A.T. Robertson Commentary Luke 12:38

"And if he shall come in the second watch, and if in the third, and find [them] so blessed are those [servants]." — Luke 12:38 (ASV)

And if (κ'αν = κα + εαν). Repeated. Ελθη and ευρη, both second aorist subjunctive with εαν, condition of the third class, undetermined, but with prospect of being determined.

Blessed (μακαριο). Beatitude here as in verse 37.