Blackstone Secured Lending Fund · NYSE:BXSL
Blackstone Secured Lending Fund — Q1 2024 Earnings Presentation
20 slides from Blackstone Secured Lending Fund's earnings presentation, May 8, 2024
Slide 1: Blackstone Secured Lending Fund Reports First Quarter 2024 Results
Blackstone Secured Lending Fund Reports First Quarter 2024 Results NEW YORK — May 8, 2024 — Blackstone Secured Lending Fund (NYSE: BXSL, or the “Company”) today reported its first quarter 2024 results. Brad Marshall and Jonathan Bock, Co-Chief Executive Officers of Blackstone Secured Lending Fund, s
Slide 2: About BXSL 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: Blackstone Secured Lending Fund First Quarter 2024 Results
Blackstone Secured Lending Fund First Quarter 2024 Results MAY 8, 2024 This presentation should be read in conjunction with BXSL’s latest quarterly report filed on Form 10-Q for the period ended March 31, 2024. Numbers are approximate and may not add up due to rounding.
Slide 4: Highlights
HIGHLIGHTS BXSL is designed with the aim to protect capital with a senior secured debt focus Powerful earnings capacity as the portfolio of 98.8%(1) floating rate debt continued to benefit from an elevated interest rate environment Portfolio is well positioned with investments in companies wit
Slide 5: First Quarter Results
FIRST QUARTER RESULTS Net investment income of $166 million, or $0.87 per share in the quarter, compared to $0.96 per share in the prior quarter and $0.93 per share in 1Q 2023 Net income of $184 million, or $0.96 per share in the quarter, compared to $0.88 per share in the prior quarter and $0.8
Slide 6: First Quarter 2024 Selected Financial Highlights
FIRST QUARTER 2024 SELECTED FINANCIAL HIGHLIGHTS ($ in millions, unless otherwise noted) 1Q'23 1Q'24 1Q'23 LTM 1Q'24 LTM Operating results Net investment income $ 149 $ 166 $ 530 $ 671 Net income 139 184 436 657 Net investment income per share 0.93 0.87 3.25 3.84 Net income per share 0.86 0.96 2.67
Slide 7: Portfolio Characteristics
PORTFOLIO CHARACTERISTICS 98.5% 98.8% $10.4B of investments are first lien, of investments are floating rate debt(1) investments at fair value senior secured debt(1) 47.8% 210 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 commercial services & supplies Diversified portfolio across issuers with no single issuer accounting for more than 4% of the portfolio Top Ten Port
Slide 9: Dividend Coverage History
DIVIDEND COVERAGE HISTORY Regular dividend of $0.77 per share, representing an annualized dividend yield of 11.5%(1) Our dividend is exceeded by net investment income, with a dividend coverage ratio of 113%(2) Historical Quarterly Dividends Per Share ($)(3) $1.06 $0.95 $0.96 $0.93 $0.90 $0.87 $0
Slide 10: Summary of Operating Results
SUMMARY OF OPERATING RESULTS ($ in millions, except share and per share data) 1 Q'23 1 Q'24 1 Q'23 LTM 1 Q'24 LTM I nv e s tm ent I ncom e Interest Income $ 254 $ 283 $ 880 $ 1,118 Payment-in-kind interest income 10 20 41 58 Dividend income - - 3 0 Fee Income 1 0 5 6 Total inv e s tm e nt incom e $
Slide 11: Summary Statements of Financial Condition
SUMMARY STATEMENTS OF FINANCIAL CONDITION ($ in millions, except per share data) 3/31 /2023 1 2/31 / 2023 3/31 /2024 As s ets Investments at fair value $ 9,626 $ 9,868 $ 10,439 Cash and cash equivalents 103 155 148 Interest receivable 78 94 103 Deferred financing costs 15 16 15 Receivable for invest
Slide 12: Investment Activity
INVESTMENT ACTIVITY Net funded investment activity of $532 million in the quarter: – New investment commitments of approximately $1.2 billion at par, and investment fundings of $719 million – Proceeds from sales and repayments of $187 million Originations and Fundings Investment Activity Summary (
Slide 13: Funding Profile
FUNDING PROFILE Well-structured, diversified, efficient capital structure with significant available liquidity Well positioned for the current environment with 53% of liabilities unsecured, at a 2.88% fixed coupon and only $800 million of debt maturities within the next two years BXSL maintain
Slide 14: Supplemental Details
Supplemental Details 14
Slide 15: First Quarter 2024 Net Asset Value Bridge
FIRST QUARTER 2024 NET ASSET VALUE BRIDGE $0.87 $0.09 $0.02 $26.87 $26.66 $(0.77) 12/31/23 NAV Net investment Regular dividend Net realized and unrealized Net increase from capital share 3/31/24 NAV income (1) declared (2) gain (loss) (1) transactions (1) The per share data was derived by using the
Slide 16: Summary of Operating Results – Comparative
SUMMARY OF OPERATING RESULTS – COMPARATIVE ($ in millions, except share and per share data) 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 Investment Income Interest Income $ 254 $ 274 $ 272 $ 288 $ 283 Payment-in-kind interest income 10 11 11 15 20 Dividend income - 0 0 0 - Fee Income 1 5 1 1 0 Total investment inc
Slide 17: Selected Financial Highlights
SELECTED FINANCIAL HIGHLIGHTS ($ in millions, except share and per share data) 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 Operating results Net investment income $ 149 $ 171 $ 161 $ 172 $ 166 Net income 139 145 171 157 184 Net investment income per share 0.93 1.06 0.95 0.96 0.87 Net income per share 0.86 0.90 1.
Slide 18: Funding Sources Summary
FUNDING SOURCES SUMMARY $1.4B of liquidity in cash and undrawn debt (subject to borrowing base availability) as of March 31, 2024(1) ($ in millions) Cou n terparty an d Prin c ipal Total O u tstan din g In terest Rate Matu rity Date In itial Date En tered Co mmitted ( Par) (2) Jackson Hole Funding
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” within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward
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