Exhibit 99.1
NEW YORK — February 26 , 2025 — Blackstone Secured Lending Fund (NYSE: BXSL or the “Company”) today reported its fourth quarter and full year 2024 results. Brad Marshall and Jonathan Bock, Co - Chief Executive Officers of Blackstone Secured Lending Fund, said, “BXSL reported another strong quarter with active deployment, its record total investment income, and increased net asset value. Credit performance remaine d h ealthy with minimal non - accruals, underpinned by a 98.0% first lien senior secured debt portfolio with a loan - to - value ratio of 46.0% . New investments increased to their highest level since 2021, marking a fourth consecutive quarter - over - quarter increase. We remain confident in the outlook for deployment as we prepare for an active 2025.” Blackstone Secured Lending Fund issued a full detailed presentation of its fourth quarter and full year 2024 results, which c an be viewed at www.bxsl.com . Dividend Declaration The Company's Board of Trustees has declared a first quarter 2025 dividend of $0.77 per share to shareholders of record as of March 31, 2025, payable on or about April 25, 2025 . Quarterly Investor Call Details Blackstone Secured Lending Fund will host its conference call today at 9:30 a.m. ET to discuss results. To register for the w ebc ast, please use the following link: https://event.webcasts.com/starthere.jsp?ei=1706297&tp_key=d460ff7d08 Blackstone Secured Lending Fund 345 Park Avenue New York , NY 10154 T 212 583 5000 Blackstone Secured Lending Fund Reports Fourth Quarter and Full Year 2024 Results 1
2 For those unable to listen to the live broadcast, there will be a webcast replay on the Shareholders section of BXSL’s websit e at https://ir.bxsl.com . About Blackstone Secured Lending Fund Blackstone Secured Lending Fund (NYSE: BXSL) is a specialty finance company that invests primarily in the debt of private U.S . c ompanies. As of December 31, 2024, BXSL’s fair value of investments was approximately $13.1 billion. BXSL has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. BXSL is externally managed by Blackstone Private Cr edi t Strategies LLC, an SEC - registered investment adviser that is an affiliate of Blackstone Inc. Blackstone Inc., together with its subsidiaries, is the world’s largest alternative investment firm with over $1.1 trillion of assets under management as of December 31, 2024. Forward - Looking Statements and Other Matters Certain information contained in this communication constitutes “forward - looking statements.” These forward - looking statements c an be identified by the use of forward - looking terminology, such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “conti nues,” “may,” “can,” “could,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”, “conf ide nt,” “conviction,” “identified” or the negative versions of these words or other comparable words thereof. These may include BXSL’s financial es tim ates and their underlying assumptions, statements about plans, statements regarding pending transactions, objectives and expectations wit h respect to future operations, statements regarding future performance, statements regarding economic and market trends and statements re garding identified but not yet closed investments. Such forward-looking statements are subject to various risks and uncertainties. Ac cor dingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in suc h s tatements. BXSL believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its prospe ctu s and annual report for the most recent fiscal year, and any such updated factors included in its periodic filings with the Securities and Ex change Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as ex hau stive and should be read in conjunction with the other cautionary statements that are included in this document (or BXSL’s prospectus a nd other filings). Except as otherwise required by federal securities laws, BXSL undertakes no obligation to publicly update or revise an y forward - looking statements, whether as a result of new information, future developments or otherwise. Contacts Fund and Portfolio Inquiries Justin Farshidi Justin.Farshidi@blackstone.com +1 646 482 - 3823 Media Thomas Clements Thomas.Clements@blackstone.com +1 646 - 482 - 6088
BXSL – Quarter Ended June 30, 2024 Blackstone Secured Lending Fund Fourth Quarter and Full Year 2024 Results FEBRUARY 26, 2025 This presentation should be read in conjunction with BXSL’s latest annual report filed on Form 10 - K for the period ended December 31, 2024. Numbers are approximate and may not add up due to rounding.
