Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net income	$ 21,540	$ 29,274
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	35,747	35,174
Straight-line rent adjustment	(9,376)	(9,685)
Amortization of (below) market lease intangibles	(243)	(116)
Amortization of deferred financing costs	3,159	2,629
Performance participation allocation	2,360
Net gain on sales of real estate		(338)
Changes in assets and liabilities:
(Increase)/decrease in other assets	(9,179)	139
Increase in due to affiliates	1,322	236
Increase (decrease) in accounts payable and accrued expenses	7,055	(22)
Increase/(decrease) in other liabilities	1,641	(568)
Net cash provided by operating activities	54,026	56,723
Cash flows from investing activities:
Proceeds from real estate sold	9	20,626
Acquisition of real estate	(127,034)	(338)
Net cash (used in)/provided by investing activities	(127,025)	20,288
Cash flows from financing activities:
Proceeds from issuance of common shares	102,465
Redemptions of common stock	(270,848)
Subscriptions received in advance	19,786	262,935
Payment of distributions to common shares	(40,827)	(50,265)
Payment of distributions to non-controlling interests	(8,867)	(9,787)
Borrowings under mortgage notes	134,923
Repayment of mortgage notes	(45,481)	(16,965)
Borrowings under revolving credit facility	99,602	53,530
Repayment of revolving credit facility	(159,012)	(52,537)
Borrowings under aggregation facility	78,906
Repayment of aggregation facility	(78,906)
Deferred financing costs	(4,184)	(5)
Net cash (used in)/provided by financing activities	(172,443)	186,906
Net change in cash and cash equivalents and restricted cash	(245,442)	263,917
Cash and cash equivalents and restricted cash, beginning of period	266,470	2,416
Effects of currency translation on cash and cash equivalents, and restricted cash	(411)	137
Cash and cash equivalents and restricted cash, end of period	20,617	266,470
Supplemental disclosures:
Interest paid	38,928	39,338
Cash paid for income taxes	95	$ 711
Non-cash financing activities:
Accrued distributions	4,534
Offering costs due to affiliate	4,630
Other offering costs payable	835
Distribution reinvestment	1,420
Performance Participation Allocation	3,424
Subscriptions received in advance	$ 262,935

New Mountain Net Lease Trust 10-K