NewLake Capital Partners, Inc.

Except as set forth below, there have been no material changes to the risk factors set forth in the section titled “Risk Factors” included in our Annual Report on Form 10-K, dated March 6, 2025, filed with the SEC. Our business involves significant risks. You should carefully consider the risks and uncertainties described in our Annual Report on Form 10-K, together with all of the other information in this Quarterly Report on Form 10-Q, as well as our audited consolidated financial statements and related notes as disclosed in our Annual Report. The risks and uncertainties described in our Annual Report are not the only ones we face. Additional risk and uncertainties that we are unaware of or that we deem immaterial may also become important factors that adversely affect our business. The realization of any of these risks and uncertainties could have a material adverse effect on our reputation, business, financial condition, results of operations, growth and future prospects as well as our ability to accomplish our strategic objectives. In that event, the market price of our common stock could decline and you could lose part or all of your investment.

We have a very limited number of tenants, and the inability of any single tenant to make its lease payments could materially and adversely affect our business (including our financial performance and condition). As of September 30, 2025, we owned 34 total properties, of which 31 were leased to a total of 11 tenants. Our 11 tenants and one non-performing tenant each represent aggregate annualized rental income and fees, including applied escrow/security deposits, and excluding revenue reimbursables (represented by annualized September monthly base rent of executed leases, which were in effect as of September 30, 2025) for the year ending December 31, 2025 as follows: Curaleaf (24.4%); Cresco Labs (14.0%); Trulieve (11.4%); The Cannabist Company (8.7%); C3 Industries (7.9%); Calypso (7.4%); Acreage (6.6%); Mint (6.3%); Ayr Wellness (6.2%) (this tenant is not performing under its respective lease agreement and as of September 30, 2025 the lease had not been modified); CODES (5.6%); PharmaCann (1.2%); and Bud'r (0.3%). Lease payment defaults by any of our tenants or a significant decline in the value of any single property could materially and adversely affect our business (including our financial performance and condition). Our lack of tenant diversification also increases the potential that a single underperforming investment or tenant could have a material adverse effect on the price we could realize from the sale of our properties. Any adverse change in the financial condition of any of our tenants, including but not limited to the state cannabis markets not developing and growing in ways that we or our tenants projected, or any adverse change in the political climate regarding cannabis where our properties are located, would subject us to a significant risk of loss.

In addition, failure by any of our tenants to comply with the terms of its lease agreement with us could require us to find another lessee for the applicable property. We may experience delays in enforcing our rights as landlord and may incur substantial costs in protecting our investment and re-leasing that property. Furthermore, we cannot assure you that we will be able to re-lease that property for the rent we currently receive, or at all, or that a lease termination would not result in our having to sell the property at a loss.

The tenant concentration risk (and related risk of tenant defaults) may be more pronounced in the cannabis industry due to the fact that some of our tenants have limited operating histories. See “Factors Impacting Our Operating Results - Financial Performance and Condition of Our Tenants” under Item 2 for a discussion of our recent non-performing tenants. Some of our tenants have limited operating histories and may be more susceptible to payment and other lease defaults, which could materially and adversely affect our business (including our financial performance and condition). The result of any of the foregoing risks could materially and adversely affect our business (including our financial performance and condition).