Blackstone Secured Lending Fund (BXSL) Q4 2024 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 26 2025
0mins
Should l Buy BXSL?
Source: SeekingAlpha
Net Investment Income (NII) $183 million or $0.84 per share, up over 6% year-over-year, driven by increased interest income.
Total Investment Income Record total investment income of $349 million, up $49 million or 16% year-over-year, driven by increased interest income.
Net Asset Value (NAV) per share Increased to $27.39, up 0.4% from $27.27 last quarter, driven primarily by stable fundamentals across the majority of the portfolio, excess earnings, and share issuance above NAV.
Total Portfolio Investments at Fair Value $13.1 billion, over a 9% increase from $12 billion in Q3.
Outstanding Debt $7.1 billion, with a weighted average interest rate on borrowings of 5.17%, down from 5.45% last quarter.
Liquidity Position Increased to $2.4 billion, up from $1.1 billion last quarter, indicating strong deal flow expectations.
Average Yield on Performing Debt Investments 10.4%, down from 11.2% last quarter.
Net Funded Investment Activity Approximately $1.2 billion, up over 230% year-over-year.
Repayment Rate 6% of the portfolio at fair value for 2024, compared to 10% for 2023.
Debt and Funding Facilities Maturity No maturities on funded liabilities until 2026, with an overall weighted average maturity of 3.7 years.
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Analyst Views on BXSL
Wall Street analysts forecast BXSL stock price to rise
7 Analyst Rating
4 Buy
3 Hold
0 Sell
Moderate Buy
Current: 25.120
Low
27.00
Averages
31.67
High
35.00
Current: 25.120
Low
27.00
Averages
31.67
High
35.00
About BXSL
Blackstone Secured Lending Fund is an externally managed, non-diversified, closed-end management investment company. The Company’s investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. It invests at least 80% of its total assets in secured debt investments. The Company seeks to achieve its investment objectives primarily through originated loans and other securities, including syndicated loans, of private U.S. companies, typically in the form of first lien senior secured and unitranche loans (including first out/last out loans), and to a lesser extent, second lien, third lien, unsecured and subordinated loans and other debt and equity securities. It invests across various sectors, which include aerospace and defense, air freight and logistics, building products, commercial services and supplies, healthcare providers and services and others. The Company is externally managed by Blackstone Credit BDC Advisors LLC.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Credit Market Risks Amid AI Disruption
- Rising Default Risks: UBS analysts project that corporate loan defaults could reach between $75 billion and $120 billion over the next year, particularly impacting software and data services firms owned by private equity, thereby exacerbating instability in the credit markets.
- Delayed Market Reaction: Analysts note that the market has been slow to respond to the rapid advancements in AI technology, with many investors failing to timely recalibrate their views on credit evaluations, leading to an underestimation of credit risks that could trigger broader credit tightening.
- Potential Credit Crisis: In a worst-case scenario, default rates could double the baseline estimates, resulting in a sharp decline in liquidity in the credit markets, creating what is known as a 'tail risk' that could severely impact many companies.
- Industry Classification Impact: Mish categorizes companies into three groups, indicating that creators of foundational large language models like Anthropic and OpenAI are likely to emerge as winners, while high-debt private equity-owned software firms face greater survival pressures and may be eliminated in the AI transformation.
See More
Blackstone Secured Lending CEO to Present at Financial Services Conference
- Conference Presentation: Blackstone Secured Lending's Co-CEO Jonathan Bock is scheduled to present at the Bank of America Securities 2026 Financial Services Conference on February 10, 2026, at 4:20 p.m. ET, highlighting the company's strategic direction in the financial services sector.
- Live Webcast: The presentation will be available via a live webcast on Blackstone Secured Lending's website, ensuring that investors and stakeholders can access real-time updates on the company's latest developments, thereby enhancing transparency.
- Portfolio Overview: As of September 30, 2025, BXSL's fair value of investments stood at approximately $13.8 billion, demonstrating its strong performance in the private U.S. company debt investment space and reflecting the company's robust position in the specialty finance market.
- Management Background: BXSL is externally managed by Blackstone Private Credit Strategies LLC, an SEC-registered investment adviser, while Blackstone Inc. and its subsidiaries represent the world's largest alternative investment firm with $1.3 trillion in assets under management, further solidifying BXSL's market position.
See More
Blackstone Secured Lending CEO to Present at Financial Services Conference
- Conference Presentation: Jonathan Bock, Co-CEO of Blackstone Secured Lending (BXSL), is scheduled to present at the Bank of America Securities 2026 Financial Services Conference on February 10, 2026, at 4:20 p.m., highlighting the company's strategic direction in the financial services sector.
