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Blackstone Secured Lending Fund (NYSE: BXSL) Q2 2026 earnings snapshot

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Blackstone Secured Lending Fund reported second quarter 2026 results with net investment income of $174 million, or $0.75 per share, and net income of $9 million, or $0.04 per share. The Board declared a third quarter 2026 dividend of $0.77 per share to shareholders of record on September 30, 2026, implying a 12.1% annualized dividend yield on NAV. Net asset value was about $5.9 billion, or $25.53 per share.

As of June 30, 2026, BXSL held approximately $13.4 billion of investments at fair value across 313 portfolio companies, with 96.8% in first lien senior secured debt and 1.8% of debt investments on non-accrual by fair value. The portfolio remained largely floating rate at 96.3%. Liquidity totaled $2.8 billion in unrestricted cash and undrawn debt capacity, while debt-to-equity leverage was 1.28x (1.25x net of cash) and the total all-in cost of debt was 5.05% with a weighted average debt maturity of about 3.3 years. Compared with 2Q 2025, net investment income per share eased from $0.77 and net income per share from $0.68, and NAV per share declined from $27.33.

Positive

  • None.

Negative

  • Quarterly net income fell to $9 million ( $0.04 per share) from $155 million ($0.68 per share) in 2Q 2025, reflecting significant realized and unrealized losses.

Filing Explained

BXSL reported negative net funded investment activity in the second quarter as sales and repayments outweighed new fundings.

The August 6 Form 8-K reports BXSL's completed second-quarter activity through June 30, 2026; its material structural detail is disclosed net funded investment activity that was negative during the quarter.

Form 8-Ks report specified material events, and Item 2.02 here covers results of operations and financial condition; the company says the information and Exhibit 99.1 are furnished, not filed, for Section 18 purposes. New investment fundings were lower than proceeds from sales and repayments, so more capital left the investment book than entered through new fundings.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net investment income $174 million For the quarter ended June 30, 2026
Net income $9 million For the quarter ended June 30, 2026
Regular dividend per share $0.77 Third quarter 2026 dividend; also regular Q2 2026 dividend
Net asset value per share $25.53 NAV per share as of June 30, 2026
Investments at fair value $13.4 billion Fair value of investments as of June 30, 2026
Non-accrual debt investments 1.8% Non-accrual debt investments as a percentage of total investments at fair value
Debt-to-equity ratio 1.28x Ending debt-to-equity leverage at June 30, 2026
Available liquidity $2.8 billion Unrestricted cash and undrawn debt capacity as of June 30, 2026
net investment income financial
"Net investment income of $174 million, or $0.75 per share in the quarter"
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.
non-accrual debt investments financial
"1.8% of investments on non-accrual (at fair market value)"
loan-to-value financial
"51.9% average loan-to-value (LTV)"
Loan-to-value is the percentage that shows how large a loan is compared with the appraised value of the asset backing it, for example a house or other property. Investors care because a higher percentage means more of the asset’s value is borrowed — like buying a car with almost no down payment — which increases the chance of loss for lenders and can lead to higher interest rates, stricter terms, or greater risk for holders of related securities.
business development company regulatory
"BXSL has elected to be regulated as a business development company"
A business development company is a publicly traded investment vehicle that lends to and buys stakes in smaller or privately held companies, acting like a combination of a lender, investor, and business partner. It matters to investors because BDCs offer the potential for higher regular income through dividends and diversified exposure to growing businesses, but they can also carry greater credit and liquidity risk than typical stocks or bonds—think higher-yielding but riskier income instruments.
dividend coverage financial
"2Q'26 dividend coverage is calculated as 2Q'26 net investment income per share"
Dividend coverage measures how easily a company can pay its regular cash payouts to shareholders by comparing the money it earns or generates to the amount it returns as dividends. Think of it as the cushion under a paycheck: a higher coverage means the company has plenty of earnings or cash to keep paying or raise dividends, while low coverage signals the payments could be at risk if profits fall, which matters to income-focused investors.
Net investment income per share $0.75 Compared with $0.77 per share in 2Q 2025
Net income per share $0.04 Compared with $0.68 per share in 2Q 2025
Net asset value per share $25.53 Compared with $27.33 per share at June 30, 2025
Regular dividend per share $0.77 Same level as the regular quarterly dividend in 2Q 2025
Annualized net investment income return 11.4% Slightly above 11.2% reported for 2Q 2025
Total return based on NAV 0.4% Lower than 2.3% total return in 2Q 2025

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FAQ

What were Blackstone Secured Lending Fund (BXSL) Q2 2026 earnings?
BXSL generated net investment income of $174 million ($0.75 per share) and net income of $9 million ($0.04 per share) in Q2 2026. Net income was lower than 2Q 2025, when it reported $155 million, or $0.68 per share.

