Blackstone Secured Lending Q3 net investment income: $158M
Third-quarter dividend coverage was 88%, as net investment income per share of $0.68 was below the $0.77 regular dividend.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Blackstone Secured Lending Fund (BXSL) reported third-quarter 2026 net investment income of $158 million, or $0.68 per share, versus $189 million, or $0.82 per share, a year earlier. Net income was $117 million, or $0.50 per share, versus $132 million, or $0.57 per share; in the prior quarter, it was $9 million, or $0.04 per share.
BXSL declared a $0.77-per-share fourth-quarter dividend for holders of record December 31, 2026, payable on or about January 22, 2027. The board also declared a $0.60-per-share dividend for holders of record March 31, 2027. Third-quarter dividend coverage was 88%.
At September 30, 2026, investments at fair value were approximately $12.9 billion, with 2.1% in non-accrual investments by fair value. New investment commitments were $188 million and fundings were $248 million; sales and repayments were $652 million. Liquidity was $2.6 billion in unrestricted cash and undrawn debt, subject to borrowing-base availability; $2.5 billion was available to borrow.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointQuarterly net income rose to $117 million from $9 million in Q2 2026.
Negative
- Moderate pointThird-quarter net investment income fell to $158 million from $189 million year over year.
Filing Explained
BXSL’s board also declared a separate
8-K Event Classification
Key Figures
Key Terms
Non-accrual financial
Loan-to-value financial
Payment-in-kind interest income financial
Borrowing base financial
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did BXSL's earnings compare in Q3 2026?
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM
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CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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(Address of principal executive offices, including zip code)
(Registrant’s phone number, including area code)
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(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2):
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 4, 2026, Blackstone Secured Lending Fund issued a press release and detailed presentation announcing its financial results for the third quarter ended September 30, 2026. The press release with the detailed presentation is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information contained under Item 2.02 in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and will not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: November 4, 2026 |
BLACKSTONE SECURED LENDING FUND |
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/s/ Teddy Desloge |
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Exhibit 99.1
Blackstone Secured Lending Fund Reports Third Quarter 2026 Results NEW YORK — November 4, 2026 — Blackstone Secured Lending Fund (NYSE: BXSL or the “Company”) today reported its third quarter 2026 results. Brad Marshall, Chief Executive Officer of Blackstone Secured Lending Fund, said, “BXSL delivered net investment income of $0.68 per share in the third quarter, a 10.7% annualized yield on NAV. Results were supported by our predominantly first - lien, floating rate portfolio, with borrowers generally continuing to demonstrate earnings growth. We remained active during the quarter, with new investment activity at nearly $250 million while over $550 million of repayments contributed to deleveraging for the period.” Blackstone Secured Lending Fund issued a full detailed presentation of its third quarter 2026 results, which can be viewed at www.bxsl.com . Dividend Declaration The Company's Board of Trustees has declared a fourth quarter 2026 dividend of $0.77 per share to shareholders of record as of December 31, 2026, payable on or about January 22, 2027. Quarterly Investor Call Details Blackstone Secured Lending Fund will host its conference call today at 9:30 a.m. ET to discuss results. To register for the webcast, please use the following link: https://event.webcasts.com/starthere.jsp?ei=1778065&tp_key=2fb32af1ef Blackstone Secured Lending Fund 345 Park Avenue New York, NY 10154 T 212 583 5000
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 September 30, 2026, BXSL’s fair value of investments was approximately $12.9 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 nearly $1.4 trillion of assets under management as of September 30, 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. Contacts Investors Stacy Wang, Head of Stakeholder Relations BXSLShareholderRelations@Blackstone.com Fund and Portfolio Inquiries Justin Farshidi Justin.Farshidi@blackstone.com Media Thomas Clements Thomas.Clements@blackstone.com +1 646 - 482 - 6088
Blackstone Secured Lending Fund Third Quarter 2026 Results November 4, 2026 This presentation should be read in conjunction with BXSL’s latest quarterly report filed on Form 10 - Q for the period ended September 30, 2026. Numbers are approximate and may not add up due to rounding.
