Blackstone Secured Lending Fund (BXSL) Q4 2025 Earnings
Reported Feb 25, 2026 at 6:15 AM ET · SEC Source
Q4 25 EPS
$0.80
BEAT +1.81%
Est. $0.79
Q4 25 Revenue
$358.0M
MISS 0.43%
Est. $359.5M
Full Year 2025 Results
FY 25 EPS
$3.23
FY 25 Revenue
$1.42B
Did BXSL Beat Earnings? Q4 2025 Results
Blackstone Secured Lending Fund posted a modest beat in Q4 2025, reporting net investment income of $0.80 per share against the $0.79 consensus estimate, a 1.64% positive surprise, as revenue climbed 36.6% year-over-year to $358.00 million. The headl… Read more Blackstone Secured Lending Fund posted a modest beat in Q4 2025, reporting net investment income of $0.80 per share against the $0.79 consensus estimate, a 1.64% positive surprise, as revenue climbed 36.6% year-over-year to $358.00 million. The headline figure masked some underlying pressure: net income fell to $0.55 per share from $0.75 a year earlier, weighed down by $62.00 million in net unrealized depreciation as the portfolio absorbed valuation headwinds in a shifting rate environment. Portfolio growth was a clear bright spot, with fair value expanding to $14.21 billion across 316 companies from $13.09 billion and 276 companies a year ago, while credit quality held firm with a 0.6% non-accrual rate and stable 2.0x interest coverage. NAV per share edged lower to $26.92 from $27.39 a year earlier, but the Board's approval of a $250.00 million share repurchase plan at prices below NAV, alongside a maintained Q1 2026 dividend of $0.77 per share, signals management's confidence in the portfolio's underlying value heading into the new year.
Key Takeaways
- • Net investment income of $0.80 per share fully covered the $0.77 dividend with 104% coverage
- • New investment fundings of $1.0 billion for the second consecutive quarter exceeding $1 billion
- • 98.4% floating rate debt portfolio capturing higher base rates
- • Weighted average LTM EBITDA growth of 8% across borrowers
- • Stable interest coverage ratios of 2.0x across portfolio companies
- • Portfolio grew to $14.2 billion fair value across 316 companies
- • Low non-accrual rate of 0.6% at cost
BXSL YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
“BXSL reported strong fourth - quarter results, with net investment income of $0.80 per share - which fully covered our dividend – and new investment activity exceeding $1 billion for the second consecutive quarter. Our portfolio, primarily composed of first - lien senior secured debt, remains well positioned, underpinned by weighted average LTM EBITDA growth of 8% across our borrowers, stable interest coverage ratios of 2.0x and a low non - accrual rate. Looking forward, we remain highly disciplined in our approach, leveraging the advantages of Blackstone's scale and expertise to drive value for our shareholders.”
— Brad Marshall, Q4 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% |