What dividend did BXSL declare for third quarter 2026?
The Board declared a third quarter 2026 dividend of $0.77 per share, to shareholders of record as of September 30, 2026, payable on or about October 23, 2026. This amount matches the regular quarterly dividend paid over the last several quarters.

What were BXSL’s NAV and investment portfolio size as of June 30, 2026?
As of June 30, 2026, BXSL reported net asset value of about $5.9 billion, or $25.53 per share. The fair value of its investment portfolio was approximately $13.4 billion across 313 portfolio companies, primarily in first lien senior secured loans.

How strong was Blackstone Secured Lending Fund (BXSL) portfolio credit quality in Q2 2026?
BXSL reported 1.8% of debt investments on non-accrual based on fair value in Q2 2026. The portfolio was 96.8% first lien senior secured debt, with a weighted average loan-to-value of 51.9%, indicating senior positioning and moderate leverage at borrowers.

What leverage and liquidity levels did BXSL report in Q2 2026?
BXSL ended Q2 2026 with a debt-to-equity ratio of 1.28x (1.25x net of cash) and a total all-in cost of debt of 5.05%. It had about $2.8 billion of liquidity in unrestricted cash and undrawn borrowing capacity, subject to borrowing base limits.

What dividend yield and coverage did BXSL achieve in Q2 2026?
The regular dividend of $0.77 per share represented a 12.1% annualized yield on ending NAV per share. Q2 2026 dividend coverage was 97%, calculated as net investment income per share of $0.75 divided by the $0.77 regular dividend.
false 0001736035 0001736035 2026-08-06 2026-08-06

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

______________________

FORM 8-K

______________________

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 6, 2026

______________________

Blackstone Secured Lending Fund
(Exact name of registrant as specified in its charter)

______________________

Delaware

  

814-01299

  

82-7020632

(State or other jurisdiction
of incorporation)

  

(Commission
File Number)

  

(I.R.S. Employer
Identification No.)

345 Park Avenue
New York, New York 10154
(Address of principal executive offices, including zip code)

(212) 503-2100
(Registrant’s phone number, including area code)

N/A
(Former name or former address, if changed since last report)

______________________

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:

Title of each class

  

Trading Symbol(s)

  

Name of each exchange on which registered

Common Shares of Beneficial
Interest, $0.001 par value per share

  

BXSL

  

New York Stock Exchange

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 August 6, 2026, Blackstone Secured Lending Fund issued a press release and detailed presentation announcing its financial results for the second quarter ended June 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.

Exhibit
Number

  

Description of Exhibits

99.1

  

Press release dated August 6, 2026

104

  

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.

Date: August 6, 2026

 

BLACKSTONE SECURED LENDING FUND
   

By:

  

/s/ Teddy Desloge
   

Name:

  

Teddy Desloge
   

Title:

  

Chief Financial Officer

 

Exhibit 99.1

 

NEW YORK — August 6, 2026 — Blackstone Secured Lending Fund (NYSE: BXSL or the “Company”) today reported its second quarter 2026 results. Brad Marshall, Chief Executive Officer of Blackstone Secured Lending Fund, said, “BXSL reported healthy second - quarter earnings with no new assets placed on non - accrual. During the quarter, new investment activity exceeded $300 million, while repayments increased to over $700 million. Our portfolio, which is primarily composed of first - lien senior secured debt, remains well positioned, underpinned by stable EBITDA growth across our borrowers. We maintained a disciplined approach to deployment, leveraging the advantages of Blackstone’s scale, sourcing capabilities, and asset management expertise for the benefit of our shareholders.” Blackstone Secured Lending Fund issued a full detailed presentation of its second quarter 2026 results, which can be viewed at www.bxsl.com . Dividend Declaration The Company's Board of Trustees has declared a third quarter 2026 dividend of $0.77 per share to shareholders of record as of September 30, 2026, payable on or about October 23, 2026. 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=1767729&tp_key=6d012692ae Blackstone Secured Lending Fund 345 Park Avenue New York, NY 10154 T 212 583 5000 Blackstone Secured Lending Fund Reports Second Quarter 2026 Results

