Blackstone Secured Lending Fund(US:BXSL)2025-08-06 13:30Earnings Highlights - The company's asset-liability structure is efficient, with a 2Q'25 annualized Net Investment Income (NII) return of 112%[3] - The company declared a regular dividend of $077 per share for 2Q'25, resulting in a dividend yield of 113% based on Net Asset Value (NAV)[3] - The dividend coverage for 2Q'25 is 100%, indicating that the Net Investment Income (NII) fully covered the dividend[3] Portfolio Composition and Credit Quality - The portfolio is heavily weighted towards first lien, senior secured debt, representing 982% of the investments[3, 15] - The average loan-to-value (LTV) for the portfolio is 469%, indicating a conservative lending approach[3, 15] - Non-accrual debt investments represent only 03% of the total investments, reflecting healthy underlying credit fundamentals[3, 5] Investment Activity and Liquidity - New investment commitments for the quarter were $631 million at par, with $530 million funded[7, 35] - Proceeds from sales and repayments amounted to $200 million during the quarter[7] - The company maintains $30 billion of liquidity in cash and undrawn debt[7] Financial Performance - Net Investment Income (NII) for 2Q'25 was $176 million, or $077 per share[7] - Net income for 2Q'25 was $155 million, or $068 per share[7] - The Net Asset Value (NAV) at quarter-end was approximately $63 billion, or $2733 per share[7]