Blackstone Secured Lending Fund · NYSE:BXSL
Blackstone Secured Lending Fund — Q4 2024 Earnings Presentation
20 slides from Blackstone Secured Lending Fund's earnings presentation, Feb 26, 2025
Slide 1: Blackstone Secured Lending Fund Reports Fourth Quarter and Full Year 2024 Results
Blackstone Secured Lending Fund Reports Fourth Quarter and Full Year 2024 Results NEW YORK — February 26, 2025 — Blackstone Secured Lending Fund (NYSE: BXSL or the “Company”) today reported its fourth quarter and full year 2024 results. Brad Marshall and Jonathan Bock, Co-Chief Executive Officers of
Slide 2: About BXSL and 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
Slide 3: Fourth Quarter and Full Year 2024 Results
Blackstone Secured Lending Fund Fourth Quarter and Full Year 2024 Results FEBRUARY 26, 2025 This presentation should be read in conjunction with BXSL’s latest annual report filed on Form 10-K for the period ended December 31, 2024. Numbers are approximate and may not add up due to rounding.
Slide 4: Highlights
HIGHLIGHTS BXSL is designed with the aim to provide powerful earnings while mitigating risk across different market environments with a 98.8%(1) floating rate debt portfolio focused on senior secured debt investments Portfolio has remained well positioned with healthy underlying credit fundament
Slide 5: Fourth Quarter Results
FOURTH QUARTER RESULTS Net investment income of $183 million, or $0.84 per share in the quarter, compared to $0.91 per share in the prior quarter and $0.96 per share in 4Q 2023 Net income of $162 million, or $0.75 per share in the quarter, compared to $0.75 per share in the prior quarter and $0.
Slide 6: Fourth Quarter 2024 Selected Financial Highlights
FOURTH QUARTER 2024 SELECTED FINANCIAL HIGHLIGHTS ($ in millions, unless otherwise noted) 4Q'23 4Q'24 FY'23 FY'24 Operating results Net investment income $ 172 $ 183 $ 654 $ 708 Net income 157 162 612 694 Net investment income per share 0.96 0.84 3.90 3.51 Net income per share 0.88 0.75 3.65 3.45 Re
Slide 7: $13.1B Portfolio Predominantly First Lien Debt
PORTFOLIO CHARACTERISTICS 98.0% 98.8% $13.1B of investments are first lien, of investments are floating rate debt(1) investments at fair value senior secured debt(1) 46.0% 276 0.3% average loan-to-value portfolio companies non-accrual debt investments(4) (LTV)(2)(3) Portfolio Predominantly Portfolio
Slide 8: Portfolio Construction
PORTFOLIO CONSTRUCTION Broad industry representation with largest exposures in software, health care providers & services, professional services and commercial services & supplies Diversified portfolio across issuers with no single issuer accounting for more than 3% of the portfolio Top Ten Port
Slide 9: Dividend Coverage History
DIVIDEND COVERAGE HISTORY Regular dividend of $0.77 per share, representing an annualized dividend yield of 11.2%(1) Net investment income exceeded our dividend, with a dividend coverage ratio of 109%(2) Historical Quarterly Dividends Per Share ($)(3) $1.06 $0.95 $0.96 $0.93 $0.91 $0.90 $0.89 $0
Slide 10: Summary of Operating Results
SUMMARY OF OPERATING RESULTS ($ in millions, except share and per share data) 4Q'23 4Q'24 FY'23 FY'24 Investment Income Interest Income $ 288 $ 333 $ 1,089 $ 1,240 Payment-in-kind interest income 15 18 47 83 Dividend income 0 0 0 0 Fee Income 1 2 7 4 Total investment income $ 304 $ 353 $ 1,144 $ 1,3
Slide 11: Summary Statements of Financial Condition
SUMMARY STATEMENTS OF FINANCIAL CONDITION ($ in millions, except per share data) 12/31/2023 9/30/2024 12/31/2024 Assets Investments at fair value $ 9,868 $ 11,979 $ 13,093 Cash and cash equivalents 155 194 230 Interest receivable 94 111 112 Receivable from broker - 2 5 Deferred financing costs 16 16
Slide 12: Investment Activity
INVESTMENT ACTIVITY Net funded investment activity of $1.2 billion in the quarter: – New investment commitments of $1.2 billion at par and investment fundings of nearly $1.4 billion – Proceeds from sales and repayments of $213 million Originations and Fundings Investment Activity Summary ($ in mil
Slide 13: Funding Profile
FUNDING PROFILE Well-structured, diversified, efficient capital structure with significant available liquidity Well positioned for the current environment with 39% of fixed rate unsecured liabilities, at a weighted average coupon of 2.88% (1) and only $1.5 billion of debt maturities within the n
Slide 14: Supplemental Details
Supplemental Details 14
Slide 15: Fourth Quarter 2024 Net Asset Value Bridge
FOURTH QUARTER 2024 NET ASSET VALUE BRIDGE $0.84 $0.14 $27.39 $27.27 $(0.77) $(0.09) 9/30/24 NAV Net investment Regular dividend Net realized and unrealized Net increase from capital 12/31/24 NAV income (1) declared(2) gain (loss)(1) share transactions (1) The per share data was derived by using the
Slide 16: Summary of Operating Results – Comparative
SUMMARY OF OPERATING RESULTS – COMPARATIVE ($ in millions, except share and per share data) 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 Investment Income Interest Income $ 288 $ 283 $ 303 $ 321 $ 333 Payment-in-kind interest income 15 20 23 21 18 Dividend income 0 - 0 0 0 Fee Income 1 0 1 1 2 Total investment inc
Slide 17: Selected Financial Highlights
SELECTED FINANCIAL HIGHLIGHTS ($ in millions, except share and per share data) 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 Operating results Net investment income $ 172 $ 166 $ 173 $ 186 $ 183 Net income 157 184 196 152 162 Net investment income per share 0.96 0.87 0.89 0.91 0.84 Net income per share 0.88 0.96 1.
Slide 18: Funding Sources Summary
FUNDING SOURCES SUMMARY $2.4B of liquidity in cash and undrawn debt (subject to borrowing base availability) as of December 31, 2024(1) ($ in millions) Counterparty and Initial Date Total Outstanding Interest Rate Maturity Date Principal Committed Entered (Par) Jackson Hole Funding JPM – 11/16/18
Slide 19: Important Disclosure Information
Important Disclosure Information 19
Slide 20: Forward Looking Statements
FORWARD LOOKING STATEMENTS Certain information contained in this communication constitutes “forward-looking statements.” These forward-looking statements can be identified by the use of forward-looking terminology, such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may
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