exited Positions: 43
Exited Value: $214.3M

New Positions

Institution	Position Value
Hudson Bay Capital Management LP Hedge Fund•Multi-Strategy	$25.6M 601.0K shares
Jain Global LLC Hedge Fund•Multi-Strategy	$9.6M 224.6K shares
C CAXTON ASSOCIATES LLP Institution	$2.3M 54.1K shares
P PICTON MAHONEY ASSET MANAGEMENT Institution	$1.7M 40.5K shares
MFG WEALTH MANAGEMENT, INC. RIA/Wealth	$1.4M 32.9K shares
Inspire Advisors, LLC RIA/Wealth	$1.2M 27.4K shares
Knights of Columbus Asset Advisors LLC Long Only Manager	$879.2K 20.7K shares
Krilogy Financial LLC RIA/Wealth	$566.5K 14.2K shares
F Farringdon Capital, Ltd. Institution	$509.9K 12.0K shares
Catalytic Wealth RIA, LLC RIA/Wealth	$496.5K 11.7K shares

Exited Positions

Institution	Previous Position
VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P. Long Only Manager	$51.9M 1.2M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$50.7M 1.2M shares
Schonfeld Strategic Advisors LLC Hedge Fund•Multi-Strategy	$16.9M 390.7K shares
Ceredex Value Advisors LLC Long Only Manager	$13.9M 321.0K shares
Timbercreek Asset Management Ltd. Real Assets	$12.9M 298.0K shares
WESTWOOD HOLDINGS GROUP INC Institution	$8.8M 204.2K shares
E Eisler Capital Management Ltd. Institution	$8.2M 190.6K shares
D D. E. Shaw & Co., Inc. Institution	$7.5M 174.3K shares
ExodusPoint Capital Management, LP Hedge Fund•Multi-Strategy	$7.3M 168.4K shares
H HRT FINANCIAL LLC Institution	$6.7M 155.4K shares

Options Activity

Institutions with the largest Call and Put options positions in NNN as of Q3 2025

Call Positions: 6
Call Value: $8.6M
Put Positions: 3
Put Value: $2.5M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$3.1M 726.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$2.0M 468.0 contracts
J JANE STREET GROUP, LLC Institution	$2.0M 461.0 contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$1.2M 276.0 contracts
W WOLVERINE TRADING, LLC Institution	$383.4K 91.0 contracts
LANDMARK INVESTMENT PARTNERS, L.P. Hedge Fund•Long/Short	- - contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.5M 363.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$634.3K 149.0 contracts
W WOLVERINE TRADING, LLC Institution	$353.9K 84.0 contracts

Most Committed Institutions

Institutions with NNN as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
NORTHWOOD LIQUID MANAGEMENT LP Hedge Fund•Sector	Stephen Lewis Millham CIO	8.96% $130.7M	1.63% 3.1M shares	Q3 2021 Held for 4y 2m	$1.5B
BERNZOTT CAPITAL ADVISORS RIA/Wealth	Mark Alexander Scott CEO	3.13% $6.6M	0.08% 156.0K shares	Q4 2023 Held for 1y 11m	$211.9M
S Sophron Capital Management L.P. Hedge Fund•Long/Short	George Michael Maslovsky CEO	1.88% $6.1M	0.08% 143.3K shares	Q4 2024 Held for 11 months	$324.6M
W Weaver C. Barksdale & Associates, Inc. Long Only Manager	Ann Loden Roberts CEO	1.79% $1.9M	0.02% 43.7K shares	Q3 2025 Held for 2 months	$103.9M
Verity & Verity, LLC RIA/Wealth	William Wymond Verity President	1.53% $19.1M	0.24% 448.9K shares	Q3 2019 Held for 6y 2m	$1.2B
Equity Investment Corp Acquisition Inc Long Only Manager	Richard Terrence Irrgang CEO	1.39% $66.2M	0.82% 1.6M shares	Q3 2023 Held for 2y 2m	$4.8B
Mondrian Investment Partners LTD Long Only Manager	Elizabeth Anne Desmond CEO	1.32% $78.8M	0.98% 1.9M shares	Q3 2025 Held for 2 months	$6.0B
Values First Advisors, Inc. RIA/Wealth	Larry Alexander Ellis CEO	1.29% $2.4M	0.03% 56.6K shares	Q4 2019 Held for 5y 11m	$186.1M
T TT Capital Management LLC Institution	-	1.22% $1.6M	0.02% 37.5K shares	Q4 2024 Held for 11 months	$130.9M
MFG WEALTH MANAGEMENT, INC. RIA/Wealth	Michael Ray Mccracken President	1.06% $1.4M	0.02% 32.9K shares	Q3 2025 Held for 2 months	$132.4M

Hedge Fund Spotlight

Discover hedge funds investing in NNN

Sophron Capital Management L.P.

Hedge Fund • Long/Short

Portfolio ManagerGeorge Michael Maslovsky

Portfolio Value: $324.6M
Positions: 39
Last Reported: Q3 2025

Sector Allocation

Position in NNN REIT

Market Value: $6.1M
Shares Held: 143.3K
Portfolio Weight: 1.88%
Owned Since: 2024-Q4

Top Holding	Sector	Market Value	Weight
1 Agree Realty ADC	REIT - Retail Real Estate	$22.7M	6.98%
2 Meritage Homes MTH	Residential Construction Consumer Cyclical	$20.1M	6.20%
3 Phillips Edison & Company PECO	REIT - Retail Real Estate	$19.7M	6.07%