Broadstone Net Lease (NYSE: BNL) posts 2025 AFFO growth and $748M investments

Q: How did Broadstone Net Lease (BNL) perform financially in 2025?

Broadstone Net Lease generated 2025 net income of $99.4 million , or $0.50 per diluted share , down 41.9%. However, AFFO rose to $296.3 million , or $1.49 per diluted share , a 4.2% increase, reflecting stronger underlying cash flow despite lower gains on sales and higher interest expense.

Q: What were Broadstone Net Lease (BNL)’s key operating metrics for 2025?

The company’s portfolio was 99.8% leased at year-end 2025, with only one of 771 properties vacant. It achieved 2.0% same-store rental revenue growth for the year and collected 99.8% of base rents , indicating strong tenant performance and stable property-level income.

Q: How much did Broadstone Net Lease (BNL) invest and dispose of in 2025?

In 2025, Broadstone invested $748.4 million , including $429.9 million in acquisitions and $209.3 million in build-to-suit developments. It sold 28 properties for $96.1 million , plus one additional property for $12.1 million after year-end, actively recycling capital within its net lease portfolio.

Q: What is Broadstone Net Lease (BNL)’s leverage and liquidity position?

Broadstone ended 2025 with Net Debt of $2.5 billion , a Net Debt to Annualized Adjusted EBITDAre ratio of 6.0x , and a Pro Forma ratio of 5.8x . It had $723.5 million of available capacity on its unsecured revolving credit facility and no material debt maturities until 2027.

Q: What dividend and guidance did Broadstone Net Lease (BNL) provide?

The board declared a quarterly dividend of $0.2925 per share and OP Unit, slightly above the prior $0.29 . For 2026, Broadstone expects AFFO of $1.53 to $1.57 per diluted share , based on targeted investments, dispositions, and core general and administrative expenses of $30–$31 million.

Q: How did Broadstone Net Lease (BNL) perform in Q4 2025?

In Q4 2025, Broadstone generated net income of $35.0 million , or $0.17 per diluted share , and AFFO of $75.8 million , or $0.38 per diluted share , a 5.6% year-over-year increase. Same-store rental revenue grew 2.9% , and the company collected 100% of base rents for the quarter.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Broadstone Net Lease, Inc. reported 2025 results showing net income of $99.4 million, or $0.50 per diluted share, a 41.9% decrease mainly from lower gains on property sales and higher interest expense. Adjusted funds from operations (AFFO) rose to $296.3 million, or $1.49 per diluted share, up 4.2%.

The REIT invested $748.4 million during 2025, including $429.9 million of acquisitions and $209.3 million of build-to-suit developments, while selling 28 properties for $96.1 million. Its 771-property portfolio was 99.8% leased, with 99.8% of base rent collected.

Broadstone ended the year with Net Debt of $2.5 billion and a Net Debt to Annualized Adjusted EBITDAre ratio of 6.0x, or 5.8x on a pro forma basis. The quarterly dividend was increased to $0.2925 per share, and 2026 AFFO guidance was reaffirmed at $1.53 to $1.57 per diluted share.

Insights

Core cash flow grew modestly despite a sharp GAAP earnings decline.

Broadstone Net Lease showed the classic REIT split between accounting earnings and cash flow. Net income fell to $99.4 million as gains on asset sales dropped and interest expense rose, but AFFO increased 4.2% to $296.3 million, supporting the dividend.

Operationally the portfolio looks solid. Same-store rental revenue grew 2.0% for 2025 and 2.9% in Q4, occupancy was 99.8% by square footage, and the company collected 99.8% of base rent. A large industrial-weighted investment program of $748.4 million and a $345.4 million build-to-suit pipeline aim to extend growth.

Leverage is elevated, with Net Debt to Annualized Adjusted EBITDAre at 6.0x and Pro Forma 5.8x, but Broadstone extended its $1.0 billion revolver to March 2029 and issued $350.0 million of 5.00% notes due 2032, leaving no material maturities until 2027. The 2026 AFFO guidance range of $1.53–$1.57 per share implies continued, though measured, cash-flow growth.

02/18/2026 - 04:12 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_____________________

FORM 8-K

_____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 18, 2026

________________________________________________________

BROADSTONE NET LEASE, INC.

(Exact name of Registrant as Specified in Its Charter)

________________________________________________________


Maryland	001-39529	26-1516177
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

207 High Point Drive Suite 300
Victor, New York		14564
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code:585 287-6500

(Former Name or Former Address, if Changed Since Last Report)

________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange on which registered

Common Stock, $0.00025 par value

BNL

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 18, 2026, Broadstone Net Lease, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Additionally, on February 18, 2026, the Company made available on its website an updated presentation containing quarterly supplemental information pertaining to its operations and financial results including the quarter ended December 31, 2025. A copy of the quarterly supplemental information is attached hereto as Exhibit 99.2 and is incorporated herein by reference. The press release and quarterly supplemental information are also available on the Company’s website.

The information contained in this Item 2.02, including the information contained in the press release attached as Exhibit 99.1 hereto and quarterly supplemental information attached as Exhibit 99.2 hereto, are being “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. References to the Company’s website in this Current Report on Form 8-K and in the attached Exhibit 99.1 and Exhibit 99.2 to this Current Report on Form 8-K do not incorporate by reference the information on such website into this Current Report on Form 8-K and the Company disclaims any such incorporation by reference.

Item 9.01 Financial Statements and Exhibits.


(d)			Exhibits

INDEX TO EXHIBITS


Exhibit No.			Description

99.1			Press Release dated February 18, 2026
99.2			Quarterly Supplemental Information for the Quarter Ended December 31, 2025
104			Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


			BROADSTONE NET LEASE, INC.

Date:	February 18, 2026	By:	/s/ John D. Callan
			Name: John D. Callan Title: Senior Vice President, General Counsel and Secretary

EXHIBIT 99.1

For Immediate Release

February 18, 2026


Company Contact: Brent Maedl Director, Corporate Finance & Investor Relations brent.maedl@broadstone.com 585.382.8507

Broadstone Net Lease Announces Fourth Quarter and Full Year 2025 Results

VICTOR, N.Y. – Broadstone Net Lease, Inc. (NYSE: BNL) (“BNL”, the “Company”, “we”, “our”, or “us”), today announced its operating results for the year and quarter ended December 31, 2025.

MANAGEMENT COMMENTARY

“2025 was an important year for Broadstone, highlighted by consistent execution and our return to growth through our differentiated strategy " said John Moragne, BNL's Chief Executive Officer. "We significantly advanced our build-to-suit pipeline, improving visibility to embedded revenue growth, navigated tenant-related headlines while driving same-store growth, and invested approximately $430 million in stabilized acquisitions sourced predominantly through direct relationships, all while maintaining tight control of expenses and growing cash flows. Our results in 2025 underscore the strength of our portfolio, our relationships, and our operating platform as we enter 2026 with momentum and a clear runway ahead.”

FULL YEAR 2025 HIGHLIGHTS


OPERATING RESULTS			•Generated net income of $99.4 million, or $0.50 per diluted share, representing a 41.9% decrease compared to the same period in the prior year. The decrease is primarily related to a decrease in the gain on sale of real estate of $60.6 million, an increase in interest expense of $20.4 million, and an increase in other (expense) income of $12.6 million, partially offset by an increase in lease revenues, net of $22.3 million.
			•Generated adjusted funds from operations (“AFFO”) of $296.3 million, or $1.49 per diluted share, representing a 4.2% increase compared to the previous year.
			•Achieved same store rental revenue growth of 2.0% compared to the previous year, driven by strong contractual rent increases and leasing activity throughout the year.
			•Incurred $38.9 million of general and administrative expenses, representing a 2.4% increase compared to the prior year. Incurred core general and administrative expenses of $28.7 million, which excludes $9.6 million of stock-based compensation, $0.5 million of non-capitalized transaction costs, and $0.1 million of severance costs, representing a 2.0% decrease compared to the prior year.
			•Portfolio was 99.8% leased based on rentable square footage, with only one of our 771 properties vacant and not subject to a lease at quarter end.
			•Collected 99.8% of base rents due for the year for all properties under lease, incurring approximately 31bps of lost rent during 2025.
			•Subsequent to year end, all six sites previously tenanted by American Signature were assumed by Gardner White pursuant to the court-approved bankruptcy process under existing lease terms, with no rent loss throughout the process.
INVESTMENT & DISPOSITION ACTIVITY			•Invested $748.4 million, including $429.9 million in new property acquisitions, $209.3 million in build-to-suit developments, $100.8 million in transitional capital, and $8.3 million in revenue generating capital expenditures. The completed acquisitions and revenue generating capital expenditures had a weighted average initial cash capitalization rate, lease term, and annual rent increase of 7.0%, 14.2 years, and 2.6%, respectively, and the completed acquisitions had a weighted average straight-line yield of 8.4%. Total investments consist of $663.4 million in industrial properties and $85.0 million in retail properties.
			•Subsequent to year end and as of February 12, 2026, we invested $37.5 million, consisting of $17.5 million of build-to-suit developments, and $20.0 million of transitional capital.
			•As of the date of this release, we have a total of $174.8 million in remaining estimated investments for build-to-suit developments to be funded through the fourth quarter of 2026. Additionally, we have $7.0 million of commitments to fund revenue generating capital expenditures with existing tenants.
			•During the year, we sold 28 properties for gross proceeds of $96.1 million at a weighted average capitalization rate of 7.3% on tenanted properties. Subsequent to year end, we sold one property for $12.1 million.


CAPITAL MARKETS ACTIVITY			•In February 2025, we extended the maturity date of our $1.0 billion revolving credit facility from March 2026 to March 2029 and entered into a $500.0 million unsecured term loan expiring March 2028, of which $400.0 million was used to repay an existing term loan scheduled to mature in 2026.
			•On September 26, 2025, we completed a public offering of $350.0 million 5.00% senior unsecured notes due in 2032, issued at 99.15% of the principal amount. The proceeds were used to repay borrowings on the unsecured revolving credit facility, to fund investments in real estate, and for general corporate purposes. In conjunction with this offering, we terminated $335 million in existing interest rate swaps to realign our notional swap value with our floating rate exposure as a result of our public bond offering.
			•Ended the year with total outstanding debt of $2.5 billion, Net Debt of $2.5 billion, a Net Debt to Annualized Adjusted EBITDAre ratio of 6.0x, and a Pro Forma Net Debt to Annualized Adjusted EBITDAre ratio of 5.8x.

FOURTH QUARTER 2025 HIGHLIGHTS


OPERATING RESULTS			•Generated net income of $35.0 million, or $0.17 per diluted share.
			•Generated AFFO of $75.8 million, or $0.38 per diluted share, representing a 5.6% increase compared to the previous year.
			•Achieved same store rental revenue growth of 2.9% compared to the previous year, driven by strong contractual rent increases and leasing activity throughout the quarter.
			•Incurred $9.7 million of general and administrative expenses, representing a 2.6% decrease compared to the same period in the prior year. Incurred core general and administrative expenses of $7.0 million, which excludes $2.5 million of stock-based compensation, and $0.2 million of non-capitalized transaction costs, representing a 6.7% decrease compared to the same period in the prior year.
			•Collected 100.0% of base rents due for the quarter for all properties under lease.
INVESTMENT & DISPOSITION ACTIVITY			•During the fourth quarter, invested $315.3 million, including $176.7 million in new property acquisitions, $78.5 million in build-to-suit developments, and $60.1 million in transitional capital. The completed acquisitions and revenue generating capital expenditures had a weighted average initial cash capitalization rate, lease term, and annual rent increase of 7.0%, 17.1 years, and 2.6%, respectively, and a weighted average straight-line yield of 8.7%.
			•During the quarter, we sold 5 properties for gross proceeds of $36.9 million at a weighted average capitalization rate of 6.5% on tenanted properties.
CAPITAL MARKETS ACTIVITY			•Declared an increase in our quarterly dividend from $0.29 to $0.2925, or a 0.9% increase over the prior period.
			•During the fourth quarter of 2025, we sold, on a forward basis, 621,487 shares of our common stock at a weighted average price per share of $18.33 for estimated net proceeds of approximately $11.0 million under our at-the-market common equity offering (“ATM Program”), none of which has settled. These sales may be settled, at our discretion, at any time prior to December 2026. Additionally, the Company settled 2,187,700 shares under existing forward sale agreements and received net proceeds of approximately $38.4 million. After considering the shares sold subject to forward sale agreements we have $348.6 million of capacity remaining under the ATM Program as of December 31, 2025.
			•During the fourth quarter, we amended our term loan agreements to remove the previously existing 0.10% SOFR credit spread adjustment. Additionally, we amended the 2029 term loan to reduce the credit spread by 0.25% and adjust the fully-extended maturity date to February 2031.

SUMMARIZED FINANCIAL RESULTS


	For the Three Months Ended						For the Twelve Months Ended
(in thousands, except per share data)	December 31, 2025		September 30, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Revenues	$	118,295	$	114,167	$	112,130	$	454,138	$	431,800

Net income, including non-controlling interests	$	35,028	$	27,065	$	27,607	$	99,416	$	168,989
Net earnings per share – diluted	$	0.17	$	0.14	$	0.14	$	0.50	$	0.86

FFO	$	73,010	$	70,969	$	80,003	$	290,301	$	300,681
FFO per share	$	0.37	$	0.36	$	0.41	$	1.46	$	1.52

Core FFO	$	77,699	$	70,386	$	74,427	$	300,515	$	295,471
Core FFO per share	$	0.39	$	0.35	$	0.38	$	1.51	$	1.50

AFFO	$	75,846	$	74,314	$	70,532	$	296,281	$	281,991
AFFO per share	$	0.38	$	0.37	$	0.36	$	1.49	$	1.43

Diluted Weighted Average Shares Outstanding	197,935		197,632		197,697		197,573		196,619

FFO, Core FFO, and AFFO are measures that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). See the Reconciliation of Non-GAAP Measures later in this press release.

REAL ESTATE PORTFOLIO UPDATE

As of December 31, 2025, we owned a diversified portfolio of 771 individual net leased commercial properties with 764 properties located in 44 U.S. states and seven properties located in four Canadian provinces, comprising approximately 41.6 million rentable square feet of operational space. As of December 31, 2025, all but one of our properties were subject to a lease, and our properties were occupied by 206 different commercial tenants, with no single tenant accounting for more than 3.9% of our annualized base rent (“ABR”). Properties subject to a lease represent 99.8% of our portfolio’s rentable square footage. The ABR weighted average lease term and ABR weighted average annual rent increase, pursuant to leases on properties in the portfolio as of December 31, 2025, was 9.6 years and 2.1%, respectively.

