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BNL on NYSE

Broadstone Net Lease, Inc.

Real estate investment trust based in Victor, listed on NYSE (BNL)1

In its 2026 annual report the company says: “We are an industrial-focused, diversified net lease real estate investment trust 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.”3

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Last updated Oct 21, 2026.

Overview

Compare with Rayonier, Brandywine Realty Trust or Global Net Lease, Inc., or pick any stock.

  • TickerBNL on NYSE1
  • IndustryReal Estate Investment Trusts1
  • HeadquartersVictor, New York1
  • Business address207 High Point Drive, Victor, Ny 145642
  • Filer categoryLarge accelerated filer2

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We are 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. As of December 31, 2025, our portfolio includes 771 properties, with 764 properties located in 44 U.S. states and seven properties located in four Canadian provinces.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

21.2%Net margin4
5.2%Revenue growth, 20254
3.3%Return on equity4
0.87×Debt to equity4
$269.8MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs78¢$356.5M
  • Income tax0¢$1.2M
  • Profit21¢$96.5M

Out of $454.1M in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Capital spending10¢$29.7M
  • Dividends paid73¢$218.8M
  • Kept or used elsewhere17¢$51.0M

Out of $299.5M of cash from operations.4

Financial statements

Revenue56784$454.1M in 2025+52% since 2019
0$200.0M$400.0M$600.0M2019: $298.8M$298.8M20192020: $321.6M$321.6M2020+8%2021: $382.9M$382.9M2021+19%2022: $407.5M$407.5M2022+6%2023: $442.9M$442.9M2023+9%2024: $431.8M$431.8M2024−3%2025: $454.1M$454.1M2025+5%
Net income56784$96.5M in 2025+22% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $79.4M$79.4M20192020: $51.2M$51.2M2020−36%2021: $102.4M$102.4M2021+100%2022: $122.1M$122.1M2022+19%2023: $155.5M$155.5M2023+27%2024: $162.4M$162.4M2024+4%2025: $96.5M$96.5M2025−41%
Fiscal year2019202020212022202320242025
Revenue$298.8M5$321.6M6$382.9M7$407.5M8$442.9M4$431.8M4$454.1M4
Operating expenses$215.1M7$219.5M8$251.9M4$267.9M4$265.7M4
Operating income
Interest$72.5M5$76.1M6$64.1M7$78.7M8$80.1M8$74.1M8
Income tax$763.0K4$1.2M4$1.2M4
Net income$79.4M5$51.2M6$102.4M7$122.1M8$155.5M4$162.4M4$96.5M4
Earnings per share$0.835$0.446$0.677$0.728$0.834$0.864$0.514
Earnings per share (diluted)$0.835$0.446$0.677$0.728$0.834$0.864$0.504
Shares (weighted, basic)153.1M shares7169.8M shares8186.6M shares4187.5M shares4188.1M shares4
Shares (weighted, diluted)164.0M shares7180.2M shares8196.3M shares4196.6M shares4197.6M shares4

Compare Broadstone Net Lease, Inc. with another company

Corporate structure

Broadstone Net Lease, Inc. sits at the top of its group. 1 entity on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Broadstone Net Lease, Inc.

  • Broadstone Net Lease, Inc. Victor, New York

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Broadstone Net Lease, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Finance-lease assets$2.2M4 Dec 31, 2025$04 Dec 31, 2024
Operating-lease assets (leased space)$9.6M4 Dec 31, 2025$10.2M4 Dec 31, 2024−6.5%

Real estate and locations

ItemLatestA year beforeChange
Real estate investments, net$4.8B4 Dec 31, 2025$4.3B4 Dec 31, 2024+11.1%
Real estate investments, at cost$265.8M4 Dec 31, 2025$18.8M4 Dec 31, 2024+1315.1%
Real estate properties7714 Dec 31, 20257265 Dec 31, 2021+6.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$30.5M4 Dec 31, 2025$14.8M4 Dec 31, 2024+105.7%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$339.8M4 Dec 31, 2025$339.8M4 Dec 31, 20240%
Finite-lived intangibles, net$268.0M4 Dec 31, 2025$267.6M4 Dec 31, 2024+0.1%

Properties, in its own words

Please refer to Item 1. “Business” of this Annual Report on Form 10-K for information concerning our properties.

