Blackstone Secured Lending Fund (BXSL) Q3 2025 Earnings
Reported Nov 10, 2025 at 6:21 AM ET · SEC Source
Q3 25 EPS
$0.82
BEAT +4.17%
Est. $0.79
Q3 25 Revenue
$359.0M
BEAT +1.58%
Est. $353.4M
Did BXSL Beat Earnings? Q3 2025 Results
Blackstone Secured Lending Fund delivered a stronger-than-expected third quarter, posting net investment income of $0.82 per share against a Wall Street consensus of $0.79, a beat of 3.80%, as total investment income surged 45.6% year over year to $3… Read more Blackstone Secured Lending Fund delivered a stronger-than-expected third quarter, posting net investment income of $0.82 per share against a Wall Street consensus of $0.79, a beat of 3.80%, as total investment income surged 45.6% year over year to $359.00 million. The standout driver was a sharp acceleration in deployment activity, with new funded investments of $1.01 billion representing the highest level since Q4 2024 and lifting the portfolio to $13.81 billion in fair value across 311 companies. Credit quality held firm, with non-accrual investments at just 0.1% of the portfolio, and the 97.5% first-lien composition continued to underpin the fund's defensive posture. NAV per share edged down modestly to $27.15 from $27.33 in the prior quarter, pressured by $57.00 million in net realized and unrealized losses. The Board declared a Q4 2025 dividend of $0.77 per share, covered at 106%, and management pointed to $2.50 billion in available liquidity and a growing investment pipeline as the foundation for continued active deployment ahead.
Key Takeaways
- • Net investment income per share of $0.82 exceeded the $0.77 quarterly dividend, representing 106% dividend coverage
- • New investment commitments of $1.3 billion at par and fundings of $1.0 billion, highest deployment since Q4 2024
- • 97.5% first lien senior secured debt portfolio with only 0.1% non-accruals
- • 98.6% floating rate debt portfolio providing rate sensitivity
- • Weighted average yield on performing debt investments at fair value of 10.0%
- • Total all-in cost of debt of 5.04% with 37% fixed rate unsecured debt at 2.88% weighted average coupon
- • 6% quarter-over-quarter increase in net investment income per share
BXSL YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
“BXSL delivered another strong quarter, with both total investment income and net investment income reaching record levels on a dollar basis. Net investment income per share was $0.82, exceeding our $0.77 quarterly dividend. Underlying fundamentals remained healthy with low non-accruals, supported by a 97.5% first lien senior secured debt portfolio. New investment activity at over $1 billion achieved its highest level since the fourth quarter of 2024, and we remain confident that BXSL is well positioned for active deployment in today's dynamic market environment.”
— Brad Marshall, Q3 2025 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
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| 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% |