Jun 2026 (Q2 FY26) — Aug 6, 2026
Blackstone Secured Lending Q2 FY26 — Healthy Earnings, Accelerated Repayments, and Proactive Asset Management
Read the full callBlackstone Secured Lending (BXSL) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Blackstone Secured Lending earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 9.5 | −93.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
2 targets tracked, none judged yet · 2 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Firmus loan terms disclosure | Disclose terms | Mar 2026 | Pending |
2 of Blackstone Secured Lending Fund's 2 targets are still open. See which are on track and which have gone quiet. The 1 above are the free sample; 1 more target is in the full ledger.
Claimed
- Generated net investment income (NII) of $0.75 per share, representing an 11.4% annualized NII yield.
- Repayment activity accelerated to an annualized rate of 21% of the portfolio at fair value, up from 13% in the prior quarter.
- Nonaccrual rate decreased to 1.8% at fair value and 3.6% at cost, down from 3.1% and 4.7% respectively in Q1.
- LTM EBITDA growth across the portfolio was 7% year-over-year, with interest coverage modestly improving to 2.1x.
- Successfully issued a $650 million 5-year bond at 205 basis points above benchmark treasury rate (5.9% coupon), with the book nearly 5x oversubscribed.
Qualified
- Net investment income of $0.75 per share was below the $0.77 per share dividend.
- NAV per share decreased by 2.8% quarter-over-quarter to $25.53, primarily due to $0.59 of unrealized net losses.
- Total portfolio mark declined to 95.2%, down from 96.2% last quarter, reflecting broader spread widening and company-specific fundamentals.
- Realized net losses of $0.12 per share were incurred from two restructurings that closed in the quarter.
- The bottom 10% of the portfolio is currently marked at 70%, indicating continued underperformance in a subset of assets.
Price
$23.5 −1.51% · −$0.36
Performance −9.5% 1Y
1Y: $25.96 on 17 Oct 2025 → $23.5. High $28.39 (9 Dec 2025), low $22.98 (9 Apr 2026).
- Previous close
- $23.86
- 52-week range
- $22.98 – $28.39
- One year
- −9.44%
Overview
- Symbol
- BXSL
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
2 targets tracked, none judged yet · 2 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Firmus loan terms disclosure | Disclose terms | Mar 2026 | Pending |
Claimed
- Generated net investment income (NII) of $0.75 per share, representing an 11.4% annualized NII yield.
- Repayment activity accelerated to an annualized rate of 21% of the portfolio at fair value, up from 13% in the prior quarter.
- Nonaccrual rate decreased to 1.8% at fair value and 3.6% at cost, down from 3.1% and 4.7% respectively in Q1.
- LTM EBITDA growth across the portfolio was 7% year-over-year, with interest coverage modestly improving to 2.1x.
- Successfully issued a $650 million 5-year bond at 205 basis points above benchmark treasury rate (5.9% coupon), with the book nearly 5x oversubscribed.
Qualified
- Net investment income of $0.75 per share was below the $0.77 per share dividend.
- NAV per share decreased by 2.8% quarter-over-quarter to $25.53, primarily due to $0.59 of unrealized net losses.
- Total portfolio mark declined to 95.2%, down from 96.2% last quarter, reflecting broader spread widening and company-specific fundamentals.
- Realized net losses of $0.12 per share were incurred from two restructurings that closed in the quarter.
- The bottom 10% of the portfolio is currently marked at 70%, indicating continued underperformance in a subset of assets.
The full ledger
Open Blackstone Secured Lending Fund’s full ledger
A free account opens 5 company ledgers a month. All 2 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 7, 2026
Blackstone Secured Lending Q1 FY26 — Resilient Performance Amidst Volatility
Read the full callDec 2025 (Q4 FY25) — Feb 25, 2026
Blackstone Secured Lending Fund Q4 FY25 — Strong Deployment and Resilient Portfolio Performance
Read the full callEvery analysed call
Blackstone Secured Lending earnings calls (BXSL)
Financials
What the filings say
Net profit, year on year: −94% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Interest | 88 | 92 | 93 | 92 | 95 | 102 | 100 | 101 |
| Net profit | 152 | 162 | 150 | 155 | 132 | 126 | 25 | 9 |
| EPS ($ per share) | 0.75 | — | 0.66 | 0.68 | 0.57 | — | 0.11 | 0.04 |
| Line item | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| Equity capital | — | 0 | 0 | 0 | 0 | 0 |
| Reserves | — | 200 | 126 | 250 | 327 | 197 |
| Total liabilities | — | 5,730 | 5,750 | 5,183 | 7,396 | 8,411 |
| Total assets | — | 10,178 | 9,909 | 10,135 | 13,472 | 14,656 |
| Line item | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| Cash from operations | -2,320 | -3,829 | 673 | 459 | -2,526 | -459 |
| Cash from financing | 2,473 | 3,713 | -648 | -432 | 2,602 | 531 |
BXSL operating KPIs by quarter
| KPI | 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.
Insider filings
5 filings between Nov 11, 2025 and May 12, 2026.
Open market
decisions to buy or sellPurchases
$170.5K
5 purchases by 4 insiders
Sales
None
No insider sold shares.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Clark James Frederic | $71.2K | — | Mar 11, 2026 |
| Bass Robert J | $49.9K | — | May 12, 2026 |
| Rubenstein Katherine | $24.9K | — | Mar 10, 2026 |
| ENNS LUCIE | $24.5K | — | Mar 13, 2026 |
Latest filings (7)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| May 12, 2026 | Bass Robert J Insider | Purchase | 2,095 | $49.9K |
| Mar 13, 2026 | ENNS LUCIE See Remarks | Purchase | 1,045 | $24.5K |
| Mar 11, 2026 | Clark James Frederic Insider | Purchase | 750 | $17.8K |
| Mar 10, 2026 | Rubenstein Katherine Chief Operating Officer | Purchase | 1,035 | $24.9K |
| Nov 11, 2025 | Clark James Frederic Insider | Purchase | 2,000 | $53.4K |
| Oct 6, 2025 | Bass Robert J Insider | Purchase | 3,760 | $100.1K |
| May 13, 2025 | Bass Robert J Insider | Purchase | 1,626 | $50.0K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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