Blackstone Secured Lending Fund · NYSE:BXSL
Blackstone Secured Lending Fund — Q1 2026 Earnings Presentation
42 slides from Blackstone Secured Lending Fund's earnings presentation, June 2026
Slide 1: Blackstone Secured Lending Fund (BXSL)
Secured EEA, UK and Swiss Notice: Lending For professional/qualified investor use only. Not for distribution to retail/unqualified investors. Blackstone Secured Lending Fund (BXSL) JUNE 2026 Note: All data as of March 31, 2026, unless otherwise noted. The sole purpose of this material is to inform,
Slide 2: Executive Summary: BXSL is a premier BDC
BLACKSTONE SECURED LENDING FUND EXECUTIVE SUMMARY BXSL is a premier BDC seeking to protect capital and focused on privately originated senior secured loans to U.S. companies ▪ $1.3T+ AUM marking Blackstone as the world’s largest alternative asset manager(1)(2) Premier Platform ▪ Wide origination cov
Slide 3: Strength of Blackstone
STRENGTH OF BLACKSTONE World’s largest alternative asset manager with broad capabilities and biggest individual investor platform(1) $1.3T+ $310B Blackstone AUM(2) individual investor AUM(3) BUSINESS AUM Private Equity $430B One of the world’s largest private equity platforms(4) Incumbency $315B (6)
Slide 4: Powerful Credit Platform
POWERFUL CREDIT PLATFORM 25+ years delivering for investors across diversified strategies Private Liquid Infrastructure & Real Corporate Credit(1) Corporate Credit(2) Asset Based Credit(3) Estate Credit(4) Largest Direct Largest Global Largest Energy Largest Real Estate Lending Fund (5) CLO Manager
Slide 5: Expanding Global Footprint
EXPANDING GLOBAL FOOTPRINT Scale and geographic footprint drive our strong origination engine London Dublin Frankfurt Cambridge Paris Milan New York City San Francisco Washington D.C. Tokyo Houston Miami Hong Kong Singapore Sydney TEAM FOOTPRINT Blackstone Headquarters Blackstone Credit & Insurance
Slide 6: Strong Value Proposition
STRONG VALUE PROPOSITION Global platform provides differentiated capabilities Global Presence Information Advantage Private equity, real estate, infrastructure, Deep sector expertise, proprietary data, and insurance platforms create and 1000+ in-house technologists connections and deal flow strength
Slide 7: BXCI Office of the CIO: Connecting the Dots
BXCI OFFICE OF THE CIO: CONNECTING THE DOTS BXCI’s Office of the CIO optimizes investment activity and portfolio management across strategies Chief Investment Office 120+ Dedicated and Specialized Team Members Driving the Full Lifecycle of Investments Underwriting Execution Portfolio Management Inve
Slide 8: Highlights
HIGHLIGHTS ▪ BXSL continues to be designed to provide powerful 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 fundament
Slide 9: BXSL Positioned as a Premier BDC
WE BELIEVE BXSL IS POSITIONED AS A PREMIER BDC BXSL has led peer BDCs across many key metrics BXSL Rankings Among Traded BDC Peers(7) on Key Metrics Quarterly figures as of March 31, 2026 Category Key Metrics BXSL Traded BDC Peer Rank Interest Income (excl. PIK, dividend, fee and other Earnings Qual
Slide 10: Shareholder Alignment
SHAREHOLDER ALIGNMENT High degree of shareholder alignment ▪ 3-year lookback/total return hurdle on incentive fees on income 3-year lookback ▪ Nine other Traded BDC Peers have a lookback(1) ▪ Blackstone Credit & Insurance does not scrape fees for itself from investment fees owed to BXSL(2); 100% of
Slide 11: BXSL Fundamentals
BXSL Fundamentals Blackstone | 11
Slide 12: 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 13: Historical NAV Trend
HISTORICAL NAV TREND Growth in NAV per share and strong quarterly dividend payout since inception ▪ $20.37 per share of value created for investors since inception, representing nearly an 82% unannualized return (1) Net Asset Value and Cumulative Dividends Per Share Since Inception(2) $45.26 $45.37
Slide 14: Portfolio Characteristics
