Blackstone Secured Lending Fund(BXSL) - 2024 Q3 - Quarterly Results

Financial Performance - BXSL reported net investment income of $186 million, or$0.91 per share, for Q3 2024, compared to $0.89 per share in the prior quarter and$0.95 per share in Q3 2023[9]. - 3Q24 total investment income increased to $343 million, up from$284 million in 3Q23, representing a 20.7% year-over-year growth[21]. - Net investment income for 3Q24 was $186 million, compared to$161 million in 3Q23, reflecting a 15.5% increase[21]. - The company reported a net increase in net assets resulting from operations of $186 million for Q3 2024, compared to$171 million in Q3 2023[31][33]. - Net investment income for Q3 2024 was $188 million, up from$161 million in Q3 2023, reflecting a year-over-year increase of approximately 16.8%[31][33]. Asset and Investment Growth - The net asset value (NAV) increased to approximately $5.7 billion, or$27.27 per share, reflecting a 0.3% growth from the previous quarter[9]. - Total assets as of September 30, 2024, were $12.372 billion, up from$9.802 billion a year earlier, indicating a 26.2% increase[22]. - Investments at fair value reached $11.979 billion as of September 30, 2024, up from$9.500 billion a year earlier, reflecting a 26.1% increase[22]. - New investment commitments totaled $1.1 billion at par, with$1.0 billion funded during the quarter[10]. - New investment commitments for Q3 2024 totaled $1.106 billion, compared to$656 million in Q3 2023, indicating a significant increase in investment activity[33]. Dividend and Returns - BXSL declared a regular dividend of $0.77 per share, representing an annualized dividend yield of 11.3$0.77 per share, with a dividend coverage ratio of 118%[20]. - BXSL's total return was 11.4% annualized since inception and 2.9% for the quarter[9]. Credit and Liquidity - The company maintained a strong credit performance with only 0.2% of investments on non-accrual[6]. - The company achieved a credit rating upgrade to Baa2 from Moody's in September 2024[10]. - The company maintains investment grade corporate credit ratings of BBB-/stable from S&P and BBB/stable from Fitch[26]. - The company had $1.1 billion of liquidity in cash and undrawn debt at quarter-end[10]. - The company has a well-structured capital profile with$1.1 billion in liquidity, including $194 million in available cash and$897 million in undrawn borrowing capacity[27][35]. Debt and Leverage - Total liabilities increased to $6.671 billion as of September 30, 2024, compared to$5.200 billion a year earlier, marking a 28.3% rise[22]. - Total debt outstanding is $6.403 billion, with a weighted average coupon of 2.88$1.5 billion of debt maturities within the next two years[27][32]. - The average loan-to-value ratio for the portfolio was 46.5%, indicating a conservative approach to leverage[2]. - The company maintained a loan-to-value (LTV) ratio of 46.5% across its portfolio[21]. - The average debt-to-equity ratio was 1.12x as of Q3 2024, reflecting a stable capital structure[32]. Investment Performance - BXSL's weighted average yield on performing debt investments was 11.2% at quarter-end, down from 11.6% in the prior quarter[9]. - The weighted average yield on new investments was 11.0% for 3Q24, while the yield on investments fully sold or paid down was 10.5%[24]. - The weighted average yield on performing debt and income-producing investments was 11.2% in Q3 2024[32]. Forward-Looking Statements - Forward-looking statements include financial estimates and expectations regarding future operations and market trends, subject to various risks and uncertainties[37]. - The company does not undertake any obligation to publicly update or revise forward-looking statements unless required by federal securities laws[37].