Blackstone Secured Lending Fund (NYSE:BXSL) Issues Earnings Results, Beats Expectations By $0.02 EPS

Blackstone Secured Lending Fund (NYSE:BXSL) posted its earnings results on Wednesday. The company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.02, Zacks reports. The firm had revenue of $315.18 million during the quarter, compared to the consensus estimate of $317.81 million. Blackstone Secured Lending Fund had a net margin of 21.51% and a return on equity of 11.86%.

Here are the key takeaways from Blackstone Secured Lending Fund’s conference call:

• Dividend reset announced: BXSL will maintain its $0.77-per-share dividend for the fourth quarter, then reduce it to $0.60 in the first quarter of 2027, a roughly 9.5% annualized yield on quarter-end NAV. Third-quarter NII was $0.68 per share, and NAV fell $0.28 to $25.25.
• The portfolio remains nearly 96% first-lien senior secured, with average borrower EBITDA growth of about 10% and interest coverage of 2.1x. Non-accruals increased to 2.1% of fair value from 1.8% last quarter, though the rate at cost declined to 2.8% from 3.6%.
• Management highlighted active restructuring and recovery efforts, reporting 0.87x principal recovery, excluding coupons, on fully or substantially realized restructured positions. BXSL also recorded about $10.5 million in unrealized equity gains tied to the announced sale of Genuine Cable Group.
• New investments and add-ons carried spreads above 500 basis points, and new investment yields were around 9% versus mid-to-high 8% yields on repayments. Management expects deal activity to pick up in the first half of 2027, while noting that refinancing roughly $3.2 billion of older, low-coupon notes may offset some benefit from higher base rates.

Blackstone Secured Lending Fund Trading Down 0.8%

BXSL stock traded down $0.19 during midday trading on Thursday, hitting $23.73. 1,438,643 shares of the company’s stock were exchanged, compared to its average volume of 2,030,097. Blackstone Secured Lending Fund has a 12-month low of $22.47 and a 12-month high of $28.59. The firm has a 50 day moving average price of $24.14 and a 200-day moving average price of $24.12. The stock has a market capitalization of $5.53 billion, a price-to-earnings ratio of 18.66 and a beta of 0.39.

Blackstone Secured Lending Fund Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 23rd. Shareholders of record on Wednesday, March 31st will be paid a dividend of $0.60 per share. This is a drop from Blackstone Secured Lending Fund’s previous quarterly dividend of $0.77. The ex-dividend date is Wednesday, March 31st. This represents a $2.40 dividend on an annualized basis and a yield of 10.1%. Blackstone Secured Lending Fund’s payout ratio is 242.52%.

Wall Street Analyst Weigh In

BXSL has been the topic of several research reports. UBS Group increased their target price on Blackstone Secured Lending Fund from $24.50 to $25.50 and gave the stock a “neutral” rating in a research report on Tuesday, September 1st. Citigroup began coverage on Blackstone Secured Lending Fund in a research note on Monday, October 26th. They set a “market perform” rating for the company. Citizens Jmp initiated coverage on Blackstone Secured Lending Fund in a research note on Monday, October 26th. They issued a “market perform” rating on the stock. Wall Street Zen raised shares of Blackstone Secured Lending Fund from a “sell” rating to a “hold” rating in a research report on Saturday, July 18th. Finally, Oppenheimer initiated coverage on shares of Blackstone Secured Lending Fund in a research report on Thursday, July 23rd. They set a “market perform” rating and a $25.00 price target on the stock. Four equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Blackstone Secured Lending Fund presently has a consensus rating of “Hold” and a consensus price target of $24.89.

Trending Headlines about Blackstone Secured Lending Fund

Here are the key news stories impacting Blackstone Secured Lending Fund this week:

• Positive Sentiment: Third-quarter net investment income was $0.68 per share, topping estimates of $0.66–$0.67. Management cited a predominantly first-lien, floating-rate portfolio and an annualized 10.7% yield on NAV. Third-quarter results
• Neutral Sentiment: Revenue of $315.18 million was slightly below the $317.81 million consensus, and earnings were down from $0.82 per share a year earlier. Q3 earnings coverage
• Negative Sentiment: BXSL outlined a cut in its quarterly dividend to $0.60 for Q1 2027, down 22.1% from $0.77. That reduces the annualized payout from $3.08 to $2.40, a notable setback for yield-seeking shareholders; the reset comes as the fund continues refinancing about $3.2 billion of notes. Dividend reset and refinancing

Blackstone Secured Lending Fund Company Profile

Blackstone Secured Lending Fund (NYSE: BXSL) is a business development company that invests in privately owned middle-market companies. The fund seeks to generate current income and long-term capital appreciation primarily through investments in senior secured, floating-rate loans.

BXSL’s portfolio may also include second-lien loans, unsecured debt and equity investments. Its investments are generally made in companies across a range of industries, with an emphasis on businesses that have established operations and cash flows.