Earnings summaries and quarterly performance for Blackstone Secured Lending Fund.
Executive leadership at Blackstone Secured Lending Fund.
Brad Marshall
Detailed
Co-Chief Executive Officer
CEO
Jonathan Bock
Detailed
Co-Chief Executive Officer
CEO
CW
Carlos Whitaker
Detailed
President
KR
Katherine Rubenstein
Detailed
Chief Operating Officer
LE
Lucie Enns
Detailed
Chief Securities Counsel
MA
Matthew Alcide
Detailed
Chief Accounting Officer and Treasurer
OE
Oran Ebel
Detailed
Chief Legal Officer and Secretary
SW
Stacy Wang
Detailed
Head of Stakeholder Relations
TD
Teddy Desloge
Detailed
Chief Financial Officer
WR
William Renahan
Detailed
Chief Compliance Officer
Board of directors at Blackstone Secured Lending Fund.
Research analysts who have asked questions during Blackstone Secured Lending Fund earnings calls.
Finian O'Shea
Wells Fargo Securities
6 questions for BXSL
Also covers: ARCC, BBDC, BCSF +18 more
KL
Kenneth Lee
RBC Capital Markets
4 questions for BXSL
Also covers: AAMI, AMP, APAM +20 more
MW
Melissa Wedel
JPMorgan Chase & Co.
4 questions for BXSL
Also covers: ARCC, CGBD, ESNT +12 more
RD
Robert Dodd
Raymond James
4 questions for BXSL
Also covers: , ARCC, BBDC +24 more
CA
Casey Alexander
Compass Point Research & Trading, LLC
3 questions for BXSL
Also covers: ARCC, BBDC, CALY +16 more
AC
Aaren Cyganovich
Truist Securities
2 questions for BXSL
DC
Doug Carter
UBS
2 questions for BXSL
EK
Ethan Kaye
Lucid Capital Markets
2 questions for BXSL
Also covers: ARCC, FSK, GBDC +3 more
MF
Maxwell Fritscher
Truist Financial Corporation
2 questions for BXSL
Also covers: EQH, FSK, FTDR +10 more
Paul Johnson
Keefe, Bruyette & Woods
2 questions for BXSL
Also covers: ARCC, BCSF, CCAP +23 more
RS
Richard Shane
JPMorgan Chase & Co.
2 questions for BXSL
Also covers: ABR, ACRE, ACT +20 more
Arren Cyganovich
Truist
1 question for BXSL
Also covers: AER, ARCC, BPOP +12 more
Heli Sheth
Raymond James
1 question for BXSL
Also covers: BBDC, GBDC, MFIC +4 more
MH
Mark Hughes
Truist Securities
1 question for BXSL
Also covers: AIZ, AJG, AMBC +42 more
SA
Sean-Paul Adams
Not Provided in Transcript
1 question for BXSL
Also covers: , ARCC, CSWC +18 more
Recent press releases and 8-K filings for BXSL.
Blackstone Secured Lending Fund Announces Q4 2025 Results
BXSL
Earnings
Share Buyback
New Projects/Investments
- Blackstone Secured Lending Fund reported Net Investment Income (NII) of $0.80 per share for Q4 2025, which provided 104% coverage for its $0.77 per share distribution.
- The company had an active investment quarter, funding $1 billion and committing over $900 million, while experiencing $629 million in repayments and sales, resulting in a 15% annualized repayment rate of the portfolio at fair value.
- Net Asset Value (NAV) per share decreased to $26.92 at quarter-end from $27.15 in the prior quarter, primarily due to $0.27 of net unrealized losses, though non-accruals remained low at 0.6% at cost.
- BXSL's board of directors approved a discretionary share repurchase plan of up to $250 million.
3 days ago
Blackstone Secured Lending Fund Reports Q4 2025 Results and Approves Share Repurchase
BXSL
Earnings
Dividends
Share Buyback
- Blackstone Secured Lending Fund (BXSL) reported Net Investment Income (NII) of $0.80 per share for Q4 2025, representing an 11.8% annualized return on equity, with its $0.77 per share distribution 104% covered.
