Broadstone Net Lease, Inc. (BNL) Balance Sheet
BNL balance sheet, 2025
December 31, 2025 · U.S. dollars$5.72B assets = $2.68B liabilities + $3.03B equity
Both columns are drawn to the same scale: what BNL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BNL financial health
Descriptive bands, not a rating. Fiscal 2025.
BNL balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.95B2016 | $5.72B2025 | +12.7%/yr | |
| Total liabilities | $953.5M2016 | $2.68B2025 | +12.2%/yr | |
| Shareholders’ equity | $998.5M2016 | $2.90B2025 | +12.6%/yr | |
| Cash & short-term investments | $21.6M2016 | $4.85B2025 | +82.5%/yr | |
| Total debt | $968.6M2016 | $2.62B2025 | +11.7%/yr | |
| Net cash (debt) | −$946.9M2016 | $2.24B2025 | +$3.2B | |
| Working capital | −$54.5M2016 | $4.84B2025 | +$4.9B | |
| Book value per share | $6.522016 | $14.692025 | +9.4%/yr | |
| Debt / equity | 0.972016 | 0.902025 | −0.07 | |
| Shares outstanding | 153.1M2016 | 197.6M2025 | +2.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BNL assets
BNL liabilities and equity
BNL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BNL balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $4.85B | $14.8M | $19.5M | $21.8M | $21.7M | $100.5M | $12.5M | $18.6M | $9.4M | $21.6M |
| Cash & equivalents | $30.5M | $14.8M | $19.5M | $21.8M | $21.7M | $100.5M | $12.5M | $18.6M | $9.4M | $21.6M |
| Short-term investments | $4.82B | $4.34B | $46.1M | $63.4M | $3.80B | $3.38B | $3.46B | $2.68B | $2.23B | $9.6M |
| Receivables | $4.4M | $166.0M | $154.2M | $137.0M | $118.2M | $103.7M | $85.5M | $70.3M | $59.4M | $43.5M |
| Inventory | $0 | $0 | $21.0M | −$63.4M | $1 | $1 | −$2.9M | −$17.6M | −$11.0M | −$9.6M |
| Other current assets | $0 | $0 | $0 | $63.4M | $17.3M | $22.3M | $15.5M | $20.8M | $12.0M | $11.3M |
| Total current assets | $4.86B | $180.8M | $173.7M | $158.8M | $157.1M | $226.5M | $110.5M | $92.1M | $69.8M | $66.8M |
| Property, plant & equipment (net) | $0 | $0 | $8.5M | $8.5M | $9.6M | $10.7M | $12.8M | $13.7M | $13.6M | $11.3M |
| Goodwill & intangible assets | $607.8M | $607.4M | $628.0M | $669.4M | $643.4M | $630.7M | $331.9M | $286.3M | $242.7M | $168.1M |
| Long-term investments | $0 | $0 | $0 | $63.4M | $0 | $0 | $0 | $0 | $10.0M | $10.0M |
| Other non-current assets | $253.0M | $4.43B | $4.46B | $4.56B | $3.81B | $3.39B | $3.46B | $2.70B | $2.24B | $1.70B |
| Total assets | $5.72B | $5.22B | $5.27B | $5.46B | $4.62B | $4.26B | $3.92B | $3.10B | $2.58B | $1.95B |
| Liabilities | ||||||||||
| Accounts payable | $60.1M | $49.0M | $47.5M | $47.5M | $38.0M | $74.9M | $37.4M | $22.3M | $20.3M | $17.4M |
| Short-term debt | $16.8M | $20.2M | $2.3M | $7.6M | $102.0M | $18.0M | $197.3M | $141.1M | $273.0M | $102.0M |
| Deferred revenue | — | — | −$2.3M | — | — | −$18.0M | — | — | — | — |
| Total current liabilities | $16.8M | $113.1M | $110.1M | $109.1M | $192.4M | $79.0M | $238.3M | $173.3M | $297.4M | $121.4M |
| Long-term debt | $2.51B | $1.91B | $1.91B | $1.83B | $1.61B | $1.61B | $1.98B | $1.45B | $1.18B | $866.6M |
| Lease obligations | — | — | — | — | — | $79.7M | $92.2M | $85.9M | $81.7M | $47.9M |
| Other long-term liabilities | $156.6M | $48.7M | $53.5M | $260.2M | $70.6M | $87.2M | $0 | $0 | $0 | $0 |
| Total liabilities | $2.68B | $2.07B | $2.07B | $2.20B | $1.88B | $1.78B | $2.14B | $1.57B | $1.29B | $953.5M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $48,000 | $47,000 | $47,000 | $47,000 | $41,000 | $36,000 | $26,000 | $22,000 | $19,000 | $15,000 |
| Retained earnings (deficit) | −$620.2M | −$496.5M | −$440.7M | −$386.0M | −$318.5M | −$259.7M | −$208.3M | −$155.2M | −$120.3M | −$90.0M |
| Accumulated other comprehensive income | $19.8M | $49.7M | $49.3M | $59.5M | −$28.4M | −$66.3M | −$20.1M | $14.8M | $5.1M | $2.1M |