HIGHLIGHTS ▪ BXSL is designed to deliver attractive yield and long - term risk - adjusted returns across market cycles, with a floating rate portfolio focused on first lien, senior secured debt investments ▪ Portfolio has remained well positioned with healthy underlying credit fundamentals and 2.1% of investments on non - accrual (at fair market value) (1) Earnings Highlights BXSL’s asset - liability structure is efficient Quarterly Dividend Attractive regular dividend supported by solid earnings power Portfolio Positioning Senior secured positions further insulated by strong sponsor relationships 10.7% 3Q'26 annualized NII return (2) $0.68 3Q'26 NII per share 94.1% Income excluding PIK, fees, and dividends 12.2% 3Q'26 dividend yield based on NAV (3) $0.77 3Q'26 dividend declared 88% 3Q'26 dividend coverage (4) 95.8% First lien, senior secured debt (5) 49.2% Average loan - to - value (6)(7) 95.1% Floating rate debt investments (5) 4 Note : All figures in this presentation are as of September 30 , 2026 , unless otherwise stated . Per share data is calculated based on weighted average shares outstanding during the period, unless otherwise noted . Dividends declared were derived by using the actual shares outstanding at the date of the relevant transactions . Opinions expressed reflect the current opinions of BXSL as of the date appearing in the materials only and are based on BXSL’s opinions of the current market environment, which is subject to change . Past performance does not predict future returns and there can be no assurance that BXSL will achieve the same results in future quarters . There can be no assurances that any of the trends described throughout the materials will continue or will not reverse . (1) Based on non - accrual debt investments as a percentage of the fair market value of total investments. Based on amortized cost, investments on non - accrual represent 2.8% of total investments. (2) Annualized net investment income (“NII”) return is calculated as the 3Q'26 annualized net investment income per share divided by net asset value (“NAV”) per share at the beginning of the period. (3) 3Q'26 Dividend yield is calculated as the 3Q'26 dividend ($0.77) annualized and divided by the ending NAV per share on September 30, 2026 ($25.25). (4) 3Q'26 Dividend coverage is calculated as 3Q'26 net investment income per share ($0.68) divided by 3Q'26 regular dividend per share ($0.77). (5) Based on the fair market value of the portfolio as of September 30, 2026. Debt investments, excluding non - accrual debt investments, are 99.2% floating rate. Total debt investments represent 97.9% of total investments based on the fair market value of the portfolio as of September 30, 2026. (6) Average loan - to - value represents the net ratio of loan - to - value for each portfolio company, weighted based on the fair value of total applicable private debt investments. Loan - to - value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company as of the most recently available information. (7) Includes all private debt investments for which fair value is determined by the Board of Trustees in conjunction with a third - party valuation firm and excludes quoted assets. Amounts are weighted on fair market value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by BXSL, and may reflect a normalized or adjusted amount. Accordingly, BXSL makes no representation or warranty in respect of this information. Private debt investments represent 99% of the total debt portfolio based on fair value.
