Blackstone Secured Lending Fund Q3 2026 Earnings Recap

BXSL shares rose 3.0% after earnings, with the quarter’s $0.68 per-share NII and maintained $0.77 dividend supporting current income. But the announced cut to a $0.60 dividend for the first quarter of 2027, alongside a 1.1% quarterly decline in NAV per share, tempers the income picture.

Key Takeaways

• NII was $0.68 per share, a 10.7% annualized yield; NAV per share fell to $25.25 from $25.53.
• The board declared a $0.77 dividend for Q4 and a $0.60 dividend for Q1 2027. Management said the reset is intended to better align distributions with portfolio earnings power.
• The portfolio remained nearly 96% first-lien senior secured. Non-accruals were 2.1% at fair value, up from 1.8% last quarter, while the cost-based rate declined to 2.8% from 3.6%.
• Software represented 19% of portfolio fair value across nearly 70 borrowers; management reported 2.3x weighted-average interest coverage for the segment.
• BXSL is midway through refinancing approximately $3.2 billion of fixed-rate notes issued in 2020 and 2021 at an average 2.97% coupon.