| Minority interest | $131.5M | $137.7M | $145.1M | $169.6M | $163.8M | $180.0M | — | — | — | — |
| Total shareholders' equity | $2.90B | $3.00B | $3.05B | $3.09B | $2.74B | $2.48B | $1.78B | $1.53B | $1.28B | $998.5M |
| Key figures | ||||||||||
| Total debt | $2.62B | $1.91B | $1.91B | $2.02B | $1.72B | $1.63B | $2.18B | $1.59B | $1.45B | $968.6M |
| Net cash (debt) | $2.24B | −$1.90B | −$1.89B | −$2.00B | −$1.69B | −$1.53B | −$2.17B | −$1.57B | −$1.44B | −$946.9M |
| Working capital | $4.84B | $67.7M | $63.6M | $49.7M | −$35.3M | $147.5M | −$127.7M | −$81.2M | −$227.6M | −$54.5M |
| Tangible book value | $2.29B | $2.40B | $2.42B | $2.42B | $2.10B | $1.85B | $1.45B | $1.24B | $1.04B | $830.4M |
| Book value per share | $14.69 | $15.28 | $15.53 | $17.16 | $16.72 | $19.25 | $11.62 | $9.99 | $8.79 | $6.52 |
| Shares outstanding | 197.6M | 196.6M | 196.3M | 180.2M | 164.0M | 128.8M | 153.1M | 153.1M | 146.1M | 153.1M |
| Current ratio | 288.34 | 1.60 | 1.58 | 1.46 | 0.82 | 2.87 | 0.46 | 0.53 | 0.23 | 0.55 |
| Quick ratio | 288.34 | 1.60 | 1.58 | 1.46 | 0.73 | 2.59 | 0.41 | 0.51 | 0.23 | 0.54 |
| Debt / equity | 0.90 | 0.64 | 0.63 | 0.65 | 0.63 | 0.66 | 1.22 | 1.04 | 1.13 | 0.97 |
| Equity / assets | 50.8% | 57.6% | 57.9% | 56.7% | 59.3% | 58.2% | 45.4% | 49.4% | 49.8% | 51.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $11.1M | $4.98B | $4.85B | $82.0M | $20.8M | $9.6M | $14.8M | $9.0M | $18.3M | $221.7M | $19.5M | $35.1M |
| Cash & equivalents | $11.1M | $20.3M | $30.5M | $82.0M | $20.8M | $9.6M | $14.8M | $9.0M | $18.3M | $221.7M | $19.5M | $35.1M |
| Short-term investments | $4.98B | $4.96B | $4.82B | $4.82B | $4.45B | $4.37B | $4.34B | $4.37B | $56.4M | $57.9M | $4.38B | $4.39B |
| Receivables | $6.2M | $3.6M | $4.4M | $178.4M | $175.9M | $169.0M | $166.0M | $160.5M | $156.2M | $150.0M | $154.2M | $153.6M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $11.1M | −$56.4M | −$57.9M | $21.0M | −$79.1M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $56.4M | $57.9M | $0 | $79.1M |
| Total current assets | $17.3M | $4.98B | $4.86B | $260.4M | $196.7M | $178.6M | $180.8M | $169.5M | $174.4M | $371.8M | $173.7M | $188.7M |
| Property, plant & equipment (net) | $11.4M | $0 | $0 | $0 | $0 | $0 | $0 | $38.8M | $7.4M | $7.5M | $8.5M | $4.31B |
| Goodwill & intangible assets | $590.3M | $601.7M | $607.8M | $597.9M | $596.4M | $603.8M | $607.4M | $616.6M | $622.3M | $613.0M | $628.0M | $637.4M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $5.25B | $260.8M | $253.0M | $4.66B | $4.53B | $4.45B | $4.43B | $4.44B | $4.46B | $4.28B | $4.46B | $198.5M |
| Total assets | $5.87B | $5.85B | $5.72B | $5.52B | $5.33B | $5.24B | $5.22B | $5.26B | $5.26B | $5.27B | $5.27B | $5.34B |
| Liabilities | ||||||||||||
| Accounts payable | $72.5M | $61.7M | $60.1M | $55.7M | $57.4M | $48.4M | $49.0M | $47.7M | $42.6M | $40.7M | $47.5M | $44.9M |
| Short-term debt | $766,000 | $16.3M | $16.8M | $95.8M | $197.9M | $174.1M | $20.2M | $125.5M | $79.1M | $73.8M | $2.3M | $74.1M |
| Deferred revenue | — | — | — | — | — | — | — | — | $63.7M | −$1.7M | −$2.3M | −$74.1M |
| Total current liabilities | $766,000 | $16.3M | $16.8M | $219.6M | $322.3M | $290.2M | $113.1M | $240.9M | $193.8M | $180.7M | $110.1M | $109.8M |
| Long-term debt | $2.23B | $2.24B | $2.51B | $2.34B | $2.12B | $1.99B | $1.91B | $1.95B | $1.82B | $1.82B | $1.91B | $1.89B |
| Lease obligations | — | — | — | $43.1M | $44.8M | $46.8M | — | $50.8M | $53.1M | $51.0M | — | $55.3M |
| Other long-term liabilities | $628.8M | $565.2M | $156.6M | $0 | $0 | $0 | $48.7M | $0 | $53.1M | $51.0M | $53.5M | $55.3M |