PORTFOLIO CHARACTERISTICS 97.6% 95.8% $13.9B of investments are first lien, of investments are floating rate debt(1) investments at fair value senior secured debt(1) 51.7% 316 3.1% average loan-to-value portfolio companies non-accrual debt investments(4) (LTV)(2)(3) Portfolio Predominantly Portfolio
Slide 15: Portfolio Construction
PORTFOLIO CONSTRUCTION ▪ Broad industry representation with largest exposures in software, professional services, health care providers & services and insurance ▪ Diversified portfolio across issuers with no single issuer accounting for more than 3% of the portfolio Top Ten Portfolio Companies(1)(2)
Slide 16: Portfolio Company Fundamentals
PORTFOLIO COMPANY FUNDAMENTALS ▪ BXSL portfolio companies have historically seen higher growth than the broader market and have seen improved interest coverage ratios(2) 1.6x More Growth ~10% Improvement LTM EBITDA Growth Interest Coverage Ratio (excluding ARR)(2) (Year-over-Year %) (Year-over-Year)
Slide 17: Funding Profile
FUNDING PROFILE ▪ Well-structured, diversified, efficient capital structure with significant available liquidity ▪ BXSL maintains investment grade corporate credit ratings of Baa2/stable from Moody’s, BBB-/positive from S&P, and BBB/stable from Fitch (2) Funding Profile ($ in millions) $351 Cash and
Slide 18: Financial Overview
FINANCIAL OVERVIEW Strong financial profile with dividends covered by net investment income (“NII”) per share and lower expense ratios ▪ NII per share has met or exceeded BXSL’s regular History of dividend per share for the last 26 quarters 100% Dividend Coverage 1Q’26 dividend coverage(2) ▪ Lower m
Slide 19: Historical Share Price
HISTORICAL SHARE PRICE BXSL has delivered consistent base dividends with a stock price currently trading closer to its NAV(1) relative to peers 6/20/23: Base dividend 9/7/22: increased 10%(5) Base dividend 8.7% increased 13%(5) total annualized market return since IPO(3) $23.80 0.91x current price(4
Slide 20: Illustrative Current Total Value Bridge
ILLUSTRATIVE CURRENT TOTAL VALUE BRIDGE (1) $1.26 $45.37 $19.11 ($2.46) Market price discount to NAV as of June 4 2026 $25.00 NAV at (1) Cumulative (2) NAV (3) Total (4) Market Price (5) Inception Dividends Paid Appreciation Value Premium/Discount to NAV Note: Data is as of March 31, 2026, unless ot
Slide 21: Appendix
Appendix Blackstone | 21
Slide 22: Key Highlights
KEY HIGHLIGHTS BXSL leads across many key metrics Earnings Momentum Capital Protection % First Lien Senior LTM Return(1)(2) Dividend Yield(2)(3) % Interest Income(2)(5) Secured(2)(4) 7.5% 11.7% 97.6% 92.9% vs. 3.7% vs. 9.7% vs. 78.6% vs. 76.1% Traded BDC Peers Traded BDC Peers Traded BDC Peers Trade
Slide 23: Detailed Overview of Traded BDC Peer Fees
DETAILED OVERVIEW OF TRADED BDC PEER FEES BXSL and Traded BDC Peers’ fee structures(1) Full Management Fees (% GAV)(2) 2.0% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.3% 1.3% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 0.7% (3) PSEC ARCC TSLX OBDC FSK CGBD OTF BCSF NMFC BBDC PFLT OCSL GSBD KBDC MSDL GBDC BXSL MFIC
Slide 24: Private Credit Market Opportunity
Private Credit Market Opportunity Blackstone | 24
Slide 25: Demand for Private Solutions
DEMAND FOR PRIVATE SOLUTIONS Dry powder has driven increased opportunities for private credit Private Equity Dry Powder(1) Buyers are Increasingly Choosing Private North America only ($ in billions) Lenders(2) Percentage of LBOs Based on Count ~$1,600 83% ~5x 28% as more demand increase than supply
Slide 26: BDC Market Size in Context
BDC MARKET SIZE IN CONTEXT BDCs are only a small percentage of the overall leveraged finance market Leveraged Credit Universe Investor Base in Focus (BDCs as a % of US non-IG corporate credit (1) ) Private Credit ~80% institutional investor base in private credit(2) High Yield BDCs <15% Public BDCs
Slide 27: Noise vs. Reality: Default Cycle?