Subsequent to quarter end, Gardner White assumed the leases for all six sites previously tenanted by American Signature, effective February 6, 2026, following the court-approved bankruptcy process. Existing lease terms remain in-place while the Company is actively negotiating a new master lease for these locations.

BALANCE SHEET AND CAPITAL MARKETS ACTIVITIES

As of the December 31, 2025, we had total outstanding debt of $2.5 billion, Net Debt of $2.5 billion, a Net Debt to Annualized Adjusted EBITDAre ratio of 6.0x, and a Pro Forma Net Debt to Annualized Adjusted EBITDAre ratio of 5.8x. We had $723.5 million of available capacity on our unsecured revolving credit facility as of quarter end, and no material maturities until 2027.

Subsequent to quarter end, we sold, on a forward basis, 1,676,00 shares of common stock at a weighted average price per share of $18.63 for an estimated net proceeds of approximately $30.8 million under our ATM Program, none of which has been settled. In total, on a forward basis, we have sold 2,297,487 of shares common stock at a weighted average price per share of $18.55 for an estimated net proceeds of $41.8 million. These sales may be settled, at our discretion, at any time prior to December 31, 2026. As of the date of this release, we have approximately $317.4 million of capacity remaining under our $400 million 2024 ATM Program.

BUILD-TO-SUIT DEVELOPMENT PROJECTS

The following table summarizes our in-process and stabilized developments as of February 12, 2026. We have secured the land and started construction on nine in-process developments.


Property	Projected Rentable Square Feet	Start Date	Target Stabilization Date/Stabilized Date	Lease Term (Years)	Annual Rent Escalations		Estimated Total Project Investment		Cumulative Investment		Estimated Remaining Investment		Estimated Cash Capitalization Rate		Estimated Straight-line Yield 1
In-process retail:
Sprouts (Bedford, TX)	22	Jul. 2025	Aug. 2026	15	0.9	%	$	9,533	$	1,235	$	8,298	7.2	%	7.7	%
Hobby Lobby (Granbury, TX)	55	Oct. 2025	Sep. 2026	15	0.7	%	8,129		1,407		6,722		7.1	%	7.4	%
Academy Sports (Granbury, TX)	55	Oct. 2025	Nov. 2026	15	0.6	%	12,393		2,793		9,600		7.1	%	7.4	%
Academy Sports (Waco, TX)	68	Dec. 2025	Sep. 2026	15	0.6	%	14,488		5,824		8,664		7.2	%	7.5	%
In-process industrial:
Sierra Nevada (Dayton, OH)	122	Oct. 2024	Mar. 2026	15	3.0	%	55,525		46,038		9,487		7.7	%	9.6	%
Southwire (Bremen, GA)	1,178	Dec. 2024	Oct. 2026	10	2.8	%	115,411		47,954		67,457		7.8	%	8.8	%
Fiat Chrysler Automobile (Forsyth, GA)	422	Apr. 2025	Aug. 2026	15	2.8	%	78,242		37,759		40,483		6.9	%	8.3	%
AGCO (Visalia, CA)	115	Jun. 2025	Aug. 2026	12	3.5	%	19,567		15,123		4,444		7.0	%	8.5	%
Palmer Logistics (Midlothian, TX) 2	270	Jul. 2025	Jul. 2026	12.3	3.5	%	32,063		14,817		17,246		7.6	%	9.2	%

	2,307			12.9	2.7	%	345,351		172,950		172,401		7.4	%	8.7	%
Stabilized industrial:
UNFI (Sarasota, FL)	1,016	Jan. 2023	Sep. 2024	15	2.5	%	200,958		200,958		—		7.2	%	8.6	%
Sierra Nevada (Dayton, OH)	122	Oct. 2024	Nov. 2025	15	3.0	%	58,563		56,534		2,029		7.5	%	9.3	%
Stabilized retail:
7Brew (High Point, NC)	1	Dec. 2024	Feb. 2025	15	1.9	%	1,975		1,975		—		8.0	%	8.8	%
7Brew (Charleston, SC)	1	Feb. 2025	Apr. 2025	15	1.9	%	1,729		1,729		—		7.9	%	8.8	%
7Brew (Jacksonville, FL)	1	Jun. 2025	Nov. 2025	15	1.9	%	2,008		1,613		395		8.0	%	8.8	%

Total / weighted average	3,448			13.8	2.6	%	$	610,584	$	435,759	$	174,825	7.4	%	8.7	%

1 Represents our pro-rata share of the estimated first year yield to be generated on a real estate investment, which was computed at the time of investment based on the estimated annual straight-line rental income computed in accordance with GAAP, divided by the estimated total project investment.

2 Development represents our common and preferred equity investments in a consolidated joint venture, and excludes amounts attributed to non-controlling interest holders.

DISTRIBUTIONS

At its February 13, 2026 meeting, our board of directors declared a quarterly dividend of $0.2925 per common share and OP Unit to holders of record as of March 31, 2026, payable on or before April 15, 2026.

2026 GUIDANCE

For 2026, BNL expects to report AFFO of $1.53 to $1.57 per diluted share, which remains unchanged from previously announced guidance.

The guidance is based on the following key assumptions:

(i)investments in real estate properties between $500 million and $625 million;

(ii)dispositions of real estate properties between $75 million and $100 million; and

(iii)total core general and administrative expenses between $30 million and $31 million, revised down from $30.5 to $31.5 million.

Our per share results are sensitive to both the timing and amount of real estate investments, property dispositions, and capital markets activities that occur throughout the year.

The Company does not provide guidance for the most comparable GAAP financial measure, net income, or a reconciliation of the forward-looking non-GAAP financial measure of AFFO to net income computed in accordance with GAAP, because it is unable to reasonably predict, without unreasonable efforts, certain items that would be contained in the GAAP measure, including items that are not indicative of the Company’s ongoing operations, including, without limitation, potential impairments of real estate assets, net gain/loss on dispositions of real estate assets, changes in allowance for credit losses, and stock-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on the Company’s GAAP results for the guidance periods.

CONFERENCE CALL AND WEBCAST

The Company will host its earnings conference call and audio webcast on Thursday, February 19, 2026, at 11:00 a.m. Eastern Time.

To access the live webcast, which will be available in listen-only mode, please visit: https://events.q4inc.com/attendee/945442806. If you prefer to listen via phone, U.S. participants may dial: 1-833-470-1428 (toll free) or 1-646-844-6383 (local), access code 674510. International access numbers are viewable here: https://www.netroadshow.com/conferencing/global-numbers?confId=94099.

A replay of the conference call webcast will be available approximately one hour after the conclusion of the live broadcast. To listen to a replay of the call via the web, which will be available for one year, please visit: https://investors.bnl.broadstone.com.

About Broadstone Net Lease, Inc.

BNL is an industrial-focused, diversified net lease REIT that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. Utilizing an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting, as of December 31, 2025, BNL’s diversified portfolio consisted of 771 individual net leased commercial properties with 764 properties located in 44 U.S. states and seven properties located in four Canadian provinces across the industrial, retail, and other property types.

Forward-Looking Statements

This press release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies, and prospects, both business and financial. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “outlook,” “potential,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “projects,” “predicts,” “expect,” “intends,” “anticipates,” “estimates,” “plans,” “would be,” “believes,” “continues,” or the negative version of these words or other comparable words. Forward-looking statements, including our 2026 guidance and assumptions, involve known and unknown risks and uncertainties, which may cause BNL’s actual future results to differ materially from expected results, including, without limitation, risks and uncertainties related to general economic conditions, including but not limited to increases in the rate of inflation and/or fluctuation of interest rates, local real estate conditions, tenant financial health, property investments and acquisitions, and the timing and uncertainty of completing these property investments and acquisitions, and uncertainties regarding future distributions to our stockholders. These and other risks, assumptions, and uncertainties are described in Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which the Company expects to file with the SEC on February 19, 2026 which you are encouraged to read, and will be available on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company assumes no obligation to, and does not currently intend to, update any forward-looking statements after the date of this press release, whether as a result of new information, future events, changes in assumptions, or otherwise.

Notice Regarding Non-GAAP Financial Measures

In addition to our reported results and net earnings per diluted share, which are financial measures presented in accordance with GAAP, this press release contains and may refer to certain non-GAAP financial measures, including Funds from Operations (“FFO”), Core Funds From Operations (“Core FFO”), AFFO, Net Debt, and Net Debt to Annualized Adjusted EBITDAre. We believe the use of FFO, Core FFO, and AFFO are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO, Core FFO, and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure, and should be considered in addition to, and not in lieu of, GAAP financial measures. We believe presenting Net Debt to Annualized Adjusted EBITDAre is useful to investors because it provides information about gross debt less cash and cash equivalents, which could be used to repay debt, compared to our performance as measured using Annualized Adjusted EBITDAre. You should not consider our Annualized Adjusted EBITDAre as an alternative to net income or cash flows from operating activities determined in accordance with GAAP. A reconciliation of non-GAAP measures to the most directly comparable GAAP financial measure and statements of why management believes these measures are useful to investors are included below.

Broadstone Net Lease, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands, except per share amounts)


	December 31, 2025		December 31, 2024
Assets
Accounted for using the operating method:
Land	$	781,117	$	778,826
Land improvements	373,405		357,142
Buildings and improvements	4,118,578		3,815,521
Equipment	15,281		15,843
Total accounted for using the operating method	5,288,381		4,967,332
Less accumulated depreciation	(772,589)		(672,478)
Accounted for using the operating method, net	4,515,792		4,294,854
Accounted for using the direct financing method	25,497		26,154
Accounted for using the sales-type method	14,405		571
Property under development	265,812		18,784
Investment in rental property, net	4,821,506		4,340,363
Cash and cash equivalents	30,540		14,845
Accrued rental income	178,880		162,717
Tenant and other receivables, net	4,404		3,281
Prepaid expenses and other assets	55,910		41,584
Interest rate swap, assets	18,248		46,220
Goodwill	339,769		339,769
Intangible lease assets, net	268,010		267,638
Total assets	$	5,717,267	$	5,216,417

Liabilities and equity
Unsecured revolving credit facility	$	266,036	$	93,014
Mortgages, net	56,689		76,846
Unsecured term loans, net	994,219		897,201
Senior unsecured notes, net	1,190,738		846,064
Interest rate swap, liabilities	1,501		—
Accounts payable and other liabilities	60,081		48,983
Dividends payable	59,513		58,317
Accrued interest payable	13,502		5,837
Intangible lease liabilities, net	41,527		48,731
Total liabilities	2,683,806		2,074,993

Commitments and contingencies (Note 17)

Equity
Broadstone Net Lease, Inc. equity:
Preferred stock, $0.001 par value; 20,000 shares authorized, no shares issued or outstanding	—		—
Common stock, $0.00025 par value; 500,000 shares authorized, 191,423 and 188,626 shares issued and outstanding at December 31, 2025 and 2024, respectively	48		47
Additional paid-in capital	3,502,380		3,450,584
Cumulative distributions in excess of retained earnings	(620,221)		(496,543)
Accumulated other comprehensive income	19,788		49,657
Total Broadstone Net Lease, Inc. equity	2,901,995		3,003,745
Non-controlling interests	131,466		137,679
Total equity	3,033,461		3,141,424
Total liabilities and equity	$	5,717,267	$	5,216,417

Broadstone Net Lease, Inc. and Subsidiaries

Condensed Consolidated Statements of Income and Comprehensive (Loss) Income

(in thousands, except per share amounts)


	For the Three Months Ended				For the Year Ended
	December 31, 2025		September 30, 2025		December 31, 2025		December 31, 2024
Revenues
Lease revenues, net	$	118,295	$	114,167	$	454,138	$	431,800

Operating expenses
Depreciation and amortization	41,768		40,246		164,086		156,179
Property and operating expense	6,282		6,198		22,971		24,741
General and administrative	9,666		9,974		38,883		37,986
Provision for impairment of investment in rental properties	4,668		6,999		39,734		49,001
Total operating expenses	62,384		63,417		265,674		267,907

Other income (expenses)
Interest income	(14)		182		389		994
Interest expense	(25,051)		(28,230)		(94,467)		(74,077)
Gain on sale of real estate	8,371		3,259		12,601		73,153
Income taxes	(392)		(208)		(1,154)		(1,175)
Other (expenses) income	(3,797)		1,312		(6,417)		6,201
Net income	35,028		27,065		99,416		168,989
Net income attributable to non-controlling interests	(1,902)		(599)		(2,921)		(6,548)
Net income attributable to Broadstone Net Lease, Inc.	$	33,126	$	26,466	$	96,495	$	162,441

Weighted average number of common shares outstanding
Basic	188,480		188,099		188,123		187,454
Diluted	197,935		197,632		197,573		196,619
Net earnings per common share
Basic	$	0.17	$	0.14	$	0.51	$	0.86
Diluted	$	0.17	$	0.14	$	0.50	$	0.86

Comprehensive income (loss)
Net income	$	35,028	$	27,065	$	99,416	$	168,989
Other comprehensive income (loss)
Change in fair value of interest rate swaps	(849)		(4,981)		(36,185)		124
Realized loss (gain) on interest rate swaps	—		6,103		6,091		209
Comprehensive income (loss)	34,179		28,187		69,322		169,322
Comprehensive income (loss) attributable to non-controlling interests	(1,867)		(646)		(1,635)		(6,552)
Comprehensive income (loss) attributable to Broadstone Net Lease, Inc.	$	32,312	$	27,541	$	67,687	$	162,770

Reconciliation of Non-GAAP Measures

The following is a reconciliation of net income to FFO, Core FFO, and AFFO for the three months ended December 31, 2025 and September 30, 2025, and the years ended December 31, 2025, and December 31, 2024. Also presented is the weighted average number of shares of our common stock and OP Units used for the diluted per share computation:


	For the Three Months Ended				For the Year Ended
(in thousands, except per share data)	December 31, 2025		September 30, 2025		December 31, 2025		December 31, 2024
Net income	$	35,028	$	27,065	$	99,416	$	168,989
Real property depreciation and amortization	41,686		40,164		163,752		155,844
Gain on sale of real estate	(8,371)		(3,259)		(12,601)		(73,153)
Provision for impairment on investment in rental properties	4,667		6,999		39,734		49,001
FFO	$	73,010	$	70,969	$	290,301	$	300,681
Net write-offs of accrued rental income	1,103		755		4,089		2,676
Other non-core income from real estate transactions	(211)		(27)		(348)		(2,070)
Cost of debt extinguishment	—		—		166		—
Severance and employee transition costs	—		1		55		385
Other (income) expenses1	3,797		(1,312)		6,252		(6,201)
Core FFO	$	77,699	$	70,386	$	300,515	$	295,471
Straight-line rent adjustment	(5,140)		(4,960)		(21,591)		(21,652)
Adjustment to provision for credit losses	—		—		(13)		(17)
Amortization of debt issuance costs	1,566		1,357		5,488		3,932
Non-capitalized transaction costs	157		125		541		951
Realized gain or loss on interest rate swaps and other non-cash interest expense	14		6,116		6,139		209
Amortization of lease intangibles	(1,017)		(1,198)		(4,470)		(4,413)
Stock-based compensation	2,492		2,488		9,597		7,355
Deferred Taxes	$	75	$	—	$	75	$	155
AFFO	$	75,846	$	74,314	$	296,281	$	281,991
Diluted WASO2	197,935		197,632		197,573		196,619
Net earnings per diluted share3	$	0.17	$	0.14	$	0.50	$	0.86
FFO per diluted share3	0.37		0.36		1.46		1.52
Core FFO per diluted share3	0.39		0.35		1.51		1.50
AFFO per diluted share3	0.38		0.37		1.49		1.43

1Amount includes $(1.3) million and $1.3 million of unrealized foreign exchange (loss) gain for the three months ended December 31, 2025 and September 30, 2025, respectively, and $(3.7) million and $6.2 million of unrealized foreign exchange (loss) gain for the years ended December 31, 2025 and December 31, 2024, respectively, primarily associated with our Canadian dollar denominated revolving borrowings. Amount includes a $2.5 million write-off of a non-real estate note receivable during the year ended December, 31, 2025.

