NETSTREIT Corp. 8-K

What Happened

• NETSTREIT Corp. filed an 8-K on April 21, 2026, announcing a new at-the-market (ATM) equity offering sales agreement to sell up to $400 million of common stock through a syndicate of sales agents (including Wells Fargo, BofA, Baird, BNY Mellon/BTIG and others). The agreement also contemplates forward sale arrangements with several banks/forward purchasers and permits sales on the NYSE, other markets, or in privately negotiated transactions (with the Company’s consent).

Key Details

• Aggregate program size: up to $400.0 million of common stock under the new Sales Agreement.
• Sales/fees: sales agents’ commissions up to 1.5% of gross sales; forward sellers’ commissions (paid via reduced forward price) also capped at 1.5% (subject to adjustments).
• Prior ATM terminated: effective April 21, 2026, the Company ended its prior ATM agreement; under that prior program the Company sold ~ $256.1 million (including unsettled forward sales).
• Unsettled forwards: NETSTREIT has forward sale agreements covering 12,777,902 shares that remain unsettled with maturity dates ranging from Sept 2026 through Mar 2027; the Company may physically settle (deliver shares) or elect cash/net-share settlement per agreement terms.
• Use of proceeds: expected to be contributed to NETSTREIT, L.P. for general corporate purposes, including acquisitions, development, other investments, working capital and repayment of debt (including amounts under its $500.0M senior unsecured revolving credit facility).

Why It Matters

• Capital and flexibility: the new $400M ATM gives NETSTREIT a flexible way to raise equity capital over time as market conditions permit, which management can use for property acquisitions, development pipeline funding or debt reduction.
• Potential dilution and timing: sales under an ATM (and settlement of existing forward agreements) can increase the share count and dilute existing shareholders; the filing notes specific unsettled forward positions that could be settled between Sept 2026 and Mar 2027.
• Funding strategy: investors should view this as a financing tool (not a guaranteed immediate equity raise). The company’s stated intent to contribute proceeds to the operating partnership and to potentially pay down amounts under its revolving credit facility is a concrete use-case for the proceeds.