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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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Ranked against 21 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CTO | $759M | 244.9× | 14.6× | 5.1× | 20.1% | 74.6% | 6.7% | 1.8% | 0.9% | 6.5× | 47 |
| BFS | $726M | 26.9× | 4.7× | 2.5× | 7.8% | — | 12.9% | 12.2% | 4.8% | 1.8× | 31 |
| JBGS | $703M | — | 3.3× | 1.4× | -8.9% | — | -27.9% | -12.0% | -12.0% | -0.4× | 39 |
| CLDT | $698M | 107.0× | 10.1× | 2.4× | -7.0% | — | 5.1% | 2.0% | 1.4% | 3.1× | 32 |
| PSTL | $656M | 46.2× | 17.4× | 6.8× | 25.5% | — | 14.8% | 5.0% | 2.2% | 6.2× | 36 |
| UHT | $526M | 29.8× | 14.1× | 5.3× | 0.2% | — | 17.8% | 11.6% | 3.3% | 5.8× | 39 |
| BDN | $520M | — | — | 1.1× | -4.2% | 61.8% | -36.8% | -22.5% | -5.3% | — | 37 |
| FBRT | $512M | 9.6× | — | 1.9× | 20.9% | — | 30.5% | 5.7% | 5.7% | — | 36 |
| NXRT | $468M | — | 16.6× | 1.9× | -3.2% | — | -12.7% | -10.8% | -1.7% | 12.8× | 36 |
| FVR | $453M | — | 27.4× | 6.8× | 39.1% | — | -5.7% | -1.0% | -0.5% | 10.9× | 20 |
| TCI | $442M | 31.5× | 101.6× | 9.0× | 4.2% | — | 28.1% | 1.6% | 1.3% | — | 8 |
| FPI | $384M | 14.4× | 58.0× | 7.4× | -10.4% | — | 60.5% | 6.7% | 5.0% | 17.2× | 41 |
| CHCT | $374M | 163.1× | — | 3.1× | 4.7% | — | 4.2% | 1.2% | 0.5% | — | 26 |
| LAND | $337M | — | — | 3.8× | 3.7% | 89.1% | 15.3% | 2.0% | 1.2% | — | 41 |
| PINE | $297M | — | 19.0× | 4.9× | 15.9% | 86.0% | -4.4% | -0.9% | -0.4% | 11.7× | 26 |
| NLCP | $281M | 10.7× | 6.0× | 5.5× | 1.9% | — | 51.5% | 6.8% | 6.8% | -0.6× | — |
| BRT | $250M | — | 16.1× | 2.6× | 1.5% | 99.8% | -12.3% | -6.7% | -6.7% | -1.8× | 27 |
| NXDT | $229M | — | 13.5× | 2.7× | 3.3% | — | -151% | -18.6% | -18.6% | -0.5× | 22 |
| ACR | $200M | 424.7× | — | 2.5× | -4.2% | — | 35.0% | 6.6% | 1.4% | — | 12 |
| STRW | $178M | 21.0× | 7.8× | 1.1× | 32.4% | — | 4.9% | 62.6% | 0.9% | 6.3× | 14 |
| SEVN | $151M | 6.6× | — | 5.1× | -16.7% | — | 52.5% | 4.7% | 4.7% | — | 14 |
| FREVS | $141M | 40.2× | 13.5× | 4.8× | 2.2% | — | 12.0% | 10.3% | 2.3% | 5.7× | — |
Peers = companies sharing NLCP's sector (Real Estate Investment Trusts) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
A reverse discounted cash flow is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
What the company returns to shareholders — and whether it's covered by cash.
The dividend takes 83% of free cash flow — sustainable but with limited headroom. Last year: $35.3M dividends + $0 buybacks = $35.3M returned on $42.5M FCF.
