Executive Summary

BXSL delivered net investment income (NII) of $176M ($0.77 per share), down sequentially and year over year, while total investment income (revenue) was $345M; management declared a $0.77 dividend with 100% coverage for the quarter .
Results missed Wall Street consensus: EPS $0.77 vs $0.793* and revenue $345M vs $353.6M*; the sequential decline in NII and softer originations were the key drivers of the miss. Bolded for emphasis: EPS miss and revenue miss *.
Credit quality remains strong: 98.2% first lien, 0.3% non‑accruals (cost basis), 46.9% average LTV; weighted average portfolio yield held at 10.2% .
Capital position and liquidity are robust: $3.0B available liquidity, 1.13x leverage, 39% fixed‑rate unsecured debt at 2.88% coupon, weighted average interest rate on drawn debt 5.03% .
Potential stock narrative: the estimate miss and NII downtick may pressure near‑term sentiment, but pristine credit metrics, disciplined underwriting, and a maintained dividend support medium‑term stability .

Values marked with * retrieved from S&P Global.

What Went Well and What Went Wrong

Dividend sustained and fully covered: BXSL declared a $0.77 dividend and achieved 100% coverage (NII per share $0.77 vs dividend $0.77), reinforcing payout stability .
Credit performance remained healthy: 98.2% first lien senior secured debt, 0.3% non‑accruals (at cost), and 46.9% average LTV underpin resilience amid volatility .
Management confidence and scale: “Despite recent market volatility, BXSL reported another strong quarter… We continue to be disciplined… utilizing Blackstone’s significant scale to benefit BXSL’s portfolio companies and shareholders.” — Co‑CEOs Brad Marshall & Jonathan Bock .

Sequential and YoY earnings pressure: NII/share fell to $0.77 from $0.83 (Q1) and $0.89 (Q2’24); EPS fell to $0.68 from $0.66 (Q1) and $1.01 (Q2’24) .
Revenue and EPS below consensus: total investment income of $345M vs $353.6M* and EPS $0.77 vs $0.793*, reflecting softer topline vs expectations; bolded: revenue miss and EPS miss *.
Originations decelerated: new commitments declined to $631M vs $756M (Q1) and $1,241M (Q4’24), indicating slower deployment momentum .

Metric	Q2 2024	Q1 2025	Q2 2025
Total Investment Income (Revenue, $USD Millions)	$327	$358	$345
Net Investment Income ($USD Millions)	$173	$189	$176
Net Income ($USD Millions)	$196	$150	$155
NII per Share ($)	$0.89	$0.83	$0.77
EPS (Net Income per Share, $)	$1.01	$0.66	$0.68
Annualized NII Return (%)	13.2%	12.1%	11.2%

Q2 2025 Actuals vs S&P Global Consensus	Consensus	Actual	Delta
EPS ($)	0.793*	0.77	-0.023*
Revenue ($USD Millions)	353.55*	344.80	-8.75*

Values marked with * retrieved from S&P Global.

Segment breakdown: BXSL operates as a single‑segment BDC; portfolio composition below.

Portfolio Composition (as of Q2 2025)	Value
First Lien Senior Secured Debt (%)	98.2%
Floating‑Rate Debt (%)	98.9% of investments are floating rate debt (ex‑non‑accrual 99.8%)
Non‑Accruals (at cost, %)	0.3%
Average LTV (%)	46.9%
Number of Portfolio Companies	295

KPI	Q2 2024	Q1 2025	Q2 2025
NAV per Share ($)	27.19	27.39	27.33
Net Asset Value ($USD Billions)	$5.395	$6.241	$6.288
Investments at Fair Value ($USD Billions)	$11.294	$12.834	$13.253
Total Debt Outstanding, Principal ($USD Billions)	$6.112	$7.414	$7.108
Ending Debt‑to‑Equity (x)	1.13x	1.19x	1.13x
Weighted Avg Yield on Performing Debt (%)	11.6%	10.2%	10.2%
Available Liquidity ($USD Billions)	$2.4	N/A	$3.0
Weighted Avg Interest Rate on Drawn Debt (%)	5.17% (4Q24)	N/A	5.03%

Metric	Period	Previous Guidance	Current Guidance	Change
Regular Dividend per Share ($)	Q3 2025	$0.77 (Q2’25 dividend level)	$0.77	Maintained

Notes:

No explicit revenue, margin, OpEx, OI&E, or tax rate guidance provided in Q2 2025 materials .
Text discrepancy: one press release labeled “second quarter 2025 dividend” vs 8‑K Exhibit specifying “third quarter 2025 dividend”; both at $0.77. Management’s 8‑K Exhibit 99.1 references the Q3 2025 dividend .

