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- **Revenue Growth**: 15% YoY driven by AI-infused deals and 63% YoY M&A growth. 
- **Financial Strength**: 106% dividend coverage, 0.1% nonaccruals, and 5.0% cost of debt. 
- **AI Strategy**: 20%+ new deal screenings in AI-infrastructure, 90% QoQ deployment growth. 
- **Market Resilience**: 544bps spreads vs. 37% decline in leveraged loan defaults.

**【Management Opening Remarks】**
- CEO Brad Marshall highlighted a 15% year-over-year increase in revenue, driven by accelerating deal activity and a recovery in private credit markets. 
- Emphasis on AI-driven opportunities, with 20% growth in new deal screenings and a focus on first lien senior secured loans.
- CFO Teddy Desloge reported strong financials: NII of $0.82 per share (106% dividend coverage) and 0.1% nonaccruals, the lowest among peers.

**【CEO Commentary】**
- Jonathan Bock noted $13.8B in portfolio investments (15% YoY growth) and 98% first lien senior secured loans. 
- Carlos Whitaker emphasized AI integration, with 22 new borrowers and 90% quarter-over-quarter deployment growth. 
- Brad Marshall highlighted 63% YoY M&A growth and 5x private equity dry powder relative to credit solutions.

**【CFO Financial Commentary】**
- GAAP net income of $189M, with 91% interest income from cash flows. 
- 1.22x leverage (target range 1.0-1.25x) and 5.0% cost of debt, lowest among peers. 
- $500M bond issuance at 155bps spread, reflecting tight credit market access.

**【Q&A Highlights】**
- **AI Impact**: 20%+ new deal screenings in AI-infrastructure (e.g., Layer Zero, Sabre Power). 
- **Market Resilience**: 544bps spreads on new deals vs. 37% YoY decline in leveraged loan defaults. 
- **Dividend Sustainability**: 99% floating rate portfolio and 1.22x leverage near-term deployment capacity. 
- **Risk Mitigation**: 0.1% nonaccruals vs. 2.9% peer average, 7% stressed debt vs. 10% market average.

Blackstone Secured Lending Fund. (BXSL) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

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Cost of Financing Services

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Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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BXSL

BXSL fundamentals

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