Key Highlights

  • Net Investment income was USD 0.68 per share in the third quarter against USD 0.82, while earnings per share, the net increase in net Assets per share, were USD 0.50 against USD 0.57.
  • Net asset value per share was USD 25.25 at September 30, 2026, down from USD 26.92 at the start of the year, after USD 2.31 of distributions over nine months.
  • Total investment income was USD 315.2 million against USD 358.6 million, and net investment income after tax was USD 158.1 million against USD 189.5 million.
  • A distribution of USD 0.77 per share was declared for the fourth quarter and USD 0.60 per share for the first quarter of 2027.

Lower Income Per Share and a Smaller Net Increase

Blackstone Secured Lending Fund (NYSE:BXSL) filed its third-quarter report on November 4, 2026. Total investment income fell to USD 315.2 million from USD 358.6 million, and net investment income after tax fell to USD 158.1 million from USD 189.5 million. Net investment income per share was USD 0.68 against USD 0.82. The net increase in net assets from operations was USD 116.8 million, or USD 0.50 per share, after net realized and unrealized losses of USD 41.3 million. Interest expense rose to USD 98.9 million from USD 94.7 million, while income-based incentive fees fell to USD 16.8 million from USD 31.3 million.

Net Asset Value Down on Unrealized Losses

Over nine months, net investment income was USD 2.20 per share against USD 2.43, and net realized and unrealized losses of USD 1.55 per share more than offset it after distributions of USD 2.31 per share. Net asset value per share fell to USD 25.25 from USD 26.92 at the end of 2025, while net assets were USD 5.88 billion. Investments totaled USD 12.95 billion at Fair Value against a cost of USD 13.25 billion, a gap of about USD 304 million (calculated), and at least one Loan was on non-accrual status at quarter end. Total return on NAV was 3.4% for the nine months, while total return on Market Value was 0.1%. The ratio of net investment income to average net assets was 11.2%, and net expenses were 9.7% of average net assets.

Distribution Declarations and Leverage

On November 4, 2026 the board declared a distribution of USD 0.77 per share for holders of record on December 31, payable around January 22, 2027, and USD 0.60 per share for Record Date March 31, 2027, payable around April 23. The fourth-quarter amount is USD 0.09 above third-quarter net investment income per share (calculated), and the material reviewed does not break out whether it includes a supplemental component. Asset coverage was 182.0%, compared with 181.7% a year earlier. Weighted average shares were 232.9 million and 232,970,063 shares were outstanding at quarter end. Non-recurring interest income, such as prepayment fees, was USD 5.3 million in the quarter against USD 6.2 million.

Where Things Stand

Because Earnings Per Share fell and unrealized losses outweighed income. Blackstone Secured Lending Fund (NYSE:BXSL) earned USD 0.68 per share in net investment income against USD 0.82, and net losses on investments reduced NAV per share by USD 1.67 over nine months (calculated from USD 26.92 and USD 25.25) after distributions. Lower total investment income is the visible pressure, although the material reviewed does not state the cause. The next markers are Credit performance on non-accruals, the size of the fourth-quarter distribution relative to earnings and the NAV reported at year-end.