- The company's Net Asset Value (NAV) per share was $26.92 at quarter end, a decrease from $27.15 in Q3, primarily impacted by $0.27 of net unrealized losses.
- BXSL experienced a highly active Q4 2025 for deployment, funding $1 billion for the second consecutive quarter and increasing its overall portfolio to 316 companies.
- The board approved a discretionary share repurchase plan of up to $250 million of common shares at below net asset value per share, supported by $2.5 billion in total liquidity at quarter end.
- Non-accruals in Q4 2025 were 0.6% at cost and 0.5% at fair market value, while ending leverage was 1.3 turns on a gross basis and 1.25 turns on a net basis, aligning with the long-term target of 1.25 times.
3 days ago
Blackstone Secured Lending Fund Reports Q4 2025 Results, Declares Dividend, and Announces Share Repurchase Plan
BXSL
Earnings
Dividends
Share Buyback
- Blackstone Secured Lending Fund reported net investment income of $0.80 per share for Q4 2025, which fully covered its dividend, and declared a Q1 2026 dividend of $0.77 per share.
- The company's Board of Trustees approved a discretionary share repurchase plan of up to $250 million for common shares at prices below its net asset value per share, with the net asset value per share at $26.92 as of December 31, 2025.
- The portfolio, primarily consisting of first-lien senior secured debt, demonstrated strength with a low 0.6% non-accrual rate and weighted average LTM EBITDA growth of 8% across borrowers.
- BXSL maintained $2.5 billion in liquidity and reported a leverage ratio of 1.30x at the end of Q4 2025.
3 days ago
Blackstone Secured Lending Fund Reports Strong Q4 2025 Earnings and Announces Share Repurchase Program
BXSL
Earnings
Dividends
Share Buyback
- Blackstone Secured Lending Fund (BXSL) reported net investment income (NII) of $0.80 per share for Q4 2025, representing an 11.8% annualized return on equity and 104% coverage of its $0.77 per share distribution. Net asset value (NAV) per share was $26.92, a decrease from $27.15 in the prior quarter, primarily due to net unrealized losses.
- The fourth quarter was BXSL's second most active funding quarter since 2021, increasing its portfolio to 316 companies across 40 industries, with $400 million in net funded investment activity.
- The board of directors approved a discretionary share repurchase plan for up to $250 million of outstanding common shares at below net asset value per share.
- The portfolio maintained strong fundamentals with non-accruals at 0.6% at cost and 0.5% at fair market value, and the company emphasized its defensive model focusing on first lien, larger, private equity-owned businesses.
3 days ago
Blackstone Secured Lending Fund Reports Q4 and Full-Year 2025 Results
BXSL
Earnings
Dividends
Share Buyback
- Blackstone Secured Lending Fund (BXSL) reported net investment income of $0.80 per share for the fourth quarter of 2025, which fully covered its dividend.
- The company's new investment activity exceeded $1 billion for the second consecutive quarter.
- The board of trustees approved a discretionary share repurchase plan, allowing BXSL to repurchase up to $250 million of its outstanding common shares in the open market at below its net asset value per share.
- BXSL declared a first quarter 2026 dividend of $0.77 per share, payable on or about April 24, 2026.
- As of December 31, 2025, BXSL's portfolio, primarily composed of first-lien senior secured debt, had a weighted average LTM EBITDA growth of 8% and stable interest coverage ratios of 2.0x.
3 days ago
BXSL Reports Strong Fourth Quarter and Full Year 2025 Results
BXSL
Earnings
Dividends
New Projects/Investments
- For Q4 2025, BXSL reported net investment income per share of $0.80 and net income per share of $0.55.
- The company declared a regular dividend of $0.77 per share for Q4 2025, achieving a dividend coverage of 104%.
- As of December 31, 2025, BXSL's portfolio comprised $14.2 billion in investments at fair value across 316 portfolio companies, with 97.6% in first lien, senior secured debt and only 0.6% of investments on non-accrual.
- BXSL maintained $2.5 billion in liquidity and reported a leverage of 1.30x at quarter-end December 31, 2025.
