BNL 10-Q: Q3 Net Income $28.1M, $2.9B Debt at 5.4x Pro Forma Leverage
BNL is trading near its 52-week low of $16.715 (0.9% above the low).
Summary
Broadstone's Q3 10-Q shows $28.1 million of net income and $2.9 billion of debt at 5.4x pro forma leverage, with $409.3 million of unsettled forward equity still to come. New CEO/COO/CFO employment agreements run through 2029.
Key Events · Earnings and Guidance · BNL
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Q3 Net Income $28.1 Million
Net income of $28.1 million, or $0.14 per diluted share, on lease revenues, net of $121.9 million versus $114.2 million a year earlier.
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Leverage at 5.4x Pro Forma
Gross debt of $2.9 billion against Pro Forma Net Debt to Annualized Adjusted EBITDAre of 5.4x, inside the company's sub-6.0x target; revolver drawn to $555.4 million from $266.0 million at December 31, 2025.
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$409.3M Forward Equity Unsettled
Includes the August 2026 offering of 12,650,000 shares at $20.50 for roughly $247.7 million of expected net proceeds plus $161.6 million under the ATM; none settled as of September 30, 2026.
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Executive Contracts Extended to 2029
New employment agreements with CEO John Moragne, COO Ryan Albano and CFO Kevin Fennell take effect January 1, 2027 and run through December 31, 2029; the Change in Control protection period rises to 24 months.
Analysis · BNL · Real Estate & Construction
The 8-K this afternoon gave the headline AFFO number; the 10-Q is where the balance sheet actually lands. Net income was $28.1 million ($0.14 per diluted share) on $121.9 million of lease revenue, and the company carries $2.9 billion of gross debt against a 5.4x pro forma net debt to annualized adjusted EBITDAre — inside its stated sub-6.0x target, but with the revolver drawn to $555.4 million from $266.0 million at year-end. The offset is roughly $409.3 million of unsettled forward-sale equity proceeds: if those settle, leverage stays comfortable; if the stock keeps sliding toward its 52-week low, that equity becomes harder to monetize and the revolver does more of the work. The filing also locks in new employment agreements for the CEO, COO and CFO running through 2029, with change-in-control severance periods extended to 24 months.
How filings like this one have moved
In the 30 days to Oct 29, 2026, 31.1% of the 1661 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, BNL was trading at $16.86 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $3.2B. The 52-week trading range was $16.72 to $23.10. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.