Item 2 of the 10-K filed Feb 19, 2026.3

Leadership

Who has led Broadstone Net Lease, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Christopher J. Czarnecki2017–2023

President

  1. Christopher J. Czarnecki2019–2023
  2. Ryan M. Albano2023–now

Chief financial officer

  1. Ryan M. Albano2020–2023
  2. Kevin Fennell2023–now

Chief operating officer

  1. Ryan M. Albano2023–now
20202025
Board members and other officers (32)

Former names

  • Broadstone Net Lease IncJan 15, 2008 to Aug 10, 20172

Timeline

  1. Oct 5, 20268-K Regulation FD disclosure48
  2. Aug 25, 20268-K Regulation FD disclosure49
  3. Aug 10, 20268-K Other events50
  4. Jul 29, 20268-K Results of operations51
  5. Jul 29, 20268-K New debt or obligation52
  6. Jul 8, 20268-K Regulation FD disclosure53
  7. Jul 2, 20268-K Regulation FD disclosure54
  8. Jun 11, 20268-K Regulation FD disclosure55
  9. May 1, 20268-K Shareholder vote56
  10. Apr 29, 20268-K Results of operations57
  11. Apr 1, 20268-K Regulation FD disclosure58
  12. Feb 25, 20268-K Regulation FD disclosure59
  13. Jun 23, 2017New chief executive Christopher J. Czarnecki becomes CEO13

Calendar

Coming up

  1. Oct 28, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.37 a share, on Oct 29, 2025.60

When it reported results

  1. Jul 29, 2026Reported quarterly or annual results51
  2. Apr 29, 2026Reported quarterly or annual results57
  3. Feb 18, 2026Reported quarterly or annual results61
  4. Oct 29, 2025Reported quarterly or annual results62
  5. Jul 30, 2025Reported quarterly or annual results63
  6. Jun 2, 2025Reported quarterly or annual results64
  7. Apr 30, 2025Reported quarterly or annual results65
  8. Apr 25, 2025Reported quarterly or annual results66

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

318 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 77 major events, 171 insider forms, 20 large holders, 29 other. The latest 20:

  1. Oct 5, 20268-K EDGAR
  2. Oct 2, 20264 EDGAR
  3. Oct 2, 20264 EDGAR
  4. Oct 2, 20264 EDGAR
  5. Oct 2, 20264 EDGAR
  6. Oct 2, 20264 EDGAR
  7. Oct 2, 20264 EDGAR
  8. Oct 2, 20264 EDGAR
  9. Oct 2, 20264 EDGAR
  10. Aug 25, 20268-K EDGAR
  11. Aug 24, 20264 EDGAR
  12. Aug 10, 20268-K EDGAR
  13. Aug 10, 2026424B5 EDGAR
  14. Aug 7, 2026SCHEDULE 13G EDGAR
  15. Aug 6, 2026424B5 EDGAR
  16. Jul 29, 202610-Q/A EDGAR
  17. Jul 29, 20268-K EDGAR
  18. Jul 29, 202610-Q EDGAR
  19. Jul 29, 20268-K EDGAR
  20. Jul 8, 20268-K EDGAR

The 318 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

31 open-market trades by officers, directors and large owners since October 2021: 27 buys and 4 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 21, 2026Imperiale Richard PDirectorBuy5,000$21.10$105.5KForm 4
Aug 20, 2026Imperiale Richard PDirectorBuy5,000$21.22$106.1KForm 4
Jul 15, 2025Fennell KevinEVP, CFO & TreasurerBuy859$15.92$13.7KForm 4
May 14, 2025Imperiale Richard PDirectorBuy2,500$15.78$39.5KForm 4
May 13, 2025Imperiale Richard PDirectorBuy2,500$15.93$39.8KForm 4
May 9, 2025Imperiale Richard PDirectorBuy2,500$16.34$40.9KForm 4
May 8, 2025Imperiale Richard PDirectorBuy2,500$16.28$40.7KForm 4
May 8, 2025JACOBSTEIN DAVID MDirectorBuy1,500$16.28$24.4KForm 4
May 7, 2025Albano Ryan MPresident & COOBuy10,000$16.52$165.2KForm 4
May 7, 2025Felice Laura L.DirectorBuy9,250$16.36$151.3KForm 4
May 6, 2025Fennell KevinEVP, CFO & TreasurerBuy5,000$15.87$79.3KForm 4
May 6, 2025Watters James HDirectorBuy2,000$15.98$32.0KForm 4
May 5, 2025Saffire JosephDirectorBuy10,000$16.08$160.8KForm 4
May 5, 2025Moragne John DavidCEOBuy10,000$16.13$161.3KForm 4
May 5, 2025Hawkes Laurie A.DirectorBuy10,000$16.14$161.4KForm 4
May 5, 2025Duran JessicaDirectorBuy6,173$16.11$99.4KForm 4
May 5, 2025COKE MICHAEL ADirectorBuy10,000$16.07$160.7KForm 4
May 5, 2025Watters James HDirectorBuy2,000$16.13$32.3KForm 4
May 14, 2024Wiegel MollySVP, Human Resources & AdminSale6,320$15.48$97.8KForm 4
Feb 27, 2024NARASIMHAN SHEKARDirectorBuy5,000$14.87$74.3KForm 4