| Total liabilities | $2.86B | $2.82B | $2.68B | $2.51B | $2.29B | $2.16B | $2.07B | $2.12B | $2.07B | $2.05B | $2.07B | $2.06B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $48,000 | $48,000 | $48,000 | $47,000 | $47,000 | $47,000 | $47,000 | $47,000 | $47,000 | $47,000 | $47,000 | $47,000 |
| Retained earnings (deficit) | −$648.7M | −$631.0M | −$620.2M | −$597.6M | −$571.3M | −$536.1M | −$496.5M | −$467.9M | −$449.9M | −$430.2M | −$440.7M | −$393.6M |
| Accumulated other comprehensive income | $25.1M | $20.9M | $19.8M | $19.2M | $18.0M | $29.7M | $49.7M | $16.8M | $60.4M | $56.8M | $49.3M | $83.6M |
| Minority interest | $127.1M | $128.9M | $131.5M | $127.9M | $129.1M | — | — | — | — | — | — | — |
| Total shareholders' equity | $2.88B | $2.89B | $2.90B | $2.88B | $2.91B | $2.95B | $3.00B | $3.00B | $3.05B | $3.07B | $3.05B | $3.12B |
| Key figures | ||||||||||||
| Total debt | $2.73B | $2.68B | $2.62B | $2.38B | $2.16B | $2.04B | $1.91B | $2.00B | $1.95B | $1.95B | $1.91B | $1.97B |
| Net cash (debt) | −$2.71B | $2.30B | $2.24B | −$2.30B | −$2.14B | −$2.03B | −$1.90B | −$1.99B | −$1.93B | −$1.72B | −$1.89B | −$1.93B |
| Working capital | $16.6M | $4.97B | $4.84B | $40.8M | −$125.6M | −$111.5M | $67.7M | −$71.5M | −$19.4M | $191.1M | $63.6M | $78.9M |
| Tangible book value | $2.29B | $2.29B | $2.29B | $2.29B | $2.31B | $2.35B | $2.40B | $2.38B | $2.43B | $2.46B | $2.42B | $2.48B |
| Book value per share | $14.39 | $14.48 | $14.66 | $14.60 | $14.76 | $14.98 | $15.27 | $15.23 | $15.55 | $15.65 | $15.53 | $15.89 |
| Shares outstanding | 200.3M | 199.8M | 197.9M | 197.6M | 197.0M | 196.9M | 196.7M | 196.9M | 196.5M | 196.4M | 196.4M | 196.4M |
| Current ratio | 22.61 | 304.89 | 288.34 | 1.19 | 0.61 | 0.62 | 1.60 | 0.70 | 0.90 | 2.06 | 1.58 | 1.72 |
| Quick ratio | 22.61 | 304.89 | 288.34 | 1.19 | 0.61 | 0.62 | 1.60 | 0.70 | 0.90 | 2.06 | 1.58 | 1.72 |
| Debt / equity | 0.95 | 0.93 | 0.90 | 0.83 | 0.74 | 0.69 | 0.64 | 0.67 | 0.64 | 0.63 | 0.63 | 0.63 |
| Equity / assets | 49.1% | 49.5% | 50.8% | 52.3% | 54.6% | 56.3% | 57.6% | 57.0% | 58.0% | 58.3% | 57.9% | 58.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 19, 2026); data from EODHD.
BNL financial position
At the end of fiscal 2025 (December 31, 2025), Broadstone Net Lease had total assets of $5.7 billion (up 9.6% from a year earlier), total liabilities of $2.7 billion and shareholders' equity of $2.9 billion. It held $4.9 billion in cash and short-term investments against $2.6 billion of debt, a net cash position of $2.2 billion. Its current ratio was 288.34. In the latest quarter (ended June 30, 2026) total assets were $5.9 billion and equity $2.9 billion.
Related: BNL income statement, BNL cash flow statement, BNL key metrics. See the BNL stock overview for the latest quote and news.
BNL balance sheet FAQ
What are Broadstone Net Lease's total assets?
Broadstone Net Lease reported total assets of $5.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $5.2 billion a year earlier.
How much debt does Broadstone Net Lease have?
Broadstone Net Lease had $2.6 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.90.
How much cash does Broadstone Net Lease have?
Broadstone Net Lease held $4.9 billion in cash and short-term investments at the end of fiscal 2025; with $2.6 billion of debt that is net cash of $2.2 billion.
What is Broadstone Net Lease's book value?
Broadstone Net Lease's shareholders' equity (book value) was $2.9 billion at the end of fiscal 2025, or $14.69 per share.
What is Broadstone Net Lease's current ratio?
Broadstone Net Lease had current assets of $4.9 billion and current liabilities of $16.8 million, a current ratio of 288.34 (it can cover its short-term obligations).
How much goodwill does Broadstone Net Lease have?
Broadstone Net Lease carried $607.8 million of goodwill and intangible assets, 10.6% of total assets, at the end of fiscal 2025.