NewLake Capital Partners Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	26.31	26.12	24.59	21.98	11.23	-10.67
Depreciation & Amortization	15.43	14.71	14.27	12.83	8.1	2.6
Other Amortization	0.27	0.27	0.28	0.16	-	-
Gain (Loss) on Sale of Assets	0.03	-	-	0.06	-	-1.49
Stock-Based Compensation	1.2	1.67	1.44	1.49	2.02	4.72
Change in Accounts Payable	0.31	0.4	-0.54	0.26	-1.84	-
Change in Other Net Operating Assets	-0.18	0.76	1.68	-0.1	5.4	0.94
Other Operating Activities	-0.94	-0.22	-1.41	0.39	0.36	11.68
Operating Cash Flow	42.99	43.35	40.08	37.01	26.7	7.35
Operating Cash Flow Growth	-4.88%	8.14%	8.31%	38.62%	263.32%	839.19%
Acquisition of Real Estate Assets	-0.79	-3.99	-0.35	-36.97	-56.96	-55
Sale of Real Estate Assets	-	-	1.95	0.76	-	-
Net Sale / Acq. of Real Estate Assets	-0.79	-3.99	1.6	-36.21	-56.96	-55
Cash Acquisition	-	-	-	-	62.21	-
Other Investing Activities	-1.18	-15.14	-14.43	-45.25	-15.16	-
Investing Cash Flow	-1.96	-19.14	-12.84	-86.45	-39.91	-65.05
Long-Term Debt Issued	-	6.6	-	1	-	-
Total Debt Issued	-	6.6	-	1	-	-
Long-Term Debt Repaid	-	-1	-1	-1.8	-	-
Net Debt Issued (Repaid)	-	5.6	-1	-0.8	-	-
Issuance of Common Stock	-	-	-	-	133.09	15.75
Repurchase of Common Stock	-0.64	-0.08	-11.85	-0.81	-	-
Preferred Share Repurchases	-	-	-	-	-0.13	-
Common Dividends Paid	-35.31	-34.25	-33.06	-28.99	-11.67	-5.16
Preferred Dividends Paid	-	-	-	-	-0	-0.02
Total Dividends Paid	-35.31	-34.25	-33.06	-28.99	-11.67	-5.18
Other Financing Activities	-1.34	-1.11	-0.69	-1.85	-0.6	-0.16
Net Cash Flow	3.74	-5.63	-19.35	-81.91	107.48	-47.28
Cash Interest Paid	0.51	0.3	0.14	0.03	-	-
Levered Free Cash Flow	33.78	34.58	30.66	54.4	-2.34	0.4
Unlevered Free Cash Flow	34.01	34.67	30.61	54.41	-2.34	0.4
Change in Working Capital	0.74	0.85	0.75	0.1	4.99	0.5

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.