PART I - FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited condensed consolidated financial statements for Blackstone Secured Lending Fund as of June 30, 2025, covering assets, operations, net assets, cash flows, and investment schedules [Condensed Consolidated Statements of Assets and Liabilities](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Assets%20and%20Liabilities) Total assets and net assets increased by June 30, 2025, driven by investment growth, though Net Asset Value per share slightly decreased Condensed Consolidated Statements of Assets and Liabilities (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total investments at fair value | $13,252,800 | $13,092,518 | | Total assets | $13,710,955 | $13,472,224 | | Total liabilities | $7,422,659 | $7,395,703 | | Total net assets | $6,288,296 | $6,076,521 | | **NET ASSET VALUE PER SHARE** | **$27.33** | **$27.39** | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 saw increased total investment income and net investment income, but net assets from operations decreased due to realized and unrealized losses Q2 2025 vs Q2 2024 Performance (in thousands, except per share amounts) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total investment income | $344,803 | $327,064 | | Net investment income after tax | $175,902 | $173,098 | | Net increase in net assets | $155,042 | $196,186 | | Net investment income per share | $0.77 | $0.89 | | Earnings per share | $0.68 | $1.01 | Six Months 2025 vs 2024 Performance (in thousands, except per share amounts) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total investment income | $702,567 | $631,024 | | Net investment income after tax | $364,697 | $338,946 | | Net increase in net assets | $304,851 | $379,941 | | Net investment income per share | $1.60 | $1.76 | | Earnings per share | $1.34 | $1.98 | [Condensed Consolidated Statements of Changes in Net Assets](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) Net assets increased for the six months ended June 30, 2025, primarily due to share issuances and investment income, partially offset by dividends and losses Changes in Net Assets for the Six Months Ended June 30, 2025 (in thousands) | Description | Amount | | :--- | :--- | | **Balance, December 31, 2024** | **$6,076,521** | | Issuance of Common Shares, net | $248,842 | | Reinvestment of dividends | $10,510 | | Net investment income | $364,697 | | Net realized gain (loss) | ($4,672) | | Net change in unrealized depreciation | ($55,174) | | Dividends declared | ($352,428) | | **Balance, June 30, 2025** | **$6,288,296** | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating activities generated significant cash for the six months ended June 30, 2025, improving from the prior year and increasing cash and equivalents Cash Flow Summary for the Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $203,604 | ($1,104,710) | | Net cash provided by (used in) financing activities | ($161,743) | $1,241,128 | | Net increase (decrease) in cash and cash equivalents | $41,861 | $136,418 | | **Cash and cash equivalents, end of period** | **$273,678** | **$291,292** | [Condensed Consolidated Schedules of Investments](index=12&type=section&id=Condensed%20Consolidated%20Schedules%20of%20Investments) The June 30, 2025, investment portfolio is primarily first lien debt, diversified across industries with Software as the largest sector, and largely US-concentrated Investment Portfolio Composition as of June 30, 2025 | Investment Type | Fair Value (in thousands) | % of Total | | :--- | :--- | :--- | | First lien debt | $13,015,201 | 98.2% | | Second lien debt | $122,942 | 0.9% | | Unsecured debt | $13,721 | 0.1% | | Equity | $100,936 | 0.8% | | **Total** | **$13,252,800** | **100.0%** | Top 5 Industry Concentrations as of June 30, 2025 | Industry | % of Total Fair Value | | :--- | :--- | | Software | 20.3% | | Professional Services | 8.8% | | Commercial Services & Supplies | 8.2% | | Insurance | 8.2% | | Health Care Providers & Services | 9.6% | - As of June 30, 2025, the company had unfunded commitments totaling approximately **$1.87 billion**[109](index=109&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=88&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations of accounting policies, investment valuation, related party agreements, portfolio specifics, borrowings, net assets, and subsequent events - The company is an externally managed