Blackstone Secured Lending Fund(BXSL) - 2025 Q3 - Quarterly Results

Financial Performance - Blackstone Secured Lending Fund reported net investment income of $189 million, or $0.82 per share, for Q3 2025, exceeding the $0.77 quarterly dividend[14]. - Total investment income for the quarter was $350 million, up from $343 million in the previous quarter, with interest income contributing $328 million[26]. - Net investment income after tax expense was $189 million for the quarter, compared to $186 million in the previous quarter[26]. - Net income for Q3'24 was $152 million, compared to $162 million in Q2'24[42]. - Net investment income for Q3'24 was $186 million, a slight decrease from $189 million in Q2'24[42]. - Net investment income per share for Q3'24 was $0.91, up from $0.84 in Q2'24[42]. - The annualized net investment income return for Q3'24 was 13.4%, compared to 12.3% in Q2'24[42]. Investment Activity - The fund's total investment income and net investment income reached record levels, with new investment activity exceeding $1 billion, the highest since Q4 2024[2]. - New investment commitments in Q3 2025 totaled $1.3 billion, with $1.0 billion funded during the quarter[14]. - Investment commitments for the quarter were $1.289 billion, with investment fundings of $1.007 billion[30]. - New investment commitments for Q3'24 reached $1,106 million, an increase from $756 million in Q2'24[42]. Portfolio and Assets - The net asset value (NAV) was approximately $6.3 billion, or $27.15 per share, at the end of Q3 2025[14]. - As of September 30, 2025, the fair value of investments was approximately $13.8 billion, with 97.5% in first lien senior secured debt[6][17]. - The company maintained a diversified portfolio with 311 portfolio companies across 40 individual industries, with no single issuer accounting for more than 3% of the portfolio[21]. - Investments at fair value as of September 30, 2024, were $11,979 million, compared to $13,093 million at the end of Q4'24[42]. - Total assets as of September 30, 2025, were $14.256 billion, an increase from $13.711 billion as of June 30, 2025[27]. Dividends - The fund declared a fourth quarter 2025 dividend of $0.77 per share, representing a dividend yield of 11.3%[3][14]. - The company reported a regular dividend of $0.77 per share, representing an annualized dividend yield of 11.3%[25]. Liquidity and Leverage - The fund had $2.5 billion in liquidity, consisting of unrestricted cash and undrawn debt[14]. - The company has significant available liquidity, with $2.3 billion of undrawn borrowing capacity[34]. - The leverage ratio at quarter-end was 1.22x, with an average leverage of 1.15x[14]. - Total liabilities increased to $7.987 billion as of September 30, 2025, from $7.423 billion as of June 30, 2025[27]. Yield and Performance Metrics - The weighted average yield on performing debt investments at fair value was 10.0% at quarter-end, down from 10.2% in the prior quarter[14]. - The weighted average yield of new investments was 9.3%, while the yield on investments fully sold or paid down was 9.9%[30].