BXSL Blackstone Secured Lending Fund (BXSL) Q4 FY25 earnings call
Blackstone Secured Lending Fund reported strong Q4 FY25 results, driven by robust investment activity and resilient portfolio performance, particularly in its core first-lien, sponsor-backed assets. While NAV saw a slight decline due to concentrated unrealized losses and external narratives around credit market bubbles persist, management emphasized the defensive positioning of the portfolio and significant dry powder for future deployment. The company continues to evaluate capital allocation, including share repurchases, given its current trading discount to NAV.
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BXSL operating KPIs by quarter
| KPI | This call Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Portfolio companies | 316We increased our overall portfolio to 316 companies, including 40 industries funding 13 new credits, which had an average LTV at underwrite of 41% at an average spread near 500 basis points, and completed 15 add-ons to incumbent name.Source: earnings call transcript | 316Of the 316 portfolio companies in BXSL, these three names make up over 88% of our nonaccrual based on fair market value.Source: earnings call transcript | 313BXSL funded over $300 million during the quarter, adding 5 new borrowers to the portfolio, bringing our total to 313 companies.Source: earnings call transcript | -0.9% |
| Non-accruals rate at fair market value | 0.5%Non-accruals in the fourth quarter were just 0.6% at cost and 0.5% at fair market value, up from 0.3% at cost and 0.2% at fair market value in the fourth quarter of last year as 2 smaller positions were added this quarter.Source: earnings call transcript | 3.1%Nonaccruals for the quarter were 3.1% at fair value and 4.7% at cost.Source: earnings call transcript | 1.8%We ended the period with a nonaccrual rate of 1.8% at fair value and 3.6% at cost, down from 3.1% at fair value and 4.7% at cost in Q1, primarily driven by 2 assets that were removed post restructuring.Source: earnings call transcript | -1.3 pt |
| Capital deployed | $1BBXSL funded $1 billion for the second consecutive quarter and committed over $900 million.Source: earnings call transcript | $325MWe deployed $325 million of new capital, and we saw nearly $450 million of repayments, consistent with our messaging that repayment volumes remain healthy.Source: earnings call transcript | — | -67.5% |
| Net funded investment activity | $400MNet funded investment activity was $400 million after $629 million of repayments and sales, up nearly 45% quarter-over-quarter.Source: earnings call transcript | -$126MNet funded investment activity was negative $126 million after nearly $450 million of repayments.Source: earnings call transcript | — | — |
| Annualized repayment rate | 15%This represented an annualized repayment rate of 15% of the portfolio at fair value, up from 13% for the prior quarter and 6% for the same quarter in the prior year.Source: earnings call transcript | 13%This represented an annualized repayment rate of 13% of the portfolio at fair value compared to 15% for the prior quarter and 28% for the same quarter in the prior year.Source: earnings call transcript | 21%This represented an annualized repayment rate of 21% of the portfolio at fair value compared to 13% for the prior quarter and 5% for the same quarter in the prior year.Source: earnings call transcript | +8 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
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