Blackstone Secured Lending Fund Q1 Earnings Call Highlights

• Top 3 Business Development Companies for Double-Digit Dividends

Blackstone Secured Lending Fund (NYSE:BXSL) reported first-quarter 2026 nett concern income of $179 million, oregon $0.77 per share, afloat covering its quarterly dividend, arsenic absorption emphasized the resilience of its elder secured lending portfolio amid marketplace volatility and rising non-accruals.

Co-Chief Executive Officer Brad Marshall said the 4th unfolded against “an uncertain backdrop crossed plus classes,” citing antagonistic returns for the S&P 500, investment-grade credit, precocious output and broadly syndicated loans. He said leveraged indebtedness spreads widened by astir 50 ground points during the quarter, portion backstage recognition continued to spot request from borrowers, with much than 80% of leveraged buyout financings done the 4th choosing backstage lenders.

→ Light Speed Returns: Corning Cashes In connected NVIDIA Growth

Marshall said BXSL generated a full nett instrumentality of much than 70 ground points during the quarter, deployed $325 cardinal of caller superior and saw astir $450 cardinal of repayments. He added that the institution has visibility into much than $600 cardinal of repayments implicit the adjacent 3 to 4 months, which absorption expects to usage for a operation of caller investments and stock repurchases.

Dividend Covered arsenic NAV Declines

Chief Financial Officer Teddy Desloge said BXSL’s $0.77 per-share nett concern income represented 100% sum of the dividend connected a per-share basis. Payment-in-kind income represented little than 7% of full income, down from much than 8% successful the anterior quarter, portion involvement income excluding payment-in-kind, fees and dividends represented much than 92% of full concern income.

→ The Hormuz Defense Hedge: Cashing In connected Chaos

Desloge said BXSL has out-earned its dividend each 4th since inception. Since the opening of 2023, helium said annualized net exceeded the organisation output by astir 160 ground points connected a weighted mean basis, leaving astir $1.80 per share, oregon much than $410 million, of undistributed net successful nett plus worth arsenic of the archetypal quarter.

The committee reaffirmed the quarterly dividend of $0.77 per share. Desloge said the dividend is expected to beryllium covered by a operation of existent net and anterior undistributed earnings, describing it arsenic a “temporary bridge” arsenic the institution aligns its dividend with a longer-term net illustration pursuing little rates connected its predominantly floating-rate portfolio.

→ Uber's Annual Product Showcase Reveals It Is Coming for Airbnb and Booking

Net plus worth per stock declined to $26.26 astatine quarter-end from $26.92 successful the 4th quarter, a 2.5% decrease. Desloge said the diminution was chiefly driven by $0.67 per stock of unrealized losses, partially offset by $0.01 per stock of nett realized gains. The portfolio was marked astatine 96.2, down from 97.3 successful the anterior quarter, reflecting broader dispersed widening and company-specific fundamentals.