2Excludes (1,070,383) and 1,071,038 weighted average shares of unvested restricted common stock for the three months ended December 31, 2025 and September 30, 2025, respectively. Excludes 1,057,782 and 924,237 weighted average shares of unvested restricted common stock for the years ended December 31, 2025 and December 31, 2024, respectively.

3Excludes $0.3 million from the numerator for the three months ended December 31, 2025 and September 30, 2025, respectively. Excludes $1.2 million from the numerator for the years ended December 31, 2025 and December 31, 2024, respectively.

Our reported results and net earnings per diluted share are presented in accordance with GAAP. We also disclose FFO, Core FFO, and AFFO, each of which are non-GAAP measures. We believe the use of FFO, Core FFO, and AFFO are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO, Core FFO, and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.

We compute FFO in accordance with the standards established by the Board of Governors of Nareit, the worldwide representative voice for REITs and publicly traded real estate companies with an interest in the U.S. real estate and capital markets. Nareit defines FFO as GAAP net income or loss adjusted to exclude net gains (losses) from sales of certain depreciated real estate assets, depreciation and amortization expense from real estate assets, and impairment charges related to certain previously depreciated real estate assets. FFO is used by management, investors, and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers, primarily because it excludes the effect of real estate depreciation and amortization and net gains (losses) on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions.

We compute Core FFO by adjusting FFO, as defined by Nareit, to exclude certain GAAP income and expense amounts that we believe are infrequently recurring, unusual in nature, or not related to its core real estate operations, including write-offs or recoveries of accrued rental income, cost of debt extinguishments, lease termination fees and other non-core income from real estate transactions, gain on insurance recoveries, severance and employee transition costs, and other extraordinary items. Exclusion of these items from similar FFO-type metrics is common within the equity REIT industry, and management believes that presentation of Core FFO provides investors with a metric to assist in their evaluation of our operating performance across multiple periods and in comparison to the operating performance of our peers, because it removes the effect of unusual items that are not expected to impact our operating performance on an ongoing basis.

We compute AFFO, by adjusting Core FFO for certain revenues and expenses that are non-cash or unique in nature, including straight-line rents, adjustment to provision for credit losses, amortization of lease intangibles, amortization of debt issuance costs, adjustment to provision for credit losses, amortization of net mortgage premiums, non-capitalized transaction costs such as acquisition costs related to deals that failed to transact, (gain) loss on interest rate swaps and other non-cash interest expense, deferred taxes, stock-based compensation, and other specified non-cash items. We believe that excluding such items assists management and investors in distinguishing whether changes in our operations are due to growth or decline of operations at our properties or from other factors. We use AFFO as a measure of our performance when we formulate corporate goals, and is a factor in determining management compensation. We believe that AFFO is a useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by non-cash revenues or expenses.

Specific to our adjustment for straight-line rents, our leases include cash rents that increase over the term of the lease to compensate us for anticipated increases in market rental rates over time. Our leases do not include significant front-loading or back-loading of payments, or significant rent-free periods. Therefore, we find it useful to evaluate rent on a contractual basis as it allows for comparison of existing rental rates to market rental rates.

FFO, Core FFO, and AFFO may not be comparable to similarly titled measures employed by other REITs, and comparisons of our FFO, Core FFO, and AFFO with the same or similar measures disclosed by other REITs may not be meaningful.

Neither the SEC nor any other regulatory body has passed judgment on the acceptability of the adjustments to FFO that we use to calculate Core FFO and AFFO. In the future, the SEC, Nareit or another regulatory body may decide to standardize the allowable adjustments across the REIT industry and in response to such standardization we may have to adjust our calculation and characterization of Core FFO and AFFO accordingly.

The following is a reconciliation of net income to EBITDA, EBITDAre, Adjusted EBITDAre, and Pro Forma Adjusted EBITDAre, debt to Net Debt and Pro Forma Net Debt, Net Debt to Annualized Adjusted EBITDAre, and Pro Forma Net Debt to Annualized Adjusted EBITDAre as of and for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024:


	For the Three Months Ended
(in thousands)	December 31, 2025		September 30, 2025		December 31, 2024
Net income	$	35,028	$	27,065	$	27,607
Depreciation and amortization	41,768		40,246		42,987
Interest expense	25,051		28,230		19,565
Income taxes	392		208		527
EBITDA	$	102,239	$	95,749	$	90,686
Provision for impairment of investment in rental properties	4,667		6,999		17,690
Gain on sale of real estate	(8,371)		(3,259)		(8,197)
EBITDAre	$	98,535	$	99,489	$	100,179
Adjustment for current quarter investment activity1	1,821		1,797		28
Adjustment for current quarter disposition activity2	(286)		(257)		(11)
Adjustment to exclude non-recurring and other expenses3	2,515		(177)		348
Adjustment to exclude net write-offs of accrued rental income	1,103		755		120
Adjustment to exclude realized / unrealized foreign exchange (gain) loss	1,282		(1,312)		(4,699)

Adjustment to exclude other income from real estate transactions	(392)		(43)		(1,183)
Adjusted EBITDAre	$	104,578	$	100,252	$	94,782
Estimated revenues from developments4	2,867		2,544		334
Pro Forma Adjusted EBITDAre	$	107,445	$	102,796	$	95,116
Annualized EBITDAre	394,140		397,956		400,716
Annualized Adjusted EBITDAre	418,312		401,008		379,128
Pro Forma Annualized Adjusted EBITDAre	429,780		411,184		380,464

1Reflects an adjustment to give effect to all investments during the quarter, including developments that have reached rent commencement, as if they had been made as of the beginning of the quarter.

2Reflects an adjustment to give effect to all dispositions during the quarter as if they had been sold as of the beginning of the quarter.

3Amount includes a $2.5 million write-off of a non-real estate note receivable for the three months ended December 31, 2025. Amount includes less than $0.2 million of accelerated lease intangible amortization for the three months ended September 30, 2025. Amount includes $0.2 million of accelerated lease intangible amortization and $0.1 million of severance and employee transition costs for the three months ended December 31, 2024.

4Represents estimated contractual revenues based on in-process development spend to-date.


(in thousands)	December 31, 2025		September 30, 2025		December 31, 2024
Debt
Unsecured revolving credit facility	$	266,036	$	95,824	$	93,014
Unsecured term loans, net	994,219		994,550		897,201
Senior unsecured notes, net	1,190,738		1,190,315		846,064
Mortgages, net	56,689		57,168		76,846
Debt issuance costs	15,072		15,171		6,802
Gross Debt	2,522,754		2,353,028		1,919,927
Cash and cash equivalents	(30,540)		(81,966)		(14,845)
Restricted cash	(3,102)		(1,354)		(1,148)
Net Debt	$	2,489,112	$	2,269,708	$	1,903,934
Estimated net proceeds from forward equity agreements1	(10,964)		(37,257)		(38,514)
Pro Forma Net Debt	$	2,478,148	$	2,232,451	$	1,865,420

Leverage Ratios:
Net Debt to Annualized EBITDAre	6.3x		5.7x		4.8x
Net Debt to Annualized Adjusted EBITDAre	6.0x		5.7x		5.0x
Pro Forma Net Debt to Annualized Adjusted EBITDAre	5.8x		5.4x		4.9x

1Represents pro forma adjustment for estimated net proceeds from forward sale agreements that have not settled as if they have been physically settled for cash as of the period presented.

We define Net Debt as gross debt (total reported debt plus debt issuance costs and original issuance discount) less cash and cash equivalents and restricted cash. We believe that the presentation of Net Debt to Annualized EBITDAre and Net Debt to Annualized Adjusted EBITDAre is useful to investors and analysts because these ratios provide information about gross debt less cash and cash equivalents, which could be used to repay debt, compared to our performance as measured using EBITDAre.

We compute EBITDA as earnings before interest, income taxes and depreciation and amortization. EBITDA is a measure commonly used in our industry. We believe that this ratio provides investors and analysts with a measure of our performance that includes our operating results unaffected by the differences in capital structures, capital investment cycles and useful life of related assets compared to other companies in our industry. We compute EBITDAre in accordance with the definition adopted by Nareit, as EBITDA excluding gains (losses) from the sales of depreciable property and provisions for impairment on investment in real estate. We believe EBITDA and EBITDAre are useful to investors and analysts because they provide important supplemental information about our operating performance exclusive of certain non-cash and other costs. EBITDA and EBITDAre are not measures of financial performance under GAAP, and our EBITDA and EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA and EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP.

We are focused on a disciplined and targeted investment strategy, together with active asset management that includes selective sales of properties. We manage our leverage profile using a ratio of Net Debt to Annualized Adjusted EBITDAre, and Pro Forma Net Debt to Annualized Adjusted EBITDAre, each discussed further below, which we believe is a useful measure of our ability to repay debt and a relative measure of leverage, and is used in communications with our lenders and rating agencies regarding our credit rating. As we fund new investments using our unsecured Revolving Credit Facility, our leverage profile and Net Debt will be immediately impacted by current quarter investments. However, the full benefit of EBITDAre from new investments will not be received in the same quarter in which the properties are acquired. Additionally, EBITDAre for the quarter includes amounts generated by properties that have been sold during the quarter. Accordingly, the variability in EBITDAre caused by the timing of our investments and dispositions can temporarily distort our leverage ratios. We adjust EBITDAre (“Adjusted EBITDAre”) for the most recently completed quarter (i) to recalculate as if all investments and dispositions had occurred at the beginning of the quarter, (ii) to exclude certain GAAP income and expense amounts that are either non-cash, such as cost of debt extinguishments, realized or unrealized gains and losses on foreign currency transactions, or gains on insurance recoveries, or that we believe are one time, or unusual in nature because they relate to unique circumstances or transactions that had not previously occurred and which we do not anticipate occurring in the future, and (iii) to eliminate the impact of lease termination fees and other items that are not a result of normal operations. While investments in build-to-suit developments have an immediate impact to Net Debt, we do not make an adjustment to EBITDAre until the quarter in which the lease commences. We define our Pro Forma Adjusted EBITDAre as Adjusted EBITDAre adjusted to show the impact of estimated contractual revenues based on in-process development spend to-date. Our Pro Forma Net Debt is defined as Net Debt adjusted for estimated net proceeds from forward sale agreements that have not settled as if they have been physically settled for cash as of the period presented. We then annualize quarterly Adjusted EBITDAre and Pro Forma Adjusted EBITDAre by multiplying them by four (“Annualized Adjusted EBITDAre” and “Annualized Pro Forma Adjusted EBITDAre”). You should not unduly rely on this measure as it is based on assumptions and estimates that may prove to be inaccurate. Our actual reported EBITDAre for future periods may be significantly different from our Annualized Adjusted EBITDAre. Adjusted EBITDAre and Annualized Adjusted EBITDAre are not measurements of performance under GAAP, and our Adjusted EBITDAre and Annualized Adjusted EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our Adjusted EBITDAre and Annualized Adjusted EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP.

Exhibit 99.2

Table of Contents


Section			Page
About the Data			3
Company Overview			4
Quarterly Financial Summary			5
Balance Sheet			6
Income Statement Summary			7
Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO)			8
Lease Revenues Detail			9
Same Store Rent Growth			10
Capital Structure			12
Equity Rollforward			13
Debt Outstanding			14
Interest Rate Swaps			15
EBITDA, EBITDAre, and Other Non-GAAP Operating Measures			16
Net Debt Metrics & Covenants			17
Debt & Swap Maturities			18
Investment Activity			19
Built-to-Suit Development Projects			20
Transitional Capital			22
Dispositions & Portfolio at a Glance: Key Metrics			23
Diversification: Tenants and Brands			25
Diversification: Property Type			28
Key Statistics by Property Type			30
Diversification: Tenant Industry			31
Diversification: Geography			32
Lease Expirations			33
Portfolio Occupancy			34
Definitions and Explanations			35


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2026 Broadstone Net Lease, LLC. All rights reserved.			2

About the Data

This data and other information described herein are as of and for the three months ended December 31, 2025 unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change and inherent risks and uncertainties. This information should be read in conjunction with Broadstone Net Lease, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2025, including the financial statements and the management’s discussion and analysis of financial condition and results of operations sections.

Forward Looking Statements

Information set forth herein contains forward-looking statements, which reflect our current views regarding our business, financial performance, growth prospects and strategies, market opportunities, and market trends. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “would be,” “seeks,” “approximately,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. All of the forward-looking statements herein are subject to various risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions, and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results, performance, and achievements could differ materially from those expressed in or by the forward-looking statements and may be affected by a variety of risks and other factors. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from such forward-looking statements. These factors include, but are not limited to, risks and uncertainties related to general economic conditions, including but not limited to increases in the rate of inflation and/or fluctuations in interest rates, local real estate conditions, tenant financial health, and property acquisitions and the timing of these investments and acquisitions. These and other risks, assumptions, and uncertainties are described in our filings with the SEC, which are available on the SEC’s website at www.sec.gov.

