Vanguard Portfolio Management (BNL) holds 18.2M shares, 9.49% stake

Rhea-AI Filing Summary

Vanguard Portfolio Management reported beneficial ownership of 18,197,667 shares of Broadstone Net Lease Inc common stock, equal to 9.49% of the class as of 03/31/2026. Vanguard discloses sole dispositive power over those 18,197,667 shares and sole voting power over 72,956 shares. The filing states ownership is held on behalf of Vanguard funds and managed accounts; no single outside person holds more than 5% of the class.

Insights

Institutional Ownership Analyst

Vanguard holds a sizeable passive stake (9.49%) in BNL as of 03/31/2026.

Vanguard Portfolio Management reports beneficial ownership of 18,197,667 shares (9.49%), with sole dispositive power noted in the filing. The disclosure follows Schedule 13G format for passive institutional holders and lists affiliated voting/dispositive arrangements across Vanguard entities.

Ownership is reported as held for funds and managed accounts; any trading or vote decisions will be driven by those accounts and Vanguard's internal governance processes. Subsequent filings could show changes if the stake crosses reporting thresholds.

Governance & Proxy Specialist

Stake size places Vanguard among large holders requiring public disclosure but not necessarily activist engagement.

The filing shows sole dispositive power over 18,197,667 shares and sole voting power over 72,956 shares, indicating voting influence is limited relative to economic exposure. The statement references holdings across Vanguard funds and client accounts.

For governance impact, monitor future Schedule 13D/13G amendments or proxy-season disclosures; changes in voting power or a move from passive to active status would be material.

Key Figures

Beneficially owned shares: 18,197,667 shares Percent of class: 9.49% Sole voting power: 72,956 shares +3 more

6 metrics

Beneficially owned shares 18,197,667 shares Beneficial ownership as reported (03/31/2026)

Percent of class 9.49% Percent of common stock class (03/31/2026)

Sole voting power 72,956 shares Shares with sole voting power reported by Vanguard

Sole dispositive power 18,197,667 shares Shares with sole power to dispose (03/31/2026)

Form type Schedule 13G Passive institutional ownership disclosure

CUSIP 11135E203 Identifier for Broadstone Net Lease common stock

Key Terms

Beneficially owned, Sole dispositive power, Schedule 13G, Investment Company Act

4 terms

Beneficially owned regulatory

"this reflects the securities beneficially owned, or deemed to be beneficially owned"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole dispositive power regulatory

"Sole power to dispose or to direct the disposition of: 18197667"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Schedule 13G regulatory

"content_type: filing, form_type: SCHEDULE 13G"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Investment Company Act regulatory

"investment company registered under the Investment Company Act of 1940"

The Investment Company Act is a law that sets rules for businesses whose main activity is managing and selling pooled money, such as mutual funds and other investment funds. It matters to investors because it requires clear reporting, limits managers from putting their own interests ahead of clients, and mandates safekeeping and oversight of assets—similar to safety inspections and traffic rules that help keep shared vehicles reliable and trustworthy.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Broadstone Net Lease Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

11135E203

(CUSIP Number)

03/31/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 11135E203

1

Names of Reporting Persons

Vanguard Portfolio Management

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

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 72,956.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 18,197,667.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

18,197,667.00

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)

9.49 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Portfolio Management LLC and the following affiliates of Vanguard Portfolio Management LLC or business divisions of such affiliates: Vanguard Fiduciary Trust Company and Vanguard Global Advisers, LLC. This Schedule 13G includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Portfolio Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions of such affiliates indicated above exercise dispositive and/or voting power. This Schedule 13G does not include securities, if any, beneficially owned by other subsidiaries or affiliates of Vanguard Portfolio Management LLC, or business divisions of such subsidiaries whose ownership of securities is disaggregated from that of the reporting business unit in accordance with such release.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Broadstone Net Lease Inc
(b)	Address of issuer's principal executive offices: 800 Clinton Square, Rochester, NY, 14604
Item 2.
(a)	Name of person filing: Vanguard Portfolio Management
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 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: 18197667
(b)	Percent of class: 9.49 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 72956
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 18197667
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Vanguard Portfolio Management, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
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.

Vanguard Portfolio Management

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	04/29/2026

FAQ

What stake does Vanguard report in Broadstone Net Lease (BNL)?

Vanguard reports beneficial ownership of 18,197,667 shares, equal to 9.49% of Broadstone Net Lease common stock as of 03/31/2026. The filing attributes dispositive power to Vanguard Portfolio Management and notes holdings span Vanguard funds and managed accounts.

Does Vanguard have voting control over the BNL shares?

Vanguard reports sole voting power for 72,956 shares and sole dispositive power for 18,197,667 shares. The filing implies voting influence is limited relative to economic ownership because most shares are held in funds or client accounts.

Is Vanguard's filing a Schedule 13G or 13D for BNL?

The disclosure is filed as a Schedule 13G, the form used by passive institutional investors. It indicates passive beneficial ownership reporting rather than an active intent to influence Broadstone Net Lease governance.

Are these Vanguard holdings held on behalf of other clients or funds?

Yes. The filing states holdings are held across Vanguard funds and managed accounts, and Vanguard Portfolio Management exercises dispositive power for those accounts. It also notes no other single person holds more than 5% of the class.

When was Vanguard's ownership position reported?

The position is reported as of 03/31/2026, and the signature on the filing is dated 04/29/2026. These dates reflect the reporting period and the filing execution by Vanguard's representative.