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Blackstone Secured Lending Fund

Blackstone Secured Lending Fund (BXSL) Q2 2025 Earnings

Reported Aug 6, 2025 at 6:20 AM ET · SEC Source

Q2 25 EPS

$0.77

MISS 2.95%

Est. $0.79

Q2 25 Revenue

$345.0M

MISS 2.42%

Est. $353.5M

Did BXSL Beat Earnings? Q2 2025 Results

Blackstone Secured Lending Fund posted a modest earnings miss in the second quarter of 2025, reporting net investment income of $0.77 per share against a consensus estimate of $0.79, falling short by 2.53%, as falling base rates continued to compress… Read more Blackstone Secured Lending Fund posted a modest earnings miss in the second quarter of 2025, reporting net investment income of $0.77 per share against a consensus estimate of $0.79, falling short by 2.53%, as falling base rates continued to compress portfolio yields. Total investment income climbed to $345.00 million, up 22.3% from a year ago, reflecting meaningful portfolio expansion to $13.25 billion across 295 companies, but the weighted average yield on performing debt investments narrowed to 10.2% from 11.6% in Q2 2024, weighing on per-share earnings that had stood at $0.89 a year earlier. Net income came in at $155.00 million, or $0.68 per share, pressured further by $21.00 million in net realized and unrealized losses. The $0.77 quarterly dividend remained fully covered by NII, though coverage tightened to 100% from 116% a year ago. Looking ahead, management signaled a disciplined deployment posture while noting the post-quarter expansion of its revolving credit facility to $2.40 billion through August 2030 as a key step in reinforcing funding flexibility.

Key Takeaways

  • • Net investment income of $176 million or $0.77 per share, fully covering the quarterly dividend
  • • Portfolio growth to $13.3 billion in fair value across 295 portfolio companies
  • • Weighted average yield on performing debt investments at fair value of 10.2%, consistent with prior quarter
  • • 98.2% first lien senior secured debt portfolio with 46.9% average loan-to-value
  • • Only 0.3% of investments on non-accrual at cost
  • • 98.9% floating rate debt portfolio
  • • Leverage maintained at 1.13x debt-to-equity
  • • 39% fixed rate unsecured debt at weighted average coupon of 2.88%
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BXSL YoY Financials

Q2 2025 vs Q2 2024, source: SEC Filings

“Despite recent market volatility, BXSL reported another strong quarter with net investment income per share of $0.77, covering our quarterly dividend for shareholders on a per share basis. Credit performance remained healthy with minimal non-accruals, underpinned by a 98.2% first lien senior secured debt portfolio with a loan-to-value ratio of 46.9%. We continue to be disciplined with our approach as we head into the second half of the year, utilizing Blackstone's significant scale to benefit BXSL's portfolio companies and shareholders.”

— Brad Marshall, Q2 2025 Earnings Press Release

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