Blackstone Secured Lending Fund · NYSE:BXSL
Blackstone Secured Lending Fund — Q3 2026 Earnings Presentation
20 slides from Blackstone Secured Lending Fund's earnings presentation, Nov 4, 2026
Slide 1: Blackstone Secured Lending Fund Reports Third Quarter 2026 Results
Blackstone Secured Lending Fund Reports Third Quarter 2026 Results NEW YORK — November 4, 2026 — Blackstone Secured Lending Fund (NYSE: BXSL or the “Company”) today reported its third quarter 2026 results. Brad Marshall, Chief Executive Officer of Blackstone Secured Lending Fund, said, “BXSL deliver
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
Slide 3: Blackstone Secured Lending Fund Third Quarter 2026 Results
Blackstone Secured Lending Fund Third Quarter 2026 Results November 4, 2026 This presentation should be read in conjunction with BXSL’s latest quarterly report filed on Form 10 - Q for the period ended September 30, 2026. Numbers are approximate and may not add up due to rounding.
Slide 4: Highlights
HIGHLIGHTS ▪ BXSL is designed to deliver attractive yield and long - term risk - adjusted returns across market cycles, with a floating rate portfolio focused on first lien, senior secured debt investments ▪ Portfolio has remained well positioned with healthy underlying credit fundamentals and 2.1%
Slide 5: Third Quarter Results
THIRD QUARTER RESULTS Earnings Summary ▪ Net investment income of $158 million, or $0.68 per share in the quarter, compared to $0.75 per share in the prior quarter and $0.82 per share in 3Q 2025 ▪ Net income of $117 million, or $0.50 per share in the quarter, compared to $0.04 per share in the prior
Slide 6: Third Quarter 2026 Selected Financial Highlights
TS THIRD QUARTER 2026 SELECTED FINANCIAL HIGHLIGH ($ in millions, unless otherwise noted) 3Q'26 LTM 3Q'25 LTM 3Q'26 3Q'25 Operating results 697 $ 737 $ 158 $ 189 $ Net investment income 278 600 117 132 Net income 3.00 3.26 0.68 0.82 Net investment income per share 1.20 2.66 0.50 0.57 Net income per
Slide 7: Portfolio Characteristics
PORTFOLIO CHARACTERISTICS 95.8% 95.1% of investments are floating rate debt (1) $12.9B investments at fair value of investments are first lien, senior secured debt (1) 49.2% average loan - to - value (LTV) (2)(3) 306 portfolio companies 2.1% non - accrual debt investments (4) Portfolio Predominantly
Slide 8: Portfolio Construction
PORTFOLIO CONSTRUCTION ▪ Diversified across 306 portfolio companies in 39 industries, with no single issuer accounting for more than 3% of the portfolio Top Ten Portfolio Companies (1)(2) (as of September 30, 2026) Top Ten Industries (1)(3) (as of September 30, 2026) Snoopy Bidco, 3% JSS, 3% Guideho
Slide 9: Dividend Coverage History
DIVIDEND COVERAGE HISTORY ▪ Regular dividend of $0.77 per share, representing an annualized dividend yield of 12.2% (1) Historical Quarterly Dividends Per Share ($) (3) $0.95 $0.96 $0.87 $0.89 $0.91 $0.84 $0.83 $0.82 $0.80 $0.77 $0.77 $0.75 $0.68 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77
Slide 10: Summary of Operating Results
SUMMARY OF OPERATING RESULTS ($ in millions, except share and per share data ) 3Q'26 LTM 3Q'25 LTM 3Q'26 3Q'25 Investment Income 1,225 $ 1,317 $ 297 $ 328 $ Interest Income 91 91 18 30 Payment - in - kind interest income 0 1 0 1 Dividend income 3 4 0 0 Other Income 1,319 $ 1,414 $ 315 $ 359 $ Total
Slide 11: Summary Statements of Financial Condition
SUMMARY STATEMENTS OF FINANCIAL CONDITION ($ in millions, except per share data) 9/30/2026 6/30/2026 9/30/2025 Assets 12,946 $ 13,364 $ 13,810 $ Investments at fair value 143 267 250 Cash and cash equivalents 102 108 105 Interest receivable 10 2 11 Receivable from broker 21 20 21 Deferred financing
Slide 12: Investment Activity
INVESTMENT ACTIVITY ▪ Net funded investment activity of $(0.4) billion in the quarter: – New investment commitments of $0.2 billion at par and investment fundings of $0.2 billion – Proceeds from sales and repayments of $0.7 billion Originations and Fundings ($ in millions) Investment Activity Summar
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/negative from Moody’s, BBB - /stable from S&P, and BBB/stable from Fitch (2) Funding Profile ($ in millions) $143 Cash
Slide 14: Supplemental Details
Supplemental Details
Slide 15: Third Quarter 2026 Net Asset Value Bridge - QTD
THIRD QUARTER 2026 NET ASSET VALUE BRIDGE - QTD $0.68 $25.53 $(0.77) $25.25 $(0.19) 6/30/26 NAV Net investment income (1) Regular dividend declared (2) Net realized and unrealized gain (loss) (1) 9/30/26 NAV (1) The per share data was derived by using the weighted average shares outstanding during t
Slide 16: Summary of Operating Results – Comparative
SUMMARY OF OPERATING RESULTS – COMPARATIVE ($ in millions, except share and per share data ) 3Q'26 2 Q'26 1 Q'26 4 Q'25 3 Q'25 Investment I ncome 297 $ 299 $ 302 $ 327 $ 328 $ Interest Income 18 21 22 30 30 Payment - in - kind interest income 0 - 0 0 1 Dividend income 0 1 2 0 0 Other Income 315 $ 32
Slide 17: Selected Financial Highlights
SELECTED FINANCIAL HIGHLIGHTS ($ in millions, except share and per share data) 3Q'26 2Q'26 1Q'26 4Q'25 3Q'25 Operating results 158 $ 174 $ 179 $ 186 $ 189 $ Net investment income 117 9 25 126 132 Net income 0.68 0.75 0.77 0.80 0.82 Net investment income per share 0.50 0.04 0.11 0.55 0.57 Net income
Slide 18: Funding Sources Summary
FUNDING SOURCES SUMMARY ▪ $2.6B of liquidity in unrestricted cash and undrawn debt (subject to borrowing base availability) as of September 30, 2026 (1) ($ in millions) Total Outstanding (Par) Principal Committed Maturity Date Interest Rate Counterparty and Initial Date Entered $446 $1,175 6/18/2029
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,” “continue
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