Blackstone Secured Lending Fund (BXSL) Q4 2025 earnings summary

Executive summary

• Reported strong Q4 and full-year 2025 results, with net investment income of $0.80 per share, fully covering the dividend, and new investment activity exceeding $1 billion for the second consecutive quarter.

• Portfolio remains primarily first-lien senior secured debt, with 97.6% first lien, 98.4% floating rate exposure, and a defensive focus on large, private equity-owned businesses across diversified industries.

• Benefited from a constructive macro environment, resilient corporate earnings, and strong consumer trends.

• Board approved a $250 million discretionary share repurchase plan for shares trading below NAV.

• Declared a Q1 2026 dividend of $0.77 per share.

Financial highlights

• Q4 2025 net investment income was $186 million ($0.80 per share), representing an 11.8% annualized return on equity.

• Distribution of $0.77 per share was 104% covered by NII, with an 11.4% annualized distribution yield on NAV.

• Net asset value per share at quarter end was $26.92, with total NAV of $6.2 billion.

• Full-year net return was 9.6%, outperforming the leveraged loan market by 360 basis points.

• Fair value of investments as of December 31, 2025, was approximately $14.2 billion.

Outlook and guidance

• Expect continued robust deal activity and portfolio turnover, supported by strong M&A and repayment trends.

• Management remains disciplined, leveraging Blackstone’s scale and expertise to drive shareholder value.

• Portfolio positioned for resilience with strong credit fundamentals and stable interest coverage ratios.

• Anticipate remaining active in direct lending, leveraging $40 billion of dry powder.

• Long-term leverage target remains at 1.25x, with near-term management at the high end of the range.