BDC that has elected to be treated as a RIC for tax purposes, with investment objectives focused on current income and long-term capital appreciation[202](index=202&type=chunk)[204](index=204&type=chunk) - The company pays a management fee at an annual rate of **1.0%** of average gross assets and a two-part incentive fee based on income (**17.5%** over a **1.5%** quarterly hurdle with a lookback and cap) and capital gains (**17.5%**)[255](index=255&type=chunk)[256](index=256&type=chunk)[258](index=258&type=chunk) - As of June 30, 2025, the company's asset coverage ratio was **188.5%**, exceeding the required **150%** minimum for BDCs[307](index=307&type=chunk) - Subsequent to quarter end, on August 6, 2025, the Board declared a distribution of **$0.77 per share**, and on August 4, 2025, the Revolving Credit Facility was amended to increase commitment to **$2.4 billion** and extend maturity[399](index=399&type=chunk)[400](index=400&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=131&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, including investment income, expenses, portfolio activity, net assets, liquidity, borrowings, and macroeconomic impacts - For Q2 2025, total investment income increased by **5%** YoY to **$344.8 million**, primarily due to a **20%** increase in average investments at fair value[418](index=418&type=chunk) - Total interest expense for Q2 2025 rose **17%** YoY to **$92.3 million**, driven by a higher average principal of debt outstanding, which increased from **$5.8 billion** to **$7.2 billion**[426](index=426&type=chunk) - The company had **$273.7 million** in cash and **$2.7 billion** available to borrow under its credit facilities as of June 30, 2025, expected to be sufficient for near-term operations and investing activities[450](index=450&type=chunk)[452](index=452&type=chunk) - Management notes that while elevated interest rates have favorably impacted investment income, they also pose a risk to portfolio companies' credit quality and could lead to nonperformance if economic conditions weaken[424](index=424&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=143&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Details the company's market risk exposure, primarily interest rate risk, with a sensitivity analysis on net income due to floating-rate debt investments - As of June 30, 2025, **99.8%** of the company's debt investments by fair value bore floating interest rates, making net investment income sensitive to changes in benchmark rates[472](index=472&type=chunk) Hypothetical Annualized Impact of Interest Rate Changes on Net Income (in thousands) | Basis Point Change | Impact on Net Income | | :--- | :--- | | Up 300 bps | $322,883 | | Up 200 bps | $215,255 | | Up 100 bps | $107,628 | | Down 100 bps | ($107,621) | | Down 200 bps | ($214,477) | | Down 300 bps | ($317,228) | [Item 4. Controls and Procedures](index=143&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting - The Co-Chief Executive Officers and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of the end of the period[475](index=475&type=chunk) - No changes in internal control over financial reporting occurred during the most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal controls[476](index=476&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=145&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently subject to any material legal proceedings - As of the filing date, the company is not a party to any material legal proceedings[479](index=479&type=chunk) [Item 1A. Risk Factors](index=145&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors from the latest Annual Report on Form 10-K are reported - No material changes to risk factors from the latest Annual Report on Form 10-K are reported[480](index=480&type=chunk) [Item 5. Other Information](index=145&type=section&id=Item%205.%20Other%20Information) Discloses an amendment to the Revolving Credit Facility, increasing commitment and extending maturity, and a change in executive officers - On August 4, 2025, the company amended its Revolving Credit Facility, increasing the aggregate committed principal to **$2.4 billion** and extending the maturity date to August 4, 2030[484](index=484&type=chunk) - Effective August 4, 2025, Lucie Enns was appointed as the Chief Legal Officer and Secretary, following the resignation of Oran Ebel[485](index=485&type=chunk)[486](index=486&type=chunk)

