Q2 26 EPS GAAP
$0.75
BEAT +13.67%
Est. $0.66
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
Q2 26 Revenue
$320.0M
MISS 2.11%
Est. $326.9M
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 c… Read more 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.
Key Takeaways
- • 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 YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
“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.”
— Brad Marshall, Q2 2026 Earnings Press Release
BXSL Earnings Trends
BXSL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BXSL EPS Trend
Earnings per share: estimate vs actual
BXSL Revenue Trend
Quarterly revenue: estimate vs actual
BXSL Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT 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 | $0.66 | $0.75 | +13.67% | $320.0M | -2.11% |
| Q1 26 BEAT | $0.74 | $0.77 | +4.48% | $325.0M | -7.97% |
| Q4 25 BEAT FY | $0.79 | $0.80 | +1.81% | $358.0M | -0.43% |
| FY Full Year | — | $3.23 | — | $1.42B | — |
| Q3 25 BEAT | $0.79 | $0.82 | +4.17% | $359.0M | +1.58% |
| Q2 25 MISS | $0.79 | $0.77 | -2.95% | $345.0M | -2.42% |