4 HIGHLIGHTS ▪ BXSL is designed with the aim to provide powerful earnings while mitigating risk across different market environments with a 98.8% ( 1) floating rate debt portfolio focused on senior secured debt investments ▪ Portfolio has remained well positioned with healthy underlying credit fundamentals and only 0.3% of investments on non - accrual (at cost) (7) Consistent, disciplined focus on low - leverage loans to strong sponsors BXSL’s asset - liability structure is efficient Note : All figures in this presentation are as of December 31 , 2024 , unless otherwise stated . Opinions expressed reflect the current opinions of BXSL as of the date appearing in the materials only and are based on BXSL’s opinions of the current market environment, which is subject to change . BXSL’s manager is a subsidiary of Blackstone Inc . (1) Based on the fair market value of the portfolio as of December 31 , 2024 . Debt investments, excluding non - accrual debt investments, are 99 . 8 % floating rate and debt investments represent 99 . 2 % of total investments based on the fair market value of the portfolio as of December 31 , 2024 . (2) Annualized net investment income (“NII”) return is calculated as the 4 Q' 24 annualized net investment income per share divided by net asset value (“NAV”) per share at the beginning of the period . (3) 4 Q' 24 Dividend yield is calculated as the 4 Q' 24 dividend ( $ 0 . 77 ) annualized and divided by the ending NAV per share on December 31 , 2024 ( $ 27 . 39 ) . (4) 4 Q' 24 Dividend coverage is calculated as 4 Q' 24 net investment income per share ( $ 0 . 84 ) divided by 4 Q' 24 regular dividend per share ( $ 0 . 77 ) . (5) Average loan - to - value represents the net ratio of loan - to - value for each portfolio company, weighted based on the fair value of total applicable private debt investments . Loan - to - value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company as of the most recently available information . (6) Includes all private debt investments for which fair value is determined by the Board of Trustees in conjunction with a third - party valuation firm and excludes quoted assets . Amounts are weighted on fair market value of each respective investment . Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by BXSL, and may reflect a normalized or adjusted amount . Accordingly, BXSL makes no representation or warranty in respect of this information . Private debt investments represent approximately 98 % of the total debt portfolio based on fair value . (7) Based on non - accrual debt investments as a percentage of amortized cost of total investments . Based on the fair market value, investments on non - accrual represent 0 . 2 % of total investments . Earnings Highlights Strong Dividend Consistent regular dividend supported by robust earnings power Senior secured positions further insulated by strong sponsor relationships Capital Protection 12.3% 4Q'24 annualized NII return (2) $ 0.84 4Q'24 NII per share + 3% Year - over - year NAV per share growth 11.2% 4Q'24 dividend yield based on NAV (3) $ 0.77 4Q'24 dividend declared 109% 4Q'24 dividend coverage (4) 98.0% First lien, senior secured debt (1) 46.0% Average loan - to - value (5)(6) 0.3% Non - accrual debt investments (7)
Portfolio and Investment Activity ▪ Weighted average yield on performing debt investments at fair value of 10.4% at quarter - end, compared to 11.2% as of prior quarter - end (3) ▪ New investment commitments in the quarter of $ 1.2 billion at par, $ 1.4 billion funded ▪ Proceeds from sales and repayments of $ 213 million in the quarter Earnings Summary ▪ Net investment income of $ 183 million , or $ 0.84 per share in the quarter, compared to $ 0.91 per share in the prior quarter and $ 0.96 per share in 4Q 2023 ▪ Net income of $ 162 million, or $ 0.75 per share in the quarter, compared to $ 0.75 per share in the prior quarter and $ 0.88 per share in 4Q 2023 ▪ Regular dividend of $ 0.77 per share, representing a dividend yield of 11.2% (1) ▪ Net asset value of approximately $ 6.1 billion, or $ 27.39 per share at quarter - end, an increase of 0.4% compared to $ 27.27 per share at prior quarter - end ▪ Total return of 11.4% annualized inception to date, 13.7% for the year and 2.9% for the quarter (2) (1) 4 Q' 24 dividend yield is calculated as the 4 Q' 24 dividend ( $ 0 . 