THIRD QUARTER RESULTS Earnings Summary ▪ Net investment income of $158 million, or $0.68 per share in the quarter, compared to $0.75 per share in the prior quarter and $0.82 per share in 3Q 2025 ▪ Net income of $117 million, or $0.50 per share in the quarter, compared to $0.04 per share in the prior quarter and $0.57 per share in 3Q 2025 ▪ Regular dividend of $0.77 per share, representing a dividend yield of 12.2% (1) ▪ Net asset value of approximately $5.9 billion, or $25.25 per share at quarter - end ▪ Total return of 10.5% annualized inception to date and 2.2% for the quarter (2) Portfolio and Investment Activity ▪ Weighted average yield on performing debt investments at fair value of 9.6% at quarter - end, compared to 9.4% at prior quarter - end (3) ▪ New investment commitments in the quarter of $0.2 billion at par, $0.2 billion funded ▪ Proceeds from sales and repayments of $0.7 billion in the quarter Liquidity Update ▪ $2.6 billion of liquidity in unrestricted cash and undrawn debt (subject to borrowing base capacity) (4) ▪ 1.22x debt - to - equity (net of cash 1.20x) at quarter - end and average debt - to - equity of 1.26x (5) ▪ Total all - in cost of debt of 5.14% (6) in 3Q 2026 and a weighted average maturity on debt facilities of approximately 3.5 years (1) 3 Q' 26 dividend yield is calculated as the 3 Q' 26 dividend ( $ 0 . 77 ) annualized and divided by the ending NAV per share on September 30 , 2026 ( $ 25 . 25 ) . (2) Total return is calculated as the change in NAV per share during the period, plus dividends per share (assuming dividends and distributions are reinvested in accordance with the Company's dividend reinvestment plan), divided by the beginning NAV per share . (3) Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value) included in such securities . Actual yields earned over the life of each investment could differ materially from the yields presented . (4) Available liquidity is comprised of cash and cash equivalents, excluding restricted cash, plus the amount available to borrow across all revolving credit facilities, net of limitations related to each respective credit facility’s borrowing base . As of September 30 , 2026 , $ 2 . 6 billion of capacity is undrawn and $ 2 . 5 billion is available to borrow . (5) Average debt - to - equity leverage ratio has been calculated using the average daily borrowings during the quarter divided by average net assets . Ending debt - to - equity ratio represents the ratio of total principal of outstanding debt to net assets . Debt - to - equity, net of cash, has been calculated as the principal of outstanding debt less unrestricted cash to net assets . (6) Total all - in cost of debt is calculated by annualizing interest expense (includes unused fees, amortization of debt issuance costs (including premiums and discounts), the impact of the application of hedge accounting, and amortization of deferred financing costs on revolving credit facilities) divided by weighted average outstanding debt for the quarter . Weighted average interest rate (includes unused fees, amortization of debt issuance costs (including premiums and discounts) and the impact of the application of hedge accounting) was 5 . 06 % during the quarter . 5
TS THIRD QUARTER 2026 SELECTED FINANCIAL HIGHLIGH ($ in millions, unless otherwise noted) 3Q'26 LTM 3Q'25 LTM 3Q'26 3Q'25 Operating results 697 $ 737 $ 158 $ 189 $ Net investment income 278 600 117 132 Net income 3.00 3.26 0.68 0.82 Net investment income per share 1.20 2.66 0.50 0.57 Net income per share 3.08 3.08 0.77 0.77 Regular dividends per share 11.0% 12.0% 10.7% 12.0% Annualized net investment income return (1) 5.6% 10.5% 2.2% 2.2% Total return based on NAV (2) Portfolio activity New investment commitments, at par $ 1,289 $ 188 $ 3,918 $ 1,552 New investment fundings 1,007 248 3,604 1,927 Investments sold and repaid (437) (652) (1,813) (2,485) 9/30/2025 9/30/2026 Balance sheet 12,946 $ 13,810 $ Investments at fair value 7,036 7,657 Total debt outstanding, carrying value (3) 7,178 7,669 Total debt outstanding, principal 5,884 6,270 Net asset value 25.25 27.15 Net asset value per share 1.22x 1.22x Ending debt - to - equity (3) 1.26x 1.15x Average