10-Q · May 7, 2026
The latest 10-Q from Blackstone Secured Lending Fund reports a decline in total investment income to $325.5 million for Q1 2026, down 9% from $357.8 million in Q1 2025, primarily due to lower yields on portfolio…
Earnings analysis · 10-Q
BXSL earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
The provided 10-Q extract is limited to market-risk disclosures and other Part II information; it does not include the current-period income statement, balance sheet, cash flow statement, segment results, or MD&A…
Read full summary
The provided 10-Q extract is limited to market-risk disclosures and other Part II information; it does not include the current-period income statement, balance sheet, cash flow statement, segment results, or MD&A operating discussion. The main disclosed financial sensitivity is interest-rate exposure, with 99.2% of performing debt investments at floating rates and modeled annualized net-income sensitivity of negative $99.868 million for a 100-basis-point rate decline. Management reported no material changes to the prior 10-K risk factors and provided no quantitative guidance in the extract.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Highly floating-rate investment portfolio
Interest-rate exposure is substantial: 99.2% of performing debt investments by fair value were floating-rate as of September 30, 2026. A 100-basis-point increase in base rates was modeled to increase annualized net income by $99.868 million, excluding incentive fees.
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Share-repurchase capacity unused
The Board authorized a $250.0 million 10b-18 share-repurchase plan in February 2026. The Company repurchased $0 of Common Shares under the plan during both the three and nine months ended September 30, 2026.
What to watch
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Material sensitivity to falling rates
A declining-rate environment could compress the spread between investment income and borrowing costs. The filing models a 100-basis-point decline in base rates as reducing annualized net income by $99.868 million, excluding incentive fees.
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Interest-cost and spread volatility
Borrowing costs can rise with interest rates while portfolio income may not fully offset the increase. Under a 300-basis-point rate increase, the filing models interest expense rising by $79.415 million annually, despite modeled net-income benefit of $299.605 million.
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No new risk-factor changes
The filing states that there were no material changes to the risk factors disclosed in the December 31, 2025 Form 10-K. Accordingly, no new risk-factor update was identified in the provided extract.
Management's outlook
The provided filing extract contains no quantitative revenue or EPS outlook; numeric guidance is not provided.
Earlier filings 4
10-K · February 25, 2026
The 2025 Form 10-K positions BXSL as a floating-rate, senior‑secured private credit BDC that leverages Blackstone Credit & Insurance scale (Blackstone AUM ~$1.3 trillion; BXCI AUM $443 billion as of December 31, 2025)…
10-Q · November 10, 2025
Blackstone Secured Lending Fund reported Q3 results showing slightly higher investment income and net investment income but larger realized and unrealized losses. Total investments at fair value increased while leverage…
10-K · February 26, 2025
Blackstone Secured Lending Fund (BXSL) positions itself as an externally managed BDC focused on floating-rate, senior secured and unitranche loans with an explicit portfolio target of at least 80% secured debt and a BDC…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.