77 ) annualized and divided by the ending NAV per share on December 31 , 2024 ( $ 27 . 39 ) . (2) Total return is calculated as the change in NAV per share during the period, plus dividends per share (assuming dividends and distributions are reinvested in accordance with the Company's dividend reinvestment plan), divided by the beginning NAV per share . Inception - to - date return is annualized . (3) Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value) included in such securities . Actual yields earned over the life of each investment could differ materially from the yields presented . (4) Available liquidity is comprised of cash and cash equivalents plus the amount available to borrow across all revolving credit facilities, net of limitations related to each respective credit facility’s borrowing base . As of December 31 , 2024 , $ 2 . 2 billion of capacity is undrawn and $ 2 . 2 billion is available to borrow . (5) Average debt to equity leverage ratio has been calculated using the average daily borrowings during the quarter divided by average net assets . (6) Certain notes are classified for the purposes of this disclosure as floating rate as a result of the Company entering into interest rate swaps to effectively swap fixed notes payments for floating rate payments . (7) Weighted average interest rate is calculated by annualizing interest expense (includes unused fees, the accretion of original issue discount, and the application of hedge accounting) divided by weighted average outstanding debt for the quarter . Total all - in cost of debt (includes unused fees, the accretion of original issue discount, the application of hedge accounting, and amortization of deferred financing costs on revolving credit facilities) was 5 . 24 % during the quarter . FOURTH QUARTER RESULTS 5 Liquidity Update ▪ $ 2.4 billion of liquidity in cash and undrawn debt (subject to borrowing base capacity) (4) ▪ 1.17x leverage at quarter - end and average leverage of 1.15x (5) ▪ 39% fixed rate, unsecured debt with a weighted average coupon of 2.88% (6) ▪ Total weighted average interest rate on drawn debt of 5.17% (7) in 4Q 2024 and a weighted average maturity on debt facilities of approximately 3.7 years
(1) Annualized net investment income return is calculated as the net investment income per share divided by NAV per share at the beginning of the period . (2) Total return is calculated as the change in NAV per share during the period, plus dividends per share (assuming dividends and distributions are reinvested in accordance with the Company’s dividend reinvestment plan), divided by the beginning NAV per share . (3) Total debt outstanding is shown net of unamortized debt issuance costs and adjusted for the impact of hedge accounting . Average and ending debt - to - equity is calculated using principal amounts outstanding . (4) Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value) included in such securities . Actual yields earned over the life of each investment could differ materially from the yields presented . FOURTH QUARTER 2024 SELECTED FINANCIAL HIGHLIGHTS ($ in millions, unless otherwise noted) 6 4Q'23 4Q'24 FY'23 FY'24 Operating results Net investment income 172$ 183$ 654$ 708$ Net income 157 162 612 694 Net investment income per share 0.96 0.84 3.90 3.51 Net income per share 0.88 0.75 3.65 3.45 Regular dividends per share 0.77 0.77 2.94 3.08 Annualized net investment income return (1) 14.5% 12.3% 15.0% 13.2% Total return based on NAV (2) 3.3% 2.9% 14.7% 13.7% Portfolio activity New investment commitments, at par 1,038$ 1,241$ 1,946$ 4,806$ New investment fundings 874 1,377 1,483 3,943 Investments sold and repaid (526) (213) (1,305) (788) 12/31/2023 12/31/2024 Balance sheet Investments at fair value 9,868$ 13,093$ Total debt outstanding, carrying value (3) 4,912 7,056 Total debt outstanding, principal 4,938 7,094 Net asset value 4,952 6,077 Net asset value per share 26.66 27.39 Ending debt-to-equity (3) 1.00x 1.17x Average debt-to-equity (3) 1.05x 1.15x % First lien 98.5% 98.0% Weighted average yield on performing debt and income producing investments, at fair value (4) 12.0% 10.4% Number of portfolio companies 196 276