 

 

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 June 30, 2026, BXSL’s fair value of investments was approximately $13.4 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 June 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 Fund and Portfolio Inquiries Justin Farshidi Justin.Farshidi@blackstone.com +1 646 482 - 3823 Media Thomas Clements Thomas.Clements@blackstone.com +1 646 - 482 - 6088 Investors Stacy Wang, Head of Stakeholder Relations Blackstoneshareholderrelations@blackstone.com

 

 

Blackstone Secured Lending Fund Second Quarter 2026 Results AUGUST 6, 2026 This presentation should be read in conjunction with BXSL’s latest quarterly report filed on Form 10 - Q for the period ended June 30, 2026. Numbers are approximate and may not add up due to rounding.

 

 

4 96.8% 12.1% 11.4% First lien, senior secured debt (1) 2Q'26 dividend yield based on NAV (3) 2Q'26 annualized NII return (2) 51.9% Average loan - to - value (5)(6) $0.77 2Q'26 dividend declared $0.75 2Q'26 NII per share 1.8% Non - accrual debt investments (7) 97% 2Q'26 dividend coverage (4) 93.2% Income excluding PIK, fees, and dividends HIGHLIGHTS ▪ BXSL continues to be designed to provide steady earnings while mitigating risk across different market environments with a 96.3% (1) floating rate debt portfolio focused on senior secured debt investments ▪ Portfolio has remained well positioned with healthy underlying credit fundamentals and 1.8% of investments on non - accrual (at fair market value) (7) Note : All figures in this presentation are as of June 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 the fair market value of the portfolio as of June 30, 2026. Debt investments, excluding non - accrual debt investments, are 99.3% floating rate. Total debt investments represent 98.8% of total investments based on the fair market value of the portfolio as of June 30, 2026. (2) Annualized net investment income (“NII”) return is calculated as the 2Q'26 annualized net investment income per share divided by net asset value (“NAV”) per share at the beginning of the period. (3) 2Q'26 Dividend yield is calculated as the 2Q'26 dividend ($0.77) annualized and divided by the ending NAV per share on June 30, 2026 ($25.53). (4) 2Q'26 Dividend coverage is calculated as 2Q'26 net investment income per share ($0.75) divided by 2Q'26 regular dividend per share ($0.77). (5) 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 . (6) 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 . (7) Based on non - accrual debt investments as a percentage the fair market value of total investments. Based on amortized cost, investments on non - accrual represent 3.6% of total investments. Capital Protection Senior secured positions further insulated by strong sponsor relationships Earnings Highlights BXSL’s asset - liability structure is efficient Quarterly Dividend Consistent regular dividend supported by solid earnings power

 

 

5 Portfolio and Investment Activity ▪ Weighted average yield on performing debt investments at fair value of 9.4% at quarter - end, compared to 9.3% at prior quarter - end (3) ▪ New investment commitments in the quarter of $0.2 billion at par, $0.3 billion funded ▪ Proceeds from sales and repayments of $0.8 billion in the quarter Earnings Summary ▪ Net investment income of $174 million, or $0.75 per share in the quarter, compared to $0.77 per share in the prior quarter and $0.77 per share in 2Q 2025 ▪ Net income of $9 million, or $0.04 per share in the quarter, compared to $0.11 per share in the prior quarter and $0.68 per share in 2Q 2025 ▪ Regular dividend of $0.77 per share, representing a dividend yield of 12.1% (1) ▪ Net asset value of approximately $5.9 billion, or $25.53 per share at quarter - end ▪ Total return of 10.6% annualized inception to date and 0.4% for the quarter (2) (1) 2Q'26 dividend yield is calculated as the 2Q'26 dividend ($0.77) annualized and divided by the ending NAV per share on June 30, 2026 ($25.53). (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 June 30, 2026, $2.8 billion of capacity is undrawn and $2.6 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) 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 . (7) 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 4 . 95 % during the quarter . SECOND QUARTER RESULTS Liquidity Update ▪ $2.8 billion of liquidity in unrestricted cash and undrawn debt (subject to borrowing base capacity) (4) ▪ 1.28x debt - to - equity (net of cash 1.25x) at quarter - end and average debt - to - equity of 1.30x (5) ▪ 26% fixed rate, unsecured debt with a weighted average coupon of 2.58% (6) ▪ Total all - in cost of debt of 5.05% (7) in 2Q 2026 and a weighted average maturity on debt facilities of approximately 3.3 years

