Blackstone Secured Lending Fund Q1 Earnings Call Highlights

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Sat, May 9, 2026 astatine 12:12 PM CDT 7 min read

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Blackstone Secured Lending Fund reported Q1 2026 nett concern income of $179 million, oregon $0.77 per share, afloat covering its dividend. The committee kept the quarterly dividend astatine $0.77 per share, with absorption saying it volition beryllium supported by existent net positive undistributed income.
Net plus worth fell to $26.26 per share from $26.92, portion non-accruals roseate to 3.1% of the portfolio astatine just worth arsenic BXSL added 3 troubled positions: Medallia, Affordable Care and Paramount Global Services. Management said the portfolio remains heavy elder secured, with astir 98% first-lien exposure.
BXSL highlighted beardown liquidity and superior deployment flexibility, ending the 4th with $2.3 cardinal successful full liquidity and a caller stock repurchase program of up to $250 million. The money besides pointed to AI-related infrastructure lending, including a ample GPU-backed financing to Firmus Technologies, arsenic a cardinal concern theme.

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Blackstone Secured Lending Fund (NYSE:BXSL) reported first-quarter 2026 nett concern income of $179 million, oregon $0.77 per share, afloat covering its quarterly dividend, arsenic absorption emphasized the resilience of its elder secured lending portfolio amid marketplace volatility and rising non-accruals.

Co-Chief Executive Officer Brad Marshall said the 4th unfolded against “an uncertain backdrop crossed plus classes,” citing antagonistic returns for the S&P 500, investment-grade credit, precocious output and broadly syndicated loans. He said leveraged indebtedness spreads widened by astir 50 ground points during the quarter, portion backstage recognition continued to spot request from borrowers, with much than 80% of leveraged buyout financings done the 4th choosing backstage lenders.

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Marshall said BXSL generated a full nett instrumentality of much than 70 ground points during the quarter, deployed $325 cardinal of caller superior and saw astir $450 cardinal of repayments. He added that the institution has visibility into much than $600 cardinal of repayments implicit the adjacent 3 to 4 months, which absorption expects to usage for a operation of caller investments and stock repurchases.

Dividend Covered arsenic NAV Declines

Chief Financial Officer Teddy Desloge said BXSL’s $0.77 per-share nett concern income represented 100% sum of the dividend connected a per-share basis. Payment-in-kind income represented little than 7% of full income, down from much than 8% successful the anterior quarter, portion involvement income excluding payment-in-kind, fees and dividends represented much than 92% of full concern income.

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