Blackstone Secured Lending Fund Reports First-Quarter 2026 Results
Blackstone Secured Lending Fund Reports First-Quarter 2026 Results
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Key Terms
net investment incomefinancial
Net investment income is the money an investor or fund actually keeps from its investments after subtracting the costs of running those investments (like management fees, interest, and losses). Think of it as your paycheck from owning assets: gross returns minus the bills needed to earn them. Investors watch it because it shows how profitable the investment activities are, influences dividend payouts and cash available for growth, and helps compare true performance across funds or companies.
dividend yieldfinancial
Dividend yield is the annual cash dividend a company pays divided by its current share price, shown as a percentage. It tells investors how much income they would receive for each dollar invested—similar to the interest rate on a savings account—helping compare income potential across stocks and flagging when a payout looks unusually high or low relative to the share price.
navfinancial
Net asset value (NAV) is the total value of all the investments and assets in a fund or company, minus any debts or liabilities, divided by the number of shares or units outstanding. It represents the per-share worth, giving investors an idea of what each share is truly worth based on the underlying assets. Think of it like a company's total worth divided among its shares, helping investors assess whether a share is fairly priced.
non-accrualsfinancial
Non-accruals are loans or other interest-bearing assets that a lender has stopped recognizing as earning interest because the borrower is not making required payments or repayment is in serious doubt. Like marking a rental property as vacant rather than collecting rent, banks stop recording expected interest income and often set aside extra reserves for potential losses; high non-accrual levels signal worsening credit quality and can reduce reported earnings and capital available to investors.
first-lien senior secured debtfinancial
A first-lien senior secured debt is a loan or bond that has the highest legal claim on a borrower's specific assets and is paid before other creditors if the borrower defaults. Think of it as being first in line to be repaid, with collateral (like pledged property or equipment) backing the claim, which typically makes it safer but offers lower interest than more junior debt. Investors care because it affects potential recovery and the trade-off between risk and return when buying a company's debt.
ebitdafinancial
EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.
interest coverage ratiosfinancial
Interest coverage ratios measure how easily a company can pay the interest on its debt by comparing its earnings (or cash available) to its interest payments. Investors use this as a health check: a higher ratio means the business generates plenty of profit to cover borrowing costs, while a low ratio signals risk of missed payments or financial strain—similar to a household comparing monthly income to mortgage and loan payments.
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NEW YORK--(BUSINESS WIRE)--
Blackstone Secured Lending Fund (NYSE: BXSL or the “Company”) today reported its first-quarter 2026 results.
Brad Marshall, Co-Chief Executive Officer of Blackstone Secured Lending Fund, said, “BXSL reported another strong quarter despite recent market volatility, with net investment income per share fully covering our dividend per share of $0.77, representing an 11.7% annualized dividend yield on NAV of $26.26 per share. New investment activity was nearly $325 million while repayments grew to nearly $450 million. While non-accruals increased during the quarter from historically low levels, our portfolio of primarily first-lien senior secured debt remains well positioned, underpinned by high single-digit percent LTM EBITDA growth across our borrowers and stable interest coverage ratios of 2.0x. Overall, we believe performance continues to be supported by high current income, senior positioning with strong documentation protection, and proactive portfolio management.”
Blackstone Secured Lending Fund issued a full detailed presentation of its first quarter 2026 results, which can be viewed at www.bxsl.com.
Dividend Declaration
The Company's Board of Trustees has declared a second quarter 2026 dividend of $0.77 per share to shareholders of record as of June 30, 2026, payable on or about July 24, 2026.
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 of private U.S. companies. As of March 31, 2026, BXSL’s fair value of investments was approximately $13.9 billion. BXSL has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. BXSL is externally managed by Blackstone Private Credit Strategies LLC, an SEC-registered investment adviser that is an affiliate of Blackstone Inc. Blackstone Inc., together with its subsidiaries, is the world’s largest alternative investment firm with over $1.3 trillion of assets under management as of March 31, 2026.
Forward-Looking Statements and Other Matters
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,” “can,” “could,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates”, “opportunity,” “leads,” “forecast,” “possible,” “confident,” “conviction,” “identified” or the negative versions of these words or other comparable words thereof. These may include BXSL’s financial estimates and their underlying assumptions, statements about plans, statements regarding pending transactions, objectives and expectations with respect to future operations, statements regarding future performance, statements regarding economic and market trends and statements regarding identified but not yet closed investments. Such forward‐looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. BXSL believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its prospectus and annual report for the most recent fiscal year, and any such updated factors included in its periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or BXSL’s prospectus and other filings). The forward-looking statements speak only as of the date of this report. Except as otherwise required by federal securities laws, BXSL undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.
