Blackstone Secured Lending Fund · NYSE:BXSL
Blackstone Secured Lending Fund — Q3 2025 Earnings Presentation
20 slides from Blackstone Secured Lending Fund's earnings presentation, Nov 10, 2025
Slide 1: Blackstone Secured Lending Fund Reports Third Quarter 2025 Results
Blackstone Secured Lending Fund Reports Third Quarter 2025 Results NEW YORK — November 10, 2025 — Blackstone Secured Lending Fund (NYSE: BXSL or the “Company”) today reported its third quarter 2025 results. Brad Marshall and Jonathan Bock, Co-Chief Executive Officers of Blackstone Secured Lending Fu
Slide 2: About Blackstone Secured Lending Fund
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 2025 Results
Blackstone Secured Lending Fund Third Quarter 2025 Results NOVEMBER 10, 2025 This presentation should be read in conjunction with BXSL’s latest quarterly report filed on Form 10-Q for the period ended September 30, 2025. Numbers are approximate and may not add up due to rounding.
Slide 4: Highlights
HIGHLIGHTS ▪ BXSL is designed with the aim to provide powerful earnings while mitigating risk across different market environments with a 98.6%(1) floating rate debt portfolio focused on senior secured debt investments ▪ Portfolio has remained well positioned with healthy underlying credit fundament
Slide 5: Third Quarter Results
THIRD QUARTER RESULTS ▪ Net investment income of $189 million, or $0.82 per share in the quarter, compared to $0.77 per share in the prior quarter and $0.91 per share in 3Q 2024 ▪ Net income of $132 million, or $0.57 per share in the quarter, compared to $0.68 per share in the prior quarter and $0.7
Slide 6: Third Quarter 2025 Selected Financial Highlights
THIRD QUARTER 2025 SELECTED FINANCIAL HIGHLIGHTS ($ in millions, unless otherwise noted) 3Q'24 3Q'25 3Q'24 LTM 3Q'25 LTM Operating results Net investment income $ 186 $ 189 $ 697 $ 737 Net income 152 132 689 600 Net investment income per share 0.91 0.82 3.63 3.26 Net income per share 0.75 0.57 3.60
Slide 7: Portfolio Characteristics
PORTFOLIO CHARACTERISTICS 97.5% 98.6% $13.8B of investments are first lien, of investments are floating rate debt(1) investments at fair value senior secured debt(1) 49.7% 311 0.1% 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, 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 $0.77 per share, representing an annualized dividend yield of 11.3%(1) ▪ Net investment income fully covered our dividend on a per share basis, with a dividend coverage ratio of 106%(2) Historical Quarterly Dividends Per Share ($)(3) $1.06 $0.95 $0.96
Slide 10: Summary of Operating Results
SUMMARY OF OPERATING RESULTS ($ in millions, except share and per share data) 3Q'24 3Q'25 3Q'24 LTM 3Q'25 LTM Investment Income Interest Income $ 321 $ 328 $ 1,196 $ 1,317 Payment-in-kind interest income 21 30 80 91 Dividend income 0 1 0 1 Fee Income 1 0 2 4 Total investment income $ 343 $ 359 $ 1,2
Slide 11: Summary Statements of Financial Condition
SUMMARY STATEMENTS OF FINANCIAL CONDITION ($ in millions, except per share data) 9/30/2024 6/30/2025 9/30/2025 Assets Investments at fair value $ 11,979 $ 13,253 $ 13,810 Cash and cash equivalents, including restricted cash 194 274 250 Interest receivable 111 105 105 Receivable from broker 2 11 11 D
Slide 12: Investment Activity
INVESTMENT ACTIVITY ▪ Net funded investment activity of $0.6 billion in the quarter: – New investment commitments of $1.3 billion at par and investment fundings of $1.0 billion – Proceeds from sales and repayments of $0.4 billion Originations and Fundings Investment Activity Summary ($ 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 Cash and cash equivalents (in
Slide 14: Supplemental Details
Supplemental Details 14
Slide 15: Third Quarter 2025 Net Asset Value Bridge
THIRD QUARTER 2025 NET ASSET VALUE BRIDGE $0.82 $27.33 $(0.77) $0.02 $27.15 $(0.25) 6/30/25 NAV Net investment Regular dividend Net realized and unrealized Net increase from capital share 9/30/25 NAV income (1) declared (2) gain (loss) (1) transactions (1) Per share data is calculated based on weigh
Slide 16: Summary of Operating Results – Comparative
SUMMARY OF OPERATING RESULTS – COMPARATIVE ($ in millions, except share and per share data) 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 Investment Income Interest Income $ 321 $ 333 $ 336 $ 321 $ 328 Payment-in-kind interest income 21 18 21 22 30 Dividend income 0 0 - 0 1 Fee Income 1 2 1 1 0 Total investment inc
Slide 17: Selected Financial Highlights
SELECTED FINANCIAL HIGHLIGHTS ($ in millions, except share and per share data) 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 Operating results Net investment income $ 186 $ 183 $ 189 $ 176 $ 189 Net income 152 162 150 155 132 Net investment income per share 0.91 0.84 0.83 0.77 0.82 Net income per share 0.75 0.75 0.
Slide 18: Funding Sources Summary
FUNDING SOURCES SUMMARY ▪ $2.5B of liquidity in unrestricted cash and undrawn debt (subject to borrowing base availability) as of September 30, 2025(1) ($ in millions) Counterparty and Initial Date Total Outstanding Interest Rate Maturity Date Principal Committed Entered (Par) Jackson Hole Funding J
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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