Blackstone Secured Lending Fund.
Q3 2025 Earnings
Market Reaction
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 $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.
- 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 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.”
Blackstone Secured Lending Fund CEO, on the earnings call
Forward Guidance & Outlook
Co-CEOs expressed confidence that BXSL is well positioned for active deployment in today's dynamic market environment, supported by $2.5 billion of available liquidity and a growing pipeline of investment opportunities.
BXSL YoY Financials
Figures from SEC filings and company reports. Not investment advice.