[Registrant Information](index=1&type=section&id=Registrant%20Information) Blackstone Secured Lending Fund, a Delaware corporation, is the registrant, with common shares trading on NYSE under BXSL Common Shares Listing Details | 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 | - The registrant is **Blackstone Secured Lending Fund**, located in New York, NY[1](index=1&type=chunk)[2](index=2&type=chunk) [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) Blackstone Secured Lending Fund announced its Q1 2025 financial results on May 7, 2025, through a press release and presentation - The company issued a press release and detailed presentation on **May 7, 2025**, to announce its financial results for the first quarter ended **March 31, 2025**[5](index=5&type=chunk) - The press release (Exhibit 99.1) is furnished with this report but is not considered "filed" under the Securities Exchange Act of 1934, limiting its legal liability under Section 18 of the Act[6](index=6&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section lists exhibits included with the Form 8-K filing, with Exhibit 99.1, the press release, as key List of Exhibits | Exhibit Number | Description of Exhibits | | :--- | :--- | | 99.1 | Press release dated May 7, 2025 | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | [Signature](index=3&type=section&id=SIGNATURE) The report was signed and authorized on May 7, 2025, by Teddy Desloge, Chief Financial Officer - The report was signed on **May 7, 2025**, by **Teddy Desloge**, Chief Financial Officer[11](index=11&type=chunk)

[PART I FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Total net assets increased to $6.24 billion with a stable NAV per share of $27.39 as of March 31, 2025 [Condensed Consolidated Statements of Assets and Liabilities](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Assets%20and%20Liabilities) Total assets reached $13.97 billion, driven by increased cash, while net assets grew to $6.24 billion Key Balance Sheet Items (As of March 31, 2025 vs December 31, 2024) | Item (in millions of U.S. dollars) | March 31, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Investments (at fair value)** | 12,834.2 | 13,092.5 | ▼ | | **Cash and Cash Equivalents** | 965.0 | 229.6 | ▲ | | **Total Assets** | 13,968.8 | 13,472.2 | ▲ | | **Total Debt** | 7,383.1 | 7,056.1 | ▲ | | **Total Liabilities** | 7,727.9 | 7,395.7 | ▲ | | **Total Net Assets** | 6,240.9 | 6,076.5 | ▲ | | **Net Asset Value (NAV) per Share** | $27.39 | $27.39 | - | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2025 total investment income rose 18% to $358 million, driving net investment income to $189 million Summary of Operations (For the three months ended March 31, 2025 vs 2024) | Item (in millions of U.S. dollars) | Q1 2025 | Q1 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | **Total Investment Income** | 357.8 | 304.0 | +17.7% | | Interest Income | 335.7 | 283.3 | +18.5% | | **Total Expenses** | 164.8 | 134.8 | +22.3% | | Interest Expense | 93.0 | 66.7 | +39.4% | | **Net Investment Income** | 188.8 | 165.8 | +13.9% | | **Net Realized and Unrealized Gain (Loss)** | (39.0) | 17.9 | N/A | | **Net Increase in Net Assets from Operations** | 149.8 | 183.8 | -18.5% | | **Earnings Per Share (EPS)** | $0.66 | $0.96 | -31.3% | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations was $425 million, and financing activities provided $310 million in Q1 2025 Cash Flow Summary (For the three months ended March 31, 2025 vs 2024) | Item (in millions of U.S. dollars) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | 424.7 | (395.5) | | **Net Cash Provided by Financing Activities** | 310.1 | 388.3 | | **Net Increase in Cash and Cash Equivalents** | 734.8 | (7.2) | | **Cash and Cash Equivalents at End of Period** | 965.0 | 147.7 | [Condensed Consolidated Schedules of Investments](index=10&type=section&id=Condensed%20Consolidated%20Schedules%20of%20Investments) The $12.83 billion portfolio is dominated by first lien debt (98.2%) and is diversified across industries Portfolio by Investment Type (As of March 31, 2025) | Investment Type | Fair Value (in millions of U.S. dollars) | % of Total Portfolio | | :--- | :--- | :--- | | First Lien Debt | 12,602.9 | 98.2% | | Second Lien Debt | 118.5 | 0.9% | | Unsecured Debt | 13.7 | 0.1% | | Equity | 99.2 | 0.8% | | **Total** | **12,834.2** | **100.0%** | Portfolio by Industry (Top 5) | Industry | % of Total Portfolio (March 31, 2025) | | :--- | :--- | | Software | 20.8% | | Healthcare Providers & Services | 9.5% | | Professional Services | 8.7% | | Insurance | 8.3% | | Commercial Services & Supplies | 8.2% | - As of March 31, 2025, four borrowers were on **non-accrual status**, representing **0.3% of the total investment portfolio** at amortized cost[272](index=272&type=chunk)[401](index=401&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=83&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, related-party transactions, debt, fair value, and equity changes - The company pays its Advisor a management fee at an annual rate of **1.0% of average gross assets** and an incentive fee subject to a **1.5% quarterly hurdle rate**[244](index=244&type=chunk)[245](index=245&type=chunk)[247](index=247&type=chunk) - As of March 31, 2025, total debt was **$7.41 billion**, and the asset coverage ratio was **184.2%**, compliant with the 150% regulatory requirement[294](index=294&type=chunk)[344](index=344&type=chunk) - The company declared a dividend of **$0.77 per share** and issued **5.76 million shares** for net proceeds of **$184.8 million** through its "at-the-market" (ATM) program in Q1 2025[359](index=359&type=chunk)[361](index=361&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=125&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 performance, highlighting investment income growth and strong liquidity [Portfolio and Investment Activity](index=127&type=section&id=Portfolio%20and%20Investment%20Activity) Q1 2025 saw $756 million in new investment commitments, primarily in first lien debt Q1 2025 Investment Activity Summary (in millions of U.S. dollars) | Item | Amount | | :--- | :--- | | Beginning Total Investments | 13,193.2 | | New Investment Purchases | 689.2 | | Investment Sales or Repayments | (978.0) | | **Ending Total Investments** | **12,952.0** | - The weighted average yield on performing debt investments was **10.1% at amortized cost** and **10.2% at fair value** as of March 31, 2025[394](index=394&type=chunk) - The weighted average annual revenue and EBITDA of portfolio companies were **$818 million** and **$210 million**, respectively, as of March 31, 2025[397](index=397&type=chunk) [Results of Operations](index=128&type=section&id=Results%20of%20Operations) Total investment income grew 18% to $358 million, while expenses rose 30% due to higher interest costs - Total investment income grew by **18%**, driven by an increase in average investments from **$10.15 billion to $12.96 billion** year-over-year[399](index=399&type=chunk) - Interest expense increased by **39%** year-over-year, primarily due to a rise in average debt principal from **$5.05 billion to $7.31 billion**[405](index=405&type=chunk) - The income-based incentive fee decreased to **$34.3 million** from $35.8 million due to the Incentive Fee Cap[407](index=407&type=chunk) - No capital gains incentive fee was accrued this quarter, compared to **$3.1 million** in the prior-year period[409](index=409&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=132&type=section&id=Financial%20Condition,%20Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with $965 million in cash and $2.4 billion in undrawn credit - As of March 31, 2025, the company had **$965 million in cash** and cash equivalents and **$2.4 billion in undrawn credit capacity**[424](index=424&type=chunk)[426](index=426&type=chunk) - The company's asset coverage ratio was **184.2%**, compliant with the **150% regulatory requirement**[294](index=294&type=chunk)[423](index=423&type=chunk) - A shelf registration statement, effective until July 2025, allows for the issuance of various securities[422](index=422&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=137&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, managed through floating-rate assets and derivatives Hypothetical Impact of Interest Rate Changes on Annual Net Income (in millions of U.S. dollars) | Basis Point Change in Rates | Impact on Interest Income | Impact on Interest Expense | Impact on Net Income | | :--- | :--- | :--- | :--- | | +300 bps | 387.9 | (88.7) | 299.2 | | +200 bps | 258.6 | (59.1) | 199.5 | | +100 bps | 129.3 | (29.6) | 99.7 | | -100 bps | (129.3) | 29.6 | (99.7) | | -200 bps | (258.1) | 59.1 | (199.0) | | -300 bps | (384.0) | 88.7 | (295.3) | - As of March 31, 2025, **99.8% of the company's debt investments** at fair value bore floating interest rates[447](index=447&type=chunk) [Item 4. Controls and Procedures](index=137&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes to internal controls - The company's co-CEOs and CFO concluded that disclosure controls and procedures are **effective at a reasonable assurance level**[450](index=450&type=chunk) - There were **no changes to internal control over financial reporting** during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, such controls[451](index=451&type=chunk) [PART II OTHER INFORMATION](index=139&type=section&id=PART%20II%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=139&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings - The company is **not currently a party to any material legal proceedings**[454](index=454&type=chunk) [Item 1A. Risk Factors](index=139&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred in the risk factors since the last annual report on Form 10-K - There have been **no material changes** from the risk factors discussed in the Annual Report for fiscal year 2024[455](index=455&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=139&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities during the reporting period - None[456](index=456&type=chunk) [Item 3. Defaults Upon Senior Securities](index=139&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities during the reporting period - None[457](index=457&type=chunk) [Item 6. Exhibits](index=140&type=section&id=Item%206.%20Exhibits) Filed exhibits include supplemental indentures and CEO/CFO certifications required by the Sarbanes-Oxley Act - An Eighth Supplemental Indenture related to the **5.300% Notes due 2030** was filed[461](index=461&type=chunk) - Certifications by the CEO and CFO pursuant to **Sections 302 and 906 of the Sarbanes-Oxley Act** were filed[461](index=461&type=chunk)