You are cautioned not to place undue reliance on any forward-looking statements included herein. All forward-looking statements are made as of the date of this document and the risk that actual results, performance, and achievements will differ materially from the expectations expressed or referenced herein will increase with the passage of time. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.

IP Disclaimer

This document contains references to copyrights, trademarks, trade names, and service marks that belong to other companies. Broadstone Net Lease is not affiliated or associated with, and is not endorsed by and does not endorse, such companies or their products or services.


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2026 Broadstone Net Lease, LLC. All rights reserved.			3

Company Overview

Broadstone Net Lease, Inc. (NYSE:BNL) (the “Company”, “BNL”, “us”, “our”, and “we”) is an industrial-focused, diversified net lease real estate investment trust (“REIT”) that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. We primarily, and selectively, invest in real estate across industrial and retail property types. We target properties with credit worthy tenants in industries characterized by positive business drivers and trends, where the properties are an integral part of the tenants’ businesses and there are opportunities to secure long-term net leases. Through long-term net leases, our tenants are able to retain operational control of their strategically important locations, while allocating their debt and equity capital to fund core business operations rather than real estate ownership.


Executive Team						Board of Directors

John D. Moragne Chief Executive Officer and Member, Board of Directors Ryan M. Albano President and Chief Operating Officer Kevin M. Fennell Executive Vice President, Chief Financial Officer and Treasurer John D. Callan, Jr. Senior Vice President, General Counsel, and Secretary Michael B. Caruso Senior Vice President, Underwriting & Strategy Will D. Garner Senior Vice President, Acquisitions Jennie L. O’Brien Senior Vice President and Chief Accounting Officer Molly Kelly Wiegel Senior Vice President, Human Resources & Administration						Laurie A. Hawkes Chairman of the Board John D. Moragne Chief Executive Officer Michael A. Coke Jessica Duran Laura Felice Richard Imperiale David M. Jacobstein Joseph Saffire James H. Watters

Company Contact Information

Brent Maedl

Director, Corporate Finance & Investor Relations

brent.maedl@broadstone.com

585-382-8507

Transfer Agent

Computershare Trust Company, N.A.

150 Royall Street

Canton, Massachusetts 02021

800-736-3001


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2026 Broadstone Net Lease, LLC. All rights reserved.			4

Quarterly Financial Summary

(unaudited, dollars in thousands except per share data)


	Q4 2025		Q3 2025		Q2 2025		Q1 2025		Q4 2024
Financial Summary
Investment in rental property	$	5,328,283	$	5,147,649	$	5,058,791	$	5,032,276	$	4,994,057
Less accumulated depreciation	(772,589)		(745,326)		(721,195)		(694,990)		(672,478)
Property under development	265,812		179,172		116,635		35,492		18,784
Investment in rental property, net	4,821,506		4,581,495		4,454,231		4,372,778		4,340,363
Cash and cash equivalents	30,540		81,966		20,784		9,605		14,845
Restricted cash	3,102		1,354		1,192		1,428		1,148
Total assets	5,717,267		5,519,271		5,326,679		5,237,186		5,216,417
Unsecured revolving credit facility	266,036		95,824		197,880		174,122		93,014
Mortgages, net	56,689		57,168		75,685		76,260		76,846
Unsecured term loans, net	994,219		994,550		994,028		893,505		897,201
Senior unsecured notes, net	1,190,738		1,190,315		846,441		846,252		846,064
Total liabilities	2,683,806		2,506,762		2,290,858		2,156,372		2,074,993
Total Broadstone Net Lease, Inc. equity	2,901,995		2,884,658		2,906,693		2,949,734		3,003,745
Total equity (book value)	3,033,461		3,012,509		3,035,821		3,080,814		3,141,424

Revenues	118,295		114,167		112,986		108,690		112,130
General and administrative - other	7,174		7,486		7,100		7,525		7,951
Stock based compensation	2,492		2,488		2,471		2,147		1,977
General and administrative	9,666		9,974		9,571		9,672		9,928
Total operating expenses	62,384		63,417		69,088		70,785		77,369
Interest expense	25,051		28,230		21,112		20,074		19,564
Net income	35,028		27,065		19,830		17,493		27,607
Net earnings per common share, diluted	$	0.17	$	0.14	$	0.10	$	0.09	$	0.14

FFO	73,010		70,969		73,695		72,627		80,003
FFO per share, diluted	0.37		0.36		$	0.37	$	0.37	$	0.41
Core FFO	77,699		70,386		77,150		75,280		74,427
Core FFO per share, diluted	$	0.39	$	0.35	$	0.39	$	0.38	$	0.38
AFFO	75,846		74,314		74,308		71,812		70,532
AFFO per share, diluted	$	0.38	$	0.37	$	0.38	$	0.36	$	0.36

Net cash provided by operating activities	84,567		64,190		79,280		71,459		63,911
Capital expenditures and improvements	248		542		614		1,106		2,205
Capital expenditures and improvements - revenue generating	6,337		5,624		1,994		13,242		3,755
Net cash (used in) provided by investing activities	(284,626)		(174,054)		(131,258)		(85,335)		27,338
Net cash provided by (used in) financing activities	150,380		171,208		62,921		8,916		(86,474)
Distributions declared	57,919		57,284		57,284		58,874		57,209
Distributions declared per diluted share	$	0.290	$	0.290	$	0.290	$	0.290	$	0.290


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Balance Sheet

(unaudited, in thousands)


	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
Assets
Accounted for using the operating method:
Land	$	781,117	$	778,177	$	784,092	$	780,817	$	778,826
Land improvements	373,405		359,210		360,774		360,197		357,142
Buildings and improvements	4,118,578		3,954,112		3,871,441		3,848,623		3,815,521
Equipment	15,281		16,070		16,070		16,070		15,843
Total accounted for using the operating method	5,288,381		5,107,569		5,032,377		5,005,707		4,967,332
Less accumulated depreciation	(772,589)		(745,326)		(721,195)		(694,990)		(672,478)
Accounted for using the operating method, net	4,515,792		4,362,243		4,311,182		4,310,717		4,294,854
Accounted for using the direct financing method	25,497		25,673		25,845		25,999		26,154
Accounted for using the sales-type method	14,405		14,407		569		570		571
Property under development	265,812		179,172		116,635		35,492		18,784
Investment in rental property, net	4,821,506		4,581,495		4,454,231		4,372,778		4,340,363
Cash and cash equivalents	30,540		81,966		20,784		9,605		14,845
Accrued rental income	178,880		174,867		172,310		166,436		162,717
Tenant and other receivables, net	4,404		3,573		3,605		2,581		3,281
Prepaid expenses and other assets	55,910		59,866		55,815		52,260		41,584
Interest rate swap, assets	18,248		19,590		23,490		29,681		46,220
Goodwill	339,769		339,769		339,769		339,769		339,769
Intangible lease assets, net	268,010		258,145		256,675		264,076		267,638
Total assets	$	5,717,267	$	5,519,271	$	5,326,679	$	5,237,186	$	5,216,417
Liabilities and equity
Unsecured revolving credit facility	$	266,036	$	95,824	$	197,880	$	174,122	$	93,014
Mortgages, net	56,689		57,168		75,685		76,260		76,846
Unsecured term loans, net	994,219		994,550		994,028		893,505		897,201
Senior unsecured notes, net	1,190,738		1,190,315		846,441		846,252		846,064
Interest rate swap, liabilities	1,501		1,994		7,625		3,353		—
Accounts payable and other liabilities	60,081		55,662		57,409		48,424		48,983
Dividends payable	59,513		58,665		58,451		58,220		58,317
Accrued interest payable	13,502		9,488		8,542		9,399		5,837
Intangible lease liabilities, net	41,527		43,096		44,797		46,837		48,731
Total liabilities	2,683,806		2,506,762		2,290,858		2,156,372		2,074,993
Equity
Broadstone Net Lease, Inc. equity:
Preferred stock, $0.001 par value	—		—		—		—		—
Common stock, $0.00025 par value	48		47		47		47		47
Additional paid-in capital	3,502,380		3,463,010		3,459,939		3,456,041		3,450,584
Cumulative distributions in excess of retained earnings	(620,221)		(597,571)		(571,302)		(536,074)		(496,543)
Accumulated other comprehensive income	19,788		19,172		18,009		29,720		49,657
Total Broadstone Net Lease, Inc. equity	2,901,995		2,884,658		2,906,693		2,949,734		3,003,745
Non-controlling interests	131,466		127,851		129,128		131,080		137,679
Total equity	3,033,461		3,012,509		3,035,821		3,080,814		3,141,424
Total liabilities and equity	$	5,717,267	$	5,519,271	$	5,326,679	$	5,237,186	$	5,216,417


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Income Statement Summary

(unaudited, in thousands except per share data)


	Three Months Ended
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
Revenues
Lease revenues, net	$	118,295	$	114,167	$	112,986	$	108,690	$	112,130
Operating expenses
Depreciation and amortization	41,768		40,246		42,575		39,497		42,987
Property and operating expense	6,282		6,198		5,003		5,488		6,764
General and administrative	9,666		9,974		9,571		9,672		9,928
Provision for impairment of investment in rental properties	4,668		6,999		11,939		16,128		17,690
Total operating expenses	62,384		63,417		69,088		70,785		77,369
Other income (expenses)
Interest income	(14)		182		122		99		42
Interest expense	(25,051)		(28,230)		(21,112)		(20,074)		(19,564)
Gain on sale of real estate	8,371		3,259		566		405		8,196
Income taxes	(392)		(208)		(199)		(355)		(527)
Other income (expenses)	(3,797)		1,312		(3,445)		(487)		4,699
Net income	35,028		27,065		19,830		17,493		27,607
Net income attributable to non-controlling interests	(1,902)		(599)		330		(750)		(1,217)
Net income attributable to Broadstone Net Lease, Inc.	$	33,126	$	26,466	$	20,160	$	16,743	$	26,390

Weighted average number of common shares outstanding
Basic (a)	188,480		188,099		188,041		187,865		187,592
Diluted (a)	197,935		197,632		197,138		196,898		196,697
Net earnings per common share (b)
Basic	$	0.17	$	0.14	$	0.11	$	0.09	$	0.14
Diluted	$	0.17	$	0.14	$	0.10	$	0.09	$	0.14

(a)Excludes 1,070,383 weighted average shares of unvested restricted common stock for the three months ended December 31, 2025.

(b)Excludes $0.3 million from the numerator for the three months ended December 31, 2025, related to dividends declared on shares of unvested restricted common stock.


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2026 Broadstone Net Lease, LLC. All rights reserved.			7

Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO)

(unaudited, in thousands except per share data)


	Three Months Ended
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
Net income	35,028		$	27,065	$	19,830	$	17,493	$	27,607
Real property depreciation and amortization	41,686		40,164		42,492		39,411		42,902
Gain on sale of real estate	(8,371)		(3,259)		(566)		(405)		(8,196)
Provision for impairment of investment in rental properties	4,667		6,999		11,939		16,128		17,690
FFO	$	73,010	$	70,969	$	73,695	$	72,627	$	80,003
Net write-offs of accrued rental income	1,103		755		3		2,228		120
Other non-core income from real estate transactions	(211)		(27)		(46)		(63)		(1,183)
Cost of debt extinguishment	—		—		—		165		—
Severance and employee transition costs	—		1		53		1		187
Other (income) expenses (a)	3,797		(1,312)		3,445		322		(4,700)
Core FFO	$	77,699	$	70,386	$	77,150	$	75,280	$	74,427
Straight-line rent adjustment	(5,140)		(4,960)		(5,586)		(5,907)		(6,312)
Adjustment to provision for credit losses	—		—		(13)		—		—
Amortization of debt issuance costs	1,566		1,357		1,328		1,237		983
Non-capitalized transaction costs	157		125		142		117		299
Realized gain or loss on interest rate swaps and other non-cash interest expense	14		6,116		7		2		(6)
Amortization of lease intangibles	(1,017)		(1,198)		(1,191)		(1,064)		(991)
Stock-based compensation	2,492		2,488		2,471		2,147		1,977
Deferred taxes	75		—		—		—		155
AFFO	$	75,846	$	74,314	$	74,308	$	71,812	$	70,532

Diluted weighted average shares outstanding (b)	197,935		197,632		197,138		196,898		196,697
Net earnings per diluted share (c)	$	0.17	$	0.14	$	0.10	$	0.09	$	0.14
FFO per diluted share (c)	0.37		0.36		0.37		0.37		0.41
Core FFO per diluted share (c)	0.39		0.35		0.39		0.38		0.38
AFFO per diluted share (c)	0.38		0.37		0.38		0.36		0.36

(a)Amount includes $1.3 million of unrealized and realized foreign exchange loss, primarily associated with our Canadian dollar denominated revolver borrowings, and $2.5 million write-off of a non-real estate note receivable for the three months ended December 31, 2025.

(b)Excludes 1,070,383 weighted average shares of unvested restricted common stock for the three months ended December 31, 2025.

(c)Excludes $0.3 million from the numerator for the three months ended December 31, 2025, related to dividends declared on shares of unvested restricted common stock.


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Lease Revenues Detail

(unaudited, in thousands)


	Three Months Ended
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
Contractual rental amounts billed for operating leases	$	106,196	$	102,270	$	101,014	$	99,314	$	98,193
Adjustment to recognize contractual operating lease billings on a straight-line basis	5,317		5,134		5,753		6,064		6,444
Net write-offs of accrued rental income	(1,103)		(755)		—		(2,228)		—
Variable rental amounts earned	1,210		732		718		680		1,098
Earned income from direct financing leases	671		675		679		682		686
Interest income from sales-type leases	474		326		14		14		15
Operating expenses billed to tenants	5,138		5,752		4,795		4,944		5,400
Other income from real estate transactions	392		43		63		77		1,054
Adjustment to revenue recognized for uncollectible rental amounts billed, net	—		(10)		(50)		(857)		(760)
Total lease revenues, net	$	118,295	$	114,167	$	112,986	$	108,690	$	112,130


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2026 Broadstone Net Lease, LLC. All rights reserved.			9

Same Store Rent Growth

(unaudited, in thousands)


			Three Months Ended December 31,
	Number of Properties		2025			2024			$ Change		% Change
Same Store Properties:
Contractual rent increases
Total	649		$	81,250		$	79,792		$	1,458	1.8	%
Industrial	170		47,380			46,549			831		1.8	%
Retail	456		26,556			26,066			490		1.9	%
Other	23		7,314			7,177			137		1.9	%

Revenue generating capital expenditures during periods (a)	6		2,216			2,007			209
Leasing activity	38		4,619			3,628			991
Cash basis tenants (b)	15		2,367			2,400			(33)
Currently vacant	1		—			89			(89)
Same store rental revenue	709		90,452		(c)	87,916		(c)	2,536		2.9	%
Industrial	182		52,282			50,330			1,952		3.9	%
Retail	499		29,963			29,583			380		1.3	%
Other	29		8,208			8,002			206		2.6	%

Non-Same Store Properties:
Investments during periods	62	(d)	16,659			8,693
Contractual rental amounts - current property portfolio	771		107,111			96,609
Sold during periods presented	86	(e)	474			1,753
Contractual rental amounts	857		107,585			98,362

Straight-line and other non-cash adjustments	N/A		5,055			7,187
Other revenue (f)	N/A		5,549			6,454
Constant currency adjustment	N/A		106			127
Total Lease revenues, net			$	118,295		$	112,130

(a)Includes initial base rents in addition to the incremental rents for our revenue generating capital expenditures.

