Blackstone Secured Lending Fund · NYSE:BXSL
Blackstone Secured Lending Fund — Q2 2022 Earnings Presentation
18 slides from Blackstone Secured Lending Fund's earnings presentation, Aug 11, 2022
Slide 1: Blackstone Secured Lending Fund Reports Second Quarter 2022 Results
Blackstone Secured Lending Fund Reports Second Quarter 2022 Results NEW YORK — August 11, 2022 — Blackstone Secured Lending Fund (NYSE: BXSL, or the “Company”) today reported its second quarter 2022 results. Brad Marshall, Chief Executive Officer of Blackstone Secured Lending Fund, said, “BXSL’s sec
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 o
Slide 3: Blackstone Secured Lending Fund Second Quarter 2022 Results
Blackstone Secured Lending Fund Second Quarter 2022 Results AUGUST 11, 2022 This presentation should be read in conjunction with BXSL’s latest quarterly report filed on Form 10-Q for the period ended June 30, 2022. Numbers are approximate and may not add up due to rounding.
Slide 4: Second Quarter 2022 Highlights
SECOND QUARTER 2022 HIGHLIGHTS Net investment income of $105 million, or $0.62 per share, in the quarter Net income of $80 million, or $0.47 per share, in the quarter Earning Summary Total dividends of $0.73 per share(1), resulting in a LTM dividend yield of 9.8%(2) Net asset value of $4.4 b
Slide 5: Second Quarter 2022 Selected Financial Highlights
SECOND QUARTER 2022 SELECTED FINANCIAL HIGHLIGHTS ($ in millions, unless otherwise noted) 2Q'21 2Q'22 Q2'21 LTM Q2'22 LTM Operating Results Net investment income $ 71 $ 105 $ 288 $ 413 Net income 117 80 526 419 Net investment income per share $ 0.53 $ 0.62 $ 1.86 $ 2.43 Net income per share 0.87 0.4
Slide 6: Second Quarter 2022 Net Asset Value Bridge
NET ASSET VALUE BRIDGE Second Quarter 2022 Net Asset Value Bridge ($ per share) $0.62 $26.13 ($0.53) $26.09 ($0.13) $25.89 ($0.20) 3/31/22 NAV Net investment Regular dividends Net realized 6/30/22 NAV before Special dividends(2) 6/30/22 NAV income (1) declared (2) and unrealized gain special dividen
Slide 7: Dividend Coverage History
DIVIDEND COVERAGE HISTORY 2Q’22 regular dividend of $0.53 per share and special dividend of $0.20 per share with an additional $0.20 per share special dividend to be paid on November 14, 2022 2Q’22 LTM dividend yield of 9.8%(1) Regular dividend exceeded by net investment income, with a dividen
Slide 8: Investment Activity
INVESTMENT ACTIVITY Portfolio fair market value increased to $10.1 billion at quarter end from $10.0 billion as of March 31, 2022 Net portfolio activity of $82 million in the quarter: – New investment commitments of $326 million (at par); new investment fundings of $296 million – Proceeds from s
Slide 9: Portfolio Characteristics
PORTFOLIO CHARACTERISTICS 97.6% ~100% $10.1B of investments in first lien, of debt investments are investments at fair value senior secured debt (1) floating rate (1) 46.4% 163 0% Average loan to value portfolio companies non-accrual debt (LTV) (2)(3) investments (1) Portfolio predominantly Portfoli
Slide 10: Portfolio Construction
PORTFOLIO CONSTRUCTION Portfolio well-diversified across industries with no issuer accounting for more than 4% of the portfolio Broad industry representation with largest exposures in software, health care providers & services, and professional services Since 2006, Blackstone Credit’s annualiz
Slide 11: Funding Profile
FUNDING PROFILE Flexible and efficient liability management, utilizing diversified financing sources with significant available liquidity Well positioned for further increases in interest rates, given predominantly floating rate portfolio and 55% of liabilities fixed rate, based on drawn amounts
Slide 12: Statements of Financial Condition
STATEMENTS OF FINANCIAL CONDITION ($ in millions, except per share data) 6/30/2021 3/31/22 6/30/22 Assets Investments at fair value $ 7,357 $ 10,024 $ 10,085 Cash and cash equivalents 182 141 169 Interest receivable 35 77 72 Deferred financing costs 10 13 18 Receivable for investments 68 75 40 Other
Slide 13: Summary of Operating Results – Comparative
SUMMARY OF OPERATING RESULTS – COMPARATIVE ($ in millions, except share and per share data) 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 Investment Inc ome Interest Income $ 131 $ 165 $ 186 $ 171 $ 175 Payment-in-kind interest income 0 1 5 9 11 Dividend income — — 0 6 — Fee Income 4 0 1 0 1 Total investment inc om
Slide 14: Supplemental Details
Supplemental Details
Slide 15: Selected Financial Highlights
SELECTED FINANCIAL HIGHLIGHTS ($ in millions, except share and per share data) 2Q'21 3Q'21 4Q'21 1Q'22 Q2'22 Operating Results Net investment income $ 71 $ 94 $ 111 $ 103 $ 105 Net income 117 110 122 107 80 Net investment income per share $ 0.53 $ 0.63 $ 0.67 $ 0.61 $ 0.62 Net income per share 0.87
Slide 16: Funding Sources Summary
FUNDING SOURCES SUMMARY No debt maturities until July 2023 $890 million of liquidity in cash and undrawn debt(1) as of June 30, 2022 Counterparty and Principal Total Outstanding Initial Date Entered Interest Rate Maturity Date Committed (Par) Jackson Hole Funding JPM – 11/16/18 Libor + 2.375% 5/
Slide 17: Important Disclosure Information
Important Disclosure Information
Slide 18: 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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