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NYSE · Real Estate

Broadstone Net Lease, Inc. (BNL)

As-reported financials and SEC filings for Broadstone Net Lease, Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Broadstone Net Lease, Inc.

Broadstone Net Lease, Inc. is a real estate investment trust that focuses on industrial and retail commercial properties primarily leased to single tenants on a long-term basis. The company owns a diversified portfolio of 771 properties across 44 U.S. states and four Canadian provinces, serving tenants in various industries such as distribution, manufacturing, food processing, and retail. Broadstone generates income through property acquisitions, build-to-suit developments, and capital expenditures, maintaining high occupancy and lease stability.

Snapshot

Revenue
$454.1M
Revenue growth (YoY)
5.2%
Net income
$96.5M
Diluted EPS
$0.50
Gross margin
—
Operating margin
—
Net margin
21.2%
FCF margin
59.4%
ROE
3.2%
net income / fiscal-year-end equity
P/E
24.0×
trailing when available, otherwise FY EPS
Market cap
$3.89B
Long-term debt / equity
0.83×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Broadstone Net Lease

  • Revenue grew 5.2% to $454M in FY2025, after a 2.5% decline the year before.
  • Most recent quarter Q2 FY2026: revenue $122M, up 8.3% from Q2 FY2025.
  • Free cash flow was $270M in FY2025, 59.4% of revenue.
  • Net income fell 40.6% to $96M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Broadstone Net Lease’s fundamentals sit among the 165 REITs. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Net margin21.2%
67th percentile of 157
FCF margin59.4%
96th percentile of 27
Revenue growth (YoY)+5.2%
61st percentile of 161
ROE3.2%
45th percentile of 142
P/E24.0×
47th percentile of 105
Long-term debt / equity0.83×
36th percentile of 100
Short interest9.81d
97th percentile of 154

Broadstone Net Lease’s FCF margin of 59.4% ranks in the 96th percentile of the 27 REITs reporting it.

2 reported insider purchases (code P) totaling $211,600 in the last 90 days. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 5 quant / multi-strat books among the superinvestors we track; no conviction manager currently reports a position.

Conviction investors
0
+5 quant / multi-strat
Initiated / added
3
0 new, 3 added
Reduced / exited
3
2 trimmed, 1 exited
Combined position
$65.2M
reported long value
InvestorAs ofPosition valueSharesChange
Two Sigma InvestmentsquantQ2 2026$40.4M2.0MReduced
Renaissance TechnologiesquantQ2 2026$12.1M586.1KAdded
AQR Capital ManagementquantQ2 2026$7.5M363.8KAdded
Millennium ManagementquantQ2 2026$2.9M138.5KAdded
D. E. ShawquantQ2 2026$2.3M111.8KReduced

No longer held by: Citadel Advisors (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
2
1 insider
Bought (90d)
$212K
code P value
Sells (90d)
0
—
Reported activity
Net buying
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-21
filed 2026-08-24
Richard P. ImperialeDirectorBuy5.0K$21.10$106K
2026-08-20
filed 2026-08-24
Richard P. ImperialeDirectorBuy5.0K$21.22$106K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
21.3M
settled 2026-09-30
Change vs prior
+5.8%
vs previous settlement
Days to cover
9.81
at avg daily volume
Avg daily volume
2.2M
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-3021.3M+5.8%9.81
2026-09-1520.1M+3.6%11.56
2026-08-3119.4M-3.1%10.32
2026-08-1420.1M+73.3%7.28
2026-07-3111.6M-6.6%6.94
2026-07-1512.4M-4.0%5.50
2026-06-3012.9M+29.2%5.71
2026-06-1510.0M+6.7%6.11

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$454.1M$431.8M$442.9M$407.5M$382.9M
Gross profit—————
Operating income—————
Net income$96.5M$162.4M$155.5M$122.1M$102.4M
Diluted EPS$0.50$0.86$0.83$0.72$0.67

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$30.5M$14.8M$19.5M$21.8M$21.7M
Current assets—————
Total assets$5.72B$5.22B$5.27B$5.46B$4.62B
Current liabilities—————
Long-term debt$2.52B$1.92B$1.92B$2.03B$1.70B
Total liabilities$2.68B$2.07B$2.07B$2.20B$1.88B
Total equity$3.03B$3.14B$3.19B$3.26B$2.74B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$299.5M$276.3M$271.1M$255.9M$244.9M
Capital expenditure$29.7M$16.8M$46.3M$31.4M$1.6M
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$122.3M8.3%$39.8M$0.21
Q1 FY2026$121.4M11.7%$46.4M$0.24
Q4 FY20255.5%
Q3 FY2025$114.2M5.3%$26.5M$0.14
Q2 FY2025$113.0M6.7%$20.2M$0.10
Q1 FY2025$108.7M3.2%$16.7M$0.09
Q4 FY20246.8%
Q3 FY2024$108.4M-1.0%$35.6M$0.19

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNYSE
SectorReal Estate
SIC industryReal Estate Investment Trusts
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2008
SEC CIK1424182

Selected SEC filings

10-K2026-02-19
View on EDGAR →
10-Q/A2026-07-29
View on EDGAR →
10-Q2026-07-29
View on EDGAR →
10-Q2026-04-30
View on EDGAR →
8-K2026-10-05
View on EDGAR →
8-K2026-08-25
View on EDGAR →
8-K2026-08-10
View on EDGAR →
8-K2026-07-29
View on EDGAR →

Largest reit peers

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.