--- title: "Blackstone Secured Lending Fund | 8-K: FY2026 Q2 Revenue Misses Estimate at USD 320 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/295092972.md" datetime: "2026-08-06T10:46:01.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/295092972.md) - [en](https://longbridge.com/en/news/295092972.md) - [zh-HK](https://longbridge.com/zh-HK/news/295092972.md) --- # 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. ### Related Stocks - [BXSL.US](https://longbridge.com/en/quote/BXSL.US.md) ## Related News & Research - [Blackstone Secured Lending Fund Q2 2026: Revenue $320.5M, EPS $0.04— 10-Q Summary](https://longbridge.com/en/news/295091159.md) - [Blackstone Secured Lending Fund (BXSL) Initiated with a Hold at J.P. Morgan](https://longbridge.com/en/news/293806988.md) - [Post Holdings 8-K amendment adds CEO transition pay details for Vitale, Catoggio](https://longbridge.com/en/news/295275077.md) - [Burford Capital announces 2Q26, YTD26 financial results in Form 8-K](https://longbridge.com/en/news/295104022.md) - [Navient announces Form 8-K filing for Q2 2026 financial results](https://longbridge.com/en/news/295144488.md)