Blackstone Secured Lending Fund (BXSL) investor relations material

Executive summary

• Net investment income for Q2 2026 was $174 million ($0.75 per share), slightly down from the prior quarter, with net income at $9 million ($0.04 per share) and a regular dividend of $0.77 per share declared, maintaining a 12.1% annualized yield based on NAV.

• Portfolio remains nearly 97% first-lien senior secured debt, with 1.8% of investments on non-accrual at fair value and proactive management of underperforming borrowers.

• New investment activity exceeded $300 million, while repayments and sales surpassed $700 million, resulting in net funded investment activity of $(0.4) billion and increased liquidity.

• Portfolio diversified across 313 companies and 39 industries, with no single issuer accounting for more than 3% of the portfolio.

• Management remains constructive on deal activity outlook, with increased M&A and new deal flow in sectors like AI, digital infrastructure, and life sciences.

Financial highlights

• Net investment income for the quarter was $174 million or $0.75 per share, representing an 11.4% annualized NII yield.

• NAV per share ended at $25.53, down from $26.26 in Q1, primarily due to $0.59 of unrealized net losses and $0.12 of realized net losses from two restructurings.

• Total portfolio investments at fair value were $13.4 billion, with $7.6 billion of outstanding debt and $5.9 billion of total net assets.

• Weighted average yield on performing debt investments at fair value was 9.4%.

• Payment-in-kind (PIK) income was flat quarter-over-quarter at 6.6% of total investment income, down 20% since Q4 2025.

Outlook and guidance

• Management expects continued strong repayment activity to create additional balance sheet capacity through year-end.

• Dividend is expected to transition to a lower level aligned with long-term earnings, reflecting lower base rates and maturing lower-cost bonds.

• Portfolio is positioned for steady earnings with a focus on risk mitigation and stable EBITDA growth across borrowers.

• Management emphasizes disciplined deployment and leveraging scale and sourcing capabilities.

• Forward-looking statements caution that actual results may differ due to various risks and uncertainties.