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Broadstone Net Lease Executive Compensation (FY25)

BNL · Victor, NY · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): May 1, 2026
223 figures on this page: 218 cited to the filing that reported them, 5 calculated from figures it prints. See the citations
Total compensation for John Moragne, Chief Executive Officer and Director, came to $6,065,001 in fiscal 2025, and compared with the $6,613,722 reported for fiscal 2024, Moragne's total was 8.3% lower. For fiscal 2025, the company reported a chief executive pay ratio of 35.3:1, against median employee compensation of $172,073. Shareholders supported the say-on-pay proposal with 96.9% of votes cast for or against in favor at the meeting held April 30, 2026 for fiscal 2025. The disclosed peer group names Agree Realty Corporation, CareTrust REIT, Inc., Easterly Government Properties, Inc., EastGroup Properties, Inc. and EPR Properties, among others.
Chief executive, fiscal 2025
◇
John Moragne
Latest say-on-pay support
=
April 30, 2026
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — John Moragne: $6,613,722 → $6,065,001 (8.3% lower)
Say-on-pay support: 90.8% → 96.9% (6.1 points higher)
CEO pay ratio: 41.8:1 → 35.3:1 (15.7% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Broadstone Net Lease's chief executive and what were they paid?
Total compensation for John Moragne, Chief Executive Officer and Director, came to $6,065,001 in fiscal 2025. Compared with the $6,613,722 reported for fiscal 2024, Moragne's total was 8.3% lower.
What was Broadstone Net Lease's say-on-pay result?
Shareholders supported the say-on-pay proposal with 96.9% of votes cast for or against in favor at the meeting held April 30, 2026 for fiscal 2025.
Which companies are in Broadstone Net Lease's peer group?
The disclosed peer group names Agree Realty Corporation, CareTrust REIT, Inc., Easterly Government Properties, Inc., EastGroup Properties, Inc. and EPR Properties, among others.
What is Broadstone Net Lease's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 35.3:1, against median employee compensation of $172,073.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
John Moragne
Chief Executive Officer
◇—◇—◇—◇◇
Ryan Albano
President and Chief Operating Officer
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
John Moragne
Chief Executive Officer
◇—◇—◇—◇◇
Ryan Albano
President and Chief Operating Officer
◇—◇—◇—◇◇
Kevin Fennell
Executive Vice President, Chief Financial Officer and Treasurer
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
John Moragne
Chief Executive Officer
◇—◇—◇—◇◇
Ryan Albano
President and Chief Operating Officer
◇—◇—◇—◇◇
Kevin Fennell
Executive Vice President, Chief Financial Officer and Treasurer
◇—◇—◇—◇◇
Michael Caruso
Senior Vice President, Underwriting & Strategy
◇—◇—◇—◇◇
William Garner
Senior Vice President, Acquisitions
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
John Moragne
Chief Executive Officer and Director
◇—◇—◇—◇◇
Ryan Albano
President and Chief Operating Officer
◇—◇—◇—◇◇
Kevin Fennell
Executive Vice President, Chief Financial Officer and Treasurer
◇—◇—◇—◇◇
Michael Caruso
Senior Vice President, Underwriting and Strategy
◇—◇—◇—◇◇
Jennie O'Brien
Senior Vice President, Chief Accounting Officer
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Jennie O'BrienRSU◇——◇——◇
John D. MoragneRSU◇——◇——◇
Kevin M. FennellRSU◇——◇——◇
Michael B. CarusoRSU◇——◇——◇
Ryan M. AlbanoRSU◇——◇——◇
Fiscal 2022, 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Michael CarusoPSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
John MoragnePSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
Ryan AlbanoRSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
Jennie O'BrienRSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
Kevin FennellPSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Laurie A. Hawkes
Board chair
◇◇————◇
Laura Felice
◇◇————◇
Jessica Duran
◇◇————◇
Michael A. Coke
◇◇————◇
James H. Watters
◇◇————◇
David M. Jacobstein
◇◇————◇
Richard Imperiale
◇◇————◇
Joseph Saffire
◇◇————◇
Shekar Narasimhan
◇—————◇
Denise Brooks-Williams
◇—————◇
John D. Moragne served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Agree Realty Corporation ADC
  • CareTrust REIT, Inc. CTRE
  • Easterly Government Properties, Inc. DEA
  • EastGroup Properties, Inc. EGP
  • EPR Properties EPR
  • Essential Properties Realty Trust, Inc. EPRT
  • First Industrial Realty Trust, Inc. FR
  • Four Corners Property Trust, Inc. FCPT
  • LTC Properties, Inc. LTC
  • LXP Industrial Trust LXP
  • NNN REIT, Inc. NNN
  • Plymouth Industrial REIT, Inc. PLYM
  • Sila Realty Trust, Inc. SILA
  • STAG Industrial, Inc. STAG

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025April 30, 2026=◇◇◇
2024May 1, 2025=◇◇◇
2023May 2, 2024=◇◇◇
2022May 4, 2023=◇◇◇
2021May 5, 2022=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact Broadstone Net Lease disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Broadstone Net Lease sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
223 figures on this page: 218 cited to the filing that reported them, 5 calculated from figures it prints.
218 cited to the filing
5 calculated from the filing

Documents cited

  1. 0001424182-26-000039
  2. 0001424182-26-000025
    CEO Pay Ratio · COMPENSATION OF DIRECTORS · Director Compensation in Fiscal 2025 · Grant of Plan-Based Awards · and 2 more sections
  3. 0000950170-25-062754
  4. 0000950170-25-043197
    Summary Compensation Table
  5. 0000950170-24-053552
  6. 0000950170-24-035354
    Summary Compensation Table
  7. 0000950170-23-018816
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0000950170-23-009799
    Summary Compensation Table
  9. 0000950170-22-007908
    Say-on-Pay Proposal
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Velarion, “Broadstone Net Lease executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/BNL (accessed 2026).
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Real Estate rankings

Chief executive pay — Real EstateCEO pay ratio — Real EstateSay-on-pay support — Real Estate

Peers Broadstone Net Lease discloses

The companies named in BNL's own disclosed peer group.

Agree Realty CorporationCareTrust REIT, Inc.Easterly Government Properties, Inc.EastGroup Properties, Inc.EPR PropertiesEssential Properties Realty Trust, Inc.First Industrial Realty Trust, Inc.Four Corners Property Trust, Inc.LTC Properties, Inc.LXP Industrial TrustNNN REIT, Inc.Plymouth Industrial REIT, Inc.Sila Realty Trust, Inc.STAG Industrial, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
For informational purposes only. Not investment, legal, or compensation advice.  The Pay Desk · Methodology · Terms · Privacy