4 consecutive years of dividend increases · 21%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 6 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 7%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 6 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Leverage ratios is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Interest is easily covered by operating profit.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $51.1M 100.0% | $50.1M 100.0% | $47.3M 100.0% | $45.0M 100.0% | $28.1M 100.0% | $11.7M 100.0% |
| Selling, General & Admin | $7.1M 13.9% | $7.9M 15.8% | $7.6M 16.0% | $9.4M 20.8% | $8.5M 30.2% | $4.1M 34.8% |
| Total Operating Expenses | $23.8M 46.7% | $22.9M 45.6% | $22.5M 47.5% | $22.4M 49.8% | $16.6M 59.0% | $23.7M 203.5% |
| Operating Income | $27.3M 53.4% | $26.8M 53.4% | $24.7M 52.1% | $22.5M 50.0% | $11.5M 41.0% | -$10.6M -90.8% |
| Interest Expense | $839K 1.6% | $565K 1.1% | $379K 0.8% | $273K 0.6% | $6K 0.0% | $0 0.0% |
| Interest & Investment Income | — | — | — | $113K 0.3% | $100K 0.4% | $153K 1.3% |
| Other Income (Expense), net | -$482K -0.9% | -$211K -0.4% | $368K 0.8% | -$160K -0.4% | $94K 0.3% | $153K 1.3% |
| Net Income | $26.3M 51.5% | $26.1M 52.1% | $24.6M 52.0% | $22.0M 48.8% | $11.6M 41.3% | -$10.4M -89.5% |
| Per Share | ||||||
| EPS (Basic) | $1.28 | $1.27 | $1.16 | $1.03 | $0.66 | -$1.50 |
| EPS (Diluted) | $1.28 | $1.27 | $1.16 | $1.03 | $0.65 | -$1.50 |
| Weighted Avg Shares (Basic) | 20.6M | 20.6M | 21.2M | 21.4M | 17.0M | 7.1M |
| Weighted Avg Shares (Diluted) | 21.0M | 21.0M | 21.5M | 21.8M | 17.6M | 7.1M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-30
Where each multiple sits in its own 5-yr range · 40th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 5-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 7% against ROIC 7% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| SG&A | 34.8 | 30.2 | 20.8 | 16.0 | 15.8 | 13.9 |
| Operating Income | -90.8 | 41.0 | 50.0 | 52.1 | 53.4 | 53.4 |
| Net Income | -89.5 | 41.3 | 48.8 | 52.0 | 52.1 | 51.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NLCP: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2020 | not reported | -90.8% | -89.5% |
| FY2021 | not reported | 41.0% | 41.3% |
| FY2022 | not reported | 50.0% | 48.8% |
| FY2023 | not reported | 52.1% | 52.0% |
| FY2024 | not reported | 53.4% | 52.1% |
| FY2025 | not reported | 53.4% | 51.5% |
Return on equity (7%) and return on invested capital (7%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: tax_rate.
Converts 1.78x of reported profit into free cash flow over 5 years, with accruals negative.
Capex has been below depreciation for 6 consecutive years (0.00x on average over the last 5). Spending less than the asset base is consuming flatters free cash flow now and defers the cost — though depreciation also covers amortisation of acquired intangibles, which capex is not meant to replace.
Leverage is not measurable this way for a reit.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $13.63, free cash flow must compound -9.02%/yr for 10 years. It has done 42.02%/yr over 5 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 263.3% | −9.0% |
| FY2022 | 38.6% | −9.0% |
| FY2023 | 8.3% | −9.0% |
| FY2024 | 8.1% | −9.0% |
| FY2025 | −2.0% | −9.0% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $26M | $26M |
| Share-based comp | $1M | $27M |
| Other non-cash & working capital | $15M | $42M |
| Operating cash flow | $42M | $42M |
| Capex | $0 | $42M |
| Free cash flow | $42M | $42M |
| FCF after SBC | $41M | $41M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 140.6% | not reported | not reported |
| FY2022 | 60.4% | not reported | not reported |
| FY2023 | 5.1% | not reported | not reported |
| FY2024 | 6.0% | not reported | not reported |
| FY2025 | 1.9% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -12.3 percent |
| FY2021 | -3.3 percent |
| FY2022 | -3.3 percent |
| FY2023 | -3.6 percent |
| FY2024 | -4.0 percent |
| FY2025 | -3.8 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 6 consecutive years to the latest.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.