Blackstone Secured Lending Fund ( (BXSL) ) has released its Q3 earnings. Here is a breakdown of the information Blackstone Secured Lending Fund presented to its investors.
Blackstone Secured Lending Fund (NYSE: BXSL) is a specialty finance company that primarily invests in the debt of private U.S. companies, operating under the regulations of a business development company. It is externally managed by Blackstone Credit BDC Advisors LLC, an affiliate of Blackstone Inc., which is the largest alternative investment firm globally.
The company has reported its highest net investment income and record net asset value per share for the third quarter of 2024. The fund’s credit performance remains robust, supported by a mainly senior secured debt portfolio. Additionally, the company has been upgraded by Moody’s to a Baa2 credit rating, making it one of only two publicly traded business development companies with such a distinction.
Key financial metrics for the third quarter include a net investment income of $186 million, or $0.91 per share, and a net income of $152 million, or $0.75 per share. The company’s net asset value stands at approximately $5.7 billion, with a net asset value per share of $27.27. The portfolio is particularly solid with a 98.7% first lien senior secured debt and an average loan-to-value ratio of 46.5%. The company also declared a fourth-quarter dividend of $0.77 per share, maintaining strong dividend coverage at 118%.
Looking forward, the management expresses confidence in their ability to deploy capital and deliver shareholder value, underpinned by their efficient asset-liability structure and strong sponsor relationships. The company remains strategically positioned in the market, with an emphasis on maintaining low-leverage loans to strong sponsors.