 

 

6 (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. SECOND QUARTER 2026 SELECTED FINANCIAL HIGHLIGHTS ($ in millions, unless otherwise noted) 2Q'25 2Q'26 2Q'25 LTM 2Q'26 LTM Operating results Net investment income $ 176 $ 174 $ 728 733 $ Net income 155 9 619 293 Net investment income per share 0.77 0.75 3.35 3.14 Net income per share 0.68 0.04 2.84 1.27 Regular dividends per share 0.77 0.77 3.08 3.08 Annualized net investment income return (1) 11.2% 11.4% 12.3% 11.5% Total return based on NAV (2) 2.3% 0.4% 11.3% 5.5% Portfolio activity New investment commitments, at par $ 631 $ 154 $ 2,654 3,734 $ New investment fundings 530 312 3,553 2,686 Investments sold and repaid (185) (754) (1,675) (2,270) 6/30/2025 6/30/2026 Balance sheet 13,364 $ 13,253 $ Investments at fair value 7,536 7,091 Total debt outstanding, carrying value (3) 7,614 7,108 Total debt outstanding, principal 5,939 6,288 Net asset value 25.53 27.33 Net asset value per share 1.28x 1.13x Ending debt - to - equity (3) 1.30x 1.13x Average debt - to - equity (3) 96.8% 98.2% % First lien 9.4% 10.2% Weighted average yield on performing debt and income producing investments, at fair value (4) 313 295 Number of portfolio companies

 

 

First Lien Debt 96.8% Second Lien Debt 1.9% 0.1% Equity 1.2% Portfolio Predominantly First Lien Debt (1) Unsecured Debt 46.9% 51.9% 2Q'25 2Q'26 Loan - to - Value (2) $219 $221 2Q'25 2Q'26 LTM EBITDA (6) $848 $866 2Q'25 2Q'26 Revenue (5) PORTFOLIO CHARACTERISTICS $13.4B investments at fair value 313 portfolio companies 1.8% non - accrual debt investments (4) 96.3% of investments are floating rate debt (1) 96.8% of investments are first lien, senior secured debt (1) 51.9% average loan - to - value (LTV) (2)(3) (1) Based on the fair market value of the portfolio as of June 30 , 2026 . Debt investments, excluding non - accrual debt investments, are 99 . 3 % floating rate and debt investments represent 98 . 8 % of total investments based on the fair market value of the portfolio as of June 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 the fair market value of total investments . Based on amortized cost, investments on non - accrual represent 3 . 6 % 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”) . Portfolio Company Weighted Average Statistics (3) ($ in millions, unless otherwise noted) 7

 

 

8 PORTFOLIO CONSTRUCTION ▪ Broad industry representation with largest exposures in software, health care providers & services, professional services and insurance ▪ Diversified portfolio across issuers with no single issuer accounting for more than 3% of the portfolio Top Ten Portfolio Companies (1)(2) (as of June 30, 2026) Top Ten Industries (1)(3) (as of June 30, 2026) (1) Based on the fair market value of the portfolio. (2) 313 portfolio companies. (3) 39 individual industries. 19% 10% 10% 10% 8% 5% 5% 4% 3% 3% Software Health Care Providers & Services Professional Services Insurance Commercial Services & Supplies IT Services Health Care Technology Diversified Consumer Services Air Freight & Logistics Aerospace & Defense Remainder of Portfolio, 80% (303 portfolio companies) Snoopy Bidco, 3% JSS, 3% Guidehouse, 2% Auctane (fka Stamps.com), 2% Cambium, 2% Corfin, 2% Bazaarvoice, 2% Navigator, 2% IRI Group/NPD/Circana, 1% Medallia, 1%

 

 

