Blackstone Secured Lending Fund (BXSL) Q3 2026 earnings summary

Executive summary

• Q3 NII was $158.1M, or $0.68/share; annualized NII yield on NAV was 10.7%.

• NAV ended at $25.25/share, with total net assets of $5.88B; Q3 total return was 2.2%.

• Holdings remained predominantly first-lien and floating-rate, with borrowers generally demonstrating earnings growth.

Financial highlights

• Q3 NII was $158.1M versus $189.5M in Q3 2025; investment income was $315.2M, down 12% YoY.

• Net income was $117M, or $0.50/share, versus $132M, or $0.57/share, in Q3 2025.

• NAV/share fell $0.28 QoQ to $25.25, reflecting $0.19/share of net realized and unrealized losses and $0.09/share by which the dividend exceeded NII.

• Interest income excluding PIK, fees and dividends exceeded 94% of investment income; PIK was 5.8% of Q3 investment income.

Outlook and guidance

• The $0.77/share Q4 dividend is payable on or about January 22, 2027; the Q1 2027 dividend resets to $0.60/share.

• Management expects deal flow to accelerate in H1 2027 as M&A activity reaccelerates; inquiries from M&A advisers rose 30% from two to three months earlier.

• Leverage target remains 1.0x–1.25x; management expects portfolio turnover of 15%–20% next year and is considering equity issuance and other growth options.