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Table of Contents

Section			Page
About the Data			3
Company Overview			4
Quarterly Financial Summary			5
Balance Sheet			6
Income Statement Summary			7
Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO)			8
Lease Revenues Detail			9
Capital Structure			10
Equity Rollforward			11
Debt Outstanding			12
Interest Rate Swaps			13
EBITDA, EBITDAre, and Other Non-GAAP Operating Measures			14
Net Debt Metrics & Covenants			15
Debt & Swap Maturities			16
Investment Activity			17
Built-to-Suit Development Projects			18
Transitional Capital			20
Dispositions & Portfolio at a Glance: Key Metrics			21-22
Diversification: Tenants and Brands			23-26
Diversification: Property Type			27-28
Key Statistics by Property Type			29
Diversification: Tenant Industry			30
Diversification: Geography			31
Lease Expirations			32
Portfolio Occupancy			33
Definitions and Explanations			34-34

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2025 Broadstone Net Lease, LLC. All rights reserved.			2

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About the Data

This data and other information described herein are as of and for the three months ended September 30, 2025 unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change and inherent risks and uncertainties. This information should be read in conjunction with Broadstone Net Lease, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2024, and the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, which was filed with the SEC on July 31, 2025, including the financial statements and the management’s discussion and analysis of financial condition and results of operations sections.

Forward Looking Statements

Information set forth herein contains forward-looking statements, which reflect our current views regarding our business, financial performance, growth prospects and strategies, market opportunities, and market trends. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “would be,” “seeks,” “approximately,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. All of the forward-looking statements herein are subject to various risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions, and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results, performance, and achievements could differ materially from those expressed in or by the forward-looking statements and may be affected by a variety of risks and other factors. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from such forward-looking statements. These factors include, but are not limited to, risks and uncertainties related to general economic conditions, including but not limited to increases in the rate of inflation and/or interest rates, local real estate conditions, tenant financial health, and property acquisitions and the timing of these investments and acquisitions. These and other risks, assumptions, and uncertainties are described in our filings with the SEC, which are available on the SEC’s website at www.sec.gov.

You are cautioned not to place undue reliance on any forward-looking statements included herein. All forward-looking statements are made as of the date of this document and the risk that actual results, performance, and achievements will differ materially from the expectations expressed or referenced herein will increase with the passage of time. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.

IP Disclaimer

This document contains references to copyrights, trademarks, trade names, and service marks that belong to other companies. Broadstone Net Lease is not affiliated or associated with, and is not endorsed by and does not endorse, such companies or their products or services.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2025 Broadstone Net Lease, LLC. All rights reserved.			3

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Company Overview

Broadstone Net Lease, Inc. (NYSE:BNL) (the “Company”, “BNL”, “us”, “our”, and “we”) is an industrial-focused, diversified net lease real estate investment trust (“REIT”) that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. We primarily, and selectively, invest in real estate across industrial and retail property types. We target properties with credit worthy tenants in industries characterized by positive business drivers and trends, where the properties are an integral part of the tenants’ businesses and there are opportunities to secure long-term net leases. Through long-term net leases, our tenants are able to retain operational control of their strategically important locations, while allocating their debt and equity capital to fund core business operations rather than real estate ownership.

Executive Team						Board of Directors
John D. Moragne Chief Executive Officer and Member, Board of Directors Ryan M. Albano President and Chief Operating Officer Kevin M. Fennell Executive Vice President, Chief Financial Officer and Treasurer John D. Callan, Jr. Senior Vice President, General Counsel, and Secretary Michael B. Caruso Senior Vice President, Underwriting & Strategy Will D. Garner Senior Vice President, Acquisitions Jennie L. O’Brien Senior Vice President and Chief Accounting Officer Molly Kelly Wiegel Senior Vice President, Human Resources & Administration						Laurie A. Hawkes Chairman of the Board John D. Moragne Chief Executive Officer Michael A. Coke Jessica Duran Laura Felice Richard Imperiale David M. Jacobstein Joseph Saffire James H. Watters

Company Contact Information

Brent Maedl

Director, Corporate Finance & Investor Relations

brent.maedl@broadstone.com

585-382-8507

Transfer Agent

Computershare Trust Company, N.A.

150 Royall Street

Canton, Massachusetts 02021

800-736-3001

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2025 Broadstone Net Lease, LLC. All rights reserved.			4

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Quarterly Financial Summary

(unaudited, dollars in thousands except per share data)

						Q3 2025						Q2 2025						Q1 2025						Q4 2024						Q3 2024
Financial Summary
Investment in rental property						$	5,147,649					$	5,058,791					$	5,032,276					$	4,994,057					$	5,018,626
Less accumulated depreciation						(745,326)						(721,195)						(694,990)						(672,478)						(644,214)
Property under development						179,172						116,635						35,492						18,784						—
Investment in rental property, net						4,581,495						4,454,231						4,372,778						4,340,363						4,374,412
Cash and cash equivalents						81,966						20,784						9,605						14,845						8,999
Restricted cash						1,354						1,192						1,428						1,148						2,219
Total assets						5,519,271						5,326,679						5,237,186						5,216,417						5,263,286
Unsecured revolving credit facility						95,824						197,880						174,122						93,014						125,482
Mortgages, net						57,168						75,685						76,260						76,846						77,416
Unsecured term loans, net						994,550						994,028						893,505						897,201						896,887
Senior unsecured notes, net						1,190,315						846,441						846,252						846,064						845,875
Total liabilities						2,506,762						2,290,858						2,156,372						2,074,993						2,124,927
Total Broadstone Net Lease, Inc. equity						2,884,658						2,906,693						2,949,734						3,003,745						2,999,074
Total equity (book value)						3,012,509						3,035,821						3,080,814						3,141,424						3,138,359
Revenues						114,167						112,986						108,690						112,130						108,397
General and administrative - other						7,486						7,100						7,525						7,951						6,893
Stock based compensation						2,488						2,471						2,147						1,977						1,829
General and administrative						9,974						9,571						9,672						9,928						8,722
Total operating expenses						63,417						69,088						70,785						77,369						54,811
Interest expense						28,230						21,112						20,074						19,564						18,178
Net income						27,065						19,830						17,493						27,607						37,268
Net earnings per common share, diluted						$	0.14					$	0.10					$	0.09					$	0.14					$	0.19
FFO						70,969						73,695						72,627						80,003						73,818
FFO per share, diluted						0.36						$	0.37					$	0.37					$	0.41					$	0.37
Core FFO						70,386						77,150						75,280						74,427						73,971
Core FFO per share, diluted						$	0.35					$	0.39					$	0.38					$	0.38					$	0.37
AFFO						74,314						74,308						71,812						70,532						70,185
AFFO per share, diluted						$	0.37					$	0.38					$	0.36					$	0.36					$	0.35
Net cash provided by operating activities						64,190						79,280						71,459						63,911						67,303
Capital expenditures and improvements						542						614						1,106						2,205						1,180
Capital expenditures and improvements - revenue generating						5,624						1,994						13,242						3,755						6,351
Net cash (used in) provided by investing activities						(174,054)						(131,258)						(85,335)						27,338						(65,618)
Net cash provided by (used in) financing activities						171,208						62,921						8,916						(86,474)						(10,363)
Distributions declared						57,284						57,284						58,874						57,209						56,354
Distributions declared per diluted share						$	0.290					$	0.290					$	0.290					$	0.290					$	0.290

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2025 Broadstone Net Lease, LLC. All rights reserved.			5

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Balance Sheet

(unaudited, in thousands)