- Live Webcast: The presentation will be available via a live webcast on BXSL's website, allowing investors and stakeholders to access real-time updates on the company's developments, thereby enhancing transparency and investor confidence.
- Portfolio Overview: As of September 30, 2025, BXSL's fair value of investments stood at approximately $13.8 billion, reflecting its strong performance in the debt investment of private U.S. companies and further solidifying its market position as a specialty finance company.
- Management Background: BXSL is externally managed by Blackstone Private Credit Strategies LLC, an affiliate of Blackstone Inc., which is the world's largest alternative investment firm with $1.3 trillion in assets under management, showcasing significant industry influence.
See More
Blackstone Secured Lending Fund Schedules 2025 Q4 Earnings Call
- Earnings Call Announcement: Blackstone Secured Lending Fund has announced that it will host its fourth quarter and full year 2025 earnings call via public webcast on February 25, 2026, at 9:30 a.m. ET, with results to be reported prior to the call, enhancing investor transparency.
- Investor Registration Link: Investors can register for the call using the provided link, ensuring they receive timely updates on the company's financial performance, which boosts investor engagement and trust.
- Portfolio Overview: As of September 30, 2025, the fair value of investments held by Blackstone Secured Lending Fund was approximately $13.8 billion, reflecting strong performance in the debt of private U.S. companies and further solidifying its market position.
- Management Background: The fund is externally managed by Blackstone Private Credit Strategies LLC, with Blackstone Inc. being the world's largest alternative investment firm managing $1.3 trillion in assets, showcasing its significant industry influence and resource integration capabilities.
See More
Sound Income Strategies Increases Stake in Blackstone Secured Lending Fund
- Share Increase: According to a Jan. 21, 2026 SEC filing, Sound Income Strategies, LLC increased its stake in Blackstone Secured Lending Fund by 210,918 shares, with an estimated transaction value of $5.66 million, indicating confidence in the fund's prospects.
- Asset Management Proportion Rise: This increase raised BXSL's stake to 1.98% of Sound Income Strategies' 13F assets, reflecting its growing significance within the investment portfolio.
- Quarter-End Value Growth: The fund's quarter-end position value rose by $7.26 million due to both share additions and price movements, indicating an improvement in market performance.
- Investment Appeal: With an 11.81% dividend yield, Blackstone Secured Lending Fund attracts income-seeking investors, despite its stock price declining by 11% over the past year, highlighting its significant growth potential in the private credit market.
See More
B of A Securities Upholds Buy Rating for Blackstone Secured Lending Fund (BXSL)
Analyst Recommendation: B of A Securities has maintained a Buy recommendation for Blackstone Secured Lending Fund (BXSL), with an average one-year price target of $30.79/share, indicating an 11.62% upside from its current price of $27.58/share.
Fund Sentiment: There are currently 401 funds reporting positions in BXSL, reflecting a slight decrease in ownership. The average portfolio weight for these funds has increased to 0.33%.
Institutional Holdings Changes: Major institutional investors have adjusted their holdings in BXSL, with Bank of America reducing its shares by 37.33%, while CI Private Wealth significantly increased its allocation by over 5,200%.
Revenue Projections: The projected annual revenue for Blackstone Secured Lending Fund is estimated at $1,105 million, showing a decrease of 21.84%, with a projected non-GAAP EPS of 3.28.
See More
Credit Market Risks Amid AI Disruption
- Rising Default Risks: UBS analysts project that corporate loan defaults could reach between $75 billion and $120 billion over the next year, particularly impacting software and data services firms owned by private equity, thereby exacerbating instability in the credit markets.
- Delayed Market Reaction: Analysts note that the market has been slow to respond to the rapid advancements in AI technology, with many investors failing to timely recalibrate their views on credit evaluations, leading to an underestimation of credit risks that could trigger broader credit tightening.
- Potential Credit Crisis: In a worst-case scenario, default rates could double the baseline estimates, resulting in a sharp decline in liquidity in the credit markets, creating what is known as a 'tail risk' that could severely impact many companies.
- Industry Classification Impact: Mish categorizes companies into three groups, indicating that creators of foundational large language models like Anthropic and OpenAI are likely to emerge as winners, while high-debt private equity-owned software firms face greater survival pressures and may be eliminated in the AI transformation.
