Blackstone Secured Lending Fund (BXSL) SEC Filings & Earnings Calls
EquiReason read 12 Blackstone Secured Lending Fund SEC filings in the last 12 months. Latest: 8-K on 2026-08-12 — Blackstone Secured Lending Fund entered into a fifth amendment to its credit agreement, extending maturities and adjusting commitments..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 5.4B
- P/E TTM
- 18.4
- Dividend yield
- 13.2%
- 52-week
- —
- Next earnings
- 4 Nov, in 11 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
12 Aug 20268-K · 1.01, 2.03Blackstone Secured Lending Fund entered into a fifth amendment to its credit agreement, extending maturities and adjusting commitments.open
Figures in the filing · each found in the filing text
| aggregate commitments under credit agreement · 2026-08-10 | $2.38B | |
| revolving commitments · 2026-08-10 | $1.90B | |
| funded term loan commitments · 2026-08-10 | $439M |
Risks flagged
Reduction in aggregate commitments from $2.425B to $2.375B; some lenders' commitments expire earlier.
“change in the aggregate commitments under the Credit Agreement from $2.425 billion to $2.375 billion” · word for word
6 Aug 202610-QBlackstone Secured Lending Fund reported a significant decline in net investment income and portfolio fair value for Q2 2026, with large unrealized losses on Level 3 investments.earningsopen
Figures in the filing · each found in the filing text
| Total investments at fair value · Q2-2026 | $13.36B | -6% y/y |
| Base management fees · H1-2026 | $72M | +4% y/y |
| Income based incentive fee accrued · H1-2026 | $4M | |
| Non-recurring interest income · H1-2026 | $7M | |
| Asset coverage · Q2-2026 | 178.0% | |
| Percentage of performing debt investments at floating rate · Q2-2026 | 99.3% | |
| Net change in unrealized appreciation (depreciation) on Level 3 investments · H1-2026 | $-311M | -1448% y/y |
| Net realized gain (loss) on Level 3 investments · H1-2026 | $-30M | -526% y/y |
| Administrative service expenses · H1-2026 | $2M |
Risks flagged
Portfolio mark-to-market losses
“Net change in unrealized appreciation (depreciation) ... Six Months Ended June 30, 2026 ... $ (310,743) ... Six Months Ended June 30, 2025 ... $ 23,049”
Credit quality deterioration
“As of June 30, 2026 and December 31, 2025, six issuers (across eight loans) and five issuers (across eight loans) in the portfolio were on non-accrual status, respectively.” · word for word
Net investment income decline
“For the three and six months ended June 30, 2026, the Company accrued income based incentive fees of $1.7 million and $4.0 million, respectively. For the three and six months ended June 30, 2025, the Company accrued income based incentive fees of $34.7 million and $69.0 million, respectively.” · word for word
6 Aug 20268-K · 2.02Blackstone Secured Lending Fund Q2 2026: NII $0.75/share, dividend declared $0.77/share, portfolio primarily first-lien senior secured debt, 1.8% non-accrual, new investments >$300M, repayments >$700M.earningsopen
Figures in the filing · each found in the filing text
| Net investment income per share · Q2-2026 | $0.75 | |
| Dividend declared · Q3-2026 | $0.77 | |
| Dividend coverage · Q2-2026 | 97.0% | |
| Non-accrual debt investments · Q2-2026 | 1.8% | |
| First lien senior secured debt · Q2-2026 | 96.8% | |
| Fair value of investments · Q2-2026 | $13.40B |
Risks flagged
Credit risk from non-accrual investments at 1.8% of portfolio.
“1.8% Non-accrual debt investments (at fair market value).”
Interest rate sensitivity due to 96.3% floating rate debt portfolio.
“96.3% floating rate debt portfolio focused on senior secured debt investments.”
24 Jul 20268-K · 5.02Co-CEO Jonathan Bock resigned; departure not due to disagreements.open
Risks flagged
Leadership change may cause short-term uncertainty.
“Jonathan Bock resigned from his role as Co-Chief Executive Officer” · word for word
18 Jun 20268-K · 5.02Katherine Rubenstein departed as Chief Operating Officer of Blackstone Secured Lending Fund to pursue other opportunities; no disagreement cited.open
Risks flagged
Minimal risk; departure appears amicable and routine.
“No disagreement; company expresses gratitude.”
