Blackstone Secured Lending Fund · NYSE:BXSL
Blackstone Secured Lending Fund — Q1 2026 Earnings Presentation
20 slides from Blackstone Secured Lending Fund's earnings presentation, May 7, 2026
Slide 1: Blackstone Secured Lending Fund Reports First Quarter 2026 Results
Blackstone Secured Lending Fund Reports First Quarter 2026 Results NEW YORK — May 7, 2026— Blackstone Secured Lending Fund (NYSE: BXSL or the “Company”) today reported its first quarter 2026 results. Brad Marshall, Co-Chief Executive Officer of Blackstone Secured Lending Fund, said, “BXSL reported a
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: Blackstone Secured Lending Fund First Quarter 2026 Results
Blackstone Secured Lending Fund First Quarter 2026 Results MAY 7, 2026 This presentation should be read in conjunction with BXSL’s latest quarterly report filed on Form 10-Q for the period ended March 31, 2026. Numbers are approximate and may not add up due to rounding.
Slide 4: Highlights
HIGHLIGHTS ▪ BXSL continues to be designed to provide steady earnings while mitigating risk across different market environments with a 95.8%(1) floating rate debt portfolio focused on senior secured debt investments ▪ Portfolio has remained well positioned with healthy underlying credit fundamental
Slide 5: First Quarter Results
FIRST QUARTER RESULTS ▪ Net investment income of $179 million, or $0.77 per share in the quarter, compared to $0.80 per share in the prior quarter and $0.83 per share in 1Q 2025 ▪ Net income of $25 million, or $0.11 per share in the quarter, compared to $0.55 per share in the prior quarter and $0.66
Slide 6: First Quarter 2026 Selected Financial Highlights
FIRST QUARTER 2026 SELECTED FINANCIAL HIGHLIGHTS ($ in millions, unless otherwise noted) 1Q'25 1Q'26 1Q'25 LTM 1Q'26 LTM Operating results Net investment income $ 189 $ 179 $ 731 $ 730 Net income 150 25 660 439 Net investment income per share 0.83 0.77 3.47 3.16 Net income per share 0.66 0.11 3.17 1
Slide 7: Portfolio Characteristics
PORTFOLIO CHARACTERISTICS 97.6% 95.8% $13.9B of investments are first lien, of investments are floating rate debt(1) investments at fair value senior secured debt(1) 51.7% 316 3.1% 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, professional services, health care providers & services and insurance ▪ Diversified portfolio across issuers with no single issuer accounting for more than 3% of the portfolio Top Ten Portfolio Companies(1)(2)
Slide 9: Dividend Coverage History
DIVIDEND COVERAGE HISTORY ▪ Regular dividend of $0.77 per share, representing an annualized dividend yield of 11.7%(1) ▪ Net investment income fully covered our dividend, with a dividend coverage ratio of 100%(2) Historical Quarterly Dividends Per Share ($)(3) $1.06 $0.95 $0.96 $0.93 $0.91 $0.87 $0.
Slide 10: Summary of Operating Results
SUMMARY OF OPERATING RESULTS ($ in millions, except share and per share data) 1 Q'25 1 Q'26 1 Q'25 LTM 1 Q'26 LTM I nv e s tm e nt I ncom e Interest Income $ 336 $ 302 $ 1,293 $ 1,278 Payment-in-kind interest income 21 22 84 103 Dividend income - 0 0 1 Other Income 1 2 4 4 Total inv e s tm e nt inco
Slide 11: Summary Statements of Financial Condition
SUMMARY STATEMENTS OF FINANCIAL CONDITION ($ in millions, except per share data) 3/31 /2025 1 2/31 /2025 3/31 /2026 As s e ts Investments at fair value $ 12,834 $ 14,207 $ 13,942 Cash and cash equivalents 965 290 351 Interest receivable 107 106 98 Receivable from broker 10 11 2 Deferred financing co
Slide 12: Investment Activity
INVESTMENT ACTIVITY ▪ Net funded investment activity of $(0.1) billion in the quarter: – New investment commitments of $0.3 billion at par and investment fundings of $0.3 billion – Proceeds from sales and repayments of $0.5 billion Originations and Fundings Investment Activity Summary ($ in millions
Slide 13: Funding Profile
FUNDING PROFILE ▪ Well-structured, diversified, efficient capital structure with significant available liquidity ▪ BXSL maintains investment grade corporate credit ratings of Baa2/stable from Moody’s, BBB-/positive from S&P, and BBB/stable from Fitch (2) Funding Profile ($ in millions) $351 Cash and
Slide 14: Supplemental Details
Supplemental Details
Slide 15: First Quarter 2026 Net Asset Value Bridge
FIRST QUARTER 2026 NET ASSET VALUE BRIDGE - QTD . . ( . ) . ( . ) NAV Net investment income ( ) Regular dividend Net reali ed and unreali ed NAV declared ( ) gain (loss) ( ) (1) The per share data was derived by using the weighted average shares outstanding during the period. (2) The per share data
Slide 16: Summary of Operating Results – Comparative
SUMMARY OF OPERATING RESULTS – COMPARATIVE ($ in millions, except share and per share data) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Investment Income Interest Income $ 336 $ 321 $ 328 $ 327 $ 302 Payment-in-kind interest income 21 22 30 30 22 Dividend income - 0 1 0 0 Other Income 1 1 0 0 2 Total investment i
Slide 17: Selected Financial Highlights
SELECTED FINANCIAL HIGHLIGHTS ($ in millions, except share and per share data) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Operating results Net investment income $ 189 $ 176 $ 189 $ 186 $ 179 Net income 150 155 132 126 25 Net investment income per share 0.83 0.77 0.82 0.80 0.77 Net income per share 0.66 0.68 0.5
Slide 18: Funding Sources Summary
FUNDING SOURCES SUMMARY ▪ $2.3B of liquidity in unrestricted cash and undrawn debt (subject to borrowing base availability) as of March 31, 2026(1) ($ in millions) Counterparty and Initial Date Principal Total Outstanding Interest Rate Maturity Date Entered Committed (Par) Jackson Hole Funding JPM –
Slide 19: Important Disclosure Information
Important Disclosure Information
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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