			September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024
Assets
Accounted for using the operating method:
Land			$	778,177					$	784,092					$	780,817					$	778,826					$	784,545
Land improvements			359,210						360,774						360,197						357,142						357,090
Buildings and improvements			3,954,112						3,871,441						3,848,623						3,815,521						3,834,310
Equipment			16,070						16,070						16,070						15,843						15,824
Total accounted for using the operating method			5,107,569						5,032,377						5,005,707						4,967,332						4,991,769
Less accumulated depreciation			(745,326)						(721,195)						(694,990)						(672,478)						(644,214)
Accounted for using the operating method, net			4,362,243						4,311,182						4,310,717						4,294,854						4,347,555
Accounted for using the direct financing method			25,673						25,845						25,999						26,154						26,285
Accounted for using the sales-type method			14,407						569						570						571						572
Property under development			179,172						116,635						35,492						18,784						—
Investment in rental property, net			4,581,495						4,454,231						4,372,778						4,340,363						4,374,412
Investment in rental property and intangible lease assets held for sale, net			—						—						—						—						38,779
Cash and cash equivalents			81,966						20,784						9,605						14,845						8,999
Accrued rental income			174,867						172,310						166,436						162,717						158,350
Tenant and other receivables, net			3,573						3,605						2,581						3,281						2,124
Prepaid expenses and other assets			59,866						55,815						52,260						41,584						36,230
Interest rate swap, assets			19,590						23,490						29,681						46,220						27,812
Goodwill			339,769						339,769						339,769						339,769						339,769
Intangible lease assets, net			258,145						256,675						264,076						267,638						276,811
Total assets			$	5,519,271					$	5,326,679					$	5,237,186					$	5,216,417					$	5,263,286
Liabilities and equity
Unsecured revolving credit facility			$	95,824					$	197,880					$	174,122					$	93,014					$	125,482
Mortgages, net			57,168						75,685						76,260						76,846						77,416
Unsecured term loans, net			994,550						994,028						893,505						897,201						896,887
Senior unsecured notes, net			1,190,315						846,441						846,252						846,064						845,875
Interest rate swap, liabilities			1,994						7,625						3,353						—						13,050
Accounts payable and other liabilities			55,662						57,409						48,424						48,983						47,651
Dividends payable			58,665						58,451						58,220						58,317						58,163
Accrued interest payable			9,488						8,542						9,399						5,837						9,642
Intangible lease liabilities, net			43,096						44,797						46,837						48,731						50,761
Total liabilities			2,506,762						2,290,858						2,156,372						2,074,993						2,124,927
Equity
Broadstone Net Lease, Inc. equity:
Preferred stock, $0.001 par value			—						—						—						—						—
Common stock, $0.00025 par value			47						47						47						47						47
Additional paid-in capital			3,463,010						3,459,939						3,456,041						3,450,584						3,450,116
Cumulative distributions in excess of retained earnings			(597,571)						(571,302)						(536,074)						(496,543)						(467,922)
Accumulated other comprehensive income			19,172						18,009						29,720						49,657						16,833
Total Broadstone Net Lease, Inc. equity			2,884,658						2,906,693						2,949,734						3,003,745						2,999,074
Non-controlling interests			127,851						129,128						131,080						137,679						139,285
Total equity			3,012,509						3,035,821						3,080,814						3,141,424						3,138,359
Total liabilities and equity			$	5,519,271					$	5,326,679					$	5,237,186					$	5,216,417					$	5,263,286

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2025 Broadstone Net Lease, LLC. All rights reserved.			6

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Income Statement Summary

(unaudited, in thousands except per share data)

			Three Months Ended
			September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024
Revenues
Lease revenues, net			$	114,167					$	112,986					$	108,690					$	112,130					$	108,397
Operating expenses
Depreciation and amortization			40,246						42,575						39,497						42,987						38,016
Property and operating expense			6,198						5,003						5,488						6,764						7,014
General and administrative			9,974						9,571						9,672						9,928						8,722
Provision for impairment of investment in rental properties			6,999						11,939						16,128						17,690						1,059
Total operating expenses			63,417						69,088						70,785						77,369						54,811
Other income (expenses)
Interest income			182						122						99						42						70
Interest expense			(28,230)						(21,112)						(20,074)						(19,564)						(18,178)
Gain on sale of real estate			3,259						566						405						8,196						2,441
Income taxes			(208)						(199)						(355)						(527)						291
Other income (expenses)			1,312						(3,445)						(487)						4,699						(942)
Net income			27,065						19,830						17,493						27,607						37,268
Net income attributable to non-controlling interests			(599)						330						(750)						(1,217)						(1,660)
Net income attributable to Broadstone Net Lease, Inc.			$	26,466					$	20,160					$	16,743					$	26,390					$	35,608
Weighted average number of common shares outstanding
Basic (a)			188,099						188,041						187,865						187,592						187,496
Diluted (a)			197,632						197,138						196,898						196,697						196,932
Net earnings per common share (b)
Basic			$	0.14					$	0.11					$	0.09					$	0.14					$	0.19
Diluted			$	0.14					$	0.10					$	0.09					$	0.14					$	0.19

(a)Excludes 1,071,038 weighted average shares of unvested restricted common stock for the three months ended September 30, 2025.

(b)Excludes $0.3 million from the numerator for the three months ended September 30, 2025, related to dividends declared on shares of unvested restricted common stock.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2025 Broadstone Net Lease, LLC. All rights reserved.			7

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Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO)

(unaudited, in thousands except per share data)

			Three Months Ended
			September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024
Net income			$	27,065					$	19,830					$	17,493					$	27,607					$	37,268
Real property depreciation and amortization			40,164						42,492						39,411						42,902						37,932
Gain on sale of real estate			(3,259)						(566)						(405)						(8,196)						(2,441)
Provision for impairment of investment  in rental properties			6,999						11,939						16,128						17,690						1,059
FFO			$	70,969					$	73,695					$	72,627					$	80,003					$	73,818
Net write-offs of accrued rental income			755						3						2,228						120						—
Other non-core income from real estate transactions			(27)						(46)						(63)						(1,183)						(887)
Cost of debt extinguishment			—						—						165						—						—
Severance and employee transition costs			1						53						1						187						98
Other (income) expenses (a)			(1,312)						3,445						322						(4,700)						942
Core FFO			$	70,386					$	77,150					$	75,280					$	74,427					$	73,971
Straight-line rent adjustment			(4,960)						(5,586)						(5,907)						(6,312)						(5,309)
Adjustment to provision for credit losses			—						(13)						—						—						—
Amortization of debt issuance costs			1,357						1,328						1,237						983						983
Non-capitalized transaction costs			125						142						117						299						25
Realized gain or loss on interest rate swaps and other non-cash interest expense			6,116						7						2						(6)						(5)
Amortization of lease intangibles			(1,198)						(1,191)						(1,064)						(991)						(1,309)
Stock-based compensation			2,488						2,471						2,147						1,977						1,829
Deferred taxes			—						—						—						155						—
AFFO			$	74,314					$	74,308					$	71,812					$	70,532					$	70,185
Diluted weighted average shares outstanding (b)			197,632						197,138						196,898						196,697						196,932
Net earnings per diluted share (c)			$	0.14					$	0.10					$	0.09					$	0.14					$	0.19
FFO per diluted share (c)			0.36						0.37						0.37						0.41						0.37
Core FFO per diluted share (c)			0.35						0.39						0.38						0.38						0.37
AFFO per diluted share (c)			0.37						0.38						0.36						0.36						0.35

(a)Amount includes $1.3 million of unrealized and realized foreign exchange gain for the three months ended September 30, 2025, primarily associated with our Canadian dollar denominated revolver borrowings.

(b)Excludes 1,071,038 weighted average shares of unvested restricted common stock for the three months ended September 30, 2025.

(c)Excludes $0.3 million from the numerator for the three months ended September 30, 2025, related to dividends declared on shares of unvested restricted common stock.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2025 Broadstone Net Lease, LLC. All rights reserved.			8

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Lease Revenues Detail

(unaudited, in thousands)

			Three Months Ended
			September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024
Contractual rental amounts billed for operating leases			$	102,270					$	101,014					$	99,314					$	98,193					$	96,596
Adjustment to recognize contractual operating lease billings on a straight-line basis			5,134						5,753						6,064						6,444						5,438
Net write-offs of accrued rental income			(755)						—						(2,228)						—						—
Variable rental amounts earned			732						718						680						1,098						644
Earned income from direct financing leases			675						679						682						686						691
Interest income from sales-type leases			326						14						14						15						14
Operating expenses billed to tenants			5,752						4,795						4,944						5,400						5,537
Other income from real estate transactions			43						63						77						1,054						907
Adjustment to revenue recognized for uncollectible rental amounts billed, net			(10)						(50)						(857)						(760)						(1,430)
Total lease revenues, net			$	114,167					$	112,986					$	108,690					$	112,130					$	108,397

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2025 Broadstone Net Lease, LLC. All rights reserved.			9

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Capital Structure

(in thousands, except per share data)

EQUITY
Shares of Common Stock			189,216
OP Units			8,315
Common Stock & OP Units			197,531
Price Per Share / Unit at September 30, 2025			$	17.87
IMPLIED EQUITY MARKET CAPITALIZATION			$	3,529,879
% of Total Capitalization			60.0		%
DEBT
Unsecured Revolving Credit Facility - 2026			$	95,824
Unsecured Term Loans			1,000,000
Unsecured Term Loan - 2027			200,000
Unsecured Term Loan - 2028			500,000
Unsecured Term Loan - 2029			300,000
Senior Unsecured Notes			1,200,000
Senior Unsecured Notes - 2027			150,000
Senior Unsecured Notes - 2028			225,000
Senior Unsecured Notes - 2030			100,000
Senior Unsecured Public Notes - 2031			375,000
Senior Unsecured Public Notes - 2032			350,000
Mortgage Debt - Various			57,205
TOTAL DEBT			$	2,353,029
% of Total Capitalization			40.0		%
Floating Rate Debt %			10.8		%
Fixed Rate Debt %			89.2		%
Secured Debt %			2.4		%
Unsecured Debt %			97.6		%
Total Capitalization			$	5,882,908
Less: Cash and Cash Equivalents			(81,966)
Enterprise Value			$	5,800,942

