Broadstone Net Lease (NYSE: BNL) CFO awarded stock; shares withheld for taxes

Rhea-AI Filing Summary

Broadstone Net Lease, Inc. executive Kevin Fennell reported multiple stock transactions involving company common shares. On March 2, 2026, shares were withheld by the issuer to cover his tax obligations, disposing of 10,352 shares at $19.39 per share. That same day, he received a grant of 23,797 shares of restricted stock with no cash price, awarded under the 2020 Omnibus Equity and Incentive Plan and scheduled to vest in four equal annual installments beginning on or about the first anniversary of February 28, 2026. A prior open-market purchase on July 15, 2025 added 859.11 shares at $15.92 per share. Following the most recent award, his direct holdings total 192,733.11 shares, including 133,950 shares of unvested restricted stock.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Fennell Kevin

(Last) (First) (Middle)

207 HIGH POINT DRIVE, SUITE 300

(Street)

VICTOR NY 14564

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Broadstone Net Lease, Inc. [ BNL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, CFO & Treasurer

3. Date of Earliest Transaction (Month/Day/Year)
07/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/15/2025		P		859.11(1)	A	$15.92	179,288.11(2)	D
Common Stock	03/02/2026		F		10,352(3)	D	$19.39	168,936.11(4)	D
Common Stock	03/02/2026		A		23,797(5)	A	$0	192,733.11(6)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares erroneously issued to the reporting owner.

2. This amount includes 130,842 shares of unvested restricted stock.

3. Represents shares withheld by the issuer to cover tax obligations of the reporting person in connection with the vesting of shares awarded pursuant to the Company's 2020 Omnibus Equity and Incentive Plan.

4. This amount includes 110,153 shares of unvested restricted stock.

5. Reflects shares of restricted stock awarded to the Reporting Person on March 2, 2026, pursuant to the Broadstone Net Lease, Inc. 2020 Omnibus Equity and Incentive Plan. Such shares of restricted stock vest ratably on or about each of the first, second, third, and fourth anniversaries of February 28, 2026.

6. This amount includes 133,950 shares of unvested restricted stock.

Remarks:

	/s/ John D. Callan, Jr., as Attorney-in-Fact	03/04/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider stock transactions did BNL executive Kevin Fennell report?

Kevin Fennell reported tax-related share withholding, a new restricted stock award, and a past market purchase. On March 2, 2026, shares were withheld for taxes and 23,797 restricted shares were granted. He also previously bought 859.11 shares in the open market.

How many Broadstone Net Lease (BNL) shares were withheld for Kevin Fennell’s taxes?

The company withheld 10,352 Broadstone Net Lease common shares to cover Kevin Fennell’s tax obligations. These shares were valued at $19.39 each and relate to the vesting of earlier equity awards granted under the company’s 2020 Omnibus Equity and Incentive Plan.

What restricted stock award did BNL grant to Kevin Fennell on March 2, 2026?

BNL granted Kevin Fennell 23,797 shares of restricted stock on March 2, 2026. The award carries no cash purchase price and vests ratably over four years, on or about each anniversary of February 28, 2026, under the 2020 Omnibus Equity and Incentive Plan.

How many Broadstone Net Lease shares does Kevin Fennell hold after these transactions?

After the reported transactions, Kevin Fennell directly holds 192,733.11 Broadstone Net Lease shares. This total includes 133,950 shares of unvested restricted stock, reflecting both previously granted and newly awarded restricted stock that will vest over time if conditions are satisfied.

Did Kevin Fennell recently buy Broadstone Net Lease (BNL) shares on the open market?

Yes. On July 15, 2025, Kevin Fennell purchased 859.11 Broadstone Net Lease common shares in the open market. The shares were acquired at a price of $15.92 each, increasing his direct ownership before the subsequent 2026 withholding and restricted stock award.

How do the unvested restricted BNL shares factor into Kevin Fennell’s holdings?

Unvested restricted shares are included in Kevin Fennell’s reported direct holdings. Footnotes indicate his total includes 133,950 unvested restricted shares after the latest award, which are scheduled to vest in stages over several years, subject to the plan’s vesting conditions.