7 May 202610-QQ1 2026 earnings result: net investment income declined, unrealized losses increased significantly, and NAV per share decreased.earningsopen
Figures in the filing · each found in the filing text
| Net investment income after tax expense · Q1-2026 | $179M | -5% y/y |
| Net investment income per share · Q1-2026 | $0.77 | -7% y/y |
| Net increase (decrease) in net assets resulting from operations · Q1-2026 | $25M | -83% y/y |
| Total investment income · Q1-2026 | $325M | -9% y/y |
| Interest expense · Q1-2026 | $100M | +8% y/y |
| Net asset value per share · 2026-03-31 | $26.26 | |
| Total investments at fair value · 2026-03-31 | $13.94B | |
| Total net assets · 2026-03-31 | $6.10B | |
| Distributable earnings (loss) · 2026-03-31 | $44M | |
| Interest income from non-controlled/non-affiliated investments · Q1-2026 | $302M | -10% y/y |
Risks flagged
Credit risk from non-accrual investments
“Loan was on non-accrual status as of March 31, 2026. (footnote 17)” · word for word
Interest rate risk from floating rate debt
“Interest expense increased from $93.0M (Q1 2025) to $100.2M (Q1 2026), an increase of approximately 7.7%”
Market risk from unrealized losses
“Net change in unrealized appreciation (depreciation): Non-controlled/non-affiliated investments (155,134) (2026) vs (40,105) (2025)” · word for word
7 May 20268-K · 2.02BXSL reported Q1 2026 results: NII per share $0.77 fully covering $0.77 dividend, 11.7% annualized dividend yield on NAV, new investments ~$325M, repayments ~$450M, non-accruals increased but portfolio remains well-positioned with 2.0x inteearningsopen
Figures in the filing · each found in the filing text
| Net investment income per share · Q1-2026 | $0.77 | |
| Dividend per share · Q2-2026 | $0.77 | |
| Annualized dividend yield on NAV · Q1-2026 | 11.7% | |
| Net asset value per share · Q1-2026 | $26.26 | |
| Fair value of investments · Q1-2026 | $13.90B | |
| Non-accrual debt investments (at fair value) · Q1-2026 | 3.1% | |
| Interest coverage ratio · Q1-2026 | $2.00 | |
| First lien senior secured debt percentage · Q1-2026 | 97.6% | |
| Floating rate debt percentage · Q1-2026 | 95.8% | |
| Average loan-to-value · Q1-2026 | 51.7% |
Risks flagged
Non-accruals increased from historically low levels, indicating potential credit deterioration.
“Non - accruals increased during the quarter from historically low levels” · word for word
Market volatility could impact portfolio valuations and investment activity.
“despite recent market volatility” · word for word
25 Feb 20268-K · 2.02BXSL reports strong Q4/FY2025 results: NII $0.80/share fully covers dividend; new investment activity >$1B; portfolio 98.4% floating rate; non-accrual only 0.6%; board approves $250M share repurchase plan.earningsopen
Figures in the filing · each found in the filing text
| Net Investment Income Per Share · Q4-2025 | $0.80 | |
| Dividend Per Share · Q1-2026 | $0.77 | |
| Fair Value of Investments · 2025-12-31 | $14.20B | |
| Non-Accrual Rate (at cost) · 2025-12-31 | 0.6% | |
| Floating Rate Debt Portfolio · 2025-12-31 | 98.4% | |
| Interest Coverage Ratio · 2025-12-31 | $2.00 | |
| LTM EBITDA Growth (Weighted Average) · 2025-12-31 | 8.0% |
Risks flagged
Credit risk remains low with only 0.6% non-accrual rate.
“only 0.6% of investments on non-accrual (at cost)” · word for word
Floating rate portfolio exposes to interest rate risk, but currently beneficial.
“98.4% floating rate debt portfolio”
10 Nov 20258-K · 2.02BXSL reported record total investment income and net investment income for Q3 2025. NII per share of $0.82 exceeded the $0.77 quarterly dividend. Portfolio remains healthy with 97.5% first lien senior secured debt and only 0.1% non-accrual.earningsopen
Figures in the filing · each found in the filing text
| Net investment income per share · Q3-2025 | $0.82 | |
| Dividend per share · Q4-2025 | $0.77 | |
| Fair value of investments · 2025-09-30 | $13.80B |
Risks flagged
Floating rate debt portfolio (98.6%) exposes BXSL to interest rate sensitivity, though currently beneficial in a high-rate environment
“98.6% floating rate debt portfolio”
10 Nov 202510-QBlackstone Secured Lending Fund reported Q3 2025 results with net investment income per share declining to $0.82 from $0.91 in the prior year quarter, and net asset value per share falling to $27.15 from $27.39 at year-end 2024, driven by iearningsopen
Figures in the filing · each found in the filing text
| Net investment income per share · Q3-2025 | $0.82 | -10% y/y |
| Net investment income per share · 9M-2025 | $2.43 | -9% y/y |
| Earnings per share · Q3-2025 | $0.57 | -24% y/y |
| Earnings per share · 9M-2025 | $1.91 | -30% y/y |
| Net asset value per share · Q3-2025 | $27.15 | |
| Total investment income · Q3-2025 | $359M | +4% y/y |
| Total investment income · 9M-2025 | $1.06B | +9% y/y |
| Net investment income after tax expense · Q3-2025 | $189M | +2% y/y |
| Net investment income after tax expense · 9M-2025 | $554M | +6% y/y |
| Net realized and change in unrealized gain (loss) · Q3-2025 | $-57M |
Risks flagged
Investment portfolio unrealized depreciation
“Net change in unrealized appreciation (depreciation): Non-controlled/non-affiliated investments ($88,037) for nine months ended September 30, 2025 vs $16,746 for nine months ended September 30, 2024.” · word for word
Share dilution
“Weighted average shares outstanding (basic and diluted) 230,462,792 for Q3 2025 vs 203,419,337 for Q3 2024.” · word for word
Non-accrual loans
“CFCo, LLC (Benefytt Technologies, Inc.) and Daylight Beta Parent, LLC (Benefytt Technologies, Inc.) and WHCG Purchaser III, Inc. and Material Holdings, LLC are on non-accrual status as of September 30, 2025.”
Blackstone Secured Lending Fund — questions
- What did Blackstone Secured Lending Fund file recently?
- 12 SEC filings in the last 12 months. Latest: 8-K on 2026-08-12 — Blackstone Secured Lending Fund entered into a fifth amendment to its credit agreement, extending maturities and adjusting commitments.
Every figure on this page comes from Blackstone Secured Lending Fund's own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.