See More
Blackstone Secured Lending CEO to Present at Financial Services Conference
- Conference Presentation: Blackstone Secured Lending's Co-CEO Jonathan Bock is scheduled to present at the Bank of America Securities 2026 Financial Services Conference on February 10, 2026, at 4:20 p.m. ET, highlighting the company's strategic direction in the financial services sector.
- Live Webcast: The presentation will be available via a live webcast on Blackstone Secured Lending's website, ensuring that investors and stakeholders can access real-time updates on the company's latest developments, thereby enhancing transparency.
- Portfolio Overview: As of September 30, 2025, BXSL's fair value of investments stood at approximately $13.8 billion, demonstrating its strong performance in the private U.S. company debt investment space and reflecting the company's robust position in the specialty finance market.
- Management Background: BXSL is externally managed by Blackstone Private Credit Strategies LLC, an SEC-registered investment adviser, while Blackstone Inc. and its subsidiaries represent the world's largest alternative investment firm with $1.3 trillion in assets under management, further solidifying BXSL's market position.
See More
Blackstone Secured Lending CEO to Present at Financial Services Conference
- Conference Presentation: Jonathan Bock, Co-CEO of Blackstone Secured Lending (BXSL), is scheduled to present at the Bank of America Securities 2026 Financial Services Conference on February 10, 2026, at 4:20 p.m., highlighting the company's strategic direction in the financial services sector.
- Live Webcast: The presentation will be available via a live webcast on BXSL's website, allowing investors and stakeholders to access real-time updates on the company's developments, thereby enhancing transparency and investor confidence.
- Portfolio Overview: As of September 30, 2025, BXSL's fair value of investments stood at approximately $13.8 billion, reflecting its strong performance in the debt investment of private U.S. companies and further solidifying its market position as a specialty finance company.
- Management Background: BXSL is externally managed by Blackstone Private Credit Strategies LLC, an affiliate of Blackstone Inc., which is the world's largest alternative investment firm with $1.3 trillion in assets under management, showcasing significant industry influence.
See More
Blackstone Secured Lending Fund Schedules 2025 Q4 Earnings Call
- Earnings Call Announcement: Blackstone Secured Lending Fund has announced that it will host its fourth quarter and full year 2025 earnings call via public webcast on February 25, 2026, at 9:30 a.m. ET, with results to be reported prior to the call, enhancing investor transparency.
- Investor Registration Link: Investors can register for the call using the provided link, ensuring they receive timely updates on the company's financial performance, which boosts investor engagement and trust.
- Portfolio Overview: As of September 30, 2025, the fair value of investments held by Blackstone Secured Lending Fund was approximately $13.8 billion, reflecting strong performance in the debt of private U.S. companies and further solidifying its market position.
- Management Background: The fund is externally managed by Blackstone Private Credit Strategies LLC, with Blackstone Inc. being the world's largest alternative investment firm managing $1.3 trillion in assets, showcasing its significant industry influence and resource integration capabilities.
See More
Sound Income Strategies Increases Stake in Blackstone Secured Lending Fund
- Share Increase: According to a Jan. 21, 2026 SEC filing, Sound Income Strategies, LLC increased its stake in Blackstone Secured Lending Fund by 210,918 shares, with an estimated transaction value of $5.66 million, indicating confidence in the fund's prospects.
- Asset Management Proportion Rise: This increase raised BXSL's stake to 1.98% of Sound Income Strategies' 13F assets, reflecting its growing significance within the investment portfolio.
- Quarter-End Value Growth: The fund's quarter-end position value rose by $7.26 million due to both share additions and price movements, indicating an improvement in market performance.
- Investment Appeal: With an 11.81% dividend yield, Blackstone Secured Lending Fund attracts income-seeking investors, despite its stock price declining by 11% over the past year, highlighting its significant growth potential in the private credit market.
See More
B of A Securities Upholds Buy Rating for Blackstone Secured Lending Fund (BXSL)
Analyst Recommendation: B of A Securities has maintained a Buy recommendation for Blackstone Secured Lending Fund (BXSL), with an average one-year price target of $30.79/share, indicating an 11.62% upside from its current price of $27.58/share.
Fund Sentiment: There are currently 401 funds reporting positions in BXSL, reflecting a slight decrease in ownership. The average portfolio weight for these funds has increased to 0.33%.
Institutional Holdings Changes: Major institutional investors have adjusted their holdings in BXSL, with Bank of America reducing its shares by 37.33%, while CI Private Wealth significantly increased its allocation by over 5,200%.
Revenue Projections: The projected annual revenue for Blackstone Secured Lending Fund is estimated at $1,105 million, showing a decrease of 21.84%, with a projected non-GAAP EPS of 3.28.
See More
