Blackstone Secured Lending Fund · NYSE:BXSL

Blackstone Secured Lending Fund — Q4 2021 Earnings Presentation

19 slides from Blackstone Secured Lending Fund's earnings presentation, Feb 28, 2022

  1. Slide 1: Blackstone Secured Lending Fund Reports Fourth Quarter and Full Year 2021 Results

    Blackstone Secured Lending Fund Reports Fourth Quarter and Full Year 2021 Results NEW YORK — February 28, 2022 — Blackstone Secured Lending Fund (NYSE: BXSL, or the “Company”) today reported its fourth quarter and full year 2021 results. Brad Marshall, Chief Executive Officer of Blackstone Secured L

  2. 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 o

  3. Slide 3: Blackstone Secured Lending Fund Fourth Quarter and Full Year 2021 Results

    Blackstone Secured Lending Fund Fourth Quarter and Full Year 2021 Results FEBRUARY 28, 2022 This presentation should be read in conjunction with BXSL’s latest annual report filed on Form 10-K for the period ended December 31, 2021. Numbers are approximate and may not add up due to rounding.

  4. Slide 4: Fourth Quarter 2021 Highlights

    FOURTH QUARTER 2021 HIGHLIGHTS  Net investment income of $111 million, or $0.67 per share, in the quarter  Net income of $122 million, or $0.73 per share, in the quarter  Net asset value of $4.4 billion, or $26.27 per share at quarter-end Earnings Summary  Total return (based on NAV) of 10.1% an

  5. Slide 5: Fourth Quarter and Full Year 2021 Highlights

    FOURTH QUARTER AND FULL YEAR 2021 HIGHLIGHTS ($ in millions, unless otherwise noted) 4Q'20 4Q'21 FY'20 FY'21 Operating Results Net investment income $ 85 $ 111 $ 240 $ 352 Net income 121 122 219 460 Net investment income per share $ 0.78 $ 0.67 $ 2.51 $ 2.43 Net income per share 1.11 0.73 2.29 3.19

  6. Slide 6: Fourth Quarter 2021 Net Asset Value Bridge

    NET ASSET VALUE BRIDGE Fourth Quarter 2021 Net Asset Value Bridge ($ per share) $0.67 $0.05 $26.27 ( $0.53 ) $26.15 ( $0.07 ) (3) 9/30/21 NAV Net investment Dividends IPO related Net realized and (4) 12/31/21 NAV income (1) declared (2) unrealized gain (loss) (1) The per share data was derived by us

  7. Slide 7: Dividend Coverage History

    DIVIDEND COVERAGE HISTORY  4Q’21 dividend of $0.53 per share, up from $0.50 per share in the prior quarter  Previously announced four special dividends totaling $0.65 per share to be paid out by November 2022(1)  Current 8.1% regular dividend yield(2) with an additional yield of 2.5%(3) from spec

  8. Slide 8: Investment Activity

    INVESTMENT ACTIVITY  Portfolio fair market value increased to $9.9 billion from $8.2 billion as of September 30, 2021 and $5.6 billion as of December 31, 2020  Net portfolio activity of $1.6 billion in the quarter: – New investment commitments of $2.6 billion (at par); New investment fundings of $

  9. Slide 9: Portfolio Characteristics

    PORTFOLIO CHARACTERISTICS 97.6% 99.9% $9.9B of investments in first lien, of debt investments are investments at fair value senior secured debt(1) floating rate(1) 44.0% 148 0% Average loan to value portfolio companies non-accrual debt (LTV)(2)(3) investments(1) Portfolio predominantly Portfolio com

  10. Slide 10: Top Ten Portfolio Companies

    PORTFOLIO CONSTRUCTION  Top ten portfolio companies represent approximately 30% of the portfolio  Portfolio well-diversified across industries with no issuer accounting for more than 5% of the portfolio Top Ten Portfolio Companies(1) Top Ten Industries(1) (as of December 31, 2021) (as of December

  11. Slide 11: Funding Profile

    FUNDING PROFILE  Flexible and efficient liability management, utilizing diversified financing sources with significant available liquidity Funding Profile ($ in millions) Available Cash Excess Borrowing Capacity ~75% of assets supported by unsecured debt and equity Unsecured Notes $809M Total Debt:

  12. Slide 12: Statements of Financial Condition

    STATEMENTS OF FINANCIAL CONDITION ($ in millions, except per share data) 12/31/20 12/31/21 Assets Investments at fair value $ 5,586 $ 9,855 Cash and cash equivalents 218 103 Interest receivable 21 63 Deferred financing costs 7 14 Receivable for investments 115 143 Subscription receivable 3 - Other a

  13. Slide 13: Summary of Operating Results

    SUMMARY OF OPERATING RESULTS – COMPARATIVE ($ in millions, except share and per share data) 4Q'20 4Q'21 FY'20 FY'21 Investment Income Interest Income $ 135 $ 186 $ 382 $ 611 Payment-in-kind interest income 1 5 7 8 Dividend income — 0 — 0 Fee Income 1 1 1 6 Total investment income $ 137 $ 192 $ 390 $

  14. Slide 14: Supplemental Details

    Supplemental Details 14

  15. Slide 15: Summary of Quarterly Financial Highlights

    SUMMARY OF QUARTERLY FINANCIAL HIGHLIGHTS ($ in millions, unless otherwise noted) 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 Operating Results Net investment income $ 85 $ 76 $ 71 $ 94 $ 111 Net income 121 112 117 110 122 Net investment income per share $ 0.78 $ 0.58 $ 0.53 $ 0.63 $ 0.67 Net income per share 1.1

  16. Slide 16: Summary of Quarterly Operating Results

    SUMMARY OF QUARTERLY OPERATING RESULTS ($ in millions, except share and per share data) 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 Investment Income Interest Income $ 135 $ 128 $ 131 $ 165 $ 186 Payment-in-kind interest income 1 2 0 1 5 Dividend income — — — — 0 Fee Income 1 1 4 0 1 Total investment income $ 137

  17. Slide 17: Funding Sources Summary

    FUNDING SOURCES SUMMARY  No debt maturities until July 2023  $809 million of liquidity in cash and undrawn debt(1) as of December 31, 2021 Counterparty and Initial Principal Total Outstanding Date Entered Interest Rate Maturity Date Committed (Par) Jackson Hole Funding JPM – 11/16/18 Libor + 2.375

  18. Slide 18: Important Disclosure Information

    Important Disclosure Information 18

  19. Slide 19: Forward Looking Statements

    FORWARD LOOKING STATEMENTS This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect BXSL’s current views with respect to, among other things,

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