Blackstone Secured Lending Fund · NYSE:BXSL
Blackstone Secured Lending Fund — Q1 2025 Earnings Presentation
43 slides from Blackstone Secured Lending Fund's earnings presentation, June 2025
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 2025 Note: All data as of March 31, 2025, unless otherwise noted. The sole purpose of this material is to inform,
Slide 2: BXSL is a premier BDC focused on privately originated senior secured loans
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 ▪ ~$1.2T 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) ~$1.2T $260B Blackstone AUM(2) individual investor AUM(3) BUSINESS AUM Private Equity $371B World’s largest private equity platform(4) Incumbency $320B (6) Real Estate
Slide 4: 25+ years delivering for investors across diversified strategies
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 CLO Largest Energy Largest Real Estate Lending Fund (5) Manager (6) Tra
Slide 5: Scale and geographic footprint drive our strong origination engine
EXPANDING GLOBAL FOOTPRINT Scale and geographic footprint drive our strong origination engine London Dublin Frankfurt Paris Cambridge Milan New York City San Francisco Washington D.C. Tokyo Houston Miami Hong Kong Singapore Sydney TEAM COVERAGE FOOTPRINT Blackstone Headquarters Blackstone Credit & I
Slide 6: Global platform provides differentiated capabilities
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 50+ data scientists strengthen connections and deal flow invest
Slide 7: Portfolio companies have full access to BXCI's Value Creation Program
BXCI VALUE CREATION Portfolio companies have full access to BXCI’s Value Creation Program 90%+ $5B $268M of BXCI portfolio companies total illustrative revenue generated(2)(4) by BXCI introduced actively participate in value created across BXCI portfolio companies the program(1) portfolio companies(
Slide 8: 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 9: BXSL has led peer BDCs across many key metrics
WE BELIEVE BXSL IS POSITIONED AS A PREMIER BDC BXSL has led peer BDCs across many key metrics BXSL Rankings Among Traded BDC Peers(8) on Key Metrics Quarterly figures as of March 31, 2025 Category Key Metrics BXSL Traded BDC Peer Rank Interest Income (excl. PIK, dividend, fee and other Earnings Qual
Slide 10: High degree of shareholder alignment
SHAREHOLDER ALIGNMENT High degree of shareholder alignment ▪ 3-year lookback/total return hurdle on incentive fees on income 3-year lookback ▪ Only eight other Traded BDC Peers have a lookback(1) ▪ Blackstone Credit & Insurance does not scrape fees for itself from investment fees owed to BXSL(2); 10
Slide 11: BXSL Fundamentals
BXSL Fundamentals Blackstone | 11
Slide 12: Dividend Coverage History
DIVIDEND COVERAGE HISTORY ▪ Regular dividend of $0.77 per share, representing an annualized dividend yield of 11.2%(1) ▪ Net investment income exceeded our dividend, with a dividend coverage ratio of 108%(2) Historical Quarterly Dividends Per Share ($)(3) $1.06 $0.95 $0.96 $0.93 $0.91 $0.90 $0.89 $0
Slide 13: Historical NAV Trend
HISTORICAL NAV TREND Growth in NAV per share and strong quarterly dividend payout since inception ▪ $18.42 per share of value created for investors since inception, representing a 74% unannualized return (1) Net Asset Value and Cumulative Dividends Per Share Since Inception(2) $43.42 $42.65 $38.84 $
Slide 14: Portfolio Characteristics
PORTFOLIO CHARACTERISTICS 98.2% 98.8% $12.8B of investments are first lien, of investments are floating rate debt(1) investments at fair value senior secured debt(1) 47.4% 284 0.3% 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, health care providers & services, professional 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 seen higher growth than the broader market while also being more profitable than the average private credit borrower over the past year 2x+ More Growth 25%+ More Profitable LTM EBITDA Growth LTM EBITDA Margin (Year-over-Year %) (%) 28% 1
Slide 17: BXSL's Strong Credit Performance
BXSL’S STRONG CREDIT PERFORMANCE BXSL’s defensive positioning continues to deliver strong credit performance Strong Ability to Service Debt vs. Private Low Non-Accruals vs. Peers Credit Market Non-Accruals as a % of Cost % of Portfolio with Interest Coverage Ratio >1.0x (Excl ARR) 91% 2.7% 89% 0.3%
Slide 18: Funding Profile
FUNDING PROFILE ▪ Well-structured, diversified, efficient capital structure with significant available liquidity ▪ Well positioned for the current environment with 38% of fixed rate unsecured liabilities, at a weighted average coupon of 2.88% (1) and only $2.2 billion of debt maturities within the n
Slide 19: Financial Overview
FINANCIAL OVERVIEW Strong financial profile with dividends covered by net investment income (“NII”) and lower expense ratios ▪ NII has exceeded BXSL’s regular dividend for the last History of 22 quarters 108% Dividend Coverage 1Q’25 dividend coverage(2) ▪ Lower management fees, cost of leverage and
Slide 20: Historical Share Price
