Blackstone Secured Lending Fund (BXSL) shares ended the last trading session 7.9% higher at $28.99. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 16.6% loss over the past four weeks.Blackstone Secured Lending Fund stock rallied, driven by a massive jump in the broad markets. The jump was attributable to President Donald Trump’s announcement of a 90-day tariff pause for the non-retaliating nations. This cheered th ...

Financial Data and Key Metrics Changes - Blackstone Secured Lending Fund reported a net investment income (NII) of $0.84 per share, representing a 12.3% annualized return on equity, primarily derived from contractual income rather than one-time fees [8][33] - The net asset value (NAV) per share increased for the ninth consecutive quarter by $0.12 to $27.39, reflecting stable fundamentals and excess earnings [9][34] - Total investment income for the quarter reached a record high, up $49 million or 16% year over year, driven by increased interest income [33] Business Line Data and Key Metrics Changes - The fund ended the quarter with $13.1 billion of investments at fair value, a 9% increase from $12 billion in Q3 [17] - The weighted average yield on performing debt investments at fair value was 10.4%, down from 11.2% in the previous quarter [19] - 93% of new private debt investments during the quarter were first lien senior secured positions, with average loan-to-values (LTVs) below 40% [24] Market Data and Key Metrics Changes - The liquidity position increased to $2.4 billion, up from $1.1 billion in the previous quarter, indicating strong deal flow expectations for 2025 [18] - The average loan-to-value ratio for the portfolio was near the mid-thirties, with yields ranging between 8% to 10% [13] - The fund's credit quality remained strong, with only 0.3% of investments on nonaccrual cost, significantly lower than the average of traded BDC peers [11] Company Strategy and Development Direction - The company is positioned for an anticipated ramp-up in deal activity throughout 2024, with a positive M&A outlook suggesting recovery from historical lows [15] - The focus remains on high-quality borrowers, leveraging Blackstone's resources to deliver competitive returns compared to traded BDC peers [14] - The strategy includes maintaining a diverse liability profile and optimizing the cost of capital to support increasing activity [38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future M&A volumes and the deployment picture for 2025, highlighting the potential for increased activity as market conditions improve [27][102] - The company noted that while spreads have tightened, the quality of companies and capital structures financed by private credit continues to improve [15] - Management acknowledged the current market uncertainty but expects a meaningful pickup in M&A activity starting towards the end of the second quarter [60] Other Important Information - The fund maintained its dividend distribution at $0.77 per share, emphasizing a commitment to delivering high-quality yield to shareholders [27] - The company has a strong focus on first lien senior secured debt, which is viewed as a defensive investment strategy [22] - The fund's inaugural CLO priced at SOFR plus 154 basis points, marking the tightest spread on senior-most notes of any middle market private credit CLO issued since 2021 [40] Q&A Session Summary Question: What percentage of new originations is from the existing Blackstone ecosystem? - Over half of the deals in Q4 were from existing portfolio companies or had some level of incumbency, showcasing the company's ability to originate during slower market periods [45] Question: Will there be a lean towards the core middle market segment? - The company has a significant presence in the core middle market and has seen better relative value there, indicating a potential shift towards this segment [55] Question: What is the exposure to upcoming tariff impacts? - The overall exposure to tariffs is estimated to be mid-single digits, with a focus on monitoring industries that could be affected [67] Question: Can you provide insight on the mark for Medallia? - The mark reflects slower growth into its capital structure, but EBITDA has tripled since the investment, indicating a high-quality product despite pricing pressure [74] Question: What is the outlook for new investment spreads? - Spreads are expected to remain stable, with a chance of tightening in the near term, while the medium term may see widening as M&A activity picks up [60] Question: How is competition in the upper end of the market changing? - There has been increased activity in the public markets, leading to a shift in focus towards the upper end of the middle market for better opportunities [94]

For the quarter ended December 2024, Blackstone Secured Lending Fund (BXSL) reported revenue of $353 million, up 16.1% over the same period last year. EPS came in at $0.84, compared to $0.96 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $345.58 million, representing a surprise of +2.15%. The company delivered an EPS surprise of -2.33%, with the consensus EPS estimate being $0.86.While investors scrutinize revenue and earnings changes year-over-year and how they com ...