debt - to - equity (3) 95.8% 97.5% % First lien 9.6% 10.0% Weighted average yield on performing debt and income producing investments, at fair value (4) 306 311 Number of portfolio companies (1) Annualized net investment income return is calculated as the net investment income per share divided by NAV per share at the beginning of the period. (2) Total return is calculated as the change in NAV per share during the period, plus dividends per share (assuming dividends and distributions are reinvested in accordance with the Company’s dividend reinvestment plan), divided by the beginning NAV per share. (3) Carrying value of total debt outstanding is shown net of unamortized debt issuance costs and adjusted for the impact of hedge accounting. Average debt - to - equity leverage ratio has been calculated using the average daily borrowings during the quarter divided by average net assets. Ending debt - to - equity ratio represents the ratio of total principal of outstanding debt to net assets. (4) Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented. 6
PORTFOLIO CHARACTERISTICS 95.8% 95.1% of investments are floating rate debt (1) $12.9B investments at fair value of investments are first lien, senior secured debt (1) 49.2% average loan - to - value (LTV) (2)(3) 306 portfolio companies 2.1% non - accrual debt investments (4) Portfolio Predominantly First Lien Debt (1) Unsecured Debt Portfolio Company Weighted Average Statistics (3) ($ in millions, unless otherwise noted) $853 $873 $221 $222 Second Lien Debt 2.0% 0.1% Equity 2.1% 49.7% 49.2% First Lien Debt 95.8% 3Q'25 3Q'26 Revenue (5) 3Q'25 3Q'26 LTM EBITDA (6) 3Q'25 3Q'26 Loan - to - Value (2) (1) Based on the fair market value of the portfolio as of September 30 , 2026 . Debt investments, excluding non - accrual debt investments, are 99 . 2 % floating rate and debt investments represent 97 . 9 % of total investments based on the fair market value of the portfolio as of September 30 , 2026 . (2) Average loan - to - value represents the net ratio of loan - to - value for each portfolio company, weighted based on the fair value of total applicable private debt investments . Loan - to - value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company as of the most recently available information . (3) Includes all private debt investments for which fair value is determined by the Board of Trustees in conjunction with a third - party valuation firm and excludes quoted assets . Amounts are weighted on fair market value of each respective investment . Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by BXSL, and may reflect a normalized or adjusted amount . Accordingly, BXSL makes no representation or warranty in respect of this information . Private debt investments represent 99 % of the total debt portfolio based on fair value . (4) Based on non - accrual debt investments as a percentage of the fair market value of total investments . Based on amortized cost, investments on non - accrual represent 2 . 8 % of total investments . (5) Revenue data excludes private debt instruments where revenue data was not provided to BXSL . (6) EBITDA is a non - GAAP financial measure . For a particular portfolio company, LTM EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation and amortization over the last twelve months (“LTM”) . 7
PORTFOLIO CONSTRUCTION ▪ Diversified across 306 portfolio companies in 39 industries, with no single issuer accounting for more than 3% of the portfolio Top Ten Portfolio Companies (1)(2) (as of September 30, 2026) Top Ten Industries (1)(3) (as of September 30, 2026) Snoopy Bidco, 3% JSS, 3% Guidehouse, 2% Auctane, 2% Cambium, 2% Corfin, 2% Bazaarvoice, 2% Medallia, 2% Beacon DC Limited, 2% Davies Group, 2% Software 19% Health Care Providers & Services 11% Professional Services 10% Insurance 10% Commercial Services & Supplies 9% IT Services 5% Health Care Technology 5% Diversified Consumer Services 4% Remainder of Portfolio, 78% (296 portfolio companies) Air Freight & Logistics 3% Aerospace & Defense 3% (1) Based on the fair market value of the portfolio. (2) 306 portfolio companies. (3) 39 individual industries. 8
