Broadstone Net Lease, Inc.

For the period ended Dec 31, 2025. Filed Feb 19, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 19, 2026

BNL$17.85+0.1%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

(in thousands)

	For the Year Ended December 31,
	2025	2024	2023
Operating activities
Net income	$99,416	$168,989	$163,312
Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities:
Depreciation and amortization including intangibles associated with investment in rental property	159,616	151,765	152,781
Provision for impairment of investment in rental properties	39,734	49,001	31,274
Amortization of debt issuance costs and original issuance discounts charged to interest expense	5,488	3,932	3,860
Stock-based compensation expense	9,597	7,355	6,359
Settlement of interest rate swaps	(6,712)	—	—
Straight-line rent, direct financing and sales-type lease adjustments	(17,502)	(18,975)	(22,278)
Gain on sale of real estate	(12,601)	(73,153)	(54,310)
Other non-cash items	8,991	(10,629)	(757)
Changes in assets and liabilities:
Tenant and other receivables	(1,122)	(1,742)	780
Prepaid expenses and other assets	2,456	480	(352)
Accounts payable and other liabilities	4,470	(905)	(8,226)
Accrued interest payable	7,665	135	(1,369)
Net cash provided by operating activities	299,496	276,253	271,074
Investing activities
Acquisition of rental property	(434,194)	(288,577)	(27,738)
Investment in property under development including capitalized interest of $5,271, $3,871, and $1,469 in 2025, 2024 and 2023, respectively	(303,731)	(108,481)	(96,756)
Capital expenditures and improvements	(29,706)	(16,795)	(46,252)
Proceeds from disposition of rental property, net	93,550	354,350	194,959
Change in deposits on investments in rental property	(1,192)	(200)	125
Net cash (used in) provided by investing activities	(675,273)	(59,703)	24,338
Financing activities
Proceeds from issuance of common stock, net of $870, $996, and $180 of offering costs, discounts, and commissions in 2025, 2024 and 2023, respectively	37,930	(996)	(180)
Contributions from non-controlling interests	4,381	1,000	—
Borrowings on senior unsecured notes and unsecured term loans	844,841	—	—
Principal payments on mortgages and unsecured term loans	(420,195)	(2,260)	(7,503)
Borrowings on unsecured revolving credit facility	803,300	256,500	215,500
Repayments on unsecured revolving credit facility	(633,800)	(248,000)	(324,000)
Cash distributions paid to stockholders	(218,775)	(216,760)	(207,522)
Cash distributions paid to non-controlling interests	(10,064)	(10,673)	(11,115)
Debt issuance costs paid	(14,192)	—	—
Net cash provided by (used in) financing activities	393,426	(221,189)	(334,820)
Net increase (decrease) in cash and cash equivalents and restricted cash	17,649	(4,639)	(39,408)
Cash and cash equivalents and restricted cash at beginning of period	15,993	20,632	60,040
Cash and cash equivalents and restricted cash at end of period	$33,642	$15,993	$20,632
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents at beginning of period	$14,845	$19,494	$21,789
Restricted cash at beginning of period	1,148	1,138	38,251
Cash and cash equivalents and restricted cash at beginning of period	$15,993	$20,632	$60,040
Cash and cash equivalents at end of period	$30,540	$14,845	$19,494
Restricted cash at end of period	3,102	1,148	1,138
Cash and cash equivalents and restricted cash at end of period	$33,642	$15,993	$20,632

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