$0.70 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77 $1.06 $0.95 $0.96 $0.87 $0.89 $0.91 $0.84 $0.83 $0.77 $0.82 $0.80 $0.77 $0.75 2Q'23 3Q'23 4Q'23 1Q'24 4Q'24 1Q'25 2Q'25 Net Investment Income 3Q'25 4Q'25 1Q'26 2Q'26 2Q'24 3Q'24 Regular Dividend DIVIDEND COVERAGE HISTORY ▪ Regular dividend of $0.77 per share, representing an annualized dividend yield of 12.1% (1) Historical Quarterly Dividends Per Share ($) (3) 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. 12.1% 11.7% 11.4% 11.3% 11.3% 11.2% 11.2% 11.3% 11.3% 11.5% 11.6% 11.6% 10.6% Regular Dividend Yield (1) 97% 100% 104% 106% 100% 108% 109% 118% 116% 113% 125% 123% 151% Regular Dividend Coverage (2 ) 9

 

 

SUMMARY OF OPERATING RESULTS ($ in millions, except share and per share data ) 2 Q' 26 LTM 2 Q'25 LTM 2 Q' 26 2Q'25 Investment Income 1,256 $ 1,311 $ 299 $ 321 $ Interest Income 102 83 21 22 Payment - in - kind interest income 1 0 - 0 Dividend income 3 4 1 1 Other Income 1 ,362 $ 1 ,398 $ 320 $ 34 5 $ Total investm ent income Operating Expenses 398 $ 366 $ 101 $ 92 $ Interest expense 143 131 35 35 Management fees 62 146 2 35 Income based incentive fees - (6) - - Capital gains based incentive fees 16 13 4 4 Other operating expenses 618 $ 649 $ 142 $ 165 $ Total expenses before tax expense (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 $ 745 $ 749 $ 178 $ 180 Net investm ent income before tax expense 17 16 4 4 Excise and other tax expense $ 728 $ 733 $ 174 $ 176 Net investm ent income after tax expense Net Realized and Unrealized Gains (Losses) (390) (102) (137) (11) Net change in unrealized appreciation (depreciation) (4 35 ) (1 14 ) (164 ) (21 ) Net realized and unrealized gains (losses) $ 293 $ 619 $ 9 $ 155 Net increase (decrease) in net assets resulting f rom operations Per Share Data (1) 3.14 $ 3.35 $ 0.75 $ 0.77 $ Net investment income (basic and diluted) 1.27 2.84 0.04 0.68 Earnings (loss) per share (basic and diluted) 3.08 3.08 0.77 0.77 Dividends declared per share (regular) N/A N/A 232,557,932 228,192,335 Weighted average shares outstanding (basic and diluted) Net realized gain (loss) (10) (28) (13) (45)

 

 

SUMMARY STATEMENTS OF FINANCIAL CONDITION ($ in millions, except per share data) 6/30/2026 3/31/2026 6/30/2025 Assets 13,364 $ 13,942 $ 13,253 $ Investments at fair value 267 351 274 Cash and cash equivalents 108 98 105 Interest receivable 2 2 11 Receivable from broker 20 19 20 Deferred financing costs 25 2 23 Receivable for investments - - 5 Receivable for shares sold 2 23 20 Derivative assets at fair value 13,789 $ 14,437 $ 13,711 $ Total Assets Liabilities & Net Assets 7,536 $ 8,034 $ 7,091 $ Debt (net of unamortized debt issuance costs) 10 11 2 Payable for investments 5 5 6 Due to affiliates 35 36 35 Management fees payable 2 2 35 Income based incentive fee payable - - - Capital gains based incentive fee payable 63 61 65 Interest payable 179 179 177 Distribution payable 6 0 0 Derivative liabilities at fair value 14 8 12 Accrued expenses and other liabilities 7,850 $ 8,337 $ 7,423 $ Total Liabilities 5,939 $ 6,100 $ 6,288 $ Total Net Assets 13,789 $ 14,437 $ 13,711 $ Total Liabilities and Net Assets 25.53 $ 26.26 $ 27.33 $ Net Asset Value per share 11

 

 

