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Blackstone Secured Lending Fund (BXSL) investor relations material
Blackstone Secured Lending Fund Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net investment income for Q2 2025 was $176M ($0.77/share), fully covering the dividend and representing an 11.2% annualized return on equity.
Net asset value per share was $27.33, with total NAV at $6.3B and a 2.3% total return for the quarter.
Portfolio quality remained strong with non-accruals at 0.3% of investments at cost and 98.2% in first lien senior secured debt.
Dividend of $0.77/share was declared and 100% covered by net investment income.
Portfolio diversified across 295 companies and 40 industries, with no single issuer over 3% of the portfolio.
Financial highlights
Net investment income was $176M ($0.77/share), down from $0.83/share in Q1 2025 and $0.89/share in Q2 2024.
Weighted average yield on performing debt investments at fair value was 10.2%, consistent with the prior quarter.
Investments at fair value increased to $13.3B from $11.3B year-over-year.
Debt-to-equity ratio remained stable at 1.13x, within the target range.
Dividend yield for Q2 2025 was 11.3% based on NAV, with 100% coverage.
Outlook and guidance
Management expects deal activity to increase, with August projected as the busiest month since 2021.
Repayment activity is expected to normalize higher as M&A activity picks up.
Dividend policy will be reviewed based on long-term signals, not short-term fluctuations.
Portfolio remains well positioned with strong credit fundamentals and robust liquidity.
Management remains disciplined and focused on leveraging scale for portfolio and shareholder benefit.
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