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2025 Broadstone Net Lease, LLC. All rights reserved.			10

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Equity Rollforward

(in thousands)

			Shares of Common Stock						OP Units						Total Diluted Shares
Balance, January 1, 2025			188,626						8,646						197,272
Grants of restricted stock awards			292						—						292
Retirement of common shares under equity incentive plan			(86)						—						(86)
Forfeiture of restricted stock awards			(3)						—						(3)
OP unit conversion			244						(244)						—
Balance, March 31, 2025			189,073						8,402						197,475
Grants of restricted stock awards			61						—						61
Forfeiture of restricted stock awards			(4)						—						(4)
Balance, June 30, 2025			189,130						8,402						197,532
Grants of restricted stock awards			1						—						1
Forfeiture of restricted stock awards			(1)						—						(1)
OP unit conversion			86						(86)						—
Balance, September 30, 2025			189,216						8,316						197,532

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2025 Broadstone Net Lease, LLC. All rights reserved.			11

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Debt Outstanding

(in thousands)

			September 30, 2025						December 31, 2024						Interest Rate						Maturity Date
Unsecured revolving credit facility			$	95,824					$	93,014					applicable reference rate + 0.85% (a)						Mar. 2029 (d)
Unsecured term loans:
2026 Unsecured Term Loan			—						400,000						one-month adjusted SOFR + 1.00% (b)						Feb. 2026 (e)
2027 Unsecured Term Loan			200,000						200,000						daily simple adjusted SOFR + 0.95% (c)						Aug. 2027
2028 Unsecured Term Loan			500,000						—						one-month adjusted SOFR + 0.95% (b)						Mar. 2028 (f)
2029 Unsecured Term Loan			300,000						300,000						daily simple adjusted SOFR + 1.25% (c)						Aug. 2029
Total unsecured term loans			1,000,000						900,000
Unamortized debt issuance costs, net			(5,450)						(2,799)
Total unsecured term loans, net			994,550						897,201
Senior unsecured notes:
2027 Senior Unsecured Notes - Series A			150,000						150,000						4.84%						Apr. 2027
2028 Senior Unsecured Notes - Series B			225,000						225,000						5.09%						Jul. 2028
2030 Senior Unsecured Notes - Series C			100,000						100,000						5.19%						Jul. 2030
2031 Senior Unsecured Public Notes			375,000						375,000						2.60%						Sep. 2031
2032 Senior Unsecured Public Notes			350,000						—						5.00%						Nov. 2032
Total senior unsecured notes			1,200,000						850,000
Unamortized debt issuance costs and original issuance discounts, net			(9,685)						(3,936)
Total senior unsecured notes, net			1,190,315						846,064
Total unsecured debt, net			$	2,280,689					$	1,836,279

(a)At September 30, 2025 and December 31, 2024, a balance of $24.0 million and $23.5 million, respectively, was subject to daily simple SOFR. The remaining balance of $100.0 million CAD borrowings remeasured to $71.8 million USD and $69.5 million USD, at September 30, 2025 and December 31, 2024, respectively, and was subject to daily simple CORRA of 2.56% and 3.32% at September 30, 2025 and December 31, 2024, respectively.

(b)At September 30, 2025 and December 31, 2024, one-month SOFR was 4.13% and 4.33%, respectively.

(c)At September 30, 2025 and December 31, 2024, overnight SOFR was 4.24% and 4.49%, respectively.

(d)The Company’s unsecured revolving credit facility contains two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625% of the revolving commitments.

(e)The 2026 Unsecured Term Loan was paid in full on February 28, 2025 with borrowings from the 2028 Unsecured Term Loan.

(f)Our 2028 unsecured term loan reflected above contains two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.125% of the aggregate principal amount of the loans outstanding under the 2028 term loan facility.

Lender						Origination Date						Maturity Date						Interest Rate						September 30, 2025						December 31, 2024
Wilmington Trust National Association						Apr. 2019						Feb. 2028						4.92%						$	41,762					$	42,838
Wilmington Trust National Association						Jun. 2018						Aug. 2025						4.36%						0						18,283
PNC Bank						Oct. 2016						Nov. 2026						3.62%						15,443						15,792
Total mortgages																								57,205						76,913
Debt issuance costs, net																								(37)						(67)
Mortgages, net																								$	57,168					$	76,846

Year of Maturity			Revolving Credit Facility						Mortgages						Term Loans						Senior Notes						Total
2025			$	—					$	488					$	—					$	—					$	488
2026			—						16,843						—						—						16,843
2027			—						1,596						200,000						150,000						351,596
2028			—						38,278						500,000						225,000						763,278
2029			95,824						—						300,000						—						395,824
Thereafter			—						—						—						825,000						825,000
Total			$	95,824					$	57,205					$	1,000,000					$	1,200,000					$	2,353,029

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Interest Rate Swaps

(dollars in thousands)

																								September 30, 2025
Counterparty						Maturity Date (a)						Fixed Rate (b)						Variable Rate Index						Notional Amount						Fair Value
Effective Swaps: (c)
Truist Financial Corporation						December 2025						2.30		%				daily compounded SOFR						25,000						112
Bank of Montreal						January 2026						1.92		%				daily compounded SOFR						25,000						140
Bank of Montreal						January 2026						2.05		%				daily compounded SOFR						40,000						211
Capital One, National Association						January 2026						2.08		%				daily compounded SOFR						35,000						182
Truist Financial Corporation						January 2026						1.93		%				daily compounded SOFR						25,000						139
Capital One, National Association						April 2026						2.68		%				daily compounded SOFR						15,000						97
Capital One, National Association						July 2026						1.32		%				daily compounded SOFR						35,000						651
Bank of Montreal						December 2026						2.33		%				daily compounded SOFR						10,000						158
Bank of Montreal						December 2026						1.99		%				daily compounded SOFR						25,000						500
Toronto-Dominion Bank						March 2027						2.46		%				daily compounded CORRA						14,365			(d)			29
Wells Fargo Bank, N.A.						April 2027						2.72		%				daily compounded SOFR						25,000						305
Bank of Montreal						December 2027						2.37		%				daily compounded SOFR						25,000						585
Capital One, National Association						December 2027						2.37		%				daily compounded SOFR						25,000						583
Wells Fargo Bank, N.A.						January 2028						2.37		%				daily compounded SOFR						75,000						1,754
Bank of Montreal						May 2029						2.09		%				daily compounded SOFR						25,000						1,146
Regions Bank						May 2029						2.11		%				daily compounded SOFR						25,000						1,128
Regions Bank						June 2029						2.03		%				daily compounded SOFR						25,000						1,200
U.S. Bank National Association						June 2029						2.03		%				daily compounded SOFR						25,000						1,200
Regions Bank						August 2029						2.58		%				one-month SOFR						100,000						2,576
Toronto-Dominion Bank						August 2029						2.58		%				one-month SOFR						45,000						1,180
U.S. Bank National Association						August 2029						2.65		%				one-month SOFR						15,000						355
U.S. Bank National Association						August 2029						2.58		%				one-month SOFR						100,000						2,585
U.S. Bank National Association						August 2029						1.35		%				daily compounded SOFR						25,000						1,887
Regions Bank						March 2032						2.69		%				daily compounded CORRA						14,365			(d)			185
U.S. Bank National Association						March 2032						2.70		%				daily compounded CORRA						14,365			(d)			181
Bank of Montreal						March 2034						2.81		%				daily compounded CORRA						28,730			(e)			521
																								841,825						19,590
Forward Starting Swaps: (c) (f)
Toronto-Dominion Bank						December 2030						3.66		%				daily simple SOFR						70,000						(1,110)
Regions Bank						December 2030						3.66		%				daily simple SOFR						55,000						(884)
																								125,000						(1,994)
Total Swaps																								$	966,825					$	17,596

(a)The weighted average maturity date of effective swaps and effective swaps and forward starting swaps combined was 2.8 years and 3.1 years, respectively, at September 30, 2025.

(b)At September 30, 2025, the weighted average interest rate on all outstanding borrowings was 4.09%, inclusive of a weighted average fixed rate on effective interest rate swaps of 2.30%.

(c)The classification between “effective” and “forward starting” swaps is determined as of the most recent period presented.

(d)The contractual notional amount is $20.0 million CAD.

(e)The contractual notional amount is $40.0 million CAD.

(f)Forward starting swaps have effective dates that are five years prior to each respective maturity date.