NOISE VS. REALITY: DEFAULT CYCLE? Default rates expected to normalize from historical lows Public Loans Defaults Direct Lending Index Non-Accruals 14% GFC 12% COVID-19 Current 10% 8% 6% 4% 20yr Average 2% 0% 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 Note: Direct Lending index (Cliffwater Dir
Slide 28: Private Credit Market Trends by Size
PRIVATE CREDIT MARKET TRENDS BY SIZE ▪ BXSL invests in larger companies because we believe they provide the opportunity for better risk-adjusted returns ▪ Private credit market data from Lincoln International shows larger borrowers experienced greater growth over the last year and fewer defaults his
Slide 29: BXSL Return Metrics
BXSL RETURN METRICS 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 3/31/2026 Return Metrics Total Return YTD (1) -1.7% 14.4% 6.5% 12.6% 10.3% 14.7% 13.7% 9.6% 0.7% Note: Past performance does not predict future returns. There can be no assurance that any Blac
Slide 30: Endnotes, Risk Factors and Important Disclosure Information
I. Endnotes, Risk Factors and Important Disclosure Information Blackstone | 30
Slide 31: Endnotes
Endnotes Blackstone | 31
Slide 32: Endnotes
ENDNOTES Notes to Blackstone Secured Lending Fund Executive Summary Data as of March 31, 2026. For illustrative purposes only. 1) Assets under management (“AUM”) is estimated and unaudited as of March 31, 2026. The AUM for Blackstone, any specific fund, account or investment strategy or business uni
Slide 33: Endnotes (Cont'd)
ENDNOTES (CONT’D) Notes to Powerful Credit Platform Private Credit returns include mezzanine lending funds and middle market direct lending funds (including our BDCs), stressed/distressed strategies (including stressed/distressed funds and credit alpha strategies) and energy strategies. Liquid Credi
Slide 34: Endnotes (Cont'd)
ENDNOTES (CONT’D) Notes to Key Highlights Note: Data is as of March 31, 2026, unless otherwise indicated. This is not an offer or sale of any security or investment product. Past performance does not predict future returns. There can be no assurance that any Blackstone product or investment will ach
Slide 35: Risk Factors and Important Disclosure Information
Risk Factors and Important Disclosure Information Blackstone | 35
Slide 36: BXSL Risk and Reward Disclosure
BLACKSTONE SECURED LENDING FUND (“BXSL” OR THE “FUND”) - RISK AND REWARD DISCLOSURE Set out below is a summary of the rewards and associated risks of an investment in the Fund. This summary does not purport to be a comprehensive statement of all such rewards and risks and investors should refer to t
Slide 37: Other Risk Factors
OTHER RISK FACTORS A detailed summary of the risks to which the Fund is subject is available in the Fund’s Offering Documents. Capitalized terms used herein but not otherwise defined have the meanings set forth in the "Important Disclosure Information" section or in the Fund’s Offering Documents. Co
Slide 38: Other Risk Factors (Cont'd)
OTHER RISK FACTORS (CONT’D) Material, Non-Public Information. In connection with other activities of Blackstone, certain Blackstone personnel may acquire confidential or material non-public information or be restricted from initiating transactions in certain securities, including on the Fund’s behal
Slide 39: Important Disclosure Information
IMPORTANT DISCLOSURE INFORMATION This presentation (together with any attachments, appendices, and related materials, the “Materials”) is provided on a confidential basis for informational due diligence purposes only and is not, and may not be relied on in any manner as legal, tax, investment, accou
Slide 40: Important Disclosure Information (Cont'd)
IMPORTANT DISCLOSURE INFORMATION (CONT’D) Performance Calculations. Past performance does not predict future returns, and there can be no assurance that such returns will be achieved, that the Fund will achieve comparable results or that the Fund will be able to implement its investment strategy or
Slide 41: Important Disclosure Information: Index Definitions
IMPORTANT DISCLOSURE INFORMATION Index Definitions The Cliffwater Direct Lending Index (CDLI) seeks to measure the unlevered, gross of fee performance of US middle market corporate loans, as represented by the asset -weighted performance of the underlying assets of Business Development Companies (BD
Slide 42: Important Disclosure Information (Cont'd)
IMPORTANT DISCLOSURE INFORMATION (CONT’D) NOTICE TO INVESTORS IN THE UK AND THE EEA Blackstone Europe Fund Management S.à r.l. ("BEFM") of 2-4 Rue Eugène Ruppert, L-2453, Luxembourg (registration number B212124) is authorized by the Luxembourg Commission de Surveillance du Secteur Financier (referen
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