BXSL earnings analysis
What we found in BXSL's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Decline in Investment Income
- Total investment income decreased to $325.5 million, down 9% from $357.8 million in Q1 2025.
- New Investment Commitments
- The fund made new investment commitments of $303.2 million during Q1 2026.
- Increased Interest Expense
- Interest expense increased to $100.2 million, an 8% rise compared to $92.98 million in Q1 2025.
- 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.
- Unrealized Depreciation
- Net change in unrealized losses was $154.9 million, which increased from $43.9 million in the prior year.
- Increase in Average Investments
- Average investments at fair value increased by 9% to $14.1 billion compared to $13.0 billion in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Portfolio Performance Risks
- 99.5% of performing debt investments are at floating rates, exposing the fund to interest rate fluctuations.
- Increased Non-Performing Assets
- Potential for rising non-performing assets due to higher borrowing costs among portfolio companies.
- Market Conditions Uncertainty
- Ongoing geopolitical instability may further disrupt market conditions, impacting credit quality.
What they reported.
What the company itself reported, taken out of the document.
- Segment
- First lien debt
- Segment
- Equity
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads worse than the one before it.
What came before.
- 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)…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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