PRINCIPAL reports 0.2% stake in Broadstone Net Lease (BNL)

Rhea-AI Filing Summary

Principal Real Estate Investors LLC reports beneficial ownership of 376,106 shares of Broadstone Net Lease, Inc. Class A common stock, representing 0.2% of the class. The filing shows shared voting power and shared dispositive power for the full amount and records no sole voting or dispositive power.

The statement affirms the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. This filing is an amendment to prior reports and documents a sub-5% institutional stake in BNL.

Positive

• Disclosure of ownership: Reports beneficial ownership of 376,106 shares (0.2%) in BNL, improving transparency
• Shared voting and dispositive power are clearly identified for the full position
• Certification of ordinary-course holdings stating the shares were not acquired to influence control

Negative

• None.

Insights

Financial Analyst

TL;DR: Small institutional stake disclosed; limited market impact given 0.2% ownership and shared control.

The filing documents a 376,106-share position equal to 0.2% of Broadstone Net Lease Class A stock, with all voting and dispositive authority recorded as shared. From a financial viewpoint, this level of ownership is immaterial to Broadstone's capitalization and unlikely to affect earnings, governance, or strategic direction. The certification that holdings are in the ordinary course and not intended to influence control reduces the likelihood of activist action tied to this position.

Corporate Governance Expert

TL;DR: Disclosure shows transparency but no governance change; shared power and sub-5% stake imply minimal governance influence.

The amended Schedule 13G indicates routine disclosure by an institutional investor. All authority over these shares is reported as shared, with no sole voting or dispositive power, and the filer affirms the position is not intended to change control. As a governance matter, the filing signals compliance and transparency but does not introduce new control dynamics or a meaningful stewardship role at Broadstone.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

Broadstone Net Lease, Inc.

(Name of Issuer)

Class A Common Stock, $0.00025 par value

(Title of Class of Securities)

11135E203

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 11135E203

1

Names of Reporting Persons

PRINCIPAL REAL ESTATE INVESTORS LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 376,106.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 376,106.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

376,106.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.2 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Broadstone Net Lease, Inc.
(b)	Address of issuer's principal executive offices: 207 HIGH POINT DRIVE, VICTOR, NEW YORK 14564
Item 2.
(a)	Name of person filing: PRINCIPAL REAL ESTATE INVESTORS LLC
(b)	Address or principal business office or, if none, residence: 711 HIGH STREET DES MOINES, Iowa 50392-0300
(c)	Citizenship: PRINCIPAL REAL ESTATE INVESTORS LLC - DELAWARE
(d)	Title of class of securities: Class A Common Stock, $0.00025 par value
(e)	CUSIP No.: 11135E203
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 376,106
(b)	Percent of class: 0.2 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: PRINCIPAL REAL ESTATE INVESTORS LLC - 0
	(ii) Shared power to vote or to direct the vote: PRINCIPAL REAL ESTATE INVESTORS LLC - 376,106
	(iii) Sole power to dispose or to direct the disposition of: PRINCIPAL REAL ESTATE INVESTORS LLC - 0
	(iv) Shared power to dispose or to direct the disposition of: PRINCIPAL REAL ESTATE INVESTORS LLC - 376,106
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

PRINCIPAL REAL ESTATE INVESTORS LLC

Signature:	/s/ J. Markham Penrod
Name/Title:	Chief Compliance Officer - North America, Principal Asset Management
Date:	08/08/2025

FAQ

What stake does Principal Real Estate Investors LLC hold in Broadstone Net Lease (BNL)?

They report beneficial ownership of 376,106 shares, representing 0.2% of Class A common stock.

Does Principal Real Estate Investors LLC have sole voting or dispositive power over the BNL shares?

No. The filing reports 0 sole voting power and 0 sole dispositive power; they report shared voting and shared dispositive power for 376,106 shares.

Is this ownership position greater than 5% of BNL?

No. The filing identifies this as ownership of 5 percent or less of the class.

Was the position reported as intended to change control of Broadstone Net Lease (BNL)?

No. The filer certifies the securities were acquired and are held in the ordinary course of business and not to change or influence control.

What form of SEC filing is this and does it amend a prior filing?

This document is an amended Schedule 13G filing reflecting the reported ownership position.