10-K · February 25, 2026
The 2025 Form 10-K positions BXSL as a floating-rate, senior‑secured private credit BDC that leverages Blackstone Credit & Insurance scale (Blackstone AUM ~$1.3 trillion; BXCI AUM $443 billion as of December 31, 2025)…
Earnings analysis · 10-Q
BXSL earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
The latest 10-Q from Blackstone Secured Lending Fund reports a decline in total investment income to $325.5 million for Q1 2026, down 9% from $357.8 million in Q1 2025, primarily due to lower yields on portfolio…
Read full summary
The latest 10-Q from Blackstone Secured Lending Fund reports a decline in total investment income to $325.5 million for Q1 2026, down 9% from $357.8 million in Q1 2025, primarily due to lower yields on portfolio investments. EPS was not disclosed in the filing. Segment performance showed a net increase in new investment commitments of $303.2 million, indicating continued investment activity despite broader economic pressures.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Segment
- First lien debt
- Segment
- Equity
What stood out
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Decline in Investment Income
Total investment income decreased to $325.5 million, down 9% from $357.8 million in Q1 2025.
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New Investment Commitments
The fund made new investment commitments of $303.2 million during Q1 2026.
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Increased Interest Expense
Interest expense increased to $100.2 million, an 8% rise compared to $92.98 million in Q1 2025.
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Stable Cash Position
Cash and cash equivalents stood at $351.3 million as of March 31, 2026, alongside $2.1 billion in unused credit capacity.
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Unrealized Depreciation
Net change in unrealized losses was $154.9 million, which increased from $43.9 million in the prior year.
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Increase in Average Investments
Average investments at fair value increased by 9% to $14.1 billion compared to $13.0 billion in Q1 2025.
What to watch
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Portfolio Performance Risks
99.5% of performing debt investments are at floating rates, exposing the fund to interest rate fluctuations.
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Increased Non-Performing Assets
Potential for rising non-performing assets due to higher borrowing costs among portfolio companies.
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Market Conditions Uncertainty
Ongoing geopolitical instability may further disrupt market conditions, impacting credit quality.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · November 10, 2025
Blackstone Secured Lending Fund reported Q3 results showing slightly higher investment income and net investment income but larger realized and unrealized losses. Total investments at fair value increased while leverage…
10-K · February 26, 2025
Blackstone Secured Lending Fund (BXSL) positions itself as an externally managed BDC focused on floating-rate, senior secured and unitranche loans with an explicit portfolio target of at least 80% secured debt and a BDC…
10-Q · November 12, 2024
Blackstone Secured Lending Fund reported Q3 investment income of $343,218,000 (up from $283,959,000 in Q3 2023) and net investment income after excise tax of $185,903,000. Reported earnings per share fell to $0.75 from…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.