All 31 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025John D. Moragne$600.0K$6.1M75
2025Ryan M. Albano$500.0K$3.6M75
2025Kevin M. Fennell$425.0K$2.3M75
2025Michael B. Caruso$285.0K$1.0M75
2025Jennie O'Brien$275.0K$986.1K75
2024Chief Executive Officer$600.0K$6.6M75
2024President and ChiefOperating Officer$500.0K$4.3M75
2024Executive Vice Presidentand Chief Financial Officer$375.0K$3.2M75
2024Senior Vice PresidentUnderwriting and Strategy$285.0K$1.7M75
2023Chief Executive Officer$575.0K$4.2M75
2023President and ChiefOperating Officer$491.7K$3.2M75
2023Executive Vice Presidentand Chief Financial Officer$354.8K$2.2M75

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.34,462,110$712.3M0.0%+9,102,174
Vanguard Portfolio Management LLC20,047,478$414.4M0.0%+1,922,767
State Street Corp10,818,323$226.7M0.0%+2,922,255
Vanguard Capital Management LLC8,622,817$178.2M0.0%+94,701
Geode Capital Management, LLC5,628,247$116.4M0.0%+352,355
Nuveen, LLC4,586,676$94.8M0.0%−1,361,248
Invesco Ltd.4,306,063$89.0M0.0%−238,992
Alliancebernstein L.P.4,435,319$81.0M0.0%−28,200
Charles Schwab Investment Management Inc3,722,825$77.0M0.0%+244,832
Aew Capital Management L P3,261,571$67.4M4.0%+242,395
Fuller & Thaler Asset Management, Inc.2,950,786$61.0M0.2%−107,007
Dimensional Fund Advisors LP2,831,379$58.5M0.0%+134,584
Jpmorgan Chase & Co2,748,630$58.3M0.0%+644,127
Northern Trust Corp2,573,690$53.2M0.0%+381,626
Centersquare Investment Management LLC2,466,690$51.0M0.4%−170,998
GRS Advisors, LLC2,420,071$50.0M4.2%−242,957
Norges Bank2,254,795$46.6M0.0%New
Victory Capital Management Inc2,085,661$43.1M0.0%+26,158
Alyeska Investment Group, L.P.2,050,198$42.4M0.1%+148,533
Two Sigma Investments, LP1,956,029$40.4M0.0%−366,982
Bank of New York Mellon Corp1,922,855$39.7M0.0%+560,157
Wellington Management Group Llp1,727,563$35.7M0.0%New
New England Private Wealth Advisors LLC1,594,398$35.7M3.4%+9,312
Bank Of America Corp /de/1,595,463$33.0M0.0%−636,353
Morgan Stanley1,571,937$32.5M0.0%+382,443

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Broadstone Net Lease, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBroadstone Net Lease, Inc.1
  • CIK0001424182
  • Employer ID (EIN)26-15161773
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company3
  • Incorporated inMaryland3
  • Fiscal year endsDecember 311
  • Industry code (SIC)6798 Real Estate Investment Trusts1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address207 High Point Drive, Victor, NY 145641
  • Phone585-287-65001
  • Shares outstanding191,892,971 as of Jul 24, 202610
  • Public float$3.0B as of Jun 30, 20253
  • AuditorDeloitte & Touche LLP, Rochester, New York PCAOB ID 34; it also attests to the company’s internal control over financial reporting3
  • On EDGAR sinceJan 15, 20081
  • Filings734 in all: 4 (361), 8-K (167), 3 (35), 10-Q (28), SC 13G/A (20), SC 13G (13), 424B5 (11), D/A (11)1
    All 38 form types

    10-K (9), DEF 14A (9), UPLOAD (8), CORRESP (7), DEFA14A (7), 8-K/A (6), SCHEDULE 13G/A (5), ARS (4), S-3ASR (4), S-11/A (3), SCHEDULE 13G (3), 10-12G/A (2), DRSLTR (2), FWP (2), REGDEX/A (2), 10-12G (1), 10-Q/A (1), 4/A (1), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), DRS/A (1), EFFECT (1), POSASR (1), REGDEX (1), RW (1), S-11 (1), S-3 (1), S-8 (1)

