Broadstone Net Lease, Inc.

Cash and cash equivalents and restricted cash totaled $13.8 million and $83.3 million at September 30, 2026 and September 30, 2025, respectively. The table below shows information concerning cash flows for the nine months ended September 30, 2026 and 2025:

The increase in net cash provided by operating activities was primarily due to an increase in contractual rents related to rent escalations and growth in our real estate portfolio, as well as the absence of cash paid to settle interest rate swaps, which occurred during the prior-year period. These increases were partially offset by an increase in cash paid for interest during the nine months ended September 30, 2026.

The increase in net cash used in investing activities was primarily due to an increase in investment activity in property under development, partially offset by a decrease in acquisition investment activity and an increase in disposition proceeds during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.

The decrease in net cash provided by financing activities during the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025, mainly reflects lower proceeds from unsecured term loans and senior unsecured notes, a portion of which was used to repay outstanding debt during the prior-year period, partially offset by higher net borrowings on the Revolving Credit Facility during the nine months ended September 30, 2026.