Blackstone Secured Lending Fund (BXSL) investor relations material

Executive summary

• Net investment income for Q1 2026 was $179 million ($0.77 per share), fully covering the dividend and yielding 11.7% annualized on NAV of $26.26 per share, despite market volatility and a 5% year-over-year decline.

• Portfolio remains predominantly first lien, senior secured debt (98%), with 95.8% floating rate exposure and high single-digit LTM EBITDA growth.

• Non-accruals increased to 3.1% at fair value, with three new positions added, now representing the majority of non-accruals.

• New investment activity reached $325 million, while repayments totaled $450 million, resulting in net funded investment activity of $(126) million.

• NAV per share declined 2.5% quarter-over-quarter to $26.26, primarily due to unrealized losses from spread widening and company-specific fundamentals.

Financial highlights

• Net investment income per share was $0.77, down from $0.80 in the prior quarter and $0.83 in Q1 2025, with 100% dividend coverage.

• Total investment income for Q1 2026 was $325.5 million, down 9% year-over-year.

• Weighted average yield on performing debt investments was 9.3%, down from 9.6% in the prior quarter.

• Investments at fair value totaled $13.9 billion across 316 portfolio companies.

• All-in cost of debt for Q1 was 4.9%, with a weighted average debt maturity of 3.1 years.

Outlook and guidance

• Management expects continued strong performance supported by high current income, senior positioning, and proactive portfolio management, despite increased non-accruals and macroeconomic volatility.

• Dividend of $0.77 per share declared for Q2 2026, payable in July, anticipated to be covered by current and undistributed earnings.

• Ongoing evaluation of dividend and capital allocation based on long-term shareholder value.

• Forward-looking statements caution that actual results may differ due to market, credit, and economic risks.