  • Latest filingsAnnual report (10-K) Feb 19, 2026
    Quarterly report (10-Q) Jul 29, 2026
    Proxy statement (DEF 14A) Mar 20, 2026
    Latest 8-K (8-K) Oct 5, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.00025 par valueBNLThe New York Stock Exchange

From the cover page of the 10-K filed Feb 19, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks Broadstone Net Lease, Inc. names in Item 1A of its 10-K filed Feb 19, 2026: 64 risks under these headings, as written.3

  • Risks Related to Our Business and Properties
  • Single-tenant leases involve significant risks of tenant default and tenant vacancies, which could materially and adversely affect us.
  • We have limited opportunities to increase rents under our long-term leases with tenants, which could impede our growth and materially and adversely affect us.
  • Our growth depends upon future acquisitions of properties, and we may be unable to identify or complete suitable acquisitions of properties, which may impede our growth, and our future acquisitions may not yield the returns we seek.
  • We may not be able to obtain acquisition financing or obtain other capital from third-party sources on favorable terms or at all, which could materially and adversely affect our growth prospects and our business.
  • An increase in market interest rates could increase our interest costs on existing and future debt and could adversely affect our stock price, and a decrease in market interest rates could lead to additional competition for the acquisition of real estate, which could adversely affect our results of operations.
  • As we continue to acquire properties pursuant to our investment strategy, our portfolio may become less diversified, which could materially and adversely affect us.
  • We face significant competition for acquiring properties from both publicly traded REITs and private investors that have greater resources than we do, which could materially and adversely affect us.
  • Our portfolio is concentrated in certain states, and any adverse developments and economic downturns in these geographic markets could materially and adversely affect us.
  • Our portfolio is concentrated in certain property types and any adverse developments relating to these property types could materially and adversely affect us.
  • If one or more of our top 10 tenants, which together represented approximately 21.1% of our ABR as of December 31, 2025, suffers a downturn in their business, it could materially and adversely affect us.
  • We may be unable to sell a property at the time we desire on favorable terms or at all, which could limit our ability to access capital through dispositions and could adversely affect our cash flow, financial condition, and results of operations.
The other 53 risks
  • We may be unable to renew leases, re-lease properties as leases expire, or lease vacant spaces on favorable terms or at all, which, in each case, could materially and adversely affect us.
  • Property vacancies could result in significant capital expenditures and illiquidity, particularly for specialty properties that are suitable for only one use.
  • Our underwriting and risk management procedures that we use to evaluate a tenant’s credit risk may be faulty, deficient, or otherwise fail to accurately reflect the risk of our investment, which could materially and adversely affect us.
  • We may experience a higher number of tenant defaults because we lease most of our properties to tenants who do not have an investment grade credit rating.
  • We could face potential material adverse effects from the bankruptcies or insolvencies of our tenants.
  • Our properties may be subject to impairment charges.
  • We may engage in development or expansion projects, including speculative development projects, which would subject us to additional risks that could negatively impact our operations.
  • We may enter into new transaction structures, including real estate lending opportunities, the provision of transitional capital, and joint ventures, which would subject us to additional risks that could negatively impact our operations.
  • Our business may be adversely affected by changes in U.S. trade policy, including the imposition of tariffs and resulting effects.
  • Security breaches, technology disruptions, and new technologies could compromise our information systems and expose us to liability, which could materially and adversely affect us.
  • Changes in accounting standards may materially and adversely affect us.
  • Certain provisions of our leases or loan agreements may be unenforceable, which could materially and adversely affect us.
  • We may become subject to litigation, which could materially and adversely affect us.
  • A failure to maintain effective internal controls could materially and adversely affect us.
  • A limited number of our leases may require us to pay property-related expenses that are not the obligations of our tenants, which could materially and adversely affect us.
  • As a property owner, we may be subject to environmental liabilities, which could be substantial.
  • Our ability to effectively monitor and respond to the rapid and ongoing developments and often conflicting expectations regarding our corporate responsibility and sustainability efforts may impose unexpected costs or result in reputational or other harm that could have a material adverse effect on our business.
  • We may acquire properties or portfolios of properties through tax deferred contribution transactions, which could result in stockholder dilution and limit our ability to sell such assets.
  • The departure of any of our key personnel with long-standing business relationships could materially and adversely affect us.
  • Risks Related to Investments in Real Estate
  • Our operating results are affected by economic and regulatory changes that impact the commercial real estate market in general.
