Blackstone Secured Lending Fund reported second-quarter 2026 results with total investment income of $320.5M and diluted EPS of $0.04, as weaker portfolio yields and markdowns weighed on earnings compared with the prior-year quarter.

Financial Highlights

• Revenue: $320.5M total investment income for Q2 2026, compared with $344.8M in Q2 2025; YoY change (7.1%).
• Net income: Net increase in net assets resulting from operations $9.5M for Q2 2026, compared with $155.0M in Q2 2025; YoY change (93.9%).
• Diluted EPS: $0.04 for Q2 2026, compared with $0.68 in Q2 2025; YoY change (94.1%).

Business Highlights

• Revenue trend: Investment income declined about 7–8% year over year driven by lower portfolio yields despite a roughly 5–6% increase in average invested assets.
• Portfolio activity shift: New commitments were concentrated in first‑lien debt (the majority of new activity), with modest equity allocations and higher prepayment activity.
• Credit and performance: Non‑accrual assets increased to 3.6% of amortized cost; unrealized and deal‑level markdowns contributed to material fair value depreciation during the quarter.
• Liquidity and operations: The firm maintained operating liquidity via cash, available credit and an AMT shelf, and continued funding focused on originating senior secured loans.
• Fees and expenses: Management fees were modestly higher while incentive fees were lower due to a fee cap; administration and professional expenses rose slightly.

Original SEC Filing: Blackstone Secured Lending Fund [ BXSL ] - 10-Q - Aug. 06, 2026