Blackstone Secured Lending Fund · NYSE:BXSL
Blackstone Secured Lending Fund — Q1 2025 Earnings Presentation
20 slides from Blackstone Secured Lending Fund's earnings presentation, May 7, 2025
Slide 1: Blackstone Secured Lending Fund Reports First Quarter 2025 Results
Blackstone Secured Lending Fund Reports First Quarter 2025 Results NEW YORK — May 7, 2025 — Blackstone Secured Lending Fund (NYSE: BXSL or the “Company”) today reported its first quarter 2025 results. Brad Marshall and Jonathan Bock, Co-Chief Executive Officers of Blackstone Secured Lending Fund, sa
Slide 2: About Blackstone Secured Lending Fund; 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: Blackstone Secured Lending Fund First Quarter 2025 Results
Blackstone Secured Lending Fund First Quarter 2025 Results MAY 7, 2025 This presentation should be read in conjunction with BXSL’s latest quarterly report filed on Form 10-Q for the period ended March 31, 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 98.8%(1) floating rate debt portfolio focused on senior secured debt investments Portfolio has remained well positioned with healthy underlying credit fundament
Slide 5: First Quarter Results
FIRST QUARTER RESULTS Net investment income of $189 million, or $0.83 per share in the quarter, compared to $0.84 per share in the prior quarter and $0.87 per share in 1Q 2024 Net income of $150 million, or $0.66 per share in the quarter, compared to $0.75 per share in the prior quarter and $0.9
Slide 6: First Quarter 2025 Selected Financial Highlights
FIRST QUARTER 2025 SELECTED FINANCIAL HIGHLIGHTS ($ in millions, unless otherwise noted) 1Q'24 1Q'25 Q1'24 LTM 1Q'25 LTM Operating results Net investment income $ 166 $ 189 $ 671 $ 731 Net income 184 150 657 660 Net investment income per share 0.87 0.83 3.84 3.47 Net income per share 0.96 0.66 3.75
Slide 7: $12.8B Portfolio Predominantly First Lien Debt
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 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 $0.77 per share, representing an annualized dividend yield of 11.2%(1) Net investment income exceeded our dividend, with a dividend coverage ratio of 108%(2) Historical Quarterly Dividends Per Share ($)(3) $1.06 $0.95 $0.96 $0.93 $0.91 $0.90 $0.89 $0
Slide 10: Summary of Operating Results
SUMMARY OF OPERATING RESULTS ($ in millions, except share and per share data) 1Q'24 1Q'25 1Q'24 LTM 1Q'25 LTM Investment Income Interest Income $ 283 $ 336 $ 1,118 $ 1,293 Payment-in-kind interest income 20 21 58 84 Dividend income - - 0 0 Fee Income 0 1 6 4 Total investment income $ 304 $ 358 $ 1,1
Slide 11: Summary Statements of Financial Condition
SUMMARY STATEMENTS OF FINANCIAL CONDITION ($ in millions, except per share data) 3/31/2024 12/31/2024 3/31/2025 Assets Investments at fair value $ 10,439 $ 13,093 $ 12,834 Cash and cash equivalents 148 230 965 Interest receivable 103 112 107 Receivable from broker - 5 10 Deferred financing costs 15
Slide 12: Investment Activity
INVESTMENT ACTIVITY Net funded investment activity of $(0.3) billion in the quarter: – New investment commitments of $0.8 billion at par and investment fundings of nearly $0.7 billion – Proceeds from sales and repayments of $1.0 billion Originations and Fundings Investment Activity Summary ($ in m
Slide 13: 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 14: Supplemental Details
Supplemental Details 14
Slide 15: First Quarter 2025 Net Asset Value Bridge
FIRST QUARTER 2025 NET ASSET VALUE BRIDGE $0.83 $27.39 $(0.77) $0.11 $27.39 $(0.17) 12/31/24 NAV Net investment Regular dividend Net realized and unrealized Net increase from capital share 3/31/25 NAV income(1) declared (2) gain (loss)(1) transactions (1) The per share data was derived by using the
Slide 16: Summary of Operating Results – Comparative
SUMMARY OF OPERATING RESULTS – COMPARATIVE ($ in millions, except share and per share data) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 Investment Income Interest Income $ 283 $ 303 $ 321 $ 333 $ 336 Payment-in-kind interest income 20 23 21 18 21 Dividend income - 0 0 0 - Fee Income 0 1 1 2 1 Total investment inc
Slide 17: Selected Financial Highlights
SELECTED FINANCIAL HIGHLIGHTS ($ in millions, except share and per share data) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 Operating results Net investment income $ 166 $ 173 $ 186 $ 183 $ 189 Net income 184 196 152 162 150 Net investment income per share 0.87 0.89 0.91 0.84 0.83 Net income per share 0.96 1.01 0.
Slide 18: Funding Sources Summary
FUNDING SOURCES SUMMARY $3.4B of liquidity in cash and undrawn debt (subject to borrowing base availability) as of March 31, 2025(1) ($ in millions) Counterparty and Initial Date Total Outstanding Interest Rate Maturity Date Principal Committed Entered (Par) Jackson Hole Funding JPM – 11/16/18 SOF
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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