Financial Data and Key Metrics Changes - BXSL reported a net investment income (NII) of $0.80 per share, representing an 11.8% annualized return on equity, primarily from interest income [7] - The distribution of $0.77 per share was 104% covered by NII, yielding an 11.4% annualized distribution yield on NAV [7] - The net return for the year was 9.6%, outperforming the leveraged loan market by 360 basis points [7] - The net asset value (NAV) per share decreased to $26.92 from $27.15 in the previous quarter, impacted by net unrealized losses [20][21] Business Line Data and Key Metrics Changes - BXSL's portfolio increased to 316 companies across 40 industries, with 13 new credits funded and 15 add-ons completed [8] - The average loan-to-value (LTV) at underwriting was 41%, with an average spread near 500 basis points [8] - Non-accruals in the fourth quarter were 0.6% at cost and 0.5% at fair market value, up from 0.3% and 0.2% respectively in the previous year [22] Market Data and Key Metrics Changes - The U.S. leveraged finance market is approximately $5 trillion, with the institutional non-BDC channel being about $1.5 trillion [30] - BXSL's board approved a discretionary share repurchase plan for up to $250 million, indicating confidence in the market despite trading below NAV [24] Company Strategy and Development Direction - The company is focused on capitalizing on the AI and digital infrastructure investment cycle, which is expected to support growth across multiple sectors [6] - BXSL aims to maintain a defensive investment strategy by focusing on first lien, larger, private equity-owned businesses [17] - The company is exploring various capital allocation options, including new loans, share buybacks, and deleveraging [35][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the economic backdrop, citing resilient corporate earnings growth and strong consumer demand [5] - The company anticipates continued robust capital inflows into private credit strategies, particularly from institutional channels [6] - Management noted that the credit quality of deals remains stable, with no significant signs of spread widening [41] Other Important Information - BXSL's total portfolio investments at fair value were over $14.2 billion, with outstanding debt of $8.1 billion [20] - The company has a diverse liability profile, with an all-in cost of debt for the fourth quarter at 4.93%, down from 5.24% [26] Q&A Session Summary Question: Impact of potential slowdown in non-traded channel - Management acknowledged the importance of institutional capital and expressed confidence in remaining active in the market despite potential headwinds [30][32] Question: Considerations for share repurchase versus new investments - Management indicated that they are evaluating all options, including share buybacks and new loans, based on market conditions and liquidity [35][54] Question: Recovery rates for software companies - Management stated that software businesses in their portfolio are performing well, with strong coverage despite public market markdowns [61] Question: Strategic decisions in a discount environment - Management emphasized a preference for new primary loans over secondary market purchases, focusing on deep underwriting processes [84]

Blackstone Secured Lending Fund (NYSE:BXSL) Q4 2025 Earnings call February 25, 2026 09:30 AM ET Company ParticipantsBrad Marshall - Global Head of Private Credit Strategies, Chairman, and Co-CEOEthan Kay - VP of Equity ResearchKenneth Lee - VPRobert Dodd - Director of Specialty FinanceStacy Wang - Managing Director and Head of Stakeholder RelationsTeddy Desloge - Senior Managing DirectorConference Call ParticipantsAaren Cyganovich - Senior Analyst of Specialty FinanceDoug Carter - AnalystFinian O'Shea - Dir ...

阿波罗方面披露，公司私募股权业务对软件领域"零敞口"，集团整体敞口不到2%。阿波罗私募股权管理层本周在致客户信中写道，软件行业既有赢家也有 输家，但"在杠杆股权基金中，我们认为潜在回报不足以匹配其风险"。尽管如此，阿波罗股价今年仍累计下跌超14%。据彭博数据，2015年至2025年间，私 募买家累计收购超1900家软件公司，交易总额逾4400亿美元。 其他知名并购机构近期也在安抚投资者，强调自身软件敞口有限或可控。据悉，Thoma Bravo和Vista Equity Partners已与投资者会面以缓解担忧。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 过去数年，私募股权行业在"软件即服务"（SaaS）领域投入巨量资金，2021年该领域投资额创下3480亿美元的纪录。 Sambur对此反思称："我们是否陷入了群体思维，比如30%到40%的并购交易都集中在软件领域？事后看，这其实是个相当大的危险信号。当人们回顾这一 阶段时会发现，这是风险管理的失败。" 眼下，大量疫情期间完成的软件投资正接近传统私募持有周期的尾声，这些资产能否以理想价格退出成为悬念，进而可能波及私募机 ...

When a company moves its headquarters, it's making a statement — whether leadership spells it out or not. That's the case with Palantir's surprise announcement Tuesday that it has relocated its home base to Florida from Colorado.The defense-tech contractor disclosed the change in a one-sentence press release citing a new address just outside Miami. Palantir, led by cofounder and CEO Alex Karp, didn't provide a reason or say what it means for employees. The lack of details has left many observers speculati ...

分组1 - Jim Cramer discussed the challenges facing public listings of enterprise software firms, emphasizing the importance of IPOs for growth in the current market climate [1] - The article lists stocks mentioned by Jim Cramer during a recent CNBC appearance, along with hedge fund sentiment data for each stock as of Q3 2025 [3] - Research indicates that imitating top stock picks from hedge funds can lead to market outperformance, with a reported return of 427.7% since May 2014 [4] 分组2 - Corning Incorporated (NYSE:GLW) has seen a 154% increase in shares over the past year and a 47% increase year-to-date, with a recent revenue report of $4.41 billion and earnings per share of $0.72 [5] - Eaton Corporation (NYSE:ETN) shares are up by 25.9% over the past year and 18.9% year-to-date, with strong fourth-quarter earnings and raised price targets from RBC Capital and Morgan Stanley [6]

Today in Bloomberg Deals: General Atlantic, Thoma Bravo talk AI, Nuveen to buy Schroders and Clear Street slashes IPO target. https://t.co/njHBvOXYOo ...

Thoma Bravo co-founder Orlando Bravo on Wednesday said software stocks are "oversold" and the sector is being pulled down by a lack of profits."Most of these 300 publicly traded software companies, they don't have enough profits," he told CNBC's "Money Movers." "They trade as a multiple of revenue, and that's very, very dangerous."Thoma Bravo, a software-focused investment firm founded in 2008, had over $181 billion in assets under management as of September.Bravo said that as artificial intelligence poses ...

Public markets are not being discerning enough in the ongoing software selloff, according to one of Thoma Bravo’s top dealmakers, and the private equity firm is ready to take advantage of the panic https://t.co/720X42bnG8 ...

Private equity software specialists Thoma Bravo and Vista Equity Partners are rushing to reassure fund investors that their portfolios are healthy after anxiety over artificial intelligence disruptions sparked a broad equity selloff last week. https://t.co/fxmJmvaplM ...

Thoma Bravo just raised the stakes in the tussle between private equity firms and their lenders, by deploying a loan provision to help smoke out creditor rebellions before they even begin https://t.co/XNW66XP1dx ...