(b)Represents tenants as of the most recent period ended whereby collection of rent over the entire lease term is not considered probable. Revenue is recognized based on cash received.

(c)Leasing to new tenants may be impacted by free rent periods in which no cash is being received. Stabilized annual cash rents on these new leases are estimated to be $5.0 million compared to the leases under the previous tenants of $4.7 million. Assuming new leases were stabilized as of January 1, 2025 with no impact to prior periods, pro forma same store rent growth for the three months ended December 31, 2025, would be 2.9%.

(d)Property count excludes Transitional Capital properties.

(e)Properties that have initial base rents during periods presented and are no longer in current property portfolio on December 31, 2025.

(f)Includes operating expenses billed to tenants, other income from real estate transactions, including lease termination fee income, and rents from transitional capital properties.


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			Years Ended December 31,
	Number of Properties		2025			2024			$ Change		% Change
Same Store Properties:
Contractual rent increases
Total	649		$	321,755		$	316,009		$	5,746	1.8	%
Industrial	170		188,323			185,219			3,104		1.7	%
Retail	456		104,428			102,444			1,984		1.9	%
Other	23		29,004			28,346			658		2.3	%

Revenue generating capital expenditures during periods (a)	6		8,560			7,963			597
Leasing activity	38		17,069			16,157			912
Cash basis tenants (b)	15		9,512			9,526			(14)
Currently vacant	1		237			355			(118)
Same store rental revenue	709		357,133		(c)	350,010		(c)	7,123		2.0	%
Industrial	182		206,490			201,540			4,950		2.5	%
Retail	499		118,273			116,905			1,368		1.2	%
Other	29		32,370			31,565			805		2.6	%

Non-Same Store Properties:
Investments during periods	62	(d)	48,750			17,097
Contractual rental amounts - current property portfolio	771		405,883			367,107
Sold during periods presented	86	(e)	5,287			19,246
Contractual rental amounts	857		411,170			386,353

Straight-line and other non-cash adjustments	N/A		21,769			22,510
Other revenue (f)	N/A		21,223			22,732
Constant currency adjustment	N/A		(24)			205
Total Lease revenues, net			$	454,138		$	431,800

(a)Includes initial base rents in addition to the incremental rents for our revenue generating capital expenditures.

(b)Represents tenants as of the most recent period ended whereby collection of rent over the entire lease term is not considered probable. Revenue is recognized based on cash received.

(c)Leasing to new tenants may be impacted by free rent periods in which no cash is being received. Stabilized annual cash rents on these new leases are estimated to be $5.0 million compared to the leases under the previous tenants of $4.7 million. Assuming new leases were stabilized as of January 1, 2025 with no impact to prior periods, pro forma same store rent growth for the twelve months ended December 31, 2025, would be 2.0%.

(d)Property count excludes Transitional Capital properties.

(e)Properties that have initial base rents during periods presented and are no longer in current property portfolio on December 31, 2025.

(f)Includes operating expenses billed to tenants, other income from real estate transactions, including lease termination fee income, and rents from transitional capital properties.


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2026 Broadstone Net Lease, LLC. All rights reserved.			11

Capital Structure

(in thousands, except per share data)


EQUITY
Shares of Common Stock	191,423
OP Units	8,296
Common Stock & OP Units	199,719
Price Per Share / Unit at December 31, 2025	$	17.37
IMPLIED EQUITY MARKET CAPITALIZATION	$	3,469,119
% of Total Capitalization	57.9		%
DEBT
Unsecured Revolving Credit Facility	$	266,036
Unsecured Term Loans	1,000,000
Unsecured Term Loan - 2027	200,000
Unsecured Term Loan - 2028	500,000
Unsecured Term Loan - 2029	300,000
Senior Unsecured Notes	1,200,000
Senior Unsecured Notes - 2027	150,000
Senior Unsecured Notes - 2028	225,000
Senior Unsecured Notes - 2030	100,000
Senior Unsecured Public Notes - 2031	375,000
Senior Unsecured Public Notes - 2032	350,000
Mortgage Debt - Various	56,717
TOTAL DEBT	$	2,522,753
% of Total Capitalization	42.1		%
Floating Rate Debt %	12.8		%
Fixed Rate Debt %	87.2		%
Secured Debt %	2.2		%
Unsecured Debt %	97.8		%

Total Capitalization	$	5,991,872
Less: Cash and Cash Equivalents	(30,540)
Enterprise Value	$	5,961,332


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2026 Broadstone Net Lease, LLC. All rights reserved.			12

Equity Rollforward

(in thousands)


	Shares of Common Stock	OP Units	Total Diluted Shares
Balance, January 1, 2025	188,626	8,646	197,272
Grants of restricted stock awards	292	—	292
Retirement of common shares under equity incentive plan	(86)	—	(86)
Forfeiture of restricted stock awards	(3)	—	(3)
OP unit conversion	244	(244)	—
Balance, March 31, 2025	189,073	8,402	197,475
Grants of restricted stock awards	61	—	61
Forfeiture of restricted stock awards	(4)	—	(4)
Balance, June 30, 2025	189,130	8,402	197,532
Grants of restricted stock awards	1	—	1
Forfeiture of restricted stock awards	(1)	—	(1)
OP unit conversion	86	(86)	—
Balance, September 30, 2025	189,216	8,316	197,532
Grants of restricted stock awards	2,188	—	2,188
Forfeiture of restricted stock awards	(1)	—	(1)
OP unit conversion	20	(20)	—
Balance, December 31, 2025	191,423	8,296	199,719


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2026 Broadstone Net Lease, LLC. All rights reserved.			13

Debt Outstanding

(in thousands)


	December 31,
	2025		2024		Interest Rate		Maturity Date
Unsecured revolving credit facility	$	266,036	$	93,014	applicable reference rate + 0.85%	(a)	Mar. 2029	(d)
Unsecured term loans:
2026 Unsecured Term Loan	—		400,000		one-month adjusted SOFR + 1.00%	(b)	Feb. 2026	(e)
2027 Unsecured Term Loan	200,000		200,000		daily simple SOFR + 0.95%	(c)	Aug. 2027
2028 Unsecured Term Loan	500,000		—		one-month SOFR + 0.95%	(b)	Mar. 2028	(f)
2029 Unsecured Term Loan	300,000		300,000		daily simple SOFR + 0.95%	(c)	Feb. 2029	(g)
Total unsecured term loans	1,000,000		900,000
Unamortized debt issuance costs, net	(5,781)		(2,799)
Total unsecured term loans, net	994,219		897,201
Senior unsecured notes:
2027 Senior Unsecured Notes - Series A	150,000		150,000		4.84%		Apr. 2027
2028 Senior Unsecured Notes - Series B	225,000		225,000		5.09%		Jul. 2028
2030 Senior Unsecured Notes - Series C	100,000		100,000		5.19%		Jul. 2030
2031 Senior Unsecured Public Notes	375,000		375,000		2.60%		Sep. 2031
2032 Senior Unsecured Public Notes	350,000		—		5.00%		Nov. 2032
Total senior unsecured notes	1,200,000		850,000
Unamortized debt issuance costs and original issuance discounts, net	(9,262)		(3,936)
Total senior unsecured notes, net	1,190,738		846,064
Total unsecured debt, net	$	2,450,993	$	1,836,279

(a)At December 31, 2025 and 2024, a balance of $193.0 million and $23.5 million, respectively, was subject to daily simple SOFR. The remaining balance of $100.0 million CAD borrowings remeasured to $73.0 million USD and $69.5 million USD, at December 31, 2025 and 2024, respectively, and was subject to daily simple CORRA of 2.30% and 3.32% at December 31, 2025 and 2024, respectively.

(b)At December 31, 2025 and 2024, one-month SOFR was 3.69% and 4.33%, respectively.

(c)At December 31, 2025 and 2024, overnight SOFR was 3.87% and 4.49%, respectively.

(d)The Company’s unsecured revolving credit facility contains two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625% of the revolving commitments.

(e)The 2026 Unsecured Term Loan was paid in full on February 28, 2025, with borrowings from the 2028 Unsecured Term Loan.

(f)The 2028 Unsecured Term Loan contains two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.125% of the aggregate principal amount of the loans outstanding under the 2028 term loan facility.

(g)The 2029 Unsecured Term Loan contains two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.10% of the aggregate principal amount of the loans outstanding under the 2029 term loan facility.


Lender	Origination Date	Maturity Date	Interest Rate		December 31, 2025		December 31, 2024
Wilmington Trust National Association	Apr-19	Feb-28	4.92	%	$	41,393	$	42,838
Wilmington Trust National Association	Jun-18	Aug-25	4.36	%	—		18,283
PNC Bank	Oct-16	Nov-26	3.62	%	15,324		15,792
Total mortgages					56,717		76,913
Debt issuance costs, net					(28)		(67)
Mortgages, net					$	56,689	$	76,846


Year of Maturity	Revolving Credit Facility		Mortgages		Term Loans		Senior Notes		Total
2026	$	—	$	16,843	$	—	$	—	$	16,843
2027	—		1,596		200,000		150,000		351,596
2028	—		38,278		500,000		225,000		763,278
2029	266,036		—		300,000		—		566,036
2030	—		—		—		100,000		100,000
Thereafter	—		—		—		725,000		725,000
Total	$	266,036	$	56,717	$	1,000,000	$	1,200,000	$	2,522,753


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Interest Rate Swaps

(dollars in thousands)


(in thousands, except interest rates)					December 31, 2025
Counterparty	Maturity Date	Fixed Rate		Variable Rate Index	Notional Amount			Fair Value





Bank of Montreal	January 2026	1.92	%	daily compounded SOFR	25,000			1
Bank of Montreal	January 2026	2.05	%	daily compounded SOFR	40,000			2
Capital One, National Association	January 2026	2.08	%	daily compounded SOFR	35,000			2
Truist Financial Corporation	January 2026	1.93	%	daily compounded SOFR	25,000			1
Capital One, National Association	April 2026	2.68	%	daily compounded SOFR	15,000			43
Capital One, National Association	July 2026	1.32	%	daily compounded SOFR	35,000			410
Bank of Montreal	December 2026	2.33	%	daily compounded SOFR	10,000			116
Bank of Montreal	December 2026	1.99	%	daily compounded SOFR	25,000			373
Toronto-Dominion Bank	March 2027	2.46	%	daily compounded CORRA	14,607		(a)	32
Wells Fargo Bank, N.A.	April 2027	2.72	%	daily compounded SOFR	25,000			224
Bank of Montreal	December 2027	2.37	%	daily compounded SOFR	25,000			494
Capital One, National Association	December 2027	2.37	%	daily compounded SOFR	25,000			493
Wells Fargo Bank, N.A.	January 2028	2.37	%	daily compounded SOFR	75,000			1,485
Bank of Montreal	May 2029	2.09	%	daily compounded SOFR	25,000			1,084
Regions Bank	May 2029	2.11	%	daily compounded SOFR	25,000			1,067
Regions Bank	June 2029	2.03	%	daily compounded SOFR	25,000			1,136
U.S. Bank National Association	June 2029	2.03	%	daily compounded SOFR	25,000			1,135
Regions Bank	August 2029	2.58	%	one-month SOFR	100,000			2,501
Toronto-Dominion Bank	August 2029	2.58	%	one-month SOFR	45,000			1,145
U.S. Bank National Association	August 2029	2.65	%	one-month SOFR	15,000			345
U.S. Bank National Association	August 2029	2.58	%	one-month SOFR	100,000			2,508
U.S. Bank National Association	August 2029	1.35	%	daily compounded SOFR	25,000			1,793







Toronto-Dominion Bank	December 2030	3.66	%	daily simple SOFR	70,000		(c)	(835)
Regions Bank	December 2030	3.66	%	daily simple SOFR	55,000		(c)	(666)
Regions Bank	March 2032	2.69	%	daily compounded CORRA	14,607		(a)	394
U.S. Bank National Association	March 2032	2.70	%	daily compounded CORRA	14,607		(a)	391
Bank of Montreal	March 2034	2.81	%	daily compounded CORRA	29,214		(b)	1,073
Total Swaps					$	943,035		$	16,747

(a)The contractual notional amount is $20.0 million CAD.

(b)The contractual notional amount is $40.0 million CAD.

(c)Forward starting swap with an effective date five years prior to the respective maturity date.


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EBITDA, EBITDAre, and Other-Non GAAP Operating Measures

(unaudited, in thousands)


	Three Months Ended
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
Net income	$	35,028	$	27,065	$	19,830	$	17,493	$	27,607
Depreciation and amortization	41,768		40,246		42,575		39,497		42,987
Interest expense	25,051		28,230		21,112		20,074		19,565
Income taxes	392		208		199		355		527
EBITDA	$	102,239	$	95,749	$	83,716	$	77,419	$	90,686
Provision for impairment of investment in rental properties	4,667		6,999		11,939		16,128		17,690
Gain on sale of real estate	(8,371)		(3,259)		(566)		(405)		(8,197)
EBITDAre	$	98,535	$	99,489	$	95,089	$	93,142	$	100,179
Adjustment for current quarter investment activity (a)	1,821		1,797		573		978		28
Adjustment for current quarter disposition activity (b)	(286)		(257)		(490)		(135)		(11)
Adjustment to exclude non-recurring and other expenses (c)	2,515		(177)		(332)		44		348
Adjustment to exclude net write-offs of accrued rental income	1,103		755		3		2,228		120
Adjustment to exclude realized / unrealized foreign exchange (gain) loss	1,282		(1,312)		3,445		322		(4,699)
Adjustment to exclude cost of debt extinguishment	—		—		—		166		—
Adjustment to exclude other income from real estate transactions	(392)		(43)		(46)		(63)		(1,183)
Adjusted EBITDAre	$	104,578	$	100,252	$	98,242	$	96,682	$	94,782
Estimated revenues from developments (d)	2,867		2,544		1,629		631		334
Pro Forma Adjusted EBITDAre	$	107,445	$	102,796	$	99,871	$	97,313	$	95,116
Annualized EBITDAre	$	394,140	$	397,956	$	380,356	$	372,568	$	400,716
Annualized Adjusted EBITDAre	418,312		401,008		392,968		386,728		379,128
Pro Forma Annualized Adjusted EBITDAre	429,780		411,184		399,484		389,252		380,464

(a)Reflects an adjustment to give effect to all investments during the quarter, including developments that have reached rent commencement, as if they had been made as of the beginning of the quarter.

