Blackstone Secured Lending Fund · NYSE:BXSL
Blackstone Secured Lending Fund — Q4 2025 Earnings Presentation
20 slides from Blackstone Secured Lending Fund's earnings presentation, Feb 25, 2026
Slide 1: Blackstone Secured Lending Fund Reports Fourth Quarter and Full Year 2025 Results
Blackstone Secured Lending Fund Reports Fourth Quarter and Full Year 2025 Results NEW YORK — February 25, 2026— Blackstone Secured Lending Fund (NYSE: BXSL or the “Company”) today reported its fourth quarter and full year 2025 results. Brad Marshall, Co-Chief Executive Officer of Blackstone Secured
Slide 2: About Blackstone Secured Lending Fund 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 2025 Results
Blackstone Secured Lending Fund Fourth Quarter and Full Year 2025 Results FEBRUARY 25, 2026 This presentation should be read in conjunction with BXSL’s latest annual report filed on Form 10-K for the period ended December 31, 2025. Numbers are approximate and may not add up due to rounding.
Slide 4: Highlights
HIGHLIGHTS ▪ BXSL continues to be designed to provide powerful earnings while mitigating risk across different market environments with a 98.4%(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 $186 million, or $0.80 per share in the quarter, compared to $0.82 per share in the prior quarter and $0.84 per share in 4Q 2024 ▪ Net income of $126 million, or $0.55 per share in the quarter, compared to $0.57 per share in the prior quarter and $0.
Slide 6: Fourth Quarter 2025 Selected Financial Highlights
FOURTH QUARTER 2025 SELECTED FINANCIAL HIGHLIGHTS ($ in millions, unless otherwise noted) 4Q'24 4Q'25 FY'24 FY'25 Operating results Net investment income $ 183 $ 186 $ 708 $ 740 Net income 162 126 694 563 Net investment income per share 0.84 0.80 3.51 3.23 Net income per share 0.75 0.55 3.45 2.46 Re
Slide 7: Portfolio Characteristics
PORTFOLIO CHARACTERISTICS 97.6% 98.4% $14.2B of investments are first lien, of investments are floating rate debt(1) investments at fair value senior secured debt(1) 50.5% 316 0.6% 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 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 $0.77 per share, representing an annualized dividend yield of 11.4%(1) ▪ Net investment income fully covered our dividend, with a dividend coverage ratio of 104%(2) Historical Quarterly Dividends Per Share ($)(3) $1.06 $0.95 $0.96 $0.93 $0.91 $0.90 $0.
Slide 10: Summary of Operating Results
SUMMARY OF OPERATING RESULTS ($ in millions, except share and per share data) 4Q'24 4Q'25 FY'24 FY'25 Investment Income Interest Income $ 333 $ 327 $ 1,240 $ 1,312 Payment-in-kind interest income 18 30 83 103 Dividend income 0 0 0 1 Other Income 2 0 4 3 Total investment income $ 353 $ 358 $ 1,327 $
Slide 11: Summary Statements of Financial Condition
SUMMARY STATEMENTS OF FINANCIAL CONDITION ($ in millions, except per share data) 1 2/31 /2024 9 /30/2025 1 2/31 /2025 As s e ts Investments at fair value $ 13,093 $ 13,810 $ 14,207 Cash and cash equivalents 230 250 290 Interest receivable 112 105 106 Receivable from broker 5 11 11 Deferred financing
Slide 12: Investment Activity
INVESTMENT ACTIVITY ▪ Net funded investment activity of $0.4 billion in the quarter: – New investment commitments of $0.9 billion at par and investment fundings of $1.0 billion – Proceeds from sales and repayments of $0.6 billion Originations and Fundings Investment Activity Summary ($ 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) Cash and cash
Slide 14: Supplemental Details
Supplemental Details 14
Slide 15: Fourth Quarter 2025 Net Asset Value Bridge - QTD
FOURTH QUARTER 2025 NET ASSET VALUE BRIDGE - QTD $0.80 $27.15 $(0.77) $0.00 $26.92 $(0.26) 9/30/25 NAV Net investment income (1) Regular dividend Net realized and unrealized Net increase from capital share 12/31/25 NAV declared (2) gain (loss) (1) transactions (1) The per share data was derived by u
Slide 16: Summary of Operating Results – Comparative
SUMMARY OF OPERATING RESULTS – COMPARATIVE ($ in millions, except share and per share data) 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Investment Income Interest Income $ 333 $ 336 $ 321 $ 328 $ 327 Payment-in-kind interest income 18 21 22 30 30 Dividend income 0 - 0 1 0 Other Income 2 1 1 0 0 Total investment i
Slide 17: Selected Financial Highlights
SELECTED FINANCIAL HIGHLIGHTS ($ in millions, except share and per share data) 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Operating results Net investment income $ 183 $ 189 $ 176 $ 189 $ 186 Net income 162 150 155 132 126 Net investment income per share 0.84 0.83 0.77 0.82 0.80 Net income per share 0.75 0.66 0.
Slide 18: Funding Sources Summary
FUNDING SOURCES SUMMARY ▪ $2.5B of liquidity in unrestricted cash and undrawn debt (subject to borrowing base availability) as of December 31, 2025(1) ($ in millions) Co u n terparty an d In itial Date Prin c ipal To tal Ou tstan din g In terest Rate Matu rity Date En tered Co mmitted (Par) Jackson
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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