  • Global and U.S. financial markets and economic conditions, such as inflation, may materially and adversely affect us and the ability of our tenants to make rental payments to us pursuant to our leases.
  • Our real estate investments are illiquid.
  • We face risks associated with climate change, which could materially and adversely impact us.
  • Natural disasters, pandemics or epidemics, terrorist attacks, other acts of violence or war, or other catastrophic events could materially and adversely impact us.
  • Insurance on our properties may not adequately cover all losses and uninsured losses could materially and adversely affect us.
  • Our costs of compliance with laws and regulations may require us or our tenants to make unanticipated expenditures that could reduce the investment return of our stockholders.
  • Risks Related to Debt Financing
  • As of December 31, 2025, we had approximately $2.5 billion principal balance of indebtedness outstanding, which may expose us to the risk of default under our debt obligations.
  • Disruptions in the financial markets and deteriorating economic conditions could adversely affect our ability to obtain debt financing on commercially reasonable terms, refinance existing indebtedness on acceptable terms or at all, and adversely impact our ability to implement our investment strategy and achieve our investment objectives.
  • Failure to hedge effectively against interest rate changes may materially and adversely affect us.
  • Our Revolving Credit Facility and term loan agreements contain various covenants which, if not complied with, could accelerate our repayment obligations, thereby materially and adversely affecting us.
  • Failure to maintain our current credit ratings could materially and adversely affect our cost of capital, liquidity, and access to capital markets.
  • We may incur mortgage debt on a particular property, which may subject us to certain risks, and the occurrence of any such risk could materially and adversely affect us.
  • Risks Related to Our Organizational Structure
  • Our Charter contains provisions, including ownership and transfer restrictions, that may delay, discourage, or prevent a takeover or change of control transaction that could otherwise result in a premium price to our stockholders.
  • We may issue preferred stock or separate classes or series of common stock, which could adversely affect the holders of our common stock.
  • Termination of the employment agreements with certain members of our executive management team could be costly.
  • Our Board of Directors may change our investment and financing policies without stockholder approval, which could materially and adversely alter the nature of an investment in us.
  • Our rights and the rights of our stockholders to take action against our directors and officers are limited.
  • We are a holding company with no direct operations and rely on funds received from the OP to pay liabilities.
  • Our UPREIT structure may result in potential conflicts of interest between the interests of our stockholders and members in the OP, which may materially and adversely impede business decisions that could benefit our stockholders.
  • U.S. Federal Income Tax Risks
  • Failure to qualify as a REIT would materially and adversely affect us and the value of our common stock.
  • Even if we remain qualified as a REIT for U.S. federal income tax purposes, we may be subject to other tax liabilities that reduce our cash flow and our ability to make distributions to our stockholders.
  • To satisfy the REIT distribution requirements, we may be forced to take certain actions to raise funds if we have insufficient cash flow which could materially and adversely affect us and the trading price of our common stock.
  • The IRS may treat sale-leaseback transactions as loans, which could jeopardize our REIT status or require us to make an unexpected distribution.
  • The prohibited transactions tax may limit our ability to engage in sale transactions.
  • Complying with the REIT Requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.
  • Complying with the REIT Requirements may force us to liquidate or forgo otherwise attractive investments.
  • In certain circumstances, we may be liable for certain tax obligations of certain of the members of the OP.
  • In connection with acquisitions, we may inherit tax liabilities and attributes of other entities.
  • Changes to the U.S. federal income tax laws could have a material and adverse effect on us.
  • Risks Related to Ownership of Our Common Stock
  • The market price and trading volume of shares of our common stock may be volatile and could be substantially affected by various factors.
  • We may not be able to make distributions to our stockholders at the times or in the amounts we expect, or at all.
  • Future offerings of debt, which would be senior to shares of our common stock upon liquidation, and/or preferred equity securities that may be senior to shares of our common stock for purposes of distributions or upon liquidation, may materially and adversely affect the market price of shares of our common stock.
  • Sales of substantial amounts of our capital stock in the public markets may dilute your voting power and your ownership interest in us.

Legal proceedings

From time to time, we are subject to various lawsuits, claims and other legal proceedings that arise in the ordinary course of our business. We are not currently a party to legal proceedings that we believe would reasonably be expected to have material adverse effect on our business, financial condition, or results of operations. We are not aware of any material legal proceedings to which we or any of our subsidiaries are a party or to which any of our property is subject, nor are we aware of any such legal proceedings contemplated by government agencies.

The opening of Item 3, Legal Proceedings.3

Sources

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