Blackstone Secured Lending Fund.
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −8.52%.
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 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.
- 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 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.”
Blackstone Secured Lending Fund CEO, on the earnings call
Forward Guidance & Outlook
Management emphasized a highly disciplined approach going forward, leveraging Blackstone's scale and expertise to drive shareholder value. The portfolio remains well-positioned with healthy underlying credit fundamentals, 8% weighted average LTM EBITDA growth across borrowers, stable 2.0x interest coverage ratios, and a low 0.6% non-accrual rate. The Board's approval of a $250 million discretionary share repurchase plan at prices below NAV per share signals confidence in the portfolio's intrinsic value.
BXSL YoY Financials
Figures from SEC filings and company reports. Not investment advice.