Blackstone Secured Lending Fund Reports Fourth Quarter and Full Year 2024 Results

Rhea-AI Summary

Blackstone Secured Lending Fund (BXSL) has announced its Q4 and full year 2024 results, reporting a record total investment income and increased net asset value. The company's portfolio demonstrates strong credit performance with minimal non-accruals, featuring a 98.0% first lien senior secured debt portfolio with a 46.0% loan-to-value ratio.

New investments reached their highest level since 2021, marking the fourth consecutive quarter-over-quarter increase. The Board of Trustees has declared a Q1 2025 dividend of $0.77 per share, payable on April 25, 2025, to shareholders of record as of March 31, 2025.

Positive

• Record total investment income achieved
• New investments at highest level since 2021
• Fourth consecutive quarter-over-quarter investment growth
• 98% first lien senior secured debt portfolio
• Minimal non-accruals in portfolio
• Strong 46% loan-to-value ratio

Negative

• None.

Insights

Financial Analyst

BXSL's Q4 and full-year 2024 results demonstrate robust performance in the private credit space with record total investment income and increased net asset value, though specific figures weren't disclosed. The company's deployment strategy has gained significant momentum, with new investments reaching their highest levels since 2021 and marking the fourth consecutive quarterly increase in deployment.

The portfolio quality remains exceptionally strong with 98.0% first lien senior secured debt and a 46.0% loan-to-value ratio, significantly more conservative than the typical 50-55% seen among BDC peers. This conservative positioning provides substantial downside protection, with borrowers needing to lose more than half their enterprise value before BXSL's principal would be at risk.

The minimal non-accruals in the portfolio are particularly impressive given the challenging middle market environment many companies are navigating. This suggests Blackstone's rigorous underwriting standards and portfolio monitoring capabilities are effectively managing credit risk.

The declared Q1 2025 dividend of $0.77 per share translates to an annualized yield of approximately 9.1% at current share price, positioning BXSL attractively in the income space. The consecutive deployment growth indicates Blackstone is finding compelling risk-adjusted opportunities, likely leveraging market dislocations and their extensive origination network.

The accelerating deployment trajectory bears watching as it could drive future earnings growth if investment quality remains high. However, investors should monitor whether this growth comes at the expense of credit quality or reflects a shift toward higher-risk strategies to maintain yield in a potentially lower interest rate environment.

NEW YORK--(BUSINESS WIRE)-- Blackstone Secured Lending Fund (NYSE: BXSL or the “Company”) today reported its fourth quarter and full year 2024 results.

Brad Marshall and Jonathan Bock, Co-Chief Executive Officers of Blackstone Secured Lending Fund, said, “BXSL reported another strong quarter with active deployment, its record total investment income, and increased net asset value. Credit performance remained healthy with minimal non-accruals, underpinned by a 98.0% first lien senior secured debt portfolio with a loan-to-value ratio of 46.0%. New investments increased to their highest level since 2021, marking a fourth consecutive quarter-over-quarter increase. We remain confident in the outlook for deployment as we prepare for an active 2025.”

Blackstone Secured Lending Fund issued a full detailed presentation of its fourth quarter and full year 2024 results, which can be viewed at www.bxsl.com.

Dividend Declaration
The Company's Board of Trustees has declared a first quarter 2025 dividend of $0.77 per share to shareholders of record as of March 31, 2025, payable on or about April 25, 2025.

Quarterly Investor Call Details
Blackstone Secured Lending Fund will host its conference call today at 9:30 a.m. ET to discuss results. To register for the webcast, please use the following link: https://event.webcasts.com/starthere.jsp?ei=1706297&tp_key=d460ff7d08

For those unable to listen to the live broadcast, there will be a webcast replay on the Shareholders section of BXSL’s website at https://ir.bxsl.com.

About Blackstone Secured Lending Fund
Blackstone Secured Lending Fund (NYSE: BXSL) is a specialty finance company that invests primarily in the debt of private U.S. companies. As of December 31, 2024, BXSL’s fair value of investments was approximately $13.1 billion. BXSL has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. BXSL is externally managed by Blackstone Private Credit Strategies LLC, an SEC-registered investment adviser that is an affiliate of Blackstone Inc. Blackstone Inc., together with its subsidiaries, is the world’s largest alternative investment firm with over $1.1 trillion of assets under management as of December 31, 2024.

Forward-Looking Statements and Other Matters
Certain information contained in this communication constitutes “forward-looking statements.” These forward-looking statements can be identified by the use of forward-looking terminology, such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “can,” “could,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”, “confident,” “conviction,” “identified” or the negative versions of these words or other comparable words thereof. These may include BXSL’s financial estimates and their underlying assumptions, statements about plans, statements regarding pending transactions, objectives and expectations with respect to future operations, statements regarding future performance, statements regarding economic and market trends and statements regarding identified but not yet closed investments. Such forward‐looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. BXSL believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its prospectus and annual report for the most recent fiscal year, and any such updated factors included in its periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or BXSL’s prospectus and other filings). Except as otherwise required by federal securities laws, BXSL undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250226499324/en/

Fund and Portfolio Inquiries

Justin Farshidi

Justin.Farshidi@blackstone.com

+1 646 482-3823

Media

Thomas Clements

Thomas.Clements@blackstone.com

+1 646-482-6088

Source: Blackstone Secured Lending Fund

FAQ

What is BXSL's Q1 2025 dividend amount and payment date?

BXSL declared a Q1 2025 dividend of $0.77 per share, payable around April 25, 2025, to shareholders of record as of March 31, 2025.

What is the loan-to-value ratio of BXSL's portfolio in Q4 2024?

BXSL's portfolio has a loan-to-value ratio of 46.0%.

How much of BXSL's portfolio consists of first lien senior secured debt?

98.0% of BXSL's portfolio consists of first lien senior secured debt.

What key performance trends did BXSL report in Q4 2024?

BXSL reported record total investment income, increased net asset value, and highest level of new investments since 2021.