Blackstone Secured Lending Fund

Latest Results (03.08.2026):

Blackstone Secured Lending Fund (BXSL) — First Quarter 2026: BXSL reported Q1 2026 results showing stable net investment income that fully covered the dividend, a NAV of $26.26 per share and a diversified, predominantly first‑lien, floating‑rate portfolio valued at about $13.9 billion as of March 31, 2026.

Net investment income and earnings

Q1 2026 net investment income was $179 million, or $0.77 per share; net income for the quarter was $25 million, or $0.11 per share.

Dividend & coverage

The Board declared a Q2 2026 regular dividend of $0.77 per share (record June 30, payable ~July 24); Q1 NII fully covered the dividend, yielding an annualized 11.7% on ending NAV of $26.26.

NAV and returns

Net asset value totaled roughly $6.1 billion, or $26.26 per share at quarter‑end; total return was 0.7% for the quarter and 10.9% annualized inception‑to‑date.

Portfolio composition & credit profile

Investments at fair value were about $13.9 billion, ~97.6% first‑lien senior secured and ~95.8% floating‑rate (excluding non‑accruals); BXSL cited high single‑digit LTM EBITDA growth across borrowers and ~2.0x interest coverage.

Asset quality — non‑accruals

Investments on non‑accrual were 3.1% of portfolio fair value (4.7% on an amortized cost basis); management noted non‑accruals increased from historically low levels but emphasized senior positioning and documentation protections.

Investment activity & repayments

New investment commitments were about $303–325 million (presentation cites nearly $325M) with roughly $325M funded; proceeds from sales and repayments were nearly $450–500 million in the quarter.

Liquidity, funding & leverage

Available liquidity was approximately $2.3 billion (cash + undrawn capacity); total principal debt outstanding was ~$8.08 billion, ending debt‑to‑equity ~1.32x (1.27x net of cash); total all‑in cost of debt ~4.90% and weighted average debt maturity ~3.1 years.