Blackstone Secured Lending Fund · NYSE:BXSL

Blackstone Secured Lending Fund — Q3 2024 Earnings Presentation

20 slides from Blackstone Secured Lending Fund's earnings presentation, Nov 12, 2024

  1. Slide 1: Blackstone Secured Lending Fund Reports Third Quarter 2024 Results

    Blackstone Secured Lending Fund Reports Third Quarter 2024 Results NEW YORK — November 12, 2024 — Blackstone Secured Lending Fund (NYSE: BXSL or the “Company”) today reported its third quarter 2024 results. Brad Marshall and Jonathan Bock, Co-Chief Executive Officers of Blackstone Secured Lending Fu

  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

  3. Slide 3: Blackstone Secured Lending Fund Third Quarter 2024 Results

    Blackstone Secured Lending Fund Third Quarter 2024 Results NOVEMBER 12, 2024 This presentation should be read in conjunction with BXSL’s latest quarterly report filed on Form 10-Q for the period ended September 30, 2024. Numbers are approximate and may not add up due to rounding.

  4. 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 is well positioned with healthy underlying credit fundamentals and on

  5. Slide 5: Third Quarter Results

    THIRD QUARTER RESULTS  Net investment income of $186 million, or $0.91 per share in the quarter, compared to $0.89 per share in the prior quarter and $0.95 per share in 3Q 2023  Net income of $152 million, or $0.75 per share in the quarter, compared to $1.01 per share in the prior quarter and $1.0

  6. Slide 6: Third Quarter 2024 Selected Financial Highlights

    THIRD QUARTER 2024 SELECTED FINANCIAL HIGHLIGHTS ($ in millions, unless otherwise noted) 3Q'23 3Q'24 3Q'23 LTM 3Q'24 LTM Operating results Net investment income $ 161 $ 186 $ 625 $ 697 Net income 171 152 576 689 Net investment income per share 0.95 0.91 3.84 3.63 Net income per share 1.01 0.75 3.53

  7. Slide 7: Portfolio Characteristics

    PORTFOLIO CHARACTERISTICS 98.7% 98.8% $12.0B of investments are first lien, of investments are floating rate debt(1) investments at fair value senior secured debt(1) 46.5% 252 0.2% average loan-to-value portfolio companies non-accrual debt investments(4) (LTV)(2)(3) Portfolio Predominantly Portfolio

  8. 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 3% of the portfolio Top Ten Port

  9. Slide 9: Dividend Coverage History

    DIVIDEND COVERAGE HISTORY  Regular dividend of $0.77 per share, representing an annualized dividend yield of 11.3%(1)  Our dividend is exceeded by net investment income, with a dividend coverage ratio of 118%(2) Historical Quarterly Dividends Per Share ($)(3) $1.06 $0.95 $0.96 $0.93 $0.91 $0.90 $0

  10. Slide 10: Summary of Operating Results

    SUMMARY OF OPERATING RESULTS ($ in millions, except share and per share data) 3Q'23 3Q'24 3Q'23 LTM 3Q'24 LTM Investment Income Interest Income $ 272 $ 321 $ 1,038 $ 1,196 Payment-in-kind interest income 11 21 42 80 Dividend income 0 0 4 0 Fee Income 1 1 7 2 Total investment income $ 284 $ 343 $ 1,0

  11. Slide 11: Summary Statements of Financial Condition

    SUMMARY STATEMENTS OF FINANCIAL CONDITION ($ in millions, except per share data) 9/30/2023 6/30/2024 9/30/2024 Assets Investments at fair value $ 9,500 $ 11,294 $ 11,979 Cash and cash equivalents 146 291 194 Interest receivable 81 114 111 Receivable from broker - 2 2 Deferred financing costs 15 13 1

  12. Slide 12: Investment Activity

    INVESTMENT ACTIVITY  Net funded investment activity of $0.7 billion in the quarter: – New investment commitments of $1.1 billion at par and investment fundings of nearly $1.0 billion – Proceeds from sales and repayments of $298 million Originations and Fundings Investment Activity Summary ($ in mil

  13. Slide 13: Funding Profile

    FUNDING PROFILE  Well-structured, diversified, efficient capital structure with significant available liquidity  Well positioned for the current environment with 44% of fixed rate unsecured liabilities, at a weighted average coupon of 2.88% (1) and only $1.5 billion of debt maturities within the n

  14. Slide 14: Supplemental Details

    Supplemental Details 14

  15. Slide 15: Third Quarter 2024 Net Asset Value Bridge

    THIRD QUARTER 2024 NET ASSET VALUE BRIDGE $0.91 $(0.77) $0.11 $27.27 $27.19 $(0.17) 6/30/24 NAV Net investment Regular dividend Net realized and unrealized Net increase from capital share 9/30/24 NAV income (1) declared (2) gain (loss) (1) transactions (1) The per share data was derived by using the

  16. Slide 16: Summary of Operating Results – Comparative

    SUMMARY OF OPERATING RESULTS – COMPARATIVE ($ in millions, except share and per share data) 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 Investment Income Interest Income $ 272 $ 288 $ 283 $ 303 $ 321 Payment-in-kind interest income 11 15 20 23 21 Dividend income 0 0 - 0 0 Fee Income 1 1 0 1 1 Total investment inc

  17. Slide 17: Selected Financial Highlights

    SELECTED FINANCIAL HIGHLIGHTS ($ in millions, except share and per share data) 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 Operating results Net investment income $ 161 $ 172 $ 166 $ 173 $ 186 Net income 171 157 184 196 152 Net investment income per share 0.95 0.96 0.87 0.89 0.91 Net income per share 1.01 0.88 0.

  18. Slide 18: Funding Sources Summary

    FUNDING SOURCES SUMMARY  $1.1B of liquidity in cash and undrawn debt (subject to borrowing base availability) as of September 30, 2024(1) ($ in millions) Counterparty and Initial Total Outstanding Interest Rate Maturity Date Principal Committed Date Entered (Par) Jackson Hole Funding JPM – 11/16/18

  19. Slide 19: Important Disclosure Information

    Important Disclosure Information 19

  20. 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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