12 $631 $1,289 $907 $303 $154 $530 $1,007 $1,042 $325 $312 2Q'25 1Q'26 2Q'26 3Q'25 4Q'25 Investment commitments Investment fundings 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 $0.3 billion – Proceeds from sales and repayments of $0.8 billion Originations and Fundings ($ in millions) Investment Activity Summary ($ in millions, unless otherwise noted) (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. 2Q'26 Investment commitments, at par 154 $ Investment fundings 312 Investments sold (40) Investments repaid (714) Net funded investment activity $ (442) Average new investment commitment $ 39 Number of new portfolio companies 5 Portfolio companies exited 8 Weighted average yield of new investments (1) 9.2% Weighted average yield on investments fully sold or paid down (1) 9.3%

 

 

$5,939 $1,327 $458 $679 $5,150 $2,628 $267 Total Debt: $7,614 Asset Based Facilities (SOFR + 1.65% - 1.90%) CLO Debt (SOFR + 1.51% - 1.78%) Secured Revolver (SOFR + 1.525 - 1.775% (4) ) Equity Unsecured Notes ( $ 2 . 0 billion fixed rate notes with weighted average coupon of 2 . 58 % ; $ 3 . 2 billion swapped to weighted average of SOFR + 1 . 67 % ( 1 ) ) Undrawn Borrowing Capacity (subject to borrowing base availability) (3) Cash and cash equivalents (including restricted cash of $76 million) (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 June 30 , 2026 , $ 2 . 8 billion of capacity is undrawn and $ 2 . 6 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 $ 200 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 4.95% during the quarter. 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) 80% of assets funded by unsecured debt and equity $2.8B of available liquidity provides material capacity (3) $10.4B of total committed debt 5.05% Total all - in cost of debt (5) 3.3 years weighted average maturity Funding Profile ($ in millions) 13

 

 

Supplemental Details

 

 

SECOND QUARTER 2026 NET ASSET VALUE BRIDGE - QTD (1) The per share data was derived by using the weighted average shares outstanding during the period. 15 (2) The per share data for dividends was derived by using the actual shares outstanding as of each respective record date.

 

 

SUMMARY OF OPERATING RESULTS – COMPARATIVE ($ in millions, except share and per share data ) (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 2Q'26 1 Q'26 4 Q'25 3 Q'25 2Q'25 Investment I ncom e 299 $ 302 $ 327 $ 328 $ 321 $ Interest Income 21 22 30 30 22 Payment - in - kind interest income - 0 0 1 0 Dividend income 1 2 0 0 1 Other Income 320 $ 325 $ 358 $ 359 $ 345 $ Total investment incom e Operating Expenses 101 $ 100 $ 102 $ 95 $ 92 $ Interest expense 35 36 36 35 35 Management fees 2 2 26 31 35 Income based incentive fees - - - - - Capital gains based incentive fees 4 4 4 4 4 Other operating expenses 14 2 142 168 165 165 Total expenses before tax expense $ 178 $ 183 $ 190 $ 194 $ 180 Net investment income before tax expense 4 4 4 4 4 Excise and other tax expense $ 174 $ 179 $ 186 $ 189 $ 176 Net investment income after tax expense Net Realized and Unrealized Gains (Losses) (137) (155) (62) (36) (11) Net change in unrealized appreciation (depreciation) (164 ) (154 ) (60) (57 ) (21 ) Net realized and unrealized gains (losses) $ 9 $ 25 $ 126 $ 132 $ 155 Net increase (decrease) in net assets resulting f rom operations Per Share Data (1) $ 0.75 $ 0.77 $ 0.80 $ 0.82 $ 0.77 Net investment income (basic and diluted) 0.04 0.11 0.55 0.57 0.68 Earnings (loss) per share (basic and diluted) 0.77 0.77 0.77 0.77 0.77 Dividends declared per share (regular) 232,557,932 232,203,849 231,349,087 230,462,792 228,192,335 Weighted average shares outstanding (basic and diluted) Net realized gain (loss) (10) (21) 3 1 (28)

 

 

