Blackstone Secured Lending Fund.
Q2 2026 Earnings
Net income of $0.04/share significantly impacted by $137 million of net unrealized depreciation and $28 million of net realized losses on investments during the quarter; NII per share of $0.75 represents core operating earnings
Market Reaction
Did BXSL Beat Earnings? Q2 2026 Results
Blackstone Secured Lending Fund delivered a stronger-than-expected earnings result in the second quarter of 2026, with GAAP net investment income per share of $0.75 clearing the $0.66 consensus estimate by 13.67%, even as revenue of $320.00 million came in 2.11% below expectations. Total investment income still grew 25.7% year over year, reflecting the expanded scale of BXSL's $13.36 billion first-lien senior secured portfolio. The headline GAAP EPS, however, told a starker story: net income collapsed to just $0.04 per share, down from $0.68 per share a year ago, as the quarter absorbed $137.00 million of net unrealized depreciation and $28.00 million of net realized losses on investments. NII covered 97% of the $0.77 per-share regular dividend the board declared for Q3, a payout level the fund has held since mid-2023. The results arrive against a backdrop of management transition, with Co-CEO Jonathan Bock having resigned in late July, adding a layer of leadership uncertainty as analysts at multiple firms have recently initiated coverage with neutral ratings and price targets below current NAV.
- 96.8% first-lien senior secured portfolio providing capital protection
- Weighted average yield on performing debt investments of 9.4% at fair value
- 93.2% of income from cash interest (excluding PIK, fees, and dividends)
- 96.3% floating rate debt portfolio
- Disciplined deployment leveraging Blackstone's scale and sourcing capabilities
- Stable EBITDA growth across borrowers
- 5.05% total all-in cost of debt providing attractive spread between asset yields and funding costs
“BXSL reported healthy second - quarter earnings with no new assets placed on non - accrual. During the quarter, new investment activity exceeded $300 million, while repayments increased to over $700 million. Our portfolio, which is primarily composed of first - lien senior secured debt, remains well positioned, underpinned by stable EBITDA growth across our borrowers. We maintained a disciplined approach to deployment, leveraging the advantages of Blackstone's scale, sourcing capabilities, and asset management expertise for the benefit of our shareholders.”
Blackstone Secured Lending Fund CEO, on the earnings call
BXSL YoY Financials
Figures from SEC filings and company reports. Not investment advice.