DIVIDEND COVERAGE HISTORY ▪ Regular dividend of $0.77 per share, representing an annualized dividend yield of 12.2% (1) Historical Quarterly Dividends Per Share ($) (3) $0.95 $0.96 $0.87 $0.89 $0.91 $0.84 $0.83 $0.82 $0.80 $0.77 $0.77 $0.75 $0.68 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77 3Q'23 4Q'23 1Q'24 2Q'24 1Q'25 2Q'25 3Q'25 Net Investment Income 4Q'25 1Q'26 2Q'26 3Q'26 3Q'24 4Q'24 Regular Dividend 12.2% 12.1% 11.7% 11.4% 11.3% 11.3% 11.2% 11.2% 11.3% 11.3% 11.5% 11.6% 11.6% Regular Dividend Yield (1) 88% 97% 100% 104% 106% 100% 108% 109% 118% 116% 113% 125% 123% Regular Dividend Coverage (2 ) Note: Per share data is calculated based on weighted average shares outstanding during the period, unless otherwise noted. Dividends declared were derived by using the actual shares outstanding at the date of the relevant transactions. (1) Dividend yield is calculated as the dividend recorded during a specific quarter annualized and divided by the ending NAV per share. (2) Dividend coverage is calculated as net investment income per share during a specific quarter divided by regular dividend per share recorded during the same quarter. (3) Reflects historical dividends for last three years. On November 4, 2026, the Board of Trustees declared a dividend of $0.77 per share to shareholders of record as of December 31, 2026, and a dividend of $0.60 per share to shareholders of record as of March 31, 2027. 9
SUMMARY OF OPERATING RESULTS ($ in millions, except share and per share data ) 3Q'26 LTM 3Q'25 LTM 3Q'26 3Q'25 Investment Income 1,225 $ 1,317 $ 297 $ 328 $ Interest Income 91 91 18 30 Payment - in - kind interest income 0 1 0 1 Dividend income 3 4 0 0 Other Income 1,319 $ 1,414 $ 315 $ 359 $ Total investment income Operating Expenses 402 $ 372 $ 99 $ 95 $ Interest expense 142 136 34 35 Management fees 47 139 17 31 Income based incentive fees - (0) - - Capital gains based incentive fees 16 14 4 4 Other operating expenses 607 $ 661 $ 154 $ 165 $ Total expenses before tax expense $ 712 $ 753 $ 161 $ 194 Net investment income before tax expense 16 16 3 4 Excise and other tax expense $ 697 $ 737 $ 158 $ 189 Net investment income after tax expense Net Realized and Unrealized Gains (Losses) Net realized gain (loss) (21) (231) (18) (255) (164) (119) 190 (36) Net change in unrealized appreciation (depreciation) (419) (137) (41) (57) Net realized and unrealized gains (losses) $ 278 $ 600 $ 117 $ 132 Net increase (decrease) in net assets resulting from operations Per Share Data (1) 3.00 $ 3.26 $ 0.68 $ 0.82 $ Net investment income (basic and diluted) 1.20 2.66 0.50 0.57 Earnings (loss) per share (basic and diluted) 3.08 3.08 0.77 0.77 Dividends declared per share (regular) N/A N/A 232,890,548 230,462,792 Weighted average shares outstanding (basic and diluted) (1) Per share data is calculated based on weighted average shares outstanding during the period, unless otherwise noted. Dividends declared were derived by using the actual shares outstanding at the date of the relevant transactions. 10
SUMMARY STATEMENTS OF FINANCIAL CONDITION ($ in millions, except per share data) 9/30/2026 6/30/2026 9/30/2025 Assets 12,946 $ 13,364 $ 13,810 $ Investments at fair value 143 267 250 Cash and cash equivalents 102 108 105 Interest receivable 10 2 11 Receivable from broker 21 20 21 Deferred financing costs 14 25 17 Receivable for investments 6 2 42 Derivative assets at fair value 13,242 $ 13,789 $ 14,256 $ Total Assets Liabilities & Net Assets 7,036 $ 7,536 $ 7,657 $ Debt (net of unamortized debt issuance costs) - 10 6 Payable for investments 5 5 5 Due to affiliates 34 35 35 Management fees payable 17 2 31 Income based incentive fee payable - - - Capital gains based incentive fee payable 67 63 58 Interest payable 179 179 178 Distribution payable 0 6 0 Derivative liabilities at fair value 20 14 17 Accrued expenses and other liabilities 7,358 $ 7,850 $ 7,987 $ Total Liabilities 5,884 $ 5,939 $ 6,270 $ Total Net Assets 13,242 $ 13,789 $ 14,256 $ Total Liabilities and Net Assets 25.25 $ 25.53 $ 27.15 $ Net Asset Value per share 11