3 days ago
Blackstone Secured Lending Discusses Macro Backdrop, Funding, and BDC Outlook
BXSL
Guidance Update
New Projects/Investments
Debt Issuance
- The broader economy is strong, with resilient corporate earnings, consumer spending, falling rates, and accelerating Q3 GDP growth. Default rates declined roughly 30% in 2025, and direct lending activity was up over 50% quarter-over-quarter in Q4.
- Blackstone Secured Lending (BXSL) has approximately $2.5 billion of liquidity and plans to fund new investment opportunities through additional leverage growth and repayment activity, avoiding dilutive equity capital raises.
- BXSL's software exposure is approximately $4.5 billion of enterprise value with a 37% loan-to-value at setup, providing a significant buffer against potential AI disruption risks.
- The median Price-to-Book value for BDCs is roughly 0.8, suggesting a high probability of attractive positive returns for the sector in 2026, despite recent valuation challenges.
- In Q4, non-traded BDC redemptions were approximately $3.5 billion-$8 billion, but industry inflows exceeded $12 billion, and the sector maintains approximately $70 billion of available liquidity.
Feb 10, 2026, 9:20 PM
Blackstone Secured Lending Discusses Macro Outlook, Funding, Dividends, and BDC Market
BXSL
Guidance Update
Dividends
New Projects/Investments
- The broader economy is described as resilient with accelerating Q3 GDP growth, a 30% decline in default rates in 2025, and direct lending activity up over 50% quarter-over-quarter in Q4, indicating a deal environment "achieving escape velocity".
- Blackstone Secured Lending (BXSL) maintains an average fund leverage of approximately 1.15x and possesses $2.5 billion of liquidity, intending to fund new investment opportunities through additional leverage and repayments rather than dilutive equity capital raises.
- BXSL's dividend strategy focuses on aligning the cost of capital with earnings power to preserve NAV. Its software exposure, approximately $4.5 billion of enterprise value, is well-protected with a 37% loan-to-value at setup and significant diversification, actively mitigating AI disruption risks through focused underwriting and firm-wide resources.
- The BDC market is currently deeply discounted, with a median price-to-book value of roughly 0.8, suggesting a high probability of attractive positive returns and a "road to recovery" in 2026, despite tight spreads.
Feb 10, 2026, 9:20 PM
Blackstone Secured Lending Discusses Macro Backdrop, Funding Strategy, and BDC Market Outlook
BXSL
Guidance Update
New Projects/Investments
Dividends
- The broader economy is healthy with strong corporate earnings, resilient consumer spending, falling rates, and accelerating Q3 GDP growth. Direct lending activity increased over 50% quarter-over-quarter in Q4.
- Blackstone Secured Lending (BXSL) has a history of growth with over 9 consecutive quarters of $500 million or more in commitments. The average fund leverage is 1.15 times with $2.5 billion of liquidity, and new investments are expected to be funded through additional leverage and repayments, avoiding dilutive equity raises.
- BXSL prioritizes earnings stability and NAV preservation for its dividend policy. Its software exposure, approximately $4.5 billion of enterprise value, has a 37% loan-to-value at setup, providing a significant buffer against potential declines, and AI disruption risks are actively managed.
- The BDC space is currently trading at a median Price-to-Book value of approximately 0.8, suggesting a high probability of attractive positive returns and a road to recovery. Non-traded BDC redemptions in Q4 were offset by industry inflows, with $70 billion of available liquidity across the industry.
Feb 10, 2026, 9:20 PM
Blackstone Secured Lending Fund Issues $500 Million in 5.125% Notes Due 2031
BXSL
Debt Issuance
- Blackstone Secured Lending Fund (BXSL) issued $500,000,000 aggregate principal amount of 5.125% Notes due 2031 on October 14, 2025.
- The notes bear an annual interest rate of 5.125%, payable semi-annually on January 31 and July 31, commencing January 31, 2026, and will mature on January 31, 2031.
- These are general unsecured obligations of the Fund, ranking senior to expressly subordinated indebtedness and pari passu with other unsecured indebtedness.
- The securities were purchased by underwriters at 98.518% of the aggregate principal amount.
Oct 14, 2025, 8:06 PM
Quarterly earnings call transcripts for Blackstone Secured Lending Fund.
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