48.2% 46.0% 4Q'23 4Q'24 Loan - to - Value (2) $192 $198 4Q'23 4Q'24 LTM EBITDA (6) $774 $786 4Q'23 4Q'24 Revenue (5) PORTFOLIO CHARACTERISTICS Portfolio Predominantly First Lien Debt (1) $ 13.1 B investments at fair value 276 portfolio companies 0.3% non - accrual debt investments (4) 98.8% of investments are floating rate debt (1) 98.0% of investments are first lien, senior secured debt (1) 46.0% a verage loan - to - value (LTV) (2)(3) (1) Based on the fair market value of the portfolio as of December 31 , 2024 . Debt investments, excluding non - accrual debt investments, are 99 . 8 % floating rate and debt investments represent 99 . 2 % of total investments based on the fair market value of the portfolio as of December 31 , 2024 . (2) Average loan - to - value represents the net ratio of loan - to - value for each portfolio company, weighted based on the fair value of total applicable private debt investments . Loan - to - value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company as of the most recently available information . (3) Includes all private debt investments for which fair value is determined by the Board of Trustees in conjunction with a third - party valuation firm and excludes quoted assets . Amounts are weighted on fair market value of each respective investment . Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by BXSL, and may reflect a normalized or adjusted amount . Accordingly, BXSL makes no representation or warranty in respect of this information . Private debt investments represent approximately 98 % of the total debt portfolio based on fair value . (4) Based on non - accrual debt investments as a percentage of amortized cost of total investments . Based on the fair market value, investments on non - accrual represent 0 . 2 % of total investments . (5) Revenue data excludes private debt instruments where revenue data was not provided to BXSL . (6) EBITDA is a non - GAAP financial measure . For a particular portfolio company, LTM EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation and amortization over the last twelve months (“LTM”) . Portfolio Company Weighted Average Statistics (3) ($ in millions, unless otherwise noted) 7 First Lien Debt 98.0% Second Lien Debt 0.9% Unsecured Debt 0.3% Equity 0.8%
PORTFOLIO CONSTRUCTION ▪ Broad industry representation with largest exposures in software, health care providers & services, professional services and commercial services & supplies ▪ Diversified portfolio across issuers with no single issuer accounting for more than 3% of the portfolio Top Ten Portfolio Companies (1)(2) (as of December 31, 2024) Top Ten Industries (1)(3) (as of December 31, 2024) 8 Note: Amount may not sum due to rounding. (1) Based on the fair market value of the portfolio. (2) 276 portfolio companies. (3) 38 individual industries. 20% 9% 8% 8% 7% 5% 5% 4% 4% 3% Software Health Care Providers & Services Professional Services Commercial Services & Supplies Insurance Health Care Technology Diversified Consumer Services Aerospace & Defense IT Services Transportation Infrastructure Medallia , 3% Snoopy Bidco , 3% JSS , 2% Identity Digital (fka Donuts) , 2% Guidehouse , 2% Cambium , 2% Stamps.com , 2% Corfin , 2% Bazaarvoice , 2% Edifecs , 2% Remainder of Portfolio, 78% (266 portfolio companies)
$0.53 $0.53 $0.53 $0.60 $0.60 $0.70 $0.70 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77 $0.25 $0.20 $0.20 $0.67 $0.61 $0.62 $0.80 $0.90 $0.93 $1.06 $0.95 $0.96 $0.87 $0.89 $0.91 $0.84 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 Regular Dividend Special Dividend Net Investment Income DIVIDEND COVERAGE HISTORY ▪ Regular dividend of $ 0.77 per share, representing an annualized dividend yield of 11.2% (1) ▪ Net investment income exceeded our dividend, with a dividend coverage ratio of 109% (2) Historical Quarterly Dividends Per Share ($) (3) (1) Dividend yield is calculated as the dividend recorded during a specific quarter annualized and divided by the ending NAV per sha re. (2) Dividend coverage is calculated as net investment income per share during a specific quarter divided by regular dividend per sha re recorded during the same quarter. (3) Reflects historical dividends for last three years. 9 Regular Dividend Yield(1) 8.1% 8.1% 8.2% 9.3% 9.3% 10.7% 10.6% 11.6% 11.6% 11.5% 11.3% 11.3% 11.2% Regular Dividend Coverage(2) 126% 115% 117% 133% 150% 133% 151% 123% 125% 113% 116% 118% 109%