(b)Reflects an adjustment to give effect to all dispositions during the quarter as if they had been sold as of the beginning of the quarter.

(c)Amounts include a $2.5 million write-off of a non-real estate note receivable during the three months ended December 31, 2025

(d)Represents estimated contractual revenues based on in-process development spend to-date.


	Three Months Ended
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
Adjusted EBITDAre	$	104,578	$	100,252	$	98,242	$	96,682	$	94,782
General and administrative (excluding certain expenses reflected above)	9,666		9,984		9,524		9,628		9,581
Adjusted Net Operating Income ("NOI")	$	114,244	$	110,236	$	107,766	$	106,310	$	104,363
Straight-line rental revenue, net	(5,676)		(5,282)		(5,693)		(6,084)		(6,317)
Other amortization and non-cash charges	(1,017)		(1,364)		(1,569)		(1,007)		(796)
Adjusted Cash NOI	$	107,551	$	103,590	$	100,504	$	99,219	$	97,250
Annualized Adjusted NOI	$	456,976	$	440,944	$	431,064	$	425,240	$	417,452
Annualized Adjusted Cash NOI	430,204		414,360		402,016		396,876		389,000


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Net Debt Metrics

(in thousands)


	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
Debt
Unsecured revolving credit facility	$	266,036	$	95,824	$	197,880	$	174,122	$	93,014
Unsecured term loans, net	994,219		994,550		994,028		893,505		897,201
Senior unsecured notes, net	1,190,738		1,190,315		846,441		846,252		846,064
Mortgages, net	56,689		57,168		75,685		76,260		76,846
Debt issuance costs	15,072		15,171		9,578		10,300		6,802
Gross Debt	2,522,754		2,353,028		2,123,612		2,000,439		1,919,927
Cash and cash equivalents	(30,540)		(81,966)		(20,784)		(9,605)		(14,845)
Restricted cash	(3,102)		(1,354)		(1,192)		(1,428)		(1,148)
Net Debt	2,489,112		2,269,708		2,101,636		1,989,406		1,903,934
Estimated net proceeds from forward equity agreements (a)	(10,964)		(37,257)		(37,722)		(38,124)		(38,514)
Pro Forma Net Debt	$	2,478,148	$	2,232,451	$	2,063,914	$	1,951,282	$	1,865,420

Leverage Ratios:
Net Debt to Annualized EBITDAre	6.3x		5.7x		5.5x		5.3x		4.8x
Net Debt to Annualized Adjusted EBITDAre	6.0x		5.7x		5.3x		5.1x		5.0x
Pro Forma Net Debt to Annualized Adjusted EBITDAre	5.8x		5.4x		5.2x		5.0x		4.9x

(a)Represents pro forma adjustment for estimated net proceeds from forward sale agreements that have not settled as if they have been physically settled for cash as of the period presented.

Covenants

The following is a summary of key financial covenants for the Company’s unsecured debt instruments. The covenants associated with the Revolving Credit Facility, Unsecured Term Loans with commercial banks, and the Series A-C Senior Unsecured Notes, are reported to the respective lenders via quarterly covenant reporting packages. The covenants associated with the Senior Unsecured Public Notes are not required to be reported externally to third parties, and are instead calculated in connection with borrowing activity and for financial reporting purposes only. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show that as of December 31, 2025, the Company believes it is in compliance with the covenants.

Covenants

Required

Revolving Credit Facility and Unsecured Term Loans

Senior Unsecured
Notes Series
A, B, & C

Senior Unsecured Public Notes

Leverage ratio

≤ 0.60 to 1.00

0.37

0.38

Not Applicable

Secured indebtedness ratio

≤ 0.40 to 1.00

0.01

Not Applicable

Unencumbered coverage ratio

≥ 1.75 to 1.00

4.05

Not Applicable

Fixed charge coverage ratio

≥ 1.50 to 1.00

3.80

Not Applicable

Total unsecured indebtedness to total unencumbered eligible property value

≤ 0.60 to 1.00

0.39

0.43

Not Applicable

Dividends and other restricted payments

Only applicable in case of default

Not Applicable

Aggregate debt ratio

≤ 0.60 to 1.00

Not Applicable

0.42

Consolidated income available for debt to annual debt service charge

≥ 1.50 to 1.00

Not Applicable

4.54

Total unencumbered assets to total unsecured debt

≥ 1.50 to 1.00

Not Applicable

2.40

Secured debt ratio

≤ 0.40 to 1.00

Not Applicable

0.01


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Debt Maturities

(dollars in millions)

The Company utilizes diversified sources of debt capital including unsecured bank debt, unsecured notes, and secured mortgages (where appropriate).


Weighted Average Debt Maturity: 4.3 years (a)

(a)Our Revolving Credit Facility reflected above assumes exercise of two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625% of the revolving commitments. Our 2028 unsecured term loan reflected above assumes exercise of two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.125% of the aggregate principal amount of the loans outstanding under the 2028 term loan facility.

Swap Maturities

(dollars in millions)


Weighted Average Effective Swap Maturity: 2.9 years


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Investment Activity

(square feet and dollars in thousands)

The following tables summarize the Company’s investment activity during 2025.


	Q4 2025			Q3 2025			Q2 2025			Q1 2025			YTD 2025
Acquisitions:
Number of transactions	5			3			1			3			12
Number of properties	15			3			1			6			25
Square feet	1,104			1,080			348			438			2,970
Acquisition price	$	176,747		$	139,462		$	54,722		$	59,004		$	429,935
Industrial	146,504			118,128			54,722			41,088			360,442
Retail	30,243			21,334			—			17,916			69,493
Initial cash capitalization rate	7.0		%	7.1		%	7.1		%	7.2		%	7.0		%
Straight-line yield	8.7		%	8.1		%	8.2		%	8.3		%	8.4		%
Weighted average lease term (years)	17.1			12.0			10.7			13.6			14.2
Weighted average annual rent increase	2.6		%	2.4		%	3.0		%	2.6		%	2.6		%

Build-to-suit developments:
Investments	$	78,523		$	40,999		$	63,295		$	26,494		$	209,311

Revenue generating capital expenditures:
Number of existing properties	—			1			—			3			4
Investments	$	—		$	5,507		$	—		$	2,835		$	8,342
Initial cash capitalization rate	—			8.5		%	—			8.0		%	8.3		%
Weighted average lease term (years)	—			16.7			—			17.7			17.0
Weighted average annual rent increase	—			2.0		%	—			1.7		%	1.9		%

Transitional capital:
Number of transactions	4			2			2			—			8
Investments	$	60,067		$	17,926		$	22,781		$	—		$	100,774
Cash capitalization rate	7.8		%	7.8		%	7.8		%	—			7.8		%

Total investments	$	315,337		$	203,894		$	140,798		$	88,333		$	748,362
Total initial cash capitalization rate (a)	7.0		%	7.1		%	7.1		%	7.2		%	7.0		%
Total weighted average lease term (years) (a)	17.1			12.2			10.7			13.8			14.2
Total weighted average annual rent increase (a)	2.6		%	2.4		%	3.0		%	2.5		%	2.6		%

(a)Transitional capital, which represents a contractual yield on invested capital, and build-to-suit developments, which do not generate revenue until stabilization, are excluded from the calculations of total cash capitalization, weighted average lease terms, and weighted average rent increases.


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2026 Broadstone Net Lease, LLC. All rights reserved.			19

Build-to-Suit Development Projects

(square feet and dollars in thousands)

The following table summarizes the Company’s in-process developments as of December 31, 2025:


Property	Projected Rentable Square Feet	Start Date (a)	Target Stabilization Date/Stabilized Date (a)	Lease Term (Years)	Annual Rent Escalations		Estimated Total Project Investment (a)		Cumulative Investment		QTD Q4 2025 Investment		Estimated Remaining Investment		Estimated Cash Capitalization Rate (a)		Estimated Straight-line Yield
In-process retail:
Sprouts (Bedford, TX)	22	Jul. 2025	Aug. 2026	15	0.9	%	$	9,533	$	626	$	626	$	8,907	7.2	%	7.7	%
Hobby Lobby (Granbury, TX)	55	Oct. 2025	Sep. 2026	15	0.7	%	8,129		1,407		1,407		6,722		7.1	%	7.4	%
Academy Sports (Granbury, TX)	55	Oct. 2025	Nov. 2026	15	0.6	%	12,393		2,793		2,793		9,600		7.1	%	7.4	%
Academy Sports (Waco, TX)	68	Dec. 2025	Sep. 2026	15	0.6	%	14,488		5,824		5,824		8,664		7.2	%	7.5	%
In-process industrial:
Sierra Nevada (Dayton, OH)	122	Oct. 2024	Mar. 2026	15	3.0	%	55,525		42,826		15,174		12,699		7.7	%	9.6	%
Southwire (Bremen, GA)	1,178	Dec. 2024	Oct. 2026	10	2.8	%	115,411		42,607		20,407		72,804		7.8	%	8.8	%
Fiat Chrysler Automobile (Forsyth, GA)	422	Apr. 2025	Aug. 2026	15	2.8	%	78,242		34,326		14,691		43,916		6.9	%	8.3	%
AGCO (Visalia, CA)	115	Jun. 2025	Aug. 2026	12	3.5	%	19,567		14,536		222		5,031		7.0	%	8.5	%
Palmer Logistics (Midlothian, TX) (b)	270	Jul. 2025	Jul. 2026	12.3	3.5	%	32,063		12,875		7,615		19,188		7.6	%	9.2	%

	2,307			12.9	2.7	%	345,351		157,820		68,759		187,531		7.4	%	8.6	%
Stabilized industrial:
UNFI (Sarasota, FL)	1,016	Jan. 2023	Sep. 2024	15	2.5	%	200,958		200,958		—		—		7.2	%	8.6	%
Sierra Nevada (Dayton, OH)	122	Oct. 2024	Nov. 2025	15	3.0	%	58,563		54,146		9,562		4,417		7.5	%	9.3	%
Stabilized retail:
7Brew (High Point, NC)	1	Dec. 2024	Feb. 2025	15	1.9	%	1,975		1,975		—		—		8.0	%	8.8	%
7Brew (Charleston, SC)	1	Feb. 2025	Apr. 2025	15	1.9	%	1,729		1,729		—		—		7.9	%	8.8	%
7Brew (Jacksonville, FL)	1	Jun. 2025	Nov. 2025	15	1.9	%	2,008		1,613		202		395		8.0	%	8.8	%

Total / weighted average	3,448			13.8	2.6	%	$	610,584	$	418,241	$	78,523	$	192,343	7.4	%	8.7	%

(a)Refer to definitions and explanations appearing at the end of this supplemental document.

(b)Development represents our common and preferred equity investments in a consolidated joint venture, and exclude amounts attributed to non-controlling interest holders.


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The following table summarizes the timing of the Company’s construction investment, quarterly rent, and ABR for in-process and stabilized developments as of December 31, 2025:

(a)Represents aggregated Estimated Total Project Investment for all projects based on estimated timeline of investment dollars on a quarterly basis. Timing of investment amounts are expected to vary based on actual construction at the properties and will be updated if there are any significant changes to expected costs from quarter to quarter.

(b)Amounts calculated based on aggregate of each project’s estimated rent upon stabilization in accordance with the timing of Target Stabilization Date. We expect to update our timing estimates on a quarterly basis.


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Transitional Capital

(dollars in thousands)

The following table summarizes the Company’s transitional capital investments, which are excluded from real estate investment portfolio statistics:


Property (a)	Investment (’000s)		Stabilized Cash Capitalization Rate (b)		Annualized Initial Cash NOI Yield		Remaining Initial Term (Years)
Sunset Hills Retail Center - St. Louis, MO (c) (d)	$	52,915	8.0	%	7.6	%	1.5
Project Triboro Industrial Park - Olyphant, PA (e)	100,059		7.8	%	—	%	2.8

(a)Each of the Company’s transitional capital investments at December 31, 2025 are in the form of preferred equity.

(b)Represents stated yield with unpaid amounts accruing with preferential payment.

(c)Agreement includes an additional $7.8 million commitment of preferred capital at the Company's sole discretion. The remaining commitment at December 31, 2025 is $7.1 million. Repayment at end of term subject to a $3.5 million repayment fee.

(d)Underlying property metrics at December 31, 2025: 28 retail spaces, 0.3 million rentable square feet, 6.0 years of weighted average remaining lease term, 98.3% occupancy rate (based on square feet and including leases that have been executed but rent has not yet commenced), and 99.4% rent collection (on a quarterly basis).

(e)This investment represents preferred equity in four consolidated joint ventures that have acquired land designated for industrial build-to-suit development. Agreements contain two one-year extension options subject to a 0.25% fee for the first option, and a 0.50% fee for the second option, and the right to transfer or sell our preferred equity at any time.


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Dispositions

(square feet and dollars in thousands)

The following table summarizes the Company’s property disposition activity during 2025.


