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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.Q2 2025 earnings summary6 Aug, 2025
Executive summary
Net investment income for Q2 2025 was $176 million ($0.77/share), fully covering the dividend, with an 11.2% annualized return on equity and strong credit performance; non-accruals remained low at 0.3% of investments at cost.
Net asset value per share was $27.33, with net assets at $6.3 billion at quarter-end and a 2.3% total return for the quarter.
Portfolio grew to $13.3 billion at fair value, diversified across 295 companies and 40 industries, with 98%+ in first lien senior secured, predominantly floating rate debt.
Management emphasized disciplined risk management, cost efficiency, and maintaining a high-quality portfolio amid market volatility.
Deal activity and pipeline increased, with a 50% rise in new private credit deal screenings versus Q4 last year, signaling a more active market environment.
Financial highlights
Net investment income was $176 million ($0.77/share), up 5.4% year-over-year, with total investment income for Q2 2025 at $344.8 million, up 5% year-over-year.
Net income for Q2 2025 was $155 million ($0.68/share), down from $1.01/share in Q2 2024.
NAV per share declined by $0.06 quarter-over-quarter, ending at $27.33.
Distribution of $0.77 per share was 100% covered by net investment income, representing an 11.3% annualized yield.
Weighted average yield on performing debt investments at fair value was 10.2%, consistent with the prior quarter.
Outlook and guidance
Management expects deal activity to continue increasing, with August projected as the busiest month since 2021.
Dividend policy will be reviewed based on long-term signals such as base rates, spreads, and deal activity, not short-term fluctuations.
Management expects investment income to remain sensitive to interest rate changes, with elevated rates benefiting net income but also posing risks to portfolio company performance.
The company maintains sufficient liquidity for near-term operations, with $273.7 million in cash and $2.8 billion in unused credit facility capacity.
Board declared a Q3 2025 dividend of $0.77/share, payable in October 2025.
Detail the drivers behind the NAV per share decrease.
Explain the rationale for unsecured debt usage.
Discuss the amendment to the Revolving Credit Facility.
How will lower base rates impact the dividend?
What drives BXSL's focus on incumbent names?
What's driving the increase in M&A activity?
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Next Blackstone Secured Lending Fund earnings date
Q3 202510 Nov, 2025
Next Blackstone Secured Lending Fund earnings date
Q3 202510 Nov, 2025
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Frequently asked questions
Blackstone Secured Lending Fund is a business development company (BDC) that focuses on providing loans and other debt financing to U.S.-based middle-market companies. The fund primarily invests in senior secured loans, aiming to offer capital solutions to businesses that may not have access to traditional financing sources. Blackstone Secured Lending Fund is managed by Blackstone, a global investment firm, leveraging its extensive expertise in credit markets to support the growth and operational needs of its portfolio companies. The fund serves industries such as manufacturing, healthcare, and technology, among others. The company is headquartered in New York, New York, and its shares are listed on the NYSE.
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