Blackstone Secured Lending Fund — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net investment income (NII) was $158 million ($0.68 per share) for the quarter, down from $0.82 per share in the prior year quarter (3Q 2025) and $0.75 per share in the prior quarter (2Q 2026).
• Net income was $117 million ($0.50 per share), compared to $0.57 per share in 3Q 2025 and $0.04 per share in 2Q 2026.
• Annualized NII return on NAV was 10.7% for the quarter.
• Net asset value (NAV) was $5.9 billion ($25.25 per share) at quarter-end, down from $27.15 per share at the end of 3Q 2025.
• Total return was 2.2% for the quarter and 10.5% annualized since inception.
• Investments at fair value were $12.9 billion, down from $13.8 billion at the end of 3Q 2025.
• Total debt outstanding (principal) was $7.2 billion, down from $7.7 billion at the end of 3Q 2025.
• Debt-to-equity ratio was 1.22x at quarter-end (1.26x average for the quarter), compared to 1.15x in 3Q 2025.
• Total all-in cost of debt was 5.14% for the quarter, with a weighted average interest rate of 5.06%.
• Weighted average yield on performing debt investments was 9.6% at quarter-end, up from 9.4% in the prior quarter.

Guidance and Future Outlook:

• No specific forward-looking financial guidance or quantitative targets for future periods were provided in the release.
• Management stated the portfolio remains well-positioned with healthy underlying credit fundamentals.
• The company noted that borrowers are generally continuing to demonstrate earnings growth.

Business Segments and Product Lines:

• The portfolio consists of 95.8% first lien, senior secured debt investments.
• 95.1% of investments are floating rate debt; excluding non-accrual debt, 99.2% are floating rate.
• The portfolio is diversified across 306 portfolio companies in 39 industries, with no single issuer accounting for more than 3% of the portfolio.
• Top ten portfolio companies represent 23% of the portfolio, with the top two (Snoopy Bidco and JSS) each at 3%.
• Top industries include Software (19%), Health Care Providers & Services (11%), Professional Services (10%), and Insurance (10%).
• Average loan-to-value ratio was 49.2% at quarter-end.
• Non-accrual debt investments represented 2.1% of total investments at fair value (2.8% based on amortized cost).

Market and Competitive Landscape:

• The company maintains investment grade credit ratings: Baa2/negative from Moody's, BBB-/stable from S&P, and BBB/stable from Fitch.
• The fund is externally managed by Blackstone Private Credit Strategies LLC, an affiliate of Blackstone Inc., which manages nearly $1.4 trillion in assets as of September 30, 2026.
• The company invests primarily in the debt of private U.S. companies.

Risks and Challenges:

• The release includes standard forward-looking statement disclaimers noting that actual outcomes may differ materially due to risks and uncertainties described in the company's prospectus and SEC filings.
• Specific risks mentioned include economic and market trends, pending transactions, and identified but not yet closed investments.
• Portfolio company financial data used for valuation metrics (e.g., LTM EBITDA) were derived from the most recently available statements, have not been independently verified by BXSL, and may reflect normalized or adjusted amounts.

Management Commentary and Tone:

• Brad Marshall, CEO, stated that results were supported by the predominantly first-lien, floating-rate portfolio and that borrowers generally continued to demonstrate earnings growth.
• Management highlighted active investment activity with nearly $250 million in new investments and over $550 million in repayments contributing to deleveraging.
• The tone emphasized a well-positioned portfolio with strong sponsor relationships and efficient asset-liability structure.

Other Key Points:

• The Board of Trustees declared a fourth quarter 2026 dividend of $0.77 per share, payable on or about January 22, 2027, to shareholders of record as of December 31, 2026.
• A dividend of $0.60 per share was also declared for shareholders of record as of March 31, 2027.
• The 3Q 2026 dividend coverage ratio was 88% (NII per share of $0.68 vs. dividend of $0.77).
• New investment commitments were $0.2 billion at par, with $0.2 billion funded; proceeds from sales and repayments were $0.7 billion.
• Liquidity totaled $2.6 billion in unrestricted cash and undrawn debt capacity.
• The company has $9.7 billion of total committed debt.
• The conference call to discuss results was held on November 4, 2026, at 9:30 a.m. ET.