Group 1 - Major banks reported earnings last week, with JPMorgan (JPM) exceeding expectations and raising guidance, while Wells Fargo (WFC) reduced its net interest income (NII) guidance from previous estimates [1] - Inflation has risen, which is likely impacting the financial performance of banks and the broader economy [1] Group 2 - The article emphasizes the importance of individual due diligence in investment decisions, particularly in the context of dividend investing in quality blue-chip stocks, BDCs, and REITs [1]

Group 1 - The private credit and business development company (BDC) segments have faced significant volatility in 2023, with a relatively stable outlook for 2025, lacking clear growth catalysts or impediments [1] - A major tariff announcement has impacted the overall sentiment in the private credit and BDC sectors, indicating potential challenges ahead [1] - Roberts Berzins has extensive experience in financial management and has contributed to the development of financial strategies and frameworks in Latvia, particularly in enhancing the liquidity of pan-Baltic capital markets [1]

Group 1 - Blackstone Secured Lending Fund (NYSE: BXSL) is recognized as a top-tier business development company with a sustainable dividend yield supported by solid fundamentals [1] - Roberts Berzins has over a decade of experience in financial management, aiding top-tier corporates in shaping financial strategies and executing large-scale financings [1] - Berzins has contributed to institutionalizing the REIT framework in Latvia to enhance liquidity in pan-Baltic capital markets [1] Group 2 - Berzins has been involved in developing national SOE financing guidelines and frameworks to channel private capital into affordable housing [1] - He holds a CFA Charter and an ESG investing certificate, and has interned at the Chicago Board of Trade [1] - Berzins actively participates in thought-leadership activities to support the development of pan-Baltic capital markets [1]

Group 1 - The Blackstone Secured Lending Fund (NYSE: BXSL) is a business development corporation (BDC) that focuses on lending to private companies [1] - The fund exclusively invests in first lien debt, which is considered relatively safe by private credit standards [1]

Core Insights - Blackstone Secured Lending Fund (BXSL) is highlighted as a recommended Business Development Company (BDC) during the market dip in April 2025, attributed to the impact of Trump's international trade policies on U.S.-China relations [1] Company Overview - The company focuses on dividend investing as a means to achieve financial freedom, emphasizing its accessibility for investors [1] - The analyst has extensive experience in mergers and acquisitions (M&A) and business valuation, which informs their investment strategies [1] Investment Strategy - The investment approach includes financial modeling, commercial and financial due diligence, and negotiation of deal terms, indicating a thorough analysis of potential investments [1] - The sectors of focus include technology, real estate, software, finance, and consumer staples, which form the core of the analyst's portfolio [1] Community Engagement - The motivation for sharing insights on platforms like Seeking Alpha is to enhance personal knowledge and assist others in their investment journeys, particularly in dividend investing [1]

Core Insights - The article discusses the impact of recent economic trends on the investment banking sector, highlighting both opportunities and challenges faced by firms in the industry [1] Group 1: Economic Trends - The investment banking industry is experiencing a shift due to rising interest rates, which are expected to affect deal-making activities [1] - Increased volatility in the stock market has led to a decline in IPOs, with a reported drop of 30% year-over-year [1] Group 2: Company Performance - Major investment banks have reported mixed earnings, with some firms showing resilience while others struggle to adapt to the changing market conditions [1] - Cost-cutting measures are being implemented by several firms to maintain profitability amid declining revenues [1] Group 3: Future Outlook - Analysts predict a potential rebound in M&A activity as companies look to consolidate in a challenging economic environment [1] - The focus on technology and digital transformation is expected to drive future growth opportunities within the investment banking sector [1]

Group 1 - Blackstone Secured Lending (NYSE: BXSL) experienced a 23% increase in its portfolio compared to the same period last year due to new investments [1] - The investment firm's net investment income also saw double-digit growth year-over-year [1] - The coverage profile of the firm has shown improvements, indicating a positive trend in its financial health [1]

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Core Insights - Blackstone Secured Lending Fund reported revenue of $357.76 million for the quarter ended March 2025, reflecting a year-over-year increase of 17.7% [1] - The earnings per share (EPS) for the quarter was $0.83, slightly down from $0.87 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate by 0.94%, while the EPS also surpassed the consensus estimate by 1.22% [1] Financial Performance Metrics - Fee income was reported at $0.73 million, which was below the average estimate of $1.17 million from three analysts [4] - Interest income reached $335.69 million, exceeding the two-analyst average estimate of $330.05 million [4] - Payment-in-kind interest income was $21.35 million, surpassing the average estimate of $19 million based on two analysts [4] Stock Performance - Over the past month, shares of Blackstone Secured Lending Fund returned +9.6%, compared to a +10.6% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]