Topic	Previous Mentions (Q4 2024)	Previous Mentions (Q1 2025)	Current Period (Q2 2025)	Trend
Credit quality/non‑accruals	0.3% non‑accruals; 98.0% first lien; 46.0% LTV	Healthy credit; 98.2% first lien; 47.4% LTV cited in Q1 release	0.3% non‑accruals; 98.2% first lien; 46.9% LTV	Stable, strong
Portfolio yield	10.4% at quarter‑end, down from 11.2% prior quarter	10.2%	10.2%	Stable at lower plateau
Originations/deployment	Commitments $1.241B; fundings $1.377B	Commitments $0.756B; fundings $0.689B	Commitments $0.631B; fundings $0.530B	Slowing
Liquidity/leverage	Liquidity $2.4B; ending leverage 1.17x	N/A explicitly in Q1 highlights	Liquidity $3.0B; ending leverage 1.13x	Improved liquidity; leverage down
Dividend coverage	109% coverage (NII/share $0.84 vs $0.77 dividend)	108% coverage (NII/share $0.83 vs $0.77 dividend)	100% coverage (NII/share $0.77 vs $0.77 dividend)	Tightening coverage
NAV trajectory	$27.39 (up vs $27.27 prior)	$27.39	$27.33	Slight downtick

“Despite recent market volatility, BXSL reported another strong quarter with net investment income per share of $0.77, covering our quarterly dividend… Credit performance remained healthy with minimal non‑accruals… We continue to be disciplined…” — Co‑CEOs Brad Marshall & Jonathan Bock .
Emphasis on portfolio construction and sponsor strength: 98.2% first lien senior secured, diversified across 295 companies with no issuer >3% of portfolio .
Capital structure positioning: 39% fixed‑rate unsecured liabilities at 2.88% coupon; $3.0B liquidity; weighted average maturity ~3.3 years; investment‑grade ratings (Baa2/BBB‑/BBB) .

The Q2 2025 earnings call transcript was listed but could not be retrieved due to a document system inconsistency; as a result, Q&A details and any clarifications from management are not available in this recap and will be updated when accessible [ListDocuments ID:1; ReadDocument error].

Q2 2025 results vs S&P Global consensus: EPS $0.77 vs $0.793* (miss) and revenue $344.8M vs $353.6M* (miss). Bolded: EPS miss and revenue miss *.
Given tightening dividend coverage (100% vs 108% in Q1) and slower originations, near‑term EPS and revenue estimates may edge lower until deployment reaccelerates and fee income recovers, while strong credit quality provides a buffer .

Values marked with * retrieved from S&P Global.

BXSL maintained its $0.77 dividend with full coverage, signaling payout stability despite softer earnings this quarter .
Credit metrics remain pristine (98.2% first lien; 0.3% non‑accruals; 46.9% LTV), supporting book value resilience and downside protection .
Earnings softness stems from lower NII/EPS and slower deployment: NII/share fell to $0.77 (from $0.83), and commitments declined to $631M (from $756M) .
Liquidity and funding flexibility are strengths: $3.0B available liquidity; leverage reduced to 1.13x; 39% fixed‑rate unsecured debt at 2.88% coupon; WA interest rate on drawn debt 5.03% .
NAV per share ticked down to $27.33 (from $27.39), reflecting modest net realized/unrealized losses; watch valuation marks and repayments mix .
Expect near‑term estimate recalibration following the consensus misses, with medium‑term stability driven by disciplined underwriting and sponsor‑backed first‑lien focus .
Deployment trajectory is the swing factor: reacceleration in originations/fundings could drive fee income and NII recovery; monitor quarterly commitments and yields .

Values marked with * retrieved from S&P Global.