Blackstone Secured Lending Fund(US:BXSL)2024-08-07 10:28Financial Performance - BXSL reported net investment income of $173 million, or $0.89 per share, for Q2 2024, compared to $0.87 per share in the prior quarter and $1.06 per share in Q2 2023[7]. - Net income for Q2 2024 was $196 million, or $1.01 per share, an increase from $0.96 per share in the prior quarter and $0.90 per share in Q2 2023[7]. - The total investment income for 2Q24 was $327 million, an increase from $290 million in 2Q23, with interest income rising from $274 million to $303 million[43]. - The net investment income for 2Q24 was $173 million, slightly down from $171 million in 2Q23, with a coverage ratio of 116%[43][42]. - Annualized net investment income return for Q2 2024 is 13.2%, compared to 16.2% in Q2 2023[53]. Dividends and Returns - The company declared a regular dividend of $0.77 per share for Q3 2024, representing a dividend yield of 11.3% based on the net asset value[2][7]. - BXSL's total return was 11.4% annualized since inception and 3.9% for the quarter[7]. - The company reported a quarterly total return based on NAV of 3.9% for Q2 2024[53]. Investment Commitments and Portfolio - New investment commitments in Q2 2024 totaled $1.3 billion at par, with $0.9 billion funded[7]. - The weighted average yield of new investments in 2Q24 was 10.9%, while the yield on investments fully sold or paid down was 11.7%[48]. - The portfolio includes 231 companies, with 98.8% of investments being floating rate debt[11]. - The portfolio consists of 221 companies, with no single issuer accounting for more than 4% of the total, and the largest industry exposure is in software at 18%[13]. - The company achieved new investment commitments of approximately $1.3 billion in 2Q24, with investment fundings of $0.9 billion[49]. Assets and Net Asset Value - As of June 30, 2024, BXSL's net asset value was approximately $5.4 billion, or $27.19 per share, reflecting a 1.2% increase from the previous quarter[7]. - The net asset value per share increased from $26.87 on 3/31/2024 to $27.19 on 6/30/2024[44]. - Total assets increased from $10,705 million in 3/31/2024 to $11,770 million in 6/30/2024, driven by an increase in investments at fair value from $10,439 million to $11,294 million[44]. Debt and Leverage - The company has a total debt of $6,084 million as of 6/30/2024, with only $800 million of debt maturities within the next two years[49]. - Total debt outstanding is $6,112 million, with a weighted average coupon of 2.88% on fixed rate notes[50]. - The company maintained a leverage ratio of 1.13x at quarter-end and an average leverage of 1.09x[7]. - The company maintained a well-structured capital profile with 46% of fixed-rate unsecured liabilities at a weighted average coupon of 2.88%[49]. Liquidity and Financial Position - As of June 30, 2024, the company has $1.2 billion in liquidity, consisting of cash and undrawn debt[54]. - The company has a total undrawn borrowing capacity of $888 million, enhancing its liquidity position[50]. - The company increased its Revolving Credit Facility by $300 million, reducing the drawn spread by 0.225% to SOFR + 1.525%[54]. - The company has $0.9 billion of undrawn capacity available to borrow as of 2024[54]. Risks and Forward-Looking Statements - The company anticipates potential economic and market trends that could impact future performance, as indicated in their forward-looking statements[55]. - BXSL's financial estimates are subject to various risks and uncertainties, which could cause actual outcomes to differ materially from expectations[55]. - The company has committed to updating its financial outlook in accordance with federal securities laws[55]. - BXSL's prospectus and annual report detail risk factors that could affect future operations and performance[55].