BXSL’s dividend remained fully covered as the BDC expanded its portfolio to 316 companies and authorized a $250 million repurchase program.

February 26, 2026

Blackstone Secured Lending Fund wrapped up 2025 on a steady note, reporting fourth-quarter net investment income of $186 million, or $0.80 per share, enough to cover its regular quarterly dividend of $0.77 per share with a coverage ratio of 104%. The business development company, which trades on the NYSE under the ticker BXSL, also unveiled a discretionary share repurchase program allowing it to buy back up to $250 million of its common shares in the open market at prices below net asset value.

Full-Year and Quarterly Earnings

For the full year, BXSL generated net investment income of $740 million, or $3.23 per share, compared to $708 million, or $3.51 per share, in 2024. The modest per-share decline reflects the company’s expanded share count as it raised capital throughout the year. Net income for 2025 came in at $563 million, or $2.46 per share, down from $694 million, or $3.45 per share, in 2024, weighed down by unrealized depreciation across the portfolio.

The company’s net asset value at year-end stood at approximately $6.2 billion, or $26.92 per share, down slightly from $27.39 per share at the end of 2024. Total investments at fair value grew to $14.2 billion from $13.1 billion a year earlier, reflecting ongoing deployment activity. BXSL added 40 new portfolio companies during the year, ending 2025 with 316 total holdings across 40 industries.

Portfolio Quality and Credit Metrics

BXSL emphasized the resilience of its credit book, pointing to several key indicators of portfolio health:

• Non-accrual rate: Just 0.6% of total investments at amortized cost
• First-lien, senior secured debt: 97.6% of total holdings by fair value
• Floating rate instruments: 98.4% of the debt portfolio
• Average loan-to-value: 50.5% across borrowers
• Interest coverage ratio: A stable 2.0 times
• Borrower EBITDA growth: 8% on a trailing twelve-month basis

Investment Activity

Investment activity was robust in the fourth quarter, with new commitments of approximately $907 million at par and fundings of $1.0 billion. Proceeds from sales and repayments totaled $629 million, resulting in net funded investment activity of roughly $413 million. The weighted average yield on new investments came in at 8.9%, while the yield on investments that were fully sold or repaid was 9.9%, reflecting broader compression in private credit spreads. The overall yield on performing debt investments declined to 9.6% at quarter-end from 10.0% the prior quarter.

Balance Sheet and Liquidity

On the liability side, BXSL ended the year with total debt outstanding of $8.1 billion and leverage of 1.30 times debt to equity, up from 1.17 times at the end of 2024. The company maintained $2.5 billion of available liquidity through unrestricted cash and undrawn credit capacity. Key features of its debt structure include:

• A diversified mix of secured revolving facilities, asset-based facilities, CLO debt, and unsecured notes
• A weighted average maturity of approximately 3.1 years
• An all-in cost of debt of 4.93% in the fourth quarter
• Investment-grade credit ratings from all three major rating agencies

Dividend and Outlook

The BXSL board declared a first-quarter 2026 regular dividend of $0.77 per share, payable in late April to shareholders of record as of March 31, 2026. The annualized dividend yield based on year-end NAV stands at 11.4%. Management characterized the firm’s approach as highly disciplined, noting that Blackstone’s scale and relationships across the private credit market provide a competitive sourcing advantage.

The total return since inception, on an annualized basis, stands at 11.2%, while the full-year 2025 return based on NAV was 9.6%.