Companies /Financial Services

Blackstone Secured Lending Fund.

NYSE: BXSL Asset Management
$24.74
▼ $0.19 (−0.76%) today
Markets closed · 8:52pm ET

Q2 2025 Earnings

Reported Aug 6, 2025, 6:20am ET · SEC source
$0.77
Miss −2.95%
EPS · est. $0.79
$345.0M
Miss −2.42%
Revenue · est. $353.5M
−6.0%
Trailing market
BXSL vs S&P since report
4 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−2%−1%0+1%Aug 6Aug 7report 6:20am ETearnings+0.4%−1.3%
−2%−1%0+1%Aug 6Aug 7earnings+0.4%−1.3%
BXSL −1.3%S&P 500 +0.4%
−2%0+2%Aug 6Aug 7report 6:20am ETearnings+1.5%−1.3%
−2%0+2%Aug 6Aug 7earnings+1.5%−1.3%
BXSL −1.3%NASDAQ +1.5%
−4%−2%0+2%Aug 5Aug 13report 6:20am ETearnings+2.7%−2.7%
−4%−2%0+2%Aug 5Aug 13earnings+2.7%−2.7%
BXSL −2.7%S&P 500 +2.7%
−3%0+3%Aug 5Aug 13report 6:20am ETearnings+3.8%−2.7%
−3%0+3%Aug 5Aug 13earnings+3.8%−2.7%
BXSL −2.7%NASDAQ +3.8%
−3.11%
Day of report
−0.23%
Next session
−0.10%
One week
−3.41%
30 days

S&P 500 over the same 30 days: +2.54%.

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 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%

“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.”

Blackstone Secured Lending Fund CEO, on the earnings call

Forward Guidance & Outlook

Management indicated a disciplined approach heading into the second half of the year, leveraging Blackstone's scale to benefit portfolio companies and shareholders amid recent market volatility. Post quarter-end, BXSL expanded its revolving credit facility to $2.4 billion in committed principal and extended maturity to August 2030, enhancing funding flexibility.

BXSL YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$100.0M$200.0M$300.0M$282.1M$345.0MRevenue$196.2M$155.0MNet Income$199.6M$180.0MOperating Income
$0$100.0M$200.0M$300.0MRevenueNet IncomeOperating Income

Figures from SEC filings and company reports. Not investment advice.