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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 $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.
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 202511 Nov, 2025
Next Blackstone Secured Lending Fund earnings date
Q3 202511 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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