Every 424B that Broadstone Net Lease Inc (BNL) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow BNL and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BNL filings page.
Broadstone Net Lease, Inc., an industrial-focused net lease REIT, is offering 11,000,000 shares of common stock at a public offering price of $20.50 per share via forward sale agreements with affiliates of Morgan Stanley and JPMorgan. The forward purchasers borrow and sell the shares to the underwriters; Broadstone will not initially receive proceeds. The company expects to physically settle the forward sales by September 30, 2027 at an initial forward sale price of $19.7825 per share, for anticipated net cash proceeds of about $217.6 million, subject to rate and dividend adjustments, which will be contributed to its operating partnership and used for investments, debt repayment, and general purposes.
As of June 30, 2026, Broadstone owned 766 properties and held a 95.9% interest in its UPREIT operating partnership. Recent developments include a $303 million joint-venture build-to-suit advanced technology facility in Colorado with an estimated 8.5% year-one cash cap rate, a new $300 million Term Loan II Facility maturing in 2030 with reduced credit spreads, and declaration of a $0.2925 per-share quarterly distribution for Q3 2026. The filing highlights potential dilution and cash obligations from the forward sale structure and notes REIT tax risks if forward agreements are cash-settled in a way that generates significant non-qualifying income.
Broadstone Net Lease, Inc. is offering 11,000,000 shares of common stock through forward sale agreements with Morgan Stanley & Co. LLC and JPMorgan Chase Bank, National Association, with underwriters holding a 30‑day option for up to 1,650,000 additional shares. The forward purchasers or their affiliates will borrow and sell the shares to the underwriters, and Broadstone expects to physically settle the forwards by September 30, 2027; it may instead elect cash or net share settlement, which could lead to cash payments or additional share issuances. The company will not initially receive proceeds; cash received upon settlement will be contributed to its operating partnership and used for investments, repayment of unsecured revolving credit facility and other debt, and general corporate purposes. As of June 30, 2026 Broadstone was an industrial‑focused net lease REIT with 766 properties and a 95.9% interest in its operating partnership, and had recently committed about $303 million to a Colorado build‑to‑suit joint venture and added a $300 million Term Loan II Facility maturing in 2030. The filing highlights risks of share price volatility, dilution from this and future equity issuance, and specific risks and potential dilution or cash obligations arising from the forward sale structure.
Broadstone Net Lease, Inc. is offering debt securities with principal tranches that aggregate to $350,000,000, allocated across multiple note amounts (for example, $66,500,000; $57,750,000; $28,000,000; $17,500,000; $7,000,000, among others). Certain borrowings reference one-month adjusted SOFR plus 0.95% and daily simple adjusted SOFR plus 1.25%; outstanding borrowings under the unsecured revolving credit portion of its credit facility maturing in 2029 currently bear interest at reference rate plus 0.85%. The prospectus supplement discusses settlement through DTC requiring immediately available funds and notes trustee procedures for holders.
The filing discloses material tax and structural items: Broadstone expects built-in gain exposure of approximately $56.4 million related to prior Blocker Corp mergers that could trigger corporate-level tax if certain assets (notably the OP or OP interests) are sold in a taxable transaction within five years. The document also details REIT qualification rules, potential cross-default provisions in debt agreements, procedures for furnishing Exchange Act reports or confidential datasite access, and withholding/tax rules for non-U.S. holders.
Broadstone Net Lease, Inc. prospectus supplement discusses terms for offered debt securities and highlights credit, tax and REIT compliance matters. The company references its Exchange Act filings and makes clear that website content is not part of the prospectus. Interest on certain borrowing facilities is tied to adjusted SOFR with spreads noted (example spreads: +0.95% and +1.25%; unsecured revolver borrowings currently at reference rate +0.85%). The document discloses cross-default and acceleration risks under debt agreements and describes trustee notice and cure periods. Tax disclosures emphasize REIT qualification rules, including gross income and asset tests, limitations on ownership transfers to preserve REIT status, and possible corporate tax on "built-in gain" estimated at approximately $56.4 million if certain assets are sold within five years. It also covers withholding rules for U.S. and non-U.S. holders and settlement mechanics via DTC.