Blackstone Secured Lending Fund

Latest Results (22.10.2026):

Blackstone Secured Lending Fund reported second quarter 2026 (Q2 2026) results: net investment income of $174 million ($0.75 per share), net income of $9 million ($0.04 per share), and a declared third‑quarter 2026 regular dividend of $0.77 per share. At quarter‑end BXSL reported investments at fair value of approximately $13.4 billion, net asset value of $5.9 billion ($25.53 per share), strong liquidity, and no new assets placed on non‑accrual.

Earnings

Q2 2026 net investment income (NII) was $174 million ($0.75/share), slightly below the prior quarter ($0.77/share). Reported net income was $9 million ($0.04/share), impacted by sizable unrealized depreciation and realized losses (net change in unrealized depreciation of $137 million and net realized loss of $28 million in the quarter).

Dividend & Coverage

The Board declared a Q3 2026 regular dividend of $0.77 per share (payable on or about Oct 23, 2026). The regular dividend implies an annualized dividend yield of 12.1% on ending NAV and dividend coverage for Q2 2026 was reported at 97% (NII per share $0.75 vs. dividend $0.77).

Portfolio Composition & Credit Quality

The portfolio remains concentrated in senior secured, floating‑rate loans: ~96.8% first‑lien senior secured and ~96.3% floating‑rate debt (by fair value). Non‑accrual debt investments were 1.8% of fair value (3.6% on an amortized‑cost basis). Weighted average loan‑to‑value was ~51.9% and BXSL reported stable borrower EBITDA trends.

Investment Activity

New investment activity in the quarter included ~$0.3 billion funded (new commitments ~$0.2 billion at par) while proceeds from sales and repayments were ~$0.8 billion, resulting in net funded investment activity of approximately negative $0.4 billion for the quarter. Management said new activity exceeded $300 million and repayments increased to over $700 million.

Liquidity & Balance Sheet

BXSL ended Q2 2026 with unrestricted cash and undrawn borrowing capacity totalling about $2.8 billion (approximately $2.6 billion available to borrow subject to borrowing base), total debt outstanding principal of $7.614 billion, ending debt‑to‑equity of 1.28x, and NAV of ~$5.939 billion ($25.53/share).

Funding Costs & Terms

Total all‑in cost of debt in Q2 2026 was reported at 5.05% (weighted average interest rate ~4.95% during the quarter). The debt profile includes a mix of unsecured notes, asset‑based facilities, CLO debt and a syndicated revolver with a weighted average maturity on debt facilities of ~3.3 years.

NAV & Performance

Ending NAV per share was $25.53. BXSL reported a quarterly total return based on NAV of 0.4% and an annualized inception‑to‑date total return of 10.6%.

Additional Notes

BXSL emphasized disciplined deployment leveraging Blackstone’s sourcing and asset management, maintained investment‑grade corporate ratings (Moody’s Baa2 negative, S&P BBB‑ stable, Fitch BBB stable), and stated there were no new assets placed on non‑accrual during Q2 2026. A full presentation and Form 10‑Q are available on BXSL’s website for more detail.