Blackstone Secured Lending Fund (BXSL) reported a net increase in net assets resulting from operations of $563.5 million for the year ended December 31, 2025. This compares to $694.1 million for the prior year, representing a decrease. The company's total investment income reached $1.42 billion, a 7% increase from $1.33 billion in 2024, driven by a larger average investment portfolio, though partially offset by a lower weighted average yield.
The company's expenses before tax expense totaled $662.9 million, compared to $604.8 million in the previous year. Interest expense increased to $381.6 million, reflecting a higher average debt outstanding, while management fees rose to $140.0 million due to increased gross assets. Income-based incentive fees decreased to $126.7 million, primarily due to the Incentive Fee Cap. The company experienced a net change in unrealized losses of $153.7 million, primarily attributable to declines in the fair value of certain debt investments.
Key operational metrics included a weighted average yield on performing debt and income-producing investments of 9.5% at amortized cost and 9.6% at fair value. The average loan-to-value (LTV) ratio was 50.5%, and 99.6% of performing debt investments bore a floating interest rate. Non-accrual assets represented 0.6% of the portfolio at amortized cost. The company made $3.58 billion in new investment commitments, with $3.47 billion in first lien debt.
Looking ahead, BXSL's performance is subject to market risks, including interest rate fluctuations and valuation risk. The company intends to distribute substantially all of its available earnings annually, but future distributions are not guaranteed and are subject to the discretion of the Board. The company's Board authorized a share repurchase plan for up to $250 million of its outstanding common shares, reflecting a commitment to enhance shareholder value.
About Blackstone Secured Lending Fund
Blackstone Secured Lending Fund is a closed-end, externally managed business development company specializing in secured debt investments, primarily first lien senior secured and unitranche loans to U.S. private and middle-market companies. Leveraging Blackstone Credit & Insurance’s extensive platform, the fund focuses on generating current income and capital appreciation through disciplined credit analysis, diversified portfolios, and long-term partnerships with private equity sponsors, emphasizing principal protection and risk-adjusted returns.
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