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EBITDA, EBITDAre, and Other-Non GAAP Operating Measures

(unaudited, in thousands)

			Three Months Ended
			September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024
Net income			$	27,065					$	19,830					$	17,493					$	27,607					$	37,268
Depreciation and amortization			40,246						42,575						39,497						42,987						38,016
Interest expense			28,230						21,112						20,074						19,565						18,178
Income taxes			208						199						355						527						291
EBITDA			$	95,749					$	83,716					$	77,419					$	90,686					$	93,753
Provision for impairment of investment in rental properties			6,999						11,939						16,128						17,690						1,059
Gain on sale of real estate			(3,259)						(566)						(405)						(8,197)						(2,441)
EBITDAre			$	99,489					$	95,089					$	93,142					$	100,179					$	92,371
Adjustment for current quarter investment activity (a)			1,797						573						978						28						4,080
Adjustment for current quarter disposition activity (b)			(257)						(490)						(135)						(11)						(66)
Adjustment to exclude non-recurring and other expenses (c)			(177)						(332)						44						348						(201)
Adjustment to exclude net write-offs of accrued rental income			755						3						2,228						120						—
Adjustment to exclude realized / unrealized foreign exchange (gain) loss			(1,312)						3,445						322						(4,699)						942
Adjustment to exclude cost of debt extinguishment			—						—						166						—						—
Adjustment to exclude other income from real estate transactions			(43)						(46)						(63)						(1,183)						(887)
Adjusted EBITDAre			$	100,252					$	98,242					$	96,682					$	94,782					$	96,239
Estimated revenues from developments (d)			2,544						1,629						631						334						—
Pro Forma Adjusted EBITDAre			$	102,796					$	99,871					$	97,313					$	95,116					$	96,239
Annualized EBITDAre			$	397,956					$	380,356					$	372,568					$	400,716					$	369,484
Annualized Adjusted EBITDAre			401,008						392,968						386,728						379,128						384,956
Pro Forma Annualized Adjusted EBITDAre			411,184						399,484						389,252						380,464						384,956

(a)Reflects an adjustment to give effect to all investments during the quarter, including developments that have reached rent commencement, as if they had been made as of the beginning of the quarter.

(b)Reflects an adjustment to give effect to all dispositions during the quarter as if they had been sold as of the beginning of the quarter.

(c)Amounts include less than $0.2 million of accelerated lease intangible amortization during the three months ended September 30, 2025.

(d)Represents estimated contractual revenues based on in-process development spend to-date.

			Three Months Ended
			September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024
Adjusted EBITDAre			$	100,252					$	98,242					$	96,682					$	94,782					$	96,239
General and administrative (excluding certain expenses reflected above)			9,984						9,524						9,628						9,581						8,924
Adjusted Net Operating Income ("NOI")			$	110,236					$	107,766					$	106,310					$	104,363					$	105,163
Straight-line rental revenue, net			(5,282)						(5,693)						(6,084)						(6,317)						(6,128)
Other amortization and non-cash charges			(1,364)						(1,569)						(1,007)						(796)						(1,309)
Adjusted Cash NOI			$	103,590					$	100,504					$	99,219					$	97,250					$	97,726
Annualized Adjusted NOI			$	440,944					$	431,064					$	425,240					$	417,452					$	420,652
Annualized Adjusted Cash NOI			414,360						402,016						396,876						389,000						390,904

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Net Debt Metrics

(in thousands)

			September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024
Debt
Unsecured revolving credit facility			$	95,824					$	197,880					$	174,122					$	93,014					$	125,482
Unsecured term loans, net			994,550						994,028						893,505						897,201						896,887
Senior unsecured notes, net			1,190,315						846,441						846,252						846,064						845,875
Mortgages, net			57,168						75,685						76,260						76,846						77,416
Debt issuance costs			15,171						9,578						10,300						6,802						7,314
Gross Debt			2,353,028						2,123,612						2,000,439						1,919,927						1,952,974
Cash and cash equivalents			(81,966)						(20,784)						(9,605)						(14,845)						(8,999)
Restricted cash			(1,354)						(1,192)						(1,428)						(1,148)						(2,219)
Net Debt			2,269,708						2,101,636						1,989,406						1,903,934						1,941,756
Estimated net proceeds from forward equity agreements (a)			(37,257)						(37,722)						(38,124)						(38,514)						(38,983)
Pro Forma Net Debt			$	2,232,451					$	2,063,914					$	1,951,282					$	1,865,420					$	1,902,773
Leverage Ratios:
Net Debt to Annualized EBITDAre			5.7x						5.5x						5.3x						4.8x						5.3x
Net Debt to Annualized Adjusted EBITDAre			5.7x						5.3x						5.1x						5.0x						5.0x
Pro Forma Net Debt to Annualized Adjusted EBITDAre			5.4x						5.2x						5.0x						4.9x						4.9x

(a)Represents pro forma adjustment for estimated net proceeds from forward sale agreements that have not settled as if they have been physically settled for cash as of the period presented.

Covenants

The following is a summary of key financial covenants for the Company’s unsecured debt instruments. The covenants associated with the Revolving Credit Facility, Unsecured Term Loans with commercial banks, and the Series A-C Senior Unsecured Notes, are reported to the respective lenders via quarterly covenant reporting packages. The covenants associated with the Senior Unsecured Public Notes are not required to be reported externally to third parties, and are instead calculated in connection with borrowing activity and for financial reporting purposes only. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show that as of September 30, 2025, the Company believes it is in compliance with the covenants.

Covenants

Required

Revolving Credit Facility and Unsecured Term Loans

Senior Unsecured Notes Series A, B, & C

Senior Unsecured Public Notes

Leverage ratio

≤ 0.60 to 1.00

0.34

0.37

Not Applicable

Secured indebtedness ratio

≤ 0.40 to 1.00

0.01

0.01

Not Applicable

Unencumbered coverage ratio

≥ 1.75 to 1.00

4.47

Not Applicable

Not Applicable

Fixed charge coverage ratio

≥ 1.50 to 1.00

3.23

3.23

Not Applicable

Total unsecured indebtedness to total unencumbered eligible property value

≤ 0.60 to 1.00

0.37

0.42

Not Applicable

Dividends and other restricted payments

Only applicable in case of default

Not Applicable

Not Applicable

Not Applicable

Aggregate debt ratio

≤ 0.60 to 1.00

Not Applicable

Not Applicable

0.44

Consolidated income available for debt to annual debt service charge

≥ 1.50 to 1.00

Not Applicable

Not Applicable

7.76

Total unencumbered assets to total unsecured debt

≥ 1.50 to 1.00

Not Applicable

Not Applicable

2.29

Secured debt ratio

≤ 0.40 to 1.00

Not Applicable

Not Applicable

0.01

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Debt Maturities

(dollars in millions)

The Company utilizes diversified sources of debt capital including unsecured bank debt, unsecured notes, and secured mortgages (where appropriate).

Weighted Average Debt Maturity: 4.4 years (a)

(a)Our Revolving Credit Facility reflected above assumes exercise of two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625% of the revolving commitments. Our 2028 unsecured term loan reflected above assumes exercise of two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.125% of the aggregate principal amount of the loans outstanding under the 2028 term loan facility.

Swap Maturities

(dollars in millions)

Weighted Average Effective Swap Maturity: 2.8 years Weighted Average Effective & Forward Starting Swap Maturity: 3.1 years

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Investment Activity

(square feet and dollars in thousands)

The following tables summarize the Company’s investment activity during 2025.

			Q3 2025			Q2 2025			Q1 2025			YTD 2025
Acquisitions:
Number of transactions			3			1			3			7
Number of properties			3			1			6			10
Square feet			1,080			348			438			1,866
Acquisition price			$	139,462		$	54,722		$	59,004		$	253,188
Industrial			118,128			54,722			41,088			213,938
Retail			21,334			—			17,916			39,250
Initial cash capitalization rate			7.1		%	7.1		%	7.2		%	7.1		%
Straight-line yield			8.1		%	8.2		%	8.3		%	8.2		%
Weighted average lease term (years)			12.0			10.7			13.6			12.1
Weighted average annual rent increase			2.4		%	3.0		%	2.6		%	2.6		%
Build-to-suit developments:
Investments			$	40,999		$	63,295		$	26,494		$	130,788
Revenue generating capital expenditures:
Number of existing properties			1			—			3			4
Investments			$	5,507		$	—		$	2,835		$	8,342
Initial cash capitalization rate			8.5		%	—		%	8.0		%	8.3		%
Weighted average lease term (years)			16.7			—			17.7			17.0
Weighted average annual rent increase			2.0		%	—		%	1.7		%	1.9		%
Transitional capital:
Number of transactions			2			2			—			4
Investments (a)			$	17,920		$	22,781		$	—		$	40,701
Cash capitalization rate			7.8		%	7.8		%	—		%	7.8		%
Total investments			$	203,894		$	140,798		$	88,333		$	433,025
Total initial cash capitalization rate (b)			7.1		%	7.1		%	7.2		%	7.1		%
Total weighted average lease term (years) (b)			12.2			10.7			13.8			12.3
Total weighted average annual rent increase (b)			2.4		%	3.0		%	2.5		%	2.5		%

(a)Refer below for property-level statistics relating to our transitional capital investments.