Blackstone Secured Lending Fund (BXSL) came out with quarterly earnings of $0.84 per share, missing the Zacks Consensus Estimate of $0.86 per share. This compares to earnings of $0.96 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -2.33%. A quarter ago, it was expected that this company would post earnings of $0.90 per share when it actually produced earnings of $0.91, delivering a surprise of 1.11%.Over the last four quarter ...

Exhibit 99.1 Sec11re Blackstone Lending Blackstone Secured Lending Fund Reports Fourth Quarter and Full Year 2024 Results NEW YORK — February 26, 2025 — Blackstone Secured Lending Fund (NYSE: BXSL or the "Company") today reported its fourth quarter and full year 2024 results. Brad Marshall and Jonathan Bock, Co-Chief Executive Officers of Blackstone Secured Lending Fund, said, "BXSL reported another strong quarter with active deployment, its record total investment income, and increased net asset value. Cre ...

Assets and Management - As of December 31, 2024, Blackstone had total assets under management (AUM) of over $1.1 trillion, with Blackstone Credit & Insurance managing $376 billion[35]. - The company is invested in over 4,800 corporate issuers globally, with over 400 sponsor and advisor relationships, enhancing its access to diverse investment opportunities[46]. - The company had unfunded delayed draw term loans and revolvers totaling $1.7 billion as of December 31, 2024[94]. - The company's asset coverage was reported at 185.7% as of December 31, 2024[96]. - Total assets increased to $13,472,224 thousand as of December 31, 2024, up from $10,134,618 thousand in 2023, representing a growth of approximately 33.1%[711]. Investment Strategy and Performance - Blackstone Credit & Insurance aims to provide attractive yields by predominantly investing in floating rate assets, which are expected to perform well in changing interest rate environments[39]. - The company targets investments primarily in secured debt, with at least 80% of total assets invested in secured debt investments[57]. - The investment strategy includes a rigorous due diligence process focused on downside protection and capital preservation[71]. - The company expects to realize returns through refinancings, sales of portfolio companies, and potential initial public offerings[64]. - The company reported a total investment amount of $399,087 thousand with a fair value of $391,477 thousand, representing a 6.43% return on net assets[732]. Financial Performance - Net investment income after tax expense for 2024 was $707,595 thousand, up from $653,905 thousand in 2023, reflecting an increase of approximately 8.2%[714]. - Total investment income for 2024 was $1,326,901 thousand, compared to $1,143,517 thousand in 2023, reflecting an increase of about 16.0%[714]. - The net increase in net assets resulting from operations was $694,097, compared to $611,951 in 2023, reflecting a growth of 13.5%[720]. - The distribution payable for 2024 was $170,751, up from $143,052 in 2023, reflecting an increase of 19.4%[722]. Debt and Financing - The company intends to continue using leverage for its investment activities, permitted up to a debt-to-equity ratio of 2:1 under the 1940 Act[27]. - The company may enter into total return swap agreements to add leverage to its portfolio[138]. - The company has created leverage by securitizing its assets, including in CLOs, and may pursue additional debt securitizations[139]. - The company is required to maintain a bond for protection against larceny and embezzlement[143]. - The total amount of debt reported across various entities is approximately $969,872,000, with a significant portion attributed to World Insurance Associates, LLC[747]. Risk Management - The company actively monitors portfolio performance with a focus on anticipating negative credit events[81]. - The company is subject to financial market risks, including valuation risk and interest rate risk[683]. - The company must diversify its holdings so that at least 50% of total assets are represented by cash and cash items, U.S. government securities, and other RICs[154]. - The company has a significant focus on healthcare providers and services, indicating a strategic emphasis on this sector[741]. Incentive Fees and Distributions - The income-based incentive fee is set at 17.5% with a hurdle rate of 1.5% per quarter (6.0% annualized)[105]. - The company intends to distribute substantially all of its available earnings annually, with distributions paid on a quarterly basis[124]. - The company must distribute an amount equal to at least 98% of its ordinary income and 98.2% of its capital gains to avoid a 4% excise tax[156]. Investment Team and Expertise - Blackstone Credit & Insurance's investment team consists of 376 professionals, including a 96-person Chief Investment Officer team focused on various investment functions[36]. - The investment team consists of 103 dedicated professionals as of December 31, 2024, enhancing the company's sourcing and origination capabilities[67]. - Blackstone Credit & Insurance's Senior Managing Directors have an average of 24 years of industry experience, contributing to its expertise in the credit-focused investment platform[37]. Portfolio Composition - The total fair value of investments reported is $1,245,934,000, with a net asset percentage of 19.54%[741]. - The fund's diversified portfolio includes investments across various sectors, including Commercial Services & Supplies and Chemicals, enhancing its risk management strategy[728]. - The company has a significant investment in Cambium Learning Group, Inc. amounting to $286,185 thousand, with a fair value of $284,735 thousand, yielding a 4.71% return[732]. Competition and Market Position - The company faces significant competition from larger BDCs and investment funds, which may have lower costs of capital and greater resources[126]. - The company believes the market for lending to U.S. private companies is underserved, with over $1.4 trillion of "dry powder" available from private equity funds as of December 31, 2024[41].

