Blackstone Secured Lending Fund (NYSE:BXSL) Announces Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Key Points

• Blackstone Secured Lending Fund beat Q1 earnings expectations, reporting EPS of $0.77 versus the $0.75 estimate. However, revenue of $254.64 million came in below the consensus forecast of $353.15 million.
• The fund said net investment income fully covered its quarterly dividend, and it reaffirmed the $0.77-per-share payout. Management also noted roughly $1.80 per share of undistributed NII available to support future distributions or reinvestment.
• Despite the earnings beat, BXSL highlighted pressure on net asset value, which fell to $26.26, and new non-accruals in the quarter. At the same time, strong repayment activity and par repayments on several positions could help redeploy capital or support buybacks.

Blackstone Secured Lending Fund (NYSE:BXSL - Get Free Report) released its quarterly earnings results on Thursday. The company reported $0.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.75 by $0.02, Zacks reports. The company had revenue of $254.64 million for the quarter, compared to the consensus estimate of $353.15 million. Blackstone Secured Lending Fund had a net margin of 31.63% and a return on equity of 11.65%.

Here are the key takeaways from Blackstone Secured Lending Fund's conference call:

• BXSL generated $0.77 per share of net investment income in Q1, fully covering the dividend and the firm reaffirmed the quarterly payout while retaining roughly $1.80 of undistributed NII per share to reinvest or bridge distributions.
• NAV fell to $26.26 (down ~2.5% q/q) driven by spread widening and marks, and the quarter added three new non-accruals (Medallia, Affordable Care, Paramount) that, together with software markdowns tied to AI concerns, concentrated much of the markdown activity.
• Repayment activity was strong—~$450M repaid in Q1 with visibility to over $600M near-term—and several marked-down positions were repaid at par (e.g., SelectQuote, Colony Hardware, AEVEX), providing realizations that can be redeployed or used for share buybacks.
• BXSL highlights defensive positioning — ~98% first‑lien exposure, ~50% average junior capital cushion, rigorous private‑lending documentation, high embedded income, and Blackstone’s scale/AI and digital‑infrastructure expertise (e.g., GPU financings) — which management says supports recovery prospects and long‑term outperformance.

Blackstone Secured Lending Fund Stock Down 0.5%

Shares of BXSL stock traded down $0.13 on Friday, hitting $24.23. The stock had a trading volume of 2,865,115 shares, compared to its average volume of 2,786,223. Blackstone Secured Lending Fund has a one year low of $22.47 and a one year high of $32.81. The business has a 50 day moving average price of $24.03 and a 200 day moving average price of $25.58. The company has a market cap of $5.63 billion, a PE ratio of 12.69 and a beta of 0.40.

Blackstone Secured Lending Fund Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 24th. Investors of record on Tuesday, June 30th will be issued a $0.77 dividend. This represents a $3.08 annualized dividend and a dividend yield of 12.7%. The ex-dividend date is Tuesday, June 30th. Blackstone Secured Lending Fund's payout ratio is presently 161.26%.

Analyst Ratings Changes

A number of research firms have weighed in on BXSL. Truist Financial cut their price objective on shares of Blackstone Secured Lending Fund from $33.00 to $30.00 and set a "buy" rating on the stock in a research report on Wednesday, March 4th. Royal Bank Of Canada dropped their price target on shares of Blackstone Secured Lending Fund from $29.00 to $28.00 and set an "outperform" rating for the company in a research note on Tuesday, March 3rd. UBS Group cut their price target on shares of Blackstone Secured Lending Fund from $27.50 to $24.75 and set a "neutral" rating on the stock in a report on Friday, March 13th. Keefe, Bruyette & Woods reduced their price objective on shares of Blackstone Secured Lending Fund from $27.00 to $26.00 and set an "outperform" rating on the stock in a research report on Thursday, April 16th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Blackstone Secured Lending Fund from $27.00 to $24.00 and set an "overweight" rating for the company in a research note on Friday, March 13th. Five analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $26.03.

Key Blackstone Secured Lending Fund News

Here are the key news stories impacting Blackstone Secured Lending Fund this week:

• Positive Sentiment: BXSL reported first-quarter EPS of $0.77, topping analyst estimates of $0.75, and said net investment income fully covered its quarterly dividend, reinforcing the fund’s ability to support its payout. Blackstone Secured Lending Fund Reports First-Quarter 2026 Results
• Positive Sentiment: The board declared a quarterly dividend of $0.77 per share, which supports BXSL’s income-focused appeal for investors looking for yield. Blackstone Secured Lending Fund Reports First-Quarter 2026 Results
• Neutral Sentiment: BXSL’s first-quarter revenue came in below expectations even as EPS beat estimates, leaving the earnings release somewhat mixed rather than uniformly strong. MarketBeat BXSL Earnings Summary
• Neutral Sentiment: Wells Fargo cut its price target on BXSL to $22 from $24 and kept an underweight rating, signaling concern that the stock may be overvalued relative to current fundamentals. Benzinga: Wells Fargo Cuts BXSL Price Target
• Negative Sentiment: News reports highlighted widening portfolio discount and rising unrealized losses, raising worries about asset quality and future book value pressure. Reuters: Blackstone Secured Lending portfolio discount widens as unrealized losses rise

Institutional Investors Weigh In On Blackstone Secured Lending Fund

Several large investors have recently modified their holdings of BXSL. Van ECK Associates Corp lifted its position in shares of Blackstone Secured Lending Fund by 112.1% in the 4th quarter. Van ECK Associates Corp now owns 5,149,915 shares of the company's stock worth $135,597,000 after purchasing an additional 2,721,843 shares during the period. Bank of America Corp DE increased its holdings in Blackstone Secured Lending Fund by 11.9% during the second quarter. Bank of America Corp DE now owns 7,820,346 shares of the company's stock valued at $240,476,000 after buying an additional 832,179 shares during the period. Marshall Wace LLP raised its stake in Blackstone Secured Lending Fund by 1,160.9% in the third quarter. Marshall Wace LLP now owns 869,964 shares of the company's stock worth $22,680,000 after buying an additional 800,969 shares in the last quarter. Qube Research & Technologies Ltd lifted its holdings in Blackstone Secured Lending Fund by 121.2% during the third quarter. Qube Research & Technologies Ltd now owns 1,033,229 shares of the company's stock worth $26,936,000 after buying an additional 566,034 shares during the period. Finally, Stansberry Asset Management LLC lifted its holdings in Blackstone Secured Lending Fund by 700.9% during the fourth quarter. Stansberry Asset Management LLC now owns 297,483 shares of the company's stock worth $7,833,000 after buying an additional 260,339 shares during the period. Institutional investors own 36.49% of the company's stock.

About Blackstone Secured Lending Fund

Blackstone Secured Lending Fund NYSE: BXSL is a closed-end management investment company sponsored by Blackstone Credit, the credit-oriented business of Blackstone Inc Launched in May 2020, BXSL seeks to deliver attractive risk-adjusted returns primarily through current income and, to a lesser extent, capital appreciation. The fund raises capital from institutional and retail investors and deploys it into a diversified portfolio of senior secured loans and other credit instruments.

The fund’s principal investment focus is on first-lien senior secured loans and unitranche debt extended to middle-market companies across North America.

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