SELECTED FINANCIAL HIGHLIGHTS ($ in millions, except share and per share data) 2Q'26 1Q'26 4Q'25 3Q'25 2Q'25 Operating results 174 $ 179 $ 186 $ 189 $ 176 $ Net investment income 9 25 126 132 155 Net income 0.75 0.77 0.80 0.82 0.77 Net investment income per share 0.04 0.11 0.55 0.57 0.68 Net income per share 0.77 0.77 0.77 0.77 0.77 Regular dividends per share 11.4% 11.4% 11.8% 12.0% 11.2% Annualized net investment income return (1) 0.4% 0.7% 2.1% 2.2% 2.3% Quarterly total return based on NAV (2) (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. Portfolio activity 154 $ 303 $ 907 $ 1,289 $ 631 $ New investment commitments, at par 312 325 1,042 1,007 530 New investment fundings (754) (451) (629) (437) (185) Investments sold and repaid 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Balance sheet 13,364 $ 13,942 $ 14,207 $ 13,810 $ 13,253 $ Investments at fair value 7,536 8,034 8,080 7,657 7,091 Total debt outstanding, carrying value (3) 7,614 8,076 8,101 7,669 7,108 Total debt outstanding, principal 5,939 6,100 6,245 6,270 6,288 Net asset value 25.53 26.26 26.92 27.15 27.33 Net asset value per share 1.28x 1.32x 1.30x 1.22x 1.13x Ending debt - to - equity (3) 1.30x 1.31x 1.27x 1.15x 1.13x Average debt - to - equity (3) 96.8% 97.6% 97.6% 97.5% 98.2% % First lien 9.4% 9.3% 9.6% 10.0% 10.2% Weighted average yield on performing debt and income producing investments, at fair value (4) 313 316 316 311 295 Number of portfolio companies 17

 

 

FUNDING SOURCES SUMMARY ▪ $2.8B of liquidity in unrestricted cash and undrawn debt (subject to borrowing base availability) as of June 30, 2026 (1) ($ in millions) (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 June 30 , 2026 , $ 2 . 8 billion of capacity is undrawn and $ 2 . 6 billion is available to borrow . (2) The period during which Jackson Hole Funding may make borrowings under the Jackson Hole Funding Facility expired on May 2 , 2026 and the Jackson Hole Funding Facility is scheduled to mature on May 17 , 2027 . (3) 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 $ 200 million that mature on June 28 , 2027 and incur an interest rate of base rate + 1 . 75 % up to + 1 . 875 % . (4) 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 June 30 , 2026 , the Company had non - USD borrowings denominated in the following currencies : Canadian Dollars 38 . 4 million, Euros 390 . 5 million, British Pounds 293 . 5 million, Australian Dollar 45 . 0 million . (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 related Notes in qualifying hedge accounting relationships . (6) 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 . (7) 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 4.95% during the quarter. Counterparty and Initial Date Entered Interest Rate Maturity Date Principal Committed Total Outstanding (Par) $0 $0 5/17/2027 SOFR + 1.95% JPM – 11/16/18 Jackson Hole Funding (2) $281 $1,175 6/18/2029 SOFR + 1.90% BNP – 12/21/18 Breckenridge Funding $357 $800 11/21/2029 SOFR + 1.85% BOA – 12/10/19 Big Sky Funding $41 $400 12/27/2028 SOFR + 1.65% 12/27/2024 BXSL 2025 - 1 Facility $1,327 $2,429 8/5/2030 SOFR + 1.525% - 1.775% (4) Citi – 6/15/20 Revolving Credit Facility (3) (Syndicated) $700 $700 9/16/2026 2.750% 3/16/2021 New 2026 Notes $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%) (5) 5/20/2024 November 2027 Notes $700 $700 4/13/2028 5.350% (swapped to a weighted average of SOFR + 1.54%) (6) 10/15/24 & 12/16/24 April 2028 Notes $500 $500 6/30/2030 5.300% (swapped to SOFR + 1.46%) (5) 3/4/2025 June 2030 Notes $500 $500 1/31/2031 5.125% (swapped to SOFR + 1.66%) (5) 10/14/2025 January 2031 Notes $400 $400 9/4/2029 5.25% (swapped to SOFR + 1.93%) (5) 3/3/2026 September 2029 Notes $650 $650 5/21/2031 5.90% (swapped to SOFR + 2.00%) (5) 5/21/2026 May 2031 Notes $458 $458 10/20/2036 SOFR + 1.51% - 1.78% 11/21/2024 2024 - 1 CLO Debt Securitization $7,614 $10,411 5.05% (7) Total

 

 

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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