(b)Transitional capital, which represents a contractual yield on invested capital, and build-to-suit developments, which do not generate revenue during construction, are excluded from the calculations of total cash capitalization, weighted average lease terms, and weighted average rent increases.

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Build-to-Suit Development Projects

(square feet and dollars in thousands)

The following table summarizes the Company’s in-process developments as of September 30, 2025:

Property						Projected Rentable Square Feet						Start Date (a)						Target Stabilization Date/Stabilized Date (a)						Lease Term (Years)						Annual Rent Escalations						Estimated Total Project Investment (a)						Cumulative Investment						QTD Q3 2025 Investment						Estimated Remaining Investment						Estimated Cash Capitalization Rate (a)						Estimated Straight-line Yield
In-process retail:
7 Brew (Jacksonville - FL)						1						Jun. 2025						Oct. 2025						15.0						1.9		%				$	2,008					$	1,411					$	299					$	597					8.0		%				8.8		%
Sprouts (Bedford, TX)						22						Jul. 2025						Aug. 2026						15						0.9		%				9,533						—						—						9,533						7.2		%				7.7		%
In-process industrial:
Sierra Nevada (Dayton - OH)						122						Oct. 2024						Nov. 2025						15.0						3.0		%				58,563						44,584						16,630						13,979						7.5		%				9.3		%
Sierra Nevada (Dayton - OH)						122						Oct. 2024						Mar. 2026						15.0						3.0		%				55,525						27,652						9,811						27,873						7.7		%				9.6		%
Southwire (Bremen - GA)						1,178						Dec. 2024						Oct. 2026						10.0						2.8		%				115,411						22,200						5,546						93,211						7.8		%				8.8		%
Fiat Chrysler Automobile (Forsyth - GA)						422						Apr. 2025						Aug. 2026						15.0						2.8		%				78,242						19,635						6,569						58,607						6.9		%				8.4		%
AGCO (Vasaila - CA)						115						Jun. 2025						Aug. 2026						12.0						3.5		%				19,523						14,314						222						5,209						7.0		%				8.5		%
Palmer Logistics (Midlothian, TX) (b)						270						Jul. 2025						Jul. 2026						12.3						3.5		%				32,063						5,260						1,922						26,803						7.6		%				9.2		%
Total / weighted average						2,252																		13.1						2.9		%				370,868						135,056						40,999						235,812						7.5		%				8.9		%
Stabilized industrial:
UNFI (Sarasota - FL)						1,016						May 2023						Stabilized - Sep. 2024						15.0						2.5		%				200,958						200,958						—						—						7.2		%				8.6		%
Stabilized retail:
7 Brew (High Point - NC)						1						Dec. 2024						Stabilized - Jun. 2025						15.0						1.9		%				1,975						1,975						—						—						8.0		%				8.8		%
7 Brew (Charleston - SC)						1						Feb. 2025						Stabilized - May 2025						15.0						1.9		%				1,729						1,729						—						—						7.9		%				8.8		%
Total / weighted average						3,270																		13.7						2.7		%				$	575,530					$	339,718					$	40,999					$	235,812					7.4		%				8.8		%

(a)Refer to definitions and explanations appearing at the end of this supplemental document.

(b)Development represents our common and preferred equity investments in a consolidated joint venture, and exclude amounts attributed to non-controlling interest holders.

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The following table summarizes the timing of the Company’s construction investment, quarterly rent, and ABR for in-process and stabilized developments as of September 30, 2025:

(c)Based on estimates and assumptions regarding future events and circumstances that are subject to change. Actual timelines may differ due to a variety of factors including, but not limited to, the timing and progress of projects, fluctuations in construction or operating costs, and the negotiated terms and variability of project agreements. We expect to update project timelines quarterly if there are significant changes to the estimates.

(d)Represents aggregated Estimated Total Project Investment for all projects based on estimated timeline of investment dollars on a quarterly basis. Timing of investment amounts are expected to vary based on actual construction at the properties and will be updated if there are any significant changes to expected costs from quarter to quarter.

(e)Amounts calculated based on aggregate of each project's estimated rent upon stabilization in accordance with the timing of Target Stabilization Date. We expect to update our timing estimates on a quarterly basis.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2025 Broadstone Net Lease, LLC. All rights reserved.			19

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Transitional Capital

The following table summarizes the Company’s transitional capital investments, which are excluded from real estate investment portfolio statistics:

			Q3 2025
Transitional Capital:
Retail Center - St. Louis, MO
Type			Preferred Equity
Investment (’000s) (a)			$	52,790
Stabilized cash capitalization rate (b)			8.0		%
Annualized initial cash NOI yield			7.6		%
Remaining term (years) (c)			1.8
Underlying property metrics
Number of retail spaces			28
Rentable square footage (“SF”) (’000s)			332
Weighted average remaining lease term (years)			5.8
Occupancy rate (based on SF) (d)			95.2		%
Quarterly rent collection			100.0		%
Industrial Park - Olyphant, PA
Type			Preferred Equity
Investment (’000s) (e)			$	22,287
Stabilized cash capitalization rate (b)			7.8		%
Annualized initial cash NOI yield			—		%
Remaining term (years) (f)			2.8
Industrial Park - Olyphant, PA
Type			Preferred Equity
Investment (’000s) (e)			$	17,830
Stabilized cash capitalization rate (b)			7.8		%
Annualized initial cash NOI yield			—		%
Remaining term (years) (f)			2.8

(a)Agreement includes an additional $7.8 million commitment of preferred capital. The remaining commitment at September 30, 2025 is $7.2 million.

(b)Represents stated yield with unpaid amounts accruing with preferential payment.

(c)Agreement contains two one-year extension options subject to a 0.50% fee. Repayment at end of term subject to a $3.5 million repayment fee.

(d)Includes executed leases where rent has not yet commenced.

(e)Preferred equity investment in a consolidated joint venture that has acquired entitled land designated for industrial build-to-suit development.

(f)Agreement contains two one-year extension options subject to a 0.25% fee for the first option, and 0.5% for the second option, and the right to transfer or sell our preferred equity at any time.

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Dispositions

(square feet and dollars in thousands)

The following table summarizes the Company’s property disposition activity during 2025.

Q1 2025
Property Type						Number of Properties						Square Feet						Acquisition Price						Disposition Price						Net Book Value
Other						3						30						$	9,621					$	7,385					$	9,802
Total Properties						3						30						9,621						7,385						9,802
Weighted average cash cap rate																														9.2		%
Q2 2025
Property Type						Number of Properties						Square Feet						Acquisition Price						Disposition Price						Net Book Value
Retail						6						31						$	13,720					$	7,548					$	9,154
Other						2						67						26,700						5,550						7,473
Total Properties						8						98						40,420						13,098						16,628
Weighted average cash cap rate																														9.5		%
Q3 2025
Property Type						Number of Properties						Square Feet						Acquisition Price						Disposition Price						Net Book Value
Retail						1						6						$	2,506					$	1,512					$	1,757
Industrial						10						410						40,908						36,561						26,630
Other						1						9						1,791						650						1,938
Total Properties						12						425						45,205						38,723						30,325
Weighted average cash cap rate																														7.0		%
YTD 2025
Property Type						Number of Properties						Square Feet						Acquisition Price						Disposition Price						Net Book Value
Retail						7						37						$	16,226					$	9,060					$	10,911
Industrial						10						410						40,908						36,561						26,630
Other						6						106						38,112						13,585						19,213
Total Properties						23						553						$	95,246					$	59,206					$	56,755
Weighted average cash cap rate																														7.7		%

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Portfolio at a Glance: Key Metrics (a)

						September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024
Properties						759						766						769						765						773
U.S. States						44						44						44						44						44
Canadian Provinces						4						4						4						4						4
Total annualized base rent						$412.9		M				$404.2		M				$401.3		M				$395.5		M				$398.2		M
Total rentable square footage (“SF”)						40.7		M				40.1		M				39.8		M				39.4		M				39.7		M
Tenants						204						205						204						202						203
Brands						195						195						192						190						191
Industries						56						56						55						55						55
Occupancy (based on SF)						99.5		%				99.1		%				99.1		%				99.1		%				99.0		%
Rent Collection						100.0		%				99.6		%				99.1		%				99.2		%				99.1		%
Top 10 tenant concentration						21.3		%				21.8		%				21.9		%				21.9		%				21.4		%
Top 20 tenant concentration						34.7		%				35.2		%				35.3		%				35.5		%				34.9		%
Investment grade (tenant/guarantor) (b)						20.9		%				20.7		%				20.1		%				20.2		%				19.8		%
Financial reporting coverage (c)						96.6		%				92.4		%				94.1		%				94.2		%				94.0		%
Rent coverage ratio (restaurants only)						3.2x						3.3x						3.2x						3.3x						3.3x
Weighted average annual rent increases						2.0		%				2.0		%				2.0		%				2.0		%				2.0		%
Weighted average remaining lease term						9.5 years						9.7 years						10.0 years						10.2 years						10.3 years
Master leases (based on ABR)
Total portfolio						39.0		%				40.1		%				40.9		%				41.4		%				40.2		%
Multi-site tenants						66.5		%				68.3		%				68.7		%				69.1		%				69.0		%

(a)Property metrics exclude transitional capital investments.

