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Blackstone Secured Lending Fund
Blackstone Secured Lending Fund (BXSL) investor relations material
Blackstone Secured Lending Fund Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Net investment income per share reached $0.82 for Q3 2025, up 6% quarter-over-quarter and 2% year-over-year, exceeding the $0.77 dividend per share and representing a 12% annualized return on equity.
Portfolio investments at fair value totaled $13.8 billion, up over 15% year-over-year, diversified across 311 companies, with 97.5% in first-lien senior secured loans and non-accruals at 0.1%.
New investment activity exceeded $1 billion, with $1.3 billion in commitments and $1.0 billion funded, the highest since Q4 2024.
Leverage ended at 1.22x, at the high end of the 1-1.25x target range, supporting robust deal activity and deployment.
Net assets increased to $6.27 billion as of September 30, 2025, with NAV per share at $27.15.
Financial highlights
Total investment income for Q3 2025 was $358.6 million, up 4.7% year-over-year, driven by higher interest income; 91% of investment income was from interest, excluding PIC, fees, and dividends.
Net income was $132 million ($0.57 per share), and net investment income after tax for Q3 2025 was $189.5 million.
NAV per share decreased by $0.18 quarter-over-quarter to $27.15, primarily due to markdowns in a small number of larger positions.
Weighted average yield on performing debt investments was 10.0% at quarter-end, with portfolio yield at fair value at 9.9%.
Distribution yield was 11.3% annualized, among the highest for traded BDC peers with similar first-lien focus.
Outlook and guidance
Management expects deal activity and asset turnover to remain high, with attractive spreads relative to traditional fixed income and stable credit quality.
Dividend policy will be reviewed in light of falling base rates, but current payout is well covered and supported by spillover income of $1.89 per share.
Management expressed confidence in future deployment opportunities but notes risks and uncertainties due to market and economic factors.
Anticipates continued strong demand for private credit, even as rates fall, due to premium returns over public markets.
Investment income remains sensitive to interest rate changes; elevated rates benefit net income but may pressure portfolio company credit quality.
Impact of recent rate cuts on investment income?
Outlook for portfolio credit quality and non-accruals?
Expected impact of Incentive Fee Cap on future fees?
Reconcile LTV increase with market valuation views
Dividend strategy given expected rate cuts
Outlook for private credit spread premium
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Next Blackstone Secured Lending Fund earnings date
Q4 202525 Feb, 2026
Blackstone Secured Lending Fund
Next Blackstone Secured Lending Fund earnings date
Q4 202525 Feb, 2026
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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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