INVESTMENT ACTIVITY ▪ Net funded investment activity of $(0.4) billion in the quarter: – New investment commitments of $0.2 billion at par and investment fundings of $0.2 billion – Proceeds from sales and repayments of $0.7 billion Originations and Fundings ($ in millions) Investment Activity Summary ($ in millions, unless otherwise noted) 3Q'26 $1,289 $1,042 Investment commitments, at par $ 188 Investment fundings 248 $1,007 $907 (652) Investments sold and repaid $ (403) Net funded investment activity $ 21 Average new investment commitment Number of new portfolio companies 5 Portfolio companies exited 12 Weighted average yield of new investments (1) 8.9% Weighted average yield on investments fully sold or paid down (1) 8.7% $303 $325 $312 $248 $188 $154 3Q'25 3Q'26 4Q'25 1Q'26 Investment commitments 2Q'26 Investment fundings (1) Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented. 12
FUNDING PROFILE ▪ Well - structured, diversified, efficient capital structure with significant available liquidity ▪ BXSL maintains investment grade corporate credit ratings of Baa2/negative from Moody’s, BBB - /stable from S&P, and BBB/stable from Fitch (2) Funding Profile ($ in millions) $143 Cash and cash equivalents (including restricted cash of $39 million) $2,456 Undrawn Borrowing Capacity (subject to borrowing base availability) (3) $4,450 Unsecured Notes ($1.3 billion fixed rate notes with weighted average coupon of 2.49%; $3.2 billion swapped to weighted average of SOFR + 1.67% (1) ) Total Debt: $7,178 $969 $1,301 $458 Asset Based Facilities (SOFR + 1.65% - 1.90%) CLO Debt (SOFR + 1.51% - 1.78%) Secured Revolver (SOFR + 1.525 - 1.775% (4) ) $5,884 Equity 78% of assets funded by unsecured debt and equity $2.6B of available liquidity provides material capacity (3) $9.7B of total committed debt 5.14% Total all - in cost of debt (5) 3.5 years weighted average maturity (1) Certain notes are classified for the purposes of this disclosure as floating rate as a result of the Company entering into interest rate swaps to effectively swap fixed notes payments for floating rate payments . (2) BXSL has an investment grade credit rating of Baa 2 / negative outlook from Moody’s, issued on June 1 , 2026 , an investment grade credit rating of BBB / stable outlook from Fitch, reaffirmed on April 9 , 2026 , and an investment grade credit rating of BBB - / stable from S&P, issued on June 1 , 2026 . The underlying loans in BXSL are not rated . Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities . Blackstone provides compensation directly to Fitch, Moody’s and S&P for its evaluation of the Company . Credit ratings do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice . (3) Available liquidity is comprised of cash and cash equivalents, excluding restricted cash, plus the amount available to borrow across all revolving credit facilities, net of limitations related to each respective credit facility’s borrowing base . As of September 30 , 2026 , $ 2 . 6 billion of capacity is undrawn and $ 2 . 5 billion is available to borrow . (4) Interest rate is SOFR + 1 . 525 % up to + 1 . 775 % depending on borrowing base availability at the time of borrowing, except for commitments of certain lenders in the amount of $ 78 million that mature on June 28 , 2027 and incur an interest rate of base rate + 1 . 75 % up to + 1 . 875 % . (5) Total all - in cost of debt is calculated by annualizing interest expense (includes unused fees, amortization of debt issuance costs (including premiums and discounts), the impact of the application of hedge accounting, and amortization of deferred financing costs on revolving credit facilities) divided by weighted average outstanding debt for the quarter. Weighted average interest rate (includes unused fees, amortization of debt issuance costs (including premiums and discounts) and the impact of the application of hedge accounting) was 5.06% during the quarter. 13
Supplemental Details
THIRD QUARTER 2026 NET ASSET VALUE BRIDGE - QTD $0.68 $25.53 $(0.77) $25.25 $(0.19) 6/30/26 NAV Net investment income (1) Regular dividend declared (2) Net realized and unrealized gain (loss) (1) 9/30/26 NAV (1) The per share data was derived by using the weighted average shares outstanding during the period. (2) The per share data for dividends was derived by using the actual shares outstanding as of each respective record date. 15