(b)Investment grade tenants are our tenants with a credit rating, and tenants that are subsidiaries or affiliates of companies with a credit rating, as of balance sheet date, of a Baa3/BBB- or higher from one of the three major rating agencies (Moody’s/S&P/Fitch).

(c)Includes 14.6% related to tenants not required to provide financial information under the terms of our lease, but whose financial statements are available publicly at September 30, 2025.

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Diversification: Tenants & Brands

Top 20 Tenants

Tenant						Property Type						# of Properties						ABR (’000s)						ABR as a % of Total Portfolio						Square Feet (’000s)						SF as a % of Total Portfolio
Roskam Baking Company, LLC*						Food Processing						7						$	16,236					3.9		%				2,250						5.5		%
United Natural Foods, Inc.						Distribution & Warehouse						1						14,386						3.5		%				1,016						2.6		%
AHF, LLC*						Distribution & Warehouse/Manufacturing						8						9,852						2.4		%				2,284						5.6		%
Joseph T. Ryerson & Son, Inc						Distribution & Warehouse						11						8,116						2.0		%				1,599						4.0		%
Jack’s Family Restaurants LP*						Quick Service Restaurants						43						7,605						1.8		%				147						0.4		%
Dollar General Corporation						General Merchandise						64						6,606						1.6		%				609						1.5		%
Tractor Supply Company						General Merchandise						23						6,525						1.6		%				462						1.1		%
J. Alexander's, LLC*						Hotels, Restaurants & Leisure						16						6,301						1.5		%				132						0.3		%
Salm Partners, LLC*						Food Processing						2						6,276						1.5		%				426						1.0		%
Nestle’ Dreyer's Ice Cream Company						Cold Storage						2						6,259						1.5		%				503						1.2		%
Total Top 10 Tenants												177						$	88,162					21.3		%				9,428						23.2		%
Hensley & Company*						Distribution & Warehouse						3						$	6,231					1.5		%				577						1.4		%
BluePearl Holdings, LLC**						Animal Services						13						5,905						1.4		%				159						0.4		%
Axcelis Technologies, Inc.						Flex and R&D						1						5,900						1.4		%				417						1.0		%
Owens & Minor						Distribution & Warehouse						2						5,785						1.4		%				523						1.3		%
Red Lobster Hospitality & Red Lobster Restaurants LLC*						Casual Dining						18						5,674						1.4		%				147						0.4		%
Outback Steakhouse of Florida LLC*(a)						Casual Dining						22						5,544						1.3		%				140						0.3		%
Krispy Kreme Doughnut Corporation						Quick Service Restaurants/ Food Processing						27						5,538						1.3		%				156						0.4		%
Big Tex Trailer Manufacturing Inc.*						Automotive/Distribution & Warehouse/Manufacturing/Office						17						5,259						1.3		%				1,302						3.2		%
Jelly Belly Candy Company						Distribution & Warehouse/Food Processing/General Merchandise						5						4,790						1.2		%				575						1.4		%
Carvana, LLC						Industrial Services						2						4,755						1.2		%				230						0.6		%
Total Top 20 Tenants												287						$	143,543					34.7		%				13,654						33.6		%

(a)Property metrics exclude transitional capital investments.

*Subject to a master lease.

**Includes properties leased by multiple tenants, some, not all, of which are subject to master leases.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2025 Broadstone Net Lease, LLC. All rights reserved.			23

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Top 20 Tenant Descriptions (a)

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Top 20 Tenant Descriptions (a) (continued)

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Top 20 Brands

Brand						Property Type						# of Properties						ABR (’000s)						ABR as a % of Total Portfolio						Square Feet (’000s)						SF as a % of Total Portfolio
Roskam Baking Company, LLC*						Food Processing						7						$	16,236					3.9		%				2,250						5.5		%
United Natural Foods, Inc.						Distribution & Warehouse						1						14,386						3.5		%				1,016						2.5		%
AHF Products*						Distribution & Warehouse/ Manufacturing						8						9,852						2.4		%				2,284						5.6		%
Ryerson						Distribution & Warehouse						11						8,116						2.0		%				1,599						3.9		%
Jack's Family Restaurants*						Quick Service Restaurants						43						7,605						1.8		%				147						0.4		%
Dollar General						General Merchandise						64						6,606						1.6		%				609						1.5		%
Tractor Supply Company						General Merchandise						23						6,525						1.6		%				462						1.1		%
Salm Partners, LLC*						Food Processing						2						6,276						1.5		%				426						1.0		%
Nestle’						Cold Storage						2						6,259						1.5		%				503						1.2		%
Hensley*						Distribution & Warehouse						3						6,231						1.5		%				577						1.4		%
Total Top 10 Brands												164						$	88,092					21.3		%				9,873						24.1		%
BluePearl Veterinary Partners**						Animal Services						13						5,905						1.4		%				159						0.4		%
Axcelis						Flex and R&D						1						5,900						1.4		%				417						1.0		%
Owens & Minor Distribution, Inc.						Industrial Services						2						5,785						1.4		%				523						1.3		%
Bob Evans Farms*						Casual Dining/Food Processing						21						5,680						1.4		%				281						0.7		%
Red Lobster*						Casual Dining						18						5,674						1.4		%				147						0.4		%
Krispy Kreme						Quick Service Restaurants/ Food Processing						27						5,538						1.3		%				156						0.4		%
Big Tex Trailers*						Automotive/Distribution & Warehouse/Manufacturing/Office						17						5,259						1.3		%				1,302						3.2		%
Outback Steakhouse*						Casual Dining						20						4,795						1.2		%				126						0.3		%
Jelly Belly						Distribution & Warehouse/Food Processing/General Merchandise						5						4,790						1.2		%				576						1.4		%
Carvana, LLC						Industrial Services						2						4,755						1.2		%				230						0.6		%
Total Top 20 Brands												290						$	142,173					34.5		%				13,790						33.8		%

*Subject to a master lease.

**Includes properties leased by multiple tenants, some, not all, of which are subject to master leases.

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Diversification: Property Type

(rent percentages based on ABR)

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Diversification: Property Type (continued)

Property Type						# of Properties						ABR (’000s)						ABR as a % of Total Portfolio						Square Feet (’000s)						SF as a % of Total Portfolio
Industrial
Distribution & Warehouse						53						$	85,810					20.8		%				12,057						29.7		%
Manufacturing						79						71,030						17.2		%				12,270						30.2		%
Food Processing						34						50,722						12.3		%				5,736						14.1		%
Flex and R&D						10						22,059						5.3		%				1,589						3.9		%
Industrial Services						21						13,000						3.1		%				528						1.3		%
Cold Storage						3						10,266						2.5		%				723						1.8		%
In-process Developments						6						—						—		%				—						—		%
Untenanted						1						—						—		%				178						0.4		%
Industrial Total						207						252,887						61.2		%				33,081						81.4		%
Retail
General Merchandise						145						32,572						7.8		%				2,452						6.0		%
Quick Service Restaurants						153						27,498						6.7		%				515						1.3		%
Casual Dining						95						26,731						6.5		%				637						1.6		%
Automotive						64						11,571						2.8		%				760						1.9		%
Animal Services						27						11,492						2.8		%				421						1.0		%
Home Furnishings						13						7,476						1.8		%				797						2.0		%
Healthcare Services						18						6,071						1.5		%				220						0.5		%
Education						4						2,952						0.7		%				118						0.3		%
In-process Developments						2						—						—		%				—						—		%
Untenanted						2						—						—		%				14						—		%
Retail Total						523						126,363						30.6		%				5,934						14.6		%
Other
Office						14						23,967						5.8		%				1,311						3.2		%
Clinical & Surgical						15						9,727						2.4		%				327						0.8		%
Other Total						29						33,694						8.2		%				1,638						4.0		%
Total						759						$	412,944					100.0		%				40,653						100.0		%

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Key Statistics by Property Type

