Exhibit 21

NNN REIT, INC.

SUBSIDIARIES OF THE REGISTRANT

December 31, 2025

Subsidiary | Jurisdiction of Formation
CCMH V, LLC | Delaware
CNL Commercial Mortgage Funding, Inc. | Delaware
NNN REIT Trust | Maryland
NNN REIT, LP | Delaware
Net Lease Funding, Inc. | Maryland
Net Lease Realty I, Inc. | Maryland
NNN Athletic I LLC | Delaware
NNN Brokerage Services, Inc. | Maryland
NNN CA Auto Svc LLC | Delaware
NNN GP Corp. | Delaware
NNN PBY LLC | Delaware
NNN SC Trust | Maryland
NNN TRS, Inc. | Maryland
Orange Avenue Mortgage Investments, Inc. | Delaware