SUMMARY OF OPERATING RESULTS – COMPARATIVE ($ in millions, except share and per share data ) 3Q'26 2 Q'26 1 Q'26 4 Q'25 3 Q'25 Investment I ncome 297 $ 299 $ 302 $ 327 $ 328 $ Interest Income 18 21 22 30 30 Payment - in - kind interest income 0 - 0 0 1 Dividend income 0 1 2 0 0 Other Income 315 $ 320 $ 325 $ 358 $ 359 $ Total investm ent incom e Operating Expenses 99 $ 101 $ 100 $ 102 $ 95 $ Interest expense 34 35 36 36 35 Management fees 17 2 2 26 31 Income based incentive fees - - - - - Capital gains based incentive fees 4 4 4 4 4 Other operating expenses 154 14 2 14 2 168 165 Total expenses before tax expense $ 161 $ 178 $ 183 $ 190 $ 194 Net inv estm ent incom e before tax expense 3 4 4 4 4 Excise and other tax expense $ 158 $ 174 $ 179 $ 186 $ 189 Net inv estm ent incom e after tax expense Net Realized and Unrealized Gains (Losses) Net realized gain (loss) (21) 3 1 (28) (231) 190 (137) (155) (62) (36) Net change in unrealized appreciation (depreciation) (4 1 ) (164 ) (154 ) (60) (57 ) Net realized and unrealized gains (losses) $ 1 17 $ 9 $ 25 $ 126 $ 132 Net increase (decrease) in net assets resulting f rom operations Per Share Data (1) $ 0.68 $ 0.75 $ 0.77 $ 0.80 $ 0.82 Net investment income (basic and diluted) 0.50 0.04 0.11 0.55 0.57 Earnings (loss) per share (basic and diluted) 0.77 0.77 0.77 0.77 0.77 Dividends declared per share (regular) 232,890,548 232,557,932 232,203,849 231,349,087 230,462,792 Weighted average shares outstanding (basic and diluted) (1) Per share data is calculated based on weighted average shares outstanding during the period, unless otherwise noted. Dividends declared were derived by using the actual shares outstanding at the date of the relevant transactions. 16
SELECTED FINANCIAL HIGHLIGHTS ($ in millions, except share and per share data) 3Q'26 2Q'26 1Q'26 4Q'25 3Q'25 Operating results 158 $ 174 $ 179 $ 186 $ 189 $ Net investment income 117 9 25 126 132 Net income 0.68 0.75 0.77 0.80 0.82 Net investment income per share 0.50 0.04 0.11 0.55 0.57 Net income per share 0.77 0.77 0.77 0.77 0.77 Regular dividends per share 10.7% 11.4% 11.4% 11.8% 12.0% Annualized net investment income return (1) 2.2% 0.4% 0.7% 2.1% 2.2% Quarterly total return based on NAV (2) Portfolio activity 188 $ 154 $ 303 $ 907 $ 1,289 $ New investment commitments, at par 248 312 325 1,042 1,007 New investment fundings (652) (754) (451) (629) (437) Investments sold and repaid 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Balance sheet 12,946 $ 13,364 $ 13,942 $ 14,207 $ 13,810 $ Investments at fair value 7,036 7,536 8,034 8,080 7,657 Total debt outstanding, carrying value (3) 7,178 7,614 8,076 8,101 7,669 Total debt outstanding, principal 5,884 5,939 6,100 6,245 6,270 Net asset value 25.25 25.53 26.26 26.92 27.15 Net asset value per share 1.22x 1.28x 1.32x 1.30x 1.22x Ending debt - to - equity (3) 1.26x 1.30x 1.31x 1.27x 1.15x Average debt - to - equity (3) 95.8% 96.8% 97.6% 97.6% 97.5% % First lien 9.6% 9.4% 9.3% 9.6% 10.0% Weighted average yield on performing debt and income producing investments, at fair value (4) 306 313 316 316 311 Number of portfolio companies (1) Annualized net investment income return is calculated as the total quarterly net investment income per share (annualized) divided by NAV per share at the beginning of the quarter. (2) Total return is calculated as the change in NAV per share during the period, plus dividends per share (assuming dividends and distributions are reinvested in accordance with the Company's dividend reinvestment plan), divided by the beginning NAV per share. (3) Carrying value of total debt outstanding is shown net of unamortized debt issuance costs and adjusted for the impact of hedge accounting. Average and ending debt - to - equity is calculated using principal amounts outstanding. (4) Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at cost or fair value, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented. 17
