Blackstone Secured Lending Fund · NYSE:BXSL

Blackstone Secured Lending Fund — Q1 2022 Earnings Presentation

18 slides from Blackstone Secured Lending Fund's earnings presentation, May 12, 2022

  1. Slide 1: Blackstone Secured Lending Fund Reports First Quarter 2022 Results

    Blackstone Secured Lending Fund Reports First Quarter 2022 Results NEW YORK — May 12, 2022 — Blackstone Secured Lending Fund (NYSE: BXSL, or the “Company”) today reported its first quarter 2022 results. Brad Marshall, Chief Executive Officer of Blackstone Secured Lending Fund, said, “BXSL reported s

  2. Slide 2: About Blackstone Secured Lending Fund; Forward-Looking Statements

    For those unable to listen to the live broadcast, there will be a webcast replay on the Shareholders section of BXSL’s website at https://ir.bxsl.com. About Blackstone Secured Lending Fund Blackstone Secured Lending Fund (NYSE:BXSL) is a specialty finance company that invests primarily in the debt o

  3. Slide 3: Blackstone Secured Lending Fund First Quarter 2022 Results

    Blackstone Secured Lending Fund First Quarter 2022 Results MAY 12, 2022 This presentation should be read in conjunction with BXSL’s latest quarterly report filed on Form 10-Q for the period ended March 31, 2022. Numbers are approximate and may not add up due to rounding.

  4. Slide 4: First Quarter 2022 Highlights

    FIRST QUARTER 2022 HIGHLIGHTS  Net investment income of $103 million, or $0.61 per share, in the quarter  Net income of $107 million, or $0.63 per share, in the quarter  Total dividends of $0.78 per share(1), resulting in a LTM dividend yield of 8.8%(2) Earning Summary  Net asset value of $4.4 b

  5. Slide 5: First Quarter 2022 Selected Financial Highlights

    FIRST QUARTER 2022 SELECTED FINANCIAL HIGHLIGHTS ($ in millions, unless otherwise noted) 1Q'21 1Q'22 1Q'21 LTM 1Q'22 LTM Operating Results Net investment income $ 76 $ 103 $ 265 $ 379 Net income 112 107 638 456 Net investment income per share $ 0.58 $ 0.61 $ 2.44 $ 2.45 Net income per share 0.86 0.6

  6. Slide 6: First Quarter 2022 Net Asset Value Bridge

    NET ASSET VALUE BRIDGE First Quarter 2022 Net Asset Value Bridge ($ per share) $0.61 $0.03 $26.38 $26.27 ($0.53) $26.13 ($0.25) (2) 12/31/21 NAV Net investment Regular dividends Net realized 3/31/22 NAV before Special dividends 3/31/22 NAV income (1) declared (2) and unrealized gain special dividend

  7. Slide 7: Dividend Coverage History

    DIVIDEND COVERAGE HISTORY  1Q’22 regular dividend of $0.53 per share and special dividends of $0.25 per share with an additional $0.40 per share of special dividends to be paid in subsequent quarters in 2022(1).  1Q’22 LTM dividend yield of 8.8%(2)  Regular dividend exceeded by net investment inc

  8. Slide 8: Investment Activity

    INVESTMENT ACTIVITY  Portfolio fair market value increased to $10.0 billion from $9.9 billion as of December 31, 2021  Net portfolio activity of $145 million in the quarter: – New investment commitments of $334 million (at par); New investment fundings of $278 million – Proceeds from sales and rep

  9. Slide 9: Portfolio Characteristics

    PORTFOLIO CHARACTERISTICS 97.6% 99.9% $10.0B of investments in first lien, of debt investments are investments at fair value senior secured debt (1) floating rate (1) 44.3% 152 0% Average loan to value portfolio companies non-accrual debt (LTV) (2)(3) investments (1) Portfolio predominantly Portfoli

  10. Slide 10: Portfolio Construction

    PORTFOLIO CONSTRUCTION  Portfolio well-diversified across industries with no issuer accounting for more than 5% of the portfolio  Broad industry representation with largest exposures in health care providers & services, software, and professional services Top Ten Portfolio Companies(1) Top Ten Ind

  11. Slide 11: Funding Profile

    FUNDING PROFILE  Flexible and efficient liability management, utilizing diversified financing sources with significant available liquidity  Well positioned for higher interest rates, given predominantly floating rate portfolio and 56% of liabilities fixed rate, based on drawn amounts Funding Profi

  12. Slide 12: Statements of Financial Condition

    STATEMENTS OF FINANCIAL CONDITION ($ in millions, except per share data) 3/31/21 12/31/21 3/31/22 Assets Investments at fair value $ 6,105 $ 9,855 $ 10,024 Cash and cash equivalents 292 103 141 Interest receivable 24 63 77 Deferred financing costs 7 14 13 Receivable for investments 76 143 75 Other a

  13. Slide 13: Summary of Operating Results – Comparative

    SUMMARY OF OPERATING RESULTS – COMPARATIVE ($ in millions, except share and per share data) 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 Investment Inc ome Interest Income $ 128 $ 131 $ 165 $ 186 $ 171 Payment-in-kind interest income 2 0 1 5 9 Dividend income — — — 0 6 Fee Income 1 4 0 1 0 Total investment inc ome

  14. Slide 14: Supplemental Details

    Supplemental Details

  15. Slide 15: Selected Financial Highlights

    SELECTED FINANCIAL HIGHLIGHTS ($ in millions, except share and per share data) 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 Operating Results Net investment income $ 76 $ 71 $ 94 $ 111 $ 103 Net income 112 117 110 122 107 Net investment income per share $ 0.58 $ 0.53 $ 0.63 $ 0.67 $ 0.61 Net income per share 0.86

  16. Slide 16: Funding Sources Summary

    FUNDING SOURCES SUMMARY  No debt maturities until July 2023  $710 million of liquidity in cash and undrawn debt(1) as of March 31, 2022 Counterparty and Principal Total Outstanding Initial Date Entered Interest Rate Maturity Date Committed (Par) Jackson Hole Funding JPM – 11/16/18 Libor + 2.375% 5

  17. Slide 17: Important Disclosure Information

    Important Disclosure Information

  18. Slide 18: Forward Looking Statements

    FORWARD LOOKING STATEMENTS This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect BXSL’s current views with respect to, among other things,

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