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Sep 30, 2025
Blackstone Secured Lending Fund Q3 2025 Earnings Report
reported strong third-quarter results with record net investment income and active portfolio deployment
Key Takeaways
Blackstone Secured Lending Fund delivered a robust Q3 2025, with net investment income reaching a record $189 million, comfortably covering the dividend. The company executed over $1 billion in new investments, maintaining a high-quality portfolio with minimal non-accruals.
Net investment income hit a record $189 million or $0.82 per share
Net income for the quarter was $132 million
New investment commitments reached $1.3 billion, with $1 billion funded
Non-accrual debt investments remained low at 0.1% of total investments
Revenue by Segment
Forward Guidance
BXSL remains confident in its positioning, backed by healthy fundamentals and robust investment activity.
Positive Outlook
- Record net investment income supports future dividend sustainability
- High percentage of senior secured, floating-rate investments (97.5%)
- Low non-accruals point to portfolio strength
- Strong liquidity of $2.5 billion ensures flexibility
- Market environment presents active deployment opportunities
Challenges Ahead
- Decline in weighted average yield on new investments to 9.3%
- Slight decrease in net income from prior quarters
- NAV per share dipped slightly from $27.33 to $27.15
- Continued market volatility could impact deployment pace
Historical Earnings Impact
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Avg. Return Before/After Earnings
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