FUNDING SOURCES SUMMARY ▪ $2.6B of liquidity in unrestricted cash and undrawn debt (subject to borrowing base availability) as of September 30, 2026 (1) ($ in millions) Total Outstanding (Par) Principal Committed Maturity Date Interest Rate Counterparty and Initial Date Entered $446 $1,175 6/18/2029 SOFR + 1.90% BNP – 12/21/18 Breckenridge Funding $482 $800 11/21/2029 SOFR + 1.85% BOA – 12/11/19 Big Sky Funding $41 $400 12/27/2028 SOFR + 1.65% 12/27/2024 BXSL 2025 - 1 Facility $1,301 $2,453 8/10/2031 SOFR + 1.525% - 1.775% (3) Citi – 6/15/20 Revolving Credit Facility (2) (Syndicated) $650 $650 2/15/2027 2.125% 7/23/2021 2027 Notes $650 $650 9/30/2028 2.850% 9/30/2021 2028 Notes $400 $400 11/15/2027 5.875% (swapped to SOFR + 1.38%) (4) 5/20/2024 November 2027 Notes $700 $700 4/13/2028 5.350% (swapped to a weighted average of SOFR + 1.54%) (5) 10/15/24 & 12/16/24 April 2028 Notes $500 $500 6/30/2030 5.300% (swapped to SOFR + 1.46%) (4) 3/4/2025 June 2030 Notes $500 $500 1/31/2031 5.125% (swapped to SOFR + 1.66%) (4) 10/14/2025 January 2031 Notes $400 $400 9/4/2029 5.25% (swapped to SOFR + 1.93%) (4) 3/3/2026 September 2029 Notes $650 $650 5/21/2031 5.90% (swapped to SOFR + 2.00%) (4) 5/21/2026 May 2031 Notes $458 $458 10/20/2036 SOFR + 1.51% - 1.78% 11/21/2024 2024 - 1 CLO Debt Securitization $7,178 $9,735 (6) 5.14% Total (1) Available liquidity is comprised of cash and cash equivalents, excluding restricted cash, plus the amount available to borrow across all revolving credit facilities, net of limitations related to each respective credit facility’s borrowing base . As of September 30 , 2026 , $ 2 . 6 billion of capacity is undrawn and $ 2 . 5 billion is available to borrow . (2) Interest rate is SOFR + 1 . 525 % up to + 1 . 775 % depending on borrowing base availability at the time of borrowing, except for commitments of certain lenders in the amount of $ 78 million that mature on June 28 , 2027 and incur an interest rate of base rate + 1 . 75 % up to + 1 . 875 % . (3) Certain foreign currency advances incur an interest rate of the benchmark rate in effect for the applicable currency plus the applicable margin of 1 . 525 % up to + 1 . 775 % depending on borrowing base availability at the time of borrowing, except for commitments of certain lenders in the amount of $ 200 million that mature on June 28 , 2027 and incur an interest rate of base rate + 1 . 75 % up to + 1 . 875 % (+ 10 bps CSA) . As of September 30 , 2026 , the Company had non - USD borrowings denominated in the following currencies : Canadian Dollars 35 . 0 million, Euros 369 . 4 million, British Pounds 293 . 8 million, Australian Dollar 44 . 0 million . (4) In connection with certain Notes, the Company entered into interest rate swaps to swap the fixed rate payment to a floating rate payment . The Company designated these interest rate swaps and the related Notes in qualifying hedge accounting relationships . (5) In connection with certain Notes, the Company entered into interest rate swaps to swap the fixed rate payment to a floating rate payment . The Company designated these interest rate swaps and the April 2028 Notes in a qualifying hedge accounting relationship . $ 400 million and $ 300 million of the April 2028 Notes were swapped at SOFR + 1 . 65 % and SOFR + 1 . 39 % , respectively . (6) Total all - in cost of debt is calculated by annualizing interest expense (includes unused fees, amortization of debt issuance costs (including premiums and discounts), the impact of the application of hedge accounting, and 18 amortization of deferred financing costs on revolving credit facilities) divided by weighted average outstanding debt for the quarter. Weighted average interest rate (includes unused fees, amortization of debt issuance costs (including premiums and discounts) and the impact of the application of hedge accounting) was 5.06% during the quarter.
Important Disclosure Information
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,” “can,” “could,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”, “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 t o 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) . Except as otherwise required by federal securities laws, BXSL undertakes no obligation t o publicly update or revise any forward - looking statements, whether as a result of new information, future developments or otherwise . 20
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