Blackstone Secured Lending Fund · NYSE:BXSL
Blackstone Secured Lending Fund — Raymond James Institutional Investors Conference 2026
8 slides from Blackstone Secured Lending Fund's conference presentation, Mar 4, 2026
Slide 1: Blackstone Secured Lending Fund Fourth Quarter and Full Year 2025 Results
Blackstone Secured Lending Fund Fourth Quarter and Full Year 2025 Results March 2026 Teddy Desloge, Senior Managing Director, Portfolio Manager, CFO of BXSL Justin Farshidi, Principal This presentation should be read in conjunction with BXSL’s latest annual report filed on Form 10-K for the period e
Slide 2: About Blackstone Secured Lending Fund
About Blackstone Secured Lending Fund Blackstone Secured Lending Fund (NYSE: BXSL) is a specialty finance company that invests primarily in the debt of private U.S. companies. As of December 31, 2025, BXSL’s fair value of investments was approximately $14.2 billion. BXSL has elected to be regulated
Slide 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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
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