Core Insights - The article emphasizes the importance of a diversified investment strategy that combines classic dividend growth stocks with other asset classes such as Business Development Companies, REITs, and Closed End Funds to enhance income while achieving total returns comparable to traditional index funds [1]. Investment Strategy - The author advocates for a hybrid investment approach that balances growth and income, suggesting that this method can effectively boost investment income while maintaining a total return aligned with the S&P 500 [1]. Personal Experience - The author shares personal investment experiences, highlighting a journey from traditional index fund investing to a more nuanced strategy that includes high-quality dividend stocks and other income-generating assets [1].

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]

Core Insights - Blackstone Secured Lending Fund (BXSL) reported a revenue of $353 million for the quarter ended December 2024, reflecting a year-over-year increase of 16.1% [1] - The earnings per share (EPS) for the quarter was $0.84, down from $0.96 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $345.58 million, resulting in a revenue surprise of +2.15% [1] - The EPS fell short of the consensus estimate of $0.86, leading to an EPS surprise of -2.33% [1] Financial Metrics - Fee income was reported at $1.75 million, significantly higher than the average estimate of $0.54 million from three analysts [4] - Dividend income was $0.04 million, below the estimated $0.13 million from two analysts [4] - Interest income reached $332.56 million, surpassing the average estimate of $320.91 million from two analysts [4] - Payment-in-kind interest income was reported at $17.52 million, lower than the average estimate of $20.80 million from two analysts [4] Stock Performance - Over the past month, shares of Blackstone Secured Lending Fund have returned +3%, while the Zacks S&P 500 composite experienced a decline of -2.3% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

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]