SUMMARY OF OPERATING RESULTS (1) Per share data is calculated based on weighted average shares outstanding, unless otherwise noted . Dividends declared were derived by using the actual shares outstanding at the date of the relevant transactions . ($ in millions, except share and per share data ) 10 4Q'23 4Q'24 FY'23 FY'24 Investment Income Interest Income $ 288 $ 333 $ 1,089 $ 1,240 Payment-in-kind interest income 15 18 47 83 Dividend income 0 0 0 0 Fee Income 1 2 7 4 Total investment income $ 304 $ 353 $ 1,144 $ 1,327 Operating Expenses Interest expense $ 68 $ 92 $ 266 $ 326 Management fees 25 32 98 117 Income based incentive fees 36 39 134 150 Capital gains based incentive fees (1) (0) (6) - Other operating expenses 3 3 15 12 Total expenses $ 131 $ 166 $ 509 $ 605 Management fee waived (2) - (20) - Incentive fee waived (2) - (16) - Net expenses before excise tax 128 166 473 605 Excise tax expense 4 4 17 15 Total expenses after excise tax 132 170 490 619 Net investment income $ 172 $ 183 $ 654 $ 708 Net Realized and Unrealized Gains (Losses) Net realized gain (loss) 8 7 13 (0) Net change in unrealized appreciation (depreciation) (23) (27) (55) (13) Net realized and unrealized gains (losses) (15) (20) (42) (13) Net increase (decrease) in net assets resulting from operations $ 157 $ 162 $ 612 $ 694 Per Share Data (1) Net investment income (basic and diluted) $ 0.96 $ 0.84 $ 3.90 $3.51 Earnings (loss) per share (basic and diluted) 0.88 0.75 3.65 3.45 Dividends declared per share (regular) 0.77 0.77 2.94 3.08 Weighted average shares outstanding (basic and diluted) 178,811,415 217,362,279 167,615,433 201,372,008
SUMMARY STATEMENTS OF FINANCIAL CONDITION ($ in millions, except per share data) 11 12/31/2023 9/30/2024 12/31/2024 Assets Investments at fair value 9,868$ 11,979$ 13,093$ Cash and cash equivalents 155 194 230 Interest receivable 94 111 112 Receivable from broker - 2 5 Deferred financing costs 16 16 22 Receivable for investments sold 1 55 3 Receivable for shares sold - 2 4 Derivative assets at fair value - 13 4 Total Assets 10,135$ 12,372$ 13,472$ Liabilities & Net Assets Debt (net of unamortized debt issuance costs) 4,912$ 6,389$ 7,056$ Payable for investments purchased 9 5 19 Due to affiliates 9 11 7 Management fees payable 23 30 32 Income based incentive fee payable 34 38 39 Capital gains incentive fee payable - 0 - Interest payable 40 24 54 Distribution payable 143 161 171 Accrued expenses and other liabilities 13 12 17 Total Liabilities 5,183$ 6,671$ 7,396$ Total Net Assets 4,952$ 5,701$ 6,077$ Total Liabilities and Net Assets 10,135$ 12,372$ 13,472$ Net Asset Value per share 26.66$ 27.27$ 27.39$
$1,038 $1,173 $1,287 $1,106 $1,241 $874 $719 $891 $956 $1,377 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 Investment commitments Investment fundings INVESTMENT ACTIVITY ▪ Net funded investment activity of $ 1.2 billion in the quarter: – New investment commitments of $ 1.2 billion at par and investment fundings of nearly $ 1.4 billion – Proceeds from sales and repayments of $ 213 million Originations and Fundings ($ in millions) Investment Activity Summary ($ in millions, unless otherwise noted) (1) Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value) included in such securities . Actual yields earned over the life of each investment could differ materially from the yields presented . 12 4Q'24 Investment commitments, at par 1,241$ Investment fundings 1,377 Investments sold (15) Investments repaid (198) Net funded investment activity 1,163$ Average new investment commitment 37$ Number of new portfolio companies 28 Weighted average yield of new investments (1) 9.6% Weighted average yield on investments fully sold or paid down (1) 11.1%