			Q3 2025						Q2 2025						Q1 2025						Q4 2024						Q3 2024
Industrial
Number of properties			207						215						211						210						207
Square feet (000s)			33,081						32,694						32,231						31,898						31,898
Weighted average lease term (years)			10.3						10.5						10.7						11.0						11.1
Weighted average annual rent escalation			2.2		%				2.1		%				2.2		%				2.1		%				2.1		%
Percentage of total ABR			61.2		%				60.7		%				59.8		%				59.6		%				59.1		%
Retail
Number of properties			523						521						526						520						519
Square feet (000s)			5,934						5,790						5,820						5,712						5,692
Weighted average lease term (years)			9.5						9.8						10.0						10.2						10.5
Weighted average annual rent escalation			1.7		%				1.7		%				1.7		%				1.7		%				1.7		%
Percentage of total ABR			30.6		%				31.0		%				31.3		%				31.2		%				30.9		%
Other
Number of properties			29						30						32						35						47
Square feet (000s)			1,638						1,647						1,714						1,744						2,118
Weighted average lease term (years)			4.1						4.2						4.8						5.0						5.3
Weighted average annual rent escalation			2.4		%				2.4		%				2.4		%				2.4		%				2.4		%
Percentage of total ABR			8.2		%				8.3		%				8.9		%				9.2		%				10.0		%

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Diversification: Tenant Industry 

Tenant Industry						# of Properties						ABR (’000s)						ABR as a % of Total Portfolio						Square Feet (’000s)						SF as a % of Total Portfolio
Restaurants						252						$	55,071					13.3		%				1,195						2.9		%
Packaged Foods & Meats						36						51,452						12.5		%				5,873						14.4		%
Food Distributors						7						28,049						6.8		%				2,534						6.2		%
Distributors						28						21,936						5.3		%				3,357						8.3		%
Healthcare Facilities						42						21,220						5.1		%				748						1.8		%
Specialty Stores						39						21,207						5.1		%				1,845						4.5		%
Auto Parts & Equipment						38						19,003						4.6		%				2,971						7.3		%
Home Furnishing Retail						17						12,370						3.0		%				1,692						4.2		%
Healthcare Services						18						12,175						2.9		%				663						1.6		%
Specialized Consumer Services						45						11,698						2.8		%				712						1.8		%
Metal & Glass Containers						8						10,933						2.6		%				2,206						5.4		%
General Merchandise Stores						100						10,437						2.5		%				928						2.3		%
Industrial Machinery						19						9,932						2.4		%				1,901						4.7		%
Forest Products						8						9,852						2.4		%				2,284						5.6		%
Electronic Components						2						6,765						1.6		%				466						1.1		%
Other (41 industries)						97						110,844						27.1		%				11,086						27.4		%
Untenanted properties						3						—						—		%				192						0.5		%
Total						759						$	412,944					100.0		%				40,653						100.0		%

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Diversification: Geography

(rent percentages based on ABR)

State / Province						# of Properties						ABR (’000s)						ABR as a % of Total Portfolio						Square Feet (’000s)						SF as a % of Total Portfolio									State / Province						# of Properties						ABR (’000s)						ABR as a % of Total Portfolio						Square Feet (’000s)						SF as a % of Total Portfolio
TX						66						$	37,820					9.2		%				3,562						8.8		%							SD						2						$	4,524					1.1		%				340						0.8		%
MI						51						36,592						8.9		%				4,009						9.9		%							MS						12						4,160						1.0		%				607						1.5		%
FL						29						26,212						6.3		%				1,643						4.0		%							LA						5						3,833						0.9		%				211						0.5		%
IL						29						23,097						5.6		%				2,364						5.8		%							NE						6						3,438						0.8		%				492						1.2		%
CA						16						22,586						5.5		%				2,215						5.5		%							SC						13						3,379						0.8		%				304						0.7		%
MN						21						20,164						4.9		%				3,051						7.5		%							WA						14						3,349						0.8		%				148						0.4		%
WI						23						18,744						4.5		%				1,909						4.7		%							IA						4						2,922						0.7		%				622						1.5		%
OH						49						16,891						4.1		%				1,584						3.9		%							NM						9						2,795						0.7		%				107						0.3		%
TN						48						15,383						3.7		%				1,083						2.7		%							UT						3						2,768						0.7		%				280						0.7		%
IN						27						14,343						3.5		%				1,687						4.1		%							CO						4						2,612						0.6		%				126						0.3		%
PA						23						13,029						3.2		%				2,169						5.3		%							MD						3						2,155						0.5		%				205						0.5		%
AL						53						12,981						3.1		%				949						2.3		%							CT						2						1,938						0.5		%				55						0.1		%
GA						35						12,173						2.9		%				1,576						3.9		%							MT						7						1,728						0.4		%				43						0.1		%
NC						26						9,963						2.4		%				961						2.4		%							DE						4						1,175						0.3		%				133						0.3		%
KY						23						9,296						2.3		%				927						2.3		%							ND						2						1,073						0.3		%				24						0.1		%
MO						19						9,076						2.2		%				1,260						3.1		%							VT						2						439						0.1		%				24						0.1		%
WV						18						8,982						2.2		%				1,232						3.0		%							WY						1						338						0.1		%				21						0.1		%
AZ						7						8,956						2.2		%				747						1.8		%							NV						1						277						0.1		%				6						0.0		%
OK						25						8,704						2.1		%				1,006						2.5		%							OR						1						136						0.0		%				9						0.0		%
AR						10						7,589						1.8		%				340						0.8		%							Total U.S.						752						$	404,890					98.0		%				40,224						98.9		%
NY						28						7,410						1.8		%				562						1.4		%							BC						2						$	4,698					1.1		%				253						0.6		%
MA						3						6,332						1.5		%				444						1.1		%							ON						3						2,049						0.6		%				101						0.3		%
KS						10						5,318						1.3		%				643						1.6		%							AB						1						963						0.2		%				50						0.1		%
NJ						3						5,137						1.2		%				366						0.9		%							MB						1						344						0.1		%				25						0.1		%
VA						15						5,073						1.2		%				178						0.4		%							Total Canada						7						$	8,054					2.0		%				429						1.1		%
																																							Grand Total						759						$	412,944					100.0		%				40,653						100.0		%

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2025 Broadstone Net Lease, LLC. All rights reserved.			31

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Lease Expirations

(rent percentages based on ABR)

Expiration Year						# of Properties						# of Leases						ABR ('000s)						ABR as a % of Total Portfolio						Square Feet ('000s)						SF as a % of Total Portfolio
2025						1						1						$	1,737					0.4		%				99						0.2		%
2026						23						24						12,207						3.0		%				913						2.2		%
2027						28						30						26,256						6.4		%				2,257						5.6		%
2028						28						28						20,043						4.9		%				1,793						4.4		%
2029						60						35						18,473						4.5		%				2,587						6.4		%
2030						99						62						51,403						12.4		%				4,806						11.8		%
2031						32						27						8,496						2.1		%				854						2.1		%
2032						61						46						32,877						8.0		%				3,481						8.6		%
2033						50						24						19,778						4.8		%				1,495						3.7		%
2034						38						27						14,654						3.5		%				1,245						3.1		%
2035						23						18						18,103						4.4		%				2,314						5.7		%
2036						88						23						31,554						7.6		%				3,158						7.8		%
2037						22						12						29,233						7.1		%				2,777						6.8		%
2038						35						34						12,819						3.1		%				1,212						3.0		%
2039						15						11						22,741						5.5		%				1,805						4.4		%
2040						32						10						8,778						2.1		%				359						0.9		%
2041						39						8						17,018						4.1		%				1,367						3.4		%
2042						58						13						45,099						10.9		%				4,803						11.8		%
2043						3						2						8,050						1.9		%				517						1.3		%
2044						3						3						1,660						0.4		%				103						0.3		%
Thereafter						10						3						11,965						2.9		%				2,516						6.0		%
Total leased properties						748						441						412,944						100.0		%				40,461						99.5		%
In-process developments						8						8						—						—		%				—						—		%
Untenanted properties						3						3						—						—		%				192						0.5		%
Total properties						759						452						$	412,944					100.0		%				40,653						100.0		%

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2025 Broadstone Net Lease, LLC. All rights reserved.			32

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Occupancy

Occupancy by Rentable Square Footage

Change in Occupancy

			Number of properties
Vacant properties at January 1, 2025			2
Lease expirations (a)			2
Leasing activities			(2)
Vacant properties at March 31, 2025			2
Lease expirations (a)			5
Leasing activities			(2)
Vacant dispositions			(3)
Vacant properties at June 30, 2025			2
Lease expirations (a)			16
Leasing activities			(12)
Vacant dispositions			(3)
Vacant properties at September 30, 2025			3

(a)Includes scheduled and unscheduled expirations (including leases rejected in bankruptcy), as well as future expirations resolved and effective in the periods indicated above.