Q1 2025
Property Type	Number of Properties	Square Feet	Acquisition Price		Disposition Price		Net Book Value
Other	3	30	$	9,621	$	7,385	$	9,802
Total Properties	3	30	9,621		7,385		9,802
Weighted average cash cap rate							9.2		%

Q2 2025
Property Type	Number of Properties	Square Feet	Acquisition Price		Disposition Price		Net Book Value
Retail	6	31	$	13,720	$	7,548	$	9,154
Other	2	67	26,700		5,550		7,473
Total Properties	8	98	40,420		13,098		16,628
Weighted average cash cap rate							9.5		%

Q3 2025
Property Type	Number of Properties	Square Feet	Acquisition Price		Disposition Price		Net Book Value
Retail	1	6	$	2,506	$	1,512	$	1,757
Industrial	10	410	40,908		36,561		26,630
Other	1	9	1,791		650		1,938
Total Properties	12	425	45,205		38,723		30,325
Weighted average cash cap rate							7.0		%

Q4 2025
Property Type	Number of Properties	Square Feet	Acquisition Price		Disposition Price		Net Book Value
Retail	2	9	$	6,008	$	3,134	$	2,045
Industrial	3	316	47,614		33,763		26,688
Total Properties	5	325	53,622		36,897		28,733
Weighted average cash cap rate							6.5		%

YTD 2025
Property Type	Number of Properties	Square Feet	Acquisition Price		Disposition Price		Net Book Value
Retail	9	46	$	22,234	$	12,194	$	12,956
Industrial	13	726	88,522		70,324		53,318
Other	6	106	38,112		13,585		19,213
Total Properties	28	878	$	148,868	$	96,103	$	85,487
Weighted average cash cap rate							7.3		%


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Portfolio at a Glance: Key Metrics (a)


	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
Properties	771		759		766		769		765
U.S. States	44		44		44		44		44
Canadian Provinces	4		4		4		4		4
Total annualized base rent	$428.8	M	$412.9	M	$404.2	M	$401.3	M	$395.5	M
Total rentable square footage (“SF”)	41.6	M	40.7	M	40.1	M	39.8	M	39.4	M
Tenants	206		204		205		204		202
Brands	197		195		195		192		190
Industries	57		56		56		55		55
Occupancy (based on SF)	99.8	%	99.5	%	99.1	%	99.1	%	99.1	%
Rent Collection	100.0	%	100.0	%	99.6	%	99.1	%	99.2	%
Top 10 tenant concentration	21.1	%	21.3	%	21.8	%	21.9	%	21.9	%
Top 20 tenant concentration	34.3	%	34.7	%	35.2	%	35.3	%	35.5	%
Investment grade (tenant/guarantor) (b)	20.2	%	20.9	%	20.7	%	20.1	%	20.2	%
Financial reporting coverage (c)	95.4	%	96.6	%	92.4	%	94.1	%	94.2	%
Rent coverage ratio (restaurants only)	3.2x		3.2x		3.3x		3.2x		3.3x
Weighted average annual rent increases	2.1	%	2.0	%	2.0	%	2.0	%	2.0	%
Weighted average remaining lease term	9.6 years		9.5 years		9.7 years		10.0 years		10.2 years
Master leases (based on ABR)
Total portfolio	38.6	%	39.0	%	40.1	%	40.9	%	41.4	%
Multi-site tenants	64.9	%	66.5	%	68.3	%	68.7	%	69.1	%

(a)Property metrics exclude transitional capital investments.

(b)Investment grade tenants are our tenants with a credit rating, and tenants that are subsidiaries or affiliates of companies with a credit rating, as of balance sheet date, of a Baa3/BBB- or higher from one of the three major rating agencies (Moody’s/S&P/Fitch).

(c)Includes 13.8% related to tenants not required to provide financial information under the terms of our lease, but whose financial statements are available publicly at December 31, 2025.


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Diversification: Tenants & Brands

Top 20 Tenants


Tenant	Property Type	# of Properties	ABR (’000s)		ABR as a % of Total Portfolio		Square Feet (’000s)	SF as a % of Total Portfolio
Roskam Baking Company, LLC*	Food Processing	7	$	16,560	3.9	%	2,250	5.4	%
United Natural Foods, Inc.	Distribution & Warehouse	1	14,746		3.4	%	1,016	2.5	%
AHF, LLC*	Distribution & Warehouse/Manufacturing	8	9,853		2.3	%	2,284	5.5	%
Joseph T. Ryerson & Son, Inc	Distribution & Warehouse	11	8,116		1.9	%	1,599	3.8	%
Dollar General Corporation	General Merchandise	74	7,835		1.8	%	717	1.7	%
Jack’s Family Restaurants LP*	Quick Service Restaurants	43	7,757		1.8	%	147	0.4	%
Tractor Supply Company	General Merchandise	23	6,525		1.5	%	462	1.1	%
J. Alexander’s Tractor Supply Company’s, LLC*	Casual Dining	16	6,395		1.5	%	131	0.3	%
Nestle’ Dreyer’s Ice Cream Company	Cold Storage/Food Processing	2	6,329		1.5	%	503	1.2	%
Salm Partners, LLC*	Food Processing	2	6,276		1.5	%	426	1.0	%
Total Top 10 Tenants		187	$	90,392	21.1	%	9,535	22.9	%

Hensley & Company*	Distribution & Warehouse	3	$	6,231	1.5	%	577	1.4	%
BluePearl Holdings, LLC**	Animal Services	13	6,004		1.4	%	159	0.4	%
Axcelis Technologies, Inc.	Flex and R&D	1	5,900		1.4	%	418	1.0	%
Owens & Minor	Distribution & Warehouse	2	5,785		1.3	%	523	1.3	%
Red Lobster Hospitality & Red Lobster Restaurants LLC*	Casual Dining	18	5,674		1.3	%	147	0.3	%
Outback Steakhouse of Florida, LLC*(a)	Casual Dining	22	5,636		1.3	%	140	0.3	%
Academy LTD	General Merchandise	8	5,600		1.3	%	535	1.3	%
Krispy Kreme Doughnut Corporation	Quick Service Restaurants/ Food Processing	27	5,537		1.3	%	156	0.4	%
Big Tex Trailer Manufacturing, Inc.*	Automotive/Distribution & Warehouse/Manufacturing/Office	17	5,260		1.2	%	1,301	3.1	%
Sierra Nevada Corporation	Manufacturing	3	5,094		1.2	%	159	0.4	%
Total Top 20 Tenants		301	$	147,113	34.3	%	13,650	32.8	%

(a)Tenant’s properties include 20 Outback Steakhouse restaurants and two Carrabba’s Italian Grill restaurants.

•Subject to a master lease.

**Includes properties leased by multiple tenants, some, not all, of which are subject to master leases.


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Top 20 Tenants (a)


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(a)This document contains references to copyrights, trademarks, trade names, and service marks that belong to other companies Broadstone Net Lease is not affiliated with or associated with and is not endorsed by and does not endorse such companies or their products or services.


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Diversification: Property Type

(rent percentages based on ABR)


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Diversification: Property Type (continued)


Property Type	# of Properties	ABR (’000s)		ABR as a % of Total Portfolio		Square Feet (’000s)	SF as a % of Total Portfolio
Industrial
Distribution & Warehouse	53	$	86,341	20.1	%	12,058	29.0	%
Manufacturing	81	80,171		18.7	%	12,843	30.9	%
Food Processing	36	54,363		12.7	%	6,050	14.5	%
Flex and R&D	8	19,069		4.4	%	1,394	3.4	%
Industrial Services	21	13,093		3.1	%	529	1.3	%
Cold Storage	4	12,441		2.9	%	874	2.1	%
In-Process Development	5	—		—	%	—	—	%
Untenanted	—	—		—	%	55	0.1	%
Industrial Total	208	265,478		61.9	%	33,803	81.3	%
Retail
General Merchandise	156	34,884		8.1	%	2,645	6.4	%
Quick Service Restaurants	154	27,846		6.5	%	516	1.3	%
Casual Dining	95	26,934		6.3	%	637	1.5	%
Animal Services	27	11,605		2.7	%	421	1.0	%
Automotive	63	11,413		2.7	%	755	1.8	%
Home Furnishings	13	7,510		1.7	%	797	1.9	%
Healthcare Services	18	6,094		1.4	%	220	0.5	%
Education	4	2,952		0.7	%	119	0.3	%
In-Process Development	3	—		—	%	—	—	%
Untenanted	1	—		—	%	10	—	%
Retail Total	534	129,238		30.1	%	6,120	14.7	%
Other
Office	14	24,162		5.7	%	1,311	3.2	%
Clinical & Surgical	15	9,967		2.3	%	327	0.8	%
Other Total	29	34,129		8.0	%	1,638	4.0	%
Total	771	$	428,845	100.0	%	41,561	100.0	%


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Key Statistics by Property Type


	Q4 2025		Q3 2025		Q2 2025		Q1 2025		Q4 2024
Industrial
Number of properties	208		207		215		211		210
Square feet (000s)	33,803		33,081		32,694		32,231		31,898
Weighted average lease term (years)	10.5		10.3		10.5		10.7		11.0
Weighted average annual rent escalation	2.2	%	2.2	%	2.1	%	2.2	%	2.1	%
Percentage of total ABR	61.9	%	61.2	%	60.7	%	59.8	%	59.6	%

Retail
Number of properties	534		523		521		526		520
Square feet (000s)	6,120		5,934		5,790		5,820		5,712
Weighted average lease term (years)	9.4		9.5		9.8		10.0		10.2
Weighted average annual rent escalation	1.7	%	1.7	%	1.7	%	1.7	%	1.7	%
Percentage of total ABR	30.1	%	30.6	%	31.0	%	31.3	%	31.2	%

Other
Number of properties	29		29		30		32		35
Square feet (000s)	1,638		1,638		1,647		1,714		1,744
Weighted average lease term (years)	3.8		4.1		4.2		4.8		5.0
Weighted average annual rent escalation	2.4	%	2.4	%	2.4	%	2.4	%	2.4	%
Percentage of total ABR	8.0	%	8.2	%	8.3	%	8.9	%	9.2	%


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Diversification: Tenant Industry


Tenant Industry	# of Properties	ABR (’000s)		ABR as a % of Total Portfolio		Square Feet (’000s)	SF as a % of Total Portfolio
Packaged Foods & Meats	39	$	57,234	13.3	%	6,339	15.3	%
Restaurants	252	55,623		13.0	%	1,196	2.9	%
Food Distributors	7	28,409		6.6	%	2,534	6.1	%
Specialty Stores	42	22,276		5.2	%	1,932	4.6	%
Distributors	28	22,028		5.1	%	3,357	8.1	%
Healthcare Facilities	42	21,572		5.0	%	748	1.8	%
Auto Parts & Equipment	38	19,071		4.5	%	2,971	7.1	%
Home Furnishing Retail	17	12,502		2.9	%	1,692	4.1	%
General Merchandise Stores	110	11,666		2.7	%	1,035	2.5	%
Specialized Consumer Services	44	11,539		2.7	%	707	1.7	%
Metal & Glass Containers	8	10,933		2.6	%	2,206	5.3	%
Healthcare Services	17	10,868		2.6	%	568	1.3	%
Aerospace & Defense	6	10,287		2.4	%	574	1.4	%
Industrial Machinery	19	9,987		2.3	%	1,901	4.6	%
Forest Products	8	9,853		2.3	%	2,284	5.5	%
Other (42 industries)	93	114,997		26.8	%	11,452	27.5	%
Untenanted properties	1	—		—	%	65	0.2	%
Total	771	$	428,845	100.0	%	41,561	100.0	%


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Diversification: Geography

(rent percentages based on ABR)


State / Province	# of Properties	ABR (’000s)		ABR as a % of Total Portfolio		Square Feet (’000s)	SF as a % of Total Portfolio		State / Province	# of Properties	ABR (’000s)		ABR as a % of Total Portfolio		Square Feet (’000s)	SF as a % of Total Portfolio
TX	69	$	43,680	10.2	%	4,090	9.8	%	MS	12	$	4,184	1.0	%	607	1.5	%
MI	51	36,973		8.6	%	4,009	9.7	%	LA	5	3,837		0.9	%	211	0.5	%
FL	28	25,466		5.9	%	1,549	3.7	%	NE	6	3,438		0.8	%	492	1.2	%
IL	29	23,334		5.4	%	2,364	5.7	%	SC	13	3,404		0.8	%	304	0.7	%
CA	16	22,714		5.3	%	2,215	5.3	%	NJ	2	3,404		0.8	%	266	0.6	%
WI	25	22,109		5.2	%	2,223	5.4	%	WA	14	3,388		0.8	%	147	0.4	%
OH	49	21,025		4.9	%	1,712	4.1	%	IA	4	2,938		0.7	%	622	1.5	%
MN	21	20,226		4.7	%	3,051	7.3	%	UT	3	2,810		0.6	%	280	0.7	%
PA	33	16,425		3.8	%	2,305	5.5	%	NM	9	2,795		0.6	%	107	0.3	%
TN	48	15,427		3.6	%	1,084	2.6	%	CO	4	2,633		0.6	%	126	0.3	%
IN	27	14,360		3.3	%	1,687	4.1	%	MD	3	2,167		0.5	%	205	0.5	%
AL	53	13,189		3.1	%	950	2.3	%	CT	2	1,945		0.5	%	55	0.1	%
GA	35	12,250		2.9	%	1,576	3.8	%	MT	7	1,728		0.4	%	43	0.1	%
NC	26	9,989		2.3	%	961	2.3	%	DE	4	1,175		0.3	%	133	0.3	%
KY	23	9,338		2.2	%	927	2.2	%	ND	2	1,073		0.3	%	24	0.1	%
MO	19	9,092		2.1	%	1,260	3.0	%	VT	2	439		0.1	%	24	0.1	%
WV	18	8,986		2.1	%	1,232	3.0	%	WY	1	338		0.1	%	21	0.1	%
AZ	7	8,956		2.1	%	747	1.8	%	NV	1	282		0.1	%	6	0.0	%
OK	24	8,537		2.0	%	1,001	2.4	%	OR	1	136		0.0	%	9	0.0	%
AR	10	7,771		1.8	%	340	0.8	%	Total U.S.	764	$	420,655	98.1	%	41,131	99.0	%
NY	28	7,410		1.7	%	562	1.4	%	BC	2	$	4,777	1.1	%	253	0.6	%
MA	3	6,338		1.5	%	443	1.1	%	ON	3	2,084		0.5	%	101	0.2	%
KS	10	5,325		1.2	%	643	1.5	%	AB	1	979		0.2	%	51	0.1	%
VA	15	5,095		1.2	%	178	0.4	%	MB	1	350		0.1	%	25	0.1	%
SD	2	4,526		1.1	%	340	0.8	%	Total Canada	7	$	8,190	1.9	%	430	1.0	%
									Grand Total	771	$	428,845	100.0	%	41,561	100.0	%


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Lease Expirations

(rent percentages based on ABR)


