Blackstone Secured Lending Fund Q2 2025 Earnings Call Recap
ByAinvest
Wednesday, Aug 6, 2025 2:17 pm ET1min read
BX--
Despite recent market volatility, BXSL reported a net investment income per share of $0.77, covering its quarterly dividend for shareholders on a per share basis. The company's credit performance remained healthy with minimal non-accruals, supported by a 98.2% first lien senior secured debt portfolio with a loan-to-value ratio of 46.9%.
However, BXSL missed analysts' expectations on both earnings per share (EPS) and revenue. The company's EPS came in at $0.77, slightly below the forecast of $0.79, marking a surprise of -2.53%. Revenue reached $344.8 million, falling short of the expected $353.87 million, resulting in a revenue surprise of -2.56%. The stock reacted negatively in pre-market trading, declining by 0.67% to $30.95.
The company's net asset value per share slightly decreased to $27.33, while the portfolio's fair value increased by 17% year-over-year, reaching $13.3 billion. Total investment income rose by 5.4% year-over-year to $17.7 million.
During the earnings call, analysts raised questions about the sustainability of dividends and the potential for spread compression. Management addressed these concerns by emphasizing their commitment to managing costs and capital efficiency while focusing on high-quality investments.
Looking ahead, BXSL anticipates increased merger and acquisition activity and refinancing opportunities. The company holds spillover income of $1.86, covering nearly two and a half quarters of dividends, indicating potential dividend adjustments based on market signals.
References:
[1] https://www.marketscreener.com/news/transcript-blackstone-secured-lending-fund-q2-2025-earnings-call-aug-06-2025-ce7c5eded88df12d
[2] https://www.morningstar.com/news/business-wire/20250806834610/blackstone-secured-lending-fund-reports-second-quarter-2025-results
[3] https://www.investing.com/news/transcripts/earnings-call-transcript-blackstone-secured-lending-fund-q2-2025-reveals-mixed-results-93CH-4173790
Blackstone Secured Lending Fund (BXSL) reported Q2 2025 earnings, with Chairman & Co-CEO Brad Marshall, President Carlos Whitaker, Co-Chief Executive Officer Jonathan Gerald Bock, and CFO Teddy Desloge participating in the conference call. The fund's results and 10-Q filing are available on its website. The discussion included forward-looking statements and potential risks.
Blackstone Secured Lending Fund (BXSL) reported its second quarter 2025 earnings, with Chairman & Co-CEO Brad Marshall, President Carlos Whitaker, Co-Chief Executive Officer Jonathan Gerald Bock, and CFO Teddy Desloge participating in the conference call. The fund's results and 10-Q filing are available on its website.Despite recent market volatility, BXSL reported a net investment income per share of $0.77, covering its quarterly dividend for shareholders on a per share basis. The company's credit performance remained healthy with minimal non-accruals, supported by a 98.2% first lien senior secured debt portfolio with a loan-to-value ratio of 46.9%.
However, BXSL missed analysts' expectations on both earnings per share (EPS) and revenue. The company's EPS came in at $0.77, slightly below the forecast of $0.79, marking a surprise of -2.53%. Revenue reached $344.8 million, falling short of the expected $353.87 million, resulting in a revenue surprise of -2.56%. The stock reacted negatively in pre-market trading, declining by 0.67% to $30.95.
The company's net asset value per share slightly decreased to $27.33, while the portfolio's fair value increased by 17% year-over-year, reaching $13.3 billion. Total investment income rose by 5.4% year-over-year to $17.7 million.
During the earnings call, analysts raised questions about the sustainability of dividends and the potential for spread compression. Management addressed these concerns by emphasizing their commitment to managing costs and capital efficiency while focusing on high-quality investments.
Looking ahead, BXSL anticipates increased merger and acquisition activity and refinancing opportunities. The company holds spillover income of $1.86, covering nearly two and a half quarters of dividends, indicating potential dividend adjustments based on market signals.
References:
[1] https://www.marketscreener.com/news/transcript-blackstone-secured-lending-fund-q2-2025-earnings-call-aug-06-2025-ce7c5eded88df12d
[2] https://www.morningstar.com/news/business-wire/20250806834610/blackstone-secured-lending-fund-reports-second-quarter-2025-results
[3] https://www.investing.com/news/transcripts/earnings-call-transcript-blackstone-secured-lending-fund-q2-2025-reveals-mixed-results-93CH-4173790
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