Business Context and Reporting Period
Company: Broadstone Net Lease, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: July 28, 2026
Event: Entry into Material Definitive Agreements regarding credit facilities.
Key Financial Metrics and Debt Structure
This filing details amendments to existing credit agreements rather than reporting period-end financial results (e.g., revenue, profit, or cash flow). The filing text does not provide a clear value for total revenue, net income, or operating cash flow.
- New Debt Facility: $300,000,000 in additional term loans (Term Loan II Facility).
- Maturity Date: January 30, 2030.
- Extension Option: Two extensions of 12 months each, subject to conditions and a 0.125% extension fee.
- Current Credit Rating: Baa2 / BBB (Investment Grade).
- Revolving Loan Margin: 0.800% per annum (Term Benchmark/RFR) and 0.000% (Base Rate).
- Term Loan Margin: 0.900% per annum (Term Benchmark/RFR) and 0.000% (Base Rate).
Material Changes Versus Prior Period
The primary material change is the execution of Amendment No. 2 to the Amended and Restated Credit Agreement (originally dated February 28, 2025) and the Third Amendment to the Regions Term Loan Credit Agreement (originally dated August 1, 2022).
- Debt Capacity: Increased by $300 million via the new Term Loan II Facility.
- Interest Rates: Reduction in the applicable interest rate margin for both pre-existing term loans and new borrowings under the A&R Credit Agreement.
- Conformity: The Regions Term Loan Agreement was amended to conform certain provisions to the terms of the A&R Credit Agreement.
Outlook, Risks, and Management Commentary
Management Commentary: The amendments allow the Operating Company to borrow under the Term Loan II Facility during a specified availability period (12 months from the effective date or until commitments are fully utilized/terminated).
Risks and Contingencies:
- Extension Fees: Future extensions of the Term Loan II Facility are subject to payment of a fee equal to 0.125% of the aggregate principal amount.
- Variable Margins: Interest rate margins are adjustable based on the Operating Company's credit rating, ranging from 0.675% to 1.350% for Revolving Loans and 0.750% to 1.550% for Term Loans (Term Benchmark/RFR).
- Related Party Transactions: Lenders and the Administrative Agent may perform commercial banking and advisory services for the Company, receiving customary fees.
Investor Verification Checklist
- Verify the full text of Exhibit 10.1 (Amendment No. 2) and Exhibit 10.2 (Regions Amendment) for complete terms and conditions.
- Confirm the current utilization status of the $300 million Term Loan II Facility.
- Monitor the Company's credit rating (currently Baa2/BBB) as it directly impacts interest rate margins.
- Review the availability period expiration date for the new borrowing facility.