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Dec 31, 2025
Blackstone Secured Lending Fund Q4 2025 Earnings Report
Blackstone Secured Lending Fund reported solid fourth quarter 2025 results with net investment income fully covering its dividend and continued portfolio growth.
Key Takeaways
BXSL generated total investment income of 358000000 and net investment income of 186000000 in Q4 2025, with EPS of 0.55 and adjusted EPS (net investment income per share) of 0.80, while ending NAV per share was 26.92.
Net investment income was 186000000, or 0.80 per share, fully covering the 0.77 dividend.
Net income totaled 126000000, or 0.55 per share.
Investments at fair value were 14207000000 with 0.6% on non-accrual (at cost).
Ending debt-to-equity leverage was 1.30x and NAV per share was 26.92.
Revenue by Segment
Forward Guidance
The company emphasized disciplined capital deployment, maintaining investment grade ratings, and significant liquidity while continuing to support its regular dividend with net investment income.
Positive Outlook
- Dividend coverage of 104% based on net investment income per share and regular dividend per share.
- Low non-accrual rate of 0.6% of investments at cost.
- Approximately 2500000000 of liquidity in unrestricted cash and undrawn debt.
- Maintained investment grade credit ratings.
- Portfolio primarily first lien senior secured debt at 97.6%.
Challenges Ahead
- Net realized and unrealized losses of 60000000 in the quarter.
- NAV per share declined from 27.15 to 26.92 quarter-over-quarter.
- Interest expense increased to 102000000 in the quarter.
- Weighted average yield on performing debt investments declined to 9.6%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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