(1) Certain notes are classified for the purposes of this disclosure as floating rate as a result of the Company entering into interest rate swaps to effectively swap fixed notes payments for floating rate payments . (2) As of December 31 , 2024 , BXSL has an investment grade credit rating of Baa 2 / stable outlook from Moody’s, upgraded on September 23 , 2024 , an investment grade credit rating of BBB / stable outlook from Fitch, upgraded on March 26 , 2024 , and an investment grade credit rating of BBB - / stable from S&P, reiterated on June 18 , 2024 . The underlying loans in BXSL are not rated . Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities . Blackstone provides compensation directly to Fitch, Moody’s and S&P for its evaluation of the Company . Credit ratings do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice . (3) Available liquidity is comprised of cash and cash equivalents plus the amount available to borrow across all revolving credit facilities, net of limitations related to each respective credit facility’s borrowing base . As of December 31 , 2024 , $ 2 . 2 billion of capacity is undrawn and $ 2 . 2 billion is available to borrow . (4) Interest rate is SOFR + 1 . 525 % up to + 1 . 775 % (+ 10 bps CSA) depending on borrowing base availability at the time of borrowing . (5) Weighted average interest rate is calculated by annualizing interest expense (includes unused fees, the accretion of original issue discount, and the application of hedge accounting) divided by weighted average outstanding debt for the quarter . Total all - in cost of debt (includes unused fees, the accretion of original issue discount, the application of hedge accounting, and amortization of deferred financing costs on revolving credit facilities) was 5 . 24 % during the quarter . FUNDING PROFILE 74% of assets funded by unsecured debt and equity 3.7 years weighted average maturity ▪ Well - structured, diversified, efficient capital structure with significant available liquidity ▪ Well positioned for the current environment with 39% of fixed rate unsecured liabilities, at a weighted average coupon of 2.88% (1) and only $ 1.5 billion of debt maturities within the next two years ▪ BXSL was upgraded to Baa2/stable from Moody’s in September 2024 (2) ▪ BXSL also maintains investment grade corporate credit ratings of BBB - /stable from S&P and BBB/stable from Fitch (2) 5.17% weighted average interest rate (5) $ 2.4 B of available liquidity provides material capacity (3) $ 9.3 B of total committed debt 13 Funding Profile ($ in millions) Secured Revolver (SOFR + 1.525% - 1.775% (+ 10bps CSA) (4 ) ) Equity Asset Based Facilities (SOFR + 1.85% - 1.95%) Unsecured Notes ($2.8 billion fixed rate notes with weighted average coupon of 2.88%; $1.1 billion swapped to weighted average of SOFR + 1.48% (1) ) Undrawn Borrowing Capacity (subject to borrowing base availability) (3) Available Cash $6,077 $1,287 $458 $1,449 $3,900 $2,191 $230 1 Total Debt: $7,094 CLO Debt ( SOFR + 1.51% - 1.78% )
Supplemental Details 14
FOURTH QUARTER 2024 NET ASSET VALUE BRIDGE (1) The per share data was derived by using the weighted average shares outstanding during the period. (2) The per share data for dividends was derived by using the actual shares outstanding as of each respective record date. 15 $27.27 $27.39 $0.84 $(0.77) $(0.09) $0.14 9/30/24 NAV Net investment income Regular dividend declared Net realized and unrealized gain (loss) Net increase from capital share transactions 12/31/24 NAV (1) (2) (1)
SUMMARY OF OPERATING RESULTS – COMPARATIVE (1) Per share data is calculated based on weighted average shares outstanding, unless otherwise noted . Dividends declared were derived by using the actual shares outstanding at the date of the relevant transactions . ($ in millions, except share and per share data ) 16 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 Investment Income Interest Income $ 288 $ 283 $ 303 $ 321 $ 333 Payment-in-kind interest income 15 20 23 21 18 Dividend income 0 - 0 0 0 Fee Income 1 0 1 1 2 Total investment income $ 304 $ 304 $ 327 $ 343 $ 353 Operating Expenses Interest expense $ 68 $ 67 $ 79 $ 88 $ 92 Management fees 25 26 28 30 32 Income based incentive fees 36 36 37 38 39 Capital gains based incentive fees (1) 3 3 (6) (0) Other operating expenses 3 3 3 3 3 Total expenses $ 131 $ 135 $ 151 $ 153 $ 166 Management fee waived (2) - - - - Incentive fee waived (2) - - - - Net