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Definitions and Explanations

Adjusted NOI, Annualized Adjusted NOI, Adjusted Cash NOI and Annualized Adjusted Cash NOI: Our reported results and net earnings per diluted share are presented in accordance with accounting principles generally accepted in the United States of America (GAAP). Adjusted NOI and Adjusted Cash NOI are non-GAAP financial measures that we believe are useful to assess property-level performance. We compute Adjusted NOI by adjusting Adjusted EBITDAre (defined below) to exclude general and administrative expenses incurred at the corporate level. Given the net lease nature of our portfolio, we do not incur general and administrative expenses at the property level. To compute Adjusted Cash NOI, we adjust Adjusted NOI to exclude non-cash items included in total revenues and property expenses, such as straight-line rental revenue and other amortization and non-cash items, based on an estimate calculated as if all investment and disposition activity that took place during the quarter had occurred on the first day of the quarter. We then annualize quarterly Adjusted NOI and Adjusted Cash NOI by multiplying each amount by four to compute Annualized Adjusted NOI and Annualized Adjusted Cash NOI, respectively, which are also non-GAAP financial measures. We believe Adjusted NOI and Adjusted Cash NOI provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level and present such items on an unlevered basis. We believe that the exclusion of certain non-cash revenues and expenses from Adjusted Cash NOI is a useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by non-cash revenues or expenses. You should not unduly rely on Annualized Adjusted NOI and Annualized Adjusted Cash NOI as they are based on assumptions and estimates that may prove to be inaccurate. Our actual reported Adjusted NOI and Adjusted Cash NOI for future periods may be significantly different from our Annualized Adjusted NOI and Annualized Adjusted Cash NOI. Additionally, our computation of Adjusted NOI and Adjusted Cash NOI may differ from the methodology for calculating these metrics used by companies in our industry, and, therefore, may not be comparable to similarly titled measures reported by other companies.

Adjusted Secured Overnight Financing Rate (SOFR): We define Adjusted SOFR as the current one month term SOFR plus an adjustment of 0.10% per the terms of our credit facilities.

Annualized Base Rent (ABR): We define ABR as the annualized contractual cash rent due for the last month of the reporting period, excluding the impacts of short-term rent deferrals, abatements, or free rent, and adjusted to remove rent from properties sold during the month and to include a full month of contractual cash rent for investments made during the month.

Cash Capitalization Rate: Cash Capitalization Rate represents either (1) for acquisitions and new build-to-suit developments, our pro-rata share of the estimated first year cash yield to be generated on a real estate investment, which was estimated at the time of investment based on the contractually specified cash base rent for the first full year after the date of the investment, divided by the purchase price for the property excluding capitalized acquisition costs, or (2) for dispositions, the property’s ABR in effect immediately prior to the disposition, divided by the disposition price, or (3) for transitional capital, the contractual cash yield to be generated on total invested capital.

EBITDA, EBITDAre, Adjusted EBITDAre, Pro Forma Adjusted EBITDAre, Annualized EBITDAre, Annualized Adjusted EBITDAre, and Pro Forma Annualized Adjusted EBITDAre: EBITDA, EBITDAre, Adjusted EBITDAre, Pro Forma Adjusted EBITDAre, Annualized EBITDAre, Annualized Adjusted EBITDAre, and Pro Forma Annualized Adjusted EBITDAre are non-GAAP financial measures. We compute EBITDA as earnings before interest, income taxes and depreciation and amortization. EBITDA is a measure commonly used in our industry. We believe that this ratio provides investors and analysts with a measure of our performance that includes our operating results unaffected by the differences in capital structures, capital investment cycles and useful life of related assets compared to other companies in our industry. We compute EBITDAre in accordance with the definition adopted by Nareit. Nareit defines EBITDAre as EBITDA excluding gains (loss) from the sales of depreciable property and provisions for impairment on investment in real estate. We believe EBITDA and EBITDAre are useful to investors and analysts because they provide important supplemental information about our operating performance exclusive of certain non-cash and other costs. Adjusted EBITDAre represents EBITDAre, adjusted to reflect revenue producing investments and dispositions for the quarter as if such investments and dispositions had occurred at the beginning of the quarter, and to exclude certain GAAP income and expense amounts that are either non-cash, such as cost of debt extinguishments, realized or unrealized gains and losses on foreign currency transactions, or gains on insurance recoveries, or that we believe are one time, or unusual in nature because they relate to unique circumstances or transactions that had not previously occurred and which we do not anticipate occurring in the future, and to eliminate the impact of lease termination fees, and other items that are not a result of normal operations. While investments in build-to-suit developments have an immediate impact to Net Debt, we do not make an adjustment to EBITDAre until the quarter in which the lease commences. We define our Pro Forma Adjusted EBITDAre as Adjusted EBITDAre adjusted to show the impact of estimated contractual revenues based on in-process development spend to-date. Our Pro Forma Net Debt is defined as Net Debt adjusted for estimated net proceeds from forward sale agreements that have not settled as if they have been physically settled for cash as of the period presented. We then annualize quarterly Adjusted EBITDAre and Pro Forma Adjusted EBITDAre by multiplying them by four (“Annualized Adjusted EBITDAre” and “Annualized Pro Forma Adjusted EBITDAre”). You should not unduly rely on this measure as it is based on assumptions and estimates that may prove to be inaccurate. Our actual reported EBITDAre for future periods may be significantly different from our Annualized Adjusted EBITDAre. Adjusted EBITDAre and Annualized Adjusted EBITDAre are not measurements of performance under GAAP, and our Adjusted EBITDAre and Annualized Adjusted EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our Adjusted EBITDAre and Annualized Adjusted EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP.

Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO): FFO, Core FFO, and AFFO are non-GAAP measures. We believe the use of FFO, Core FFO, and AFFO are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO, Core FFO, and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. We compute Core FFO by adjusting FFO to exclude certain GAAP income and expense amounts that we believe are infrequently recurring, unusual in nature, or not related to its core real estate operations, including write-offs or recoveries of accrued rental income, lease termination fees and other non-core income from real estate transactions, severance and employee transition costs, and other extraordinary items. We compute AFFO by adjusting Core FFO for certain revenues and expenses that are non-cash or unique in nature, including straight-line rents, amortization of lease intangibles, amortization of debt issuance costs, adjustment to provision for credit losses, non-capitalized transaction costs such as acquisition costs related to deals that failed to transact, (gain) loss on interest rate swaps and other non-cash interest expense, deferred taxes, stock-based compensation, and other specified non-cash items.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2025 Broadstone Net Lease, LLC. All rights reserved.			34

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Definitions and Explanations (continued)

Gross Debt: We define Gross Debt as total debt plus debt issuance costs and original issuance discount.

Net Debt: Net Debt is a non-GAAP financial measure. We define Net Debt as our Gross Debt less cash and cash equivalents and restricted cash.

Occupancy: Occupancy or a specified percentage of our portfolio that is “occupied” or “leased” means as of a specified date the quotient of (1) the total rentable square footage of our properties minus the square footage of our properties that are vacant and from which we are not receiving any rental payment, and (2) the total square footage of our properties.

Rent Coverage Ratio: Rent Coverage Ratio means the ratio of tenant-reported or, when available, management’s estimate, based on tenant-reported financial information, of annual earnings before interest, taxes, depreciation, amortization, and cash rent attributable to the leased property (or properties, in the case of a master lease) to the annualized base rental obligation as of a specified date.

Straight-line Yield: Straight-line yield represents our pro-rata share of the estimated first year yield to be generated on a real estate investment, which was computed at the time of investment based on the straight-line annual rental income computed in accordance with GAAP, divided by the purchase price.

Definitions Related to Development Properties:

•Estimated Total Project Investment: Represents the estimated costs to be incurred to complete development of each project. We expect to update our estimates upon completion of the project, or sooner if there are any significant changes to expected costs from quarter to quarter. Excludes capitalized costs consisting of capitalized interest and other acquisition costs.

•Estimated Cash Capitalization Rate: Calculated by dividing the estimated first year cash yield to be generated on a real estate investment by the Estimated Total Project Investment for the property.

•Estimated Straight-line Yield: Represents the estimated first year yield to be generated on a real estate investment, which was computed at the time of investment based on the estimated annual straight-line rental income computed in accordance with GAAP, divided by the Estimated Total Project Investment.

•Start Date: The Start Date represents the period in which we have begun physical construction on a property.

•Target Stabilization Date: The Target Stabilization Date is our current estimate of the period in which we will have substantially completed a project and the project is made available for occupancy. We expect to update our timing estimates on a quarterly basis.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2025 Broadstone Net Lease, LLC. All rights reserved.			35