BXSL Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Wed, February 25, 2026 astatine 10:11 AM CST 36 min read

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Wednesday, February 25, 2026 astatine 9:30 a.m. ET

• Co-Chief Executive Officer — Brad Marshall

• Co-Chief Executive Officer — Jonathan Bock

• Chief Financial Officer — Teddy Desloge

• President — Carlos Whitaker

• Managing Director, Investor Relations — Stacy Wang

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Stacy Wang: Thank you, Katie. Good morning, and invited to Blackstone Secured Lending Fund’s 4th fourth and afloat twelvemonth results league call. Joining maine contiguous are Brad Marshall, Co-Chief Executive Officer, and Teddy Desloge, Chief Financial Officer, on with different members of the absorption squad disposable for Q&A, including Jonathan Bock, Co-Chief Executive Officer, and Carlos Whitaker, President. Earlier today, we issued a property merchandise with the presumption of our results and filed our 10-Ks, some of which are disposable connected the shareholder assets conception of our website, www.bxsl.com. We volition beryllium referring to that presumption passim today’s call.

I would similar to punctual you that this telephone whitethorn see forward-looking statements, which are uncertain and extracurricular of the firm’s power and whitethorn disagree materially from existent results. We bash not undertake immoderate work to update these statements. For immoderate of the risks that could impact results, delight spot the hazard conception of our Form 10-K filed earlier today. This audiocast is copyright worldly of Blackstone and whitethorn not beryllium duplicated without consent. With that, I volition crook the telephone implicit to Brad Marshall.

Brad Marshall: Thank you, and bully morning, everyone. Before highlighting the results from the quarter, and immoderate cardinal observations, I would similar to instrumentality a infinitesimal to stock our macroeconomic views heading into 2026. Stepping backmost to the broader macro environment, contempt periods of volatility implicit the past year, including tariff uncertainty, geopolitical instability, and elevated header risk, we proceed to spot a fundamentally steadfast economical backdrop. Overall, net maturation has remained resilient, the user continues to show strength, and fiscal and monetary conditions stay supportive. Together, these factors are contributing to sustained economical momentum. A cardinal operator of that momentum is the ongoing exertion and AI-driven concern cycle, which I volition supply much details connected shortly.

We judge we are successful the aboriginal stages of the important superior expenditure buildout focused connected AI, integer infrastructure, and related technologies, providing a durable enactment to maturation crossed aggregate sectors. Particularly erstwhile you mates that with encouraging signs connected inflation, we judge this macro and concern backdrop has translated into robust superior inflows into Blackstone’s backstage recognition strategies implicit 2025, and peculiarly beardown request from the organization transmission astir recently. We are coming disconnected 1 of our astir progressive quarters of investing for BXSL, and person implicit $5,040,000,000,000 of adust pulverization to put successful nonstop lending into a marketplace that, successful our view, remains highly receptive to nonstop backstage recognition solutions.