Expiration Year	# of Properties	# of Leases	ABR (’000s)		ABR as a % of Total Portfolio		Square Feet (’000s)	SF as a % of Total Portfolio
2026	21	22	$	13,978	3.3	%	1,306	3.1	%
2027	28	29	26,072		6.1	%	2,248	5.4	%
2028	28	28	20,167		4.6	%	1,793	4.3	%
2029	60	35	18,558		4.4	%	2,587	6.2	%
2030	98	61	48,407		11.3	%	4,279	10.3	%
2031	34	29	8,964		2.1	%	872	2.1	%
2032	61	46	33,047		7.7	%	3,481	8.4	%
2033	50	24	19,888		4.6	%	1,495	3.6	%
2034	38	27	14,666		3.4	%	1,245	3.0	%
2035	22	17	16,853		3.9	%	2,219	5.3	%
2036	89	24	33,112		7.7	%	3,274	7.9	%
2037	23	13	29,601		7.0	%	2,786	6.7	%
2038	39	38	13,330		3.1	%	1,255	3.0	%
2039	21	17	23,886		5.5	%	1,869	4.5	%
2040	33	13	17,591		4.1	%	927	2.2	%
2041	40	9	18,147		4.2	%	1,453	3.5	%
2042	58	13	45,558		10.7	%	4,803	11.6	%
2043	3	2	8,050		1.9	%	517	1.2	%
2044	3	3	1,660		0.4	%	103	0.2	%
2045	4	3	7,320		1.7	%	698	1.7	%
Thereafter	9	2	9,990		2.3	%	2,286	5.6	%
Total leased properties	762	455	428,845		100.0	%	41,496	99.8	%
In-process developments	8	9	—		—	%	—	—	%
Untenanted properties	1	—	—		—	%	65	0.2	%
Total properties	771	464	$	428,845	100.0	%	41,561	100.0	%


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Occupancy

Occupancy by Rentable Square Footage

Change in Occupancy


			Number of properties
Vacant properties at January 1, 2025			2
Lease expirations (a)			2
Leasing activities			(2)
Vacant properties at March 31, 2025			2
Lease expirations (a)			5
Leasing activities			(2)
Vacant dispositions			(3)
Vacant properties at June 30, 2025			2
Lease expirations (a)			16
Leasing activities			(12)
Vacant dispositions			(3)
Vacant properties at September 30, 2025			3
Lease expirations (a)			13
Leasing activities			(12)
Vacant dispositions			(3)
Vacant properties at December 31, 2025			1

(a)Includes scheduled and unscheduled expirations (including leases rejected in bankruptcy), as well as future expirations resolved and effective in the periods indicated above.


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Definitions and Explanations

Adjusted NOI, Annualized Adjusted NOI, Adjusted Cash NOI and Annualized Adjusted Cash NOI: Our reported results and net earnings per diluted share are presented in accordance with accounting principles generally accepted in the United States of America (GAAP). Adjusted NOI and Adjusted Cash NOI are non-GAAP financial measures that we believe are useful to assess property-level performance. We compute Adjusted NOI by adjusting Adjusted EBITDAre (defined below) to exclude general and administrative expenses incurred at the corporate level. Given the net lease nature of our portfolio, we do not incur general and administrative expenses at the property level. To compute Adjusted Cash NOI, we adjust Adjusted NOI to exclude non-cash items included in total revenues and property expenses, such as straight-line rental revenue and other amortization and non-cash items, based on an estimate calculated as if all investment and disposition activity that took place during the quarter had occurred on the first day of the quarter. We then annualize quarterly Adjusted NOI and Adjusted Cash NOI by multiplying each amount by four to compute Annualized Adjusted NOI and Annualized Adjusted Cash NOI, respectively, which are also non-GAAP financial measures. We believe Adjusted NOI and Adjusted Cash NOI provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level and present such items on an unlevered basis. We believe that the exclusion of certain non-cash revenues and expenses from Adjusted Cash NOI is a useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by non-cash revenues or expenses. You should not unduly rely on Annualized Adjusted NOI and Annualized Adjusted Cash NOI as they are based on assumptions and estimates that may prove to be inaccurate. Our actual reported Adjusted NOI and Adjusted Cash NOI for future periods may be significantly different from our Annualized Adjusted NOI and Annualized Adjusted Cash NOI. Additionally, our computation of Adjusted NOI and Adjusted Cash NOI may differ from the methodology for calculating these metrics used by companies in our industry, and, therefore, may not be comparable to similarly titled measures reported by other companies.

Adjusted Secured Overnight Financing Rate (SOFR): We define Adjusted SOFR as the current one month term SOFR plus an adjustment of 0.10% per the terms of our credit facilities.

Annualized Base Rent (ABR): We define ABR as the annualized contractual cash rent due for the last month of the reporting period, excluding the impacts of short-term rent deferrals, abatements, or free rent, and adjusted to remove rent from properties sold during the month and to include a full month of contractual cash rent for investments made during the month.

Cash Capitalization Rate: Cash Capitalization Rate represents either (1) for acquisitions and new build-to-suit developments, our pro-rata share of the estimated first year cash yield to be generated on a real estate investment, which was estimated at the time of investment based on the contractually specified cash base rent for the first full year after the date of the investment, divided by the purchase price for the property excluding capitalized acquisition costs, or (2) for dispositions, the property’s ABR in effect immediately prior to the disposition, divided by the disposition price, or (3) for transitional capital, the contractual cash yield to be generated on total invested capital.

EBITDA, EBITDAre, Adjusted EBITDAre, Pro Forma Adjusted EBITDAre, Annualized EBITDAre, Annualized Adjusted EBITDAre, and Pro Forma Annualized Adjusted EBITDAre: EBITDA, EBITDAre, Adjusted EBITDAre, Pro Forma Adjusted EBITDAre, Annualized EBITDAre, Annualized Adjusted EBITDAre, and Pro Forma Annualized Adjusted EBITDAre are non-GAAP financial measures. We compute EBITDA as earnings before interest, income taxes and depreciation and amortization. EBITDA is a measure commonly used in our industry. We believe that this ratio provides investors and analysts with a measure of our performance that includes our operating results unaffected by the differences in capital structures, capital investment cycles and useful life of related assets compared to other companies in our industry. We compute EBITDAre in accordance with the definition adopted by Nareit. Nareit defines EBITDAre as EBITDA excluding gains (loss) from the sales of depreciable property and provisions for impairment on investment in real estate. We believe EBITDA and EBITDAre are useful to investors and analysts because they provide important supplemental information about our operating performance exclusive of certain non-cash and other costs. Adjusted EBITDAre represents EBITDAre, adjusted to reflect revenue producing investments and dispositions for the quarter as if such investments and dispositions had occurred at the beginning of the quarter, and to exclude certain GAAP income and expense amounts that are either non-cash, such as cost of debt extinguishments, realized or unrealized gains and losses on foreign currency transactions, or gains on insurance recoveries, or that we believe are one time, or unusual in nature because they relate to unique circumstances or transactions that had not previously occurred and which we do not anticipate occurring in the future, and to eliminate the impact of lease termination fees, and other items that are not a result of normal operations. While investments in build-to-suit developments have an immediate impact to Net Debt, we do not make an adjustment to EBITDAre until the quarter in which the lease commences. We define our Pro Forma Adjusted EBITDAre as Adjusted EBITDAre adjusted to show the impact of estimated contractual revenues based on in-process development spend to-date. Our Pro Forma Net Debt is defined as Net Debt adjusted for estimated net proceeds from forward sale agreements that have not settled as if they have been physically settled for cash as of the period presented. We then annualize quarterly Adjusted EBITDAre and Pro Forma Adjusted EBITDAre by multiplying them by four (“Annualized Adjusted EBITDAre” and “Annualized Pro Forma Adjusted EBITDAre”). You should not unduly rely on this measure as it is based on assumptions and estimates that may prove to be inaccurate. Our actual reported EBITDAre for future periods may be significantly different from our Annualized Adjusted EBITDAre. Adjusted EBITDAre and Annualized Adjusted EBITDAre are not measurements of performance under GAAP, and our Adjusted EBITDAre and Annualized Adjusted EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our Adjusted EBITDAre and Annualized Adjusted EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP.

Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO): FFO, Core FFO, and AFFO are non-GAAP measures. We believe the use of FFO, Core FFO, and AFFO are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO, Core FFO, and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. We compute Core FFO by adjusting FFO to exclude certain GAAP income and expense amounts that we believe are infrequently recurring, unusual in nature, or not related to its core real estate operations, including write-offs or recoveries of accrued rental income, lease termination fees and other non-core income from real estate transactions, severance and employee transition costs, and other extraordinary items. We compute AFFO by adjusting Core FFO for certain revenues and expenses that are non-cash or unique in nature, including straight-line rents, amortization of lease intangibles, amortization of debt issuance costs, adjustment to provision for credit losses, non-capitalized transaction costs such as acquisition costs related to deals that failed to transact, (gain) loss on interest rate swaps and other non-cash interest expense, deferred taxes, stock-based compensation, and other specified non-cash items.


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Definitions and Explanations (continued)

Gross Debt: We define Gross Debt as total debt plus debt issuance costs and original issuance discount.

Net Debt: Net Debt is a non-GAAP financial measure. We define Net Debt as our Gross Debt less cash and cash equivalents and restricted cash.

Occupancy: Occupancy or a specified percentage of our portfolio that is “occupied” or “leased” means as of a specified date the quotient of (1) the total rentable square footage of our properties minus the square footage of our properties that are vacant and from which we are not receiving any rental payment, and (2) the total square footage of our properties.

Rent Coverage Ratio: Rent Coverage Ratio means the ratio of tenant-reported or, when available, management’s estimate, based on tenant-reported financial information, of annual earnings before interest, taxes, depreciation, amortization, and cash rent attributable to the leased property (or properties, in the case of a master lease) to the annualized base rental obligation as of a specified date.

Same Store Rental Revenue: Represents cash base rents, net of uncollectible amounts, and excludes the amortization of above/below market leases, straight-line rent, operating expenses billed to tenants, net write-offs of accrued rental income, and other income from real estate transactions for properties that we owned for the entire year-to-date period for both current and prior year except for properties during the current or prior year that were under development. For purposes of comparability, same store rental revenue is presented on a constant currency basis by applying the exchange rate as of the balance sheet date to base currency rental revenue.

Straight-line Yield: Straight-line yield represents our pro-rata share of the estimated first year yield to be generated on a real estate investment, which was computed at the time of investment based on the straight-line annual rental income computed in accordance with GAAP, divided by the purchase price.

Definitions Related to Development Properties:

•Estimated Total Project Investment: Represents the estimated costs to be incurred to complete development of each project. We expect to update our estimates upon completion of the project, or sooner if there are any significant changes to expected costs from quarter to quarter. Excludes capitalized costs consisting of capitalized interest and other acquisition costs.

•Estimated Cash Capitalization Rate: Calculated by dividing the estimated first year cash yield to be generated on a real estate investment by the Estimated Total Project Investment for the property.

•Estimated Straight-line Yield: Represents the estimated first year yield to be generated on a real estate investment, which was computed at the time of investment based on the estimated annual straight-line rental income computed in accordance with GAAP, divided by the Estimated Total Project Investment.

•Start Date: The Start Date represents the period in which we have begun physical construction on a property.

•Target Stabilization Date: The Target Stabilization Date is our current estimate of the period in which we will have substantially completed a project and the project is made available for occupancy. We expect to update our timing estimates on a quarterly basis.


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2026 Broadstone Net Lease, LLC. All rights reserved.			36

Source: View Original Filing on SEC EDGAR

FAQ

How did Broadstone Net Lease (BNL) perform financially in 2025?

Broadstone Net Lease generated 2025 net income of $99.4 million, or $0.50 per diluted share, down 41.9%. However, AFFO rose to $296.3 million, or $1.49 per diluted share, a 4.2% increase, reflecting stronger underlying cash flow despite lower gains on sales and higher interest expense.

What were Broadstone Net Lease (BNL)’s key operating metrics for 2025?

The company’s portfolio was 99.8% leased at year-end 2025, with only one of 771 properties vacant. It achieved 2.0% same-store rental revenue growth for the year and collected 99.8% of base rents, indicating strong tenant performance and stable property-level income.

How much did Broadstone Net Lease (BNL) invest and dispose of in 2025?

In 2025, Broadstone invested $748.4 million, including $429.9 million in acquisitions and $209.3 million in build-to-suit developments. It sold 28 properties for $96.1 million, plus one additional property for $12.1 million after year-end, actively recycling capital within its net lease portfolio.

What is Broadstone Net Lease (BNL)’s leverage and liquidity position?

Broadstone ended 2025 with Net Debt of $2.5 billion, a Net Debt to Annualized Adjusted EBITDAre ratio of 6.0x, and a Pro Forma ratio of 5.8x. It had $723.5 million of available capacity on its unsecured revolving credit facility and no material debt maturities until 2027.

What dividend and guidance did Broadstone Net Lease (BNL) provide?

The board declared a quarterly dividend of $0.2925 per share and OP Unit, slightly above the prior $0.29. For 2026, Broadstone expects AFFO of $1.53 to $1.57 per diluted share, based on targeted investments, dispositions, and core general and administrative expenses of $30–$31 million.

How did Broadstone Net Lease (BNL) perform in Q4 2025?

In Q4 2025, Broadstone generated net income of $35.0 million, or $0.17 per diluted share, and AFFO of $75.8 million, or $0.38 per diluted share, a 5.6% year-over-year increase. Same-store rental revenue grew 2.9%, and the company collected 100% of base rents for the quarter.

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Broadstone Net Lease (NYSE: BNL) posts 2025 AFFO growth and $748M investments

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FAQ

How did Broadstone Net Lease (BNL) perform financially in 2025?

What were Broadstone Net Lease (BNL)’s key operating metrics for 2025?

How much did Broadstone Net Lease (BNL) invest and dispose of in 2025?

What is Broadstone Net Lease (BNL)’s leverage and liquidity position?

What dividend and guidance did Broadstone Net Lease (BNL) provide?

How did Broadstone Net Lease (BNL) perform in Q4 2025?

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Broadstone Net Lease (NYSE: BNL) posts 2025 AFFO growth and $748M investments

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FAQ

How did Broadstone Net Lease (BNL) perform financially in 2025?

What were Broadstone Net Lease (BNL)’s key operating metrics for 2025?

How much did Broadstone Net Lease (BNL) invest and dispose of in 2025?

What is Broadstone Net Lease (BNL)’s leverage and liquidity position?

What dividend and guidance did Broadstone Net Lease (BNL) provide?

How did Broadstone Net Lease (BNL) perform in Q4 2025?

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