It's best to look at the whole passage.

Both the NIV and NASB translate it differently than the NLT.

(Romans 5:1-5 NASB) Therefore having been justified by faith, we have peace with God through our Lord Jesus Christ, {2} through whom also we have obtained our introduction by faith into this grace in which we stand; and we exult in hope of the glory of God. {3} And not only this, but we also exult in our tribulations, knowing that tribulation brings about perseverance; {4} and perseverance, proven character; and proven character, hope; {5} and hope does not disappoint, because the love of God has been poured out within our hearts through the Holy Spirit who was given to us.

(Romans 5:1-5 NIV) Therefore, since we have been justified through faith, we have peace with God through our Lord Jesus Christ, {2} through whom we have gained access by faith into this grace in which we now stand. And we rejoice in the hope of the glory of God. {3} Not only so, but we also rejoice in our sufferings, because we know that suffering produces perseverance; {4} perseverance, character; and character, hope. {5} And hope does not disappoint us, because God has poured out his love into our hearts by the Holy Spirit, whom he has given us.