expenses before excise tax 128 135 151 153 166 Excise tax expense 4 3 3 4 4 Total expenses after excise tax 132 138 154 157 170 Net investment income $ 172 $ 166 $ 173 $ 186 $ 183 Net Realized and Unrealized Gains (Losses) Net realized gain (loss) 8 6 2 (15) 7 Net change in unrealized appreciation (depreciation) (23) 12 21 (19) (27) Net realized and unrealized gains (losses) (15) 18 23 (34) (20) Net increase (decrease) in net assets resulting from operations $ 157 $ 184 $ 196 $ 152 $ 162 Per Share Data (1) Net investment income (basic and diluted) $ 0.96 $ 0.87 $ 0.89 $ 0.91 $ 0.84 Earnings (loss) per share (basic and diluted) 0.88 0.96 1.01 0.75 0.75 Dividends declared per share (regular) 0.77 0.77 0.77 0.77 0.77 Weighted average shares outstanding (basic and diluted) 178,811,415 190,599,849 193,908,352 203,419,337 217,362,279
SELECTED FINANCIAL HIGHLIGHTS ($ in millions, except share and per share data) (1) Annualized net investment income return is calculated as the total quarterly net investment income per share (annualized) divided by NAV per share at the beginning of the quarter . (2) Total return is calculated as the change in NAV per share during the period, plus dividends per share (assuming dividends and distributions are reinvested in accordance with the Company's dividend reinvestment plan), divided by the beginning NAV per share . (3) Total debt outstanding is shown net of unamortized debt issuance costs and adjusted for the impact of hedge accounting . Average and ending debt - to - equity is calculated using principal amounts outstanding . (4) Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at cost or fair value, as applicable) included in such securities . Actual yields earned over the life of each investment could differ materially from the yields presented . 17 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 Operating results Net investment income $ 172 $ 166 $ 173 $ 186 $ 183 Net income 157 184 196 152 162 Net investment income per share 0.96 0.87 0.89 0.91 0.84 Net income per share 0.88 0.96 1.01 0.75 0.75 Regular dividends per share 0.77 0.77 0.77 0.77 0.77 Annualized net investment income return (1) 14.5% 13.1% 13.2% 13.4% 12.3% Quarterly total return based on NAV (2) 3.3% 3.4% 3.9% 2.9% 2.9% Portfolio activity New investment commitments, at par 1,038$ 1,173$ 1,287$ 1,106$ 1,241$ New investment fundings 874 719 891 956 1,377 Investments sold and repaid (526) (187) (89) (298) (213) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 Balance sheet Investments at fair value $ 9,868 $ 10,439 $ 11,294 $ 11,979 $ 13,093 Total debt outstanding, carrying value (3) 4,912 5,274 6,084 6,389 7,056 Total debt outstanding, principal 4,938 5,298 6,112 6,403 7,094 Net asset value 4,952 5,156 5,395 5,701 6,077 Net asset value per share 26.66 26.87 27.19 27.27 27.39 Ending debt-to-equity (3) 1.00x 1.03x 1.13x 1.12x 1.17x Average debt-to-equity (3) 1.05x 0.98x 1.09x 1.12x 1.15x % First lien 98.5% 98.5% 98.6% 98.7% 98.0% Weighted average yield on performing debt and income producing investments, at fair value (4) 12.0% 11.8% 11.6% 11.2% 10.4% Number of portfolio companies 196 210 231 252 276
FUNDING SOURCES SUMMARY 18 ▪ $ 2.4 B of liquidity in cash and undrawn debt (subject to borrowing base availability) as of December 31, 2024 (1) ($ in millions) (1) Available liquidity is comprised of cash and cash equivalents plus the amount available to borrow across all revolving credit facilities, net of limitations related to each respective credit facility’s borrowing base . As of December 31 , 2024 , $ 2 . 2 billion of capacity is undrawn and $ 2 . 2 billion is available to borrow . (2) Certain foreign currency advances incur an interest rate of the benchmark rate in effect for the applicable currency plus the applicable margin of 1 . 95 % per annum . As of December 31 , 2024 , the Company had no borrowings denominated in currencies other than USD Dollar in the Jackson Hole Funding facility . (3) Interest rate is SOFR + 1 . 525 % up to + 1 . 775 % (+ 10 bps CSA) depending on borrowing base availability at the time of borrowing, except for commitments of certain lenders in the amount of $ 200 million mature on June 28 , 2027 and incurs an interest rate of base rate + 1 . 