Blackstone Secured Lending Fund | 8-K: FY2026 Q2 Revenue Misses Estimate at USD 320 M

Revenue: As of FY2026 Q2, the actual value is USD 320 M, missing the estimate of USD 326.9 M.

EPS: As of FY2026 Q2, the actual value is USD 0.04, missing the estimate of USD 0.6545.

EBIT: As of FY2026 Q2, the actual value is USD 279 M.

Net Investment Income (NII)

Net investment income for the second quarter of 2026 was $174 million, or $0.75 per share, which compares to $176 million or $0.77 per share in the second quarter of 2025. The annualized net investment income return was 11.4% for the quarter.

Net Income

Net income for the second quarter of 2026 was $9 million, or $0.04 per share, compared to $155 million or $0.68 per share in the second quarter of 2025.

Dividends

The Board of Trustees declared a third quarter 2026 dividend of $0.77 per share. The second quarter 2026 dividend yield was 12.1%, and dividend coverage was 97%.

Investment Portfolio

The fair value of investments was approximately $13.4 billion as of June 30, 2026. The portfolio consisted of 96.8% first-lien, senior secured debt and 96.3% floating rate debt. Non-accrual debt investments represented 1.8% of total investments at fair market value. The weighted average yield on performing debt investments at fair value was 9.4% at quarter-end, an increase from 9.3% at the prior quarter-end. The average loan-to-value was 51.9%, and the company held investments in 313 portfolio companies.

Investment Activity

New investment commitments in the quarter totaled $0.2 billion at par, with $0.3 billion funded. Proceeds from sales and repayments were $0.8 billion in the quarter, resulting in net funded investment activity of - $442 million. The weighted average yield of new investments was 9.2%, while the weighted average yield on investments fully sold or paid down was 9.3%.

Liquidity and Debt

Available liquidity stood at $2.8 billion, comprising unrestricted cash and undrawn debt capacity, with $2.6 billion available to borrow. Cash and cash equivalents were $267 million as of June 30, 2026. The ending debt-to-equity ratio was 1.28x, and the average debt-to-equity ratio was 1.30x. Total debt outstanding (carrying value) was $7,536 million as of June 30, 2026, compared to $7,091 million in the second quarter of 2025. The total all-in cost of debt was 5.05% in the second quarter of 2026, with a weighted average maturity on debt facilities of approximately 3.3 years. Blackstone Secured Lending Fund maintains investment grade corporate credit ratings of Baa2/negative from Moody’s, BBB/stable from Fitch, and BBB-/stable from S&P.

Net Asset Value (NAV)

Net asset value was approximately $5.9 billion, or $25.53 per share, at quarter-end, compared to $27.33 per share in the second quarter of 2025.

Total Return

The total return based on NAV for the quarter was 0.4%, and the annualized inception-to-date total return was 10.6%.

Outlook

The CEO of Blackstone Secured Lending Fund noted that the portfolio, predominantly comprised of first-lien senior secured debt, is well-positioned due to stable EBITDA growth among borrowers. The company continues to employ a disciplined approach to deployment, utilizing Blackstone’s scale, sourcing, and asset management expertise for shareholder benefit.