Core Insights - Blackstone Secured Lending (BXSL) and Morgan Stanley Direct Lending (MSDL) are comparable business development companies (BDCs) focusing on first-lien debt investments in US middle-market businesses [1] Company Overview - Both BXSL and MSDL share a similar investment strategy, primarily investing in first-lien debt [1] - The companies are exposed to the changing dynamics of the market, which can impact their performance [1] Investment Philosophy - The article emphasizes the importance of dividend investing as a pathway to financial freedom, highlighting its accessibility for investors [1] - The author aims to share insights and experiences to help others navigate the world of dividend investing [1]

Group 1 - Golub Capital BDC and Blackstone Secured Lending are recognized as blue-chip business development companies, appealing to retirees due to their investment-grade balance sheets [1] - Both companies are noted for their reputable management teams and conservatively positioned investment portfolios, which contribute to strong underwriting performance [1] Group 2 - The investment service mentioned is the fastest growing high yield-seeking service on Seeking Alpha, boasting a perfect 5/5 rating from 180 reviews [2] - Members of this service are reportedly profiting from high-yielding strategies, with an invitation to join at the lowest rate ever offered [2]

Core Insights - The private credit segment has significantly expanded in recent years, driven by a more regulated banking environment, an increasing share of private equity, and higher base rates [1] Group 1: Market Dynamics - The growth in private credit is attributed to the regulatory changes in the banking sector, which have limited traditional lending options [1] - The expanding market share of private equity has contributed to the rise in private credit, indicating a shift in investment strategies [1] - Higher base rates have created favorable conditions for private credit, allowing for more attractive financing options [1] Group 2: Individual Contributions - Roberts Berzins has over a decade of experience in financial management, focusing on shaping financial strategies for top-tier corporates [1] - He has played a significant role in institutionalizing the REIT framework in Latvia to enhance liquidity in pan-Baltic capital markets [1] - Berzins has also contributed to policy-level work, including the development of national SOE financing guidelines and frameworks for channeling private capital into affordable housing [1]

Group 1 - The focus is on growth and dividend income as a strategy for retirement planning [1] - The portfolio is structured to generate monthly dividend income that grows through reinvestment and annual increases [1] Group 2 - The article expresses personal opinions and is not intended as investment advice [2] - It emphasizes the importance of conducting individual research before making investment decisions [2]