75 % up to + 1 . 875 % (+ 10 bps CSA) . (4) Certain foreign currency advances incur an interest rate of the benchmark rate in effect for the applicable currency plus the applicable margin of 1 . 525 % up to + 1 . 775 % (+ 10 bps CSA) . As of December 31 , 2024 , the Company had non - USD borrowings denominated in the following currencies : Canadian Dollars 38 . 2 million, Euros 277 . 7 million, British Pounds 266 . 3 million, Australian Dollar 1 . 0 million . (5) In connection with certain Notes, the Company entered into an interest rate swap to swap the fixed rate payment to a floating rate payment . The Company designated this interest rate swap and the November 2027 Notes in a qualifying hedge accounting relationship . (6) In connection with certain Notes, the Company entered into interest rate swaps to swap the fixed rate payment to a floating rate payment . The Company designated these interest rate swaps and the April 2028 Notes in a qualifying hedge accounting relationship . $ 400 million and $ 300 million of the April 2028 Notes were swapped at SOFR + 1 . 65 % and SOFR + 1 . 39 % , respectively . (7) Weighted average interest rate is calculated by annualizing interest expense (includes unused fees, the accretion of original issue discount, and the application of hedge accounting) divided by weighted average outstanding debt for the quarter . Total all - in cost of debt (includes unused fees, the accretion of original issue discount, the application of hedge accounting, and amortization of deferred financing costs on revolving credit facilities) was 5 . 24 % during the quarter . Counterparty and Initial Date Entered Interest Rate Maturity Date Principal Committed Total Outstanding (Par) Jackson Hole Funding JPM – 11/16/18 SOFR + 1.95% (2) 5/17/2027 $500 $400 Breckenridge Funding BNP – 12/21/18 SOFR + 1.90% 6/18/2029 $1,175 $649 Big Sky Funding BOA – 12/10/19 SOFR + 1.85% 9/30/2027 $650 $400 Revolving Credit Facility (3) (Syndicated) Citi – 6/15/20 SOFR + 10bps CSA + 1.525% - 1.775% (4) 8/12/2029 $2,225 $1,287 2026 Notes 10/23/2020 3.625% 1/15/2026 $800 $800 New 2026 Notes 3/16/2021 2.750% 9/16/2026 $700 $700 2027 Notes 7/23/2021 2.125% 2/15/2027 $650 $650 2028 Notes 9/30/2021 2.850% 9/30/2028 $650 $650 November 2027 Notes 5/20/2024 5.875% (swapped to SOFR + 1.38%) (5) 11/15/2027 $400 $400 April 2028 Notes 10/15/24 & 12/16/24 5.350% (swapped to a weighted average of SOFR + 1.54%) (6) 4/13/2028 $700 $700 BXSL 2024-1 CLO 11/21/2024 SOFR + 1.51% - 1.78% 10/20/2036 $458 $458 BXSL 2025-1 Facility 12/27/2024 SOFR + 1.65% 12/27/2028 $400 - Total 5.17% $9,308 $7,094 (7)
Important Disclosure Information 19
FORWARD LOOKING STATEMENTS Certain information contained in this communication constitutes “forward - looking statements . ” These forward - looking statements can be identified by the use of forward - looking terminology, such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “can,” “could,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”, “confident,” “conviction,” “identified” or the negative versions of these words or other comparable words thereof . These may include BXSL’s financial estimates and their underlying assumptions, statements about plans, statements regarding pending transactions, objectives and expectations with respect to future operations, statements regarding future performance, statements regarding economic and market trends and statements regarding identified but not yet closed investments . Such forward-looking statements are subject to various risks and uncertainties . Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements . BXSL believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its prospectus and annual report for the most recent fiscal year, and any such updated factors included in its periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www . sec . gov . These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or BXSL’s prospectus and other filings) . Except as otherwise required by federal securities laws, BXSL undertakes no obligation to publicly update or revise any forward - looking statements, whether as a result of new information, future developments or otherwise . 20