HISTORICAL SHARE PRICE BXSL has delivered steady dividends with a stock price currently trading at a premium to NAV(1) ▪ BXSL is one of four BDCs in its traded peer set(2) trading above NAV 17.0% 6/20/23: total annualized 9/7/22: Base dividend Base dividend 1.16x market return since increased 10%(5)
Slide 21: Illustrative Current Total Value Bridge
ILLUSTRATIVE CURRENT TOTAL VALUE BRIDGE (1) $2.39 $43.42 $4.49 $16.03 Market price premium to NAV as of May 30, 2025 $25.00 NAV at (1) Cumulative (2) NAV (3) Total (4) Market Price (5) Inception Dividends Paid Appreciation Value Premium to NAV Note: Data is as of March 31, 2025, unless otherwise ind
Slide 22: Appendix
Appendix Blackstone | 22
Slide 23: BXSL leads across many key metrics
KEY HIGHLIGHTS BXSL leads across many key metrics Earnings Momentum Capital Protection % First Lien Senior Non-accruals LTM Return(1)(2) Dividend Yield(2)(3) Secured(2)(4) (at cost)(2)(5) 13.0% 11.2% 98.2% 0.3% vs. 7.5% vs. 9.9% vs. 77.2% vs. 2.7% Traded BDC Peers Traded BDC Peers Traded BDC Peers T
Slide 24: BXSL and peers' fee structures
DETAILED OVERVIEW OF TRADED BDC PEER FEES BXSL and peers’ fee structures(1) Full Management Fees (% GAV)(2) 2.0% 1.5% 1.5% 1.5% 1.5% 1.5% 1.3% 1.3% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 0.7% (3) PSEC ARCC TSLX OBDC FSK BCSF NMFC BBDC OCSL GSBD KBDC MSDL GBDC BXSL MFIC Full Income Incentive Fees (% Pre-Fee N
Slide 25: Private Credit Market Opportunity
Private Credit Market Opportunity Blackstone | 25
Slide 26: Dry powder has driven increased opportunities for private credit
DEMAND FOR PRIVATE SOLUTIONS Dry powder has driven increased opportunities for private credit Private Equity Dry Powder(1) Buyers are Increasingly Choosing Private North America only ($ in billions) Lenders(2) Percentage of LBOs Based on Count (Q1’25) ~$1,500 81% 5x+ 61% as more demand higher than s
Slide 27: The addressable market for private credit is large
SIGNIFICANT WHITE SPACE The addressable market for private credit is large ~$4T Total Addressable Market $1.6T Companies with >$1B debt $ 2.9T Potential Opportunity $1.3T Set Companies with <$1B debt $1.0T US Private Credit Market(1) US Leveraged Finance Market(2) Note: There can be no guarantee tre
Slide 28: Base rates remain wide, increasing BXSL's asset-level yields
HIGHER ASSET YIELDS Base rates remain wide relative to prior years, which has increased BXSL's asset-level yields BXSL Asset-Level Yields(1) 9.5% 6.0% 5.1% 7.6% +190bps 6.8% 4.4% 5.4% 0.8% New Investments Investments New NewInvestments Investments in in Q4 2021 ininQ1 Q12025 2024 Base Rate or Floor(
Slide 29: 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 30: 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 3/31/2025 Return Metrics Total Return YTD (1) -1.7% 14.4% 6.5% 12.6% 10.3% 14.7% 13.7% 2.8% Note: Past performance does not predict future returns. There can be no assurance that any Blackstone product o
Slide 31: Endnotes, Risk Factors and Important Disclosure Information
I. Endnotes, Risk Factors and Important Disclosure Information Blackstone | 31
Slide 32: Endnotes
Endnotes Blackstone | 32
Slide 33: Endnotes
ENDNOTES Notes to Blackstone Secured Lending Fund Executive Summary Data as of March 31, 2025. For illustrative purposes only. 1) Assets under management (“AUM”) is estimated and unaudited as of March 31, 2025. The AUM for Blackstone, any specific fund, account or investment strategy or business uni
Slide 34: 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 35: Endnotes (Cont'd)
ENDNOTES (CONT’D) Notes to BXCI Value Creation 1) This number represents the amount of introductions across Blackstone Credit & Insurance portfolio companies and is not limited to introductions made to BXSL portfolio companies, which may have a lower participation rate or be significantly lower. “Ac
Slide 36: Endnotes (Cont'd)
ENDNOTES (CONT’D) Notes to Key Highlights Note: Data is as of March 31, 2025, 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 37: Risk Factors and Important Disclosure Information
Risk Factors and Important Disclosure Information Blackstone | 37
Slide 38: 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 39: 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 40: Other Risk Factors (Cont'd)
OTHER RISK FACTORS (CONT’D) No Assurance of Investment Return. An investment in the Fund is speculative and involves a high degree of risk. There can be no assurance that the Fund will achieve comparable results, implement its investment strategy, achieve its objectives, or avoid substantial losses,
Slide 41: 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 42: 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 43: Important Disclosure Information (Cont'd)
IMPORTANT DISCLOSURE INFORMATION (CONT’D) NOTICE TO INVESTORS IN THE UK AND THE EEA Blackstone Europe LLP ("BELL") of 40 Berkeley Square, London, W1J 5AL (registration number OC352581) is authorized and regulated by the Financial Conduct Authority (the “FCA”) (firm reference number 520839) in the Un
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