Financial Performance - Blackstone Secured Lending Fund reported a strong quarter with net investment income per share of $083[2] - The company's dividend is well-covered, with a coverage ratio of 108%[2,11] - The annualized net investment income return is 121%[11] - The company declared a second quarter 2025 dividend of $077 per share[3] Portfolio Composition and Risk Management - The portfolio is primarily composed of first lien senior secured debt, representing 982% of the investments[2,11,25] - The average loan-to-value ratio is 474%[2,11,25] - Non-accrual debt investments are minimal, accounting for only 03% of the portfolio[2,11,13] - Floating rate debt investments represent 988% of the portfolio[13,26] Funding and Liquidity - The company has approximately $128 billion in investments at fair value[6,26] - Available liquidity is $34 billion, providing material capacity[52]

[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].

Core Insights - Blackstone Secured Lending Fund (BXSL) is highlighted as a strong investment in the business development company (BDC) sector, focusing on defensive, first-lien lending strategies [1] - Since its inception, BXSL has generated approximately $17.65 per share, indicating a solid performance in the market [1] Company Overview - BXSL operates as a business development company, providing first-lien loans, which are considered less risky compared to other types of lending [1] - The fund is part of a broader strategy that emphasizes dividend investing as a means to achieve financial freedom [1] Investment Strategy - The article emphasizes the importance of dividend investing, portraying it as an accessible path for individuals seeking to build long-term wealth [1] - The author shares insights from extensive experience in mergers and acquisitions (M&A) and business valuation, which informs the investment approach [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 ...

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Core Viewpoint - Blackstone Secured Lending Fund (BXSL) is identified as a high-quality business development company that offers both dividend safety and high credit quality for passive income investors [1]. Company Summary - BXSL is characterized as one of the best options for passive income investors due to its strong credit quality and reliable dividends [1]. Industry Insights - The article emphasizes the importance of innovation and disruption in the financial sector, highlighting the need for investors to stay informed about current events and significant news within the industry [2].

Group 1 - Blackstone Secured Lending (NYSE: BXSL) is highlighted as a leading choice for investors in the Business Development Company (BDC) sector due to its strong balance sheet profile [1] - The company is characterized as a growing BDC with robust net funding capabilities [1]

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]